CELEX ID: 32023R1803

--- ENGLISH ---

Document:
26.9.2023
EN
Official Journal of the European Union
L 237/1
COMMISSION REGULATION (EU) 2023/1803
of 13 August 2023
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 EUROPEAN COMMISSION,
Having regard to the Treaty on the Functioning of the European Union,
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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, and in particular Article 3(1) thereof,
Whereas:
(1)
Article 4 of 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 prepare their consolidated accounts in conformity with international accounting standards as defined in Article 2 of that Regulation, to be adopted by way of Commission Regulation.
(2)
Commission Regulation (EC) No 1126/2008 
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 has adopted international accounting standards and related interpretations issued or adopted by the International Accounting Standards Board (IASB) until 15 October 2008. That Regulation was amended in order to include the standards and the related interpretations issued or adopted by the IASB and adopted by the Commission until 8 September 2022 in accordance with Regulation (EC) No 1606/2002.
(3)
On 18 May 2017, the IASB published International Financial Reporting Standard (IFRS) 17 
Insurance Contracts
 (‘IFRS 17’), and on 25 June 2020 amendments to that IFRS 17.
(4)
IFRS 17 provides a comprehensive approach to the accounting for insurance contracts. The objective of IFRS 17 is to ensure that a company provides relevant information in its financial statements that faithfully represents the insurance contracts. That information gives a solid basis for users of financial statements to assess the effect that insurance contracts have on the company’s financial position, financial performance and cash flows.
(5)
IFRS 17 applies to insurance contracts, reinsurance contracts as well investment contracts with discretionary participation features. Within the Union there are many different life insurance and life savings contracts with an approximate total best estimate liability of EUR 5,9 trillion (excluding unit linked contracts). In several Member States, some of those contracts have direct participation and discretionary features, which allow for sharing of risks and cash flows between different generations of policyholders.
(6)
In a number of Member States, life insurance contracts are also managed across generations in order to mitigate exposure to interest rate and longevity risks and have a dedicated pool of assets underlying the insurance liability, but those contracts do not have direct participation features as defined by IFRS 17. Where meeting the requirements of Directive 2009/138/EC of the European Parliament and of the Council 
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, and upon approval by the insurance supervisors, some of those contracts can apply the matching adjustment for the computation of their Solvency II ratio.
(7)
The endorsement advice of the European Financial Reporting Advisory Group (EFRAG) concluded that IFRS 17 meets the criteria for adoption set out in Article 3(2) of Regulation (EC) No 1606/2002. However, EFRAG did not reach consensus on whether the grouping of intergenerationally-mutualised and cash flow matched contracts into annual cohorts meets the technical endorsement criteria, or is conducive to the European public good. This is in line with the views expressed by stakeholders on EFRAG’s endorsement advice and the views of Member State experts in the Accounting Regulatory Committee.
(8)
Union companies should be able to apply IFRS 17 as issued by the IASB to facilitate listing in third countries, or to meet global investors’ expectations.
(9)
However, the annual cohort requirement as a unit of account for groups of insurance and investment contracts does not always reflect the business model, nor the legal and contractual features of intergenerationally-mutualised and cash flow matched contracts referred to in recitals 5 and 6. Those contracts represent more than 70 % of the total life insurance liabilities in the Union. The annual cohort requirement applied to such contracts does not always have a favourable cost-benefit balance.
(10)
In light of the global capital market context of IFRS, deviations from IFRS should be limited to exceptional circumstances and narrow in scope.
(11)
Therefore, notwithstanding the definition of group of insurance contracts set out in Appendix A of IFRS 17 in the Annex to this Regulation, Union companies should have the option to exempt intergenerationally mutualised and cash flow matched contracts from the annual cohort requirement of IFRS 17.
(12)
Investors should be able to understand if a company has applied the exemption from the annual cohort requirement for groups of contracts. A company should therefore disclose, in accordance with International Accounting Standard 1 
Presentation of Financial Statements
, in the notes to its financial statements, the use of the exemption as a significant accounting policy and provide other explanatory information such as for which portfolios it has applied the exemption. This should not imply a quantitative assessment of the impact of the use of the optional exemption from the annual cohort requirement.
(13)
The Commission should by 31 December 2027 review the exemption from the annual cohort requirement for intergenerationally-mutualised and cash flow matched contracts, taking into account the IASB post-implementation review of IFRS 17.
(14)
The copyright, the database rights, and any other intellectual property rights in the IFRS and related interpretations issued by the International Financial Reporting Interpretations Committee are owned by the IFRS Foundation. A copyright notice should therefore be included in the Annex to this Regulation.
(15)
Regulation (EC) No 1126/2008 has been amended many times. In order to simplify Union legislation on international accounting standards, it is appropriate, for the sake of clarity and transparency, to replace that Regulation. Regulation (EC) No 1126/2008 should therefore be repealed.
(16)
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 set out in the Annex are adopted.
Article 2
A company may choose not to apply the requirement laid down in paragraph 22 of International Financial Reporting Standard 17 Insurance Contracts (‘IFRS 17’) in the Annex to this Regulation to:
(a)
groups of insurance contracts with direct participation features and groups of investment contracts with discretionary participation features as defined in Appendix A of IFRS 17 in the Annex to this Regulation, and with cash flows that affect or are affected by cash flows to policyholders of other contracts as laid down in paragraphs B67 and B68 of Appendix B of IFRS 17 in the Annex to this Regulation;
(b)
groups of insurance contracts that are managed across generations of contracts and that meet the conditions laid down in Article 77b of Directive 2009/138/EC and have been approved by supervisory authorities for the application of the matching adjustment.
When a company does not apply the requirement laid down in paragraph 22 of IFRS 17 in the Annex to this Regulation in accordance with point (a) or (b) it shall disclose this in accordance with International Accounting Standard 1 
Presentation of Financial Statements
 in the notes as a significant accounting policy and provide other explanatory information such as for which portfolios the company has applied this exemption.
Article 3
The Commission shall review the option laid down in Article 2 by 31 December 2027 and, where appropriate, propose to amend or end it.
Article 4
Regulation (EC) No 1126/2008 is repealed.
References to the repealed Regulation shall be construed as references to this Regulation.
Article 5
This Regulation shall enter into force on the twentieth day following that of 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, 13 August 2023.
For the Commission
The President
Ursula VON DER LEYEN
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OJ L 243, 11.9.2002, p. 1
.
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  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, p. 1
).
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  Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (
OJ L 335, 17.12.2009, p. 1
).
ANNEX
INTERNATIONAL ACCOUNTING STANDARDS
IAS 1
Presentation of Financial Statements
IAS 2
Inventories
IAS 7
Statement of Cash Flows
IAS 8
Accounting Policies, Changes in Accounting Estimates and Errors
IAS 10
Events after the Reporting Period
IAS 12
Income Taxes
IAS 16
Property, Plant and Equipment
IAS 19
Employee Benefits
IAS 20
Accounting for Government Grants and Disclosure of Government Assistance
IAS 21
The Effects of Changes in Foreign Exchange Rates
IAS 23
Borrowing Costs
IAS 24
Related Party Disclosures
IAS 26
Accounting and Reporting by Retirement Benefit Plans
IAS 27
Separate Financial Statements
IAS 28
Investments in Associates and Joint Ventures
IAS 29
Financial Reporting in Hyperinflationary Economies
IAS 32
Financial Instruments: Presentation
IAS 33
Earnings per Share
IAS 34
Interim Financial Reporting
IAS 36
Impairment of Assets
IAS 37
Provisions, Contingent Liabilities and Contingent Assets
IAS 38
Intangible Assets
IAS 39
Financial Instruments: Recognition and Measurement
IAS 40
Investment Property
IAS 41
Agriculture
IFRS 1
First-time Adoption of International Financial Reporting Standards
IFRS 2
Share-based Payment
IFRS 3
Business Combinations
IFRS 5
Non-current Assets Held for Sale and Discontinued Operations
IFRS 6
Exploration for and Evaluation of Mineral Resources
IFRS 7
Financial Instruments: Disclosures
IFRS 8
Operating Segments
IFRS 9
Financial Instruments
IFRS 10
Consolidated Financial Statements
IFRS 11
Joint Arrangements
IFRS 12
Disclosure of Interests in Other Entities
IFRS 13
Fair Value Measurement
IFRS 15
Revenue from Contracts with Customers
IFRS 16
Leases
IFRS 17
Insurance Contracts
IFRIC 1
Changes in Existing Decommissioning, Restoration and Similar Liabilities
IFRIC 2
Members' Shares in Cooperative Entities and Similar Instruments
IFRIC 5
Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds
IFRIC 6
Liabilities arising from Participating in a Specific Market — Waste Electrical and Electronic Equipment
IFRIC 7
Applying the Restatement Approach under IAS 29 Financial Reporting in Hyperinflationary Economies
IFRIC 10
Interim Financial Reporting and Impairment
IFRIC 12
Service Concession Arrangements
IFRIC 14
IAS 19 — The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction
IFRIC 16
Hedges of a Net Investment in a Foreign Operation
IFRIC 17
Distributions of Non-cash Assets to Owners
IFRIC 19
Extinguishing Financial Liabilities with Equity Instruments
IFRIC 20
Stripping Costs in the Production Phase of a Surface Mine
IFRIC 21
Levies
IFRIC 22
Foreign Currency Transactions and Advance Consideration
IFRIC 23
Uncertainty over Income Tax Treatments
SIC-7
Introduction of the Euro
SIC-10
Government Assistance — No Specific Relation to Operating Activities
SIC-25
Income Taxes — Changes in the Tax Status of an Entity or its Shareholders
SIC-29
Service Concession Arrangements: Disclosures
SIC-32
Intangible Assets — Web Site Costs
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
This Standard prescribes 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. It sets out overall requirements for the presentation of financial statements, guidelines for their structure and minimum requirements for their content.
SCOPE
2
An entity shall apply this Standard in preparing and presenting general purpose financial statements in accordance with International Financial Reporting Standards (IFRSs).
3
Other IFRSs set out the recognition, measurement and disclosure requirements for specific transactions and other events.
4
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 15–35 apply to such financial statements. This Standard applies equally to all entities, including those that present consolidated financial statements in accordance with IFRS 10 
Consolidated Financial Statements
 and those that present separate financial statements in accordance with IAS 27 
Separate Financial Statements
.
5
This Standard uses terminology that is suitable for profit-oriented entities, including public sector business entities. If entities with not-for-profit activities in the private sector or the public sector apply this Standard, they 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 co-operative entities) may need to adapt the financial statement presentation of members’ or unitholders’ interests.
DEFINITIONS
7
The following terms are used in this Standard with the meanings specified:
Accounting policies
 are defined in paragraph 5 of IAS 8 
Accounting Policies, Changes in Accounting Estimates and Errors
, and the term is used in this Standard with the same meaning.
General purpose financial statements
 (referred to as financial statements) are those intended to meet the needs of users who are not in a position to require an entity to prepare reports tailored to their particular information needs.
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 issued by the International Accounting Standards Board (IASB). They comprise:
(a)
International Financial Reporting Standards;
(b)
International Accounting Standards;
(c)
IFRIC Interpretations; and
(d)
SIC Interpretations
 
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.
Material
:
Information is material if omitting, misstating or obscuring it could reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements, which provide financial information about a specific reporting entity.
Materiality depends on the nature or magnitude of information, or both. An entity assesses whether information, either individually or in combination with other information, is material in the context of its financial statements taken as a whole.
Information is obscured if it is communicated in a way that would have a similar effect for primary users of financial statements to omitting or misstating that information. The following are examples of circumstances that may result in material information being obscured:
(a)
information regarding a material item, transaction or other event is disclosed in the financial statements but the language used is vague or unclear;
(b)
information regarding a material item, transaction or other event is scattered throughout the financial statements;
(c)
dissimilar items, transactions or other events are inappropriately aggregated;
(d)
similar items, transactions or other events are inappropriately disaggregated; and
(e)
the understandability of the financial statements is reduced as a result of material information being hidden by immaterial information to the extent that a primary user is unable to determine what information is material.
Assessing whether information could reasonably be expected to influence decisions made by the primary users of a specific reporting entity’s general purpose financial statements requires an entity to consider the characteristics of those users while also considering the entity’s own circumstances.
Many existing and potential investors, lenders and other creditors cannot require reporting entities to provide information directly to them and must rely on general purpose financial statements for much of the financial information they need. Consequently, they are the primary users to whom general purpose financial statements are directed. Financial statements are prepared for users who have a reasonable knowledge of business and economic activities and who review and analyse the information diligently. At times, even well-informed and diligent users may need to seek the aid of an adviser to understand information about complex economic phenomena.
Notes
 contain information in addition to that presented in the statement of financial position, statement(s) of profit or loss and other comprehensive income, statement of changes in equity and statement of cash flows. Notes provide narrative descriptions or disaggregations of items presented in those statements and information about items that do not qualify for recognition in those statements.
Other comprehensive income
 comprises items of income and expense (including reclassification adjustments) that are not recognised in profit or loss as required or permitted by other IFRSs.
The components of other comprehensive income include:
(a)
changes in revaluation surplus (see IAS 16 
Property, Plant and Equipment
 and IAS 38 
Intangible Assets
);
(b)
remeasurements of defined benefit plans (see IAS 19 
Employee Benefits
);
(c)
gains and losses arising from translating the financial statements of a foreign operation (see IAS 21 
The Effects of Changes in Foreign Exchange Rates
);
(d)
gains and losses from investments in equity instruments designated at fair value through other comprehensive income in accordance with paragraph 5.7.5 of IFRS 9 
Financial Instruments
;
(da)
gains and losses on financial assets measured at fair value through other comprehensive income in accordance with paragraph 4.1.2A of IFRS 9;
(e)
the effective portion of gains and losses on hedging instruments in a cash flow hedge and the gains and losses on hedging instruments that hedge investments in equity instruments measured at fair value through other comprehensive income in accordance with paragraph 5.7.5 of IFRS 9 (see Chapter 6 of IFRS 9);
(f)
for particular liabilities designated as at fair value through profit or loss, the amount of the change in fair value that is attributable to changes in the liability's credit risk (see paragraph 5.7.7 of IFRS 9);
(g)
changes in the value of the time value of options when separating the intrinsic value and time value of an option contract and designating as the hedging instrument only the changes in the intrinsic value (see Chapter 6 of IFRS 9);
(h)
changes in the value of the forward elements of forward contracts when separating the forward element and spot element of a forward contract and designating as the hedging instrument only the changes in the spot element, and changes in the value of the foreign currency basis spread of a financial instrument when excluding it from the designation of that financial instrument as the hedging instrument (see Chapter 6 of IFRS 9);
(i)
insurance finance income and expenses from contracts issued within the scope of IFRS 17 
Insurance Contracts
 excluded from profit or loss when total insurance finance income or expenses is disaggregated to include in profit or loss an amount determined by a systematic allocation applying paragraph 88(b) of IFRS 17, or by an amount that eliminates accounting mismatches with the finance income or expenses arising on the underlying items, applying paragraph 89(b) of IFRS 17; and
(j)
finance income and expenses from reinsurance contracts held excluded from profit or loss when total reinsurance finance income or expenses is disaggregated to include in profit or loss an amount determined by a systematic allocation applying paragraph 88(b) of IFRS 17.
Owners
 are holders of instruments classified as equity.
Profit or loss
 is the total of income less expenses, excluding the components of other comprehensive income.
Reclassification adjustments
 are amounts reclassified to profit or loss in the current period that were recognised in other comprehensive income in the current or previous periods.
Total comprehensive income
 is the change in equity during a period resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners.
Total comprehensive income comprises all components of ‘profit or loss’ and of ‘other comprehensive income’.
8
Although this Standard uses the terms ‘other comprehensive income’, ‘profit or loss’ and ‘total comprehensive income’, an entity may use other terms to describe the totals as long as the meaning is clear. For example, an entity may use the term ‘net income’ to describe profit or loss.
8A
The following terms are described in IAS 32 
Financial Instruments: Presentation
 and are used in this Standard with the meaning specified in IAS 32:
(a)
puttable financial instrument classified as an equity instrument (described in paragraphs 16A and 16B of IAS 32)
(b)
an instrument that imposes on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and is classified as an equity instrument (described in paragraphs 16C and 16D of IAS 32).
FINANCIAL STATEMENTS
Purpose of financial statements
9
Financial statements are a structured representation of the financial position and financial performance of an entity. The objective of 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 the 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)
contributions by and distributions to owners in their capacity as owners; 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.
Complete set of financial statements
10
A complete set of financial statements comprises:
(a)
a statement of financial position as at the end of the period;
(b)
a statement of profit or loss and other comprehensive income for the period;
(c)
a statement of changes in equity for the period;
(d)
a statement of cash flows for the period;
(e)
notes, comprising material accounting policy information and other explanatory information;
(ea)
comparative information in respect of the preceding period as specified in paragraphs 38 and 38A; and
(f)
a statement of financial position as at the beginning of the preceding period when an entity applies an accounting policy retrospectively or makes a retrospective restatement of items in its financial statements, or when it reclassifies items in its financial statements in accordance with paragraphs 40A–40D.
An entity may use titles for the statements other than those used in this Standard. For example, an entity may use the title ‘statement of comprehensive income’ instead of ‘statement of profit or loss and other comprehensive income’.
10A
An entity may present a single statement of profit or loss and other comprehensive income, with profit or loss and other comprehensive income presented in two sections. The sections shall be presented together, with the profit or loss section presented first followed directly by the other comprehensive income section. An entity may present the profit or loss section in a separate statement of profit or loss. If so, the separate statement of profit or loss shall immediately precede the statement presenting comprehensive income, which shall begin with profit or loss.
11
An entity shall present with equal prominence all of the financial statements in a complete set of financial statements.
12
[Deleted]
13
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 statement of financial position in accordance with IFRSs.
14
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.
General features
Fair presentation and compliance with IFRSs
15
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 
Conceptual Framework for Financial Reporting
 (
Conceptual Framework
). The application of IFRSs, with additional disclosure when necessary, is presumed to result in financial statements that achieve a fair presentation.
16
An entity whose financial statements comply with IFRSs shall make an explicit and unreserved statement of such compliance in the notes. An entity shall not describe financial statements as complying with IFRSs unless they comply with all the requirements of IFRSs.
17
In virtually all circumstances, an entity achieves a fair presentation 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 an IFRS 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.
18
An entity cannot rectify inappropriate accounting policies either by disclosure of the accounting policies used or by notes or explanatory material.
19
In the extremely rare circumstances in which management concludes that compliance with a requirement in an IFRS would be so misleading that it would conflict with the objective of financial statements set out in the 
Conceptual Framework
, the entity shall depart from that requirement in the manner set out in paragraph 20 if the relevant regulatory framework requires, or otherwise does not prohibit, such a departure.
20
When an entity departs from a requirement of an IFRS in accordance with paragraph 19, 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 IFRSs, except that it has departed from a particular requirement to achieve a fair presentation;
(c)
the title of the IFRS from which the entity has departed, the nature of the departure, including the treatment that the IFRS 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 
Conceptual Framework
, and the treatment adopted; and
(d)
for each period presented, the financial effect of the departure on each item in the financial statements that would have been reported in complying with the requirement.
21
When an entity has departed from a requirement of an IFRS 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 20(c) and (d).
22
Paragraph 21 applies, for example, when an entity departed in a prior period from a requirement in an IFRS 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.
23
In the extremely rare circumstances in which management concludes that compliance with a requirement in an IFRS would be so misleading that it would conflict with the objective of financial statements set out in the 
Conceptual 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 IFRS 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 
Conceptual 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.
24
For the purpose of paragraphs 19–23, 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 an IFRS would be so misleading that it would conflict with the objective of financial statements set out in the 
Conceptual 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 
Conceptual Framework
.
Going concern
25
When preparing financial statements, management shall make an assessment of an entity’s ability to continue as a going concern. An entity shall prepare financial statements 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, the entity shall disclose those uncertainties. When an entity does not prepare financial statements on a going concern basis, it shall disclose that fact, together with the basis on which it prepared the financial statements and the reason why the entity is not regarded as a going concern.
26
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, twelve months from the end of the reporting period. 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, the entity may reach a conclusion that the going concern basis of accounting is appropriate 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
27
An entity shall prepare its financial statements, except for cash flow information, using the accrual basis of accounting.
28
When the accrual basis of accounting is used, an entity recognises items 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 
Conceptual Framework
.
Materiality and aggregation
29
An entity shall present separately each material class of similar items. An entity shall present separately items of a dissimilar nature or function 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 in the financial statements. If a line item is not individually material, it is aggregated with other items either in those statements or in the notes. An item that is not sufficiently material to warrant separate presentation in those statements may warrant separate presentation in the notes.
30A
When applying this and other IFRSs an entity shall decide, taking into consideration all relevant facts and circumstances, how it aggregates information in the financial statements, which include the notes. An entity shall not reduce the understandability of its financial statements by obscuring material information with immaterial information or by aggregating material items that have different natures or functions.
31
Some IFRSs specify information that is required to be included in the financial statements, which include the notes. An entity need not provide a specific disclosure required by an IFRS if the information resulting from that disclosure is not material. This is the case even if the IFRS contains a list of specific requirements or describes them as minimum requirements. An entity shall also consider whether to provide additional disclosures when compliance with the specific requirements in IFRS is insufficient to enable users of financial statements to understand the impact of particular transactions, other events and conditions on the entity's financial position and financial performance.
Offsetting
32
An entity shall not offset assets and liabilities or income and expenses, unless required or permitted by an IFRS.
33
An entity reports separately both assets and liabilities, and income and expenses. Offsetting in the statement(s) of profit or loss and other comprehensive income or financial position, 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
IFRS 15 
Revenue from Contracts with Customers
 requires an entity to measure revenue from contracts with customers at the amount of consideration to which the entity expects to be entitled in exchange for transferring promised goods or services. For example, the amount of revenue recognised reflects any trade discounts and volume rebates the entity allows. 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. An entity presents the results of such transactions, 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)
an entity presents gains and losses on the disposal of non-current assets, including investments and operating assets, by deducting from the amount of consideration on disposal the carrying amount of the asset and related selling expenses; and
(b)
an entity may net 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) against the related reimbursement.
35
In addition, an entity presents on a net basis gains and losses arising from a group of similar transactions, for example, foreign exchange gains and losses or gains and losses arising on financial instruments held for trading. However, an entity presents such gains and losses separately if they are material.
Frequency of reporting
36
An entity shall present a complete set of financial statements (including comparative information) at least annually. When an entity changes the end of its reporting period and presents financial statements 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 amounts presented in the financial statements are not entirely comparable.
37
Normally, an entity consistently prepares financial statements for 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.
Comparative information
Minimum comparative information
38
Except when IFRSs permit or require otherwise, an entity shall present comparative information in respect of the preceding period for all amounts reported in the current period’s financial statements. An entity shall include comparative information for narrative and descriptive information if it is relevant to understanding the current period’s financial statements.
38A
An entity shall present, as a minimum, two statements of financial position, two statements of profit or loss and other comprehensive income, two separate statements of profit or loss (if presented), two statements of cash flows and two statements of changes in equity, and related notes.
38B
In some cases, narrative information provided in the financial statements for the preceding period(s) continues to be relevant in the current period. For example, an entity discloses in the current period details of a legal dispute, the outcome of which was uncertain at the end of the preceding period and is yet to be resolved. Users may benefit from the disclosure of information that the uncertainty existed at the end of the preceding period and from the disclosure of information about the steps that have been taken during the period to resolve the uncertainty.
Additional comparative information
38C
An entity may present comparative information in addition to the minimum comparative financial statements required by IFRSs, as long as that information is prepared in accordance with IFRSs. This comparative information may consist of one or more statements referred to in paragraph 10, but need not comprise a complete set of financial statements. When this is the case, the entity shall present related note information for those additional statements.
38D
For example, an entity may present a third statement of profit or loss and other comprehensive income (thereby presenting the current period, the preceding period and one additional comparative period). However, the entity is not required to present a third statement of financial position, a third statement of cash flows or a third statement of changes in equity (ie an additional financial statement comparative). The entity is required to present, in the notes to the financial statements, the comparative information related to that additional statement of profit or loss and other comprehensive income.
39–40
[Deleted]
Change in accounting policy, retrospective restatement or reclassification
40A
An entity shall present a third statement of financial position as at the beginning of the preceding period in addition to the minimum comparative financial statements required in paragraph 38A if:
(a)
it applies an accounting policy retrospectively, makes a retrospective restatement of items in its financial statements or reclassifies items in its financial statements; and
(b)
the retrospective application, retrospective restatement or the reclassification has a material effect on the information in the statement of financial position at the beginning of the preceding period.
40B
In the circumstances described in paragraph 40A, an entity shall present three statements of financial position as at:
(a)
the end of the current period;
(b)
the end of the preceding period; and
(c)
the beginning of the preceding period.
40C
When an entity is required to present an additional statement of financial position in accordance with paragraph 40A, it must disclose the information required by paragraphs 41–44 and IAS 8. However, it need not present the related notes to the opening statement of financial position as at the beginning of the preceding period.
40D
The date of that opening statement of financial position shall be as at the beginning of the preceding period regardless of whether an entity’s financial statements present comparative information for earlier periods (as permitted in paragraph 38C).
41
If an entity changes the presentation or classification of items in its financial statements, it shall reclassify comparative amounts unless reclassification is impracticable. When an entity reclassifies comparative amounts, it shall disclose (including as at the beginning of the preceding period):
(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.
42
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.
43
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, an entity may not have collected data in the prior period(s) in a way that allows reclassification, and it may be impracticable to recreate the information.
44
IAS 8 sets out the adjustments to comparative information required when an entity changes an accounting policy or corrects an error.
Consistency of presentation
45
An entity shall retain the presentation and classification of items in the financial statements 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)
an IFRS requires a change in presentation.
46
For example, 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 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 41 and 42.
STRUCTURE AND CONTENT
Introduction
47
This Standard requires particular disclosures in the statement of financial position or the statement(s) of profit or loss and other comprehensive income, or in the statement of changes in equity and requires disclosure of other line items either in those statements or in the notes. IAS 7 
Statement of Cash Flows
 sets out requirements for the presentation of cash flow information.
48
This Standard sometimes uses the term ‘disclosure’ in a broad sense, encompassing items presented in the financial statements. Disclosures are also required by other IFRSs. Unless specified to the contrary elsewhere in this Standard or in another IFRS, such disclosures may be made in the financial statements.
Identification of the financial statements
49
An entity shall clearly identify the financial statements and distinguish them from other information in the same published document.
50
IFRSs apply only to financial statements, and not necessarily to other information presented in an annual report, a regulatory filing, or another 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.
51
An entity shall clearly identify each financial statement and the notes. In addition, an entity shall display the following information prominently, and repeat it when necessary for the information presented to be understandable:
(a)
the name of the reporting entity or other means of identification, and any change in that information from the end of the preceding reporting period;
(b)
whether the financial statements are of an individual entity or a group of entities;
(c)
the date of the end of the reporting period or the period covered by the set of financial statements or notes;
(d)
the presentation currency, as defined in IAS 21; and
(e)
the level of rounding used in presenting amounts in the financial statements.
52
An entity meets the requirements in paragraph 51 by presenting appropriate headings for pages, statements, notes, columns and the like. Judgement is required in determining the best way of presenting such information. For example, when an entity presents the financial statements electronically, separate pages are not always used; an entity then presents the above items to ensure that the information included in the financial statements can be understood.
53
An entity often makes financial statements more understandable by presenting information in thousands or millions of units of the presentation currency. This is acceptable as long as the entity discloses the level of rounding and does not omit material information.
Statement of financial position
Information to be presented in the statement of financial position
54
The statement of financial position shall include line items that present the following amounts:
(a)
property, plant and equipment;
(b)
investment property;
(c)
intangible assets;
(d)
financial assets (excluding amounts shown under (e), (h) and (i));
(da)
portfolios of contracts within the scope of IFRS 17 that are assets, disaggregated as required by paragraph 78 of IFRS 17;
(e)
investments accounted for using the equity method;
(f)
biological assets within the scope of IAS 41 
Agriculture
;
(g)
inventories;
(h)
trade and other receivables;
(i)
cash and cash equivalents;
(j)
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;
(k)
trade and other payables;
(l)
provisions;
(m)
financial liabilities (excluding amounts shown under (k) and (l));
(ma)
portfolios of contracts within the scope of IFRS 17 that are liabilities, disaggregated as required by paragraph 78 of IFRS 17;
(n)
liabilities and assets for current tax, as defined in IAS 12 
Income Taxes
;
(o)
deferred tax liabilities and deferred tax assets, as defined in IAS 12;
(p)
liabilities included in disposal groups classified as held for sale in accordance with IFRS 5;
(q)
non
-
controlling interests, presented within equity; and
(r)
issued capital and reserves attributable to owners of the parent.
55
An entity shall present additional line items (including by disaggregating the line items listed in paragraph 54), headings and subtotals in the statement of financial position when such presentation is relevant to an understanding of the entity's financial position.
55A
When an entity presents subtotals in accordance with paragraph 55, those subtotals shall:
(a)
be comprised of line items made up of amounts recognised and measured in accordance with IFRS;
(b)
be presented and labelled in a manner that makes the line items that constitute the subtotal clear and understandable;
(c)
be consistent from period to period, in accordance with paragraph 45; and
(d)
not be displayed with more prominence than the subtotals and totals required in IFRS for the statement of financial position.
56
When an entity presents current and non-current assets, and current and non-current liabilities, as separate classifications in its statement of financial position, it shall not classify deferred tax assets (liabilities) as current assets (liabilities).
57
This Standard does not prescribe the order or format in which an entity presents items. Paragraph 54 simply lists items that are sufficiently different in nature or function to warrant separate presentation in the statement of financial position. 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.
58
An entity makes the judgement about whether to present additional items separately on the basis of 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.
59
The use of different measurement bases for different classes of assets suggests that their nature or function differs and, therefore, that an entity presents them as separate line items. For example, different classes of property, plant and equipment can be carried at cost or at revalued amounts in accordance with IAS 16.
Current/non-current distinction
60
An entity shall present current and non
-
current assets, and current and non
-
current liabilities, as separate classifications in its statement of financial position in accordance with paragraphs 66–76 except when a presentation based on liquidity provides information that is reliable and more relevant. When that exception applies, an entity shall present all assets and liabilities in order of liquidity.
61
Whichever method of presentation is adopted, an entity shall disclose the amount expected to be recovered or settled after more than twelve months for each asset and liability line item that combines amounts expected to be recovered or settled:
(a)
no more than twelve months after the reporting period, and
(b)
more than twelve months after the reporting period.
62
When an entity supplies goods or services within a clearly identifiable operating cycle, separate classification of current and non-current assets and liabilities in the statement of financial position 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.
63
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 more relevant than a current/non-current presentation because the entity does not supply goods or services within a clearly identifiable operating cycle.
64
In applying paragraph 60, 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 more relevant. The need for a mixed basis of presentation might arise when an entity has diverse operations.
65
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 of non-monetary assets such as inventories and expected date of settlement for liabilities such as provisions is also useful, whether assets and liabilities are classified as current or as non-current. For example, an entity discloses the amount of inventories that are expected to be recovered more than twelve months after the reporting period.
Current assets
66
An entity shall classify an asset as current when:
(a)
it expects to realise the asset, or intends to sell or consume it, in its normal operating cycle;
(b)
it holds the asset primarily for the purpose of trading;
(c)
it expects to realise the asset within twelve months after the reporting period; or
(d)
the asset is cash or a cash equivalent (as defined in IAS 7) unless the asset is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.
An entity shall classify all other assets as non-current.
67
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.
68
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, it 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 reporting period. Current assets also include assets held primarily for the purpose of trading (examples include some financial assets that meet the definition of held for trading in IFRS 9) and the current portion of non-current financial assets.
Current liabilities
69
An entity shall classify a liability as current when:
(a)
it expects to settle the liability in its normal operating cycle;
(b)
it holds the liability primarily for the purpose of trading;
(c)
the liability is due to be settled within twelve months after the reporting period; or
(d)
it does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting period (see paragraph 73). Terms of a liability that could, at the option of the counterparty, result in its settlement by the issue of equity instruments do not affect its classification.
An entity shall classify all other liabilities as non-current.
70
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. An entity classifies such operating items as current liabilities even if they are due to be settled more than twelve months after the reporting period. 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, it is assumed to be twelve months.
71
Other current liabilities are not settled as part of the normal operating cycle, but are due for settlement within 12 months after the reporting period or held primarily for the purpose of trading. Examples are some financial liabilities that meet the definition of held for trading in IFRS 9, 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 (ie 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 reporting period are non-current liabilities, subject to paragraphs 74 and 75.
72
An entity classifies its financial liabilities as current when they are due to be settled within twelve months after the reporting period, even if:
(a)
the original term was for a period longer than twelve months, and
(b)
an agreement to refinance, or to reschedule payments, on a long-term basis is completed after the reporting period and before the financial statements are authorised for issue.
73
If an entity expects, and has the discretion, to refinance or roll over an obligation for at least twelve months after the reporting period 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 arrangement for refinancing), the entity does not consider the potential to refinance the obligation and classifies the obligation as current.
74
When an entity breaches a provision of a long-term loan arrangement on or before the end of the reporting period with the effect that the liability becomes payable on demand, it classifies the liability as current, even if the lender agreed, after the reporting period and before the authorisation of the financial statements for issue, not to demand payment as a consequence of the breach. An entity classifies the liability as current because, at the end of the reporting period, it does not have an unconditional right to defer its settlement for at least twelve months after that date.
75
However, an entity classifies the liability as non-current if the lender agreed by the end of the reporting period to provide a period of grace ending at least twelve months after the reporting period, within which the entity can rectify the breach and during which the lender cannot demand immediate repayment.
76
In respect of loans classified as current liabilities, if the following events occur between the end of the reporting period and the date the financial statements are authorised for issue, those events are disclosed as non-adjusting events in accordance with IAS 10 
Events after the Reporting Period
:
(a)
refinancing on a long-term basis;
(b)
rectification of a breach of a long-term loan arrangement; and
(c)
the granting by the lender of a period of grace to rectify a breach of a long-term loan arrangement ending at least twelve months after the reporting period.
Information to be presented either in the statement of financial position or in the notes
77
An entity shall disclose, either in the statement of financial position or in the notes, further subclassifications of the line items presented, classified in a manner appropriate to the entity’s operations.
78
The detail provided in subclassifications depends on the requirements of IFRSs and on the size, nature and function of the amounts involved. An entity also uses the factors set out in paragraph 58 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 disaggregated, 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)
equity capital and reserves are disaggregated into various classes, such as paid-in capital, share premium and reserves.
79
An entity shall disclose the following, either in the statement of financial position or the statement of changes in equity, 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 terms and amounts; and
(b)
a description of the nature and purpose of each reserve within equity.
80
An entity without share capital, such as a partnership or trust, shall disclose information equivalent to that required by paragraph 79(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.
80A
If an entity has reclassified
(a)
a puttable financial instrument classified as an equity instrument, or
(b)
an instrument that imposes on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and is classified as an equity instrument
between financial liabilities and equity, it shall disclose the amount reclassified into and out of each category (financial liabilities or equity), and the timing and reason for that reclassification.
Statement of profit or loss and other comprehensive income
81A
The statement of profit or loss and other comprehensive income (statement of comprehensive income) shall present, in addition to the profit or loss and other comprehensive income sections:
(a)
profit or loss;
(b)
total other comprehensive income;
(c)
comprehensive income for the period, being the total of profit or loss and other comprehensive income.
If an entity presents a separate statement of profit or loss it does not present the profit or loss section in the statement presenting comprehensive income.
81B
An entity shall present the following items, in addition to the profit or loss and other comprehensive income sections, as allocation of profit or loss and other comprehensive income for the period:
(a)
profit or loss for the period attributable to:
(i)
non-controlling interests, and
(ii)
owners of the parent.
(b)
comprehensive income for the period attributable to:
(i)
non-controlling interests, and
(ii)
owners of the parent.
If an entity presents profit or loss in a separate statement it shall present (a) in that statement.
Information to be presented in the profit or loss section or the statement of profit or loss
81
[Deleted]
82
In addition to items required by other IFRSs, the profit or loss section or the statement of profit or loss shall include line items that present the following amounts for the period:
(a)
revenue, presenting separately:
(i)
interest revenue calculated using the effective interest method; and
(ii)
insurance revenue (see IFRS 17);
(aa)
gains and losses arising from the derecognition of financial assets measured at amortised cost;
(ab)
insurance service expenses from contracts issued within the scope of IFRS 17 (see IFRS 17);
(ac)
income or expenses from reinsurance contracts held (see IFRS 17);
(b)
finance costs;
(ba)
impairment losses (including reversals of impairment losses or impairment gains) determined in accordance with Section 5.5 of IFRS 9;
(bb)
insurance finance income or expenses from contracts issued within the scope of IFRS 17 (see IFRS 17);
(bc)
finance income or expenses from reinsurance contracts held (see IFRS 17);
(c)
share of the profit or loss of associates and joint ventures accounted for using the equity method;
(ca)
if a financial asset is reclassified out of the amortised cost measurement category so that it is measured at fair value through profit or loss, any gain or loss arising from a difference between the previous amortised cost of the financial asset and its fair value at the reclassification date (as defined in IFRS 9);
(cb)
if a financial asset is reclassified out of the fair value through other comprehensive income measurement category so that it is measured at fair value through profit or loss, any cumulative gain or loss previously recognised in other comprehensive income that is reclassified to profit or loss;
(d)
tax expense;
(e)
[deleted]
(ea)
a single amount for the total of discontinued operations (see IFRS 5).
(f)–(i)
[deleted]
Information to be presented in the other comprehensive income section
82A
The other comprehensive income section shall present line items for the amounts for the period of:
(a)
items of other comprehensive income (excluding amounts in paragraph (b)), classified by nature and grouped into those that, in accordance with other IFRSs:
(i)
will not be reclassified subsequently to profit or loss; and
(ii)
will be reclassified subsequently to profit or loss when specific conditions are met.
(b)
the share of the other comprehensive income of associates and joint ventures accounted for using the equity method, separated into the share of items that, in accordance with other IFRSs:
(i)
will not be reclassified subsequently to profit or loss; and
(ii)
will be reclassified subsequently to profit or loss when specific conditions are met.
83-84
[Deleted]
85
An entity shall present additional line items (including by disaggregating the line items listed in paragraph 82), headings and subtotals in the statement(s) presenting profit or loss and other comprehensive income when such presentation is relevant to an understanding of the entity's financial performance.
85A
When an entity presents subtotals in accordance with paragraph 85, those subtotals shall:
(a)
be comprised of line items made up of amounts recognised and measured in accordance with IFRS;
(b)
be presented and labelled in a manner that makes the line items that constitute the subtotal clear and understandable;
(c)
be consistent from period to period, in accordance with paragraph 45; and
(d)
not be displayed with more prominence than the subtotals and totals required in IFRS for the statement(s) presenting profit or loss and other comprehensive income.
85B
An entity shall present the line items in the statement(s) presenting profit or loss and other comprehensive income that reconcile any subtotals presented in accordance with paragraph 85 with the subtotals or totals required in IFRS for such statement(s).
86
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 users in understanding the financial performance achieved and in making projections of future financial performance. An entity includes additional line items in the statement(s) presenting profit or loss and other comprehensive income and it amends the descriptions used and the ordering of items when this is necessary to explain the elements of financial performance. An entity considers factors including materiality and the nature and function of the items of income and expense. For example, a financial institution may amend the descriptions to provide information that is relevant to the operations of a financial institution. An entity does not offset income and expense items unless the criteria in paragraph 32 are met.
87
An entity shall not present any items of income or expense as extraordinary items, in the statement(s) presenting profit or loss and other comprehensive income or in the notes.
Profit or loss for the period
88
An entity shall recognise all items of income and expense in a period in profit or loss unless an IFRS requires or permits otherwise.
89
Some IFRSs specify circumstances when an entity recognises particular items outside profit or loss in the current period. IAS 8 specifies two such circumstances: the correction of errors and the effect of changes in accounting policies. Other IFRSs require or permit components of other comprehensive income that meet the 
Conceptual Framework’s
 definition of income or expense to be excluded from profit or loss (see paragraph 7).
Other comprehensive income for the period
90
An entity shall disclose the amount of income tax relating to each item of other comprehensive income, including reclassification adjustments, either in the statement of profit or loss and other comprehensive income or in the notes.
91
An entity may present items of other comprehensive income either:
(a)
net of related tax effects, or
(b)
before related tax effects with one amount shown for the aggregate amount of income tax relating to those items.
If an entity elects alternative (b), it shall allocate the tax between the items that might be reclassified subsequently to the profit or loss section and those that will not be reclassified subsequently to the profit or loss section.
92
An entity shall disclose reclassification adjustments relating to components of other comprehensive income.
93
Other IFRSs specify whether and when amounts previously recognised in other comprehensive income are reclassified to profit or loss. Such reclassifications are referred to in this Standard as reclassification adjustments. A reclassification adjustment is included with the related component of other comprehensive income in the period that the adjustment is reclassified to profit or loss. These amounts may have been recognised in other comprehensive income as unrealised gains in the current or previous periods. Those unrealised gains must be deducted from other comprehensive income in the period in which the realised gains are reclassified to profit or loss to avoid including them in total comprehensive income twice.
94
An entity may present reclassification adjustments in the statement(s) of profit or loss and other comprehensive income or in the notes. An entity presenting reclassification adjustments in the notes presents the items of other comprehensive income after any related reclassification adjustments.
95
Reclassification adjustments arise, for example, on disposal of a foreign operation (see IAS 21) and when some hedged forecast cash flow affect profit or loss (see paragraph 6.5.11(d) of IFRS 9 in relation to cash flow hedges).
96
Reclassification adjustments do not arise on changes in revaluation surplus recognised in accordance with IAS 16 or IAS 38 or on remeasurements of defined benefit plans recognised in accordance with IAS 19. These components are recognised in other comprehensive income and are not reclassified to profit or loss in subsequent periods. Changes in revaluation surplus may be transferred to retained earnings in subsequent periods as the asset is used or when it is derecognised (see IAS 16 and IAS 38). In accordance with IFRS 9, reclassification adjustments do not arise if a cash flow hedge or the accounting for the time value of an option (or the forward element of a forward contract or the foreign currency basis spread of a financial instrument) result in amounts that are removed from the cash flow hedge reserve or a separate component of equity, respectively, and included directly in the initial cost or other carrying amount of an asset or a liability. These amounts are directly transferred to assets or liabilities.
Information to be presented in the statement(s) of profit or loss and other comprehensive income or in the notes
97
When items of income or expense are material, an entity shall disclose their nature and amount separately.
98
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.
99
An entity shall present an analysis of expenses recognised in profit or loss using a classification based on either their nature or their function within the entity, whichever provides information that is reliable and more relevant.
100
Entities are encouraged to present the analysis in paragraph 99 in the statement(s) presenting profit or loss and other comprehensive income.
101
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.
102
The first form of analysis is the ‘nature of expense’ method. An entity aggregates expenses within profit or loss according to their nature (for example, depreciation, purchases of materials, transport costs, employee benefits and advertising costs), and does not reallocate them among 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 before tax
X
103
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 before tax
X
104
An entity classifying expenses by function shall disclose additional information on the nature of expenses, including depreciation and amortisation expense and employee benefits expense.
105
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 presentation that is reliable and more relevant. 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 104, ‘employee benefits’ has the same meaning as in IAS 19.
Statement of changes in equity
Information to be presented in the statement of changes in equity
106
An entity shall present a statement of changes in equity as required by paragraph 10. The statement of changes in equity includes the following information:
(a)
total comprehensive income for the period, showing separately the total amounts attributable to owners of the parent and to non-controlling interests;
(b)
for each component of equity, the effects of retrospective application or retrospective restatement recognised in accordance with IAS 8; and
(c)
[deleted]
(d)
for each component of equity, a reconciliation between the carrying amount at the beginning and the end of the period, separately (as a minimum) disclosing changes resulting from:
(i)
profit or loss;
(ii)
other comprehensive income; and
(iii)
transactions with owners in their capacity as owners, showing separately contributions by and distributions to owners and changes in ownership interests in subsidiaries that do not result in a loss of control.
Information to be presented in the statement of changes in equity or in the notes
106A
For each component of equity an entity shall present, either in the statement of changes in equity or in the notes, an analysis of other comprehensive income by item (see paragraph 106(d)(ii)).
107
An entity shall present, either in the statement of changes in equity or in the notes, the amount of dividends recognised as distributions to owners during the period, and the related amount of dividends per share.
108
In paragraph 106, the components of equity include, for example, each class of contributed equity, the accumulated balance of each class of other comprehensive income and retained earnings.
109
Changes in an entity’s equity between the beginning and the end of the reporting period reflect the increase or decrease in its net assets during the period. Except for changes resulting from transactions with owners in their capacity as owners (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 expense, including gains and losses, generated by the entity’s activities during that period.
110
IAS 8 requires retrospective adjustments to effect changes in accounting policies, to the extent practicable, except when the transition provisions in another IFRS require otherwise. IAS 8 also requires restatements to correct errors to be made retrospectively, to the extent practicable. Retrospective adjustments and retrospective restatements are not changes in equity but they are adjustments to the opening balance of retained earnings, except when an IFRS requires retrospective adjustment of another component of equity. Paragraph 106(b) requires disclosure in the statement of changes in equity of the total adjustment to each component of equity resulting from changes in accounting policies and, separately, from corrections of errors. These adjustments are disclosed for each prior period and the beginning of the period.
Statement of cash flows
111
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 and disclosure of cash flow information.
Notes
Structure
112
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 117–124;
(b)
disclose the information required by IFRSs that is not presented elsewhere in the financial statements; and
(c)
provide information that is not presented elsewhere in the financial statements, but is relevant to an understanding of any of them.
113
An entity shall, as far as practicable, present notes in a systematic manner. In determining a systematic manner, the entity shall consider the effect on the understandability and comparability of its financial statements. An entity shall cross-reference each item in the statements of financial position and in the statement(s) of profit or loss and other comprehensive income, and in the statements of changes in equity and of cash flows to any related information in the notes.
114
Examples of systematic ordering or grouping of the notes include:
(a)
giving prominence to the areas of its activities that the entity considers to be most relevant to an understanding of its financial performance and financial position, such as grouping together information about particular operating activities;
(b)
grouping together information about items measured similarly such as assets measured at fair value; or
(c)
following the order of the line items in the statement(s) of profit or loss and other comprehensive income and the statement of financial position, such as:
(i)
statement of compliance with IFRSs (see paragraph 16);
(ii)
material accounting policy information (see paragraph 117);
(iii)
supporting information for items presented in the statements of financial position and in the statement(s) of profit or loss and other comprehensive income, and in the statements of changes in equity and of cash flows, in the order in which each statement and each line item is presented; and
(iv)
other disclosures, including
(1)
contingent liabilities (see IAS 37) and unrecognised contractual commitments; and
(2)
non-financial disclosures, eg the entity's financial risk management objectives and policies (see IFRS 7).
115
[Deleted]
116
An entity may present notes providing information about the basis of preparation of the financial statements and specific accounting policies as a separate section of the financial statements.
Disclosure of accounting policies
117
An entity shall disclose material accounting policy information (see paragraph 7). Accounting policy information is material if, when considered together with other information included in an entity’s financial statements, it can reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements.
117A
Accounting policy information that relates to immaterial transactions, other events or conditions is immaterial and need not be disclosed. Accounting policy information may nevertheless be material because of the nature of the related transactions, other events or conditions, even if the amounts are immaterial. However, not all accounting policy information relating to material transactions, other events or conditions is itself material.
117B
Accounting policy information is expected to be material if users of an entity’s financial statements would need it to understand other material information in the financial statements. For example, an entity is likely to consider accounting policy information material to its financial statements if that information relates to material transactions, other events or conditions and:
(a)
the entity changed its accounting policy during the reporting period and this change resulted in a material change to the information in the financial statements;
(b)
the entity chose the accounting policy from one or more options permitted by IFRSs—such a situation could arise if the entity chose to measure investment property at historical cost rather than fair value;
(c)
the accounting policy was developed in accordance with IAS 8 in the absence of an IFRS that specifically applies;
(d)
the accounting policy relates to an area for which an entity is required to make significant judgements or assumptions in applying an accounting policy, and the entity discloses those judgements or assumptions in accordance with paragraphs 122 and 125; or
(e)
the accounting required for them is complex and users of the entity’s financial statements would otherwise not understand those material transactions, other events or conditions—such a situation could arise if an entity applies more than one IFRS to a class of material transactions.
117C
Accounting policy information that focuses on how an entity has applied the requirements of the IFRSs to its own circumstances provides entity-specific information that is more useful to users of financial statements than standardised information, or information that only duplicates or summarises the requirements of the IFRSs.
117D
If an entity discloses immaterial accounting policy information, such information shall not obscure material accounting policy information.
117E
An entity’s conclusion that accounting policy information is immaterial does not affect the related disclosure requirements set out in other IFRSs.
118
[Deleted]
119
[Deleted].
120
[Deleted]
121
[Deleted]
122
An entity shall disclose, along with material accounting policy information or other notes, the judgements, apart from those involving estimations (see paragraph 125), 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.
123
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 it recognises in the financial statements. For example, management makes judgements in determining:
(a)
[deleted]
(b)
when substantially all the significant risks and rewards of ownership of financial assets and, for lessors, assets subject to leases 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 contractual terms of a financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
124
Some of the disclosures made in accordance with paragraph 122 are required by other IFRSs. For example IFRS 12 
Disclosure of Interests in Other Entities
 requires an entity to disclose the judgements it has made in determining whether it controls another entity. IAS 40 
Investment Property
 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.
Sources of estimation uncertainty
125
An entity shall disclose information about the assumptions it makes about the future, and other major sources of estimation uncertainty at the end of the reporting period, that have a significant risk of resulting in 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 end of the reporting period.
126
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 end of the reporting period. For example, in the absence of recently observed market prices, 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, future changes in salaries and future changes in prices affecting other costs.
127
The assumptions and other sources of estimation uncertainty disclosed in accordance with paragraph 125 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.
128
The disclosures in paragraph 125 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 end of the reporting period, they are measured at fair value based on a quoted price in an active market for an identical asset or liability. Such 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 end of the reporting period.
129
An entity presents the disclosures in paragraph 125 in a manner that helps users of financial statements to understand the judgements that management makes about the future and about other 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 an entity makes 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.
130
This Standard does not require an entity to disclose budget information or forecasts in making the disclosures in paragraph 125.
131
Sometimes it is impracticable to disclose the extent of the possible effects of an assumption or another source of estimation uncertainty at the end of the reporting period. In such cases, the entity discloses that it is reasonably possible, on the basis of existing knowledge, that outcomes within the next financial year that are different from the assumption 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.
132
The disclosures in paragraph 122 of particular judgements that management made in the process of applying the entity’s accounting policies do not relate to the disclosures of sources of estimation uncertainty in paragraph 125.
133
Other IFRSs require the disclosure of some of the assumptions that would otherwise be required in accordance with paragraph 125. For example, IAS 37 requires disclosure, in specified circumstances, of major assumptions concerning future events affecting classes of provisions. IFRS 13 
Fair Value Measurement
 requires disclosure of significant assumptions (including the valuation technique(s) and inputs) the entity uses when measuring the fair values of assets and liabilities that are carried at fair value.
Capital
134
An entity shall disclose information that enables users of its financial statements to evaluate the entity’s objectives, policies and processes for managing capital.
135
To comply with paragraph 134, the entity discloses the following:
(a)
qualitative information about its objectives, policies and processes for managing capital, including:
(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.
The entity bases these disclosures on the information provided internally to key management personnel.
136
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 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.
Puttable financial instruments classified as equity
136A
For puttable financial instruments classified as equity instruments, an entity shall disclose (to the extent not disclosed elsewhere):
(a)
summary quantitative data about the amount classified as equity;
(b)
its objectives, policies and processes for managing its obligation to repurchase or redeem the instruments when required to do so by the instrument holders, including any changes from the previous period;
(c)
the expected cash outflow on redemption or repurchase of that class of financial instruments; and
(d)
information about how the expected cash outflow on redemption or repurchase was determined.
Other disclosures
137
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 owners during the period, and the related amount per share; and
(b)
the amount of any cumulative preference dividends not recognised.
138
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;
(c)
the name of the parent and the ultimate parent of the group; and
(d)
if it is a limited life entity, information regarding the length of its life.
TRANSITION AND EFFECTIVE DATE
139
An entity shall apply this Standard for annual periods beginning on or after 1 January 2009. Earlier application is permitted. If an entity adopts this Standard for an earlier period, it shall disclose that fact.
139A
IAS 27 (as amended in 2008) amended paragraph 106. An entity shall apply that amendment for annual periods beginning on or after 1 July 2009. If an entity applies IAS 27 (amended 2008) for an earlier period, the amendment shall be applied for that earlier period. The amendment shall be applied retrospectively.
139B
Puttable Financial Instruments and Obligations Arising on Liquidation
 (Amendments to IAS 32 and IAS 1), issued in February 2008, amended paragraph 138 and inserted paragraphs 8A, 80A and 136A. An entity shall apply those amendments for annual periods beginning on or after 1 January 2009. Earlier application is permitted. If an entity applies the amendments for an earlier period, it shall disclose that fact and apply the related amendments to IAS 32, IAS 39, IFRS 7 and IFRIC 2 
Members’ Shares in Co-operative Entities and Similar Instruments
 at the same time.
139C
Paragraphs 68 and 71 were amended by 
Improvements to IFRSs
 issued in May 2008. An entity shall apply those amendments for annual periods beginning on or after 1 January 2009. Earlier application is permitted. If an entity applies the amendments for an earlier period it shall disclose that fact.
139D
Paragraph 69 was amended by 
Improvements to IFRSs
 issued in April 2009. An entity shall apply that amendment for annual periods beginning on or after 1 January 2010. Earlier application is permitted. If an entity applies the amendment for an earlier period it shall disclose that fact.
139E
[Deleted]
139F
Paragraphs 106 and 107 were amended and paragraph 106A was added by 
Improvements to IFRSs
 issued in May 2010. An entity shall apply those amendments for annual periods beginning on or after 1 January 2011. Earlier application is permitted.
139G
[Deleted]
139H
IFRS 10 and IFRS 12, issued in May 2011, amended paragraphs 4, 119, 123 and 124. An entity shall apply those amendments when it applies IFRS 10 and IFRS 12.
139I
IFRS 13, issued in May 2011, amended paragraphs 128 and 133. An entity shall apply those amendments when it applies IFRS 13.
139J
Presentation of Items of Other Comprehensive Income
 (Amendments to IAS 1), issued in June 2011, amended paragraphs 7, 10, 82, 85–87, 90, 91, 94, 100 and 115, added paragraphs 10A, 81A, 81B and 82A, and deleted paragraphs 12, 81, 83 and 84. An entity shall apply those amendments for annual periods beginning on or after 1 July 2012. Earlier application is permitted. If an entity applies the amendments for an earlier period it shall disclose that fact.
139K
IAS 19 
Employee Benefits
 (as amended in June 2011) amended the definition of ‘other comprehensive income’ in paragraph 7 and paragraph 96. An entity shall apply those amendments when it applies IAS 19 (as amended in June 2011).
139L
Annual Improvements 2009–2011 Cycle
, issued in May 2012, amended paragraphs 10, 38 and 41, deleted paragraphs 39–40 and added paragraphs 38A–38D and 40A–40D. An entity shall apply that amendment retrospectively in accordance with IAS 8 
Accounting Policies, Changes in Accounting Estimates and Errors
 for annual periods beginning on or after 1 January 2013. Earlier application is permitted. If an entity applies that amendment for an earlier period it shall disclose that fact.
139M
[Deleted]
139N
IFRS 15 
Revenue from Contracts with Customers
, issued in May 2014, amended paragraph 34. An entity shall apply that amendment when it applies IFRS 15.
139O
IFRS 9, as issued in July 2014, amended paragraphs 7, 68, 71, 82, 93, 95, 96, 106 and 123 and deleted paragraphs 139E, 139G and 139M. An entity shall apply those amendments when it applies IFRS 9.
139P
Disclosure Initiative
 (Amendments to IAS 1), issued in December 2014, amended paragraphs 10, 31, 54–55, 82A, 85, 113–114, 117, 119 and 122, added paragraphs 30A, 55A and 85A–85B and deleted paragraphs 115 and 120. An entity shall apply those amendments for annual periods beginning on or after 1 January 2016. Earlier application is permitted. Entities are not required to disclose the information required by paragraphs 28–30 of IAS 8 in relation to these amendments.
139Q
IFRS 16 
Leases
, issued in January 2016, amended paragraph 123. An entity shall apply that amendment when it applies IFRS 16.
139R
IFRS 17, issued in May 2017, amended paragraphs 7, 54 and 82. 
Amendments to IFRS 17
, issued in June 2020, further amended paragraph 54. An entity shall apply those amendments when it applies IFRS 17.
139S
Amendments to References to the Conceptual Framework in IFRS Standards
, issued in 2018, amended paragraphs 7, 15, 19–20, 23–24, 28 and 89. An entity shall apply those amendments for annual periods beginning on or after 1 January 2020. Earlier application is permitted if at the same time an entity also applies all other amendments made by 
Amendments to References to the Conceptual Framework in IFRS Standards
. An entity shall apply the amendments to IAS 1 retrospectively in accordance with IAS 8 
Accounting Policies, Changes in Accounting Estimates and Errors
. However, if an entity determines that retrospective application would be impracticable or would involve undue cost or effort, it shall apply the amendments to IAS 1 by reference to paragraphs 23–28, 50–53 and 54F of IAS 8.
139T
Definition of Material
 (Amendments to IAS 1 and IAS 8), issued in October 2018, amended paragraph 7 of IAS 1 and paragraph 5 of IAS 8, and deleted paragraph 6 of IAS 8. An entity shall apply those amendments prospectively for annual periods beginning on or after 1 January 2020. Earlier application is permitted. If an entity applies those amendments for an earlier period, it shall disclose that fact.
139V
Disclosure of Accounting Policies
, issued in February 2021, amended paragraphs 7, 10, 114, 117 and 122, added paragraphs 117A–117E and deleted paragraphs 118, 119 and 121. It also amended IFRS Practice Statement 2 
Making Materiality Judgements
. An entity shall apply the amendments to IAS 1 for annual reporting periods beginning on or after 1 January 2023. Earlier application is permitted. If an entity applies those amendments for an earlier period, it shall disclose that fact.
WITHDRAWAL OF IAS 1 (REVISED 2003)
140
This Standard supersedes IAS 1 
Presentation of Financial Statements
 revised in 2003, as amended in 2005.
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)
[deleted]
(b)
financial instruments (see IAS 32 
Financial Instruments: Presentation
 and IFRS 9 
Financial Instruments
); 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 price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. (See IFRS 13 
Fair Value Measurement
.)
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 price at which an orderly transaction to sell the same inventory in the principal (or most advantageous) market for that inventory would take place between market participants at the measurement date. 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. Costs incurred to fulfil a contract with a customer that do not give rise to inventories (or assets within the scope of another Standard) are accounted for in accordance with IFRS 15 
Revenue from Contracts with Customers
.
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, equipment and right-of-use assets used in the production process, 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.
19
[Deleted]
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 costs to sell 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.
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.
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.
40A
[Deleted]
40B
[Deleted]
40C
IFRS 13, issued in May 2011, amended the definition of fair value in paragraph 6 and amended paragraph 7. An entity shall apply those amendments when it applies IFRS 13.
40D
[Deleted]
40E
IFRS 15 
Revenue from Contracts with Customers
, issued in May 2014, amended paragraphs 2, 8, 29 and 37 and deleted paragraph 19. An entity shall apply those amendments when it applies IFRS 15.
40F
IFRS 9, as issued in July 2014, amended paragraphs 2 and deleted paragraphs 40A, 40B and 40D. An entity shall apply those amendments when it applies IFRS 9.
40G
IFRS 16 
Leases
, issued in January 2016, amended paragraph 12. An entity shall apply that amendment when it applies IFRS 16.
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
Statement of Cash Flows
(
2
)
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 statement of cash flows which classifies cash flows during the period from operating, investing and financing activities.
SCOPE
1
An entity shall prepare a statement of cash flows 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 statement of cash flows.
BENEFITS OF CASH FLOW INFORMATION
4
A statement of cash flows, 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 STATEMENT OF A CASH FLOWS
10
The statement of cash flows 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)
[deleted]
(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 that is included in recognised profit or loss. The cash flows relating to such transactions are cash flows from investing activities. However, cash payments to manufacture or acquire assets held for rental to others and subsequently held for sale as described in paragraph 68A of IAS 16 
Property, Plant and Equipment
 are cash flows from operating activities. The cash receipts from rents and subsequent sales of such assets are also cash flows from operating 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. Only expenditures that result in a recognised asset in the statement of financial position are eligible for classification as investing activities. 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-term 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 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 statement of comprehensive income 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, and undistributed profits of associates; 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 statement of comprehensive income 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.
23A
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 end of the reporting period 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 statement of cash flows 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 statement of cash flows whether it has been recognised as an expense in profit or loss or capitalised in accordance with 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 statement of cash flows. 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, a joint venture or a subsidiary accounted for by use of the equity or cost method, an investor restricts its reporting in the statement of cash flows to the cash flows between itself and the investee, for example, to dividends and advances.
38
An entity that reports its interest in an associate or a joint venture using the equity method includes in its statement of cash flows the cash flows in respect of its investments in the associate or joint venture, and distributions and other payments or receipts between it and the associate or joint venture.
CHANGES IN OWNERSHIP INTERESTS IN SUBSIDIARIES AND OTHER BUSINESSES
39
The aggregate cash flows arising from obtaining or losing control of subsidiaries or other businesses shall be presented separately and classified as investing activities.
40
An entity shall disclose, in aggregate, in respect of both obtaining and losing control of subsidiaries or other businesses during the period each of the following:
(a)
the total consideration paid or received;
(b)
the portion of the consideration consisting of cash and cash equivalents;
(c)
the amount of cash and cash equivalents in the subsidiaries or other businesses over which control is obtained or lost; and
(d)
the amount of the assets and liabilities other than cash or cash equivalents in the subsidiaries or other businesses over which control is obtained or lost, summarised by each major category.
40A
An investment entity, as defined in IFRS 10 
Consolidated Financial Statements
, need not apply paragraphs 40(c) or 40(d) to an investment in a subsidiary that is required to be measured at fair value through profit or loss.
41
The separate presentation of the cash flow effects of obtaining or losing control of subsidiaries or other businesses 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 losing control are not deducted from those of obtaining control.
42
The aggregate amount of the cash paid or received as consideration for obtaining or losing control of subsidiaries or other businesses is reported in the statement of cash flows net of cash and cash equivalents acquired or disposed of as part of such transactions, events or changes in circumstances.
42A
Cash flows arising from changes in ownership interests in a subsidiary that do not result in a loss of control shall be classified as cash flows from financing activities, unless the subsidiary is held by an investment entity, as defined in IFRS 10, and is required to be measured at fair value through profit or loss.
42B
Changes in ownership interests in a subsidiary that do not result in a loss of control, such as the subsequent purchase or sale by a parent of a subsidiary’s equity instruments, are accounted for as equity transactions (see IFRS 10, unless the subsidiary is held by an investment entity and is required to be measured at fair value through profit or loss. Accordingly, the resulting cash flows are classified in the same way as other transactions with owners described in paragraph 17.
NON-CASH TRANSACTIONS
43
Investing and financing transactions that do not require the use of cash or cash equivalents shall be excluded from a statement of cash flows. 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 statement of cash flows is consistent with the objective of a statement of cash flows 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 lease;
(b)
the acquisition of an entity by means of an equity issue; and
(c)
the conversion of debt to equity.
CHANGES IN LIABILITIES ARISING FROM FINANCING ACTIVITIES
44A
An entity shall provide disclosures that enable users of financial statements to evaluate changes in liabilities arising from financing activities, including both changes arising from cash flows and non-cash changes.
44B
To the extent necessary to satisfy the requirement in paragraph 44A, an entity shall disclose the following changes in liabilities arising from financing activities:
(a)
changes from financing cash flows;
(b)
changes arising from obtaining or losing control of subsidiaries or other businesses;
(c)
the effect of changes in foreign exchange rates;
(d)
changes in fair values; and
(e)
other changes.
44C
Liabilities arising from financing activities are liabilities for which cash flows were, or future cash flows will be, classified in the statement of cash flows as cash flows from financing activities. In addition, the disclosure requirement in paragraph 44A also applies to changes in financial assets (for example, assets that hedge liabilities arising from financing activities) if cash flows from those financial assets were, or future cash flows will be, included in cash flows from financing activities.
44D
One way to fulfil the disclosure requirement in paragraph 44A is by providing a reconciliation between the opening and closing balances in the statement of financial position for liabilities arising from financing activities, including the changes identified in paragraph 44B. Where an entity discloses such a reconciliation, it shall provide sufficient information to enable users of the financial statements to link items included in the reconciliation to the statement of financial position and the statement of cash flows.
44E
If an entity provides the disclosure required by paragraph 44A in combination with disclosures of changes in other assets and liabilities, it shall disclose the changes in liabilities arising from financing activities separately from changes in those other assets and liabilities.
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 statement of cash flows with the equivalent items reported in the statement of financial position.
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 amount of cash flows that represent increases in operating capacity separately from those cash flows that are required to maintain operating capacity; and
(c)
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.
54
IAS 27 (as amended in 2008) amended paragraphs 39-42 and added paragraphs 42A and 42B. An entity shall apply those amendments for annual periods beginning on or after 1 July 2009. If an entity applies IAS 27 (amended 2008) for an earlier period, the amendments shall be applied for that earlier period. The amendments shall be applied retrospectively.
55
Paragraph 14 was amended by 
Improvements to IFRSs
 issued in May 2008. An entity shall apply that amendment for annual periods beginning on or after 1 January 2009. Earlier application is permitted. If an entity applies the amendment for an earlier period it shall disclose that fact and apply paragraph 68A of IAS 16.
56
Paragraph 16 was amended by 
Improvements to IFRSs
 issued in April 2009. An entity shall apply that amendment for annual periods beginning on or after 1 January 2010. Earlier application is permitted. If an entity applies the amendment for an earlier period it shall disclose that fact.
57
IFRS 10 and IFRS 11 
Joint Arrangements
, issued in May 2011, amended paragraphs 37, 38 and 42B and deleted paragraph 50(b). An entity shall apply those amendments when it applies IFRS 10 and IFRS 11.
58
Investment Entities
 (Amendments to IFRS 10, IFRS 12 and IAS 27), issued in October 2012, amended paragraphs 42A and 42B and added paragraph 40A. An entity shall apply those amendments for annual periods beginning on or after 1 January 2014. Earlier application of 
Investment Entities
 is permitted. If an entity applies those amendments earlier it shall also apply all amendments included in 
Investment Entities
 at the same time.
59
IFRS 16 
Leases
, issued in January 2016, amended paragraphs 17 and 44. An entity shall apply those amendments when it applies IFRS 16.
60
Disclosure Initiative
 (Amendments to IAS 7), issued in January 2016, added paragraphs 44A–44E. An entity shall apply those amendments for annual periods beginning on or after 1 January 2017. Earlier application is permitted. When the entity first applies those amendments, it is not required to provide comparative information for preceding periods.
61
IFRS 17 
Insurance Contracts
, issued in May 2017, amended paragraph 14. An entity shall apply that amendment when it applies IFRS 17.
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.
Accounting estimates
 are monetary amounts in financial statements that are subject to measurement uncertainty.
International Financial Reporting Standards (IFRSs)
 are Standards and Interpretations issued by the International Accounting Standards Board (IASB). They comprise:
(a)
International Financial Reporting Standards;
(b)
International Accounting Standards;
(c)
IFRIC Interpretations; and
(d)
SIC Interpretations
 
(
3
)
.
Material
 is defined in paragraph 7 of IAS 1 and is used in this Standard with the same meaning.
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
[Deleted]
ACCOUNTING POLICIES
Selection and application of accounting policies
7
When an IFRS specifically applies to a transaction, other event or condition, the accounting policy or policies applied to that item shall be determined by applying the IFRS.
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
IFRSs are accompanied by guidance to assist entities in applying their requirements. All such guidance states whether it is an integral part of IFRSs. Guidance that is an integral part of IFRSs is mandatory. Guidance that is not an integral part of IFRSs does not contain requirements for financial statements.
10
In the absence of an IFRS 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 in IFRSs dealing with similar and related issues; and
(b)
the definitions, recognition criteria and measurement concepts for assets, liabilities, income and expenses in the 
Conceptual Framework for Financial Reporting
 (
Conceptual Framework
)
 
(
4
)
.
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 an IFRS specifically requires or permits categorisation of items for which different policies may be appropriate. If an IFRS 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 an IFRS
; 
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 an IFRS in accordance with the specific transitional provisions, if any, in that IFRS
; 
and
(b)
when an entity changes an accounting policy upon initial application of an IFRS 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 an IFRS is not a voluntary change in accounting policy.
21
In the absence of an IFRS 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 statement of financial position 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 an IFRS). 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 an IFRS 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 IFRS
;
(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 IFRS 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 IFRS 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 IFRS;
(b)
the nature of the impending change or changes in accounting policy;
(c)
the date by which application of the IFRS is required;
(d)
the date as at which it plans to apply the IFRS initially; and
(e)
either:
(i)
a discussion of the impact that initial application of the IFRS 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.
ACCOUNTING ESTIMATES
32
An accounting policy may require items in financial statements to be measured in a way that involves measurement uncertainty—that is, the accounting policy may require such items to be measured at monetary amounts that cannot be observed directly and must instead be estimated. In such a case, an entity develops an accounting estimate to achieve the objective set out by the accounting policy. Developing accounting estimates involves the use of judgements or assumptions based on the latest available, reliable information. Examples of accounting estimates include:
(a)
a loss allowance for expected credit losses, applying IFRS 9 
Financial Instruments
;
(b)
the net realisable value of an item of inventory, applying IAS 2 
Inventories
;
(c)
the fair value of an asset or liability, applying IFRS 13 
Fair Value Measurement
;
(d)
the depreciation expense for an item of property, plant and equipment, applying IAS 16; and
(e)
a provision for warranty obligations, applying IAS 37 
Provisions, Contingent Liabilities and Contingent Assets
.
32A
An entity uses measurement techniques and inputs to develop an accounting estimate. Measurement techniques include estimation techniques (for example, techniques used to measure a loss allowance for expected credit losses applying IFRS 9) and valuation techniques (for example, techniques used to measure the fair value of an asset or liability applying IFRS 13).
32B
The term ‘estimate’ in IFRSs sometimes refers to an estimate that is not an accounting estimate as defined in this Standard. For example, it sometimes refers to an input used in developing accounting estimates.
33
The use of reasonable estimates is an essential part of the preparation of financial statements and does not undermine their reliability.
Changes in accounting estimates
34
An entity may need to change an accounting estimate if changes occur in the circumstances on which the accounting estimate was based or as a result of new information, new developments or more experience. By its nature, a change in an accounting estimate does not relate to prior periods and is not the correction of an error.
34A
The effects on an accounting estimate of a change in an input or a change in a measurement technique are changes in accounting estimates unless they result from the correction of prior period errors.
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.
Applying changes in accounting estimates
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 that change. 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 a loss allowance for expected credit losses 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 changing 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 reporting period. 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 (eg a fair value measurement that uses significant unobservable 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 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 AND TRANSITION
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.
54A
[Deleted]
54B
[Deleted]
54C
IFRS 13 
Fair Value Measurement
, issued in May 2011, amended paragraph 52. An entity shall apply that amendment when it applies IFRS 13.
54D
[Deleted]
54E
IFRS 9 
Financial Instruments
, as issued in July 2014, amended paragraph 53 and deleted paragraphs 54A, 54B and 54D. An entity shall apply those amendments when it applies IFRS 9.
54F
Amendments to References to the Conceptual Framework in IFRS Standards
, issued in 2018, amended paragraphs 6 and 11(b). An entity shall apply those amendments for annual periods beginning on or after 1 January 2020. Earlier application is permitted if at the same time an entity also applies all other amendments made by 
Amendments to References to the Conceptual Framework in IFRS Standards
. An entity shall apply the amendments to paragraphs 6 and 11(b) retrospectively in accordance with this Standard. However, if an entity determines that retrospective application would be impracticable or would involve undue cost or effort, it shall apply the amendments to paragraphs 6 and 11(b) by reference to paragraphs 23–28 of this Standard. If retrospective application of any amendment in 
Amendments to References to the Conceptual Framework in IFRS Standards
 would involve undue cost or effort, an entity shall, in applying paragraphs 23–28 of this Standard, read any reference except in the last sentence of paragraph 27 to ‘is impracticable’ as ‘involves undue cost or effort’ and any reference to ‘practicable’ as ‘possible without undue cost or effort’.
54G
If an entity does not apply IFRS 14 
Regulatory Deferral Accounts
, the entity shall, in applying paragraph 11(b) to regulatory account balances, continue to refer to, and consider the applicability of, the definitions, recognition criteria, and measurement concepts in the 
Framework for the Preparation and Presentation of Financial Statements
 
(
5
)
 instead of those in the 
Conceptual Framework
. A regulatory account balance is the balance of any expense (or income) account that is not recognised as an asset or a liability in accordance with other applicable IFRS Standards but is included, or is expected to be included, by the rate regulator in establishing the rate(s) that can be charged to customers. A rate regulator is an authorised body that is empowered by statute or regulation to establish the rate or a range of rates that bind an entity. The rate regulator may be a third-party body or a related party of the entity, including the entity’s own governing board, if that body is required by statute or regulation to set rates both in the interest of the customers and to ensure the overall financial viability of the entity.
54H
Definition of Material
 (Amendments to IAS 1 and IAS 8), issued in October 2018, amended paragraph 7 of IAS 1 and paragraph 5 of IAS 8, and deleted paragraph 6 of IAS 8. An entity shall apply those amendments prospectively for annual periods beginning on or after 1 January 2020. Earlier application is permitted. If an entity applies those amendments for an earlier period, it shall disclose that fact.
54I
Definition of Accounting Estimates
, issued in February 2021, amended paragraphs 5, 32, 34, 38 and 48 and added paragraphs 32A, 32B and 34A. An entity shall apply these amendments for annual reporting periods beginning on or after 1 January 2023. Earlier application is permitted. An entity shall apply the amendments to changes in accounting estimates and changes in accounting policies that occur on or after the beginning of the first annual reporting period in which it applies the amendments.
WITHDRAWAL OF OTHER PRONOUNCEMENTS
55
This Standard supersedes IAS 8 
Net Profit or Loss for the Period, Fundamental Rrrors 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 Reporting Period
OBJECTIVE
1
The objective of this Standard is to prescribe:
(a)
when an entity should adjust its financial statements for events after the reporting period; 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 reporting period.
The standard also requires that an entity should not prepare its financial statements on a going concern basis if events after the reporting period 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 reporting period.
DEFINITIONS
3
The following terms are used in this Standard with the meanings specified:
Events after the reporting period
 are those events, favourable and unfavourable, that occur between the end of the reporting period 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 theend of the reporting period
 (
adjusting events after the reporting period
); 
and
(b)
those that are indicative of conditions that arose after the reporting period
 (
non
-
adjusting events after the reporting period
).
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 reporting period 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 reporting period
8
An entity shall adjust the amounts recognised in its financial statements to reflect adjusting events after the reporting period.
9
The following are examples of adjusting events after the reporting period 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 reporting period of a court case that confirms that the entity had a present obligation at the end of the reporting period. 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 reporting period indicating that an asset was impaired at the end of the reporting period, 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 reporting period usually confirms that the customer was credit-impaired at the end of the reporting period; and
(ii)
the sale of inventories after the reporting period may give evidence about their net realisable value at the end of the reporting period;
(c)
the determination after the reporting period of the cost of assets purchased, or the proceeds from assets sold, before the end of the reporting period;
(d)
the determination after the reporting period of the amount of profit-sharing or bonus payments, if the entity had a present legal or constructive obligation at the end of the reporting period 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 reporting period
10
An entity shall not adjust the amounts recognised in its financial statements to reflect non
-
adjusting events after the reporting period
.
11
An example of a non-adjusting event after the reporting period is a decline in fair value of investments between the end of the reporting period and the date when the financial statements are authorised for issue. The decline in fair value does not normally relate to the condition of the investments at the end of the reporting period, 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 end of the reporting period, 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 reporting period, the entity shall not recognise those dividends as a liability at the end of the reporting period.
13
If dividends are declared after the reporting period but before the financial statements are authorised for issue, the dividends are not recognised as a liability at the end of the reporting period because no obligation exists at that time. 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 reporting period 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 reporting period 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 reporting period.
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 end of the reporting period
19
If an entity receives information after the reporting period about conditions that existed at the end of the reporting period
, 
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 reporting period, 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 reporting period about a contingent liability that existed at the end of the reporting period. 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 reporting period
21
If non-adjusting events after the reporting period are material, non-disclosure could reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements, which provide financial information about a specific reporting entity. Accordingly, an entity shall disclose the following for each material category of non-adjusting event after the reporting period:
(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 reporting period that would generally result in disclosure:
(a)
a major business combination after the reporting period (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 reporting period;
(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 reporting period (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 reporting period in asset prices or foreign exchange rates;
(h)
changes in tax rates or tax laws enacted or announced after the reporting period 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 reporting period.
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
IFRS 13 
Fair Value Measurement
, issued in May 2011, amended paragraph 11. An entity shall apply that amendment when it applies IFRS 13.
23B
IFRS 9 
Financial Instruments
, as issued in July 2014, amended paragraph 9. An entity shall apply that amendment when it applies IFRS 9.
23C
Definition of Material
 (Amendments to IAS 1 and IAS 8), issued in October 2018, amended paragraph 21. An entity shall apply those amendments prospectively for annual periods beginning on or after 1 January 2020. Earlier application is permitted. If an entity applies those amendments for an earlier period, it shall disclose that fact. An entity shall apply those amendments when it applies the amendments to the definition of material in paragraph 7 of IAS 1 and paragraphs 5 and 6 of IAS 8.
WITHDRAWAL OF IAS 10 (REVISED 1999)
24
This standard supersedes IAS 10 
Events After the Balance Sheet Date
 (revised in 1999).
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 statement of financial position; 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 outside profit or loss (either in other comprehensive income or directly in equity), any related tax effects are also recognised outside profit or loss (either in other comprehensive income or directly in equity, respectively). 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 the bargain purchase gain recognised.
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 arrangement 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 statement of financial position 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 statement of financial position. 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 51A 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;
(ii)
at the time of the transaction, affects neither accounting profit nor taxable profit (tax loss); and
(iii)
at the time of the transaction, does not give rise to equal taxable and deductible temporary differences.
However, for taxable temporary differences associated with investments in subsidiaries, branches and associates, and interests in joint arrangements, 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 statement of financial position 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 identifiable assets acquired and liabilities assumed in a business combination are recognised at their fair values in accordance with IFRS 3 
Business Combinations
, 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 arrangements becomes different from the tax base of the investment or interest (see paragraphs 38-45).
Business combinations
19
With limited exceptions, the identifiable assets acquired and liabilities assumed in a business combination are recognised 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 40 
Investment Property
, IFRS 9 
Financial Instruments
 and IFRS 16 
Leases
). 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 (a) over (b) below:
(a)
the aggregate of:
(i)
the consideration transferred measured in accordance with IFRS 3, which generally requires acquisition-date fair value;
(ii)
the amount of any non-controlling interest in the acquiree recognised in accordance with IFRS 3; and
(iii)
in a business combination achieved in stages, the acquisition-date fair value of the acquirer's previously held equity interest in the acquiree.
(b)
the net of the acquisition-date amounts of the identifiable assets acquired and liabilities assumed measured in accordance with IFRS 3.
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 in a business combination an entity recognises goodwill of CU100 that has 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 CU20 for that goodwill, the amount of the taxable temporary difference relating to the goodwill is reduced from CU100 to CU80, 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 in a business combination an entity recognises goodwill of CU100 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 CU100 on initial recognition and CU80 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 CU100, a taxable temporary difference of CU20 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 that 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 bargain purchase gain it recognises (see paragraph 19);
(b)
if the transaction affects either accounting profit or taxable profit, or gives rise to equal taxable and deductible temporary differences, an entity recognises any deferred tax liability or asset and recognises the resulting deferred tax expense or income in profit or loss (see paragraph 59);
(c)
if the transaction is not a business combination, affects neither accounting profit nor taxable profit and does not give rise to equal taxable and deductible temporary differences, 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.
22A
A transaction that is not a business combination may lead to the initial recognition of an asset and a liability and, at the time of the transaction, affect neither accounting profit nor taxable profit. For example, at the commencement date of a lease, a lessee typically recognises a lease liability and the corresponding amount as part of the cost of a right-of-use asset. Depending on the applicable tax law, equal taxable and deductible temporary differences may arise on initial recognition of the asset and liability in such a transaction. The exemption provided by paragraphs 15 and 24 does not apply to such temporary differences and an entity recognises any resulting deferred tax liability and 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 61A, 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 profit or loss 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;
(b)
at the time of the transaction, affects neither accounting profit nor taxable profit (tax loss); and
(c)
at the time of the transaction, does not give rise to equal taxable and deductible temporary differences.
However, for deductible temporary differences associated with investments in subsidiaries, branches and associates, and interests in joint arrangements, 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)
with limited exceptions, an entity recognises the identifiable assets acquired and liabilities assumed in a business combination 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.
Example illustrating paragraph 26(d)
Identification of a deductible temporary difference at the end of Year 2:
Entity A purchases for CU1,000, at the beginning of Year 1, a debt instrument with a nominal value of CU1,000 payable on maturity in 5 years with an interest rate of 2 % payable at the end of each year. The effective interest rate is 2 %. The debt instrument is measured at fair value.
At the end of Year 2, the fair value of the debt instrument has decreased to CU918 as a result of an increase in market interest rates to 5 %. It is probable that Entity A will collect all the contractual cash flows if it continues to hold the debt instrument.
Any gains (losses) on the debt instrument are taxable (deductible) only when realised. The gains (losses) arising on the sale or maturity of the debt instrument are calculated for tax purposes as the difference between the amount collected and the original cost of the debt instrument.
Accordingly, the tax base of the debt instrument is its original cost.
The difference between the carrying amount of the debt instrument in Entity A’s statement of financial position of CU918 and its tax base of CU1,000 gives rise to a deductible temporary difference of CU82 at the end of Year 2 (see paragraphs 20 and 26(d)), irrespective of whether Entity A expects to recover the carrying amount of the debt instrument by sale or by use, ie by holding it and collecting contractual cash flows, or a combination of both.
This is because deductible temporary differences are differences between the carrying amount of an asset or liability in the statement of financial position and its tax base 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 (see paragraph 5). Entity A obtains a deduction equivalent to the tax base of the asset of CU1,000 in determining taxable profit (tax loss) either on sale or on maturity.
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.
27A
When an entity assesses whether taxable profits will be available against which it can utilise a deductible temporary difference, it considers whether tax law restricts the sources of taxable profits against which it may make deductions on the reversal of that deductible temporary difference. If tax law imposes no such restrictions, an entity assesses a deductible temporary difference in combination with all of its other deductible temporary differences. However, if tax law restricts the utilisation of losses to deduction against income of a specific type, a deductible temporary difference is assessed in combination only with other deductible temporary differences of the appropriate type.
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:
(i)
compares the deductible temporary differences with future taxable profit that excludes tax deductions resulting from the reversal of those deductible temporary differences. This comparison shows the extent to which the future taxable profit is sufficient for the entity to deduct the amounts resulting from the reversal of those deductible temporary differences; and
(ii)
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 utilized; or
(b)
tax planning opportunities are available to the entity that will create taxable profit in appropriate periods.
29A
The estimate of probable future taxable profit may include the recovery of some of an entity's assets for more than their carrying amount if there is sufficient evidence that it is probable that the entity will achieve this. For example, when an asset is measured at fair value, the entity shall consider whether there is sufficient evidence to conclude that it is probable that the entity will recover the asset for more than its carrying amount. This may be the case, for example, when an entity expects to hold a fixed-rate debt instrument and collect the contractual cash flows.
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]
Goodwill
32A
If the carrying amount of goodwill arising in a business combination is less than its tax base, the difference gives rise to a deferred tax asset. The deferred tax asset arising from the initial recognition of goodwill shall be recognised as part of the accounting for a business combination to the extent that it is probable that taxable profit will be available against which the deductible temporary difference could be utilised.
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 the end of each reporting period, 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 arrangements
38
Temporary differences arise when the carrying amount of investments in subsidiaries, branches and associates or interests in joint arrangements (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 arrangements;
(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 arrangements, except to the extent that both of the following conditions are satisfied:
(a)
the parent, investor, joint venturer or joint operator 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 arrangement usually deals with the distribution of the profits and identifies whether decisions on such matters require the consent of all the parties or a group of the parties. When the joint venturer or joint operator can control the timing of the distribution of its share of the profits of the joint arrangement and it is probable that its share of 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 arrangements, 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 arrangements, 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 end of the reporting period
.
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 end of the reporting period
.
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 end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
51A
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 item of property, plant and equipment has a carrying amount of 100 and a tax base of 60. A tax rate of 20 % would apply if the item 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 item without further use and a deferred tax liability of 12 (40 at 30 %) if it expects to retain the item and recover its carrying amount through use.
Example B
An item of property, plant and equipment 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 item 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 item is 70 and there is a taxable temporary difference of 80. If the entity expects to recover the carrying amount by using the item, 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 item 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 61A, the additional deferred tax that arises on the revaluation is recognised in other comprehensive income)
Example C
The facts are as in example B, except that if the item 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 item, 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 item 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 61A, the additional deferred tax that arises on the revaluation is recognised in other comprehensive income)
51B
If a deferred tax liability or deferred tax asset arises from a non-depreciable asset measured using the revaluation model in IAS 16, the measurement of the deferred tax liability or deferred tax asset shall reflect the tax consequences of recovering the carrying amount of the non-depreciable 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.
51C
If a deferred tax liability or asset arises from investment property that is measured using the fair value model in IAS 40, there is a rebuttable presumption that the carrying amount of the investment property will be recovered through sale. Accordingly, unless the presumption is rebutted, the measurement of the deferred tax liability or deferred tax asset shall reflect the tax consequences of recovering the carrying amount of the investment property entirely through sale. This presumption is rebutted if the investment property is depreciable and is held within a business model whose objective is to consume substantially all of the economic benefits embodied in the investment property over time, rather than through sale. If the presumption is rebutted, the requirements of paragraphs 51 and 51A shall be followed.
Example illustrating paragraph 51C
An investment property has a cost of 100 and fair value of 150. It is measured using the fair value model in IAS 40. It comprises land with a cost of 40 and fair value of 60 and a building with a cost of 60 and fair value of 90. The land has an unlimited useful life.
Cumulative depreciation of the building for tax purposes is 30. Unrealised changes in the fair value of the investment property do not affect taxable profit. If the investment property is sold for more than cost, the reversal of the cumulative tax depreciation of 30 will be included in taxable profit and taxed at an ordinary tax rate of 30 %. For sales proceeds in excess of cost, tax law specifies tax rates of 25 % for assets held for less than two years and 20 % for assets held for two years or more.
Because the investment property is measured using the fair value model in IAS 40, there is a rebuttable presumption that the entity will recover the carrying amount of the investment property entirely through sale. If that presumption is not rebutted, the deferred tax reflects the tax consequences of recovering the carrying amount entirely through sale, even if the entity expects to earn rental income from the property before sale.
The tax base of the land if it is sold is 40 and there is a taxable temporary difference of 20 (60 – 40). The tax base of the building if it is sold is 30 (60 – 30) and there is a taxable temporary difference of 60 (90 – 30). As a result, the total taxable temporary difference relating to the investment property is 80 (20 + 60).
In accordance with paragraph 47, the tax rate is the rate expected to apply to the period when the investment property is realised. Thus, the resulting deferred tax liability is computed as follows, if the entity expects to sell the property after holding it for more than two years:
Taxable Temporary Difference
Tax Rate
Deferred Tax Liability
Cumulative tax depreciation
30
30 %
9
Proceeds in excess of cost
50
20 %
10
Total
80
19
If the entity expects to sell the property after holding it for less than two years, the above computation would be amended to apply a tax rate of 25 %, rather than 20 %, to the proceeds in excess of cost.
If, instead, the entity holds the building within a business model whose objective is to consume substantially all of the economic benefits embodied in the building over time, rather than through sale, this presumption would be rebutted for the building. However, the land is not depreciable. Therefore the presumption of recovery through sale would not be rebutted for the land. It follows that the deferred tax liability would reflect the tax consequences of recovering the carrying amount of the building through use and the carrying amount of the land through sale.
The tax base of the building if it is used is 30 (60 – 30) and there is a taxable temporary difference of 60 (90 – 30), resulting in a deferred tax liability of 18 (60 at 30 %).
The tax base of the land if it is sold is 40 and there is a taxable temporary difference of 20 (60 – 40), resulting in a deferred tax liability of 4 (20 at 20 %).
As a result, if the presumption of recovery through sale is rebutted for the building, the deferred tax liability relating to the investment property is 22 (18 + 4).
51D
The rebuttable presumption in paragraph 51C also applies when a deferred tax liability or a deferred tax asset arises from measuring investment property in a business combination if the entity will use the fair value model when subsequently measuring that investment property.
51E
Paragraphs 51B–51D do not change the requirements to apply the principles in paragraphs 24–33 (deductible temporary differences) and paragraphs 34–36 (unused tax losses and unused tax credits) of this Standard when recognising and measuring deferred tax assets.
52
[moved and renumbered 51A]
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
[Deleted]
Example illustrating paragraphs 52A and 57A
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 end of the reporting period, 31 December 20X1, the entity does not recognise a liability for dividends proposed or declared after the reporting period. 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 40000.
The entity recognises a current tax liability and a current income tax expense of 50000. 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 20000 (40000 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 10000 from previous operating profits as a liability.
On 15 March 20X2, the entity recognises the recovery of income taxes of 1500 (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 the end of each reporting period. 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.
57A
An entity shall recognise the income tax consequences of dividends as defined in IFRS 9 when it recognises a liability to pay a dividend. The income tax consequences of dividends are linked more directly to past transactions or events that generated distributable profits than to distributions to owners. Therefore, an entity shall recognise the income tax consequences of dividends in profit or loss, other comprehensive income or equity according to where the entity originally recognised those past transactions or events.
Items recognised in profit or loss
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, outside profit or loss, either in other comprehensive income or directly in equity (see paragraphs 61A–65); or
(b)
a business combination (other than the acquisition by an investment entity, as defined in IFRS 10 
Consolidated Financial Statements
, of a subsidiary that is required to be measured at fair value through profit or loss) (see paragraphs 66–68).
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 profit or loss. Examples are when:
(a)
interest, royalty or dividend revenue is received in arrears and is included in accounting profit in accordance with IFRS 15 
Revenue from Contracts with Customers
, IAS 39 
Financial Instruments: Recognition and Measurement
 or IFRS 9 
Financial Instruments
, as relevant, 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 profit or loss, 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 profit or loss, except to the extent that it relates to items previously recognised outside profit or loss (see paragraph 63).
Items recognised outside profit or loss
61
[Deleted]
61A
Current tax and deferred tax shall be recognised outside profit or loss if the tax relates to items that are recognised, in the same or a different period, outside profit or loss. Therefore, current tax and deferred tax that relates to items that are recognised, in the same or a different period:
(a)
in other comprehensive income, shall be recognised in other comprehensive income (see paragraph 62).
(b)
directly in equity, shall be recognised directly in equity (see paragraph 62A).
62
International Financial Reporting Standards require or permit particular items to be recognised in other comprehensive income. Examples of such items are:
(a)
a change in carrying amount arising from the revaluation of property, plant and equipment (see IAS 16); and
(b)
[deleted]
(c)
exchange differences arising on the translation of the financial statements of a foreign operation (see IAS 21).
(d)
[deleted]
62A
International Financial Reporting Standards require or permit particular items to be credited or charged directly to equity. Examples of such items are:
(a)
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
); and
(b)
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 recognised outside profit or loss (either in other comprehensive income or directly in 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 recognised outside profit or loss; 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 recognised outside profit or loss.
In such cases, the current and deferred tax related to items that are recognised outside profit or loss are 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 recognised in other comprehensive income 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 profit or loss.
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, 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 deferred tax liabilities affect the amount of goodwill or the bargain purchase gain the entity recognises. 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, the probability of realising a pre-acquisition deferred tax asset of the acquirer could change. 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. Alternatively, as a result of the business combination it might no longer be probable that future taxable profit will allow the deferred tax asset to be recovered. In such cases, the acquirer recognises a change in the deferred tax asset in the period of the business combination, but does not include it as part of the accounting for the business combination. Therefore, the acquirer does not take it into account in measuring the goodwill or bargain purchase gain it recognises in the business combination.
68
The potential benefit of the acquiree's income tax loss carryforwards or other deferred tax assets might not satisfy the criteria for separate recognition when a business combination is initially accounted for but might be realised subsequently.
An entity shall recognise acquired deferred tax benefits that it realises after the business combination as follows:
(a)
Acquired deferred tax benefits recognised within the measurement period that result from new information about facts and circumstances that existed at the acquisition date shall be applied to reduce the carrying amount of any goodwill related to that acquisition. If the carrying amount of that goodwill is zero, any remaining deferred tax benefits shall be recognised in profit or loss.
(b)
All other acquired deferred tax benefits realised shall be recognised in profit or loss (or, if this Standard so requires, outside 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 that is recognised, in the same or a different period, outside profit or loss, or (b) a business combination (other than the acquisition by an investment entity of a subsidiary that is required to be measured at fair value through profit or loss). 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 statement of financial position 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 as part of profit or loss in the statement(s) of profit or loss and other comprehensive income.
77A
[Deleted]
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 statement of comprehensive income. Accordingly, where exchange differences on deferred foreign tax liabilities or assets are recognised in the statement of comprehensive income, 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 directly to equity (see paragraph 62A);
(ab)
the amount of income tax relating to each component of other comprehensive income (see paragraph 62 and IAS 1 (as revised in 2007));
(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 statement of financial position;
(f)
the aggregate amount of temporary differences associated with investments in subsidiaries, branches and associates and interests in joint arrangements, 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 statement of financial position for each period presented;
(ii)
the amount of the deferred tax income or expense recognised in profit or loss
, 
if this is not apparent from the changes in the amounts recognised in the statement of financial position
;
(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;
(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;
(j)
if a business combination in which the entity is the acquirer causes a change in the amount recognised for its pre-acquisition deferred tax asset (see paragraph 67), the amount of that change; and
(k)
if the deferred tax benefits acquired in a business combination are not recognised at the acquisition date but are recognised after the acquisition date (see paragraph 68), a description of the event or change in circumstances that caused the deferred tax benefits to be recognised.
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 1500 (19X1: 2000) and in country B of 1500 (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
2500
3000
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
2500
3000
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 arrangements (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 arrangements. 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 reporting period, an entity discloses any significant effect of those changes on its current and deferred tax assets and liabilities (see IAS 10 
Events after the Reporting Period
).
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 
(
6
)
 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.
92
IAS 1 (as revised in 2007) amended the terminology used throughout IFRSs. In addition it amended paragraphs 23, 52, 58, 60, 62, 63, 65, 68C, 77 and 81, deleted paragraph 61 and added paragraphs 61A, 62A and 77A. An entity shall apply those amendments for annual periods beginning on or after 1 January 2009. If an entity applies IAS 1 (revised 2007) for an earlier period, the amendments shall be applied for that earlier period.
93
Paragraph 68 shall be applied prospectively from the effective date of IFRS 3 (as revised in 2008) to the recognition of deferred tax assets acquired in business combinations.
94
Therefore, entities shall not adjust the accounting for prior business combinations if tax benefits failed to satisfy the criteria for separate recognition as of the acquisition date and are recognised after the acquisition date, unless the benefits are recognised within the measurement period and result from new information about facts and circumstances that existed at the acquisition date. Other tax benefits recognised shall be recognised in profit or loss (or, if this Standard so requires, outside profit or loss).
95
IFRS 3 (as revised in 2008) amended paragraphs 21 and 67 and added paragraphs 32A and 81(j) and (k). An entity shall apply those amendments for annual periods beginning on or after 1 July 2009. If an entity applies IFRS 3 (revised 2008) for an earlier period, the amendments shall also be applied for that earlier period.
96
[Deleted]
97
[Deleted]
98
Paragraph 52 was renumbered as 51A, paragraph 10 and the examples following paragraph 51A were amended, and paragraphs 51B and 51C and the following example and paragraphs 51D, 51E and 99 were added by 
Deferred Tax: Recovery of Underlying Assets
, issued in December 2010. An entity shall apply those amendments for annual periods beginning on or after 1 January 2012. Earlier application is permitted. If an entity applies the amendments for an earlier period, it shall disclose that fact.
98A
IFRS 11 
Joint Arrangements
, issued in May 2011, amended paragraphs 2, 15, 18(e), 24, 38, 39, 43–45, 81(f), 87 and 87C. An entity shall apply those amendments when it applies IFRS 11.
98B
Presentation of Items of Other Comprehensive Income
 (Amendments to IAS 1), issued in June 2011, amended paragraph 77 and deleted paragraph 77A. An entity shall apply those amendments when it applies IAS 1 as amended in June 2011.
98C
Investment Entities
 (Amendments to IFRS 10, IFRS 12 and IAS 27), issued in October 2012, amended paragraphs 58 and 68C. An entity shall apply those amendments for annual periods beginning on or after 1 January 2014. Earlier application of 
Investment Entities
 is permitted. If an entity applies those amendments earlier it shall also apply all amendments included in 
Investment Entities
 at the same time.
98D
[Deleted]
98E
IFRS 15 
Revenue from Contracts with Customers
, issued in May 2014, amended paragraph 59. An entity shall apply that amendment when it applies IFRS 15.
98F
IFRS 9, as issued in July 2014, amended paragraph 20 and deleted paragraphs 96, 97 and 98D. An entity shall apply those amendments when it applies IFRS 9.
98G
IFRS 16, issued in January 2016, amended paragraph 20. An entity shall apply that amendment when it applies IFRS 16.
98H
Recognition of Deferred Tax Assets for Unrealised Losses
 (Amendments to IAS 12), issued in January 2016, amended paragraph 29 and added paragraphs 27A, 29A and the example following paragraph 26. An entity shall apply those amendments for annual periods beginning on or after 1 January 2017. Earlier application is permitted. If an entity applies those amendments for an earlier period, it shall disclose that fact. An entity shall apply those amendments retrospectively in accordance with IAS 8 
Accounting Policies, Changes in Accounting Estimates and Errors
. However, on initial application of the amendment, the change in the opening equity of the earliest comparative period may be recognised in opening retained earnings (or in another component of equity, as appropriate), without allocating the change between opening retained earnings and other components of equity. If an entity applies this relief, it shall disclose that fact.
98I
Annual Improvements to IFRS Standards 2015–2017 Cycle
, issued in December 2017, added paragraph 57A and deleted paragraph 52B. An entity shall apply those amendments for annual reporting periods beginning on or after 1 January 2019. Earlier application is permitted. If an entity applies those amendments earlier, it shall disclose that fact. When an entity first applies those amendments, it shall apply them to the income tax consequences of dividends recognised on or after the beginning of the earliest comparative period.
98J
Deferred Tax related to Assets and Liabilities arising from a Single Transaction
, issued in May 2021, amended paragraphs 15, 22 and 24 and added paragraph 22A. An entity shall apply these amendments in accordance with paragraphs 98K–98L for annual reporting periods beginning on or after 1 January 2023. Earlier application is permitted. If an entity applies the amendments for an earlier period, it shall disclose that fact.
98K
An entity shall apply 
Deferred Tax related to Assets and Liabilities arising from a Single Transaction
 to transactions that occur on or after the beginning of the earliest comparative period presented.
98L
An entity applying 
Deferred Tax related to Assets and Liabilities arising from a Single Transaction
 shall also, at the beginning of the earliest comparative period presented:
(a)
recognise a deferred tax asset—to the extent that it is probable that taxable profit will be available against which the deductible temporary difference can be utilised—and a deferred tax liability for all deductible and taxable temporary differences associated with:
(i)
right-of-use assets and lease liabilities; and
(ii)
decommissioning, restoration and similar liabilities and the corresponding amounts recognised as part of the cost of the related asset; and
(b)
recognise the cumulative effect of initially applying the amendments as an adjustment to the opening balance of retained earnings (or other component of equity, as appropriate) at that date.
WITHDRAWAL OF SIC-21
99
The amendments made by 
Deferred Tax: Recovery of Underlying Assets
, issued in December 2010, supersede SIC Interpretation 21 
Income Taxes—Recovery of Revalued Non-Depreciable Assets
.
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 other than bearer plants (see IAS 41 
Agriculture
). This Standard applies to bearer plants but it does not apply to the produce on bearer plants.
(c)
the recognition and measurement of exploration and evaluation assets (see IFRS 6 
Exploration for and Evaluation of Mineral Resources
).
(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
[Deleted]
5
An entity using the cost model for investment property in accordance with IAS 40 
Investment Property
 shall use the cost model in this Standard for owned investment property.
DEFINITIONS
6
The following terms are used in this Standard with the meanings specified:
A 
bearer plant
 is a living plant that:
(a)
is used in the production or supply of agricultural produce;
(b)
is expected to bear produce for more than one period; and
(c)
has a remote likelihood of being sold as agricultural produce, except for incidental scrap sales.
(Paragraphs 5A–5B of IAS 41 elaborate on this definition of a bearer plant.)
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 price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. (See IFRS 13 
Fair Value Measurement
.)
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 fair value less costs of disposal 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
Items such as spare parts, stand-by equipment and servicing equipment are recognised in accordance with this IFRS when they meet the definition of property, plant and equipment. Otherwise, such items are classified as inventory.
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. The cost of an item of property, plant and equipment may include costs incurred relating to leases of assets that are used to construct, add to, replace part of or service an item of property, plant and equipment, such as depreciation of right-of-use assets.
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 (ie assessing whether the technical and physical performance of the asset is such that it is capable of being used in the production or supply of goods or services, for rental to others, or for administrative purposes); 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.
20A
Items may be produced while bringing an item of property, plant and equipment to the location and condition necessary for it to be capable of operating in the manner intended by management (such as samples produced when testing whether the asset is functioning properly). An entity recognises the proceeds from selling any such items, and the cost of those items, in profit or loss in accordance with applicable Standards. The entity measures the cost of those items applying the measurement requirements of IAS 2.
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.
22A
Bearer plants are accounted for in the same way as self-constructed items of property, plant and equipment before they are in the location and condition necessary to be capable of operating in the manner intended by management. Consequently, references to ‘construction’ in this Standard should be read as covering activities that are necessary to cultivate the bearer plants before they are in the location and condition necessary to be capable of operating in the manner intended by management.
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 capitalised in accordance with 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 is reliably measurable if (a) the variability in the range of reasonable fair value measurements is not significant for that asset or (b) the probabilities of the various estimates within the range can be reasonably assessed and used when measuring fair value. If an entity is able to measure 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
[Deleted]
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.
29A
Some entities operate, either internally or externally, an investment fund that provides investors with benefits determined by units in the fund. Similarly, some entities issue groups of insurance contracts with direct participation features and hold the underlying items. Some such funds or underlying items include owner- occupied property. The entity applies IAS 16 to owner-occupied properties that are included in such a fund or are underlying items. Despite paragraph 29, the entity may elect to measure such properties using the fair value model in accordance with IAS 40. For the purposes of this election, insurance contracts include investment contracts with discretionary participation features. (See IFRS 17 
Insurance Contracts
 for terms used in this paragraph that are defined in that Standard).
29B
An entity shall treat owner-occupied property measured using the investment property fair value model applying paragraph 29A as a separate 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 end of the reporting period.
32
[Deleted]
33
[Deleted]
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, the carrying amount of that asset is adjusted to the revalued amount. At the date of the revaluation, the asset is treated in one of the following ways:
(a)
the gross carrying amount is adjusted in a manner that is consistent with the revaluation of the carrying amount of the asset. For example, the gross carrying amount may be restated by reference to observable market data or it may be restated proportionately to the change in the carrying amount. The accumulated depreciation at the date of the revaluation is adjusted to equal the difference between the gross carrying amount and the carrying amount of the asset after taking into account accumulated impairment losses; or
(b)
the accumulated depreciation is eliminated against the gross carrying amount of the asset.
The amount of the adjustment 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;
(h)
office equipment; and
(i)
bearer plants.
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 recognised in other comprehensive income and accumulated in 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 recognised in other comprehensive income to the extent of any credit balance existing in the revaluation surplus in respect of that asset. The decrease recognised in other comprehensive income reduces the amount accumulated in equity under the heading of revaluation surplus.
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. Similarly, if an entity acquires property, plant and equipment subject to an operating lease in which it is the lessor, it may be appropriate to depreciate separately amounts reflected in the cost of that item that are attributable to favourable or unfavourable lease terms relative to market terms.
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. Expected future reductions in the selling price of an item that was produced using an asset could indicate the expectation of technical or commercial obsolescence of the asset, which, in turn, might reflect a reduction of the future economic benefits embodied in 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.
62A
A depreciation method that is based on revenue that is generated by an activity that includes the use of an asset is not appropriate. The revenue generated by an activity that includes the use of an asset generally reflects factors other than the consumption of the economic benefits of the asset. For example, revenue is affected by other inputs and processes, selling activities and changes in sales volumes and prices. The price component of revenue may be affected by inflation, which has no bearing upon the way in which an asset is consumed.
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 IFRS 16 
Leases
 requires otherwise on a sale and leaseback). Gains shall not be classified as revenue.
68A
However, an entity that, in the course of its ordinary activities, routinely sells items of property, plant and equipment that it has held for rental to others shall transfer such assets to inventories at their carrying amount when they cease to be rented and become held for sale. The proceeds from the sale of such assets shall be recognised as revenue in accordance with IFRS 15 
Revenue from Contracts with Customers
. IFRS 5 does not apply when assets that are held for sale in the ordinary course of business are transferred to inventories.
69
The disposal of an item of property, plant and equipment may occur in a variety of ways (eg by sale, by entering into a finance lease or by donation). The date of disposal of an item of property, plant and equipment is the date the recipient obtains control of that item in accordance with the requirements for determining when a performance obligation is satisfied in IFRS 15. IFRS 16 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 amount of consideration to be included in the gain or loss arising from the derecognition of an item of property, plant and equipment is determined in accordance with the requirements for determining the transaction price in paragraphs 47–72 of IFRS 15. Subsequent changes to the estimated amount of the consideration included in the gain or loss shall be accounted for in accordance with the requirements for changes in the transaction price in IFRS 15.
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 in other comprehensive income 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; and
(c)
the amount of contractual commitments for the acquisition of property, plant and equipment.
74A
If not presented separately in the statement of comprehensive income, the financial statements shall also disclose:
(a)
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; and
(b)
the amounts of proceeds and cost included in profit or loss in accordance with paragraph 20A that relate to items produced that are not an output of the entity’s ordinary activities, and which line item(s) in the statement of comprehensive income include(s) such proceeds and cost.
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 in addition to the disclosures required by IFRS 13:
(a)
the effective date of the revaluation;
(b)
whether an independent valuer was involved;
(c)
[deleted]
(d)
[deleted]
(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.
80A
Paragraph 35 was amended by 
Annual Improvements to IFRSs 2010–2012 Cycle
. An entity shall apply that amendment to all revaluations recognised in annual periods beginning on or after the date of initial application of that amendment and in the immediately preceding annual period. An entity may also present adjusted comparative information for any earlier periods presented, but it is not required to do so. If an entity presents unadjusted comparative information for any earlier periods, it shall clearly identify the information that has not been adjusted, state that it has been presented on a different basis and explain that basis.
80B
In the reporting period when 
Agriculture: Bearer Plants
 (Amendments to IAS 16 and IAS 41) is first applied an entity need not disclose the quantitative information required by paragraph 28(f) of IAS 8 for the current period. However, an entity shall present the quantitative information required by paragraph 28(f) of IAS 8 for each prior period presented.
80C
An entity may elect to measure an item of bearer plants at its fair value at the beginning of the earliest period presented in the financial statements for the reporting period in which the entity first applies 
Agriculture: Bearer Plants
 (Amendments to IAS 16 and IAS 41) and use that fair value as its deemed cost at that date. Any difference between the previous carrying amount and fair value shall be recognised in opening retained earnings at the beginning of the earliest period presented.
80D
Property, Plant and Equipment—Proceeds before Intended Use
, issued in May 2020, amended paragraphs 17 and 74 and added paragraphs 20A and 74A. An entity shall apply those amendments retrospectively, but only to items of property, plant and equipment that are brought to the location and condition necessary for them to be capable of operating in the manner intended by management on or after the beginning of the earliest period presented in the financial statements in which the entity first applies the amendments. The entity shall recognise the cumulative effect of initially applying the amendments as an adjustment to the opening balance of retained earnings (or other component of equity, as appropriate) at the beginning of that earliest period presented.
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.
81B
IAS 1 
Presentation of Financial Statements
 (as revised in 2007) amended the terminology used throughout IFRSs. In addition it amended paragraphs 39, 40 and 73(e)(iv). An entity shall apply those amendments for annual periods beginning on or after 1 January 2009. If an entity applies IAS 1 (revised 2007) for an earlier period, the amendments shall be applied for that earlier period.
81C
IFRS 3 
Business Combinations
 (as revised in 2008) amended paragraph 44. An entity shall apply that amendment for annual periods beginning on or after 1 July 2009. If an entity applies IFRS 3 (revised 2008) for an earlier period, the amendment shall also be applied for that earlier period.
81D
Paragraphs 6 and 69 were amended and paragraph 68A was added by 
Improvements to IFRSs
 issued in May 2008. An entity shall apply those amendments for annual periods beginning on or after 1 January 2009. Earlier application is permitted. If an entity applies the amendments for an earlier period it shall disclose that fact and at the same time apply the related amendments to IAS 7 
Statement of Cash Flows
.
81E
Paragraph 5 was amended by 
Improvements to IFRSs
 issued in May 2008. An entity shall apply that amendment prospectively for annual periods beginning on or after 1 January 2009. Earlier application is permitted if an entity also applies the amendments to paragraphs 8, 9, 22, 48, 53, 53A, 53B, 54, 57 and 85B of IAS 40 at the same time. If an entity applies the amendment for an earlier period it shall disclose that fact.
81F
IFRS 13, issued in May 2011, amended the definition of fair value and the definition of recoverable amount in paragraph 6, amended paragraphs 26, 35 and 77 and deleted paragraphs 32 and 33. An entity shall apply those amendments when it applies IFRS 13.
81G
Annual Improvements 2009–2011 Cycle
, issued in May 2012, amended paragraph 8. An entity shall apply that amendment retrospectively in accordance with IAS 8 
Accounting Policies, Changes in Accounting Estimates and Errors
 for annual periods beginning on or after 1 January 2013. Earlier application is permitted. If an entity applies that amendment for an earlier period it shall disclose that fact.
81H
Annual Improvements to IFRSs 2010–2012 Cycle
, issued in December 2013, amended paragraph 35 and added paragraph 80A. An entity shall apply that amendment for annual periods beginning on or after 1 July 2014. Earlier application is permitted. If an entity applies that amendment for an earlier period it shall disclose that fact.
81I
Clarification of Acceptable Methods of Depreciation and Amortisation
 (Amendments to IAS 16 and IAS 38), issued in May 2014, amended paragraph 56 and added paragraph 62A. An entity shall apply those amendments prospectively for annual periods beginning on or after 1 January 2016. Earlier application is permitted. If an entity applies those amendments for an earlier period it shall disclose that fact.
81J
IFRS 15 
Revenue from Contracts with Customers
, issued in May 2014, amended paragraphs 68A, 69 and 72. An entity shall apply those amendments when it applies IFRS 15.
81K
Agriculture: Bearer Plants
 (Amendments to IAS 16 and IAS 41), issued in June 2014, amended paragraphs 3, 6 and 37 and added paragraphs 22A and 80B–80C. An entity shall apply those amendments for annual periods beginning on or after 1 January 2016. Earlier application is permitted. If an entity applies those amendments for an earlier period, it shall disclose that fact. An entity shall apply those amendments retrospectively, in accordance with IAS 8, except as specified in paragraph 80C.
81L
IFRS 16, issued in January 2016, deleted paragraphs 4 and 27 and amended paragraphs 5, 10, 44 and 68–69. An entity shall apply those amendments when it applies IFRS 16.
81M
IFRS 17, issued in May 2017, added paragraphs 29A and 29B. An entity shall apply those amendments when it applies IFRS 17.
81N
Property, Plant and Equipment—Proceeds before Intended Use
, issued in May 2020, amended paragraphs 17 and 74, and added paragraphs 20A, 74A and 80D. An entity shall apply those amendments for annual reporting periods beginning on or after 1 January 2022. Earlier application is permitted. If an entity applies those amendments for an earlier period, it shall disclose that fact.
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 19
Employee Benefits
OBJECTIVE
1
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
2
This Standard shall be applied by an employer in accounting for all employee benefits, except those to which IFRS 2
Share
-
based Payment
applies.
3
This Standard does not deal with reporting by employee benefit plans (see IAS 26 
Accounting and Reporting by Retirement Benefit Plans
).
4
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.
5
Employee benefits include:
(a)
short-term employee benefits, such as the following, if expected to be settled wholly before twelve months after the end of the annual reporting period in which the employees render the related services:
(i)
wages, salaries and social security contributions;
(ii)
paid annual leave and paid sick leave;
(iii)
profit-sharing and bonuses; and
(iv)
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 the following:
(i)
retirement benefits (eg pensions and lump sum payments on retirement); and
(ii)
other post-employment benefits, such as post-employment life insurance and post-employment medical care;
(c)
other long-term employee benefits, such as the following:
(i)
long-term paid absences such as long-service leave or sabbatical leave;
(ii)
jubilee or other long-service benefits; and
(iii)
long-term disability benefits; and
(d)
termination benefits.
6
Employee benefits include benefits provided either to employees or to their dependants or beneficiaries 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.
7
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
8
The following terms are used in this Standard with the meanings specified:
Definitions of employee benefits
Employee benefits
 are all forms of consideration given by an entity in exchange for service rendered by employees or for the termination of employment.
Short
-
term employee benefits
are employee benefits (other than termination benefits) that are expected to be settled wholly before twelve months after the end of the annual reporting period in which the employees render the related service.
Post
-
employment benefits
are employee benefits (other than termination benefits and short
-
term employee benefits) that are payable after the completion of employment.
Other long
-
term employee benefits
are all employee benefits other than short
-
term employee benefits, post
-
employment benefits and termination benefits.
Termination benefits
 are employee benefits provided in exchange for the termination of an employee’s employment 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 an offer of benefits in exchange for the termination of employment.
Definitions relating to classification of plans
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.
Definitions relating to the net defined benefit liability (asset)
The 
net defined benefit liability
 (asset) is the deficit or surplus, adjusted for any effect of limiting a net defined benefit asset to the asset ceiling.
The 
deficit or surplus
 is:
(a)
the present value of the defined benefit obligation less
(b)
the fair value of plan assets (if any).
The 
asset ceiling
 is 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 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.
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
(
7
)
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 price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. (See IFRS 13 Fair Value Measurement.)
Definitions relating to defined benefit cost
Service cost
 comprises:
(a)
current service cost
, which is the increase in the present value of the defined benefit obligation resulting from employee service in the current period;
(b)
past service cost
, which is the change in the present value of the defined benefit obligation for employee service in prior periods, resulting from a plan amendment (the introduction or withdrawal of, or changes to, a defined benefit plan) or a curtailment (a significant reduction by the entity in the number of employees covered by a plan); and
(c)
any gain or loss on settlement.
Net interest on the net defined benefit liability (asset)
 is the change during the period in the net defined benefit liability (asset) that arises from the passage of time.
Remeasurements of the net defined benefit liability (asset)
 comprise:
(a)
actuarial gains and losses;
(b)
the return on plan assets, excluding amounts included in net interest on the net defined benefit liability (asset); and
(c)
any change in the effect of the asset ceiling, excluding amounts included in net interest on the net defined benefit liability (asset).
Actuarial gains and losses
 are changes in the present value of the defined benefit obligation resulting from:
(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.
The 
return on plan assets
 is interest, dividends and other income derived from the plan assets, together with realised and unrealised gains or losses on the plan assets, less:
(a)
any costs of managing plan assets; and
(b)
any tax payable by the plan itself, other than tax included in the actuarial assumptions used to measure the present value of the defined benefit obligation.
A 
settlement
 is a transaction that eliminates all further legal or constructive obligations for part or all of the benefits provided under a defined benefit plan, other than a payment of benefits to, or on behalf of, employees that is set out in the terms of the plan and included in the actuarial assumptions.
SHORT-TERM EMPLOYEE BENEFITS
9
Short-term employee benefits include items such as the following, if expected to be settled wholly before twelve months after the end of the annual reporting period in which the employees render the related services:
(a)
wages, salaries and social security contributions;
(b)
paid annual leave and paid sick leave;
(c)
profit-sharing and bonuses; and
(d)
non-monetary benefits (such as medical care, housing, cars and free or subsidised goods or services) for current employees.
10
An entity need not reclassify a short-term employee benefit if the entity’s expectations of the timing of settlement change temporarily. However, if the characteristics of the benefit change (such as a change from a non-accumulating benefit to an accumulating benefit) or if a change in expectations of the timing of settlement is not temporary, then the entity considers whether the benefit still meets the definition of short-term employee benefits.
Recognition and measurement
All short-term employee benefits
11
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.
(b)
as an expense, unless another IFRS 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
).
12
Paragraphs 13, 16 and 19 explain how an entity shall apply paragraph 11 to short
-
term employee benefits in the form of paid absences and profit
-
sharing and bonus plans.
Short-term paid absences
13
An entity shall recognise the expected cost of short
-
term employee benefits in the form of paid absences under paragraph 11 as follows:
(a)
in the case of accumulating paid absences, when the employees render service that increases their entitlement to future paid absences.
(b)
in the case of non
-
accumulating paid absences, when the absences occur.
14
An entity may pay employees for absence for various reasons including holidays, sickness and short-term disability, maternity or paternity, jury service and military service. Entitlement to paid absences falls into two categories:
(a)
accumulating; and
(b)
non-accumulating.
15
Accumulating paid 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 paid 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 paid absences. The obligation exists, and is recognised, even if the paid 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.
16
An entity shall measure the expected cost of accumulating paid absences as the additional amount that the entity expects to pay as a result of the unused entitlement that has accumulated at the end of the reporting period.
17
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 paid 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 annual leave.
Example illustrating paragraphs 16 and 17
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 31 December 20X1 the average unused entitlement is two days per employee. The entity expects, on the basis of experience that 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 twelve 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 twelve days of sick pay.
18
Non-accumulating paid 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 paid 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
19
An entity shall recognise the expected cost of profit
-
sharing and bonus payments under paragraph 11 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.
20
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 20
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 per cent of profit. The entity estimates that staff turnover will reduce the payments to 2,5 per cent of profit.
The entity recognises a liability and an expense of 2,5 per cent of profit.
21
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.
22
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.
23
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.
24
If profit-sharing and bonus payments are not expected to be settled wholly before twelve months after the end of the annual reporting period in which the employees render the related service, those payments are other long-term employee benefits (see paragraphs 153–158).
Disclosure
25
Although this Standard does not require specific disclosures about short-term employee benefits, other IFRSs may require disclosures. For example, IAS 24 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
26
Post-employment benefits include items such as the following:
(a)
retirement benefits (eg pensions and lump sum payments on retirement); 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.
27
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.
28
Under defined contribution plans 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. 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, in substance, on the employee.
29
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 and requires the entity to provide further contributions if assets are insufficient to meet the benefits in the plan benefit formula;
(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.
30
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.
31
Paragraphs 32–49 explain the distinction between defined contribution plans and defined benefit plans in the context of multi-employer plans, defined benefit plans that share risks between entities under common control, state plans and insured benefits.
Multi-employer plans
32
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).
33
If an entity participates in a multi
-
employer defined benefit plan, unless paragraph 34 applies, it 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 paragraphs 135–148 (excluding paragraph 148(d)).
34
When sufficient information is not available to use defined benefit accounting for a multi
-
employer defined benefit plan, an entity shall:
(a)
account for the plan in accordance with paragraphs 51 and 52 as if it were a defined contribution plan; and
(b)
disclose the information required by paragraph 148.
35
One example of a multi-employer defined benefit plan is one where:
(a)
the plan is financed on a pay-as-you-go basis: 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 end of the reporting period is more than expected, the entity will have either to increase its contributions or to persuade employees to accept a reduction in benefits. Therefore, such a plan is a defined benefit plan.
36
Where sufficient information is available about a multi-employer defined benefit plan, an entity accounts for its proportionate share of the defined benefit obligation, plan assets and post-employment cost associated with the plan in the same way as for any other defined benefit plan. However, 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 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; or
(b)
the entity does not have access to sufficient information about the plan to satisfy the requirements of this Standard.
In those cases, an entity accounts for the plan as if it were a defined contribution plan and discloses the information required by paragraph 148.
37
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 34 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 37
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 CU100 million 
(
8
)
 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 CU8 million.
The entity recognises a liability for the contributions adjusted for the time value of money and an equal expense in profit or loss.
38
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).
39
In determining when to recognise, and how to measure, a liability relating to the wind-up of a multi-employer defined benefit plan, or the entity’s withdrawal from a multi-employer defined benefit plan, an entity shall apply IAS 37 
Provisions, Contingent Liabilities and Contingent Assets
.
Defined benefit plans that share risks between entities under common control
40
Defined benefit plans that share risks between entities under common control, for example, a parent and its subsidiaries, are not multi-employer plans.
41
An entity participating in such a plan shall obtain information about the plan as a whole measured in accordance with this Standard on the basis of assumptions that apply to the plan as a whole. If there is a contractual agreement or stated policy for charging to individual group entities the net defined benefit cost for the plan as a whole measured in accordance with this Standard, 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.
42
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, disclose the information required by paragraph 149.
State plans
43
An entity shall account for a state plan in the same way as for a multi
-
employer plan (see paragraphs 32–39).
44
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) that is not subject to control or influence by the reporting entity. Some plans established by an entity provide both compulsory benefits, as a substitute for benefits that would otherwise be covered under a state plan, and additional voluntary benefits. Such plans are not state plans.
45
State plans are characterised as defined benefit or defined contribution, depending 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, when a state plan is a defined benefit plan an entity applies paragraphs 32–39.
Insured benefits
46
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 either:
(a)
to pay the employee benefits directly when they fall due; or
(b)
to 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.
47
The benefits insured by an insurance policy need not have a direct or automatic relationship with the entity’s obligation for employee benefits. Post-employment benefit plans involving insurance policies are subject to the same distinction between accounting and funding as other funded plans.
48
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 8); and
(b)
recognises other insurance policies as reimbursement rights (if the policies satisfy the criterion in paragraph 116).
49
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
50
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 are not expected to be settled wholly before twelve months after the end of the annual reporting period in which the employees render the related service.
Recognition and measurement
51
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 end of the reporting period, 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.
(b)
as an expense, unless another IFRS requires or permits the inclusion of the contribution in the cost of an asset (see, for example, IAS 2 and IAS 16).
52
When contributions to a defined contribution plan are not expected to be settled wholly before twelve months after the end of the annual reporting period in which the employees render the related service, they shall be discounted using the discount rate specified in paragraph 83.
Disclosure
53
An entity shall disclose the amount recognised as an expense for defined contribution plans.
54
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
55
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
56
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.
57
Accounting by an entity for defined benefit plans involves the following steps:
(a)
determining the deficit or surplus. This involves:
(i)
using an actuarial technique, the projected unit credit method, to make a reliable estimate of the ultimate cost to the entity of the benefit that employees have earned in return for their service in the current and prior periods (see paragraphs 67–69). This requires an entity to determine how much benefit is attributable to the current and prior periods (see paragraphs 70–74) 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 affect the cost of the benefit (see paragraphs 75–98).
(ii)
discounting that benefit in order to determine the present value of the defined benefit obligation and the current service cost (see paragraphs 67–69 and 83–86).
(iii)
deducting the fair value of any plan assets (see paragraphs 113–115) from the present value of the defined benefit obligation.
(b)
determining the amount of the net defined benefit liability (asset) as the amount of the deficit or surplus determined in (a), adjusted for any effect of limiting a net defined benefit asset to the asset ceiling (see paragraph 64).
(c)
determining amounts to be recognised in profit or loss:
(i)
current service cost (see paragraphs 70–74 and paragraph 122A).
(ii)
any past service cost and gain or loss on settlement (see paragraphs 99–112).
(iii)
net interest on the net defined benefit liability (asset) (see paragraphs 123–126).
(d)
determining the remeasurements of the net defined benefit liability (asset), to be recognised in other comprehensive income, comprising:
(i)
actuarial gains and losses (see paragraphs 128 and 129);
(ii)
return on plan assets, excluding amounts included in net interest on the net defined benefit liability (asset) (see paragraph 130); and
(iii)
any change in the effect of the asset ceiling (see paragraph 64), excluding amounts included in net interest on the net defined benefit liability (asset).
Where an entity has more than one defined benefit plan, the entity applies these procedures for each material plan separately.
58
An entity shall determine the net defined benefit liability (asset) with sufficient regularity that the amounts recognised in the financial statements do not differ materially from the amounts that would be determined at the end of the reporting period.
59
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 end of the reporting period. 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 end of the reporting period.
60
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
61
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.
62
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 terminate its obligation under a plan (without payment) if employees are to be retained. Therefore, in the absence of evidence to the contrary, accounting for post-employment benefits assumes that an entity that is currently promising such benefits will continue to do so over the remaining working lives of employees.
Statement of financial position
63
An entity shall recognise the net defined benefit liability (asset) in the statement of financial position.
64
When an entity has a surplus in a defined benefit plan, it shall measure the net defined benefit asset at the lower of:
(a)
the surplus in the defined benefit plan; and
(b)
the asset ceiling, determined using the discount rate specified in paragraph 83.
65
A net defined benefit asset may arise where a defined benefit plan has been overfunded or where actuarial gains have arisen. An entity recognises a net defined benefit 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. The asset ceiling is the present value of those future benefits.
Recognition and measurement: present value of defined benefit obligations and current service cost
66
The ultimate cost of a defined benefit plan may be influenced by many variables, such as final salaries, employee turnover and mortality, employee contributions and medical cost trends. 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:
(a)
to apply an actuarial valuation method (see paragraphs 67–69);
(b)
to attribute benefit to periods of service (see paragraphs 70–74); and
(c)
to make actuarial assumptions (see paragraphs 75–98).
Actuarial valuation method
67
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.
68
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 70–74) and measures each unit separately to build up the final obligation (see paragraphs 75–98).
Example illustrating paragraph 68
A lump sum benefit is payable on termination of service and equal to 1 per cent of final salary for each year of service. The salary in year 1 is CU10,000 and is assumed to increase at 7 per cent (compound) each year. The discount rate used is 10 per cent per year. 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
CU
CU
CU
CU
CU
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 the benefit attributed to prior years.
2
The current service cost is the present value of the benefit attributed to the current year.
3
The closing obligation is the present value of the benefit attributed to current and prior years.
69
An entity discounts the whole of a post-employment benefit obligation, even if part of the obligation is expected to be settled before twelve months after the reporting period.
Attributing benefit to periods of service
70
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.
71
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 that 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 71
1
A defined benefit plan provides a lump sum benefit of CU100 payable on retirement for each year of service.
A benefit of CU100 is attributed to each year. The current service cost is the present value of CU100. The present value of the defined benefit obligation is the present value of CU100, multiplied by the number of years of service up to the end of the reporting period.
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 end of the reporting period.
2
A plan provides a monthly pension of 0,2 per cent 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 per cent 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 per cent of final salary, multiplied by the number of years of service up to the end of the reporting period. The current service cost and the present value of the defined benefit obligation are discounted because pension payments begin at the age of 65.
72
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 the end of each successive reporting period, 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 some 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 72
1
A plan pays a benefit of CU100 for each year of service. The benefits vest after ten years of service.
A benefit of CU100 is attributed to each year. In each of the first ten years, the current service cost and the present value of the obligation reflect the probability that the employee may not complete ten years of service.
2
A plan pays a benefit of CU100 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 CU100 is attributed to each subsequent year.
73
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 73
1
A plan pays a lump sum benefit of CU1,000 that vests after ten years of service. The plan provides no further benefit for subsequent service.
A benefit of CU100 (CU1,000 divided by ten) is attributed to each of the first ten years.
The current service cost in each of the first ten years reflects the probability that the employee may not complete ten years of service. No benefit is attributed to subsequent years.
2
A plan pays a lump sum retirement benefit of CU2,000 to all employees who are still employed at the age of 55 after twenty 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 CU100 (CU2,000 divided by twenty) 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 twenty years will lead to no material amount of further benefits. For these employees, the entity attributes benefit of 100 (2,000 divided by twenty) to each of the first twenty years.
For an employee who joins at the age of 55, service beyond ten years will lead to no material amount of further benefits. For this employee, the entity attributes benefit of CU200 (CU2,000 divided by ten) to each of the first ten 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 per cent of an employee’s post-employment medical costs if the employee leaves after more than ten and less than twenty years of service and 50 per cent of those costs if the employee leaves after twenty or more years of service.
Under the plan’s benefit formula, the entity attributes 4 per cent of the present value of the expected medical costs (40 per cent divided by ten) to each of the first ten years and 1 per cent (10 per cent divided by ten) to each of the second ten 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 ten years, no benefit is attributed.
4
A post-employment medical plan reimburses 10 per cent of an employee’s post-employment medical costs if the employee leaves after more than ten and less than twenty years of service and 50 per cent of those costs if the employee leaves after twenty 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 twenty or more years, the entity attributes benefit on a straight-line basis under paragraph 71. Service beyond twenty years will lead to no material amount of further benefits. Therefore, the benefit attributed to each of the first twenty years is 2,5 per cent of the present value of the expected medical costs (50 per cent divided by twenty).
For employees expected to leave between ten and twenty years, the benefit attributed to each of the first ten years is 1 per cent of the present value of the expected medical costs.
For these employees, no benefit is attributed to service between the end of the tenth year and the estimated date of leaving.
For employees expected to leave within ten years, no benefit is attributed.
74
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 end of the reporting period, but do not create an additional obligation. Therefore:
(a)
for the purpose of paragraph 70(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 74
Employees are entitled to a benefit of 3 per cent of final salary for each year of service before the age of 55.
Benefit of 3 per cent 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
75
Actuarial assumptions shall be unbiased and mutually compatible.
76
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 (see paragraphs 81 and 82);
(ii)
rates of employee turnover, disability and early retirement;
(iii)
the proportion of plan members with dependants who will be eligible for benefits;
(iv)
the proportion of plan members who will select each form of payment option available under the plan terms; and
(v)
claim rates under medical plans.
(b)
financial assumptions, dealing with items such as:
(i)
the discount rate (see paragraphs 83–86);
(ii)
benefit levels, excluding any cost of the benefits to be met by employees, and future salary (see paragraphs 87–95);
(iii)
in the case of medical benefits, future medical costs, including claim handling costs (ie the costs that will be incurred in processing and resolving claims, including legal and adjuster’s fees) (see paragraphs 96–98); and
(iv)
taxes payable by the plan on contributions relating to service before the reporting date or on benefits resulting from that service.
77
Actuarial assumptions are unbiased if they are neither imprudent nor excessively conservative.
78
Actuarial assumptions are mutually compatible if they reflect the economic relationships between factors such as inflation, rates of salary increase and discount rates. For example, all assumptions that 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.
79
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.
80
Financial assumptions shall be based on market expectations, at the end of the reporting period, for the period over which the obligations are to be settled.
Actuarial assumptions: mortality
81
An entity shall determine its mortality assumptions by reference to its best estimate of the mortality of plan members both during and after employment.
82
In order to estimate the ultimate cost of the benefit an entity takes into consideration expected changes in mortality, for example by modifying standard mortality tables with estimates of mortality improvements.
Actuarial assumptions: discount rate
83
The rate used to discount post-employment benefit obligations (both funded and unfunded) shall be determined by reference to market yields at the end of the reporting period on high quality corporate bonds. For currencies for which there is no deep market in such high quality corporate bonds, the market yields (at the end of the reporting period) on government bonds denominated in that currency 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.
84
One actuarial assumption that 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.
85
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.
86
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.
Actuarial assumptions: salaries, benefits and medical costs
87
An entity shall measure its defined benefit obligations on a basis that reflects:
(a)
the benefits set out in the terms of the plan (or resulting from any constructive obligation that goes beyond those terms) at the end of the reporting period;
(b)
any estimated future salary increases that affect the benefits payable;
(c)
the effect of any limit on the employer’s share of the cost of the future benefits;
(d)
contributions from employees or third parties that reduce the ultimate cost to the entity of those benefits; and
(e)
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 end of the reporting period; or
(ii)
historical data, or other reliable evidence, indicate 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.
88
Actuarial assumptions reflect future benefit changes that are set out in the formal terms of a plan (or a constructive obligation that goes beyond those terms) at the end of the reporting period. This is the case if, for example:
(a)
the entity has a 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;
(b)
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 108(c)); or
(c)
benefits vary in response to a performance target or other criteria. For example, the terms of the plan may state that it will pay reduced benefits or require additional contributions from employees if the plan assets are insufficient. The measurement of the obligation reflects the best estimate of the effect of the performance target or other criteria.
89
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 end of the reporting period. 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.
90
Estimates of future salary increases take account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.
91
Some defined benefit plans limit the contributions that an entity is required to pay. The ultimate cost of the benefits takes account of the effect of a limit on contributions. The effect of a limit on contributions is determined over the shorter of:
(a)
the estimated life of the entity; and
(b)
the estimated life of the plan.
92
Some defined benefit plans require employees or third parties to contribute to the cost of the plan. Contributions by employees reduce the cost of the benefits to the entity. An entity considers whether third-party contributions reduce the cost of the benefits to the entity, or are a reimbursement right as described in paragraph 116. Contributions by employees or third parties are either set out in the formal terms of the plan (or arise from a constructive obligation that goes beyond those terms), or are discretionary. Discretionary contributions by employees or third parties reduce service cost upon payment of these contributions to the plan.
93
Contributions from employees or third parties set out in the formal terms of the plan either reduce service cost (if they are linked to service), or affect remeasurements of the net defined benefit liability (asset) (if they are not linked to service). An example of contributions that are not linked to service is when (the contributions are required to reduce a deficit arising from losses on plan assets or from actuarial losses). If contributions from employees or third parties are linked to service, those contributions reduce the service cost as follows:
(a)
if the amount of the contributions is dependent on the number of years of service, an entity shall attribute the contributions to periods of service using the same attribution method required by paragraph 70 for the gross benefit (ie either using the plan's contribution formula or on a straight-line basis); or
(b)
if the amount of the contributions is independent of the number of years of service, the entity is permitted to recognise such contributions as a reduction of the service cost in the period in which the related service is rendered. Examples of contributions that are independent of the number of years of service include those that are a fixed percentage of the employee's salary, a fixed amount throughout the service period or dependent on the employee's age.
Paragraph A1 provides related application guidance.
94
For contributions from employees or third parties that are attributed to periods of service in accordance with paragraph 93(a), changes in the contributions result in:
(a)
current and past service cost (if those changes are not set out in the formal terms of a plan and do not arise from a constructive obligation); or
(b)
actuarial gains and losses (if those changes are set out in the formal terms of a plan, or arise from a constructive obligation).
95
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 the best estimate of such variables, based on historical data and other reliable evidence.
96
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.
97
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.
98
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 are adjusted to the extent that the demographic mix of the population differs from that of the population used as a basis for the data. They are also adjusted where there is reliable evidence that historical trends will not continue.
Past service cost and gains and losses on settlement
99
When determining past service cost, or a gain or loss on settlement, an entity shall remeasure the net defined benefit liability (asset) using the current fair value of plan assets and current actuarial assumptions, (including current market interest rates and other current market prices), reflecting:
(a)
the benefits offered under the plan and the plan assets before the plan amendment, curtailment or settlement; and
(b)
the benefits offered under the plan and the plan assets after the plan amendment, curtailment or settlement.
100
An entity need not distinguish between past service cost resulting from a plan amendment, past service cost resulting from a curtailment and a gain or loss on settlement if these transactions occur together. In some cases, a plan amendment occurs before a settlement, such as when an entity changes the benefits under the plan and settles the amended benefits later. In those cases an entity recognises past service cost before any gain or loss on settlement.
101
A settlement occurs together with a plan amendment and curtailment if a plan is terminated with the result that the obligation is settled and the plan ceases to exist. However, the termination of a plan is not a settlement if the plan is replaced by a new plan that offers benefits that are, in substance, the same.
101A
When a plan amendment, curtailment or settlement occurs, an entity shall recognise and measure any past service cost, or a gain or loss on settlement, in accordance with paragraphs 99–101 and paragraphs 102–112. In doing so, an entity shall not consider the effect of the asset ceiling. An entity shall then determine the effect of the asset ceiling after the plan amendment, curtailment or settlement and shall recognise any change in that effect in accordance with paragraph 57(d).
Past service cost
102
Past service cost is the change in the present value of the defined benefit obligation resulting from a plan amendment or curtailment.
103
An entity shall recognise past service cost as an expense at the earlier of the following dates:
(a)
when the plan amendment or curtailment occurs; and
(b)
when the entity recognises related restructuring costs (see IAS 37) or termination benefits (see paragraph 165).
104
A plan amendment occurs when an entity introduces, or withdraws, a defined benefit plan or changes the benefits payable under an existing defined benefit plan.
105
A curtailment occurs when an entity significantly reduces the number of employees covered by a plan. 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.
106
Past service cost may be either positive (when benefits are introduced or changed so that the present value of the defined benefit obligation increases) or negative (when benefits are withdrawn or changed so that the present value of the defined benefit obligation decreases).
107
Where an entity reduces 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.
108
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)
underestimates and overestimates of discretionary pension increases when 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 or from the return on plan assets that have 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 (there is no past service cost because the resulting increase in the obligation is an actuarial loss, see paragraph 88); and
(d)
the increase in vested benefits (ie benefits that are not conditional on future employment, see paragraph 72) when, in the absence of new or improved benefits, employees complete vesting requirements (there is no past service cost because the entity recognised the estimated cost of benefits as current service cost as the service was rendered).
Gains and losses on settlement
109
The gain or loss on a settlement is the difference between:
(a)
the present value of the defined benefit obligation being settled, as determined on the date of settlement; and
(b)
the settlement price, including any plan assets transferred and any payments made directly by the entity in connection with the settlement.
110
An entity shall recognise a gain or loss on the settlement of a defined benefit plan when the settlement occurs.
111
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 (other than a payment of benefits to, or on behalf of, employees in accordance with the terms of the plan and included in the actuarial assumptions). For example, a one-off transfer of significant employer obligations under the plan to an insurance company through the purchase of an insurance policy is a settlement; a lump sum cash payment, under the terms of the plan, to plan participants in exchange for their rights to receive specified post-employment benefits is not.
112
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 46) to pay further amounts if the insurer does not pay the employee benefits specified in the insurance policy. Paragraphs 116–119 deal with the recognition and measurement of reimbursement rights under insurance policies that are not plan assets.
Recognition and measurement: plan assets
Fair value of plan assets
113
The fair value of any plan assets is deducted from the present value of the defined benefit obligation in determining the deficit or surplus.
114
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.
115
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 (subject to any reduction required if the amounts receivable under the insurance policies are not recoverable in full).
Reimbursements
116
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:
(a)
recognise its right to reimbursement as a separate asset. The entity shall measure the asset at fair value.
(b)
disaggregate and recognise changes in the fair value of its right to reimbursement in the same way as for changes in the fair value of plan assets (see paragraphs 124 and 125). The components of defined benefit cost recognised in accordance with paragraph 120 may be recognised net of amounts relating to changes in the carrying amount of the right to reimbursement.
117
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 8, are plan assets. An entity accounts for qualifying insurance policies in the same way as for all other plan assets and paragraph 116 is not relevant (see paragraphs 46–49 and 115).
118
When an insurance policy held by an entity is not a qualifying insurance policy, that insurance policy is not a plan asset. Paragraph 116 is relevant to 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 deficit or surplus. Paragraph 140(b) requires the entity to disclose a brief description of the link between the reimbursement right and the related obligation.
119
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 (subject to any reduction required if the reimbursement is not recoverable in full).
Components of defined benefit cost
120
An entity shall recognise the components of defined benefit cost, except to the extent that another IFRS requires or permits their inclusion in the cost of an asset, as follows:
(a)
service cost (see paragraphs 66–112 and paragraph 122A) in profit or loss;
(b)
net interest on the net defined benefit liability (asset) (see paragraphs 123–126) in profit or loss; and
(c)
remeasurements of the net defined benefit liability (asset) (see paragraphs 127–130) in other comprehensive income.
121
Other IFRSs require the inclusion of some employee benefit costs within the cost of assets, such as inventories and 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 120.
122
Remeasurements of the net defined benefit liability (asset) recognised in other comprehensive income shall not be reclassified to profit or loss in a subsequent period. However, the entity may transfer those amounts recognised in other comprehensive income within equity.
Current service cost
122A
An entity shall determine current service cost using actuarial assumptions determined at the start of the annual reporting period. However, if an entity remeasures the net defined benefit liability (asset) in accordance with paragraph 99, it shall determine current service cost for the remainder of the annual reporting period after the plan amendment, curtailment or settlement using the actuarial assumptions used to remeasure the net defined benefit liability (asset) in accordance with paragraph 99(b).
Net interest on the net defined benefit liability (asset)
123
An entity shall determine net interest on the net defined benefit liability (asset) by multiplying the net defined benefit liability (asset) by the discount rate specified in paragraph 83.
123A
To determine net interest in accordance with paragraph 123, an entity shall use the net defined benefit liability (asset) and the discount rate determined at the start of the annual reporting period. However, if an entity remeasures the net defined benefit liability (asset) in accordance with paragraph 99, the entity shall determine net interest for the remainder of the annual reporting period after the plan amendment, curtailment or settlement using:
(a)
the net defined benefit liability (asset) determined in accordance with paragraph 99(b); and
(b)
the discount rate used to remeasure the net defined benefit liability (asset) in accordance with paragraph 99(b).
In applying paragraph 123A, the entity shall also take into account any changes in the net defined benefit liability (asset) during the period resulting from contributions or benefit payments.
124
Net interest on the net defined benefit liability (asset) can be viewed as comprising interest income on plan assets, interest cost on the defined benefit obligation and interest on the effect of the asset ceiling mentioned in paragraph 64.
125
Interest income on plan assets is a component of the return on plan assets, and is determined by multiplying the fair value of the plan assets by the discount rate specified in paragraph 123A. An entity shall determine the fair value of the plan assets at the start of the annual reporting period. However, if an entity remeasures the net defined benefit liability (asset) in accordance with paragraph 99, the entity shall determine interest income for the remainder of the annual reporting period after the plan amendment, curtailment or settlement using the plan assets used to remeasure the net defined benefit liability (asset) in accordance with paragraph 99(b). In applying paragraph 125, the entity shall also take into account any changes in the plan assets held during the period resulting from contributions or benefit payments. The difference between the interest income on plan assets and the return on plan assets is included in the remeasurement of the net defined benefit liability (asset).
126
Interest on the effect of the asset ceiling is part of the total change in the effect of the asset ceiling, and is determined by multiplying the effect of the asset ceiling by the discount rate specified in paragraph 123A. An entity shall determine the effect of the asset ceiling at the start of the annual reporting period. However, if an entity remeasures the net defined benefit liability (asset) in accordance with paragraph 99, the entity shall determine interest on the effect of the asset ceiling for the remainder of the annual reporting period after the plan amendment, curtailment or settlement taking into account any change in the effect of the asset ceiling determined in accordance with paragraph 101A. The difference between interest on the effect of the asset ceiling and the total change in the effect of the asset ceiling is included in the remeasurement of the net defined benefit liability (asset).
Remeasurements of the net defined benefit liability (asset)
127
Remeasurements of the net defined benefit liability (asset) comprise:
(a)
actuarial gains and losses (see paragraphs 128 and 129);
(b)
the return on plan assets (see paragraph 130), excluding amounts included in net interest on the net defined benefit liability (asset) (see paragraph 125); and
(c)
any change in the effect of the asset ceiling, excluding amounts included in net interest on the net defined benefit liability (asset) (see paragraph 126).
128
Actuarial gains and losses result from increases or decreases in the present value of the defined benefit obligation because of changes in actuarial assumptions and experience adjustments. 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 to assumptions concerning benefit payment options;
(c)
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; and
(d)
the effect of changes in the discount rate.
129
Actuarial gains and losses do not include changes in the present value of the defined benefit obligation because of the introduction, amendment, curtailment or settlement of the defined benefit plan, or changes to the benefits payable under the defined benefit plan. Such changes result in past service cost or gains or losses on settlement.
130
In determining the return on plan assets, an entity deducts the costs of managing the plan assets and any tax payable by the plan itself, other than tax included in the actuarial assumptions used to measure the defined benefit obligation (paragraph 76). Other administration costs are not deducted from the return on plan assets.
Presentation
Offset
131
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.
132
The offsetting criteria are similar to those established for financial instruments in IAS 32 
Financial Instruments: Presentation
.
Current/non-current distinction
133
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.
Components of defined benefit cost
134
Paragraph 120 requires an entity to recognise service cost and net interest on the net defined benefit liability (asset) in profit or loss. This Standard does not specify how an entity should present service cost and net interest on the net defined benefit liability (asset). An entity presents those components in accordance with IAS 1.
Disclosure
135
An entity shall disclose information that:
(a)
explains the characteristics of its defined benefit plans and risks associated with them (see paragraph 139);
(b)
identifies and explains the amounts in its financial statements arising from its defined benefit plans (see paragraphs 140–144); and
(c)
describes how its defined benefit plans may affect the amount, timing and uncertainty of the entity’s future cash flows (see paragraphs 145–147).
136
To meet the objectives in paragraph 135, an entity shall consider all the following:
(a)
the level of detail necessary to satisfy the disclosure requirements;
(b)
how much emphasis to place on each of the various requirements;
(c)
how much aggregation or disaggregation to undertake; and
(d)
whether users of financial statements need additional information to evaluate the quantitative information disclosed.
137
If the disclosures provided in accordance with the requirements in this Standard and other IFRSs are insufficient to meet the objectives in paragraph 135, an entity shall disclose additional information necessary to meet those objectives. For example, an entity may present an analysis of the present value of the defined benefit obligation that distinguishes the nature, characteristics and risks of the obligation. Such a disclosure could distinguish:
(a)
between amounts owing to active members, deferred members, and pensioners.
(b)
between vested benefits and accrued but not vested benefits.
(c)
between conditional benefits, amounts attributable to future salary increases and other benefits.
138
An entity shall assess whether all or some disclosures should be disaggregated to distinguish plans or groups of plans with materially different risks. For example, an entity may disaggregate disclosure about plans showing one or more of the following features:
(a)
different geographical locations.
(b)
different characteristics such as flat salary pension plans, final salary pension plans or post-employment medical plans.
(c)
different regulatory environments.
(d)
different reporting segments.
(e)
different funding arrangements (eg wholly unfunded, wholly or partly funded).
Characteristics of defined benefit plans and risks associated with them
139
An entity shall disclose:
(a)
information about the characteristics of its defined benefit plans, including:
(i)
the nature of the benefits provided by the plan (eg final salary defined benefit plan or contribution-based plan with guarantee).
(ii)
a description of the regulatory framework in which the plan operates, for example the level of any minimum funding requirements, and any effect of the regulatory framework on the plan, such as the asset ceiling (see paragraph 64).
(iii)
a description of any other entity’s responsibilities for the governance of the plan, for example responsibilities of trustees or of board members of the plan.
(b)
a description of the risks to which the plan exposes the entity, focused on any unusual, entity-specific or plan-specific risks, and of any significant concentrations of risk. For example, if plan assets are invested primarily in one class of investments, eg property, the plan may expose the entity to a concentration of property market risk.
(c)
a description of any plan amendments, curtailments and settlements.
Explanation of amounts in the financial statements
140
An entity shall provide a reconciliation from the opening balance to the closing balance for each of the following, if applicable:
(a)
the net defined benefit liability (asset), showing separate reconciliations for:
(i)
plan assets.
(ii)
the present value of the defined benefit obligation.
(iii)
the effect of the asset ceiling.
(b)
any reimbursement rights. An entity shall also describe the relationship between any reimbursement right and the related obligation.
141
Each reconciliation listed in paragraph 140 shall show each of the following, if applicable:
(a)
current service cost.
(b)
interest income or expense.
(c)
remeasurements of the net defined benefit liability (asset), showing separately:
(i)
the return on plan assets, excluding amounts included in interest in (b).
(ii)
actuarial gains and losses arising from changes in demographic assumptions (see paragraph 76(a)).
(iii)
actuarial gains and losses arising from changes in financial assumptions (see paragraph 76(b)).
(iv)
changes in the effect of limiting a net defined benefit asset to the asset ceiling, excluding amounts included in interest in (b). An entity shall also disclose how it determined the maximum economic benefit available, ie whether those benefits would be in the form of refunds, reductions in future contributions or a combination of both.
(d)
past service cost and gains and losses arising from settlements. As permitted by paragraph 100, past service cost and gains and losses arising from settlements need not be distinguished if they occur together.
(e)
the effect of changes in foreign exchange rates.
(f)
contributions to the plan, showing separately those by the employer and by plan participants.
(g)
payments from the plan, showing separately the amount paid in respect of any settlements.
(h)
the effects of business combinations and disposals.
142
An entity shall disaggregate the fair value of the plan assets into classes that distinguish the nature and risks of those assets, subdividing each class of plan asset into those that have a quoted market price in an active market (as defined in IFRS 13 
Fair Value Measurement
) and those that do not. For example, and considering the level of disclosure discussed in paragraph 136, an entity could distinguish between:
(a)
cash and cash equivalents;
(b)
equity instruments (segregated by industry type, company size, geography etc);
(c)
debt instruments (segregated by type of issuer, credit quality, geography etc);
(d)
real estate (segregated by geography etc);
(e)
derivatives (segregated by type of underlying risk in the contract, for example, interest rate contracts, foreign exchange contracts, equity contracts, credit contracts, longevity swaps etc);
(f)
investment funds (segregated by type of fund);
(g)
asset-backed securities; and
(h)
structured debt.
143
An entity shall disclose the fair value of the entity’s own transferable financial instruments held as plan assets, and the fair value of plan assets that are property occupied by, or other assets used by, the entity.
144
An entity shall disclose the significant actuarial assumptions used to determine the present value of the defined benefit obligation (see paragraph 76). Such disclosure shall be in absolute terms (eg as an absolute percentage, and not just as a margin between different percentages and other variables). When an entity provides disclosures in total for a grouping of plans, it shall provide such disclosures in the form of weighted averages or relatively narrow ranges.
Amount, timing and uncertainty of future cash flows
145
An entity shall disclose:
(a)
a sensitivity analysis for each significant actuarial assumption (as disclosed under paragraph 144) as of the end of the reporting period, showing how the defined benefit obligation would have been affected by changes in the relevant actuarial assumption that were reasonably possible at that date.
(b)
the methods and assumptions used in preparing the sensitivity analyses required by (a) and the limitations of those methods.
(c)
changes from the previous period in the methods and assumptions used in preparing the sensitivity analyses, and the reasons for such changes.
146
An entity shall disclose a description of any asset-liability matching strategies used by the plan or the entity, including the use of annuities and other techniques, such as longevity swaps, to manage risk.
147
To provide an indication of the effect of the defined benefit plan on the entity’s future cash flows, an entity shall disclose:
(a)
a description of any funding arrangements and funding policy that affect future contributions.
(b)
the expected contributions to the plan for the next annual reporting period.
(c)
information about the maturity profile of the defined benefit obligation. This will include the weighted average duration of the defined benefit obligation and may include other information about the distribution of the timing of benefit payments, such as a maturity analysis of the benefit payments.
Multi-employer plans
148
If an entity participates in a multi-employer defined benefit plan, it shall disclose:
(a)
a description of the funding arrangements, including the method used to determine the entity’s rate of contributions and any minimum funding requirements.
(b)
a description of the extent to which the entity can be liable to the plan for other entities’ obligations under the terms and conditions of the multi-employer plan.
(c)
a description of any agreed allocation of a deficit or surplus on:
(i)
wind-up of the plan; or
(ii)
the entity’s withdrawal from the plan.
(d)
if the entity accounts for that plan as if it were a defined contribution plan in accordance with paragraph 34, it shall disclose the following, in addition to the information required by (a)–(c) and instead of the information required by paragraphs 139–147:
(i)
the fact that the plan is a defined benefit plan.
(ii)
the reason why sufficient information is not available to enable the entity to account for the plan as a defined benefit plan.
(iii)
the expected contributions to the plan for the next annual reporting period.
(iv)
information about any deficit or surplus in the plan that may affect the amount of future contributions, including the basis used to determine that deficit or surplus and the implications, if any, for the entity.
(v)
an indication of the level of participation of the entity in the plan compared with other participating entities. Examples of measures that might provide such an indication include the entity’s proportion of the total contributions to the plan or the entity’s proportion of the total number of active members, retired members, and former members entitled to benefits, if that information is available.
Defined benefit plans that share risks between entities under common control
149
If an entity participates in a defined benefit plan that shares risks between entities under common control, it shall disclose:
(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 as noted in paragraph 41, all the information about the plan as a whole required by paragraphs 135–147.
(d)
if the entity accounts for the contribution payable for the period as noted in paragraph 41, the information about the plan as a whole required by paragraphs 135–137, 139, 142–144 and 147(a) and (b).
150
The information required by paragraph 149(c) and (d) can be disclosed by cross-reference to disclosures in another group entity’s financial statements if:
(a)
that group entity’s financial statements separately identify and disclose the information required about the plan; and
(b)
that group entity’s financial statements are available to users of the financial statements on the same terms as the financial statements of the entity and at the same time as, or earlier than, the financial statements of the entity.
Disclosure requirements in other IFRSs
151
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.
152
Where required by IAS 37 an entity discloses information about contingent liabilities arising from post-employment benefit obligations.
OTHER LONG-TERM EMPLOYEE BENEFITS
153
Other long-term employee benefits include items such as the following, if not expected to be settled wholly before twelve months after the end of the annual reporting period in which the employees render the related service:
(a)
long-term paid 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; and
(e)
deferred remuneration.
154
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. For this reason, this Standard requires a simplified method of accounting for other long-term employee benefits. Unlike the accounting required for post-employment benefits, this method does not recognise remeasurements in other comprehensive income.
Recognition and measurement
155
In recognising and measuring the surplus or deficit in
 another 
long
-
term employee benefit plan, an entity shall apply paragraphs 56–98 and 113–115. An entity shall apply paragraphs 116–119 in recognising and measuring any reimbursement right.
156
For other long-term employee benefits, an entity shall recognise the net total of the following amounts in profit or loss, except to the extent that another IFRS requires or permits their inclusion in the cost of an asset:
(a)
service cost (see paragraphs 66–112 and paragraph 122A);
(b)
net interest on the net defined benefit liability (asset) (see paragraphs 123–126); and
(c)
remeasurements of the net defined benefit liability (asset) (see paragraphs 127–130).
157
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
158
Although this Standard does not require specific disclosures about other long-term employee benefits, other IFRSs may require disclosures. For example, IAS 24 requires disclosures about employee benefits for key management personnel. IAS 1 requires disclosure of employee benefits expense.
TERMINATION BENEFITS
159
This Standard deals with termination benefits separately from other employee benefits because the event that gives rise to an obligation is the termination of employment rather than employee service. Termination benefits result from either an entity’s decision to terminate the employment or an employee’s decision to accept an entity’s offer of benefits in exchange for termination of employment.
160
Termination benefits do not include employee benefits resulting from termination of employment at the request of the employee without an entity’s offer, or as a result of mandatory retirement requirements, because those benefits are post-employment benefits. Some entities provide a lower level of benefit for termination of employment at the request of the employee (in substance, a post-employment benefit) than for termination of employment at the request of the entity. The difference between the benefit provided for termination of employment at the request of the employee and a higher benefit provided at the request of the entity is a termination benefit.
161
The form of the employee benefit does not determine whether it is provided in exchange for service or in exchange for termination of the employee’s employment. Termination benefits are typically lump sum payments, but sometimes also include:
(a)
enhancement of post-employment benefits, either indirectly through an employee benefit plan or directly.
(b)
salary until the end of a specified notice period if the employee renders no further service that provides economic benefits to the entity.
162
Indicators that an employee benefit is provided in exchange for services include the following:
(a)
the benefit is conditional on future service being provided (including benefits that increase if further service is provided).
(b)
the benefit is provided in accordance with the terms of an employee benefit plan.
163
Some termination benefits are provided in accordance with the terms of an existing employee benefit plan. For example, they may be specified by statute, employment contract or union agreement, or may be implied as a result of the employer’s past practice of providing similar benefits. As another example, if an entity makes an offer of benefits available for more than a short period, or there is more than a short period between the offer and the expected date of actual termination, the entity considers whether it has established a new employee benefit plan and hence whether the benefits offered under that plan are termination benefits or post-employment benefits. Employee benefits provided in accordance with the terms of an employee benefit plan are termination benefits if they both result from an entity’s decision to terminate an employee’s employment and are not conditional on future service being provided.
164
Some employee benefits are provided 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 jurisdictions 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.
Recognition
165
An entity shall recognise a liability and expense for termination benefits at the earlier of the following dates:
(a)
when the entity can no longer withdraw the offer of those benefits; and
(b)
when the entity recognises costs for a restructuring that is within the scope of IAS 37 and involves the payment of termination benefits.
166
For termination benefits payable as a result of an employee’s decision to accept an offer of benefits in exchange for the termination of employment, the time when an entity can no longer withdraw the offer of termination benefits is the earlier of:
(a)
when the employee accepts the offer; and
(b)
when a restriction (eg a legal, regulatory or contractual requirement or other restriction) on the entity’s ability to withdraw the offer takes effect. This would be when the offer is made, if the restriction existed at the time of the offer.
167
For termination benefits payable as a result of an entity’s decision to terminate an employee’s employment, the entity can no longer withdraw the offer when the entity has communicated to the affected employees a plan of termination meeting all of the following criteria:
(a)
Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made.
(b)
The plan identifies the number of employees whose employment is to be terminated, their job classifications or functions and their locations (but the plan need not identify each individual employee) and the expected completion date.
(c)
The plan establishes the termination benefits that employees will receive in sufficient detail that employees can determine the type and amount of benefits they will receive when their employment is terminated.
168
When an entity recognises termination benefits, the entity may also have to account for a plan amendment or a curtailment of other employee benefits (see paragraph 103).
Measurement
169
An entity shall measure termination benefits on initial recognition, and shall measure and recognise subsequent changes, in accordance with the nature of the employee benefit, provided that if the termination benefits are an enhancement to post
-
employment benefits, the entity shall apply the requirements for post
-
employment benefits. Otherwise:
(a)
if the termination benefits are expected to be settled wholly before twelve months after the end of the annual reporting period in which the termination benefit is recognised, the entity shall apply the requirements for short
-
term employee benefits.
(b)
if the termination benefits are not expected to be settled wholly before twelve months after the end of the annual reporting period, the entity shall apply the requirements for other long
-
term employee benefits.
170
Because termination benefits are not provided in exchange for service, paragraphs 70–74 relating to the attribution of the benefit to periods of service are not relevant.
Example illustrating paragraphs 159–170
Background
As a result of a recent acquisition, an entity plans to close a factory in ten months and, at that time, terminate the employment of all of the remaining employees at the factory. Because the entity needs the expertise of the employees at the factory to complete some contracts, it announces a plan of termination as follows.
Each employee who stays and renders service until the closure of the factory will receive on the termination date a cash payment of CU30,000. Employees leaving before closure of the factory will receive CU10,000.
There are 120 employees at the factory. At the time of announcing the plan, the entity expects 20 of them to leave before closure. Therefore, the total expected cash outflows under the plan are CU3,200,000 (ie 20 × CU10,000 + 100 × CU30,000). As required by paragraph 160, the entity accounts for benefits provided in exchange for termination of employment as termination benefits and accounts for benefits provided in exchange for services as short-term employee benefits.
Termination benefits
The benefit provided in exchange for termination of employment is CU10,000. This is the amount that an entity would have to pay for terminating the employment regardless of whether the employees stay and render service until closure of the factory or they leave before closure. Even though the employees can leave before closure, the termination of all employees’ employment is a result of the entity’s decision to close the factory and terminate their employment (ie all employees will leave employment when the factory closes). Therefore the entity recognises a liability of CU1,200,000 (ie 120 × CU10,000) for the termination benefits provided in accordance with the employee benefit plan at the earlier of when the plan of termination is announced and when the entity recognises the restructuring costs associated with the closure of the factory.
Benefits provided in exchange for service
The incremental benefits that employees will receive if they provide services for the full ten-month period are in exchange for services provided over that period. The entity accounts for them as short-term employee benefits because the entity expects to settle them before twelve months after the end of the annual reporting period. In this example, discounting is not required, so an expense of CU200,000 (ie CU2,000,000 ÷ 10) is recognised in each month during the service period of ten months, with a corresponding increase in the carrying amount of the liability.
Disclosure
171
Although this Standard does not require specific disclosures about termination benefits, other IFRSs may require disclosures. For example, IAS 24 requires disclosures about employee benefits for key management personnel. IAS 1 requires disclosure of employee benefits expense.
TRANSITION AND EFFECTIVE DATE
172
An entity shall apply this Standard for annual periods beginning on or after 1 January 2013. Earlier application is permitted. If an entity applies this Standard for an earlier period, it shall disclose that fact.
173
An entity shall apply this Standard retrospectively, in accordance with IAS 8 
Accounting Policies, Changes in Accounting Estimates and Errors
, except that:
(a)
an entity need not adjust the carrying amount of assets outside the scope of this Standard for changes in employee benefit costs that were included in the carrying amount before the date of initial application. The date of initial application is the beginning of the earliest prior period presented in the first financial statements in which the entity adopts this Standard.
(b)
in financial statements for periods beginning before 1 January 2014, an entity need not present comparative information for the disclosures required by paragraph 145 about the sensitivity of the defined benefit obligation.
174
IFRS 13, issued in May 2011, amended the definition of fair value in paragraph 8 and amended paragraph 113. An entity shall apply those amendments when it applies IFRS 13.
175
Defined Benefit Plans: Employee Contributions
 (Amendments to IAS 19), issued in November 2013, amended paragraphs 93–94. An entity shall apply those amendments for annual periods beginning on or after 1 July 2014 retrospectively in accordance with IAS 8 
Accounting Policies, Changes in Accounting Estimates and Errors
. Earlier application is permitted. If an entity applies those amendments for an earlier period, it shall disclose that fact.
176
Annual Improvements to IFRSs 2012–2014 Cycle
, issued in September 2014, amended paragraph 83 and added paragraph 177. An entity shall apply that amendment for annual periods beginning on or after 1 January 2016. Earlier application is permitted. If an entity applies that amendment for an earlier period it shall disclose that fact.
177
An entity shall apply the amendment in paragraph 176 from the beginning of the earliest comparative period presented in the first financial statements in which the entity applies the amendment. Any initial adjustment arising from the application of the amendment shall be recognised in retained earnings at the beginning of that period.
178
IFRS 17, issued in May 2017, amended the footnote to paragraph 8. An entity shall apply that amendment when it applies IFRS 17.
179
Plan Amendment, Curtailment or Settlement
 (Amendments to IAS 19), issued in February 2018, added paragraphs 101A, 122A and 123A, and amended paragraphs 57, 99, 120, 123, 125, 126 and 156. An entity shall apply these amendments to plan amendments, curtailments or settlements occurring on or after the beginning of the first annual reporting period that begins on or after 1 January 2019. Earlier application is permitted. If an entity applies these amendments earlier, it shall disclose that fact.
Appendix A
Application Guidance
This appendix is an integral part of the IFRS. It describes the application of paragraphs 92–93 and has the same authority as the other parts of the IFRS.
A1
The accounting requirements for contributions from employees or third parties are illustrated in the diagram below.
INTERNATIONAL ACCOUNTING STANDARD 20
Accounting for Government Grants and Disclosure of Government Assistance
(
9
)
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 profit or tax loss, or are determined or limited on the basis of income tax liability. Examples of such benefits are 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
(
10
)
.
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 price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. (See IFRS 13 
Fair Value Measurement
.)
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.
10A
The benefit of a government loan at a below-market rate of interest is treated as a government grant. The loan shall be recognised and measured in accordance with IFRS 9 
Financial Instruments
. The benefit of the below-market rate of interest shall be measured as the difference between the initial carrying value of the loan determined in accordance with IFRS 9 and the proceeds received. The benefit is accounted for in accordance with this Standard. The entity shall consider the conditions and obligations that have been, or must be, met when identifying the costs for which the benefit of the loan is intended to compensate.
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 in profit or loss on a systematic basis over the periods in which the entity recognises as expenses the related costs for which the grants are intended to compensate.
13
There are two broad approaches to the accounting for government grants: the capital approach, under which a grant is recognised outside profit or loss, and the income approach, under which a grant is recognised in profit or loss 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 statement of financial position rather than be recognised in profit or loss to offset the items of expense that they finance. Because no repayment is expected, such grants should be recognised outside profit or loss;
(b)
it is inappropriate to recognise government grants in profit or loss, because 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)
because government grants are receipts from a source other than shareholders, they should not be recognised directly in equity but should be recognised in profit or loss 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 in profit or loss over the periods in which the entity recognises as expenses the related costs for which the grant is intended to compensate;
(c)
because income and other taxes are expenses, it is logical to deal also with government grants, which are an extension of fiscal policies, in profit or loss.
16
It is fundamental to the income approach that government grants should be recognised in profit or loss on a systematic basis over the periods in which the entity recognises as expenses the related costs for which the grant is intended to compensate. Recognition of government grants in profit or loss on a receipts basis is not in accordance with the accrual accounting assumption (see IAS 1 
Presentation of Financial Statements
) and would be acceptable only 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. Thus grants in recognition of specific expenses are recognised in profit or loss in the same period as the relevant expenses. Similarly, grants related to depreciable assets are usually recognised in profit or loss over the periods and in the proportions in which depreciation expense on those assets is recognised.
18
Grants related to non-depreciable assets may also require the fulfilment of certain obligations and would then be recognised in profit or loss over the periods that 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 the grant in profit or loss 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 in profit or loss 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 a particular entity and may not be available to a whole class of beneficiaries. These circumstances may warrant recognising a grant in profit or loss of 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 in profit or loss 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 statement of financial position 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 recognises the grant as deferred income that is recognised in profit or loss on a systematic basis over the useful life of the asset.
27
The other method deducts the grant in calculating the carrying amount of the asset. The grant is recognised in profit or loss over the life of a depreciable asset as a reduced depreciation expense.
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 statement of cash flows regardless of whether or not the grant is deducted from the related asset for presentation purposes in the statement of financial position.
Presentation of grants related to income
29
Grants related to income are presented as part of profit or loss, either separately or under a general heading such as ‘Other income’; alternatively, they are deducted in reporting the related expense.
29A
[Deleted]
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 change in 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 recognised in respect of the grant. To the extent that the repayment exceeds any such deferred credit, or when no deferred credit exists, the repayment shall be recognised immediately in profit or loss. Repayment of a grant related to an asset shall be recognised 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 in profit or loss to date in the absence of the grant shall be recognised immediately in profit or loss.
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
[Deleted]
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.
42
IAS 1 (as revised in 2007) amended the terminology used throughout IFRSs. In addition it added paragraph 29A. An entity shall apply those amendments for annual periods beginning on or after 1 January 2009. If an entity applies IAS 1 (revised 2007) for an earlier period, the amendments shall be applied for that earlier period.
43
Paragraph 37 was deleted and paragraph 10A added by 
Improvements to IFRSs
 issued in May 2008. An entity shall apply those amendments prospectively to government loans received in periods beginning on or after 1 January 2009. Earlier application is permitted. If an entity applies the amendments for an earlier period it shall disclose that fact.
44
[Deleted]
45
IFRS 13, issued in May 2011, amended the definition of fair value in paragraph 3. An entity shall apply that amendment when it applies IFRS 13.
46
Presentation of Items of Other Comprehensive Income
 (Amendments to IAS 1), issued in June 2011, amended paragraph 29 and deleted paragraph 29A. An entity shall apply those amendments when it applies IAS 1 as amended in June 2011.
47
[Deleted]
48
IFRS 9, as issued in July 2014, amended paragraph 10A and deleted paragraphs 44 and 47. An entity shall apply those amendments when it applies IFRS 9.
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
 
(
11
)
:
(a)
in accounting for transactions and balances in foreign currencies, except for those derivative transactions and balances that are within the scope of IFRS 9 
Financial Instruments
;
(b)
in translating the results and financial position of foreign operations that are included in the financial statements of the entity by consolidation or the equity method; and
(c)
in translating an entity's results and financial position into a presentation currency.
4
IFRS 9 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 IFRS 9 (eg 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. IFRS 9 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 (IFRSs). 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 statement of cash flows of the cash flows arising from transactions in a foreign currency, or to the translation of cash flows of a foreign operation (see IAS 7 
Statement of Cash Flows
).
DEFINITIONS
8
The following terms are used in this
 standard 
with the meanings specified:
Closing rate
 is the spot exchange rate at the end of the reporting period.
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 price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. (See IFRS 13 
Fair Value Measurement
.)
Foreign currency
 is a currency other than the functional currency of the entity.
Foreign operation
 is an entity that is a subsidiary, associate, joint arrangement 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 arrangement):
(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; lease liabilities; 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; goodwill; intangible assets; inventories; property, plant and equipment; right-of-use assets; 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 arrangements. 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 
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 IFRSs. 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 the ends of subsequent reporting periods
23
At the end of each reporting period:
(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 measured.
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 end of the reporting period).
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 paragraphs 3(a) and 5, IFRS 9 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, IFRS 9 requires that exchange differences on monetary items that qualify as hedging instruments in a cash flow hedge are recognised initially in other comprehensive income 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 in other comprehensive income, any exchange component of that gain or loss shall be recognised in other comprehensive income. 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 IFRSs require some gains and losses to be recognised in other comprehensive income. For example, IAS 16 requires some gains and losses arising on a revaluation of property, plant and equipment to be recognised in other comprehensive income. 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 other comprehensive income.
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 other comprehensive income and reclassified from equity to 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 recognised in other comprehensive income in the financial statements that include the foreign operation and the reporting entity (i.e. financial statements in which the foreign operation is 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 recognised in other comprehensive income in accordance with paragraphs 32 and 39(c) are not reclassified from equity to 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 statement of financial position presented (ie including comparatives) shall be translated at the closing rate at the date of that statement of financial position;
(b)
income and expenses for each statement presenting profit or loss and other comprehensive income (ie including comparatives) shall be translated at exchange rates at the dates of the transactions; and
(c)
all resulting exchange differences shall be recognised in other comprehensive income
.
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;
(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. The cumulative amount of the exchange differences is presented in a separate component of equity until disposal of the foreign operation. 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 non-controlling interests are allocated to, and recognised as part of, non-controlling interests in the consolidated statement of financial position.
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 (ie assets, liabilities, equity items, income and expenses, including comparatives) shall be translated at the closing rate at the date of the most recent statement of financial position; 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 (ie 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 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 IFRS 10 
Consolidated Financial Statements
). 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 is recognised in profit or loss or, if it arises from the circumstances described in paragraph 32, it is recognised in other comprehensive income and accumulated in a separate component of 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, IFRS 10 allows the use of a different 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 end of the reporting period of the foreign operation. Adjustments are made for significant changes in exchange rates up to the end of the reporting period of the reporting entity in accordance with IFRS 10. The same approach is used in applying the equity method to associates and joint ventures in accordance with IAS 28 (as amended in 2011).
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 or partial disposal of a foreign operation
48
On the disposal of a foreign operation, the cumulative amount of the exchange differences relating to that foreign operation, recognised in other comprehensive income and accumulated in
 a 
separate component of equity, shall be reclassified from equity to profit or loss (as a reclassification adjustment) when the gain or loss on disposal is recognised (see IAS 1 
Presentation of Financial Statements
 (as revised in 2007)).
48A
In addition to the disposal of an entity’s entire interest in a foreign operation, the following partial disposals are accounted for as disposals:
(a)
when the partial disposal involves the loss of control of a subsidiary that includes a foreign operation, regardless of whether the entity retains a non-controlling interest in its former subsidiary after the partial disposal; and
(b)
when the retained interest after the partial disposal of an interest in a joint arrangement or a partial disposal of an interest in an associate that includes a foreign operation is a financial asset that includes a foreign operation.
48B
On disposal of a subsidiary that includes a foreign operation, the cumulative amount of the exchange differences relating to that foreign operation that have been attributed to the non-controlling interests shall be derecognised, but shall not be reclassified to profit or loss.
48C
On the partial disposal of a subsidiary that includes a foreign operation, the entity shall re-attribute the proportionate share of the cumulative amount of the exchange differences recognised in other comprehensive income to the non-controlling interests in that foreign operation. In any other partial disposal of a foreign operation the entity shall reclassify to profit or loss only the proportionate share of the cumulative amount of the exchange differences recognised in other comprehensive income.
48D
A partial disposal of an entity’s interest in a foreign operation is any reduction in an entity’s ownership interest in a foreign operation, except those reductions in paragraph 48A that are accounted for as disposals.
49
An entity may dispose or partially dispose of its interest in a foreign operation through sale, liquidation, repayment of share capital or abandonment of all, or part of, that entity. A write-down of the carrying amount of a foreign operation, either because of its own losses or because of an impairment recognised by the investor, does not constitute a partial disposal. Accordingly, no part of the foreign exchange gain or loss recognised in other comprehensive income is reclassified to 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 IFRS 9; and
(b)
net exchange differences recognised in other comprehensive income and accumulated 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 IFRSs only if they comply with all the requirements of IFRSs, 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 IFRSs 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 IFRSs;
(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
.
60A
IAS 1 (as revised in 2007) amended the terminology used throughout IFRSs. In addition it amended paragraphs 27, 30–33, 37, 39, 41, 45, 48 and 52. An entity shall apply those amendments for annual periods beginning on or after 1 January 2009. If an entity applies IAS 1 (revised 2007) for an earlier period, the amendments shall be applied for that earlier period.
60B
IAS 27 (as amended in 2008) added paragraphs 48A–48D and amended paragraph 49. An entity shall apply those amendments prospectively for annual periods beginning on or after 1 July 2009. If an entity applies IAS 27 (amended 2008) for an earlier period, the amendments shall be applied for that earlier period.
60C
[Deleted]
60D
Paragraph 60B was amended by 
Improvements to IFRSs
 issued in May 2010. An entity shall apply that amendment for annual periods beginning on or after 1 July 2010. Earlier application is permitted.
60E
[Deleted]
60F
IFRS 10 and IFRS 11 
Joint Arrangements
, issued in May 2011, amended paragraphs 3(b), 8, 11, 18, 19, 33, 44–46 and 48A. An entity shall apply those amendments when it applies IFRS 10 and IFRS 11.
60G
IFRS 13, issued in May 2011, amended the definition of fair value in paragraph 8 and amended paragraph 23. An entity shall apply those amendments when it applies IFRS 13.
60H
Presentation of Items of Other Comprehensive Income
 (Amendments to IAS 1), issued in June 2011, amended paragraph 39. An entity shall apply that amendment when it applies IAS 1 as amended in June 2011.
60I
[Deleted]
60J
IFRS 9, as issued in July 2014, amended paragraphs 3, 4, 5, 27 and 52 and deleted paragraphs 60C, 60E and 60I. An entity shall apply those amendments when it applies IFRS 9.
60K
IFRS 16 
Leases
, issued in January 2016, amended paragraph 16. An entity shall apply that amendment when it applies IFRS 16.
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
.
INTERNATIONAL ACCOUNTING STANDARD 23
Borrowing Costs
CORE PRINCIPLE
1
Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset form part of the cost of that asset. Other borrowing costs are recognised as an expense.
SCOPE
2
An entity shall apply this Standard in accounting for borrowing costs.
3
The Standard does not deal with the actual or imputed cost of equity, including preferred capital not classified as a liability.
4
An entity is not required to apply the Standard to borrowing costs directly attributable to the acquisition, construction or production of:
(a)
a qualifying asset measured at fair value, for example a biological asset within the scope of IAS 41 
Agriculture
; or
(b)
inventories that are manufactured, or otherwise produced, in large quantities on a repetitive basis.
DEFINITIONS
5
This Standard uses the following terms with the meanings specified:
Borrowing costs
 are interest and other costs that an entity incurs 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.
6
Borrowing costs may include:
(a)
interest expense calculated using the effective interest method as described in IFRS 9;
(b)
[deleted]
(c)
[deleted]
(d)
interest in respect of lease liabilities recognised in accordance with IFRS 16 
Leases
; and
(e)
exchange differences arising from foreign currency borrowings to the extent that they are regarded as an adjustment to interest costs.
7
Depending on the circumstances, any of the following may be qualifying assets:
(a)
inventories
(b)
manufacturing plants
(c)
power generation facilities
(d)
intangible assets
(e)
investment properties
(f)
bearer plants.
Financial assets, and inventories that are manufactured, or otherwise produced, over a short period of time, are not qualifying assets. Assets that are ready for their intended use or sale when acquired are not qualifying assets.
RECOGNITION
8
An entity shall capitalise borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset as part of the cost of that asset. An entity shall recognise other borrowing costs as an expense in the period in which it incurs them.
9
Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying 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. When an entity applies IAS 29 
Financial Reporting in Hyperinflationary Economies
, it recognises as an expense the part of borrowing costs that compensates for inflation during the same period in accordance with paragraph 21 of that Standard.
Borrowing costs eligible for capitalisation
10
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.
11
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.
12
To the extent that an entity borrows funds specifically for the purpose of obtaining a qualifying asset, the entity shall determine the amount of borrowing costs eligible for capitalisation as the actual borrowing costs incurred on that borrowing during the period less any investment income on the temporary investment of those borrowings.
13
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.
14
To the extent that an entity borrows funds generally and uses them for the purpose of obtaining a qualifying asset, the entity shall determine the amount of borrowing costs eligible for capitalisation 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 all borrowings of the entity that are outstanding during the period. However, an entity shall exclude from this calculation borrowing costs applicable to borrowings made specifically for the purpose of obtaining a qualifying asset until substantially all the activities necessary to prepare that asset for its intended use or sale are complete. The amount of borrowing costs that an entity capitalises during a period shall not exceed the amount of borrowing costs it incurred during that period.
15
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
16
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
17
An entity shall begin capitalising borrowing costs as part of the cost of a qualifying asset on the commencement date. The commencement date for capitalisation is the date when the entity first meets all of the following conditions:
(a)
it incurs expenditures for the asset;
(b)
it incurs borrowing costs; and
(c)
it undertakes activities that are necessary to prepare the asset for its intended use or sale.
18
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.
19
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
20
An entity shall suspend capitalisation of borrowing costs during extended periods in which it suspends active development of a qualifying asset.
21
An entity may incur borrowing costs during an extended period in which it suspends the activities necessary to prepare an asset for its intended use or sale. Such costs are costs of holding partially completed assets and do not qualify for capitalisation. However, an entity does not normally suspend capitalising borrowing costs during a period when it carries out substantial technical and administrative work. An entity also does not suspend capitalising borrowing costs 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 that high water levels delay construction of a bridge, if such high water levels are common during the construction period in the geographical region involved.
Cessation of capitalisation
22
An entity shall cease capitalising borrowing costs when substantially all the activities necessary to prepare the qualifying asset for its intended use or sale are complete.
23
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.
24
When an entity completes the construction of a qualifying asset in parts and each part is capable of being used while construction continues on other parts, the entity shall cease capitalising borrowing costs when it completes substantially all the activities necessary to prepare that part for its intended use or sale.
25
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
26
An entity shall disclose:
(a)
the amount of borrowing costs capitalised during the period; and
(b)
the capitalisation rate used to determine the amount of borrowing costs eligible for capitalisation.
TRANSITIONAL PROVISIONS
27
When application of this Standard constitutes a change in accounting policy, an entity shall apply the Standard to borrowing costs relating to qualifying assets for which the commencement date for capitalisation is on or after the effective date.
28
However, an entity may designate any date before the effective date and apply the Standard to borrowing costs relating to all qualifying assets for which the commencement date for capitalisation is on or after that date.
28A
Annual Improvements to IFRS Standards 2015–2017 Cycle
, issued in December 2017, amended paragraph 14. An entity shall apply those amendments to borrowing costs incurred on or after the beginning of the annual reporting period in which the entity first applies those amendments.
EFFECTIVE DATE
29
An entity shall apply the Standard for annual periods beginning on or after 1 January 2009. Earlier application is permitted. If an entity applies the Standard from a date before 1 January 2009, it shall disclose that fact.
29A
Paragraph 6 was amended by 
Improvements to IFRSs
 issued in May 2008. An entity shall apply that amendment for annual periods beginning on or after 1 January 2009. Earlier application is permitted. If an entity applies the amendment for an earlier period it shall disclose that fact.
29B
IFRS 9, as issued in July 2014, amended paragraph 6. An entity shall apply that amendment when it applies IFRS 9.
29C
IFRS 16, issued in January 2016, amended paragraph 6. An entity shall apply that amendment when it applies IFRS 16.
29D
Annual Improvements to IFRS Standards 2015–2017 Cycle
, issued in December 2017, amended paragraph 14 and added paragraph 28A. An entity shall apply those amendments for annual reporting periods beginning on or after 1 January 2019. Earlier application is permitted. If an entity applies those amendments earlier, it shall disclose that fact.
WITHDRAWAL OF IAS 23 (REVISED 1993)
30
This Standard supersedes IAS 23 
Borrowing Costs
 revised in 1993.
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, including commitments, with such parties.
SCOPE
2
This Standard shall be applied in:
(a)
identifying related party relationships and transactions;
(b)
identifying outstanding balances, including commitments, 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 relationships, transactions and outstanding balances, including commitments, in the consolidated and separate financial statements of a parentor investors with joint control of, or significant influence over, an investee presented in accordance with IFRS 10 
Consolidated Financial Statements
 or IAS 27 
Separate Financial Statements
. This Standard also applies to individual 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, except for those between an investment entity and its subsidiaries measured at fair value through profit or loss, 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 those circumstances, the entity has the ability to affect the financial and operating policies of the investee 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 an entity’s transactions, outstanding balances, including commitments, and relationships with related parties may affect assessments of its 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:
A 
related party
 is a person or entity that is related to the entity that is preparing its financial statements (in this Standard referred to as the ‘reporting entity’).
(a)
A person or a close member of that person’s family is related to a reporting entity if that person:
(i)
has control or joint control of the reporting entity;
(ii)
has significant influence over the reporting entity; or
(iii)
is a member of the key management personnel of the reporting entity or of a parent of the reporting entity.
(b)
An entity is related to a reporting entity if any of the following conditions applies:
(i)
The entity and the reporting entity are members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to the others).
(ii)
One entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a group of which the other entity is a member).
(iii)
Both entities are joint ventures of the same third party.
(iv)
One entity is a joint venture of a third entity and the other entity is an associate of the third entity.
(v)
The entity is a post-employment benefit plan for the benefit of employees of either the reporting entity or an entity related to the reporting entity. If the reporting entity is itself such a plan, the sponsoring employers are also related to the reporting entity.
(vi)
The entity is controlled or jointly controlled by a person identified in (a).
(vii)
A person identified in (a)(i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity).
(viii)
The entity, or any member of a group of which it is a part, provides key management personnel services to the reporting entity or to the parent of the reporting entity.
A 
related party transaction
 is a transfer of resources, services or obligations between a reporting entity and a related party, regardless of whether a price is charged.
Close members of the family of a person
 are those family members who may be expected to influence, or be influenced by, that person in their dealings with the entity and include:
(a)
that person’s children and spouse or domestic partner;
(b)
children of that person’s spouse or domestic partner; and
(c)
dependants of that person or that person’s spouse or 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 twelve 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 twelve months after the end of the period, profit-sharing, bonuses and deferred compensation;
(d)
termination benefits; and
(e)
share-based payment.
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.
Government
 refers to government, government agencies and similar bodies whether local, national or international.
A 
government-related entity
 is an entity that is controlled, jointly controlled or significantly influenced by a government.
The terms ‘control’ and ‘investment entity’, ‘joint control’ and ‘significant influence’ are defined in IFRS 10, IFRS 11 
Joint Arrangements
 and IAS 28 
Investments in Associates and Joint Ventures
 respectively and are used in this Standard with the meanings specified in those IFRSs.
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 related parties:
(a)
two entities simply because they have a director or other member of key management personnel in common or because a member of key management personnel of one entity has significant influence over the other entity.
(b)
two joint venturers simply because they share joint control of a joint venture.
(c)
(i)
providers of finance,
(ii)
trade unions,
(iii)
public utilities, and
(iv)
departments and agencies of a government that does not control, jointly control or significantly influence the reporting entity,
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, simply by virtue of the resulting economic dependence.
12
In the definition of a related party, an associate includes subsidiaries of the associate and a joint venture includes subsidiaries of the joint venture. Therefore, for example, an associate’s subsidiary and the investor that has significant influence over the associate are related to each other.
DISCLOSURES
All entities
13
Relationships between a parent and its subsidiaries shall be disclosed irrespective of whether there have been transactions between them. An entity shall disclose the name of its parent and, if different, the ultimate controlling party. If neither the entity’s parent nor the ultimate controlling party produces consolidated financial statements available for public use, the name of the next most senior parent that does so shall also be disclosed.
14
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.
15
The requirement to disclose related party relationships between a parent and its subsidiaries is in addition to the disclosure requirements in IAS 27 and IFRS 12 
Disclosure of Interests in Other Entities
.
16
Paragraph 13 refers to the next most senior parent. This is the first parent in the group above the immediate parent that produces consolidated financial statements available for public use.
17
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.
17A
If an entity obtains key management personnel services from another entity (the ‘management entity’), the entity is not required to apply the requirements in paragraph 17 to the compensation paid or payable by the management entity to the management entity's employees or directors.
18
If an entity has had related party transactions during the periods covered by the financial statements, it shall disclose the nature of the related party relationship as well as information about those transactions and outstanding balances, including commitments, necessary for users to understand the potential effect of the relationship on the financial statements. These disclosure requirements are in addition to those in paragraph 17. At a minimum, disclosures shall include:
(a)
the amount of the transactions;
(b)
the amount of outstanding balances, including commitments, 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.
18A
Amounts incurred by the entity for the provision of key management personnel services that are provided by a separate management entity shall be disclosed.
19
The disclosures required by paragraph 18 shall be made separately for each of the following categories:
(a)
the parent;
(b)
entities with joint control of, or significant influence over, the entity;
(c)
subsidiaries;
(d)
associates;
(e)
joint ventures in which the entity is a joint venturer
;
(f)
key management personnel of the entity or its parent; and
(g)
other related parties.
20
The classification of amounts payable to, and receivable from, related parties in the different categories as required in paragraph 19 is an extension of the disclosure requirement in IAS 1 
Presentation of Financial Statements
 for information to be presented either in the statement of financial position or in the notes. The categories are extended to provide a more comprehensive analysis of related party balances and apply to related party transactions.
21
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;
(i)
commitments to do something if a particular event occurs or does not occur in the future, including executory contracts 
(
12
)
 (recognised and unrecognised); and
(j)
settlement of liabilities on behalf of the entity or by the entity on behalf of that related party.
22
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 42 of IAS 19 (as amended in 2011)).
23
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.
24
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.
Government-related entities
25
A reporting entity is exempt from the disclosure requirements of paragraph 18 in relation to related party transactions and outstanding balances, including commitments, with:
(a)
a government that has control, or joint control of, or significant influence over, the reporting entity; and
(b)
another entity that is a related party because the same government has control, or joint control of, or significant influence over, both the reporting entity and the other entity.
26
If a reporting entity applies the exemption in paragraph 25, it shall disclose the following about the transactions and related outstanding balances referred to in paragraph 25:
(a)
the name of the government and the nature of its relationship with the reporting entity (ie control, joint control or significant influence);
(b)
the following information in sufficient detail to enable users of the entity’s financial statements to understand the effect of related party transactions on its financial statements:
(i)
the nature and amount of each individually significant transaction; and
(ii)
for other transactions that are collectively, but not individually, significant, a qualitative or quantitative indication of their extent. Types of transactions include those listed in paragraph 21.
27
In using its judgement to determine the level of detail to be disclosed in accordance with the requirements in paragraph 26(b), the reporting entity shall consider the closeness of the related party relationship and other factors relevant in establishing the level of significance of the transaction such as whether it is:
(a)
significant in terms of size;
(b)
carried out on non-market terms;
(c)
outside normal day-to-day business operations, such as the purchase and sale of businesses;
(d)
disclosed to regulatory or supervisory authorities;
(e)
reported to senior management;
(f)
subject to shareholder approval.
EFFECTIVE DATE AND TRANSITION
28
An entity shall apply this Standard retrospectively for annual periods beginning on or after 1 January 2011. Earlier application is permitted, either of the whole Standard or of the partial exemption in paragraphs 25-27 for government-related entities. If an entity applies either the whole Standard or that partial exemption for a period beginning before 1 January 2011, it shall disclose that fact.
28A
IFRS 10, IFRS 11 
Joint Arrangements
 and IFRS 12, issued in May 2011, amended paragraphs 3, 9, 11(b), 15, 19(b) and (e) and 25. An entity shall apply those amendments when it applies IFRS 10, IFRS 11 and IFRS 12.
28B
Investment Entities
 (Amendments to IFRS 10, IFRS 12 and IAS 27), issued in October 2012, amended paragraphs 4 and 9. An entity shall apply those amendments for annual periods beginning on or after 1 January 2014. Earlier application of 
Investment Entities
 is permitted. If an entity applies those amendments earlier it shall also apply all amendments included in 
Investment Entities
 at the same time.
28C
Annual Improvements to IFRSs 2010–2012 Cycle
, issued in December 2013, amended paragraph 9 and added paragraphs 17A and 18A. An entity shall apply that amendment for annual periods beginning on or after 1 July 2014. Earlier application is permitted. If an entity applies that amendment for an earlier period it shall disclose that fact.
WITHDRAWAL OF IAS 24 (2003)
29
This Standard supersedes IAS 24 
Related Party Disclosures
 (as revised in 2003).
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)
material accounting policy information; 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.
38
Disclosure of Accounting Policies
, which amends IAS 1 
Presentation of Financial Statements
 and IFRS Practice Statement 2 
Making Materiality Judgements
, and was issued in February 2021, amended paragraph 34. An entity shall apply that amendment for annual reporting periods beginning on or after 1 January 2023. Earlier application is permitted. If an entity applies the amendment for an earlier period, it shall disclose that fact.
INTERNATIONAL ACCOUNTING STANDARD 27
Separate Financial Statements
OBJECTIVE
1
The objective of this Standard is to prescribe the accounting and disclosure requirements for investments in subsidiaries, joint ventures and associates when an entity prepares separate financial statements.
SCOPE
2
This Standard shall be applied in accounting for investments in subsidiaries, joint ventures and associates when an entity elects, or is required by local regulations, to present separate financial statements.
3
This Standard does not mandate which entities produce separate financial statements. It applies when an entity prepares separate financial statements that comply with International Financial Reporting Standards.
DEFINITIONS
4
The following terms are used in this Standard with the meanings specified:
Consolidated financial statements
 are the financial statements of a group in which the assets, liabilities, equity, income, expenses and cash flows of the parent and its subsidiaries are presented as those of a single economic entity.
Separate financial statements
 are those presented by an entity in which the entity could elect, subject to the requirements in this Standard, to account for its investments in subsidiaries, joint ventures and associates either at cost, in accordance with IFRS 9 
Financial Instruments
, or using the equity method as described in IAS 28 
Investments in Associates and Joint Ventures
.
5
The following terms are defined in Appendix A of IFRS 10 
Consolidated Financial Statements
, Appendix A of IFRS 11 
Joint Arrangements
 and paragraph 3 of IAS 28:
—
associate
—
control of an investee
—
equity method
—
group
—
investment entity
—
joint control
—
joint venture
—
joint venturer
—
parent
—
significant influence
—
subsidiary.
6
Separate financial statements are those presented in addition to consolidated financial statements or in addition to the financial statements of an investor that does not have investments in subsidiaries but has investments in associates or joint ventures in which the investments in associates or joint ventures are required by IAS 28 to be accounted for using the equity method, other than in the circumstances set out in paragraphs 8–8A.
7
The financial statements of an entity that does not have a subsidiary, associate or joint venturer's interest in a joint venture are not separate financial statements.
8
An entity that is exempted in accordance with paragraph 4(a) of IFRS 10 from consolidation or paragraph 17 of IAS 28 (as amended in 2011) from applying the equity method may present separate financial statements as its only financial statements.
8A
An investment entity that is required, throughout the current period and all comparative periods presented, to apply the exception to consolidation for all of its subsidiaries in accordance with paragraph 31 of IFRS 10 presents separate financial statements as its only financial statements.
PREPARATION OF SEPARATE FINANCIAL STATEMENTS
9
Separate financial statements shall be prepared in accordance with all applicable IFRSs, except as provided in paragraph 10.
10
When an entity prepares separate financial statements, it shall account for investments in subsidiaries, joint ventures and associates either:
(a)
at cost;
(b)
in accordance with IFRS 9; or
(c)
using the equity method as described in IAS 28.
The entity shall apply the same accounting for each category of investments. Investments accounted for at cost or using the equity method shall be accounted for in accordance with IFRS 5 
Non-current Assets Held for Sale and Discontinued Operations
 when they are classified as held for sale or for distribution (or included in a disposal group that is classified as held for sale or for distribution). The measurement of investments accounted for in accordance with IFRS 9 is not changed in such circumstances.
11
If an entity elects, in accordance with paragraph 18 of IAS 28 (as amended in 2011), to measure its investments in associates or joint ventures at fair value through profit or loss in accordance with IFRS 9, it shall also account for those investments in the same way in its separate financial statements.
11A
If a parent is required, in accordance with paragraph 31 of IFRS 10, to measure its investment in a subsidiary at fair value through profit or loss in accordance with IFRS 9, it shall also account for its investment in a subsidiary in the same way in its separate financial statements.
11B
When a parent ceases to be an investment entity, or becomes an investment entity, it shall account for the change from the date when the change in status occurred, as follows:
(a)
when an entity ceases to be an investment entity, the entity shall account for an investment in a subsidiary in accordance with paragraph 10. The date of the change of status shall be the deemed acquisition date. The fair value of the subsidiary at the deemed acquisition date shall represent the transferred deemed consideration when accounting for the investment in accordance with paragraph 10.
(i)
[deleted]
(ii)
[deleted]
(b)
when an entity becomes an investment entity, it shall account for an investment in a subsidiary at fair value through profit or loss in accordance with IFRS 9. The difference between the previous carrying amount of the subsidiary and its fair value at the date of the change of status of the investor shall be recognised as a gain or loss in profit or loss. The cumulative amount of any gain or loss previously recognised in other comprehensive income in respect of those subsidiaries shall be treated as if the investment entity had disposed of those subsidiaries at the date of change in status.
12
Dividends from a subsidiary, a joint venture or an associate are recognised in the separate financial statements of an entity when the
 entity's 
right to receive the dividend is established. The dividend is recognised in profit or loss unless the entity elects to use the equity method, in which case the dividend is recognised as a reduction from the carrying amount of the investment.
13
When a parent reorganises the structure of its group by establishing a new entity as its parent in a manner that satisfies the following criteria:
(a)
the new parent obtains control of the original parent by issuing equity instruments in exchange for existing equity instruments of the original parent;
(b)
the assets and liabilities of the new group and the original group are the same immediately before and after the reorganisation; and
(c)
the owners of the original parent before the reorganisation have the same absolute and relative interests in the net assets of the original group and the new group immediately before and after the reorganisation,
and the new parent accounts for its investment in the original parent in accordance with paragraph 10(a) in its separate financial statements, the new parent shall measure cost at the carrying amount of its share of the equity items shown in the separate financial statements of the original parent at the date of the reorganisation.
14
Similarly, an entity that is not a parent might establish a new entity as its parent in a manner that satisfies the criteria in paragraph 13. The requirements in paragraph 13 apply equally to such reorganisations. In such cases, references to ‘original parent’ and ‘original group’ are to the ‘original entity’.
DISCLOSURE
15
An entity shall apply all applicable IFRSs when providing disclosures in its separate financial statements, including the requirements in paragraphs 16 and 17.
16
When a parent, in accordance with paragraph 4(a) of IFRS 10, elects not to prepare consolidated financial statements and instead prepares separate financial statements, it shall disclose in those separate financial statements:
(a)
the fact that the financial statements are separate financial statements; that the exemption from consolidation has been used; the name and principal place of business (and country of incorporation, if different) 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, joint ventures and associates, including:
(i)
the name of those investees.
(ii)
the principal place of business (and country of incorporation, if different) of those investees.
(iii)
its proportion of the ownership interest (and its proportion of the voting rights, if different) held in those investees.
(c)
a description of the method used to account for the investments listed under (b).
16A
When an investment entity that is a parent (other than a parent covered by paragraph 16) prepares, in accordance with paragraph 8A, separate financial statements as its only financial statements, it shall disclose that fact. The investment entity shall also present the disclosures relating to investment entities required by IFRS 12 
Disclosure of Interests in Other Entities
.
17
When a parent (other than a parent covered by paragraphs 16–16A) or an investor with joint control of, or significant influence over, an investee prepares separate financial statements, the parent or investor shall identify the financial statements prepared in accordance with IFRS 10, IFRS 11 or IAS 28 (as amended in 2011) to which they relate. The parent or investor shall also disclose in its separate financial statements:
(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, joint ventures and associates, including:
(i)
the name of those investees.
(ii)
the principal place of business (and country of incorporation, if different) of those investees.
(iii)
its proportion of the ownership interest (and its proportion of the voting rights, if different) held in those investees.
(c)
a description of the method used to account for the investments listed under (b).
EFFECTIVE DATE AND TRANSITION
18
An entity shall apply this Standard for annual periods beginning on or after 1 January 2013. Earlier application is permitted. If an entity applies this Standard earlier, it shall disclose that fact and apply IFRS 10, IFRS 11, IFRS 12 and IAS 28 (as amended in 2011) at the same time.
18A
Investment Entities
 (Amendments to IFRS 10, IFRS 12 and IAS 27), issued in October 2012, amended paragraphs 5, 6, 17 and 18, and added paragraphs 8A, 11A–11B, 16A and 18B–18I. An entity shall apply those amendments for annual periods beginning on or after 1 January 2014. Early adoption is permitted. If an entity applies those amendments earlier, it shall disclose that fact and apply all amendments included in 
Investment Entities
 at the same time.
18B
If, at the date of initial application of the 
Investment Entities
 amendments (which, for the purposes of this IFRS, is the beginning of the annual reporting period for which those amendments are applied for the first time), a parent concludes that it is an investment entity, it shall apply paragraphs 18C–18I to its investment in a subsidiary.
18C
At the date of initial application, an investment entity that previously measured its investment in a subsidiary at cost shall instead measure that investment at fair value through profit or loss as if the requirements of this IFRS had always been effective. The investment entity shall adjust retrospectively the annual period immediately preceding the date of initial application and shall adjust retained earnings at the beginning of the immediately preceding period for any difference between:
(a)
the previous carrying amount of the investment; and
(b)
the fair value of the investor’s investment in the subsidiary.
18D
At the date of initial application, an investment entity that previously measured its investment in a subsidiary at fair value through other comprehensive income shall continue to measure that investment at fair value. The cumulative amount of any fair value adjustment previously recognised in other comprehensive income shall be transferred to retained earnings at the beginning of the annual period immediately preceding the date of initial application.
18E
At the date of initial application, an investment entity shall not make adjustments to the previous accounting for an interest in a subsidiary that it had previously elected to measure at fair value through profit or loss in accordance with IFRS 9, as permitted in paragraph 10.
18F
Before the date that IFRS 13 
Fair Value Measurement
 is adopted, an investment entity shall use the fair value amounts previously reported to investors or to management, if those amounts represent the amount for which the investment could have been exchanged between knowledgeable, willing parties in an arm’s length transaction at the date of the valuation.
18G
If measuring the investment in the subsidiary in accordance with paragraphs 18C–18F is impracticable (as defined in IAS 8 
Accounting Policies, Changes in Accounting Estimates and Errors
), an investment entity shall apply the requirements of this IFRS at the beginning of the earliest period for which application of paragraphs 18C–18F is practicable, which may be the current period. The investor shall adjust retrospectively the annual period immediately preceding the date of initial application, unless the beginning of the earliest period for which application of this paragraph is practicable is the current period. When the date that it is practicable for the investment entity to measure the fair value of the subsidiary is earlier than the beginning of the immediately preceding period, the investor shall adjust equity at the beginning of the immediately preceding period for any difference between:
(a)
the previous carrying amount of the investment; and
(b)
the fair value of the investor’s investment in the subsidiary.
If the earliest period for which application of this paragraph is practicable is the current period, the adjustment to equity shall be recognised at the beginning of the current period.
18H
If an investment entity has disposed of, or lost control of, an investment in a subsidiary before the date of initial application of the 
Investment Entities
 amendments, the investment entity is not required to make adjustments to the previous accounting for that investment.
18I
Notwithstanding the references to the annual period immediately preceding the date of initial application (the ‘immediately preceding period’) in paragraphs 18C–18G, an entity may also present adjusted comparative information for any earlier periods presented, but is not required to do so. If an entity does present adjusted comparative information for any earlier periods, all references to the ‘immediately preceding period’ in paragraphs 18C–18G shall be read as the ‘earliest adjusted comparative period presented’. If an entity presents unadjusted comparative information for any earlier periods, it shall clearly identify the information that has not been adjusted, state that it has been prepared on a different basis, and explain that basis.
18J
Equity Method in Separate Financial Statements
 (Amendments to IAS 27), issued in August 2014, amended paragraphs 4–7, 10, 11B and 12. An entity shall apply those amendments for annual periods beginning on or after 1 January 2016 retrospectively in accordance with IAS 8 
Accounting Policies, Changes in Accounting Estimates and Errors
. Earlier application is permitted. If an entity applies those amendments for an earlier period, it shall disclose that fact.
References to IFRS 9
19
If an entity applies this Standard but does not yet apply IFRS 9, any reference to IFRS 9 shall be read as a reference to IAS 39 
Financial Instruments: Recognition and Measurement
.
WITHDRAWAL OF IAS 27 (2008)
20
This Standard is issued concurrently with IFRS 10. Together, the two IFRSs supersede IAS 27 
Consolidated and Separate Financial Statements
 (as amended in 2008).
INTERNATIONAL ACCOUNTING STANDARD 28
Investments in Associates and Joint Ventures
OBJECTIVE
1
The objective of this Standard is to prescribe the accounting for investments in associates and to set out the requirements for the application of the equity method when accounting for investments in associates and joint ventures.
SCOPE
2
This Standard shall be applied by all entities that are investors with joint control of, or significant influence over, an investee.
DEFINITIONS
3
The following terms are used in this Standard with the meanings specified:
An 
associate
 is an entity over which the investor has significant influence.
Consolidated financial statements
 are the financial statements of a group in which assets, liabilities, equity, income, expenses and cash flows of the parent and its subsidiaries are presented as those of a single economic entity.
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 the investee’s net assets. The investor’s profit or loss includes its share of the investee’s profit or loss and the investor’s other comprehensive income includes its share of the investee’s other comprehensive income.
A 
joint arrangement
 is an arrangement of which two or more parties have joint control.
Joint control
 is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control.
A 
joint venture
 is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement.
A 
joint venturer
 is a party to a joint venture that has joint control of that joint venture.
Significant influence
 is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control of those policies.
4
The following terms are defined in paragraph 4 of IAS 27 
Separate Financial Statements
 and in Appendix A of IFRS 10 
Consolidated Financial Statements
 and are used in this Standard with the meanings specified in the IFRSs in which they are defined:
—
control of an investee
—
group
—
parent
—
separate financial statements
—
subsidiary.
SIGNIFICANT INFLUENCE
5
If an entity holds, directly or indirectly (eg through subsidiaries), 20 per cent or more of the voting power of the investee, it is presumed that the entity has significant influence, unless it can be clearly demonstrated that this is not the case. Conversely, if the entity holds, directly or indirectly (eg through subsidiaries), less than 20 per cent of the voting power of the investee, it is presumed that the entity 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 entity from having significant influence.
6
The existence of significant influence by an entity 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 entity and its investee;
(d)
interchange of managerial personnel; or
(e)
provision of essential technical information.
7
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 to reduce another party’s voting power over the financial and operating policies of another entity (ie 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.
8
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 intentions of management and the financial ability to exercise or convert those potential rights.
9
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 arrangement.
EQUITY METHOD
10
Under the equity method, on initial recognition the investment in an associate or a joint venture is 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 investee’s profit or loss 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 other comprehensive income. 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 in the investor’s other comprehensive income (see IAS 1 
Presentation of Financial Statements
).
11
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 or a joint venture because the distributions received may bear little relation to the performance of the associate or joint venture. Because the investor has joint control of, or significant influence over, the investee, the investor has an interest in the associate’s or joint venture’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 the profit or loss of such an investee. As a result, application of the equity method provides more informative reporting of the investor’s net assets and profit or loss.
12
When potential voting rights or other derivatives containing potential voting rights exist, an entity’s interest in an associate or a joint venture is determined solely on the basis of existing ownership interests and does not reflect the possible exercise or conversion of potential voting rights and other derivative instruments, unless paragraph 13 applies.
13
In some circumstances, an entity has, in substance, an existing ownership as a result of a transaction that currently gives it access to the returns associated with an ownership interest. In such circumstances, the proportion allocated to the entity is determined by taking into account the eventual exercise of those potential voting rights and other derivative instruments that currently give the entity access to the returns.
14
IFRS 9 
Financial Instruments
 does not apply to interests in associates and joint ventures that are accounted for using the equity method. When instruments containing potential voting rights in substance currently give access to the returns associated with an ownership interest in an associate or a joint venture, the instruments are not subject to IFRS 9. In all other cases, instruments containing potential voting rights in an associate or a joint venture are accounted for in accordance with IFRS 9.
14A
An entity also applies IFRS 9 to other financial instruments in an associate or joint venture to which the equity method is not applied. These include long-term interests that, in substance, form part of the entity's net investment in an associate or joint venture (see paragraph 38). An entity applies IFRS 9 to such long-term interests before it applies paragraph 38 and paragraphs 40-43 of this Standard. In applying IFRS 9, the entity does not take account of any adjustments to the carrying amount of long-term interests that arise from applying this Standard.
15
Unless an investment, or a portion of an investment, in an associate or a joint venture is classified as held for sale in accordance with IFRS 5 
Non-current Assets Held for Sale and Discontinued Operations
, the investment, or any retained interest in the investment not classified as held for sale, shall be classified as a non-current asset.
APPLICATION OF THE EQUITY METHOD
16
An entity with joint control of, or significant influence over, an investee shall account for its investment in an associate or a joint venture using the equity method except when that investment qualifies for exemption in accordance with paragraphs 17–19.
Exemptions from applying the equity method
17
An entity need not apply the equity method to its investment in an associate or a joint venture if the entity is a parent that is exempt from preparing consolidated financial statements by the scope exception in paragraph 4(a) of IFRS 10 or if all the following apply:
(a)
The entity 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 entity not applying the equity method.
(b)
The entity'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 entity 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.
(d)
The ultimate or any intermediate parent of the entity produces financial statements available for public use that comply with IFRSs, in which subsidiaries are consolidated or are measured at fair value through profit or loss in accordance with IFRS 10.
18
When an investment in an associate or a joint venture is held by, or is held indirectly through, an entity that is a venture capital organisation, or a mutual fund, unit trust and similar entities including investment-linked insurance funds, the entity may elect to measure that investment at fair value through profit or loss in accordance with IFRS 9. An example of an investment-linked insurance fund is a fund held by an entity as the underlying items for a group of insurance contracts with direct participation features. For the purposes of this election, insurance contracts include investment contracts with discretionary participation features. An entity shall make this election separately for each associate or joint venture, at initial recognition of the associate or joint venture. (See IFRS 17 
Insurance Contracts
 for terms used in this paragraph that are defined in that Standard.)
19
When an entity has an investment in an associate, a portion of which is held indirectly through a venture capital organisation, or a mutual fund, unit trust and similar entities including investment-linked insurance funds, the entity may elect to measure that portion of the investment in the associate at fair value through profit or loss in accordance with IFRS 9 regardless of whether the venture capital organisation, or the mutual fund, unit trust and similar entities including investment-linked insurance funds, has significant influence over that portion of the investment. If the entity makes that election, the entity shall apply the equity method to any remaining portion of its investment in an associate that is not held through a venture capital organisation, or a mutual fund, unit trust and similar entities including investment-linked insurance funds.
Classification as held for sale
20
An entity shall apply IFRS 5 to an investment, or a portion of an investment, in an associate or a joint venture that meets the criteria to be classified as held for sale. Any retained portion of an investment in an associate or a joint venture that has not been classified as held for sale shall be accounted for using the equity method until disposal of the portion that is classified as held for sale takes place. After the disposal takes place, an entity shall account for any retained interest in the associate or joint venture in accordance with IFRS 9 unless the retained interest continues to be an associate or a joint venture, in which case the entity uses the equity method.
21
When an investment, or a portion of an investment, in an associate or a joint venture previously classified as held for sale no longer meets the criteria to be so classified, it shall be accounted for using the equity method retrospectively 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.
Discontinuing the use of the equity method
22
An entity shall discontinue the use of the equity method from the date when its investment ceases to be an associate or a joint venture as follows:
(a)
If the investment becomes a subsidiary, the entity shall account for its investment in accordance with IFRS 3 
Business Combinations
 and IFRS 10.
(b)
If the retained interest in the former associate or joint venture is a financial asset, the entity shall measure the retained interest at fair value. The fair value of the retained interest shall be regarded as its fair value on initial recognition as a financial asset in accordance with IFRS 9. The entity shall recognise in profit or loss any difference between:
(i)
the fair value of any retained interest and any proceeds from disposing of a part interest in the associate or joint venture; and
(ii)
the carrying amount of the investment at the date the equity method was discontinued.
(c)
When an entity discontinues the use of the equity method, the entity shall account for all amounts previously recognised in other comprehensive income in relation to that investment on the same basis as would have been required if the investee had directly disposed of the related assets or liabilities.
23
Therefore, if a gain or loss previously recognised in other comprehensive income by the investee would be reclassified to profit or loss on the disposal of the related assets or liabilities, the entity reclassifies the gain or loss from equity to profit or loss (as a reclassification adjustment) when the equity method is discontinued. For example, if an associate or a joint venture has cumulative exchange differences relating to a foreign operation and the entity discontinues the use of the equity method, the entity shall reclassify to profit or loss the gain or loss that had previously been recognised in other comprehensive income in relation to the foreign operation.
24
If an investment in an associate becomes an investment in a joint venture or an investment in a joint venture becomes an investment in an associate, the entity continues to apply the equity method and does not remeasure the retained interest.
Changes in ownership interest
25
If an entity's ownership interest in an associate or a joint venture is reduced, but the investment continues to be classified either as an associate or a joint venture respectively, the entity shall reclassify to profit or loss the proportion of the gain or loss that had previously been recognised in other comprehensive income relating to that reduction in ownership interest if that gain or loss would be required to be reclassified to profit or loss on the disposal of the related assets or liabilities.
Equity method procedures
26
Many of the procedures that are appropriate for the application of the equity method are similar to the consolidation procedures described in IFRS 10. 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 or a joint venture.
27
A group's share in an associate or a joint venture is the aggregate of the holdings in that associate or joint venture 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 or a joint venture has subsidiaries, associates or joint ventures, the profit or loss, other comprehensive income and net assets taken into account in applying the equity method are those recognised in the associate's or joint venture's financial statements (including the associate's or joint venture's share of the profit or loss, other comprehensive income and net assets of its associates and joint ventures), after any adjustments necessary to give effect to uniform accounting policies (see paragraphs 35–36A).
28
Gains and losses resulting from ‘upstream’ and ‘downstream’ transactions between an entity (including its consolidated subsidiaries) and its associate or joint venture are recognised in the entity’s financial statements only to the extent of unrelated investors’ interests in the associate or joint venture. ‘Upstream’ transactions are, for example, sales of assets from an associate or a joint venture to the investor. ‘Downstream’ transactions are, for example, sales or contributions of assets from the investor to its associate or its joint venture. The investor’s share in the associate’s or joint venture’s gains or losses resulting from these transactions is eliminated.
29
When downstream transactions provide evidence of a reduction in the net realisable value of the assets to be sold or contributed, or of an impairment loss of those assets, those losses shall be recognised in full by the investor. When upstream transactions provide evidence of a reduction in the net realisable value of the assets to be purchased or of an impairment loss of those assets, the investor shall recognise its share in those losses.
30
The contribution of a non-monetary asset to an associate or a joint venture in exchange for an equity interest in the that associate or joint venture shall be accounted for in accordance with paragraph 28, except when the contribution lacks commercial substance, as that term is described in IAS 16 
Property, Plant and Equipment
. If such a contribution lacks commercial substance, the gain or loss is regarded as unrealised and is not recognised unless paragraph 31 also applies. Such unrealised gains and losses shall be eliminated against the investment accounted for using the equity method and shall not be presented as deferred gains or losses in the entity’s consolidated statement of financial position or in the entity’s statement of financial position in which investments are accounted for using the equity method.
31
If, in addition to receiving an equity interest in an associate or a joint venture, an entity receives monetary or non-monetary assets, the entity recognises in full in profit or loss the portion of the gain or loss on the non-monetary contribution relating to the monetary or non-monetary assets received.
32
An investment is accounted for using the equity method from the date on which it becomes an associate or a joint venture. On acquisition of the investment, any difference between the cost of the investment and the entity’s share of the net fair value of the investee’s identifiable assets and liabilities is accounted for as follows:
(a)
Goodwill relating to an associate or a joint venture is included in the carrying amount of the investment. Amortisation of that goodwill is not permitted.
(b)
Any excess of the entity’s share of the net fair value of the investee’s identifiable assets and liabilities over the cost of the investment is included as income in the determination of the entity’s share of the associate or joint venture’s profit or loss in the period in which the investment is acquired.
Appropriate adjustments to the entity’s share of the associate’s or joint venture’s profit or loss after acquisition are made in order to account, for example, for depreciation of the depreciable assets based on their fair values at the acquisition date. Similarly, appropriate adjustments to the entity’s share of the associate’s or joint venture’s profit or loss after acquisition are made for impairment losses such as for goodwill or property, plant and equipment.
33
The most recent available financial statements of the associate or joint venture are used by the entity in applying the equity method. When the end of the reporting period of the entity is different from that of the associate or joint venture, the associate or joint venture prepares, for the use of the entity, financial statements as of the same date as the financial statements of the entity unless it is impracticable to do so.
34
When, in accordance with paragraph 33, the financial statements of an associate or a joint venture used in applying the equity method are prepared as of a date different from that used by the entity, adjustments shall be made for the effects of significant transactions or events that occur between that date and the date of the entity’s financial statements. In any case, the difference between the end of the reporting period of the associate or joint venture and that of the entity shall be no more than three months. The length of the reporting periods and any difference between the ends of the reporting periods shall be the same from period to period.
35
The entity’s financial statements shall be prepared using uniform accounting policies for like transactions and events in similar circumstances.
36
Except as described in paragraph 36A, if an associate or a joint venture uses accounting policies other than those of the entity for like transactions and events in similar circumstances, adjustments shall be made to make the associate's or joint venture's accounting policies conform to those of the entity when the associate's or joint venture's financial statements are used by the entity in applying the equity method.
36A
Notwithstanding the requirement in paragraph 36, if an entity that is not itself an investment entity has an interest in an associate or joint venture that is an investment entity, the entity may, when applying the equity method, elect to retain the fair value measurement applied by that investment entity associate or joint venture to the investment entity associate's or joint venture's interests in subsidiaries. This election is made separately for each investment entity associate or joint venture, at the later of the date on which (a) the investment entity associate or joint venture is initially recognised; (b) the associate or joint venture becomes an investment entity; and (c) the investment entity associate or joint venture first becomes a parent.
37
If an associate or a joint venture has outstanding cumulative preference shares that are held by parties other than the entity and are classified as equity, the entity computes its share of profit or loss after adjusting for the dividends on such shares, whether or not the dividends have been declared.
38
If an entity’s share of losses of an associate or a joint venture equals or exceeds its interest in the associate or joint venture, the entity discontinues recognising its share of further losses. The interest in an associate or a joint venture is the carrying amount of the investment in the associate or joint venture determined using the equity method together with any long-term interests that, in substance, form part of the entity’s net investment in the associate or joint venture. 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 or joint venture. 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 using the equity method in excess of the entity’s investment in ordinary shares are applied to the other components of the entity’s interest in an associate or a joint venture in the reverse order of their seniority (ie priority in liquidation).
39
After the entity’s interest is reduced to zero, additional losses are provided for, and a liability is recognised, only to the extent that the entity has incurred legal or constructive obligations or made payments on behalf of the associate or joint venture. If the associate or joint venture subsequently reports profits, the entity resumes recognising its share of those profits only after its share of the profits equals the share of losses not recognised.
Impairment losses
40
After application of the equity method, including recognising the associate's or joint venture's losses in accordance with paragraph 38, the entity applies paragraphs 41A–41C to determine whether there is any objective evidence that its net investment in the associate or joint venture is impaired.
41
[Deleted]
41A
The net investment in an associate or joint venture 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 net investment (a ‘loss event’) and that loss event (or events) has an impact on the estimated future cash flows from the net investment 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 the net investment is impaired includes observable data that comes to the attention of the entity about the following loss events:
(a)
significant financial difficulty of the associate or joint venture;
(b)
a breach of contract, such as a default or delinquency in payments by the associate or joint venture;
(c)
the entity, for economic or legal reasons relating to its associate's or joint venture's financial difficulty, granting to the associate or joint venture a concession that the entity would not otherwise consider;
(d)
it becoming probable that the associate or joint venture will enter bankruptcy or other financial reorganisation; or
(e)
the disappearance of an active market for the net investment because of financial difficulties of the associate or joint venture.
41B
The disappearance of an active market because the associate's or joint venture's equity or financial instruments are no longer publicly traded is not evidence of impairment. A downgrade of an associate's or joint venture's credit rating or a decline in the fair value of the associate or joint venture, is not of itself, evidence of impairment, although it may be evidence of impairment when considered with other available information.
41C
In addition to the types of events in paragraph 41A, objective evidence of impairment for the net investment in the equity instruments of the associate or joint venture includes information about significant changes with an adverse effect that have taken place in the technological, market, economic or legal environment in which the associate or joint venture 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.
42
Because goodwill that forms part of the carrying amount of the net investment in an associate or a joint venture 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 for impairment in accordance with IAS 36 as a single asset, by comparing its recoverable amount (higher of value in use and fair value less costs of disposal) with its carrying amount whenever application of paragraphs 41A–41C indicates that the net investment may be impaired. An impairment loss recognised in those circumstances is not allocated to any asset, including goodwill, that forms part of the carrying amount of the net investment in the associate or joint venture. Accordingly, any reversal of that impairment loss is recognised in accordance with IAS 36 to the extent that the recoverable amount of the net investment subsequently increases. In determining the value in use of the net investment, an entity estimates:
(a)
its share of the present value of the estimated future cash flows expected to be generated by the associate or joint venture, including the cash flows from the operations of the associate or joint venture and the proceeds from 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.
Using appropriate assumptions, both methods give the same result.
43
The recoverable amount of an investment in an associate or a joint venture shall be assessed for each associate or joint venture, unless the associate or joint venture does not generate cash inflows from continuing use that are largely independent of those from other assets of the entity.
SEPARATE FINANCIAL STATEMENTS
44
An investment in an associate or a joint venture shall be accounted for in the entity’s separate financial statements in accordance with paragraph 10 of IAS 27 (as amended in 2011).
EFFECTIVE DATE AND TRANSITION
45
An entity shall apply this Standard for annual periods beginning on or after 1 January 2013. Earlier application is permitted. If an entity applies this Standard earlier, it shall disclose that fact and apply IFRS 10, IFRS 11 
Joint Arrangements
, IFRS 12 
Disclosure of Interests in Other Entities
 and IAS 27 (as amended in 2011) at the same time.
45A
IFRS 9, as issued in July 2014, amended paragraphs 40–42 and added paragraphs 41A–41C. An entity shall apply those amendments when it applies IFRS 9.
45B
Equity Method in Separate Financial Statements
 (Amendments to IAS 27), issued in August 2014, amended paragraph 25. An entity shall apply that amendment for annual periods beginning on or after 1 January 2016 retrospectively in accordance with IAS 8 
Accounting Policies, Changes in Accounting Estimates and Errors
. Earlier application is permitted. If an entity applies that amendment for an earlier period, it shall disclose that fact.
45D
Investment Entities: Applying the Consolidation Exception
 (Amendments to IFRS 10, IFRS 12 and IAS 28), issued in December 2014, amended paragraphs 17, 27 and 36 and added paragraph 36A. An entity shall apply those amendments for annual periods beginning on or after 1 January 2016. Earlier application is permitted. If an entity applies those amendments for an earlier period, it shall disclose that fact.
45E
Annual Improvements to IFRS Standards 2014–2016 Cycle
, issued in December 2016, amended paragraphs 18 and 36A. An entity shall apply those amendments retrospectively in accordance with IAS 8 for annual periods beginning on or after 1 January 2018. Earlier application is permitted. If an entity applies those amendments for an earlier period, it shall disclose that fact.
45F
IFRS 17, issued in May 2017, amended paragraph 18. An entity shall apply that amendment when it applies IFRS 17.
45G
Long-term Interests in Associates and Joint Ventures
, issued in October 2017, added paragraph 14A and deleted paragraph 41. An entity shall apply those amendments retrospectively in accordance with IAS 8 for annual reporting periods beginning on or after 1 January 2019, except as specified in paragraphs 45H-45K. Earlier application is permitted. If an entity applies those amendments earlier, it shall disclose that fact.
45H
An entity that first applies the amendments in paragraph 45G at the same time it first applies IFRS 9 shall apply the transition requirements in IFRS 9 to the long-term interests described in paragraph 14A.
45I
An entity that first applies the amendments in paragraph 45G after it first applies IFRS 9 shall apply the transition requirements in IFRS 9 necessary for applying the requirements set out in paragraph 14A to long-term interests. For that purpose, references to the date of initial application in IFRS 9 shall be read as referring to the beginning of the annual reporting period in which the entity first applies the amendments (the date of initial application of the amendments). The entity is not required to restate prior periods to reflect the application of the amendments. The entity may restate prior periods only if it is possible without the use of hindsight.
45J
When first applying the amendments in paragraph 45G, an entity that applies the temporary exemption from IFRS 9 in accordance with IFRS 4 
Insurance Contracts
 is not required to restate prior periods to reflect the application of the amendments. The entity may restate prior periods only if it is possible without the use of hindsight.
45K
If an entity does not restate prior periods applying paragraph 45I or paragraph 45J, at the date of initial application of the amendments it shall recognise in the opening retained earnings (or other component of equity, as appropriate) any difference between:
(a)
the previous carrying amount of long-term interests described in paragraph 14A at that date; and
(b)
the carrying amount of those long-term interests at that date.
References to IFRS 9
46
If an entity applies this Standard but does not yet apply IFRS 9, any reference to IFRS 9 shall be read as a reference to IAS 39.
WITHDRAWAL OF IAS 28 (2003)
47
This Standard supersedes IAS 28 
Investments in Associates
 (as revised in 2003).
INTERNATIONAL ACCOUNTING STANDARD 29
Financial Reporting in Hyperinflationary Economies
(
13
)
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
Entities that prepare financial statements on the historical cost basis of accounting do so without regard either to changes in the general level of prices or to increases in specific prices of recognised assets or liabilities. The exceptions to this are those assets and liabilities that the entity is required, or chooses, to measure at fair value. For example, property, plant and equipment may be revalued to fair value and biological assets are generally required to be measured at fair value. 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 end of the reporting period. 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 end of the reporting period. The corresponding figures for the previous period required by IAS 1 
Presentation of Financial Statements
 (as revised in 2007) and any information in respect of earlier periods shall also be stated 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 
The Effects of Changes in Foreign Exchange Rates
 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
Statement of financial position
11
Statement of financial position amounts not already expressed in terms of the measuring unit current at the end of the reporting period 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 end of the reporting period. 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 end of the reporting period. These items are carried at this adjusted amount in the restated statement of financial position.
14
All other assets and liabilities are non-monetary. Some non-monetary items are carried at amounts current at the end of the reporting period, such as net realisable value and fair 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 end of the reporting period. For example, property, plant and equipment, 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 statement of financial position, 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 IFRSs, when it exceeds its recoverable amount. For example, restated amounts of property, plant and equipment, goodwill, patents and trademarks are reduced to recoverable amount and restated amounts of inventories are reduced to net realisable value.
20
An investee that is accounted for under the equity method may report in the currency of a hyperinflationary economy. The statement of financial position and statement of comprehensive income of such an investee are restated in accordance with this Standard in order to calculate the investor's share of its net assets and profit or loss. When 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 statement of financial position.
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.
Statement of comprehensive income
26
This standard requires that all items in the statement of comprehensive income are expressed in terms of the measuring unit current at the end of the reporting period. 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 items in the statement of comprehensive income 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 profit or loss. 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 and expense 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 statement of comprehensive income.
Current cost financial statements
Statement of financial position
29
Items stated at current cost are not restated because they are already expressed in terms of the measuring unit current at the end of the reporting period. Other items in the statement of financial position are restated in accordance with paragraphs 11 to 25.
Statement of comprehensive income
30
The current cost statement of comprehensive income, 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 end of the reporting period 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 statement of financial position and their tax bases. These differences are accounted for in accordance with IAS 12 
Income Taxes
.
Statement of cash flows
33
This standard requires that all items in the statement of cash flows are expressed in terms of the measuring unit current at the end of the reporting period.
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 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 ends of the reporting periods 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 end of the reporting period;
(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 end of the reporting period 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 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 IFRS 9 
Financial Instruments
, 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 or joint ventures that are accounted for in accordance with IFRS 10 
Consolidated Financial Statements
, IAS 27 
Separate Financial Statements
 or IAS 28 
Investments in Associates and Joint Ventures
. However, in some cases, IFRS 10, IAS 27 or IAS 28 require or permit an entity to account for an interest in a subsidiary, associate or joint venture using IFRS 9; in those cases, entities shall apply the requirements of 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)
[deleted]
(d)
insurance contracts as defined in IFRS 17 
Insurance Contracts
 or investment contracts with discretionary participation features within the scope of IFRS 17. However, this Standard applies to:
(i)
derivatives that are embedded in contracts within the scope of IFRS 17, if IFRS 9 requires the entity to account for them separately;
(ii)
investment components that are separated from contracts within the scope of IFRS 17, if IFRS 17 requires such separation, unless the separated investment component is an investment contract with discretionary participation features within the scope of IFRS 17;
(iii)
an issuer’s rights and obligations arising under insurance contracts that meet the definition of financial guarantee contracts, if the issuer applies IFRS 9 in recognising and measuring the contracts. However, the issuer shall apply IFRS 17 if the issuer elects, in accordance with paragraph 7(e) of IFRS 17, to apply IFRS 17 in recognising and measuring the contracts;
(iv)
an entity’s rights and obligations that are financial instruments arising under credit card contracts, or similar contracts that provide credit or payment arrangements, that an entity issues that meet the definition of an insurance contract if the entity applies IFRS 9 to those rights and obligations in accordance with paragraph 7(h) of IFRS 17 and paragraph 2.1(e)(iv) of IFRS 9;
(v)
an entity’s rights and obligations that are financial instruments arising under insurance contracts that an entity issues that limit the compensation for insured events to the amount otherwise required to settle the policyholder’s obligation created by the contract if the entity elects, in accordance with paragraph 8A of IFRS 17, to apply IFRS 9 instead of IFRS 17 to such contracts.
(e)
[deleted]
(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. However, this Standard shall be applied to those contracts that an entity designates as measured at fair value through profit or loss in accordance with paragraph 2.5 of IFRS 9 
Financial Instruments
.
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 puttable financial instruments classified as equity instruments in accordance with paragraphs 16A and 16B, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C and 16D, or instruments that are 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, rights, options or warrants to acquire a fixed number of the entity’s own equity instruments for a fixed amount of any currency are equity instruments if the entity offers the rights, options or warrants pro rata to all of its existing owners of the same class of its own non-derivative equity instruments. Also, for these purposes the entity’s own equity instruments do not include puttable financial instruments that are classified as equity instruments in accordance with paragraphs 16A and 16B, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C and 16D, or instruments that are contracts for the future receipt or delivery of the entity’s own equity instruments.
As an exception, an instrument that meets the definition of a financial liability is classified as an equity instrument if it has all the features and meets the conditions in paragraphs 16A and 16B or paragraphs 16C and 16D.
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 price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. (See IFRS 13 
Fair Value Measurement
.)
A 
puttable instrument
 is a financial instrument that gives the holder the right to put the instrument back to the issuer for cash or another financial asset or is automatically put back to the issuer on the occurrence of an uncertain future event or the death or retirement of the instrument holder.
12
The following terms are defined in Appendix A of IFRS 9 or paragraph 9 of IAS 39 
Financial Instruments: Recognition and Measurement
 and are used in this Standard with the meaning specified in IAS 39 and IFRS 9.
—
amortised cost of a financial asset or financial liability
—
derecognition
—
derivative
—
effective interest method
—
financial guarantee contract
—
financial liability at fair value through profit or loss
—
firm commitment
—
forecast transaction
—
hedge effectiveness
—
hedged item
—
hedging instrument
—
held for trading
—
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 AG13-AG14J and AG25–AG29A)
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, rights, options or warrants to acquire a fixed number of the entity’s own equity instruments for a fixed amount of any currency are equity instruments if the entity offers the rights, options or warrants pro rata to all of its existing owners of the same class of its own non-derivative equity instruments. Also, for these purposes the issuer’s own equity instruments do not include instruments that have all the features and meet the conditions described in paragraphs 16A and 16B or paragraphs 16C and 16D, or instruments that are 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. As an exception, an instrument that meets the definition of a financial liability is classified as an equity instrument if it has all the features and meets the conditions in paragraphs 16A and 16B or paragraphs 16C and 16D.
Puttable instruments
16A
A puttable financial instrument includes a contractual obligation for the issuer to repurchase or redeem that instrument for cash or another financial asset on exercise of the put. As an exception to the definition of a financial liability, an instrument that includes such an obligation is classified as an equity instrument if it has all the following features:
(a)
It entitles the holder to a pro rata share of the entity’s net assets in the event of the entity’s liquidation. The entity’s net assets are those assets that remain after deducting all other claims on its assets. A pro rata share is determined by:
(i)
dividing the entity’s net assets on liquidation into units of equal amount; and
(ii)
multiplying that amount by the number of the units held by the financial instrument holder.
(b)
The instrument is in the class of instruments that is subordinate to all other classes of instruments. To be in such a class the instrument:
(i)
has no priority over other claims to the assets of the entity on liquidation, and
(ii)
does not need to be converted into another instrument before it is in the class of instruments that is subordinate to all other classes of instruments.
(c)
All financial instruments in the class of instruments that is subordinate to all other classes of instruments have identical features. For example, they must all be puttable, and the formula or other method used to calculate the repurchase or redemption price is the same for all instruments in that class.
(d)
Apart from the contractual obligation for the issuer to repurchase or redeem the instrument for cash or another financial asset, the instrument does not include any contractual obligation to deliver cash or another financial asset to another entity, or to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity, and it is not a contract that will or may be settled in the entity’s own equity instruments as set out in subparagraph (b) of the definition of a financial liability.
(e)
The total expected cash flows attributable to the instrument over the life of the instrument are based substantially on the profit or loss, the change in the recognised net assets or the change in the fair value of the recognised and unrecognised net assets of the entity over the life of the instrument (excluding any effects of the instrument).
16B
For an instrument to be classified as an equity instrument, in addition to the instrument having all the above features, the issuer must have no other financial instrument or contract that has:
(a)
total cash flows based substantially on the profit or loss, the change in the recognised net assets or the change in the fair value of the recognised and unrecognised net assets of the entity (excluding any effects of such instrument or contract) and
(b)
the effect of substantially restricting or fixing the residual return to the puttable instrument holders.
For the purposes of applying this condition, the entity shall not consider non-financial contracts with a holder of an instrument described in paragraph 16A that have contractual terms and conditions that are similar to the contractual terms and conditions of an equivalent contract that might occur between a non-instrument holder and the issuing entity. If the entity cannot determine that this condition is met, it shall not classify the puttable instrument as an equity instrument.
Instruments, or components of instruments, that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation
16C
Some financial instruments include a contractual obligation for the issuing entity to deliver to another entity a pro rata share of its net assets only on liquidation. The obligation arises because liquidation either is certain to occur and outside the control of the entity (for example, a limited life entity) or is uncertain to occur but is at the option of the instrument holder. As an exception to the definition of a financial liability, an instrument that includes such an obligation is classified as an equity instrument if it has all the following features:
(a)
It entitles the holder to a pro rata share of the entity’s net assets in the event of the entity’s liquidation. The entity’s net assets are those assets that remain after deducting all other claims on its assets. A pro rata share is determined by:
(i)
dividing the net assets of the entity on liquidation into units of equal amount; and
(ii)
multiplying that amount by the number of the units held by the financial instrument holder.
(b)
The instrument is in the class of instruments that is subordinate to all other classes of instruments. To be in such a class the instrument:
(i)
has no priority over other claims to the assets of the entity on liquidation, and
(ii)
does not need to be converted into another instrument before it is in the class of instruments that is subordinate to all other classes of instruments.
(c)
All financial instruments in the class of instruments that is subordinate to all other classes of instruments must have an identical contractual obligation for the issuing entity to deliver a pro rata share of its net assets on liquidation.
16D
For an instrument to be classified as an equity instrument, in addition to the instrument having all the above features, the issuer must have no other financial instrument or contract that has:
(a)
total cash flows based substantially on the profit or loss, the change in the recognised net assets or the change in the fair value of the recognised and unrecognised net assets of the entity (excluding any effects of such instrument or contract) and
(b)
the effect of substantially restricting or fixing the residual return to the instrument holders.
For the purposes of applying this condition, the entity shall not consider non-financial contracts with a holder of an instrument described in paragraph 16C that have contractual terms and conditions that are similar to the contractual terms and conditions of an equivalent contract that might occur between a non-instrument holder and the issuing entity. If the entity cannot determine that this condition is met, it shall not classify the instrument as an equity instrument.
Reclassification of puttable instruments and instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation
16E
An entity shall classify a financial instrument as an equity instrument in accordance with paragraphs 16A and 16B or paragraphs 16C and 16D from the date when the instrument has all the features and meets the conditions set out in those paragraphs. An entity shall reclassify a financial instrument from the date when the instrument ceases to have all the features or meet all the conditions set out in those paragraphs. For example, if an entity redeems all its issued non-puttable instruments and any puttable instruments that remain outstanding have all the features and meet all the conditions in paragraphs 16A and 16B, the entity shall reclassify the puttable instruments as equity instruments from the date when it redeems the non-puttable instruments.
16F
An entity shall account as follows for the reclassification of an instrument in accordance with paragraph 16E:
(a)
It shall reclassify an equity instrument as a financial liability from the date when the instrument ceases to have all the features or meet the conditions in paragraphs 16A and 16B or paragraphs 16C and 16D. The financial liability shall be measured at the instrument’s fair value at the date of reclassification. The entity shall recognise in equity any difference between the carrying value of the equity instrument and the fair value of the financial liability at the date of reclassification.
(b)
It shall reclassify a financial liability as equity from the date when the instrument has all the features and meets the conditions set out in paragraphs 16A and 16B or paragraphs 16C and 16D. An equity instrument shall be measured at the carrying value of the financial liability at the date of reclassification.
No contractual obligation to deliver cash or another financial asset (paragraph 16(a))
17
With the exception of the circumstances described in paragraphs 16A and 16B or paragraphs 16C and 16D, 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 in the entity’s statement of financial position. 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, except for those instruments classified as equity instruments in accordance with paragraphs 16A and 16B or paragraphs 16C and 16D. The financial instrument is a financial liability 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. 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, except for those instruments classified as equity instruments in accordance with paragraphs 16A and 16B or paragraphs 16C and 16D. For example, open-ended mutual funds, unit trusts, partnerships and some co-operative entities may provide their unitholders or members with a right to redeem their interests in the issuer at any time for cash, which results in the unitholders’ or members’ interests being classified as financial liabilities, except for those instruments classified as equity instruments in accordance with paragraphs 16A and 16B or paragraphs 16C and 16D. 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’ in 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, except for those instruments classified as equity instruments in accordance with paragraphs 16A and 16B or paragraphs 16C and 16D. 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 
(
14
)
, 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
Except as stated in paragraph 22A, 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.
22A
If the entity’s own equity instruments to be received, or delivered, by the entity upon settlement of a contract are puttable financial instruments with all the features and meeting the conditions described in paragraphs 16A and 16B, or instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation with all of the features and meeting the conditions described in paragraphs 16C and 16D, the contract is a financial asset or a financial liability. This includes a contract that will be settled by the entity receiving or delivering a fixed number of such instruments in exchange for a fixed amount of cash or another financial asset.
23
With the exception of the circumstances described in paragraphs 16A and 16B or paragraphs 16C and 16D, 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. The financial liability is recognised initially at the present value of the redemption amount, and is reclassified from equity. Subsequently, the financial liability is measured in accordance with IFRS 9. 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 (eg 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;
(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; or
(c)
the instrument has all the features and meets the conditions in paragraphs 16A and 16B.
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 in its statement of financial position.
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
IFRS 9 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.
33A
Some entities operate, either internally or externally, an investment fund that provides investors with benefits determined by units in the fund and recognise financial liabilities for the amounts to be paid to those investors. Similarly, some entities issue groups of insurance contracts with direct participation features and those entities hold the underlying items. Some such funds or underlying items include the entity’s treasury shares. Despite paragraph 33, an entity may elect not to deduct from equity a treasury share that is included in such a fund or is an underlying item when, and only when, an entity reacquires its own equity instrument for such purposes. Instead, the entity may elect to continue to account for that treasury share as equity and to account for the reacquired instrument as if the instrument were a financial asset and measure it at fair value through profit or loss in accordance with IFRS 9. That election is irrevocable and made on an instrument-by-instrument basis. For the purposes of this election, insurance contracts include investment contracts with discretionary participation features. (See IFRS 17 for terms used in this paragraph that are defined in that Standard.)
34
The amount of treasury shares held is disclosed separately either in the statement of financial position 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 recognised by the entity directly in equity. Transaction costs of an equity transaction shall be accounted for as a deduction from equity.
35A
Income tax relating to distributions to holders of an equity instrument and to transaction costs of an equity transaction shall be accounted for in accordance with IAS 12 
Income Taxes
.
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 to the extent that 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 in accordance with IAS 1.
40
Dividends classified as an expense may be presented in the statement(s) of profit or loss and other comprehensive income 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 statement(s) of profit or loss and other comprehensive income. 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 in the statement of comprehensive income when it is relevant in explaining the entity's performance.
Offsetting a financial asset and a financial liability (see also paragraphs AG38A–AG38F and AG39)
42
A financial asset and a financial liability shall be offset and the net amount presented in the statement of financial position 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 IFRS 9, paragraph 3.2.22).
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. An entity shall disclose the information required in paragraphs 13B–13E of IFRS 7 for recognised financial instruments that are within the scope of paragraph 13A of IFRS 7.
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 statement of financial position 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.
51-95
[Deleted]
EFFECTIVE DATE AND TRANSITION
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.
96A
Puttable Financial Instruments and Obligations Arising on Liquidation
 (Amendments to IAS 32 and IAS 1), issued in February 2008, required financial instruments that contain all the features and meet the conditions in paragraphs 16A and 16B or paragraphs 16C and 16D to be classified as an equity instrument, amended paragraphs 11, 16, 17–19, 22, 23, 25, AG13, AG14 and AG27, and inserted paragraphs 16A–16F, 22A, 96B, 96C, 97C, AG14A–AG14J and AG29A. An entity shall apply those amendments for annual periods beginning on or after 1 January 2009. Earlier application is permitted. If an entity applies the changes for an earlier period, it shall disclose that fact and apply the related amendments to IAS 1, IAS 39, IFRS 7 and IFRIC 2 at the same time.
96B
Puttable Financial Instruments and Obligations Arising on Liquidation
 introduced a limited scope exception; therefore, an entity shall not apply the exception by analogy.
96C
The classification of instruments under this exception shall be restricted to the accounting for such an instrument under IAS 1, IAS 32, IAS 39, IFRS 7 and IFRS 9. The instrument shall not be considered an equity instrument under other guidance, for example IFRS 2.
97
This standard shall be applied retrospectively.
97A
IAS 1 (as revised in 2007) amended the terminology used throughout IFRSs. In addition it amended paragraph 40. An entity shall apply those amendments for annual periods beginning on or after 1 January 2009. If an entity applies IAS 1 (revised 2007) for an earlier period, the amendments shall be applied for that earlier period.
97B
IFRS 3 
Business Combinations
 (as revised in 2008) deleted paragraph 4(c). An entity shall apply that amendment for annual periods beginning on or after 1 July 2009. If an entity applies IFRS 3 (revised 2008) for an earlier period, the amendment shall also be applied for that earlier period. However, the amendment does not apply to contingent consideration that arose from a business combination for which the acquisition date preceded the application of IFRS 3 (revised 2008). Instead, an entity shall account for such consideration in accordance with paragraphs 65A–65E of IFRS 3 (as amended in 2010).
97C
When applying the amendments described in paragraph 96A, an entity is required to split a compound financial instrument with an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation into separate liability and equity components. If the liability component is no longer outstanding, a retrospective application of those amendments to IAS 32 would involve separating two components of equity. The first component would be in retained earnings and represent the cumulative interest accreted on the liability component. The other component would represent the original equity component. Therefore, an entity need not separate these two components if the liability component is no longer outstanding at the date of application of the amendments.
97D
Paragraph 4 was amended by 
Improvements to IFRSs
 issued in May 2008. An entity shall apply that amendment for annual periods beginning on or after 1 January 2009. Earlier application is permitted. If an entity applies the amendment for an earlier period it shall disclose that fact and apply for that earlier period the amendments to paragraph 3 of IFRS 7, paragraph 1 of IAS 28 and paragraph 1 of IAS 31 issued in May 2008. An entity is permitted to apply the amendment prospectively.
97E
Paragraphs 11 and 16 were amended by 
Classification of Rights Issues
 issued in October 2009. An entity shall apply that amendment for annual periods beginning on or after 1 February 2010. Earlier application is permitted. If an entity applies the amendment for an earlier period, it shall disclose that fact.
97F
[Deleted]
97G
Paragraph 97B was amended by 
Improvements to IFRSs
 issued in May 2010. An entity shall apply that amendment for annual periods beginning on or after 1 July 2010. Earlier application is permitted.
97H
[Deleted]
97I
IFRS 10 and IFRS 11 
Joint Arrangements
, issued in May 2011, amended paragraphs 4(a) and AG29. An entity shall apply those amendments when it applies IFRS 10 and IFRS 11.
97J
IFRS 13, issued in May 2011, amended the definition of fair value in paragraph 11 and amended paragraphs 23 and AG31. An entity shall apply those amendments when it applies IFRS 13.
97K
Presentation of Items of Other Comprehensive Income
 (Amendments to IAS 1), issued in June 2011, amended paragraph 40. An entity shall apply that amendment when it applies IAS 1 as amended in June 2011.
97L
Offsetting Financial Assets and Financial Liabilities
 (Amendments to IAS 32), issued in December 2011, deleted paragraph AG38 and added paragraphs AG38A–AG38F. An entity shall apply those amendments for annual periods beginning on or after 1 January 2014. An entity shall apply those amendments retrospectively. Earlier application is permitted. If an entity applies those amendments from an earlier date, it shall disclose that fact and shall also make the disclosures required by 
Disclosures—Offsetting Financial Assets and Financial Liabilities
 (Amendments to IFRS 7) issued in December 2011.
97M
Disclosures—Offsetting Financial Assets and Financial Liabilities
 (Amendments to IFRS 7), issued in December 2011, amended paragraph 43 by requiring an entity to disclose the information required in paragraphs 13B–13E of IFRS 7 for recognised financial assets that are within the scope of paragraph 13A of IFRS 7. An entity shall apply that amendment for annual periods beginning on or after 1 January 2013 and interim periods within those annual periods. An entity shall provide the disclosures required by this amendment retrospectively.
97N
Annual Improvements 2009–2011 Cycle
, issued in May 2012, amended paragraphs 35, 37 and 39 and added paragraph 35A. An entity shall apply that amendment retrospectively in accordance with IAS 8 
Accounting Policies, Changes in Accounting Estimates and Errors
 for annual periods beginning on or after 1 January 2013. Earlier application is permitted. If an entity applies that amendment for an earlier period it shall disclose that fact.
97O
Investment Entities
 (Amendments to IFRS 10, IFRS 12 and IAS 27), issued in October 2012, amended paragraph 4. An entity shall apply that amendment for annual periods beginning on or after 1 January 2014. Earlier application of 
Investment Entities
 is permitted. If an entity applies that amendment earlier it shall also apply all amendments included in 
Investment Entities
 at the same time.
97P
[Deleted]
97Q
IFRS 15 
Revenue from Contracts with Customers
, issued in May 2014, amended paragraph AG21. An entity shall apply that amendment when it applies IFRS 15.
97R
IFRS 9, as issued in July 2014, amended paragraphs 3, 4, 8, 12, 23, 31, 42, 96C, AG2 and AG30 and deleted paragraphs 97F, 97H and 97P. An entity shall apply those amendments when it applies IFRS 9.
97S
IFRS 16 
Leases
, issued in January 2016, amended paragraphs AG9 and AG10. An entity shall apply those amendments when it applies IFRS 16.
97T
IFRS 17, issued in May 2017, amended paragraphs 4, AG8 and AG36, and added paragraph 33A. 
Amendments to IFRS 17
, issued in June 2020, further amended paragraph 4. An entity shall apply those amendments when it applies IFRS 17.
WITHDRAWAL OF OTHER PRONOUNCEMENTS
98
This standard supersedes IAS 32 
Financial Instruments: Disclosure and Presentation
 revised in 2000 
(
15
)
.
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
.
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 IFRS 9.
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 CU1000 
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. 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 CU1000 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 17.
AG9
A lease typically creates 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 a finance lease rather than the underlying asset itself that is subject to the finance lease. Accordingly, a lessor regards a finance lease as a financial instrument. Under IFRS 16, a lessor does not recognise its entitlement to receive lease payments under an operating lease. The lessor continues to account for the underlying asset itself rather than any amount receivable in the future under the contract. Accordingly, a lessor does not regard an operating lease as a financial instrument, except as regards individual payments currently due and payable by the lessee.
AG10
Physical assets (such as inventories, property, plant and equipment), right-of-use assets and intangible assets (such as patents and trademarks) are not financial assets. Control of such physical assets, right-of-use assets 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 puttable instruments (see paragraphs 16A and 16B), some instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation (see paragraphs 16C and 16D), 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 (except as stated in paragraph 22A). However, if such a contract contains an obligation for the entity to pay cash or another financial asset (other than a contract classified as equity in accordance with paragraphs 16A and 16B or paragraphs 16C and 16D), 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 obliged 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 (except as stated in paragraph 22A). Instead, any consideration paid for such a contract is deducted from equity.
The class of instruments that is subordinate to all other classes (paragraphs 16A(b) and 16C(b))
AG14A
One of the features of paragraphs 16A and 16C is that the financial instrument is in the class of instruments that is subordinate to all other classes.
AG14B
When determining whether an instrument is in the subordinate class, an entity evaluates the instrument’s claim on liquidation as if it were to liquidate on the date when it classifies the instrument. An entity shall reassess the classification if there is a change in relevant circumstances. For example, if the entity issues or redeems another financial instrument, this may affect whether the instrument in question is in the class of instruments that is subordinate to all other classes.
AG14C
An instrument that has a preferential right on liquidation of the entity is not an instrument with an entitlement to a pro rata share of the net assets of the entity. For example, an instrument has a preferential right on liquidation if it entitles the holder to a fixed dividend on liquidation, in addition to a share of the entity’s net assets, when other instruments in the subordinate class with a right to a pro rata share of the net assets of the entity do not have the same right on liquidation.
AG14D
If an entity has only one class of financial instruments, that class shall be treated as if it were subordinate to all other classes.
Total expected cash flows attributable to the instrument over the life of the instrument (paragraph 16A(e))
AG14E
The total expected cash flows of the instrument over the life of the instrument must be substantially based on the profit or loss, change in the recognised net assets or fair value of the recognised and unrecognised net assets of the entity over the life of the instrument. Profit or loss and the change in the recognised net assets shall be measured in accordance with relevant IFRSs.
Transactions entered into by an instrument holder other than as owner of the entity (paragraphs 16A and 16C)
AG14F
The holder of a puttable financial instrument or an instrument that imposes on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation may enter into transactions with the entity in a role other than that of an owner. For example, an instrument holder may also be an employee of the entity. Only the cash flows and the contractual terms and conditions of the instrument that relate to the instrument holder as an owner of the entity shall be considered when assessing whether the instrument should be classified as equity under paragraph 16A or paragraph 16C.
AG14G
An example is a limited partnership that has limited and general partners. Some general partners may provide a guarantee to the entity and may be remunerated for providing that guarantee. In such situations, the guarantee and the associated cash flows relate to the instrument holders in their role as guarantors and not in their roles as owners of the entity. Therefore, such a guarantee and the associated cash flows would not result in the general partners being considered subordinate to the limited partners, and would be disregarded when assessing whether the contractual terms of the limited partnership instruments and the general partnership instruments are identical.
AG14H
Another example is a profit or loss sharing arrangement that allocates profit or loss to the instrument holders on the basis of services rendered or business generated during the current and previous years. Such arrangements are transactions with instrument holders in their role as non-owners and should not be considered when assessing the features listed in paragraph 16A or paragraph 16C. However, profit or loss sharing arrangements that allocate profit or loss to instrument holders based on the nominal amount of their instruments relative to others in the class represent transactions with the instrument holders in their roles as owners and should be considered when assessing the features listed in paragraph 16A or paragraph 16C.
AG14I
The cash flows and contractual terms and conditions of a transaction between the instrument holder (in the role as a non-owner) and the issuing entity must be similar to an equivalent transaction that might occur between a non-instrument holder and the issuing entity.
No other financial instrument or contract with total cash flows that substantially fixes or restricts the residual return to the instrument holder (paragraphs 16B and 16D)
AG14J
A condition for classifying as equity a financial instrument that otherwise meets the criteria in paragraph 16A or paragraph 16C is that the entity has no other financial instrument or contract that has (a) total cash flows based substantially on the profit or loss, the change in the recognised net assets or the change in the fair value of the recognised and unrecognised net assets of the entity and (b) the effect of substantially restricting or fixing the residual return. The following instruments, when entered into on normal commercial terms with unrelated parties, are unlikely to prevent instruments that otherwise meet the criteria in paragraph 16A or paragraph 16C from being classified as equity:
(a)
instruments with total cash flows substantially based on specific assets of the entity.
(b)
instruments with total cash flows based on a percentage of revenue.
(c)
contracts designed to reward individual employees for services rendered to the entity.
(d)
contracts requiring the payment of an insignificant percentage of profit for services rendered or goods provided.
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 
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 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 CU 1 000 000 cash in exchange for CU 1 000 000 face amount of fixed rate government bonds, and the other party (the seller) promises to deliver CU 1 000 000 face amount of fixed rate government bonds in exchange for CU 1 000 000 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 CU 1 000 000, the conditions will be favourable to the purchaser and unfavourable to the seller; if the market price falls below CU 1 000 000, 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
Except as required by IFRS 15 
Revenue from Contracts with Customers
, 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 (except as stated in paragraph 22A). 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 (with the exception of instruments that have all the features and meet the conditions in paragraphs 16A and 16B or paragraphs 16C and 16D). 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 (except as stated in paragraphs 16A and 16B or paragraphs 16C and 16D). 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 (except as stated in paragraphs 16A and 16B or paragraphs 16C and 16D). 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 non-controlling interests—ie the interests of other parties in the equity and income of its subsidiaries—in accordance with IAS 1 and IFRS 10. 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.
AG29A
Some types of instruments that impose a contractual obligation on the entity are classified as equity instruments in accordance with paragraphs 16A and 16B or paragraphs 16C and 16D. Classification in accordance with those paragraphs is an exception to the principles otherwise applied in this Standard to the classification of an instrument. This exception is not extended to the classification of non-controlling interests in the consolidated financial statements. Therefore, instruments classified as equity instruments in accordance with either paragraphs 16A and 16B or paragraphs 16C and 16D in the separate or individual financial statements that are non-controlling interests are classified as liabilities in the consolidated financial statements of the group.
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. IFRS 9 deals with the classification and measurement of financial assets that are compound financial instruments from the holder's perspective.
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 in the statement of financial position, 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. 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 (but see also paragraph 33A). 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 statement of financial position.
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)
AG 38
[Deleted]
Criterion that an entity ‘currently has a legally enforceable right to set off the recognised amounts’ (paragraph 42(a))
AG38A
A right of setoff may be currently available or it may be contingent on a future event (for example, the right may be triggered or exercisable only on the occurrence of some future event, such as the default, insolvency or bankruptcy of one of the counterparties). Even if the right of setoff is not contingent on a future event, it may only be legally enforceable in the normal course of business, or in the event of default, or in the event of insolvency or bankruptcy, of one or all of the counterparties.
AG38B
To meet the criterion in paragraph 42(a), an entity must currently have a legally enforceable right of set-off. This means that the right of set-off:
(a)
must not be contingent on a future event; and
(b)
must be legally enforceable in all of the following circumstances:
(i)
the normal course of business;
(ii)
the event of default; and
(iii)
the event of insolvency or bankruptcy
of the entity and all of the counterparties.
AG38C
The nature and extent of the right of set-off, including any conditions attached to its exercise and whether it would remain in the event of default or insolvency or bankruptcy, may vary from one legal jurisdiction to another. Consequently, it cannot be assumed that the right of set-off is automatically available outside of the normal course of business. For example, the bankruptcy or insolvency laws of a jurisdiction may prohibit, or restrict, the right of set-off in the event of bankruptcy or insolvency in some circumstances.
AG38D
The laws applicable to the relationships between the parties (for example, contractual provisions, the laws governing the contract, or the default, insolvency or bankruptcy laws applicable to the parties) need to be considered to ascertain whether the right of set-off is enforceable in the normal course of business, in an event of default, and in the event of insolvency or bankruptcy, of the entity and all of the counterparties (as specified in paragraph AG38B(b)).
Criterion that an entity ‘intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously’ (paragraph 42(b))
AG38E
To meet the criterion in paragraph 42(b) an entity must intend either to settle on a net basis or to realise the asset and settle the liability simultaneously. Although the entity may have a right to settle net, it may still realise the asset and settle the liability separately.
AG38F
If an entity can settle amounts in a manner such that the outcome is, in effect, equivalent to net settlement, the entity will meet the net settlement criterion in paragraph 42(b). This will occur if, and only if, the gross settlement mechanism has features that eliminate or result in insignificant credit and liquidity risk, and that will process receivables and payables in a single settlement process or cycle. For example, a gross settlement system that has all of the following characteristics would meet the net settlement criterion in paragraph 42(b):
(a)
financial assets and financial liabilities eligible for set-off are submitted at the same point in time for processing;
(b)
once the financial assets and financial liabilities are submitted for processing, the parties are committed to fulfil the settlement obligation;
(c)
there is no potential for the cash flows arising from the assets and liabilities to change once they have been submitted for processing (unless the processing fails—see (d) below);
(d)
assets and liabilities that are collateralised with securities will be settled on a securities transfer or similar system (for example, delivery versus payment), so that if the transfer of securities fails, the processing of the related receivable or payable for which the securities are collateral will also fail (and vice versa);
(e)
any transactions that fail, as outlined in (d), will be re-entered for processing until they are settled;
(f)
settlement is carried out through the same settlement institution (for example, a settlement bank, a central bank or a central securities depository); and
(g)
an intraday credit facility is in place that will provide sufficient overdraft amounts to enable the processing of payments at the settlement date for each of the parties, and it is virtually certain that the intraday credit facility will be honoured if called upon.
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 in an entity’s statement of financial position on a net basis unless they meet the criteria for offsetting in paragraph 42.
AG40
[Deleted]
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 IFRS 10 
Consolidated Financial Statements
 and IAS 27 
Separate Financial Statements
, respectively, 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 in its statement of comprehensive income
. 
An entity shall not present such earnings per share information in the consolidated financial statements.
4A
If an entity presents items of profit or loss in a separate statement as described in paragraph 10A of IAS 1 
Presentation of Financial Statements
 (as amended in 2011), it presents earnings per share only in that separate statement.
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 and equity instrument, and provides guidance on applying those definitions. IFRS 13 
Fair Value Measurement
 defines fair value and sets out requirements for applying that definition.
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).
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 consideration transferred in a business combination are included in the weighted average number of shares from the acquisition date. This is because the acquirer incorporates into its statement of comprehensive income 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 IFRS 9).
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 or investors with joint control of, or significant influence over, the investee potential ordinary shares that are convertible into either ordinary shares of the subsidiary, joint venture or associate, or ordinary shares of the parent or investors with joint control of, or significant influence (the reporting entity) over, the investee. 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, warants 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 (measured in accordance with IFRS 2) 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 reporting period 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 in the statement of comprehensive income 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 a statement of comprehensive income 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 in the statement of comprehensive income.
67A
If an entity presents items of profit or loss in a separate statement as described in paragraph 10A of IAS 1 (as amended in 2011), it presents basic and diluted earnings per share, as required in paragraphs 66 and 67, in that separate statement.
68
An entity that reports a discontinued operation shall disclose the basic and diluted amounts per share for the discontinued operation either in the statement of comprehensive income or in the notes.
68A
If an entity presents items of profit or loss in a separate statement as described in paragraph 10A of IAS 1 (as amended in 2011), it presents basic and diluted earnings per share for the discontinued operation, as required in paragraph 68, in that separate 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 reporting period 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 end of the reporting period;
(c)
the redemption of ordinary shares outstanding;
(d)
the conversion or exercise of potential ordinary shares outstanding at the end of the reporting period 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 reporting period 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 statement of comprehensive income 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 statement of comprehensive income is used that is not reported as a line item in the statement of comprehensive income, a reconciliation shall be provided between the component used and a line item that is reported in the statement of comprehensive income.
73A
Paragraph 73 applies also to an entity that discloses, in addition to basic and diluted earnings per share, amounts per share using a reported item of profit or loss, other than one required by this Standard.
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.
74A
IAS 1 (as revised in 2007) amended the terminology used throughout IFRSs. In addition it added paragraphs 4A, 67A, 68A and 73A. An entity shall apply those amendments for annual periods beginning on or after 1 January 2009. If an entity applies IAS 1 (revised 2007) for an earlier period, those amendments shall be applied for that earlier period.
74B
IFRS 10 and IFRS 11 
Joint Arrangements
, issued in May 2011, amended paragraphs 4, 40 and A11. An entity shall apply those amendments when it applies IFRS 10 and IFRS 11.
74C
IFRS 13, issued in May 2011, amended paragraphs 8, 47A and A2. An entity shall apply those amendments when it applies IFRS 13.
74D
Presentation of Items of Other Comprehensive Income
 (Amendments to IAS 1), issued in June 2011, amended paragraphs 4A, 67A, 68A and 73A. An entity shall apply those amendments when it applies IAS 1 as amended in June 2011.
74E
IFRS 9 
Financial Instruments
, as issued in July 2014, amended paragraph 34. An entity shall apply that amendment when it applies IFRS 9.
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 non-controlling 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 fair 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:
The theoretical ex-rights fair value per share is calculated by adding the aggregate fair 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 is measured 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 CU4800 
(
18
)
, a loss from discontinued operations attributable to the parent entity of (CU7200), a loss attributable to the parent entity of (CU2400), and 2000 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 CU4200. 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, or investors with joint control of, or significant influence (the reporting entity) over, the investee 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.
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 (IFRSs). The International Accounting Standards Committee 
(
19
)
 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 IFRSs. 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 IFRSs if they otherwise do so.
3
If an entity's interim financial report is described as complying with IFRSs, 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
 (as revised in 2007)) 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 statement of financial position as at the end of the period;
(b)
a statement of profit or loss and other comprehensive income for the period;
(c)
a statement of changes in equity for the period;
(d)
a statement of cash flows for the period;
(e)
notes, comprising material accounting policy information and other explanatory information;
(ea)
comparative information in respect of the preceding period as specified in paragraphs 38 and 38A of IAS 1; and
(f)
a statement of financial position as at the beginning of the preceding period when an entity applies an accounting policy retrospectively or makes a retrospective restatement of items in its financial statements, or when it reclassifies items in its financial statements in accordance with paragraphs 40A–40D of IAS 1.
An entity may use titles for the statements other than those used in this Standard. For example, an entity may use the title ‘statement of comprehensive income’ instead of ‘statement of profit or loss and other comprehensive income’.
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 16A) as well as those required by other IFRSs.
Minimum components of an interim financial report
8
An interim financial report shall include, at a minimum, the following components:
(a)
a condensed statement of financial position;
(b)
a condensed statement or condensed statements of profit or loss and other comprehensive income;
(c)
a condensed statement of changes in equity;
(d)
a condensed statement of cash flows; and
(e)
selected explanatory notes.
8A
If an entity presents items of profit or loss in a separate statement as described in paragraph 10A of IAS 1 (as amended in 2011), it presents interim condensed information from that statement.
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
In the statement that presents the components of profit or loss for an interim period, an entity shall present basic and diluted earnings per share for that period when the entity is within the scope of IAS 33 
Earnings per Share
(
20
)
.
11A
If an entity presents items of profit or loss in a separate statement as described in paragraph 10A of IAS 1 (as amended in 2011), it presents basic and diluted earnings per share in that statement.
12
IAS 1 (as revised in 2007) provides guidance on the structure of financial statements. The Implementation Guidance for IAS 1 illustrates ways in which the statement of financial position, statement of comprehensive income and statement of changes in equity may be presented.
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.
Significant events and transactions
15
An entity shall include in its interim financial report 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 end of the last annual reporting period. Information disclosed in relation to those events and transactions shall update the relevant information presented in the most recent annual financial report.
15A
A user of an entity’s interim financial report will have access to the most recent annual financial report of that entity. Therefore, it is unnecessary for the notes to an interim financial report to provide relatively insignificant updates to the information that was reported in the notes in the most recent annual financial report.
15B
The following is a list of events and transactions for which disclosures would be required if they are significant: the list is not exhaustive.
(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 financial assets, property, plant and equipment, intangible assets, assets arising from contracts with customers, 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)
changes in the business or economic circumstances that affect the fair value of the entity’s financial assets and financial liabilities, whether those assets or liabilities are recognised at fair value or amortised cost;
(i)
any loan default or breach of a loan agreement that has not been remedied on or before the end of the reporting period;
(j)
related party transactions;
(k)
transfers between levels of the fair value hierarchy used in measuring the fair value of financial instruments;
(l)
changes in the classification of financial assets as a result of a change in the purpose or use of those assets; and
(m)
changes in contingent liabilities or contingent assets.
15C
Individual IFRSs provide guidance regarding disclosure requirements for many of the items listed in paragraph 15B. When an event or transaction is significant to an understanding of the changes in an entity’s financial position or performance since the last annual reporting period, its interim financial report should provide an explanation of and an update to the relevant information included in the financial statements of the last annual reporting period.
16
[Deleted]
Other disclosures
16A
In addition to disclosing significant events and transactions in accordance with paragraphs 15–15C, an entity shall include the following information, in the notes to its interim financial statements or elsewhere in the interim financial report. The following disclosures shall be given either in the interim financial statements or incorporated by cross-reference from the interim financial statements to some other statement (such as management commentary or risk report) that is available to users of the financial statements on the same terms as the interim financial statements and at the same time. If users of the financial statements do not have access to the information incorporated by cross-reference on the same terms and at the same time, the interim financial report is incomplete. The information shall normally be reported on a financial year-to-date basis.
(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.
(e)
issues, 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)
a measure of total assets and liabilities for a particular reportable segment if such amounts are regularly provided to the chief operating decision maker and if there has been a material change from the amount disclosed in the last annual financial statements for that reportable segment.
(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)
events after 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, obtaining or losing control of subsidiaries and long-term investments, restructurings, and discontinued operations. In the case of business combinations, the entity shall disclose the information required by IFRS 3 
Business Combinations
.
(j)
for financial instruments, the disclosures about fair value required by paragraphs 91–93(h), 94–96, 98 and 99 of IFRS 13 
Fair Value Measurement
 and paragraphs 25, 26 and 28–30 of IFRS 7 
Financial Instruments: Disclosures
.
(k)
for entities becoming, or ceasing to be, investment entities, as defined in IFRS 10 
Consolidated Financial Statements
, the disclosures in IFRS 12 
Disclosure of Interests in Other Entities
 paragraph 9B.
(l)
the disaggregation of revenue from contracts with customers required by paragraphs 114–115 of IFRS 15 
Revenue from Contracts with Customers
.
17-18
[Deleted]
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 IFRSs unless it complies with all the requirements of IFRSs.
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)
statement of financial position as of the end of the current interim period and a comparative statement of financial position as of the end of the immediately preceding financial year.
(b)
statements of profit or loss and other comprehensive income for the current interim period and cumulatively for the current financial year to date, with comparative statements of profit or loss and other comprehensive income for the comparable interim periods (current and year-to-date) of the immediately preceding financial year. As permitted by IAS 1 (as amended in 2011), an interim report may present for each period a statement or statements of profit or loss and other comprehensive income.
(c)
statement of 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.
(d)
statement of cash flows 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 up to the end of the interim period 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
Part A of the illustrative examples accompanying this Standard 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 defines material information and requires separate disclosure of material items, including (for example) discontinued operations, and IAS 8 
Accounting Policies, Changes in Accounting Estimates and Errors
 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 16A(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 in the statement of financial position 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 
Conceptual Framework for Financial Reporting
 (
Conceptual Framework
), recognition is the process of capturing, for inclusion in the statement of financial position or the statement(s) of financial performance, an item that meets the definition of one of the elements of the financial statements. The definitions of assets, liabilities, income, and expenses are fundamental to recognition, at the end of both annual and interim financial reporting periods.
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 the end of an interim reporting period must represent an existing obligation at that date, just as it must at the end of an annual reporting period.
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 
Conceptual Framework
 does not allow the recognition of items in the statement of financial position 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 16A(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 16A(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
Part B of the illustrative examples accompanying this Standard 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
Part C of the illustrative examples accompanying this Standard 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 IFRS
, 
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.
47
IAS 1 (as revised in 2007) amended the terminology used throughout IFRSs. In addition it amended paragraphs 4, 5, 8, 11, 12 and 20, deleted paragraph 13 and added paragraphs 8A and 11A. An entity shall apply those amendments for annual periods beginning on or after 1 January 2009. If an entity applies IAS 1 (revised 2007) for an earlier period, the amendments shall be applied for that earlier period.
48
IFRS 3 (as revised in 2008) amended paragraph 16(i). An entity shall apply that amendment for annual periods beginning on or after 1 July 2009. If an entity applies IFRS 3 (revised 2008) for an earlier period, the amendment shall also be applied for that earlier period.
49
Paragraphs 15, 27, 35 and 36 were amended, paragraphs 15A–15C and 16A were added and paragraphs 16–18 were deleted by 
Improvements to IFRSs
 issued in May 2010. An entity shall apply those amendments for annual periods beginning on or after 1 January 2011. Earlier application is permitted. If an entity applies the amendments for an earlier period it shall disclose that fact.
50
IFRS 13, issued in May 2011, added paragraph 16A(j). An entity shall apply that amendment when it applies IFRS 13.
51
Presentation of Items of Other Comprehensive Income
 (Amendments to IAS 1), issued in June 2011, amended paragraphs 8, 8A, 11A and 20. An entity shall apply those amendments when it applies IAS 1 as amended in June 2011.
52
Annual Improvements 2009–2011 Cycle
, issued in May 2012, amended paragraph 5 as a consequential amendment derived from the amendment to IAS 1 
Presentation of Financial Statements
. An entity shall apply that amendment retrospectively in accordance with IAS 8 
Accounting Policies, Changes in Accounting Estimates and Errors
 for annual periods beginning on or after 1 January 2013. Earlier application is permitted. If an entity applies that amendment for an earlier period it shall disclose that fact.
53
Annual Improvements 2009–2011 Cycle
, issued in May 2012, amended paragraph 16A. An entity shall apply that amendment retrospectively in accordance with IAS 8 
Accounting Policies, Changes in Accounting Estimates and Errors
 for annual periods beginning on or after 1 January 2013. Earlier application is permitted. If an entity applies that amendment for an earlier period it shall disclose that fact.
54
Investment Entities
 (Amendments to IFRS 10, IFRS 12 and IAS 27), issued in October 2012, amended paragraph 16A. An entity shall apply that amendment for annual periods beginning on or after 1 January 2014. Earlier application of 
Investment Entities
 is permitted. If an entity applies that amendment earlier it shall also apply all amendments included in 
Investment Entities
 at the same time.
55
IFRS 15 
Revenue from Contracts with Customers
, issued in May 2014, amended paragraphs 15B and 16A. An entity shall apply those amendments when it applies IFRS 15.
56
Annual Improvements to IFRSs 2012–2014 Cycle
, issued in September 2014, amended paragraph 16A. An entity shall apply that amendment retrospectively in accordance with IAS 8 
Accounting Policies, Changes in Accounting Estimates and Errors
 for annual periods beginning on or after 1 January 2016. Earlier application is permitted. If an entity applies the amendment for an earlier period it shall disclose that fact.
57
Disclosure Initiative
 (Amendments to IAS 1), issued in December 2014, amended paragraph 5. An entity shall apply that amendment for annual periods beginning on or after 1 January 2016. Earlier application of that amendment is permitted.
58
Amendments to References to the Conceptual Framework in IFRS Standards
, issued in 2018, amended paragraphs 31 and 33. An entity shall apply those amendments for annual periods beginning on or after 1 January 2020. Earlier application is permitted if at the same time an entity also applies all other amendments made by 
Amendments to References to the Conceptual Framework in IFRS Standards
. An entity shall apply the amendments to IAS 34 retrospectively in accordance with IAS 8 
Accounting Policies, Changes in Accounting Estimates and Errors
. However, if an entity determines that retrospective application would be impracticable or would involve undue cost or effort, it shall apply the amendments to IAS 34 by reference to paragraphs 43–45 of this Standard and paragraphs 23–28, 50–53 and 54F of IAS 8.
59
Definition of Material
 (Amendments to IAS 1 and IAS 8), issued in October 2018, amended paragraph 24. An entity shall apply those amendments prospectively for annual periods beginning on or after 1 January 2020. Earlier application is permitted. If an entity applies those amendments for an earlier period, it shall disclose that fact. An entity shall apply those amendments when it applies the amendments to the definition of material in paragraph 7 of IAS 1 and paragraphs 5 and 6 of IAS 8.
60
Disclosure of Accounting Policies
, which amends IAS 1 and IFRS Practice Statement 2 
Making Materiality Judgements
, and was issued in February 2021, amended paragraph 5. An entity shall apply that amendment for annual reporting periods beginning on or after 1 January 2023. Earlier application is permitted. If an entity applies the amendment for an earlier period, it shall disclose that fact.
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)
contract assets and assets arising from costs to obtain or fulfil a contract that are recognised in accordance with IFRS 15 
Revenue from Contracts with Customers
;
(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 IFRS 9 
Financial Instruments
;
(f)
investment property that is measured at fair value (see IAS 40 
Investment Property
);
(g)
biological assets related to agricultural activity within the scope of IAS 41 
Agriculture
 that are measured at fair value less costs to sell;
(h)
contracts within the scope of IFRS 17 
Insurance Contracts
 that are assets and any assets for insurance acquisition cash flows as defined in IFRS 17; 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 IFRSs 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 IFRS 10 
Consolidated Financial Statements
;
(b)
associates, as defined in IAS 28 
Investments in Associates and Joint Ventures
; and
(c)
joint ventures, as defined in IFRS 11 
Joint Arrangements
.
For impairment of other financial assets, refer to IFRS 9.
5
This Standard does not apply to financial assets within the scope of IFRS 9, investment property measured at fair value within the scope of IAS 40, or biological assets related to agricultural activity measured at fair value less costs to sell within the scope of IAS 41. However, this Standard applies to assets that are carried at revalued amount (ie fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses) in accordance with other IFRSs, such as the revaluation model in IAS 16 
Property, Plant and Equipment
 and IAS 38 
Intangible Assets
. The only difference between an asset's fair value and its fair value less costs of disposal is the direct incremental costs attributable to the disposal of the asset.
(a)
(i)
If the disposal costs are negligible, the recoverable amount of the revalued asset is necessarily close to, or greater than, its revalued amount. 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)
[deleted]
(b)
[deleted]
(c)
If the disposal costs are not negligible, the fair value less costs of disposal 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. In this case, 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:
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
(
21
)
.
Fair value
 is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. (See IFRS 13 
Fair Value Measurement
.)
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 of disposal 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 the end of each reporting period 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)
there are observable indications that the asset’s value has declined during the period 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
 
(
22
)
;
(g)
evidence is available from internal reporting that indicates that the economic performance of an asset is, or will be, worse than expected.
Dividend from a subsidiary, joint venture or associate
(h)
for an investment in a subsidiary, joint venture or associate, the investor recognises a dividend from the investment and evidence is available that:
(i)
the carrying amount of the investment in the separate financial statements exceeds the carrying amounts in the consolidated financial statements of the investee’s net assets, including associated goodwill; or
(ii)
the dividend exceeds the total comprehensive income of the subsidiary, joint venture or associate in the period the dividend is declared.
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 of disposal 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 of disposal 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 measure fair value less costs of disposal, even if there is not a quoted price in an active market for an 
i
dentical asset. However, sometimes it will not be possible to measure fair value less costs of disposal because there is no basis for making a reliable estimate of the price at which an orderly transaction to sell the asset would take place between market participants at the measurement date under current market conditions. 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 of disposal, the asset's fair value less costs of disposal 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 of disposal 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 of disposal and fair value less costs of disposal can be measured.
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 of disposal 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 of disposal
25-27
[Deleted]
28
Costs of disposal, other than those that have been recognised as liabilities, are deducted in measuring fair value less costs of disposal. 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 of disposal 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 of disposal, 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.
53A
Fair value differs from value in use. Fair value reflects the assumptions market participants would use when pricing the asset. In contrast, value in use reflects 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 market participants:
(a)
additional value derived from the grouping of assets (such as the creation of a portfolio of investment properties in different locations);
(b)
synergies between the asset being measured and other assets;
(c)
legal rights or legal restrictions that are specific only to the current owner of the asset; and
(d)
tax benefits or tax burdens that are specific to the current owner of the asset.
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 in other comprehensive income to the extent that the impairment loss does not exceed the amount in the revaluation surplus for that same asset. Such an impairment loss on a revalued asset reduces the revaluation surplus for that 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 and Appendix C 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 of disposal (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 of disposal 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 of disposal 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 of disposal (or the estimated cash flow from ultimate disposal) of the cash-generating unit is the price to sell 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 
(
3
)
 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 CU1200, excluding restoration costs. The carrying amount of the mine is CU1000.
The cash-generating unit's fair value less costs of disposal 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 (CU1200 less CU500). The carrying amount of the cash-generating unit is CU500, which is the carrying amount of the mine (CU1000) 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 as defined by paragraph 5 of IFRS 8 
Operating Segments
 before aggregation.
81
Goodwill recognised in a business combination is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not 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 and Appendix C 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 the measurement period, which will not exceed twelve months from the acquisition date.
In such circumstances, it might also not be possible to complete the initial allocation of the goodwill recognised 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 impairmént
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.
91–95
[Deleted]
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 of disposal (if measurable);
(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 of disposal 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 of disposal 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 of disposal 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 of disposal; 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 of disposal. 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 of disposal 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 IFRS.
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 the end of each reporting period 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)
there are observable indications that the asset’s 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 IFRS 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 of disposal 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 of disposal, a change in estimate of the components of fair value less costs of disposal.
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 IFRS 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 IFRS (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 IFRS.
120
A reversal of an impairment loss on a revalued asset is recognised in other comprehensive income and increases the revaluation surplus for that asset. 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 statement of comprehensive income 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 statement of comprehensive income in which those impairment losses are reversed;
(c)
the amount of impairment losses on revalued assets recognised in other comprehensive income during the period;
(d)
the amount of reversals of impairment losses on revalued assets recognised in other comprehensive income 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 in other comprehensive income during the period;
(b)
the amount of reversals of impairment losses recognised in profit or loss and in other comprehensive income during the period.
130
An entity shall disclose the following for an individual asset (including goodwill) or a cash-generating unit, for which an impairment loss has been recognised or reversed during the period:
(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)
the recoverable amount of the asset (cash-generating unit) and whether the recoverable amount of the asset (cash-generating unit) is its fair value less costs of disposal or its value in use;
(f)
if the recoverable amount is fair value less costs of disposal, the entity shall disclose the following information:
(i)
the level of the fair value hierarchy (see IFRS 13) within which the fair value measurement of the asset (cash-generating unit) is categorised in its entirety (without taking into account whether the ‘costs of disposal’ are observable);
(ii)
for fair value measurements categorised within Level 2 and Level 3 of the fair value hierarchy, a description of the valuation technique(s) used to measure fair value less costs of disposal. If there has been a change in valuation technique, the entity shall disclose that change and the reason(s) for making it; and
(iii)
for fair value measurements categorised within Level 2 and Level 3 of the fair value hierarchy, each key assumption on which management has based its determination of fair value less costs of disposal. Key assumptions are those to which the asset’s (cash-generating unit’s) recoverable amount is most sensitive. The entity shall also disclose the discount rate(s) used in the current measurement and previous measurement if fair value less costs of disposal is measured using a present value technique;
(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 end of the reporting period, 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 of disposal);
(d)
if the unit’s (group of units’) recoverable amount is based on value in use:
(i)
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 of disposal, the valuation technique(s) used to measure fair value less costs of disposal. An entity is not required to provide the disclosures required by IFRS 13. If fair value less costs of disposal is not measured using a quoted price for an identical unit (group of units), an entity shall disclose the following information:
(i)
each key assumption on which management has based its determination of fair value less costs of disposal. 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 (or values) assigned to each key assumption, whether those values 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;
(iiA)
the level of the fair value hierarchy (see IFRS 13) within which the fair value measurement is categorised in its entirety (without giving regard to the observability of ‘costs of disposal’);
(iiB)
if there has been a change in valuation technique, the change and the reason(s) for making it.
If fair value less costs of disposal is measured using discounted cash flow projections, an entity shall disclose the following information:
(iii)
the period over which management has projected cash flows;
(iv)
the growth rate used to extrapolate cash flow projections;
(v)
the discount rate(s) applied to the cash flow projections;
(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
[Deleted]
139
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.
140A
IAS 1 
Presentation of Financial Statements
 (as revised in 2007) amended the terminology used throughout IFRSs. In addition it amended paragraphs 61, 120, 126 and 129. An entity shall apply those amendments for annual periods beginning on or after 1 January 2009. If an entity applies IAS 1 (revised 2007) for an earlier period, the amendments shall be applied for that earlier period.
140B
IFRS 3 (as revised in 2008) amended paragraphs 65, 81, 85 and 139, deleted paragraphs 91–95 and 138 and added Appendix C. An entity shall apply those amendments for annual periods beginning on or after 1 July 2009. If an entity applies IFRS 3 (revised 2008) for an earlier period, the amendments shall also be applied for that earlier period.
140C
Paragraph 134(e) was amended by 
Improvements to IFRSs
 issued in May 2008. An entity shall apply that amendment for annual periods beginning on or after 1 January 2009. Earlier application is permitted. If an entity applies the amendment for an earlier period it shall disclose that fact.
140D
Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate
 (Amendments to IFRS 1 
First-time Adoption of International Financial Reporting Standards
 and IAS 27), issued in May 2008, added paragraph 12(h). An entity shall apply that amendment prospectively for annual periods beginning on or after 1 January 2009. Earlier application is permitted. If an entity applies the related amendments in paragraphs 4 and 38A of IAS 27 for an earlier period, it shall apply the amendment in paragraph 12(h) at the same time.
140E
Improvements to IFRSs
 issued in April 2009 amended paragraph 80(b). An entity shall apply that amendment prospectively for annual periods beginning on or after 1 January 2010. Earlier application is permitted. If an entity applies the amendment for an earlier period it shall disclose that fact.
140F
[Deleted]
140G
[Deleted]
140H
IFRS 10 and IFRS 11, issued in May 2011, amended paragraph 4, the heading above paragraph 12(h) and paragraph 12(h). An entity shall apply those amendments when it applies IFRS 10 and IFRS 11.
140I
IFRS 13, issued in May 2011, amended paragraphs 5, 6, 12, 20, 22, 28, 78, 105, 111, 130 and 134, deleted paragraphs 25–27 and added paragraph 53A. An entity shall apply those amendments when it applies IFRS 13.
140J
In May 2013 paragraphs 130 and 134 and the heading above paragraph 138 were amended. An entity shall apply those amendments retrospectively for annual periods beginning on or after 1 January 2014. Earlier application is permitted. An entity shall not apply those amendments in periods (including comparative periods) in which it does not also apply IFRS 13.
140K
[Deleted]
140L
IFRS 15 
Revenue from Contracts with Customers
, issued in May 2014, amended paragraph 2. An entity shall apply that amendment when it applies IFRS 15.
140M
IFRS 9, as issued in July 2014, amended paragraphs 2, 4 and 5 and deleted paragraphs 140F, 140G and 140K. An entity shall apply those amendments when it applies IFRS 9.
140N
IFRS 17, issued in May 2017, amended paragraph 2. 
Amendments to IFRS 17
, issued in June 2020, further amended paragraph 2. An entity shall apply those amendments when it applies IFRS 17.
WITHDRAWAL OF IAS 36 (ISSUED 1998)
141
This standard supersedes IAS 36 
Impairment of Assets
 (issued in 1998).
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 CU1000 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 CU1000 in 1 year at 5 %
CU952,38
Probability
10,00 %
CU95,24
Present value of CU1000 in 2 years at 5,25 %
CU902,73
Probability
60,00 %
CU541,64
Present value of CU1000 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 CU1000. 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.
Appendix C
IMPAIRMENT TESTNG CASH-GENERATING UNITS WITH GOODWILL AND NON-CONTROLLING INTERESTS
This appendix is an integral part of the Standard.
C1
In accordance with IFRS 3 (as revised in 2008), the acquirer measures and recognises goodwill as of the acquisition date as the excess of (a) over (b) below:
(a)
the aggregate of:
(i)
the consideration transferred measured in accordance with IFRS 3, which generally requires acquisition-date fair value;
(ii)
the amount of any non-controlling interest in the acquiree measured in accordance with IFRS 3; and
(iii)
in a business combination achieved in stages, the acquisition-date fair value of the acquirer’s previously held equity interest in the acquiree.
(b)
the net of the acquisition-date amounts of the identifiable assets acquired and liabilities assumed measured in accordance with IFRS 3.
Allocation of goodwill
C2
Paragraph 80 of this Standard requires goodwill acquired in a business combination to be allocated to each of the acquirer’s cash-generating units, or groups of cash generating units, 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. It is possible that some of the synergies resulting from a business combination will be allocated to a cash-generating unit in which the non-controlling interest does not have an interest.
Testing for impairment
C3
Testing for impairment involves comparing the recoverable amount of a cash-generating unit with the carrying amount of the cash-generating unit.
C4
If an entity measures non-controlling interests as its proportionate interest in the net identifiable assets of a subsidiary at the acquisition date, rather than at fair value, goodwill attributable to non-controlling interests is included in the recoverable amount of the related cash-generating unit but is not recognised in the parent’s consolidated financial statements. As a consequence, an entity shall gross up the carrying amount of goodwill allocated to the unit to include the goodwill attributable to the non-controlling interest. This adjusted carrying amount is then compared with the recoverable amount of the unit to determine whether the cash-generating unit is impaired.
Allocating an impairment loss
C5
Paragraph 104 requires any identified impairment loss to be allocated first to reduce the carrying amount of goodwill allocated to the unit and then to the other assets of the unit pro rata on the basis of the carrying amount of each asset in the unit.
C6
If a subsidiary, or part of a subsidiary, with a non-controlling interest is itself a cash-generating unit, the impairment loss is allocated between the parent and the non-controlling interest on the same basis as that on which profit or loss is allocated.
C7
If a subsidiary, or part of a subsidiary, with a non-controlling interest is part of a larger cash-generating unit, goodwill impairment losses are allocated to the parts of the cash-generating unit that have a non-controlling interest and the parts that do not. The impairment losses should be allocated to the parts of the cash-generating unit on the basis of:
(a)
to the extent that the impairment relates to goodwill in the cash-generating unit, the relative carrying values of the goodwill of the parts before the impairment; and
(b)
to the extent that the impairment relates to identifiable assets in the cash-generating unit, the relative carrying values of the net identifiable assets of the parts before the impairment. Any such impairment is allocated to the assets of the parts of each unit pro rata on the basis of the carrying amount of each asset in the part.
In those parts that have a non-controlling interest, the impairment loss is allocated between the parent and the non-controlling interest on the same basis as that on which profit or loss is allocated.
C8
If an impairment loss attributable to a non-controlling interest relates to goodwill that is not recognised in the parent’s consolidated financial statements (see paragraph C4), that impairment is not recognised as a goodwill impairment loss. In such cases, only the impairment loss relating to the goodwill that is allocated to the parent is recognised as a goodwill impairment loss.
C9
Illustrative Example 7 illustrates the impairment testing of a non-wholly-owned cash-generating unit with goodwill.
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 IFRS 9 
Financial Instruments
.
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
When 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, some types of provisions are addressed in Standards on:
(a)
[deleted]
(b)
income taxes (see IAS 12 
Income Taxes
);
(c)
leases (see IFRS 16 
Leases
). However, this Standard applies to any lease that becomes onerous before the commencement date of the lease as defined in IFRS 16. This Standard also applies to short-term leases and leases for which the underlying asset is of low value accounted for in accordance with paragraph 6 of IFRS 16 and that have become onerous;
(d)
employee benefits (see IAS 19 
Employee Benefits
);
(e)
insurance contracts and other contracts within the scope of IFRS 17 
Insurance Contracts
;
(f)
contingent consideration of an acquirer in a business combination (see IFRS 3 
Business Combinations
); and
(g)
revenue from contracts with customers (see IFRS 15 
Revenue from Contracts with Customers
). However, as IFRS 15 contains no specific requirements to address contracts with customers that are, or have become, onerous, this Standard applies to such cases.
6
[Deleted]
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
(
23
)
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 end of the reporting period.
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 lawsuit, 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 end of the reporting period 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 reporting period. On the basis of such evidence:
(a)
where it is more likely than not that a present obligation exists at the end of the reporting period, 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 end of the reporting period, 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 statement of financial position are those that exist at the end of the reporting period.
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 end of the reporting period unless the decision has been communicated before the end of the reporting period 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 
(
24
)
, 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 items in the statement of financial position. 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 end of the reporting period.
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 end of the reporting period 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 end of the reporting period. 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 end of the reporting period.
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 end of the reporting period.
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 1 m) + (5 % of 4 m) = 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 reporting period 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 statement of comprehensive income, 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 the end of each reporting period 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.
68A
The cost of fulfilling a contract comprises the costs that relate directly to the contract. Costs that relate directly to a contract consist of both:
(a)
the incremental costs of fulfilling that contract—for example, direct labour and materials; and
(b)
an allocation of other costs that relate directly to fulfilling contracts—for example, an allocation of the depreciation charge for an item of property, plant and equipment used in fulfilling that contract among others.
69
Before a separate provision for an onerous contract is established, an entity recognises any impairment loss that has occurred on assets used in fulfilling the 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 end of the reporting period does not give rise to a constructive obligation at the end of the reporting period unless the entity has, before the end of the reporting period:
(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 reporting period, disclosure is required under IAS 10 
Events after the Reporting Period
, if the restructuring is material and non-disclosure could reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements, which provide financial information about a specific reporting entity.
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 end of the reporting period. 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 end of the reporting period 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 end of the reporting period, 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]
94A
Onerous Contracts—Cost of Fulfilling a Contract
, issued in May 2020, added paragraph 68A and amended paragraph 69. An entity shall apply those amendments to contracts for which it has not yet fulfilled all its obligations at the beginning of the annual reporting period in which it first applies the amendments (the date of initial application). The entity shall not restate comparative information. Instead, the entity shall recognise the cumulative effect of initially applying the amendments as an adjustment to the opening balance of retained earnings or other component of equity, as appropriate, at the date of initial application.
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]
97
[Deleted]
98
[Deleted]
99
Annual Improvements to IFRSs 2010–2012 Cycle
, issued in December 2013, amended paragraph 5 as a consequential amendment derived from the amendment to IFRS 3. An entity shall apply that amendment prospectively to business combinations to which the amendment to IFRS 3 applies.
100
IFRS 15 
Revenue from Contracts with Customers
, issued in May 2014, amended paragraph 5 and deleted paragraph 6. An entity shall apply those amendments when it applies IFRS 15.
101
IFRS 9, as issued in July 2014, amended paragraph 2 and deleted paragraphs 97 and 98. An entity shall apply those amendments when it applies IFRS 9.
102
IFRS 16, issued in January 2016, amended paragraph 5. An entity shall apply that amendment when it applies IFRS 16.
103
IFRS 17, issued in May 2017, amended paragraph 5. An entity shall apply that amendment when it applies IFRS 17.
104
Definition of Material
 (Amendments to IAS 1 and IAS 8), issued in October 2018, amended paragraph 75. An entity shall apply those amendments prospectively for annual periods beginning on or after 1 January 2020. Earlier application is permitted. If an entity applies those amendments for an earlier period, it shall disclose that fact. An entity shall apply those amendments when it applies the amendments to the definition of material in paragraph 7 of IAS 1 and paragraphs 5 and 6 of IAS 8.
105
Onerous Contracts—Cost of Fulfilling a Contract
, issued in May 2020, added paragraphs 68A and 94A and amended paragraph 69. An entity shall apply those amendments for annual reporting periods beginning on or after 1 January 2022. Earlier application is permitted. If an entity applies those amendments for an earlier period, it shall disclose that fact.
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
);
(b)
deferred tax assets (see IAS 12 
Income Taxes
);
(c)
leases of intangible assets accounted for in accordance with IFRS 16 
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 IFRS 10 
Consolidated Financial Statements
, IAS 27 
Separate Financial Statements
 and IAS 28 
Investments in Associates and Joint Ventures
;
(f)
goodwill acquired in a business combination (see IFRS 3 
Business Combinations
);
(g)
contracts within the scope of IFRS 17 
Insurance Contracts
 and any assets for insurance acquisition cash flows as defined in IFRS 17;
(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
;
(i)
assets arising from contracts with customers that are recognised in accordance with IFRS 15 
Revenue from Contracts with Customers
.
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
Rights held by a lessee under licensing agreements for items such as motion picture films, video recordings, plays, manuscripts, patents and copyrights are within the scope of this Standard and are excluded from the scope of IFRS 16.
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:
Amortisation
 is the systematic allocation of the depreciable amount of an intangible asset over its useful life.
An 
asset
(
25
)
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 statement of financial position 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
 is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. (See IFRS 13 
Fair Value Measurement
.)
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 recognised in a business combination is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not 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.
12
An asset is identifiable if it either:
(a)
is separable, ie 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, identifiable asset or liability, regardless of whether the entity intends to do so; 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 will reflect expectations about the probability that the expected future economic benefits embodied in the asset will flow to the entity. In other words, the entity expects there to be an inflow of economic benefits, even if there is uncertainty about the timing or the amount of the inflow. 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 IAS 23 
Borrowing Costs
.
Acquisition as part of a business combination
33
In accordance with IFRS 3 
Business Combinations
, 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 will reflect market participants’ expectations at the acquisition date about the probability that the expected future economic benefits embodied in the asset will flow to the entity. In other words, the entity expects there to be an inflow of economic benefits, even if there is uncertainty about the timing or the amount of the inflow. Therefore, the probability recognition criterion in paragraph 21(a) is always considered to be satisfied for intangible assets acquired in business combinations. If an asset acquired in a business combination is separable or arises from contractual or other legal rights, sufficient information exists to measure reliably the fair value of the asset. Thus, the reliable measurement criterion in paragraph 21(b) is always considered to be satisfied for intangible assets acquired in business combinations.
34
In accordance with this Standard and IFRS 3 (as revised in 2008), an acquirer recognises at the acquisition date, separately from goodwill, an intangible asset of the acquiree, 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. 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, ie is separable or arises from contractual or other legal rights.
Intangible asset acquired in a business combination
35
If an intangible asset acquired in a business combination is separable or arises from contractual or other legal rights, sufficient information exists to measure reliably the fair value of the asset. 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.
36
An intangible asset acquired in a business combination might be separable, but only together with a related contract, identifiable asset or liability. In such cases, the acquirer recognises the intangible asset separately from goodwill, but together with the related item.
37
The acquirer may recognise a group of complementary intangible assets as a single asset provided the individual assets have similar useful lives. For example, 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.
38-41
[Deleted]
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 is reliably measurable if (a) the variability in the range of reasonable fair value measurements is not significant for that asset or (b) the probabilities of the various estimates within the range can be reasonably assessed and used when measuring fair value. If an entity is able to measure 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 fair 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 fair 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 CU1000 
(
4
)
, 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 statement of financial position.
During 20X6, expenditure incurred is CU2000. 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 CU1900.
At the end of 20X6, the cost of the production process is CU2100 (CU100 expenditure recognised at the end of 20X5 plus CU2000 expenditure recognised in 20X6). The entity recognises an impairment loss of CU200 to adjust the carrying amount of the process before impairment loss (CU2100) to its recoverable amount (CU1900). 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, it forms part of the amount recognised as 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 the case of the supply of goods, the entity recognises such expenditure as an expense when it has a right to access those goods. In the case of the supply of services, the entity recognises the expenditure as an expense when it receives the services. For example, expenditure on research is recognised as an expense when it is incurred (see paragraph 54), except when it is acquired as part of a business combination. 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 (including mail order catalogues);
(d)
expenditure on relocating or reorganising part or all of an entity.
69A
An entity has a right to access goods when it owns them. Similarly, it has a right to access goods when they have been constructed by a supplier in accordance with the terms of a supply contract and the entity could demand delivery of them in return for payment. Services are received when they are performed by a supplier in accordance with a contract to deliver them to the entity and not when the entity uses them to deliver another service, for example, to deliver an advertisement to customers.
70
Paragraph 68 does not preclude an entity from recognising a prepayment as an asset when payment for goods has been made in advance of the entity obtaining a right to access those goods. Similarly, paragraph 68 does not preclude an entity from recognising a prepayment as an asset when payment for services has been made in advance of the entity receiving those 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 measured by reference to an active market. Revaluations shall be made with such regularity that at the end of the reporting period 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 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
When an intangible asset is revalued, the carrying amount of that asset is adjusted to the revalued amount. At the date of the revaluation, the asset is treated in one of the following ways:
(a)
the gross carrying amount is adjusted in a manner that is consistent with the revaluation of the carrying amount of the asset. For example, the gross carrying amount may be restated by reference to observable market data or it may be restated proportionately to the change in the carrying amount. The accumulated amortisation at the date of the revaluation is adjusted to equal the difference between the gross carrying amount and the carrying amount of the asset after taking into account accumulated impairment losses; or
(b)
the accumulated amortisation is eliminated against the gross carrying amount of the asset.
The amount of the adjustment of accumulated amortisation forms part of the increase or decrease in the carrying amount that is accounted for in accordance with paragraphs 85 and 86.
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 measured 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 measured 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 recognised in other comprehensive income and accumulated in 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 recognised in other comprehensive income to the extent of any credit balance in the revaluation surplus in respect of that asset. The decrease recognised in other comprehensive income reduces the amount accumulated in equity under the heading of revaluation surplus.
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 profit or loss.
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 will often be the case that their useful life is short. Expected future reductions in the selling price of an item that was produced using an intangible asset could indicate the expectation of technological or commercial obsolescence of the asset, which, in turn, might reflect a reduction of the future economic benefits embodied in the asset.
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. The useful life of a reacquired right recognised as an intangible asset in a business combination is the remaining contractual period of the contract in which the right was granted and shall not include renewal periods.
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 units 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.
98A
There is a rebuttable presumption that an amortisation method that is based on the revenue generated by an activity that includes the use of an intangible asset is inappropriate. The revenue generated by an activity that includes the use of an intangible asset typically reflects factors that are not directly linked to the consumption of the economic benefits embodied in the intangible asset. For example, revenue is affected by other inputs and processes, selling activities and changes in sales volumes and prices. The price component of revenue may be affected by inflation, which has no bearing upon the way in which an asset is consumed. This presumption can be overcome only in the limited circumstances:
(a)
in which the intangible asset is expressed as a measure of revenue, as described in paragraph 98C; or
(b)
when it can be demonstrated that revenue and the consumption of the economic benefits of the intangible asset are highly correlated.
98B
In choosing an appropriate amortisation method in accordance with paragraph 98, an entity could determine the predominant limiting factor that is inherent in the intangible asset. For example, the contract that sets out the entity's rights over its use of an intangible asset might specify the entity's use of the intangible asset as a predetermined number of years (ie time), as a number of units produced or as a fixed total amount of revenue to be generated. Identification of such a predominant limiting factor could serve as the starting point for the identification of the appropriate basis of amortisation, but another basis may be applied if it more closely reflects the expected pattern of consumption of economic benefits.
98C
In the circumstance in which the predominant limiting factor that is inherent in an intangible asset is the achievement of a revenue threshold, the revenue to be generated can be an appropriate basis for amortisation. For example, an entity could acquire a concession to explore and extract gold from a gold mine. The expiry of the contract might be based on a fixed amount of total revenue to be generated from the extraction (for example, a contract may allow the extraction of gold from the mine until total cumulative revenue from the sale of gold reaches CU2 billion) and not be based on time or on the amount of gold extracted. In another example, the right to operate a toll road could be based on a fixed total amount of revenue to be generated from cumulative tolls charged (for example, a contract could allow operation of the toll road until the cumulative amount of tolls generated from operating the road reaches CU100 million). In the case in which revenue has been established as the predominant limiting factor in the contract for the use of the intangible asset, the revenue that is to be generated might be an appropriate basis for amortising the intangible asset, provided that the contract specifies a fixed total amount of revenue to be generated on which amortisation is to be determined.
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 (as defined in IFRS 13) 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 IFRS 16 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 (eg by sale, by entering into a finance lease, or by donation). The date of disposal of an intangible asset is the date that the recipient obtains control of that asset in accordance with the requirements for determining when a performance obligation is satisfied in IFRS 15. IFRS 16 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.
115A
In the case of a reacquired right in a business combination, if the right is subsequently reissued (sold) to a third party, the related carrying amount, if any, shall be used in determining the gain or loss on reissue.
116
The amount of consideration to be included in the gain or loss arising from the derecognition of an intangible asset is determined in accordance with the requirements for determining the transaction price in paragraphs 47–72 of IFRS 15. Subsequent changes to the estimated amount of the consideration included in the gain or loss shall be accounted for in accordance with the requirements for changes in the transaction price in IFRS 15.
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 statement of comprehensive income 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 in other comprehensive income 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; and
(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.
(c)
[deleted]
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
[Deleted]
130
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 for an earlier period, those amendments shall be applied for that earlier period.
130B
IAS 1 
Presentation of Financial Statements
 (as revised in 2007) amended the terminology used throughout IFRSs. In addition it amended paragraphs 85, 86 and 118(e)(iii). An entity shall apply those amendments for annual periods beginning on or after 1 January 2009. If an entity applies IAS 1 (revised 2007) for an earlier period, the amendments shall be applied for that earlier period.
130C
IFRS 3 (as revised in 2008) amended paragraphs 12, 33–35, 68, 69, 94 and 130, deleted paragraphs 38 and 129 and added paragraph 115A. 
Improvements to IFRSs
 issued in April 2009 amended paragraphs 36 and 37. An entity shall apply those amendments prospectively for annual periods beginning on or after 1 July 2009. Therefore, amounts recognised for intangible assets and goodwill in prior business combinations shall not be adjusted. If an entity applies IFRS 3 (revised 2008) for an earlier period, it shall apply the amendments for that earlier period and disclose that fact.
130D
Paragraphs 69, 70 and 98 were amended and paragraph 69A was added by 
Improvements to IFRSs
 issued in May 2008. An entity shall apply those amendments for annual periods beginning on or after 1 January 2009. Earlier application is permitted. If an entity applies the amendments for an earlier period it shall disclose that fact.
130E
[Deleted]
130F
IFRS 10 and IFRS 11 
Joint Arrangements
, issued in May 2011, amended paragraph 3(e). An entity shall apply that amendment when it applies IFRS 10 and IFRS 11.
130G
IFRS 13, issued in May 2011, amended paragraphs 8, 33, 47, 50, 75, 78, 82, 84, 100 and 124 and deleted paragraphs 39–41 and 130E. An entity shall apply those amendments when it applies IFRS 13.
130H
Annual Improvements to IFRSs 2010–2012 Cycle
, issued in December 2013, amended paragraph 80. An entity shall apply that amendment for annual periods beginning on or after 1 July 2014. Earlier application is permitted. If an entity applies that amendment for an earlier period it shall disclose that fact.
130I
An entity shall apply the amendment made by 
Annual Improvements to IFRSs 2010–2012 Cycle
 to all revaluations recognised in annual periods beginning on or after the date of initial application of that amendment and in the immediately preceding annual period. An entity may also present adjusted comparative information for any earlier periods presented, but it is not required to do so. If an entity presents unadjusted comparative information for any earlier periods, it shall clearly identify the information that has not been adjusted, state that it has been presented on a different basis and explain that basis.
130J
Clarification of Acceptable Methods of Depreciation and Amortisation
 (Amendments to IAS 16 and IAS 38), issued in May 2014, amended paragraphs 92 and 98 and added paragraphs 98A–98C. An entity shall apply those amendments prospectively for annual periods beginning on or after 1 January 2016. Earlier application is permitted. If an entity applies those amendments for an earlier period it shall disclose that fact.
130K
IFRS 15 
Revenue from Contracts with Customers
, issued in May 2014, amended paragraphs 3, 114 and 116. An entity shall apply those amendments when it applies IFRS 15.
130L
IFRS 16, issued in January 2016, amended paragraphs 3, 6, 113 and 114. An entity shall apply those amendments when it applies IFRS 16.
130M
IFRS 17, issued in May 2017, amended paragraph 3. 
Amendments to IFRS 17
, issued in June 2020, further amended paragraph 3. An entity shall apply those amendments when it applies IFRS 17.
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).
INTERNATIONAL ACCOUNTING STANDARD 39
Financial Instruments: Recognition and Measurement
SCOPE
2
This Standard shall be applied by all entities to all financial instruments within the scope of IFRS 9 
Financial Instruments
 if, and to the extent that:
(a)
IFRS 9 permits the hedge accounting requirements of this Standard to be applied; and
(b)
the financial instrument is part of a hedging relationship that qualifies for hedge accounting in accordance with this Standard.
2A–7
[Deleted]
DEFINITIONS
8
The terms defined in IFRS 13, IFRS 9 and IAS 32 are used in this Standard with the meanings specified in Appendix A of IFRS 13, Appendix A of IFRS 9 and paragraph 11 of IAS 32. IFRS 13, IFRS 9 and IAS 32 define the following terms:
—
amortised cost of a financial asset or financial liability
—
derecognition
—
derivative
—
effective interest method
—
effective interest rate
—
equity instrument
—
fair value
—
financial asset
—
financial instrument
—
financial liability
and provide guidance on applying those definitions.
9
The following terms are used in this Standard with the meanings specified:
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-AG113A).
10–70
[Deleted]
HEDGING
71
If an entity applies IFRS 9 and has not chosen as its accounting policy to continue to apply the hedge accounting requirements of this Standard (see paragraph 7.2.21 of IFRS 9), it shall apply the hedge accounting requirements in Chapter 6 of IFRS 9. However, for a fair value hedge of the interest rate exposure of a portion of a portfolio of financial assets or financial liabilities, an entity may, in accordance with paragraph 6.1.3 of IFRS 9, apply the hedge accounting requirements in this Standard instead of those in IFRS 9. In that case the entity must also apply the specific requirements for fair value hedge accounting for a portfolio hedge of interest rate risk (see paragraphs 81A, 89A and AG114–AG132).
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 (ie external to the group 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 provided that they are external to the individual entity 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
[Deleted]
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 in the same group only in the individual or separate financial statements of those entities and not in the consolidated financial statements of the group, except for the consolidated financial statements of an investment entity, as defined in IFRS 10, where transactions between an investment entity and its subsidiaries measured at fair value through profit or loss will not be eliminated in the consolidated financial statements. As an exception, the foreign currency risk of an intragroup monetary item (eg 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-AG113A) 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, ie 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.
(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 a financial asset measured at fair value through other comprehensive income in accordance with paragraph 4.1.2A of IFRS 9.
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 statement of financial position 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 5.7.1 of IFRS 9.
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. Additionally, for this purpose there is not an expiration or termination of the hedging instrument if:
(i)
as a consequence of laws or regulations or the introduction of laws or regulations, the parties to the hedging instrument agree that one or more clearing counterparties replace their original counterparty to become the new counterparty to each of the parties. For this purpose, a clearing counterparty is a central counterparty (sometimes called a ‘clearing organisation’ or ‘clearing agency’) or an entity or entities, for example, a clearing member of a clearing organisation or a client of a clearing member of a clearing organisation, that are acting as counterparty in order to effect clearing by a central counterparty. However, when the parties to the hedging instrument replace their original counterparties with different counterparties this paragraph shall apply only if each of those parties effects clearing with the same central counterparty.
(ii)
other changes, if any, to the hedging instrument are limited to those that are necessary to effect such a replacement of the counterparty. Such changes are limited to those that are consistent with the terms that would be expected if the hedging instrument were originally cleared with the clearing counterparty. These changes include changes in the collateral requirements, rights to offset receivables and payables balances, and charges levied.
(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 line item in the statement of financial position 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 statement of financial position.
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 in other comprehensive income
; 
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 5.7.1 of IFRS 9.
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 in other comprehensive income in accordance with paragraph 95 shall be reclassified from equity to profit or loss as a reclassification adjustment (see IAS 1 (as revised in 2007)) in the same period or periods during which the hedged forecast cash flows affect 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 in other comprehensive income will not be recovered in one or more future periods, it shall reclassify into profit or loss as a reclassification adjustment 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 in other comprehensive income in accordance with paragraph 95 to profit or loss as a reclassification adjustment (see IAS 1 (revised 2007)) 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 in other comprehensive income will not be recovered in one or more future periods, it shall reclassify from equity to profit or loss as a reclassification adjustment the amount that is not expected to be recovered.
(b)
It removes the associated gains and losses that were recognised in other comprehensive income 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 in other comprehensive income shall be reclassified from equity to profit or loss as a reclassification adjustment (see IAS 1 (revised 2007)) in the same period or periods during which the hedged forecast cash flows affect 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. In this case, the cumulative gain or loss on the hedging instrument that has been recognised in other comprehensive income from the period when the hedge was effective (see paragraph 95(a)) shall remain separately in equity until the forecast transaction occurs. When the transaction occurs, paragraph 97, 98 or 100 applies. For the purpose of this subparagraph, 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. Additionally, for the purpose of this subparagraph there is not an expiration or termination of the hedging instrument if:
(i)
as a consequence of laws or regulations or the introduction of laws or regulations, the parties to the hedging instrument agree that one or more clearing counterparties replace their original counterparty to become the new counterparty to each of the parties. For this purpose, a clearing counterparty is a central counterparty (sometimes called a ‘clearing organisation’ or ‘clearing agency’) or an entity or entities, for example, a clearing member of a clearing organisation or a client of a clearing member of a clearing organisation, that are acting as counterparty in order to effect clearing by a central counterparty. However, when the parties to the hedging instrument replace their original counterparties with different counterparties this paragraph shall apply only if each of those parties effects clearing with the same central counterparty.
(ii)
other changes, if any, to the hedging instrument are limited to those that are necessary to effect such a replacement of the counterparty. Such changes are limited to those that are consistent with the terms that would be expected if the hedging instrument were originally cleared with the clearing counterparty. These changes include changes in the collateral requirements, rights to offset receivables and payables balances, and charges levied.
(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 has been recognised in other comprehensive income from the period when the hedge was effective (see paragraph 95(a)) shall remain separately 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 has been recognised in other comprehensive income from the period when the hedge was effective (see paragraph 95(a)) shall be reclassified from equity to profit or loss as a reclassification adjustment. 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 has been recognised in other comprehensive income from the period when the hedge was effective (see paragraph 95(a)) shall remain separately 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 in other comprehensive income shall be reclassified from equity to profit or loss as a reclassification adjustment
.
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 in other comprehensive income; 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 in other comprehensive income shall be reclassified from equity to profit or loss as a reclassification adjustment (see IAS 1 (revised 2007)) in accordance with paragraphs 48
-
49 of IAS 21 on the disposal or partial disposal of the foreign operation.
Temporary exceptions from applying specific hedge accounting requirements
102A
An entity shall apply paragraphs 102D–102N and 108G to all hedging relationships directly affected by interest rate benchmark reform. These paragraphs apply only to such hedging relationships. A hedging relationship is directly affected by interest rate benchmark reform only if the reform gives rise to uncertainties about:
(a)
the interest rate benchmark (contractually or non-contractually specified) designated as a hedged risk; and/or
(b)
the timing or the amount of interest rate benchmark-based cash flows of the hedged item or of the hedging instrument.
102B
For the purpose of applying paragraphs 102D–102N, the term ‘interest rate benchmark reform’ refers to the market-wide reform of an interest rate benchmark, including the replacement of an interest rate benchmark with an alternative benchmark rate such as that resulting from the recommendations set out in the Financial Stability Board’s July 2014 report ‘Reforming Major Interest Rate Benchmarks’ 
(
26
)
.
102C
Paragraphs 102D–102N provide exceptions only to the requirements specified in these paragraphs. An entity shall continue to apply all other hedge accounting requirements to hedging relationships directly affected by interest rate benchmark reform.
Highly probable requirement for cash flow hedges
102D
For the purpose of applying the requirement in paragraph 88(c) that a forecast transaction must be highly probable, an entity shall assume that the interest rate benchmark on which the hedged cash flows (contractually or non-contractually specified) are based is not altered as a result of interest rate benchmark reform.
Reclassifying the cumulative gain or loss recognised in other comprehensive income
102E
For the purpose of applying the requirement in paragraph 101(c) in order to determine whether the forecast transaction is no longer expected to occur, an entity shall assume that the interest rate benchmark on which the hedged cash flows (contractually or non-contractually specified) are based is not altered as a result of interest rate benchmark reform.
Effectiveness assessment
102F
For the purpose of applying the requirements in paragraphs 88(b) and AG105(a), an entity shall assume that the interest rate benchmark on which the hedged cash flows and/or the hedged risk (contractually or non-contractually specified) are based, or the interest rate benchmark on which the cash flows of the hedging instrument are based, is not altered as a result of interest rate benchmark reform.
102G
For the purpose of applying the requirement in paragraph 88(e), an entity is not required to discontinue a hedging relationship because the actual results of the hedge do not meet the requirements in paragraph AG105(b). For the avoidance of doubt, an entity shall apply the other conditions in paragraph 88, including the prospective assessment in paragraph 88(b), to assess whether the hedging relationship must be discontinued.
Designating financial items as hedged items
102H
Unless paragraph 102I applies, for a hedge of a non-contractually specified benchmark portion of interest rate risk, an entity shall apply the requirement in paragraphs 81 and AG99F—that the designated portion shall be separately identifiable—only at the inception of the hedging relationship.
102I
When an entity, consistent with its hedge documentation, frequently resets (ie discontinues and restarts) a hedging relationship because both the hedging instrument and the hedged item frequently change (ie the entity uses a dynamic process in which both the hedged items and the hedging instruments used to manage that exposure do not remain the same for long), the entity shall apply the requirement in paragraphs 81 and AG99F—that the designated portion is separately identifiable—only when it initially designates a hedged item in that hedging relationship. A hedged item that has been assessed at the time of its initial designation in the hedging relationship, whether it was at the time of the hedge inception or subsequently, is not reassessed at any subsequent redesignation in the same hedging relationship.
End of application
102J
An entity shall prospectively cease applying paragraph 102D to a hedged item at the earlier of:
(a)
when the uncertainty arising from interest rate benchmark reform is no longer present with respect to the timing and the amount of the interest rate benchmark-based cash flows of the hedged item; and
(b)
when the hedging relationship that the hedged item is part of is discontinued.
102K
An entity shall prospectively cease applying paragraph 102E at the earlier of:
(a)
when the uncertainty arising from interest rate benchmark reform is no longer present with respect to the timing and the amount of the interest rate benchmark-based future cash flows of the hedged item; and
(b)
when the entire cumulative gain or loss recognised in other comprehensive income with respect to that discontinued hedging relationship has been reclassified to profit or loss.
102L
An entity shall prospectively cease applying paragraph 102F:
(a)
to a hedged item, when the uncertainty arising from interest rate benchmark reform is no longer present with respect to the hedged risk or the timing and the amount of the interest rate benchmark-based cash flows of the hedged item; and
(b)
to a hedging instrument, when the uncertainty arising from interest rate benchmark reform is no longer present with respect to the timing and the amount of the interest rate benchmark-based cash flows of the hedging instrument.
If the hedging relationship that the hedged item and the hedging instrument are part of is discontinued earlier than the date specified in paragraph 102L(a) or the date specified in paragraph 102L(b), the entity shall prospectively cease applying paragraph 102F to that hedging relationship at the date of discontinuation.
102M
An entity shall prospectively cease applying paragraph 102G to a hedging relationship at the earlier of:
(a)
when the uncertainty arising from interest rate benchmark reform is no longer present with respect to the hedged risk and the timing and the amount of the interest rate benchmark-based cash flows of the hedged item and of the hedging instrument; and
(b)
when the hedging relationship to which the exception is applied is discontinued.
102N
When designating a group of items as the hedged item, or a combination of financial instruments as the hedging instrument, an entity shall prospectively cease applying paragraphs 102D–102G to an individual item or financial instrument in accordance with paragraphs 102J, 102K, 102L, or 102M, as relevant, when the uncertainty arising from interest rate benchmark reform is no longer present with respect to the hedged risk and/or the timing and the amount of the interest rate benchmark-based cash flows of that item or financial instrument.
102O
An entity shall prospectively cease applying paragraphs 102H and 102I at the earlier of:
(a)
when changes required by interest rate benchmark reform are made to the non-contractually specified risk portion applying paragraph 102P; or
(b)
when the hedging relationship in which the non-contractually specified risk portion is designated is discontinued.
Additional temporary exceptions arising from interest rate benchmark reform
Hedge accounting
102P
As and when the requirements in paragraphs 102D–102I cease to apply to a hedging relationship (see paragraphs 102J–102O), an entity shall amend the formal designation of that hedging relationship as previously documented to reflect the changes required by interest rate benchmark reform, ie the changes are consistent with the requirements in paragraphs 5.4.6–5.4.8 of IFRS 9. In this context, the hedge designation shall be amended only to make one or more of these changes:
(a)
designating an alternative benchmark rate (contractually or non-contractually specified) as a hedged risk;
(b)
amending the description of the hedged item, including the description of the designated portion of the cash flows or fair value being hedged;
(c)
amending the description of the hedging instrument; or
(d)
amending the description of how the entity will assess hedge effectiveness.
102Q
An entity also shall apply the requirement in paragraph 102P(c) if these three conditions are met:
(a)
the entity makes a change required by interest rate benchmark reform using an approach other than changing the basis for determining the contractual cash flows of the hedging instrument (as described in paragraph 5.4.6 of IFRS 9);
(b)
the original hedging instrument is not derecognised; and
(c)
the chosen approach is economically equivalent to changing the basis for determining the contractual cash flows of the original hedging instrument (as described in paragraphs 5.4.7 and 5.4.8 of IFRS 9).
102R
The requirements in paragraphs 102D–102I may cease to apply at different times. Therefore, applying paragraph 102P, an entity may be required to amend the formal designation of its hedging relationships at different times, or may be required to amend the formal designation of a hedging relationship more than once. When, and only when, such a change is made to the hedge designation, an entity shall apply paragraphs 102V–102Z2 as applicable. An entity also shall apply paragraph 89 (for a fair value hedge) or paragraph 96 (for a cash flow hedge) to account for any changes in the fair value of the hedged item or the hedging instrument.
102S
An entity shall amend a hedging relationship as required in paragraph 102P by the end of the reporting period during which a change required by interest rate benchmark reform is made to the hedged risk, hedged item or hedging instrument. For the avoidance of doubt, such an amendment to the formal designation of a hedging relationship constitutes neither the discontinuation of the hedging relationship nor the designation of a new hedging relationship.
102T
If changes are made in addition to those changes required by interest rate benchmark reform to the financial asset or financial liability designated in a hedging relationship (as described in paragraphs 5.4.6–5.4.8 of IFRS 9) or to the designation of the hedging relationship (as required by paragraph 102P), an entity shall first apply the applicable requirements in this Standard to determine if those additional changes result in the discontinuation of hedge accounting. If the additional changes do not result in the discontinuation of hedge accounting, an entity shall amend the formal designation of the hedging relationship as specified in paragraph 102P.
102U
Paragraphs 102V–102Z3 provide exceptions to the requirements specified in those paragraphs only. An entity shall apply all other hedge accounting requirements in this Standard, including the qualifying criteria in paragraph 88, to hedging relationships that were directly affected by interest rate benchmark reform.
Accounting for qualifying hedging relationships
Retrospective effectiveness assessment
102V
For the purpose of assessing the retrospective effectiveness of a hedging relationship on a cumulative basis applying paragraph 88(e) and only for this purpose, an entity may elect to reset to zero the cumulative fair value changes of the hedged item and hedging instrument when ceasing to apply paragraph 102G as required by paragraph 102M. This election is made separately for each hedging relationship (i.e. on an individual hedging relationship basis).
Cash flow hedges
102W
For the purpose of applying paragraph 97, at the point when an entity amends the description of a hedged item as required in paragraph 102P(b), the cumulative gain or loss in other comprehensive income shall be deemed to be based on the alternative benchmark rate on which the hedged future cash flows are determined.
102X
For a discontinued hedging relationship, when the interest rate benchmark on which the hedged future cash flows had been based is changed as required by interest rate benchmark reform, for the purpose of applying paragraph 101(c) in order to determine whether the hedged future cash flows are expected to occur, the amount accumulated in other comprehensive income for that hedging relationship shall be deemed to be based on the alternative benchmark rate on which the hedged future cash flows will be based.
Groups of items
102Y
When an entity applies paragraph 102P to groups of items designated as hedged items in a fair value or cash flow hedge, the entity shall allocate the hedged items to subgroups based on the benchmark rate being hedged and designate the benchmark rate as the hedged risk for each subgroup. For example, in a hedging relationship in which a group of items is hedged for changes in an interest rate benchmark subject to interest rate benchmark reform, the hedged cash flows or fair value of some items in the group could be changed to reference an alternative benchmark rate before other items in the group are changed. In this example, in applying paragraph 102P, the entity would designate the alternative benchmark rate as the hedged risk for that relevant subgroup of hedged items. The entity would continue to designate the existing interest rate benchmark as the hedged risk for the other subgroup of hedged items until the hedged cash flows or fair value of those items are changed to reference the alternative benchmark rate or the items expire and are replaced with hedged items that reference the alternative benchmark rate.
102Z
An entity shall assess separately whether each subgroup meets the requirements in paragraphs 78 and 83 to be an eligible hedged item. If any subgroup fails to meet the requirements in paragraphs 78 and 83, the entity shall discontinue hedge accounting prospectively for the hedging relationship in its entirety. An entity also shall apply the requirements in paragraphs 89 or 96 to account for ineffectiveness related to the hedging relationship in its entirety.
Designating financial items as hedged items
102Z1
An alternative benchmark rate designated as a non-contractually specified risk portion that is not separately identifiable (see paragraphs 81 and AG99F) at the date it is designated shall be deemed to have met that requirement at that date, if, and only if, the entity reasonably expects the alternative benchmark rate will be separately identifiable within 24 months. The 24-month period applies to each alternative benchmark rate separately and starts from the date the entity designates the alternative benchmark rate as a non-contractually specified risk portion for the first time (i.e. the 24-month period applies on a rate-by-rate basis).
102Z2
If subsequently an entity reasonably expects that the alternative benchmark rate will not be separately identifiable within 24 months from the date the entity designated it as a non-contractually specified risk portion for the first time, the entity shall cease applying the requirement in paragraph 102Z1 to that alternative benchmark rate and discontinue hedge accounting prospectively from the date of that reassessment for all hedging relationships in which the alternative benchmark rate was designated as a noncontractually specified risk portion.
102Z3
In addition to those hedging relationships specified in paragraph 102P, an entity shall apply the requirements in paragraphs 102Z1 and 102Z2 to new hedging relationships in which an alternative benchmark rate is designated as a non-contractually specified risk portion (see paragraphs 81 and AG99F) when, because of interest rate benchmark reform, that risk portion is not separately identifiable at the date it is designated.
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
[Deleted]
103B
[Deleted]
103C
IAS 1 (as revised in 2007) amended the terminology used throughout IFRSs. In addition it amended paragraphs 95(a), 97, 98, 100, 102, 108 and AG99B. An entity shall apply those amendments for annual periods beginning on or after 1 January 2009. If an entity applies IAS 1 (revised 2007) for an earlier period, the amendments shall be applied for that earlier period.
103D
[Deleted]
103E
IAS 27 (as amended in 2008) amended paragraph 102. An entity shall apply that amendment for annual periods beginning on or after 1 July 2009. If an entity applies IAS 27 (amended 2008) for an earlier period, the amendment shall be applied for that earlier period.
103F
[Deleted]
103G
An entity shall apply paragraphs AG99BA, AG99E, AG99F, AG110A and AG110B retrospectively for annual periods beginning on or after 1 July 2009, in accordance with IAS 8 
Accounting Policies, Changes in Accounting Estimates and Errors
. Earlier application is permitted. If an entity applies 
Eligible Hedged Items
 (Amendment to IAS 39) for periods beginning before 1 July 2009, it shall disclose that fact.
103H–103J
[Deleted]
103K
Improvements to IFRSs
, issued in April 2009, amended paragraphs 2(g), 97 and 100. An entity shall apply the amendments to those paragraphs prospectively to all unexpired contracts for annual periods beginning on or after 1 January 2010. Earlier application is permitted. If an entity applies the amendments for an earlier period it shall disclose that fact.
103L–103P
[Deleted]
103Q
IFRS 13, issued in May 2011, amended paragraphs 9, 13, 28, 47, 88, AG46, AG52, AG64, AG76, AG76A, AG80, AG81 and AG96, added paragraph 43A and deleted paragraphs 48–49, AG69–AG75, AG77–AG79 and AG82. An entity shall apply those amendments when it applies IFRS 13.
103R
Investment Entities
 (Amendments to IFRS 10, IFRS 12 and IAS 27), issued in October 2012, amended paragraphs 2 and 80. An entity shall apply those amendments for annual periods beginning on or after 1 January 2014. Earlier application of 
Investment Entities
 is permitted. If an entity applies those amendments earlier it shall also apply all amendments included in 
Investment Entities
 at the same time.
103S
[Deleted]
103T
IFRS 15 
Revenue from Contracts with Customers
, issued in May 2014, amended paragraphs 2, 9, 43, 47, 55, AG2, AG4 and AG48 and added paragraphs 2A, 44A, 55A and AG8A–AG8C. An entity shall apply those amendments when it applies IFRS 15.
103U
IFRS 9, as issued in July 2014, amended paragraphs 2, 8, 9, 71, 88–90, 96, AG95, AG114, AG118 and the headings above AG133 and deleted paragraphs 1, 4–7, 10–70, 103B, 103D, 103F, 103H–103J, 103L–103P, 103S, 105–107A, 108E–108F, AG1–AG93 and AG96. An entity shall apply those amendments when it applies IFRS 9.
103V
[This paragraph was added for an entity that had not adopted IFRS 9.].
104
This Standard shall be applied retrospectively except as specified in paragraph 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.
105–107A
[Deleted]
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 outside profit or loss (in other comprehensive income or 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.
108C
Paragraphs 73 and AG8 were amended by 
Improvements to IFRSs
, issued in May 2008. Paragraph 80 was amended by 
Improvements to IFRSs
, issued in April 2009. An entity shall apply those amendments for annual periods beginning on or after 1 January 2009. Earlier application of all the amendments is permitted. If an entity applies the amendments for an earlier period it shall disclose that fact.
108D
Novation of Derivatives and Continuation of Hedge Accounting
 (Amendments to IAS 39), issued in June 2013, amended paragraphs 91 and 101 and added paragraph AG113A. An entity shall apply those paragraphs for annual periods beginning on or after 1 January 2014. An entity shall apply those amendments retrospectively in accordance with IAS 8 
Accounting Policies, Changes in Accounting Estimates and Errors
. Earlier application is permitted. If an entity applies those amendments for an earlier period it shall disclose that fact.
108E–108F
[Deleted]
108G
Interest Rate Benchmark Reform
, which amended IFRS 9, IAS 39 and IFRS 7, issued in September 2019, added paragraphs 102A–102N. An entity shall apply these amendments for annual periods beginning on or after 1 January 2020. Earlier application is permitted. If an entity applies these amendments for an earlier period, it shall disclose that fact. An entity shall apply these amendments retrospectively to those hedging relationships that existed at the beginning of the reporting period in which an entity first applies these amendments or were designated thereafter, and to the gain or loss recognised in other comprehensive income that existed at the beginning of the reporting period in which an entity first applies these amendments.
108H
Interest Rate Benchmark Reform – Phase 2
, which amended IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16, issued in August 2020, added paragraphs 102O–102Z3 and 108I–108K, and amended paragraph 102M. An entity shall apply these amendments for annual periods beginning on or after 1 January 2021. Earlier application is permitted. If an entity applies these amendments for an earlier period, it shall disclose that fact. An entity shall apply these amendments retrospectively in accordance with IAS 8, except as specified in paragraphs 108I–108K.
108I
An entity shall designate a new hedging relationship (for example, as described in paragraph 102Z3) only prospectively (i.e. an entity is prohibited from designating a new hedge accounting relationship in prior periods). However, an entity shall reinstate a discontinued hedging relationship if, and only if, these conditions are met:
(a)
the entity had discontinued that hedging relationship solely due to changes required by interest rate benchmark reform and the entity would not have been required to discontinue that hedging relationship if these amendments had been applied at that time; and
(b)
at the beginning of the reporting period in which an entity first applies these amendments (date of initial application of these amendments), that discontinued hedging relationship meets the qualifying criteria for hedge accounting (after taking into account these amendments).
108J
If, in applying paragraph 108I, an entity reinstates a discontinued hedging relationship, the entity shall read references in paragraphs 102Z1 and 102Z2 to the date the alternative benchmark rate is designated as a non- contractually specified risk portion for the first time as referring to the date of initial application of these amendments (i.e. the 24-month period for that alternative benchmark rate designated as a non-contractually specified risk portion begins from the date of initial application of these amendments).
108K
An entity is not required to restate prior periods to reflect the application of these amendments. The entity may restate prior periods if, and only if, it is possible without the use of hindsight. If an entity does not restate prior periods, the entity shall recognise any difference between the previous carrying amount and the carrying amount at the beginning of the annual reporting period that includes the date of initial application of these amendments in the opening retained earnings (or other component of equity, as appropriate) of the annual reporting period that includes the date of initial application of these amendments.
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.
Appendix A
Application guidance
This appendix is an integral part of the standard.
AG1–AG93
[Deleted]
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 financial asset measured at amortised cost may be designated as a hedging instrument in a hedge of foreign currency risk.
AG96
[Deleted]
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 in other comprehensive income in accordance with paragraph 95(a) shall be reclassified from equity to profit or loss as a reclassification adjustment in the same period or periods during which the foreign currency risk of the hedged transaction affects consolidated profit or loss.
AG99BA
An entity can designate all changes in the cash flows or fair value of a hedged item in a hedging relationship. An entity can also designate only changes in the cash flows or fair value of a hedged item above or below a specified price or other variable (a one-sided risk). The intrinsic value of a purchased option hedging instrument (assuming that it has the same principal terms as the designated risk), but not its time value, reflects a one-sided risk in a hedged item. For example, an entity can designate the variability of future cash flow outcomes resulting from a price increase of a forecast commodity purchase. In such a situation, only cash flow losses that result from an increase in the price above the specified level are designated. The hedged risk does not include the time value of a purchased option because the time value is not a component of the forecast transaction that affects profit or loss (paragraph 86(b)).
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).
AG99E
Paragraph 81 permits an entity to designate something other than the entire fair value change or cash flow variability of a financial instrument. For example:
(a)
all of the cash flows of a financial instrument may be designated for cash flow or fair value changes attributable to some (but not all) risks; or
(b)
some (but not all) of the cash flows of a financial instrument may be designated for cash flow or fair value changes attributable to all or only some risks (ie a ‘portion’ of the cash flows of the financial instrument may be designated for changes attributable to all or only some risks).
AG99F
To be eligible for hedge accounting, the designated risks and portions must be separately identifiable components of the financial instrument, and changes in the cash flows or fair value of the entire financial instrument arising from changes in the designated risks and portions must be reliably measurable. For example:
(a)
for a fixed rate financial instrument hedged for changes in fair value attributable to changes in a risk-free or benchmark interest rate, the risk-free or benchmark rate is normally regarded as both a separately identifiable component of the financial instrument and reliably measurable;
(b)
inflation is not separately identifiable and reliably measurable and cannot be designated as a risk or a portion of a financial instrument unless the requirements in (c) are met;
(c)
a contractually specified inflation portion of the cash flows of a recognised inflation-linked bond (assuming there is no requirement to account for an embedded derivative separately) is separately identifiable and reliably measurable as long as other cash flows of the instrument are not affected by the inflation portion.
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.
AG110A
Paragraph 74(a) permits an entity to separate the intrinsic value and time value of an option contract and designate as the hedging instrument only the change in the intrinsic value of the option contract. Such a designation may result in a hedging relationship that is perfectly effective in achieving offsetting changes in cash flows attributable to a hedged one-sided risk of a forecast transaction, if the principal terms of the forecast transaction and hedging instrument are the same.
AG110B
If an entity designates a purchased option in its entirety as the hedging instrument of a one-sided risk arising from a forecast transaction, the hedging relationship will not be perfectly effective. This is because the premium paid for the option includes time value and, as stated in paragraph AG99BA, a designated one-sided risk does not include the time value of an option. Therefore, in this situation, there will be no offset between the cash flows relating to the time value of the option premium paid and the designated hedged risk.
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.
AG113A
For the avoidance of doubt, the effects of replacing the original counterparty with a clearing counterparty and making the associated changes as described in paragraphs 91(a)(ii) and 101(a)(ii) shall be reflected in the measurement of the hedging instrument and therefore in the assessment of hedge effectiveness and the measurement of hedge effectiveness.
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, 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 statement of financial position 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 statement of financial position.
(i)
Any ineffectiveness 
(
27
)
 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). The designation is expressed as an ‘amount of a currency’ (eg 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—ie 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 
(
28
)
 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 
(
29
)
 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 
(
30
)
 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 statement of financial position, 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 103–108C)
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.
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
[Deleted]
4
This Standard does not apply to:
(a)
biological assets related to agricultural activity (see IAS 41 
Agriculture
 and IAS 16 
Property, Plant and Equipment
); 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 statement of financial position.
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, eg IFRS 2 
Share-based Payment
.
Fair value
 is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. (See IFRS 13 
Fair Value Measurement
).
Investment property
 is property (land or a building—or part of a building—or both) held (by the owner or by the lessee as a right-of-use asset) 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 as a right-of-use asset) for use in the production or supply of goods or services or for administrative purposes.
CLASSIFICATION OF PROPERTY AS INVESTMENT PROPERTY OR OWNER-OCCUPIED PROPERTY
6
[Deleted]
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 applies to owned owner-occupied property and IFRS 16 
Leases
 applies to owner-occupied property held by a lessee as a right-of-use asset.
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 a right-of-use asset relating to a building held by the entity) 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.
(e)
property that is being constructed or developed for future use as investment property.
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)
[deleted]
(c)
owner-occupied property (see IAS 16 and IFRS 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)
[deleted]
(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.
14A
Judgement is also needed to determine whether the acquisition of investment property is the acquisition of an asset or a group of assets or a business combination within the scope of IFRS 3 
Business Combinations
. Reference should be made to IFRS 3 to determine whether it is a business combination. The discussion in paragraphs 7–14 of this Standard relates to whether or not property is owner-occupied property or investment property and not to determining whether or not the acquisition of property is a business combination as defined in IFRS 3. Determining whether a specific transaction meets the definition of a business combination as defined in IFRS 3 and includes an investment property as defined in this Standard requires the separate application of both Standards.
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
An owned 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.
19A
An investment property held by a lessee as a right-of-use asset shall be recognised in accordance with IFRS 16.
MEASUREMENT AT RECOGNITION
20
An owned 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
[Deleted]
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
[Deleted]
26
[Deleted]
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 is reliably measurable if (a) the variability in the range of reasonable fair value measurements is not significant for that asset or (b) the probabilities of the various estimates within the range can be reasonably assessed and used when measuring fair value. If the entity is able to measure 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.
29A
An investment property held by a lessee as a right-of-use asset shall be measured initially at its cost in accordance with IFRS 16.
MEASUREMENT AFTER RECOGNITION
Accounting policy
30
With the exception noted in paragraph 32A, 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 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. It is highly unlikely that a change from the fair value model to the cost model will result in a more relevant presentation.
32
This Standard requires all entities to measure 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 measure 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 entities operate, either internally or externally, an investment fund that provides investors with benefits determined by units in the fund. Similarly, some entities issue insurance contracts with direct participation features, for which the underlying items include investment property. For the purposes of paragraphs 32A–32B only, insurance contracts include investment contracts with discretionary participation features.. Paragraph 32A does not permit an entity to measure the property held by the fund (or property that is an underlying item) partly at cost and partly at fair value. (See IFRS 17 
Insurance Contracts
 for terms used in this paragraph that are defined in that Standard.)
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
[Deleted]
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.
36–39
[Deleted]
40
When measuring the fair value of investment property in accordance with IFRS 13, an entity shall ensure that the fair value reflects, among other things, rental income from current leases and other assumptions that market participants would use when pricing investment property under current market conditions.
40A
When a lessee uses the fair value model to measure an investment property that is held as a right-of-use asset, it shall measure the right-of-use asset, and not the underlying property, at fair value.
41
IFRS 16 specifies the basis for initial recognition of the cost of an investment property held by a lessee as a right-of-use asset. Paragraph 33 requires the investment property held by a lessee as a right-of-use asset to be remeasured, if necessary, to fair value if the entity chooses the fair value model. When lease payments are at market rates, the fair value of an investment property held by a lessee as a right-of-use asset at acquisition, net of all expected lease payments (including those relating to recognised lease liabilities), should be zero. Thus, remeasuring a right-of-use asset from cost in accordance with IFRS 16 to fair value in accordance with paragraph 33 (taking into account the requirements in paragraph 50) 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.
42–47
[Deleted]
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 after a change in use) that the variability in the range of reasonable fair value measurements will be so great, and the probabilities of the various outcomes so difficult to assess, that the usefulness of a single measure of fair value is negated. This may indicate that the fair value of the property will not be reliably measurable on a continuing basis (see paragraph 53).
49
[Deleted]
50
In determining the carrying amount of investment property under the fair value model, 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 by a lessee as a right-of-use asset reflects expected cash flows (including variable lease payments that are 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 carrying amount of the investment property using the fair value model.
51
[Deleted]
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 measure fair value reliably
53
There is a rebuttable presumption that an entity can reliably measure 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 after a change in use) that the fair value of the investment property is not reliably measurable on a continuing basis. This arises when, and only when, the market for comparable properties is inactive (eg there are few recent transactions, price quotations are not current or observed transaction prices indicate that the seller was forced to sell) and alternative reliable measurements of fair value (for example, based on discounted cash flow projections) are not available. If an entity determines that the fair value of an investment property under construction is not reliably measurable but expects the fair value of the property to be reliably measurable when construction is complete, it shall measure that investment property under construction at cost until either its fair value becomes reliably measurable or construction is completed (whichever is earlier). If an entity determines that the fair value of an investment property (other than an investment property under construction) is not reliably measurable on a continuing basis, the entity shall measure that investment property using the cost model in IAS 16 for owned investment property or in accordance with IFRS 16 for investment property held by a lessee as a right-of-use asset. The residual value of the investment property shall be assumed to be zero. The entity shall continue to apply IAS 16 or IFRS 16 until disposal of the investment property.
53A
Once an entity becomes able to measure reliably the fair value of an investment property under construction that has previously been measured at cost, it shall measure that property at its fair value. Once construction of that property is complete, it is presumed that fair value can be measured reliably. If this is not the case, in accordance with paragraph 53, the property shall be accounted for using the cost model in accordance with IAS 16 for owned assets or IFRS 16 for investment property held by a lessee as a right-of-use asset.
53B
The presumption that the fair value of investment property under construction can be measured reliably can be rebutted only on initial recognition. An entity that has measured an item of investment property under construction at fair value may not conclude that the fair value of the completed investment property cannot be measured reliably.
54
In the exceptional cases when an entity is compelled, for the reason given in paragraph 53, to measure an investment property using the cost model in accordance with IAS 16 or IFRS 16, it measures at fair value all its other investment property, including investment property under construction. 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 investment property:
(a)
in accordance with IFRS 5 
Non-current Assets Held for Sale and Discontinued Operations
 if it meets the criteria to be classified as held for sale (or is included in a disposal group that is classified as held for sale);
(b)
in accordance with IFRS 16 if it is held by a lessee as a right-of-use asset and is not held for sale in accordance with IFRS 5; and
(c)
in accordance with the requirements in IAS 16 for the cost model in all other cases.
TRANSFERS
57
An entity shall transfer a property to, or from, investment property when, and only when, there is a change in use. A change in use occurs when the property meets, or ceases to meet, the definition of investment property and there is evidence of the change in use. In isolation, a change in management’s intentions for the use of a property does not provide evidence of a change in use. Examples of evidence of a change in use include:
(a)
commencement of owner-occupation, or of development with a view to 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; and
(d)
inception of an operating lease to another party, for a transfer from inventories to investment property.
(e)
[deleted]
58
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 statement of financial position) and does not reclassify 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, IFRS 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 for owned property and IFRS 16 for property held by a lessee as a right-of-use asset 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 or IFRS 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 (or the right-of-use asset) 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 or IFRS 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 recognised in other comprehensive income and reduces the revaluation surplus within equity.
(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 recognised in other comprehensive income and increases the revaluation surplus within equity. 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 statement of financial position) 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. The date of disposal for investment property that is sold is the date the recipient obtains control of the investment property in accordance with the requirements for determining when a performance obligation is satisfied in IFRS 15. IFRS 16 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 IFRS 16 requires otherwise on a sale and leaseback) in the period of the retirement or disposal.
70
The amount of consideration to be included in the gain or loss arising from the derecognition of an investment property is determined in accordance with the requirements for determining the transaction price in paragraphs 47–72 of IFRS 15. Subsequent changes to the estimated amount of the consideration included in the gain or loss shall be accounted for in accordance with the requirements for changes in the transaction price in IFRS 15.
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 IFRS 16. In accordance with IFRS 16, the owner of an investment property provides lessors' disclosures about leases into which it has entered. A lessee that holds an investment property as a right-of-use asset provides lessees' disclosures as required by IFRS 16 and lessors' disclosures as required by IFRS 16 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)
[deleted]
(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)
[deleted]
(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;
(iii)
direct operating expenses (including repairs and maintenance) arising from investment property that did not generate rental income during the period; and
(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 liabilities 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 or in accordance with IFRS 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 measured 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.
(e)
the fair value of investment property. In the exceptional cases described in paragraph 53, when an entity cannot measure 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 measured 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 (measured on a basis that satisfies the definition of fair value in IFRS 13), 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.
Business Combinations
84A
Annual Improvements Cycle 2011–2013
 issued in December 2013 added paragraph 14A and a heading before paragraph 6. An entity shall apply that amendment prospectively for acquisitions of investment property from the beginning of the first period for which it adopts that amendment. Consequently, accounting for acquisitions of investment property in prior periods shall not be adjusted. However, an entity may choose to apply the amendment to individual acquisitions of investment property that occurred prior to the beginning of the first annual period occurring on or after the effective date if, and only if, information needed to apply the amendment to those earlier transactions is available to the entity.
IFRS 16
84B
An entity applying IFRS 16, and its related amendments to this Standard, for the first time shall apply the transition requirements in Appendix C of IFRS 16 to its investment property held as a right-of-use asset.
Transfers of Investment property
84C
Transfers of Investment Property
 (Amendments to IAS 40), issued in December 2016, amended paragraphs 57–58. An entity shall apply those amendments to changes in use that occur on or after the beginning of the annual reporting period in which the entity first applies the amendments (the date of initial application). At the date of initial application, an entity shall reassess the classification of property held at that date and, if applicable, reclassify property applying paragraphs 7–14 to reflect the conditions that exist at that date.
84D
Notwithstanding the requirements in paragraph 84C, an entity is permitted to apply the amendments to paragraphs 57–58 retrospectively in accordance with IAS 8 if, and only if, that is possible without the use of hindsight.
84E
If, in accordance with paragraph 84C, an entity reclassifies property at the date of initial application, the entity shall:
(a)
account for the reclassification applying the requirements in paragraphs 59–64. In applying paragraphs 59–64, an entity shall:
(i)
read any reference to the date of change in use as the date of initial application; and
(ii)
recognise any amount that, in accordance with paragraphs 59–64, would have been recognised in profit or loss as an adjustment to the opening balance of retained earnings at the date of initial application.
(b)
disclose the amounts reclassified to, or from, investment property in accordance with paragraph 84C. The entity shall disclose those amounts reclassified as part of the reconciliation of the carrying amount of investment property at the beginning and end of the period as required by paragraphs 76 and 79.
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.
85A
IAS 1 
Presentation of Financial Statements
 (as revised in 2007) amended the terminology used throughout IFRSs. In addition it amended paragraph 62. An entity shall apply those amendments for annual periods beginning on or after 1 January 2009. If an entity applies IAS 1 (revised 2007) for an earlier period, the amendments shall be applied for that earlier period.
85B
Paragraphs 8, 9, 48, 53, 54 and 57 were amended, paragraph 22 was deleted and paragraphs 53A and 53B were added by 
Improvements to IFRSs
 issued in May 2008. An entity shall apply those amendments prospectively for annual periods beginning on or after 1 January 2009. An entity is permitted to apply the amendments to investment property under construction from any date before 1 January 2009 provided that the fair values of investment properties under construction were measured at those dates. Earlier application is permitted. If an entity applies the amendments for an earlier period it shall disclose that fact and at the same time apply the amendments to paragraphs 5 and 81E of IAS 16 
Property, Plant and Equipment
.
85C
IFRS 13, issued in May 2011, amended the definition of fair value in paragraph 5, amended paragraphs 26, 29, 32, 40, 48, 53, 53B, 78–80 and 85B and deleted paragraphs 36–39, 42–47, 49, 51 and 75(d). An entity shall apply those amendments when it applies IFRS 13.
85D
Annual Improvements Cycle 2011–2013
 issued in December 2013 added headings before paragraph 6 and after paragraph 84 and added paragraphs 14A and 84A. An entity shall apply those amendments for annual periods beginning on or after 1 July 2014. Earlier application is permitted. If an entity applies those amendments for an earlier period it shall disclose that fact.
85E
IFRS 15 
Revenue from Contracts with Customers
, issued in May 2014, amended paragraphs 3(b), 9, 67 and 70. An entity shall apply those amendments when it applies IFRS 15.
85F
IFRS 16, issued in January 2016, amended the scope of IAS 40 by defining investment property to include both owned investment property and property held by a lessee as a right-of-use asset. IFRS 16 amended paragraphs 5, 7, 8, 9, 16, 20, 30, 41, 50, 53, 53A, 54, 56, 60, 61, 62, 67, 69, 74, 75, 77 and 78, added paragraphs 19A, 29A, 40A and 84B and its related heading and deleted paragraphs 3, 6, 25, 26 and 34. An entity shall apply those amendments when it applies IFRS 16.
85G
Transfers of Investment Property
 (Amendments to IAS 40), issued in December 2016, amended paragraphs 57–58 and added paragraphs 84C–84E. An entity shall apply those amendments for annual periods beginning on or after 1 January 2018. Earlier application is permitted. If an entity applies those amendments for an earlier period, it shall disclose that fact.
85H
IFRS 17, issued in May 2017, amended paragraph 32B. An entity shall apply that amendment when it applies IFRS 17.
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, except for bearer plants;
(b)
agricultural produce at the point of harvest; and
(c)
government grants covered by paragraphs 34 and 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
).
(b)
bearer plants related to agricultural activity (see IAS 16). However, this Standard applies to the produce on those bearer plants.
(c)
government grants related to bearer plants (see IAS 20 
Accounting for Government Grants and Disclosure of Government Assistance
).
(d)
intangible assets related to agricultural activity (see IAS 38 
Intangible Assets
).
(e)
right-of-use assets arising from a lease of land related to agricultural activity (see IFRS 16 
Leases
).
3
This Standard is applied to agricultural produce, which is the harvested produce of the entity's biological assets, 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 timber plantation
Felled trees
Logs, lumber
Dairy cattle
Milk
Cheese
Pigs
Carcass
Sausages, cured hams
Cotton plants
Harvested cotton
Thread, clothing
Sugarcane
Harvested cane
Sugar
Tobacco plants
Picked leaves
Cured tobacco
Tea bushes
Picked leaves
Tea
Grape vines
Picked grapes
Wine
Fruit trees
Picked fruit
Processed fruit
Oil palms
Picked fruit
Palm oil
Rubber trees
Harvested latex
Rubber products
Some plants, for example, tea bushes, grape vines, oil palms and rubber trees, usually meet the definition of a bearer plant and are within the scope of IAS 16. However, the produce growing on bearer plants, for example, tea leaves, grapes, oil palm fruit and latex, is within the scope of IAS 41.
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 and harvest of biological assets for sale or for conversion into agricultural produce or into additional biological assets.
Agricultural produce
 is the harvested produce of the entity's biological assets.
A 
bearer plant
 is a living plant that:
(a)
is used in the production or supply of agricultural produce;
(b)
is expected to bear produce for more than one period; and
(c)
has a remote likelihood of being sold as agricultural produce, except for incidental scrap sales.
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.
Costs to sell
 are the incremental costs directly attributable to the disposal of an asset, excluding finance costs and income taxes.
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.
5A
The following are not bearer plants:
(a)
plants cultivated to be harvested as agricultural produce (for example, trees grown for use as lumber);
(b)
plants cultivated to produce agricultural produce when there is more than a remote likelihood that the entity will also harvest and sell the plant as agricultural produce, other than as incidental scrap sales (for example, trees that are cultivated both for their fruit and their lumber); and
(c)
annual crops (for example, maize and wheat).
5B
When bearer plants are no longer used to bear produce they might be cut down and sold as scrap, for example, for use as firewood. Such incidental scrap sales would not prevent the plant from satisfying the definition of a bearer plant.
5C
Produce growing on bearer plants is a biological asset.
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 or harvest 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:
Carrying amount
 is the amount at which an asset is recognised in the statement of financial position.
Fair value
 is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. (See IFRS 13 
Fair Value Measurement
.)
Government grants
 are as defined in IAS 20.
9
[Deleted]
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 the end of each reporting period at its fair value less costs to sell, 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 costs to sell at the point of harvest. Such measurement is the cost at that date when applying IAS 2 
Inventories
 or another applicable standard.
14
[Deleted]
15
The fair value measurement of 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 measuring fair value, because fair value reflects the current market conditions in which market participant buyers and sellers 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.
17-21
[Deleted]
22
An entity does not include any cash flows for financing the assets or re-establishing biological assets after harvest (for example, the cost of replanting trees in a plantation forest after harvest).
23
[Deleted]
24
Cost may sometimes approximate fair value, particularly when:
(a)
little biological transformation has taken place since initial cost incurrence (for example, for seedlings planted immediately prior to the end of a reporting period or newly acquired livestock); 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 measure the fair value of 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 costs to sell and from a change in fair value less costs to sell 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 costs to sell are deducted in determining fair value less costs to sell 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 costs to sell 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 quoted market-prices are not available and for which alternative fair value measurements 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 costs to sell. 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 costs to sell continues to measure the biological asset at its fair value less costs to sell until disposal.
32
In all cases, an entity measures agricultural produce at the point of harvest at its fair value less costs to sell. 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, IAS 16 and IAS 36 
Impairment of Assets
.
GOVERNMENT GRANTS
34
An unconditional government grant related to a biological asset measured at its fair value less costs to sell shall be recognised in profit or loss 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 costs to sell is conditional, including when a government grant requires an entity not to engage in specified agricultural activity, an entity shall recognise the government grant in profit or loss when, and only when, the conditions attaching to the government grant are met.
36
Terms and conditions of government grants vary. For example, a grant may require an entity to farm in a particular location for five years and require the entity to return all of the grant if it farms for a period shorter than five years. In this case, the grant is not recognised in profit or loss until the five years have passed. However, if the terms of the grant allow part of it to be retained according to the time that has elapsed, the entity recognises that part in profit or loss as time passes.
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 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 costs to sell 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 costs to sell 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, produce on a bearer plant and trees being grown for lumber. Bearer biological assets are those other than consumable biological assets; for example, livestock from which milk is produced and fruit trees from which fruit is harvested. Bearer biological assets are not agricultural produce but, rather, are held to bear produce.
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.
47-48
[Deleted]
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 costs to sell;
(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 costs to sell 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 costs to sell 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
.
60
Paragraphs 5, 6, 17, 20 and 21 were amended and paragraph 14 deleted by 
Improvements to IFRSs
 issued in May 2008. An entity shall apply those amendments prospectively for annual periods beginning on or after 1 January 2009. Earlier application is permitted. If an entity applies the amendments for an earlier period it shall disclose that fact.
61
IFRS 13, issued in May 2011, amended paragraphs 8, 15, 16, 25 and 30 and deleted paragraphs 9, 17–21, 23, 47 and 48. An entity shall apply those amendments when it applies IFRS 13.
62
Agriculture: Bearer Plants
 (Amendments to IAS 16 and IAS 41), issued in June 2014, amended paragraphs 1–5, 8, 24 and 44 and added paragraphs 5A–5C and 63. An entity shall apply those amendments for annual periods beginning on or after 1 January 2016. Earlier application is permitted. If an entity applies those amendments for an earlier period, it shall disclose that fact. An entity shall apply those amendments retrospectively in accordance with IAS 8.
63
In the reporting period when 
Agriculture: Bearer Plants
 (Amendments to IAS 16 and IAS 41) is first applied an entity need not disclose the quantitative information required by paragraph 28(f) of IAS 8 for the current period. However, an entity shall present the quantitative information required by paragraph 28(f) of IAS 8 for each prior period presented.
64
IFRS 16, issued in January 2016, amended paragraph 2. An entity shall apply that amendment when it applies IFRS 16.
65
Annual Improvements to IFRS Standards 2018–2020
, issued in May 2020, amended paragraph 22. An entity shall apply that amendment to fair value measurements on or after the beginning of the first annual reporting period beginning on or after 1 January 2022. Earlier application is permitted. If an entity applies the amendment for an earlier period, it shall disclose that fact.
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 in accordance with 
International Financial Reporting Standards (IFRSs)
; and
(c)
can be generated at a cost that does not exceed the benefits.
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 in accordance with 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 in accordance with IFRSs are an entity’s first IFRS financial statements if, for example, the entity:
(a)
presented its most recent previous financial statements:
(i)
in accordance with 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)
in accordance with national requirements inconsistent with IFRSs, using some individual IFRSs to account for items for which national requirements did not exist; or
(v)
in accordance with national requirements, with a reconciliation of some amounts to the amounts determined in accordance with IFRSs;
(b)
prepared financial statements in accordance with IFRSs for internal use only, without making them available to the entity’s owners or any other external users;
(c)
prepared a reporting package in accordance with IFRSs for consolidation purposes without preparing a complete set of financial statements as defined in IAS 1 
Presentation of Financial Statements
 (as revised in 2007); 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 in accordance with 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 in accordance with 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.
4A
Notwithstanding the requirements in paragraphs 2 and 3, an entity that has applied IFRSs in a previous reporting period, but whose most recent previous annual financial statements did not contain an explicit and unreserved statement of compliance with IFRSs, must either apply this IFRS or else apply IFRSs retrospectively in accordance with IAS 8 
Accounting Policies, Changes in Accounting Estimates and Errors
 as if the entity had never stopped applying IFRSs.
4B
When an entity does not elect to apply this IFRS in accordance with paragraph 4A, the entity shall nevertheless apply the disclosure requirements in paragraphs 23A–23B of IFRS 1, in addition to the disclosure requirements in IAS 8.
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 statement of financial position
6
An entity shall prepare and present an 
opening IFRS statement of financial position
 at the 
date of transition to IFRSs
. This is the starting point for its accounting in accordance with IFRSs.
Accounting policies
7
An entity shall use the same accounting policies in its opening IFRS statement of financial position and throughout all periods presented in its first IFRS financial statements. Those accounting policies shall comply with each IFRS effective at the end of its 
first IFRS reporting period
, except as specified in paragraphs 13–19 and Appendices B–E.
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 that IFRS permits early application.
Example: Consistent application of latest version of IFRSs
Background
The end of entity A’s first IFRS reporting period is 31 December 20X5. Entity A decides to present comparative information in those financial statements for one year only (see paragraph 21). Therefore, its date of transition to IFRSs is the beginning of business on 1 January 20X4 (or, equivalently, close of business on 31 December 20X3). Entity A presented financial statements in accordance with its 
previous GAAP
 annually to 31 December each year up to, and including, 31 December 20X4.
Application of requirements
Entity A is required to apply the IFRSs effective for periods ending on 31 December 20X5 in:
(a)
preparing and presenting its opening IFRS statement of financial position at 1 January 20X4; and
(b)
preparing and presenting its statement of financial position for 31 December 20X5 (including comparative amounts for 20X4), statement of comprehensive income, statement of changes in equity and statement of cash flows for the year to 31 December 20X5 (including comparative amounts for 20X4) and disclosures (including comparative information for 20X4).
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 Appendices B–E.
10
Except as described in paragraphs 13–19 and Appendices B–E, an entity shall, in its opening IFRS statement of financial position:
(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 in accordance with previous GAAP as one type of asset, liability or component of equity, but are a different type of asset, liability or component of equity in accordance with IFRSs; and
(d)
apply IFRSs in measuring all recognised assets and liabilities.
11
The accounting policies that an entity uses in its opening IFRS statement of financial position 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 statement of financial position shall comply with each IFRS:
(a)
paragraphs 14–17 and Appendix B prohibit retrospective application of some aspects of other IFRSs.
(b)
Appendices C–E grant exemptions from some requirements of other IFRSs.
Exceptions to the retrospective application of other IFRSs
13
This IFRS prohibits retrospective application of some aspects of other IFRSs. These exceptions are set out in paragraphs 14–17 and Appendix B.
Estimates
14
An entity’s estimates in accordance with IFRSs at the date of transition to IFRSs shall be consistent with estimates made for the same date in accordance with previous GAAP (after adjustments to reflect any difference in accounting policies), unless there is objective evidence that those estimates were in error.
15
An entity may receive information after the date of transition to IFRSs about estimates that it had made under previous GAAP. In accordance with paragraph 14, an entity shall treat the receipt of that information in the same way as non-adjusting events after the reporting period in accordance with IAS 10 
Events after the Reporting Period
. For example, assume that an entity’s date of transition to IFRSs is 1 January 20X4 and new information on 15 July 20X4 requires the revision of an estimate made in accordance with previous GAAP at 31 December 20X3. The entity shall not reflect that new information in its opening IFRS statement of financial position (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 profit or loss (or, if appropriate, other comprehensive income) for the year ended 31 December 20X4.
16
An entity may need to make estimates in accordance with 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 in accordance with 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.
17
Paragraphs 14–16 apply to the opening IFRS statement of financial position. 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.
Exemptions from other IFRSs
18
An entity may elect to use one or more of the exemptions contained in Appendices C–E. An entity shall not apply these exemptions by analogy to other items.
19
[Deleted]
PRESENTATION AND DISCLOSURE
20
This IFRS does not provide exemptions from the presentation and disclosure requirements in other IFRSs.
Comparative information
21
An entity’s first IFRS financial statements shall include at least three statements of financial position, two statements of profit or loss and other comprehensive income, two separate statements of profit or loss (if presented), two statements of cash flows and two statements of changes in equity and related notes, including comparative information for all statements presented.
Non-IFRS comparative information and historical summaries
22
Some entities present historical summaries of selected data for periods before the first period for which they present full comparative information in accordance with IFRSs. This IFRS does not require such summaries to comply with the recognition and measurement requirements of IFRSs. Furthermore, some entities present comparative information in accordance with previous GAAP as well as the comparative information required by IAS 1. In any financial statements containing historical summaries or comparative information in accordance with previous GAAP, an entity shall:
(a)
label the previous GAAP information prominently as not being prepared in accordance with 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
23
An entity shall explain how the transition from previous GAAP to IFRSs affected its reported financial position, financial performance and cash flows.
23A
An entity that has applied IFRSs in a previous period, as described in paragraph 4A, shall disclose:
(a)
the reason it stopped applying IFRSs; and
(b)
the reason it is resuming the application of IFRSs.
23B
When an entity, in accordance with paragraph 4A, does not elect to apply IFRS 1, the entity shall explain the reasons for electing to apply IFRSs as if it had never stopped applying IFRSs.
Reconciliations
24
To comply with paragraph 23, an entity’s first IFRS financial statements shall include:
(a)
reconciliations of its equity reported in accordance with previous GAAP to its equity in accordance with 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 in accordance with previous GAAP.
(b)
a reconciliation to its total comprehensive income in accordance with IFRSs for the latest period in the entity’s most recent annual financial statements. The starting point for that reconciliation shall be total comprehensive income in accordance with previous GAAP for the same period or, if an entity did not report such a total, profit or loss under previous GAAP.
(c)
if the entity recognised or reversed any impairment losses for the first time in preparing its opening IFRS statement of financial position, 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.
25
The reconciliations required by paragraph 24(a) and (b) shall give sufficient detail to enable users to understand the material adjustments to the statement of financial position and statement of comprehensive income. If an entity presented a statement of cash flows under its previous GAAP, it shall also explain the material adjustments to the statement of cash flows.
26
If an entity becomes aware of errors made under previous GAAP, the reconciliations required by paragraph 24(a) and (b) shall distinguish the correction of those errors from changes in accounting policies.
27
IAS 8 does not apply to the changes in accounting policies an entity makes when it adopts IFRSs or to changes in those policies until after it presents its first IFRS financial statements. Therefore, IAS 8’s requirements about changes in accounting policies do not apply in an entity’s first IFRS financial statements.
27A
If during the period covered by its first IFRS financial statements an entity changes its accounting policies or its use of the exemptions contained in this IFRS, it shall explain the changes between its first IFRS interim financial report and its first IFRS financial statements, in accordance with paragraph 23, and it shall update the reconciliations required by paragraph 24(a) and (b).
28
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
29
An entity is permitted to designate a previously recognised financial asset as a financial asset measured at fair value through profit or loss in accordance with paragraph D19A. The entity shall disclose the fair value of financial assets so designated at the date of designation and their classification and carrying amount in the previous financial statements.
29A
An entity is permitted to designate a previously recognised financial liability as a financial liability at fair value through profit or loss in accordance with paragraph D19. The entity shall disclose the fair value of financial liabilities so designated at the date of designation and their classification and carrying amount in the previous financial statements.
Use of fair value as deemed cost
30
If an entity uses fair value in its opening IFRS statement of financial position as 
deemed cost
 for an item of property, plant and equipment, an investment property, an intangible asset or a right-of-use asset (see paragraphs D5 and D7), the entity's first IFRS financial statements shall disclose, for each line item in the opening IFRS statement of financial position:
(a)
the aggregate of those fair values; and
(b)
the aggregate adjustment to the carrying amounts reported under previous GAAP.
Use of deemed cost for investments in subsidiaries, joint ventures and associates
31
Similarly, if an entity uses a deemed cost in its opening IFRS statement of financial position for an investment in a subsidiary, joint venture or associate in its separate financial statements (see paragraph D15), the entity’s first IFRS separate financial statements shall disclose:
(a)
the aggregate deemed cost of those investments for which deemed cost is their previous GAAP carrying amount;
(b)
the aggregate deemed cost of those investments for which deemed cost is fair value; and
(c)
the aggregate adjustment to the carrying amounts reported under previous GAAP.
Use of deemed cost for oil and gas assets
31A
If an entity uses the exemption in paragraph D8A(b) for oil and gas assets, it shall disclose that fact and the basis on which carrying amounts determined under previous GAAP were allocated.
Use of deemed cost for operations subject to rate regulation
31B
If an entity uses the exemption in paragraph D8B for operations subject to rate regulation, it shall disclose that fact and the basis on which carrying amounts were determined under previous GAAP.
Use of deemed cost after severe hyperinflation
31C
If an entity elects to measure assets and liabilities at fair value and to use that fair value as the deemed cost in its opening IFRS statement of financial position because of severe hyperinflation (see paragraphs D26–D30), the entity’s first IFRS financial statements shall disclose an explanation of how, and why, the entity had, and then ceased to have, a functional currency that has both of the following characteristics:
(a)
a reliable general price index is not available to all entities with transactions and balances in the currency.
(b)
exchangeability between the currency and a relatively stable foreign currency does not exist.
Interim financial reports
32
To comply with paragraph 23, if an entity presents an interim financial report in accordance with 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:
(i)
a reconciliation of its equity in accordance with previous GAAP at the end of that comparable interim period to its equity under IFRSs at that date; and
(ii)
a reconciliation to its total comprehensive income in accordance with IFRSs for that comparable interim period (current and year to date). The starting point for that reconciliation shall be total comprehensive income in accordance with previous GAAP for that period or, if an entity did not report such a total, profit or loss in accordance with previous GAAP.
(b)
In addition to the reconciliations required by (a), an entity’s first interim financial report in accordance with IAS 34 for part of the period covered by its first IFRS financial statements shall include the reconciliations described in paragraph 24(a) and (b) (supplemented by the details required by paragraphs 25 and 26) or a cross-reference to another published document that includes these reconciliations.
(c)
If an entity changes its accounting policies or its use of the exemptions contained in this IFRS, it shall explain the changes in each such interim financial report in accordance with paragraph 23 and update the reconciliations required by (a) and (b).
33
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 in accordance with 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
34
An entity shall apply this IFRS if its first IFRS financial statements are for a period beginning on or after 1 July 2009. Earlier application is permitted.
35
An entity shall apply the amendments in paragraphs D1(n) and D23 for annual periods beginning on or after 1 July 2009. If an entity applies IAS 23 
Borrowing Costs
 (as revised in 2007) for an earlier period, those amendments shall be applied for that earlier period.
36
IFRS 3 
Business Combinations
 (as revised in 2008) amended paragraphs 19, C1 and C4(f) and (g). If an entity applies IFRS 3 (revised 2008) for an earlier period, the amendments shall also be applied for that earlier period.
37
IAS 27 
Consolidated and Separate Financial Statements
 (as amended in 2008) amended paragraphs B1 and B7. If an entity applies IAS 27 (amended 2008) for an earlier period, the amendments shall be applied for that earlier period.
38
Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate
 (Amendments to IFRS 1 and IAS 27), issued in May 2008, added paragraphs 31, D1(g), D14 and D15. An entity shall apply those paragraphs for annual periods beginning on or after 1 July 2009. Earlier application is permitted. If an entity applies the paragraphs for an earlier period, it shall disclose that fact.
39
Paragraph B7 was amended by 
Improvements to IFRSs
 issued in May 2008. An entity shall apply those amendments for annual periods beginning on or after 1 July 2009. If an entity applies IAS 27 (amended 2008) for an earlier period, the amendments shall be applied for that earlier period.
39A
Additional Exemptions for First-time Adopters
 (Amendments to IFRS 1), issued in July 2009, added paragraphs 31A, D8A, D9A and D21A and amended paragraph D1(c), (d) and (l). An entity shall apply those amendments for annual periods beginning on or after 1 January 2010. Earlier application is permitted. If an entity applies the amendments for an earlier period it shall disclose that fact.
39B
[Deleted]
39C
IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments added paragraph D25. An entity shall apply that amendment when it applies IFRIC 19.
39D
[Deleted]
39E
Improvements to IFRSs
 issued in May 2010 added paragraphs 27A, 31B and D8B and amended paragraphs 27, 32, D1(c) and D8. An entity shall apply those amendments for annual periods beginning on or after 1 January 2011. Earlier application is permitted. If an entity applies the amendments for an earlier period it shall disclose that fact. Entities that adopted IFRSs in periods before the effective date of IFRS 1 or applied IFRS 1 in a previous period are permitted to apply the amendment to paragraph D8 retrospectively in the first annual period after the amendment is effective. An entity applying paragraph D8 retrospectively shall disclose that fact.
39F
[Deleted]
39G
[Deleted]
39H
Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters
 (Amendments to IFRS 1), issued in December 2010, amended paragraphs B2, D1 and D20 and added paragraphs 31C and D26–D30. An entity shall apply those amendments for annual periods beginning on or after 1 July 2011. Earlier application is permitted.
39I
IFRS 10 
Consolidated Financial Statements
 and IFRS 11 
Joint Arrangements
, issued in May 2011, amended paragraphs 31, B7, C1, D1, D14 and D15 and added paragraph D31. An entity shall apply those amendments when it applies IFRS 10 and IFRS 11.
39J
IFRS 13 
Fair Value Measurement
, issued in May 2011, deleted paragraph 19, amended the definition of fair value in Appendix A and amended paragraphs D15 and D20. An entity shall apply those amendments when it applies IFRS 13.
39K
Presentation of Items of Other Comprehensive Income
 (Amendments to IAS 1), issued in June 2011, amended paragraph 21. An entity shall apply that amendment when it applies IAS 1 as amended in June 2011.
39L
IAS 19 
Employee Benefits
 (as amended in June 2011) amended paragraph D1 and deleted paragraphs D10 and D11. An entity shall apply those amendments when it applies IAS 19 (as amended in June 2011).
39M
IFRIC 20 
Stripping Costs in the Production Phase of a Surface Mine
 added paragraph D32 and amended paragraph D1. An entity shall apply that amendment when it applies IFRIC 20.
39N
Government Loans
 (Amendments to IFRS 1), issued in March 2012, added paragraphs B1(f) and B10–B12. An entity shall apply those paragraphs for annual periods beginning on or after 1 January 2013. Earlier application is permitted.
39O
Paragraphs B10 and B11 refer to IFRS 9. If an entity applies this IFRS but does not yet apply IFRS 9, the references in paragraphs B10 and B11 to IFRS 9 shall be read as references to IAS 39 
Financial Instruments: Recognition and Measurement
.
39P
Annual Improvements 2009–2011 Cycle
, issued in May 2012, added paragraphs 4A–4B and 23A–23B. An entity shall apply that amendment retrospectively in accordance with IAS 8 
Accounting Policies, Changes in Accounting Estimates and Errors
 for annual periods beginning on or after 1 January 2013. Earlier application is permitted. If an entity applies that amendment for an earlier period it shall disclose that fact.
39Q
Annual Improvements 2009–2011 Cycle
, issued in May 2012, amended paragraph D23. An entity shall apply that amendment retrospectively in accordance with IAS 8 
Accounting Policies, Changes in Accounting Estimates and Errors
 for annual periods beginning on or after 1 January 2013. Earlier application is permitted. If an entity applies that amendment for an earlier period it shall disclose that fact.
39R
Annual Improvements 2009–2011 Cycle
, issued in May 2012, amended paragraph 21. An entity shall apply that amendment retrospectively in accordance with IAS 8 
Accounting Policies, Changes in Accounting Estimates and Errors
 for annual periods beginning on or after 1 January 2013. Earlier application is permitted. If an entity applies that amendment for an earlier period it shall disclose that fact.
39S
Consolidated Financial Statements, Joint Arrangements and Disclosure of Interests in Other Entities: Transition Guidance
 (Amendments to IFRS 10, IFRS 11 and IFRS 12), issued in June 2012, amended paragraph D31. An entity shall apply that amendment when it applies IFRS 11 (as amended in June 2012).
39T
Investment Entities
 (Amendments to IFRS 10, IFRS 12 and IAS 27), issued in October 2012, amended paragraphs D16, D17 and Appendix C. An entity shall apply those amendments for annual periods beginning on or after 1 January 2014. Earlier application of 
Investment Entities
 is permitted. If an entity applies those amendments earlier it shall also apply all amendments included in 
Investment Entities
 at the same time.
39U
[Deleted]
39V
IFRS 14 
Regulatory Deferral Accounts
, issued in January 2014, amended paragraph D8B. An entity shall apply that amendment for annual periods beginning on or after 1 January 2016. Earlier application is permitted. If an entity applies IFRS 14 for an earlier period, the amendment shall be applied for that earlier period.
39W
Accounting for Acquisitions of Interests in Joint Operations
 (Amendments to IFRS 11), issued in May 2014, amended paragraph C5. An entity shall apply that amendment in annual periods beginning on or after 1 January 2016. If an entity applies related amendments to IFRS 11 from 
Accounting for Acquisitions of Interests in Joint Operations
 (Amendments to IFRS 11) in an earlier period, the amendment to paragraph C5 shall be applied in that earlier period.
39X
IFRS 15 
Revenue from Contracts with Customers
, issued in May 2014, amended paragraph D1, deleted paragraph D24 and its related heading and added paragraphs D34–D35 and their related heading. An entity shall apply those amendments when it applies IFRS 15.
39Y
IFRS 9 
Financial Instruments
, as issued in July 2014, amended paragraphs 29, B1–B6, D1, D14, D15, D19 and D20, deleted paragraphs 39B, 39G and 39U and added paragraphs 29A, B8–B8G, B9, D19A–D19C, D33, E1 and E2. An entity shall apply those amendments when it applies IFRS 9.
39Z
Equity Method in Separate Financial Statements
 (Amendments to IAS 27), issued in August 2014, amended paragraph D14 and added paragraph D15A. An entity shall apply those amendments for annual periods beginning on or after 1 January 2016. Earlier application is permitted. If an entity applies those amendments for an earlier period, it shall disclose that fact.
39AA
[Deleted]
39AB
IFRS 16 
Leases
, issued in January 2016, amended paragraphs 30, C4, D1, D7, D8B and D9, deleted paragraph D9A and added paragraphs D9B–D9E. An entity shall apply those amendments when it applies IFRS 16.
39AC
IFRIC 22 
Foreign Currency Transactions and Advance Consideration
 added paragraph D36 and amended paragraph D1. An entity shall apply that amendment when it applies IFRIC 22.
39AD
Annual Improvements to IFRS Standards 2014–2016 Cycle
, issued in December 2016, amended paragraphs 39L and 39T and deleted paragraphs 39D, 39F, 39AA and E3–E7. An entity shall apply those amendments for annual periods beginning on or after 1 January 2018.
39AE
IFRS 17 
Insurance Contracts
, issued in May 2017, amended paragraphs B1 and D1, deleted the heading before paragraph D4 and paragraph D4, and after paragraph B12 added a heading and paragraph B13. An entity shall apply those amendments when it applies IFRS 17.
39AF
IFRIC 23 
Uncertainty over Income Tax Treatments
 added paragraph E8. An entity shall apply that amendment when it applies IFRIC 23.
39AG
Annual Improvements to IFRS Standards 2018–2020
, issued in May 2020, amended paragraph D1(f) and added paragraph D13A. An entity shall apply that amendment for annual reporting periods beginning on or after 1 January 2022. Earlier application is permitted. If an entity applies the amendment for an earlier period, it shall disclose that fact.
39AH
Deferred Tax related to Assets and Liabilities arising from a Single Transaction
, issued in May 2021, amended paragraph B1 and added paragraph B14. An entity shall apply these amendments for annual reporting periods beginning on or after 1 January 2023. Earlier application is permitted. If an entity applies the amendments for an earlier period, it shall disclose that fact.
WITHDRAWAL OF IFRS 1 (ISSUED 2003)
40
This IFRS supersedes IFRS 1 (issued in 2003 and amended at May 2008).
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
is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. (See IFRS 13.)
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 latest reporting period covered by 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 issued by the International Accounting Standards Board (IASB). They comprise:
(a)
International Financial Reporting Standards;
(b)
International Accounting Standards;
(c)
IFRIC Interpretations; and
(d)
SIC Interpretations 
(
31
)
.
opening IFRS statement of financial position
An entity’s statement of financial position at the 
date of transition to IFRSs
.
previous GAAP
The basis of accounting that a 
first-time adopter
 used immediately before adopting IFRSs.
Appendix B
Exceptions to the retrospective application of other IFRSs
This appendix is an integral part of the IFRS.
B1
An entity shall apply the following exceptions:
(a)
derecognition of financial assets and financial liabilities (paragraphs B2 and B3);
(b)
hedge accounting (paragraphs B4–B6);
(c)
non-controlling interests (paragraph B7);
(d)
classification and measurement of financial assets (paragraphs B8–B8C);
(e)
impairment of financial assets (paragraphs B8D–B8G);
(f)
embedded derivatives (paragraph B9);
(g)
government loans (paragraphs B10–B12);
(h)
insurance contracts (paragraph B13); and
(i)
deferred tax related to leases and decommissioning, restoration and similar liabilities (paragraph B14).
Derecognition of financial assets and financial liabilities
B2
Except as permitted by paragraph B3, a first-time adopter shall apply the derecognition requirements in IFRS 9 prospectively for transactions occurring on or after the date of transition to IFRSs. For example, if a first-time adopter derecognised non-derivative financial assets or non-derivative financial liabilities in accordance with its previous GAAP as a result of a transaction that occurred before the date of transition to IFRSs, it shall not recognise those assets and liabilities in accordance with IFRSs (unless they qualify for recognition as a result of a later transaction or event).
B3
Despite paragraph B2, an entity may apply the derecognition requirements in IFRS 9 retrospectively from a date of the entity's choosing, provided that the information needed to apply IFRS 9 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
B4
As required by IFRS 9, 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 in accordance with previous GAAP as if they were assets or liabilities.
B5
An entity shall not reflect in its opening IFRS statement of financial position a hedging relationship of a type that does not qualify for hedge accounting in accordance with IFRS 9 (for example, many hedging relationships where the hedging instrument is a stand-alone written option or a net written option; or where the hedged item is a net position in a cash flow hedge for another risk than foreign currency risk). However, if an entity designated a net position as a hedged item in accordance with previous GAAP, it may designate as a hedged item in accordance with IFRSs an individual item within that net position, or a net position if that meets the requirements in paragraph 6.6.1 of IFRS 9, provided that it does so no later than the date of transition to IFRSs.
B6
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 IFRS 9, the entity shall apply paragraphs 6.5.6 and 6.5.7 of IFRS 9 to discontinue hedge accounting. Transactions entered into before the date of transition to IFRSs shall not be retrospectively designated as hedges.
Non-controlling interests
B7
A first-time adopter shall apply the following requirements of IFRS 10 prospectively from the date of transition to IFRSs:
(a)
the requirement in paragraph B94 that total comprehensive income is attributed to the owners of the parent and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance;
(b)
the requirements in paragraphs 23 and B96 for accounting for changes in the parent’s ownership interest in a subsidiary that do not result in a loss of control; and
(c)
the requirements in paragraphs B97–B99 for accounting for a loss of control over a subsidiary, and the related requirements of paragraph 8A of IFRS 5 
Non-current Assets Held for Sale and Discontinued Operations
.
However, if a first-time adopter elects to apply IFRS 3 retrospectively to past business combinations, it shall also apply IFRS 10 in accordance with paragraph C1 of this IFRS.
Classification and measurement of financial instruments
B8
An entity shall assess whether a financial asset meets the conditions in paragraph 4.1.2 of IFRS 9 or the conditions in paragraph 4.1.2A of IFRS 9 on the basis of the facts and circumstances that exist at the date of transition to IFRSs.
B8A
If it is impracticable to assess a modified time value of money element in accordance with paragraphs B4.1.9B–B4.1.9D of IFRS 9 on the basis of the facts and circumstances that exist at the date of transition to IFRSs, an entity shall assess the contractual cash flow characteristics of that financial asset on the basis of the facts and circumstances that existed at the date of transition to IFRSs without taking into account the requirements related to the modification of the time value of money element in paragraphs B4.1.9B–B4.1.9D of IFRS 9. (In this case, the entity shall also apply paragraph 42R of IFRS 7 but references to ‘paragraph 7.2.4 of IFRS 9’ shall be read to mean this paragraph and references to ‘initial recognition of the financial asset’ shall be read to mean ‘at the date of transition to IFRSs’.)
B8B
If it is impracticable to assess whether the fair value of a prepayment feature is insignificant in accordance with paragraph B4.1.12(c) of IFRS 9 on the basis of the facts and circumstances that exist at the date of transition to IFRSs, an entity shall assess the contractual cash flow characteristics of that financial asset on the basis of the facts and circumstances that existed at the date of transition to IFRSs without taking into account the exception for prepayment features in paragraph B4.1.12 of IFRS 9. (In this case, the entity shall also apply paragraph 42S of IFRS 7 but references to ‘paragraph 7.2.5 of IFRS 9’ shall be read to mean this paragraph and references to ‘initial recognition of the financial asset’ shall be read to mean ‘at the date of transition to IFRSs’.)
B8C
If it is impracticable (as defined in IAS 8) for an entity to apply retrospectively the effective interest method in IFRS 9, the fair value of the financial asset or the financial liability at the date of transition to IFRSs shall be the new gross carrying amount of that financial asset or the new amortised cost of that financial liability at the date of transition to IFRSs.
Impairment of financial assets
B8D
An entity shall apply the impairment requirements in Section 5.5 of IFRS 9 retrospectively subject to paragraphs B8E-B8G and E1-E2.
B8E
At the date of transition to IFRSs, an entity shall use reasonable and supportable information that is available without undue cost or effort to determine the credit risk at the date that financial instruments were initially recognised (or for loan commitments and financial guarantee contracts the date that the entity became a party to the irrevocable commitment in accordance with paragraph 5.5.6 of IFRS 9) and compare that to the credit risk at the date of transition to IFRSs (also see paragraphs B7.2.2–B7.2.3 of IFRS 9).
B8F
When determining whether there has been a significant increase in credit risk since initial recognition, an entity may apply:
(a)
the requirements in paragraph 5.5.10 and B5.5.22–B5.5.24 of IFRS 9; and
(b)
the rebuttable presumption in paragraph 5.5.11 of IFRS 9 for contractual payments that are more than 30 days past due if an entity will apply the impairment requirements by identifying significant increases in credit risk since initial recognition for those financial instruments on the basis of past due information.
B8G
If, at the date of transition to IFRSs, determining whether there has been a significant increase in credit risk since the initial recognition of a financial instrument would require undue cost or effort, an entity shall recognise a loss allowance at an amount equal to lifetime expected credit losses at each reporting date until that financial instrument is derecognised (unless that financial instrument is low credit risk at a reporting date, in which case paragraph B8F(a) applies).
Embedded derivatives
B9
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 B4.3.11 of IFRS 9.
Government loans
B10
A first-time adopter shall classify all government loans received as a financial liability or an equity instrument in accordance with IAS 32 
Financial Instruments: Presentation
. Except as permitted by paragraph B11, a first-time adopter shall apply the requirements in IFRS 9 
Financial Instruments
 and IAS 20 
Accounting for Government Grants and Disclosure of Government Assistance
 prospectively to government loans existing at the date of transition to IFRSs and shall not recognise the corresponding benefit of the government loan at a below-market rate of interest as a government grant. Consequently, if a first-time adopter did not, under its previous GAAP, recognise and measure a government loan at a below-market rate of interest on a basis consistent with IFRS requirements, it shall use its previous GAAP carrying amount of the loan at the date of transition to IFRSs as the carrying amount of the loan in the opening IFRS statement of financial position. An entity shall apply IFRS 9 to the measurement of such loans after the date of transition to IFRSs.
B11
Despite paragraph B10, an entity may apply the requirements in IFRS 9 and IAS 20 retrospectively to any government loan originated before the date of transition to IFRSs, provided that the information needed to do so had been obtained at the time of initially accounting for that loan.
B12
The requirements and guidance in paragraphs B10 and B11 do not preclude an entity from being able to use the exemptions described in paragraphs D19–D19C relating to the designation of previously recognised financial instruments at fair value through profit or loss.
Insurance contracts
B13
An entity shall apply the transition provisions in paragraphs C1–C24 and C28 in Appendix C of IFRS 17 to contracts within the scope of IFRS 17. The references in those paragraphs in IFRS 17 to the transition date shall be read as the date of transition to IFRSs.
Deferred tax related to leases and decommissioning, restoration and similar liabilities
B14
Paragraphs 15 and 24 of IAS 12 
Income Taxes
 exempt an entity from recognising a deferred tax asset or liability in particular circumstances. Despite this exemption, at the date of transition to IFRSs, a first-time adopter shall recognise a deferred tax asset—to the extent that it is probable that taxable profit will be available against which the deductible temporary difference can be utilised—and a deferred tax liability for all deductible and taxable temporary differences associated with:
(a)
right-of-use assets and lease liabilities; and
(b)
decommissioning, restoration and similar liabilities and the corresponding amounts recognised as part of the cost of the related asset.
Appendix C
Exemptions for business combinations
This appendix is an integral part of the IFRS. An entity shall apply the following requirements to business combinations that the entity recognised before the date of transition to IFRSs. This Appendix should only be applied to business combinations within the scope of IFRS 3
 Business Combinations.
C1
A first-time adopter may elect not to apply IFRS 3 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 IFRS 10 from that same date. For example, if a first-time adopter elects to restate a business combination that occurred on 30 June 20X6, it shall restate all business combinations that occurred between 30 June 20X6 and the date of transition to IFRSs, and it shall also apply IFRS 10 from 30 June 20X6.
C2
An entity need not apply IAS 21 
The Effects of Changes in Foreign Exchange Rates
 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 in accordance with previous GAAP.
C3
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 C1 above.
C4
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 in accordance with previous GAAP (see paragraph B2); and
(ii)
assets, including goodwill, and liabilities that were not recognised in the acquirer’s consolidated statement of financial position in accordance with previous GAAP and also would not qualify for recognition in accordance with IFRSs in the separate statement of financial position of the acquiree (see (f)–(i) below).
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 (g)(i) below).
(c)
The first-time adopter shall exclude from its opening IFRS statement of financial position any item recognised in accordance with 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 in accordance with IAS 38 
Intangible Assets
. It shall reclassify that item (and, if any, the related deferred tax and non-controlling interests) as part of goodwill (unless it deducted goodwill directly from equity in accordance with previous GAAP, see (g)(i) and (i) below).
(ii)
the first-time adopter shall recognise all other resulting changes in retained earnings 
(
32
)
.
(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 statement of financial position, 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 in accordance with previous GAAP of assets acquired and liabilities assumed in that business combination shall be their deemed cost in accordance with 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 in accordance with previous GAAP, it does not have a deemed cost of zero in the opening IFRS statement of financial position. Instead, the acquirer shall recognise and measure it in its consolidated statement of financial position on the basis that IFRSs would require in the statement of financial position of the acquiree. To illustrate: if the acquirer had not, in accordance with its previous GAAP, capitalised leases acquired in a past business combination in which the acquiree was a lessee, it shall capitalise those leases in its consolidated financial statements, as IFRS 16 
Leases
 would require the acquiree to do in its IFRS statement of financial position. Similarly, if the acquirer had not, in accordance with its previous GAAP, recognised a contingent liability that still exists at the date of transition to IFRSs, the acquirer shall recognise that contingent liability at that date unless IAS 37 
Provisions, Contingent Liabilities and Contingent Assets
 would prohibit its recognition in the financial statements of the acquiree. Conversely, if an asset or liability was subsumed in goodwill in accordance with 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 statement of financial position shall be its carrying amount in accordance with previous GAAP at the date of transition to IFRSs, after the following two adjustments:
(i)
If required by (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 in accordance with previous GAAP. Similarly, if (f) above requires the first-time adopter to recognise an intangible asset that was subsumed in recognised goodwill in accordance with previous GAAP, the first-time adopter shall decrease the carrying amount of goodwill accordingly (and, if applicable, adjust deferred tax and non-controlling interests).
(ii)
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 in accordance with IAS 38 in the statement of financial position 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 in accordance with 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 in accordance with previous GAAP as a deduction from equity:
(i)
it shall not recognise that goodwill in its opening IFRS statement of financial position. Furthermore, it shall not reclassify that goodwill to profit or loss 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)
In accordance with 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 in accordance with 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 statement of financial position. 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 non-controlling interests and deferred tax follows from the measurement of other assets and liabilities. Therefore, the above adjustments to recognised assets and liabilities affect non-controlling interests and deferred tax.
C5
The exemption for past business combinations also applies to past acquisitions of investments in associates, interests in joint ventures and interests in joint operations in which the activity of the joint operation constitutes a business, as defined in IFRS 3. Furthermore, the date selected for paragraph C1 applies equally for all such acquisitions.
Appendix D
Exemptions from other IFRSs
This appendix is an integral part of the IFRS.
D1
An entity may elect to use one or more of the following exemptions:
(a)
share-based payment transactions (paragraphs D2 and D3);
(b)
[deleted]
(c)
deemed cost (paragraphs D5–D8 B);
(d)
leases (paragraphs D9 and D9B–D9E);
(f)
cumulative translation differences (paragraphs D12–D13A);
(g)
investments in subsidiaries, joint ventures and associates (paragraphs D14 and D15A);
(h)
assets and liabilities of subsidiaries, associates and joint ventures (paragraphs D16 and D17);
(i)
compound financial instruments (paragraph D18);
(j)
designation of previously recognised financial instruments (paragraphs D19–D19C);
(k)
fair value measurement of financial assets or financial liabilities at initial recognition (paragraph D20);
(l)
decommissioning liabilities included in the cost of property, plant and equipment (paragraphs D21 and D21A);
(m)
financial assets or intangible assets accounted for in accordance with IFRIC 12 
Service Concession Arrangements
 (paragraph D22);
(n)
borrowing costs (paragraph D23);
(o)
[deleted]
(p)
extinguishing financial liabilities with equity instruments (paragraph D25);
(q)
severe hyperinflation (paragraphs D26–D30);
(r)
joint arrangements (paragraph D31);
(s)
stripping costs in the production phase of a surface mine (paragraph D32);
(t)
designation of contracts to buy or sell a non-financial item (paragraph D33);
(u)
revenue (paragraphs D34 and D35); and
(v)
foreign currency transactions and advance consideration (paragraph D36).
An entity shall not apply these exemptions by analogy to other items.
Share-based payment transactions
D2
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 and 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 (eg 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 date of transition to IFRSs.
D3
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.
D4
[Deleted]
Deemed cost
D5
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.
D6
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 in accordance with IFRSs, adjusted to reflect, for example, changes in a general or specific price index.
D7
The elections in paragraphs D5 and D6 are also available for:
(a)
investment property, if an entity elects to use the cost model in IAS 40 
Investment Property
;
(aa)
right-of-use assets (IFRS 16 
Leases
); and
(b)
intangible assets that meet:
(i)
the recognition criteria in IAS 38 (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.
D8
A first-time adopter may have established a deemed cost in accordance with 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.
(a)
If the measurement date is 
at or before
 the date of transition to IFRSs, the entity may use such event-driven fair value measurements as deemed cost for IFRSs at the date of that measurement.
(b)
If the measurement date is 
after
 the date of transition to IFRSs, but during the period covered by the first IFRS financial statements, the event-driven fair value measurements may be used as deemed cost when the event occurs. An entity shall recognise the resulting adjustments directly in retained earnings (or if appropriate, another category of equity) at the measurement date. At the date of transition to IFRSs, the entity shall either establish the deemed cost by applying the criteria in paragraphs D5–D7 or measure assets and liabilities in accordance with the other requirements in this IFRS.
D8A
Under some national accounting requirements exploration and development costs for oil and gas properties in the development or production phases are accounted for in cost centres that include all properties in a large geographical area. A first-time adopter using such accounting under previous GAAP may elect to measure oil and gas assets at the date of transition to IFRSs on the following basis:
(a)
exploration and evaluation assets at the amount determined under the entity’s previous GAAP; and
(b)
assets in the development or production phases at the amount determined for the cost centre under the entity’s previous GAAP. The entity shall allocate this amount to the cost centre’s underlying assets pro rata using reserve volumes or reserve values as of that date.
The entity shall test exploration and evaluation assets and assets in the development and production phases for impairment at the date of transition to IFRSs in accordance with IFRS 6 
Exploration for and Evaluation of Mineral Resources
 or IAS 36 respectively and, if necessary, reduce the amount determined in accordance with (a) or (b) above. For the purposes of this paragraph, oil and gas assets comprise only those assets used in the exploration, evaluation, development or production of oil and gas.
D8B
Some entities hold items of property, plant and equipment, right-of-use assets or intangible assets that are used, or were previously used, in operations subject to rate regulation. The carrying amount of such items might include amounts that were determined under previous GAAP but do not qualify for capitalisation in accordance with IFRSs. If this is the case, a first-time adopter may elect to use the previous GAAP carrying amount of such an item at the date of transition to IFRSs as deemed cost. If an entity applies this exemption to an item, it need not apply it to all items. At the date of transition to IFRSs, an entity shall test for impairment in accordance with IAS 36 each item for which this exemption is used. For the purposes of this paragraph, operations are subject to rate regulation if they are governed by a framework for establishing the prices that can be charged to customers for goods or services and that framework is subject to oversight and/or approval by a rate regulator (as defined in IFRS 14 
Regulatory Deferral Accounts
).
Leases
D9
A first-time adopter may assess whether a contract existing at the date of transition to IFRSs contains a lease by applying paragraphs 9–11 of IFRS 16 to those contracts on the basis of facts and circumstances existing at that date.
D9A
[Deleted]
D9B
When a first-time adopter that is a lessee recognises lease liabilities and right-of-use assets, it may apply the following approach to all of its leases (subject to the practical expedients described in paragraph D9D):
(a)
measure a lease liability at the date of transition to IFRSs. A lessee following this approach shall measure that lease liability at the present value of the remaining lease payments (see paragraph D9E), discounted using the lessee's incremental borrowing rate (see paragraph D9E) at the date of transition to IFRSs.
(b)
measure a right-of-use asset at the date of transition to IFRSs. The lessee shall choose, on a lease-by-lease basis, to measure that right-of-use asset at either:
(i)
its carrying amount as if IFRS 16 had been applied since the commencement date of the lease (see paragraph D9E), but discounted using the lessee's incremental borrowing rate at the date of transition to IFRSs; or
(ii)
an amount equal to the lease liability, adjusted by the amount of any prepaid or accrued lease payments relating to that lease recognised in the statement of financial position immediately before the date of transition to IFRSs.
(c)
apply IAS 36 to right-of-use assets at the date of transition to IFRSs.
D9C
Notwithstanding the requirements in paragraph D9B, a first-time adopter that is a lessee shall measure the right-of-use asset at fair value at the date of transition to IFRSs for leases that meet the definition of investment property in IAS 40 and are measured using the fair value model in IAS 40 from the date of transition to IFRSs.
D9D
A first-time adopter that is a lessee may do one or more of the following at the date of transition to IFRSs, applied on a lease-by-lease basis:
(a)
apply a single discount rate to a portfolio of leases with reasonably similar characteristics (for example, a similar remaining lease term for a similar class of underlying asset in a similar economic environment).
(b)
elect not to apply the requirements in paragraph D9B to leases for which the lease term (see paragraph D9E) ends within 12 months of the date of transition to IFRSs. Instead, the entity shall account for (including disclosure of information about) these leases as if they were short-term leases accounted for in accordance with paragraph 6 of IFRS 16.
(c)
elect not to apply the requirements in paragraph D9B to leases for which the underlying asset is of low value (as described in paragraphs B3-B8 of IFRS 16). Instead, the entity shall account for (including disclosure of information about) these leases in accordance with paragraph 6 of IFRS 16.
(d)
exclude initial direct costs (see paragraph D9E) from the measurement of the right-of-use asset at the date of transition to IFRSs.
(e)
use hindsight, such as in determining the lease term if the contract contains options to extend or terminate the lease.
D9E
Lease payments, lessee, lessee's incremental borrowing rate, commencement date of the lease, initial direct costs and lease term are defined terms in IFRS 16 and are used in this Standard with the same meaning.
D10-D11
[Deleted]
Cumulative translation differences
D12
IAS 21 requires an entity:
(a)
to recognise some translation differences in other comprehensive income and accumulate these in a separate component of equity; and
(b)
on disposal of a foreign operation, to reclassify the cumulative translation difference for that foreign operation (including, if applicable, gains and losses on related hedges) from equity to profit or loss as part of the gain or loss on disposal.
D13
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.
D13A
Instead of applying paragraph D12 or paragraph D13, a subsidiary that uses the exemption in paragraph D16(a) may elect, in its financial statements, to measure cumulative translation differences for all foreign operations at the carrying amount 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. A similar election is available to an associate or joint venture that uses the exemption in paragraph D16(a).
Investments in subsidiaries, joint ventures and associates
D14
When an entity prepares separate financial statements, IAS 27 requires it to account for its investments in subsidiaries, joint ventures and associates either:
(a)
at cost;
(b)
in accordance with IFRS 9; or
(c)
using the equity method as described in IAS 28.
D15
If a first-time adopter measures such an investment at cost in accordance with IAS 27, it shall measure that investment at one of the following amounts in its separate opening IFRS statement of financial position:
(a)
cost determined in accordance with IAS 27; or
(b)
deemed cost. The deemed cost of such an investment shall be its:
(i)
fair value at the entity's date of transition to IFRSs in its separate financial statements; or
(ii)
previous GAAP carrying amount at that date.
A first-time adopter may choose either (i) or (ii) above to measure its investment in each subsidiary, joint venture or associate that it elects to measure using a deemed cost.
D15A
If a first-time adopter accounts for such an investment using the equity method procedures as described in IAS 28:
(a)
the first-time adopter applies the exemption for past business combinations (Appendix C) to the acquisition of the investment.
(b)
if the entity becomes a first-time adopter for its separate financial statements earlier than for its consolidated financial statements, and
(i)
later than its parent, the entity shall apply paragraph D16 in its separate financial statements.
(ii)
later than its subsidiary, the entity shall apply paragraph D17 in its separate financial statements.
Assets and liabilities of subsidiaries, associates and joint ventures
D16
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 (this election is not available to a subsidiary of an investment entity, as defined in IFRS 10, that is required to be measured at fair value through profit or loss); 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.
D17
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. Notwithstanding this requirement, a non-investment entity parent shall not apply the exception to consolidation that is used by any investment entity subsidiaries. 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.
Compound financial instruments
D18
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, in accordance with 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.
Designation of previously recognised financial instruments
D19
IFRS 9 permits a financial liability (provided it meets certain criteria) to be designated as a financial liability at fair value through profit or loss. Despite this requirement an entity is permitted to designate, at the date of transition to IFRSs, any financial liability as at fair value through profit or loss provided the liability meets the criteria in paragraph 4.2.2 of IFRS 9 at that date.
D19A
An entity may designate a financial asset as measured at fair value through profit or loss in accordance with paragraph 4.1.5 of IFRS 9 on the basis of the facts and circumstances that exist at the date of transition to IFRSs.
D19B
An entity may designate an investment in an equity instrument as at fair value through other comprehensive income in accordance with paragraph 5.7.5 of IFRS 9 on the basis of the facts and circumstances that exist at the date of transition to IFRSs.
D19C
For a financial liability that is designated as a financial liability at fair value through profit or loss, an entity shall determine whether the treatment in paragraph 5.7.7 of IFRS 9 would create an accounting mismatch in profit or loss on the basis of the facts and circumstances that exist at the date of transition to IFRSs.
Fair value measurement of financial assets or financial liabilities at initial recognition
D20
Despite the requirements of paragraphs 7 and 9, an entity may apply the requirements in paragraph B5.1.2A(b) of IFRS 9 prospectively to transactions entered into on or after the date of transition to IFRSs.
Decommissioning liabilities included in the cost of property, plant and equipment
D21
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 in accordance with IFRSs.
D21A
An entity that uses the exemption in paragraph D8A(b) (for oil and gas assets in the development or production phases accounted for in cost centres that include all properties in a large geographical area under previous GAAP) shall, instead of applying paragraph D21 or IFRIC 1:
(a)
measure decommissioning, restoration and similar liabilities as at the date of transition to IFRSs in accordance with IAS 37; and
(b)
recognise directly in retained earnings any difference between that amount and the carrying amount of those liabilities at the date of transition to IFRSs determined under the entity’s previous GAAP
Financial assets or intangible assets accounted for in accordance with IFRIC 12
D22
A first-time adopter may apply the transitional provisions in IFRIC 12.
Borrowing costs
D23
A first-time adopter can elect to apply the requirements of IAS 23 from the date of transition or from an earlier date as permitted by paragraph 28 of IAS 23. From the date on which an entity that applies this exemption begins to apply IAS 23, the entity:
(a)
shall not restate the borrowing cost component that was capitalised under previous GAAP and that was included in the carrying amount of assets at that date; and
(b)
shall account for borrowing costs incurred on or after that date in accordance with IAS 23, including those borrowing costs incurred on or after that date on qualifying assets already under construction.
D24
[Deleted]
Extinguishing financial liabilities with equity instruments
D25
A first-time adopter may apply the transitional provisions in IFRIC 19 
Extinguishing Financial Liabilities with Equity Instruments
.
Severe hyperinflation
D26
If an entity has a functional currency that was, or is, the currency of a hyperinflationary economy, it shall determine whether it was subject to severe hyperinflation before the date of transition to IFRSs. This applies to entities that are adopting IFRSs for the first time, as well as entities that have previously applied IFRSs.
D27
The currency of a hyperinflationary economy is subject to severe hyperinflation if it has both of the following characteristics:
(a)
a reliable general price index is not available to all entities with transactions and balances in the currency.
(b)
exchangeability between the currency and a relatively stable foreign currency does not exist.
D28
The functional currency of an entity ceases to be subject to severe hyperinflation on the functional currency normalisation date. That is the date when the functional currency no longer has either, or both, of the characteristics in paragraph D27, or when there is a change in the entity’s functional currency to a currency that is not subject to severe hyperinflation.
D29
When an entity’s date of transition to IFRSs is on, or after, the functional currency normalisation date, the entity may elect to measure all assets and liabilities held before the functional currency normalisation date at fair value on the date of transition to IFRSs. The entity may use that fair value as the deemed cost of those assets and liabilities in the opening IFRS statement of financial position.
D30
When the functional currency normalisation date falls within a 12-month comparative period, the comparative period may be less than 12 months, provided that a complete set of financial statements (as required by paragraph 10 of IAS 1) is provided for that shorter period.
Joint arrangements
D31
A first-time adopter may apply the transition provisions in IFRS 11 with the following exceptions:
(a)
When applying the transition provisions in IFRS 11, a first-time adopter shall apply these provisions at the date of transition to IFRS.
(b)
When changing from proportionate consolidation to the equity method, a first-time adopter shall test for impairment the investment in accordance with IAS 36 as at the date of transition to IFRS, regardless of whether there is any indication that the investment may be impaired. Any resulting impairment shall be recognised as an adjustment to retained earnings at the date of transition to IFRS
Stripping costs in the production phase of a surface mine
D32
A first-time adopter may apply the transitional provisions set out in paragraphs A1 to A4 of IFRIC 20 
Stripping Costs in the Production Phase of a Surface Mine
. In that paragraph, reference to the effective date shall be interpreted as 1 January 2013 or the beginning of the first IFRS reporting period, whichever is later.
Designation of contracts to buy or sell a non-financial item
D33
IFRS 9 permits some contracts to buy or sell a non-financial item to be designated at inception as measured at fair value through profit or loss (see paragraph 2.5 of IFRS 9). Despite this requirement an entity is permitted to designate, at the date of transition to IFRSs, contracts that already exist on that date as measured at fair value through profit or loss but only if they meet the requirements of paragraph 2.5 of IFRS 9 at that date and the entity designates all similar contracts.
Revenue
D34
A first-time adopter may apply the transition provisions in paragraph C5 of IFRS 15. In those paragraphs references to the ‘date of initial application’ shall be interpreted as the beginning of the first IFRS reporting period. If a first-time adopter decides to apply those transition provisions, it shall also apply paragraph C6 of IFRS 15.
D35
A first-time adopter is not required to restate contracts that were completed before the earliest period presented. A completed contract is a contract for which the entity has transferred all of the goods or services identified in accordance with previous GAAP.
Foreign Currency Transactions and Advance Consideration
D36
A first-time adopter need not apply IFRIC 22 
Foreign Currency Transactions and Advance Consideration
 to assets, expenses and income in the scope of that Interpretation initially recognised before the date of transition to IFRS Standards.
Appendix E
Short-term exemptions from IFRSs
This appendix is an integral part of the IFRS.
Exemption from the requirement to restate comparative information for IFRS 9
E1
If an entity's first IFRS reporting period begins before 1 January 2019 and the entity applies the completed version of IFRS 9 (issued in 2014), the comparative information in the entity's first IFRS financial statements need not comply with IFRS 7 
Financial Instruments: Disclosure
 or the completed version of IFRS 9 (issued in 2014), to the extent that the disclosures required by IFRS 7 relate to items within the scope of IFRS 9. For such entities, references to the ‘date of transition to IFRSs’ shall mean, in the case of IFRS 7 and IFRS 9 (2014) only, the beginning of the first IFRS reporting period.
E2
An entity that chooses to present comparative information that does not comply with IFRS 7 and the completed version of IFRS 9 (issued in 2014) in its first year of transition shall:
(a)
apply the requirements of its previous GAAP in place of the requirements of IFRS 9 to comparative information about items within the scope of IFRS 9.
(b)
disclose this fact together with the basis used to prepare this information.
(c)
treat any adjustment between the statement of financial position at the comparative period's reporting date (ie the statement of financial position that includes comparative information under previous GAAP) and the statement of financial position at the start of the first IFRS reporting period (ie the first period that includes information that complies with IFRS 7 and the completed version of IFRS 9 (issued in 2014)) 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 statement of financial position at the comparative period's reporting date.
(d)
apply paragraph 17(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.
E3 – E7
[Deleted]
Uncertainty over income tax treatments
E8
A first-time adopter whose date of transition to IFRSs is before 1 July 2017 may elect not to reflect the application of IFRIC 23 
Uncertainty over Income Tax Treatments
 in comparative information in its first IFRS financial statements. An entity that makes that election shall recognise the cumulative effect of applying IFRIC 23 as an adjustment to the opening balance of retained earnings (or other component of equity, as appropriate) at the beginning of its first IFRS reporting period.
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, whether or not the entity can identify specifically some or all of the goods or services received, including:
(a)
equity-settled share-based payment transactions
,
(b)
cash-settled share-based payment transactions
, 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 3A–6. 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 this IFRS applies.
3
[Deleted]
3A
A share-based payment transaction may be settled by another group entity (or a shareholder of any group entity) on behalf of the entity receiving or acquiring the goods or services. Paragraph 2 also applies to an entity that
(a)
receives goods or services when another entity in the same group (or a shareholder of any group entity) has the obligation to settle the share-based payment transaction, or
(b)
has an obligation to settle a share-based payment transaction when another entity in the same group receives the goods or services
unless the transaction is clearly for a purpose other than payment for goods or services supplied to the entity receiving them.
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 as defined by IFRS 3 
Business Combinations
 (as revised in 2008), in a combination of entities or businesses under common control as described in paragraphs B1–B4 of IFRS 3, or the contribution of a business on the formation of a joint venture as defined by IFRS 11 
Joint Arrangements
. 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. IFRS 3 provides guidance on determining whether equity instruments issued in a business combination are part of the consideration transferred in exchange for control of the acquiree (and therefore within the scope of IFRS 3) or are in return for continued service to be recognised in the post-combination period (and therefore within the scope of 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) 
(
33
)
 or paragraphs 2.4–2.7 of IFRS 9 
Financial Instruments
.
6A
This IFRS uses the term ‘fair value’ in a way that differs in some respects from the definition of fair value in IFRS 13 
Fair Value Measurement
. Therefore, when applying IFRS 2 an entity measures fair value in accordance with this IFRS, not IFRS 13.
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
 
(
34
)
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
 
(
35
)
, 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.
13A
In particular, if the identifiable consideration received (if any) by the entity appears to be less than the fair value of the equity instruments granted or liability incurred, typically this situation indicates that other consideration (i.e. unidentifiable goods or services) has been (or will be) received by the entity. The entity shall measure the identifiable goods or services received in accordance with this IFRS. 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). 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 the end of each reporting period until it is settled in accordance with paragraphs 30–33.
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, other than market 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
, other than a market condition, for example, 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 non-vesting conditions
21A
Similarly, an entity shall take into account all non-vesting conditions when estimating the fair value of the equity instruments granted. Therefore, for grants of equity instruments with non-vesting conditions, the entity shall recognise the goods or services received from a counterparty that satisfies all vesting conditions that are not market conditions (e.g. services received from an employee who remains in service for the specified period of service), irrespective of whether those non-vesting conditions are 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 the end of each reporting period 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 a grant of equity instruments is cancelled or settled 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. However, if the share-based payment arrangement included liability components, the entity shall remeasure the fair value of the liability at the date of cancellation or settlement. Any payment made to settle the liability component shall be accounted for as an extinguishment of the liability;
(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.
28A
If an entity or counterparty can choose whether to meet a non-vesting condition, the entity shall treat the entity’s or counterparty’s failure to meet that non-vesting condition during the vesting period as a cancellation.
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, subject to the requirements of paragraphs 31-33D. Until the liability is settled, the entity shall re-measure the fair value of the liability at the end of each reporting period 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. Alternatively, 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 (for example, upon cessation of employment) or at the employee's option. These arrangements are examples of cash-settled share-based payment transactions. Share appreciation rights are used to illustrate some of the requirements in paragraphs 32-33D; however, the requirements in those paragraphs apply to all cash-settled share-based payment transactions.
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 the end of each reporting period 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 — subject to the requirements of paragraphs 33A–33D. An entity might modify the terms and conditions on which a cash-settled share-based payment is granted. Guidance for a modification of a share-based payment transaction that changes its classification from cash-settled to equity-settled is given in paragraphs B44A-B44C in Appendix B.
Treatment of vesting and non-vesting conditions
33A
A cash-settled share-based payment transaction might be conditional upon satisfying specified vesting conditions. 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 cash-settled share-based payment at the measurement date. Instead, vesting conditions, other than market conditions, shall be taken into account by adjusting the number of awards included in the measurement of the liability arising from the transaction.
33B
To apply the requirements in paragraph 33A, the entity shall recognise an amount for the goods or services received during the vesting period. That amount shall be based on the best available estimate of the number of awards that are expected to vest. The entity shall revise that estimate, if necessary, if subsequent information indicates that the number of awards that are expected to vest differs from previous estimates. On the vesting date, the entity shall revise the estimate to equal the number of awards that ultimately vested.
33C
Market conditions, such as a target share price upon which vesting (or exercisability) is conditioned, as well as non-vesting conditions, shall be taken into account when estimating the fair value of the cash-settled share-based payment granted and when re-measuring the fair value at the end of each reporting period and at the date of settlement.
33D
As a result of applying paragraphs 30-33C, the cumulative amount ultimately recognised for goods or services received as consideration for the cash-settled share-based payment is equal to the cash that is paid.
SHARE-BASED PAYMENT TRANSACTIONS WITH A NET SETTLEMENT FEATURE FOR WITHHOLDING TAX OBLIGATIONS
33E
Tax laws or regulations may oblige an entity to withhold an amount for an employee's tax obligation associated with a share-based payment and transfer that amount, normally in cash, to the tax authority on the employee's behalf. To fulfil this obligation, the terms of the share-based payment arrangement may permit or require the entity to withhold the number of equity instruments equal to the monetary value of the employee's tax obligation from the total number of equity instruments that otherwise would have been issued to the employee upon exercise (or vesting) of the share-based payment (ie the share-based payment arrangement has a ‘net settlement feature’).
33F
As an exception to the requirements in paragraph 34, the transaction described in paragraph 33E shall be classified in its entirety as an equity-settled share-based payment transaction if it would have been so classified in the absence of the net settlement feature.
33G
The entity applies paragraph 29 of this Standard to account for the withholding of shares to fund the payment to the tax authority in respect of the employee's tax obligation associated with the share-based payment. Therefore, the payment made shall be accounted for as a deduction from equity for the shares withheld, except to the extent that the payment exceeds the fair value at the net settlement date of the equity instruments withheld.
33H
The exception in paragraph 33F does not apply to:
(a)
a share-based payment arrangement with a net settlement feature for which there is no obligation on the entity under tax laws or regulations to withhold an amount for an employee's tax obligation associated with that share-based payment; or
(b)
any equity instruments that the entity withholds in excess of the employee's tax obligation associated with the share-based payment (i.e. the entity withheld an amount of shares that exceeds the monetary value of the employee's tax obligation). Such excess shares withheld shall be accounted for as a cash-settled share-based payment when this amount is paid in cash (or other assets) to the employee.
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 
(
36
)
 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.
SHARE-BASED PAYMENT TRANSACTIONS AMONG GROUP ENTITIES (2009 AMENDMENTS)
43A
For share-based payment transactions among group entities, in its separate or individual financial statements, the entity receiving the goods or services shall measure the goods or services received as either an equity-settled or a cash-settled share-based payment transaction by assessing:
(a)
the nature of the awards granted, and
(b)
its own rights and obligations.
The amount recognised by the entity receiving the goods or services may differ from the amount recognised by the consolidated group or by another group entity settling the share-based payment transaction.
43B The entity receiving the goods or services shall measure the goods or services received as an equity-settled share-based payment transaction when:
(a)
the awards granted are its own equity instruments, or
(b)
the entity has no obligation to settle the share-based payment transaction.
The entity shall subsequently remeasure such an equity-settled share-based payment transaction only for changes in non-market vesting conditions in accordance with paragraphs 19–21. In all other circumstances, the entity receiving the goods or services shall measure the goods or services received as a cash-settled share-based payment transaction.
43C
The entity settling a share-based payment transaction when another entity in the group receives the goods or services shall recognise the transaction as an equity-settled share-based payment transaction only if it is settled in the entity’s own equity instruments. Otherwise, the transaction shall be recognised as a cash-settled share-based payment transaction.
43D
Some group transactions involve repayment arrangements that require one group entity to pay another group entity for the provision of the share-based payments to the suppliers of goods or services. In such cases, the entity that receives the goods or services shall account for the share-based payment transaction in accordance with paragraph 43B regardless of intragroup repayment arrangements.
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 Standard does not satisfy the principles in paragraphs 44, 46 and 50, the entity shall disclose such additional information as is necessary to satisfy them. For example, if an entity has classified any share-based payment transactions as equity-settled in accordance with paragraph 33F, the entity shall disclose an estimate of the amount that it expects to transfer to the tax authority to settle the employee's tax obligation when it is necessary to inform users about the future cash flow effects associated with the share-based payment arrangement.
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.
59A
An entity shall apply the amendments in paragraphs 30-31, 33-33H and B44A-B44C as set out below. Prior periods shall not be restated:
(a)
The amendments in paragraphs B44A-B44C apply only to modifications that occur on or after the date that an entity first applies the amendments.
(b)
The amendments in paragraphs 30-31 and 33-33D apply to share-based payment transactions that are unvested at the date that an entity first applies the amendments and to share-based payment transactions with a grant date on or after the date that an entity first applies the amendments. For unvested share-based payment transactions granted prior to the date that an entity first applies the amendments, an entity shall remeasure the liability at that date and recognise the effect of the remeasurement in opening retained earnings (or other component of equity, as appropriate) of the reporting period in which the amendments are first applied.
(c)
The amendments in paragraphs 33E-33H and the amendment to paragraph 52 apply to share-based payment transactions that are unvested (or vested but unexercised), at the date that an entity first applies the amendments and to share-based payment transactions with a grant date on or after the date that an entity first applies the amendments. For unvested (or vested but unexercised) share-based payment transactions (or components thereof) that were previously classified as cash-settled share-based payments but now are classified as equity-settled in accordance with the amendments, an entity shall reclassify the carrying value of the share-based payment liability to equity at the date that it first applies the amendments.
59B
Notwithstanding the requirements in paragraph 59A, an entity may apply the amendments in paragraph 63D retrospectively, subject to the transitional provisions in paragraphs 53-59 of this Standard, in accordance with IAS 8 
Accounting Policies, Changes in Accounting Estimates and Errors
 if and only if it is possible without hindsight. If an entity elects retrospective application, it must do so for all of the amendments made by 
Classification and Measurement of Share-based Payment Transactions
 (Amendments to IFRS 2).
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.
61
IFRS 3 (as revised in 2008) and 
Improvements to IFRSs
 issued in April 2009 amended paragraph 5. An entity shall apply those amendments for annual periods beginning on or after 1 July 2009. Earlier application is permitted. If an entity applies IFRS 3 (revised 2008) for an earlier period, the amendments shall also be applied for that earlier period.
62
An entity shall apply the following amendments retrospectively in annual periods beginning on or after 1 January 2009:
(a)
the requirements in paragraph 21A in respect of the treatment of non-vesting conditions;
(b)
the revised definitions of ‘vest’ and ‘vesting conditions’ in Appendix A;
(c)
the amendments in paragraphs 28 and 28A in respect of cancellations.
Earlier application is permitted. If an entity applies these amendments for a period beginning before 1 January 2009, it shall disclose that fact.
63
An entity shall apply the following amendments made by 
Group Cash-settled Share-based Payment Transactions
 issued in June 2009 retrospectively, subject to the transitional provisions in paragraphs 53-59, in accordance with IAS 8 for annual periods beginning on or after 1 January 2010:
(a)
the amendment of paragraph 2, the deletion of paragraph 3 and the addition of paragraphs 3A and 43A–43D and of paragraphs B45, B47, B50, B54, B56–B58 and B60 in Appendix B in respect of the accounting for transactions among group entities.
(b)
the revised definitions in Appendix A of the following terms:
—
cash-settled share-based payment transaction,
—
equity-settled share-based payment transaction,
—
share-based payment arrangement, and
—
share-based payment transaction.
If the information necessary for retrospective application is not available, an entity shall reflect in its separate or individual financial statements the amounts previously recognised in the group’s consolidated financial statements. Earlier application is permitted. If an entity applies the amendments for a period beginning before 1 January 2010, it shall disclose that fact.
63A
IFRS 10 
Consolidated Financial Statements
 and IFRS 11, issued in May 2011, amended paragraph 5 and Appendix A. An entity shall apply those amendments when it applies IFRS 10 and IFRS 11.
63B
Annual Improvements to IFRSs 2010–2012 Cycle
, issued in December 2013, amended paragraphs 15 and 19. In Appendix A, the definitions of ‘vesting conditions’ and ‘market condition’ were amended and the definitions of ‘performance condition’ and ‘
service condition
’ were added. An entity shall prospectively apply that amendment to share-based payment transactions for which the grant date is on or after 1 July 2014. Earlier application is permitted. If an entity applies that amendment for an earlier period it shall disclose that fact.
63C
IFRS 9, as issued in July 2014, amended paragraph 6. An entity shall apply that amendment when it applies IFRS 9.
63D
Classification and Measurement of Share-based Payment Transactions
 (Amendments to IFRS 2), issued in June 2016, amended paragraphs 19, 30-31, 33, 52 and 63 and added paragraphs 33A-33H, 59A-59B, 63D and B44A-B44C and their related headings. An entity shall apply those amendments for annual periods beginning on or after 1 January 2018. Earlier application is permitted. If an entity applies the amendments for an earlier period, it shall disclose that fact.
63E
Amendments to References to the Conceptual Framework in IFRS Standards
, issued in 2018, amended the footnote to the definition of an equity instrument in Appendix A. An entity shall apply that amendment for annual periods beginning on or after 1 January 2020. Earlier application is permitted if at the same time an entity also applies all other amendments made by 
Amendments to References to the Conceptual Framework in IFRS Standards
. An entity shall apply the amendment to IFRS 2 retrospectively, subject to the transitional provisions in paragraphs 53–59 of this Standard, in accordance with IAS 8 
Accounting Policies, Changes in Accounting Estimates and Errors
. However, if an entity determines that retrospective application would be impracticable or would involve undue cost or effort, it shall apply the amendment to IFRS 2 by reference to paragraphs23–28, 50–53 and 54F of IAS 8.
WITHDRAWAL OF INTERPRETATIONS
64
Group Cash-settled Share-based Payment Transactions
 issued in June 2009 supersedes IFRIC 8 
Scope of IFRS 2
 and IFRIC 11 
IFRS 2 — Group and Treasury Share Transactions
. The amendments made by that document incorporated the previous requirements set out in IFRIC 8 and IFRIC 11 as follows:
(a)
amended paragraph 2 and added paragraph 13A in respect of the accounting for transactions in which the entity cannot identify specifically some or all of the goods or services received. Those requirements were effective for annual periods beginning on or after 1 May 2006.
(b)
added paragraphs B46, B48, B49, B51–B53, B55, B59 and B61 in Appendix B in respect of the accounting for transactions among group entities. Those requirements were effective for annual periods beginning on or after 1 March 2007.
Those requirements were applied retrospectively in accordance with the requirements of IAS 8, subject to the transitional provisions of IFRS 2.
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 
equity instruments
 (including shares or 
share options
) of the entity or another group 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 
(
37
)
.
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
(a)
receives goods or services as consideration for its own 
equity instruments
 (including shares or 
share options
), or
(b)
receives goods or services but has no obligation to settle the transaction with the supplier.
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 
(
38
)
, on a share with a fair value of CU20, has an intrinsic value of CU5.
Market condition
A 
performance condition
 upon which the exercise price, vesting or exercisability of an 
equity instrument
 depends that is related to the market price (or value) of the entity's 
equity instruments
 (or the equity instruments of another entity in the same group), such as:
(a)
attaining a specified share price or a specified amount of 
intrinsic value
 of a 
share option
 or
(b)
achieving a specified target that is based on the market price (or value) of the entity's 
equity instruments
 (or the equity instruments of another entity in the same group) relative to an index of market prices of 
equity instruments
 of other entities.
A market condition requires the counterparty to complete a specified period of service (ie a 
service condition
); the service requirement can be explicit or implicit.
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.
Performance condition
A 
vesting condition
 that requires:
(a)
the counterparty to complete a specified period of service (ie a 
service condition
); the service requirement can be explicit or implicit; and
(b)
specified performance target(s) to be met while the counterparty is rendering the service required in (a).
The period of achieving the performance target(s):
(a)
shall not extend beyond the end of the service period; and
(b)
may start before the service period on the condition that the commencement date of the performance target is not substantially before the commencement of the service period.
A performance target is defined by reference to:
(a)
the entity's own operations (or activities) or the operations or activities of another entity in the same group (ie a non-market condition); or
(b)
the price (or value) of the entity's 
equity instruments
 or the equity instruments of another entity in the same group (including shares and 
share options
) (ie a 
market condition
).
A performance target might relate either to the performance of the entity as a whole or to some part of the entity (or part of the group), such as a division or an individual employee.
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.
Service condition
A 
vesting condition
 that requires the counterparty to complete a specified period of service during which services are provided to the entity. If the counterparty, regardless of the reason, ceases to provide service during the 
vesting period
, it has failed to satisfy the condition. A service condition does not require a performance target to be met.
Share-based payment arrangement
An agreement between the entity (or another group 
(
39
)
 entity or any shareholder of any group entity) and another party (including an employee) that entitles the other party to receive
(a)
cash or other assets of the entity for amounts that are based on the price (or value) of 
equity instruments
 (including shares or 
share options
) of the entity or another group entity, or
(b)
equity instruments
 (including shares or 
share options
) of the entity or another group entity,
provided the specified 
vesting conditions
, if any, are met.
Share-based payment transaction
A transaction in which the entity
(a)
receives goods or services from the supplier of those goods or services (including an employee) in a 
share-based payment arrangement
, or
(b)
incurs an obligation to settle the transaction with the supplier in a 
share-based payment arrangement
 when another group entity receives those goods or services.
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 when the counterparty’s entitlement is no longer conditional on the satisfaction of any 
vesting conditions
.
Vesting conditions
A condition that determines whether the entity receives the services that entitle the counterparty to receive cash, other assets or 
equity instruments
 of the entity, under a 
share-based payment arrangement
. A vesting condition is either a 
service condition
 or a 
performance condition
.
Vesting period
The period during which all the specified 
vesting conditions
 of a 
share
-
based payment arrangement
 are to be satisfied.
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 tend 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 tend to exercise options later than lower-level employees (discussed further in paragraph B21);
(e)
expected volatility of the underlying shares. On average, employees might tend 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 tend to hold their options longer than middle-management employees hold theirs and that lower-level employees tend 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.
Accounting for a modification of a share-based payment transaction that changes its classification from cash-settled to equity-settled
B44A
If the terms and conditions of a cash-settled share-based payment transaction are modified with the result that it becomes an equity-settled share-based payment transaction, the transaction is accounted for as such from the date of the modification. Specifically:
(a)
The equity-settled share-based payment transaction is measured by reference to the fair value of the equity instruments granted at the modification date. The equity-settled share-based payment transaction is recognised in equity on the modification date to the extent to which goods or services have been received.
(b)
The liability for the cash-settled share-based payment transaction as at the modification date is derecognised on that date.
(c)
Any difference between the carrying amount of the liability derecognised and the amount of equity recognised on the modification date is recognised immediately in profit or loss.
B44B
If, as a result of the modification, the vesting period is extended or shortened, the application of the requirements in paragraph B44A reflect the modified vesting period. The requirements in paragraph B44A apply even if the modification occurs after the vesting period.
B44C
A cash-settled share-based payment transaction may be cancelled or settled (other than a transaction cancelled by forfeiture when the vesting conditions are not satisfied). If equity instruments are granted and, on that grant date, the entity identifies them as a replacement for the cancelled cash-settled share-based payment, the entity shall apply paragraphs B44A and B44B.
Share-based payment transactions among group entities (2009 amendments)
B45
Paragraphs 43A–43C address the accounting for share-based payment transactions among group entities in each entity’s separate or individual financial statements. Paragraphs B46–B61 discuss how to apply the requirements in paragraphs 43A–43C. As noted in paragraph 43D, share-based payment transactions among group entities may take place for a variety of reasons depending on facts and circumstances. Therefore, this discussion is not exhaustive and assumes that when the entity receiving the goods or services has no obligation to settle the transaction, the transaction is a parent’s equity contribution to the subsidiary, regardless of any intragroup repayment arrangements.
B46
Although the discussion below focuses on transactions with employees, it also applies to similar share-based payment transactions with suppliers of goods or services other than employees. An arrangement between a parent and its subsidiary may require the subsidiary to pay the parent for the provision of the equity instruments to the employees. The discussion below does not address how to account for such an intragroup payment arrangement.
B47
Four issues are commonly encountered in share-based payment transactions among group entities. For convenience, the examples below discuss the issues in terms of a parent and its subsidiary.
Share-based payment arrangements involving an entity’s own equity instruments
B48
The first issue is whether the following transactions involving an entity’s own equity instruments should be accounted for as equity-settled or as cash-settled in accordance with the requirements of this IFRS:
(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.
B49
The entity shall account for share-based payment transactions in which it receives services as consideration for its own equity instruments 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).
B50
If the shareholder has an obligation to settle the transaction with its investee’s employees, it provides equity instruments of its investee rather than its own. Therefore, if its investee is in the same group as the shareholder, in accordance with paragraph 43C, the shareholder shall measure its obligation in accordance with the requirements applicable to cash-settled share-based payment transactions in the shareholder’s separate financial statements and those applicable to equity-settled share-based payment transactions in the shareholder’s consolidated financial statements.
Share-based payment arrangements involving equity instruments of the parent
B51
The second issue concerns share-based payment transactions between two or more entities within the same group involving an equity instrument of another group entity. For example, employees of a subsidiary are granted rights to equity instruments of its parent as consideration for the services provided to the subsidiary.
B52
Therefore, the second issue concerns the following share-based payment arrangements:
(a)
a parent grants rights to its equity instruments directly 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; 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.
Aparent grantsrights to its equity instruments to the employees of its subsidiary (paragraph B52 (a))
B53
The subsidiary does not have an obligation to provide its parent’s equity instruments to the subsidiary’s employees. Therefore, in accordance with paragraph 43B, the subsidiary shall measure the services received from its employees in accordance with the requirements applicable to equity-settled share-based payment transactions, and recognise a corresponding increase in equity as a contribution from the parent.
B54
The parent has an obligation to settle the transaction with the subsidiary’s employees by providing the parent’s own equity instruments. Therefore, in accordance with paragraph 43C, the parent shall measure its obligation in accordance with the requirements applicable to equity-settled share-based payment transactions.
A subsidiary grants rights to equity instruments of its parent to its employees (paragraph B52 (b))
B55
Because the subsidiary does not meet either of the conditions in paragraph 43B, it 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.
Share-based payment arrangements involving cash-settled payments to employees
B56
The third issue is how an entity that receives goods or services from its suppliers (including employees) should account for share-based arrangements that are cash-settled when the entity itself does not have any obligation to make the required payments to its suppliers. For example, consider the following arrangements in which the parent (not the entity itself) has an obligation to make the required cash payments to the employees of the entity:
(a)
the employees of the entity will receive cash payments that are linked to the price of its equity instruments.
(b)
the employees of the entity will receive cash payments that are linked to the price of its parent’s equity instruments.
B57
The subsidiary does not have an obligation to settle the transaction with its employees. Therefore, the subsidiary shall account for the transaction with its employees as equity-settled, and recognise a corresponding increase in equity as a contribution from its parent. The subsidiary shall remeasure the cost of the transaction subsequently for any changes resulting from non-market vesting conditions not being met in accordance with paragraphs 19–21. This differs from the measurement of the transaction as cash-settled in the consolidated financial statements of the group.
B58
Because the parent has an obligation to settle the transaction with the employees, and the consideration is cash, the parent (and the consolidated group) shall measure its obligation in accordance with the requirements applicable to cash-settled share-based payment transactions in paragraph 43C.
Transfer of employees between group entities
B59
The fourth issue relates to group share-based payment arrangements that involve employees of more than one group entity. For example, a parent might 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 might 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. If the subsidiaries have no obligation to settle the share-based payment transaction with their employees, they account for it as an equity-settled transaction. Each subsidiary shall measure the services received from the employee by reference to the fair value of the equity instruments at the date the rights to those equity instruments were originally granted by the parent as defined in Appendix A, and the proportion of the vesting period the employee served with each subsidiary.
B60
If the subsidiary has an obligation to settle the transaction with its employees in its parent’s equity instruments, it accounts for the transaction as cash-settled. Each subsidiary shall measure the services received on the basis of grant date fair value of the equity instruments for the proportion of the vesting period the employee served with each subsidiary. In addition, each subsidiary shall recognise any change in the fair value of the equity instruments during the employee’s service period with each subsidiary.
B61
Such an employee, after transferring between group entities, may fail to satisfy a vesting condition other than a market condition as defined in Appendix A, e.g. the employee leaves the group before completing the service period. In this case, because the vesting condition is service to the group, each subsidiary shall adjust the amount previously recognised in respect of the services received from the employee in accordance with the principles in 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 group entity.
INTERNATIONAL FINANCIAL REPORTING STANDARD 3
Business Combinations
OBJECTIVE
1
The objective of this IFRS is to improve the relevance, reliability and comparability of the information that a reporting entity provides in its financial statements about a 
business combination
 and its effects. To accomplish that, this IFRS establishes principles and requirements for how the 
acquirer
:
(a)
recognises and measures in its financial statements the 
identifiable
 assets acquired, the liabilities assumed and any 
non-controlling interest
 in the 
acquiree
;
(b)
recognises and measures the 
goodwill
 acquired in the business combination or a gain from a bargain purchase; and
(c)
determines what information to disclose to enable users of the financial statements to evaluate the nature and financial effects of the business combination.
SCOPE
2
This IFRS applies to a transaction or other event that meets the definition of a business combination. This IFRS does not apply to:
(a)
the accounting for the formation of a joint arrangement in the financial statements of the joint arrangement itself.
(b)
the acquisition of an asset or a group of assets that does not constitute a 
business
. In such cases the acquirer shall identify and recognise the individual identifiable assets acquired (including those assets that meet the definition of, and recognition criteria for, 
intangible assets
 in IAS 38 
Intangible Assets
) and liabilities assumed. The cost of the group shall be allocated to the individual identifiable assets and liabilities on the basis of their relative 
fair values
 at the date of purchase. Such a transaction or event does not give rise to goodwill.
(c)
a combination of entities or businesses under common control (paragraphs B1–B4 provide related application guidance).
2A
The requirements of this Standard do not apply to the acquisition by an investment entity, as defined in IFRS 10 
Consolidated Financial Statements
, of an investment in a subsidiary that is required to be measured at fair value through profit or loss.
IDENTIFYING A BUSINESS COMBINATION
3
An entity shall determine whether a transaction or other event is a business combination by applying the definition in this IFRS, which requires that the assets acquired and liabilities assumed constitute a business. If the assets acquired are not a business, the reporting entity shall account for the transaction or other event as an asset acquisition. Paragraphs B5–B12D provide guidance on identifying a business combination and the definition of a business.
THE ACQUISITION METHOD
4
An entity shall account for each business combination by applying the acquisition method.
5
Applying the acquisition method requires:
(a)
identifying the acquirer;
(b)
determining the 
acquisition date
;
(c)
recognising and measuring the identifiable assets acquired, the liabilities assumed and any non-controlling interest in the acquiree; and
(d)
recognising and measuring goodwill or a gain from a bargain purchase.
Identifying the acquirer
6
For each business combination, one of the combining entities shall be identified as the acquirer.
7
The guidance in IFRS 10 shall be used to identify the acquirer — the entity that obtains 
control
 of another entity, ie the acquiree. If a business combination has occurred but applying the guidance in IFRS 10 does not clearly indicate which of the combining entities is the acquirer, the factors in paragraphs B14–B18 shall be considered in making that determination.
Determining the acquisition date
8
The acquirer shall identify the acquisition date, which is the date on which it obtains control of the acquiree.
9
The date on which the acquirer obtains control of the acquiree is generally the date on which the acquirer legally transfers the consideration, acquires the assets and assumes the liabilities of the acquiree—the closing date. However, the acquirer might obtain control on a date that is either earlier or later than the closing date. For example, the acquisition date precedes the closing date if a written agreement provides that the acquirer obtains control of the acquiree on a date before the closing date. An acquirer shall consider all pertinent facts and circumstances in identifying the acquisition date.
Recognising and measuring the identifiable assets acquired, the liabilities assumed and any non-controlling interest in the acquiree
Recognition principle
10
As of the acquisition date, the acquirer shall recognise, separately from goodwill, the identifiable assets acquired, the liabilities assumed and any non-controlling interest in the acquiree. Recognition of identifiable assets acquired and liabilities assumed is subject to the conditions specified in paragraphs 11 and 12.
Recognition conditions
11
To qualify for recognition as part of applying the acquisition method, the identifiable assets acquired and liabilities assumed must meet the definitions of assets and liabilities in the 
Conceptual Framework for Financial Reporting
 at the acquisition date. For example, costs the acquirer expects but is not obliged to incur in the future to effect its plan to exit an activity of an acquiree or to terminate the employment of or relocate an acquiree’s employees are not liabilities at the acquisition date. Therefore, the acquirer does not recognise those costs as part of applying the acquisition method. Instead, the acquirer recognises those costs in its post-combination financial statements in accordance with other IFRSs.
12
In addition, to qualify for recognition as part of applying the acquisition method, the identifiable assets acquired and liabilities assumed must be part of what the acquirer and the acquiree (or its former 
owners
) exchanged in the business combination transaction rather than the result of separate transactions. The acquirer shall apply the guidance in paragraphs 51–53 to determine which assets acquired or liabilities assumed are part of the exchange for the acquiree and which, if any, are the result of separate transactions to be accounted for in accordance with their nature and the applicable IFRSs.
13
The acquirer’s application of the recognition principle and conditions may result in recognising some assets and liabilities that the acquiree had not previously recognised as assets and liabilities in its financial statements. For example, the acquirer recognises the acquired identifiable intangible assets, such as a brand name, a patent or a customer relationship, that the acquiree did not recognise as assets in its financial statements because it developed them internally and charged the related costs to expense.
14
Paragraphs B31–B40 provide guidance on recognising intangible assets. Paragraphs 21A–28B specify the types of identifiable assets and liabilities that include items for which this IFRS provides limited exceptions to the recognition principle and conditions.
Classifying or designating identifiable assets acquired and liabilities assumed in a business combination
15
At the acquisition date, the acquirer shall classify or designate the identifiable assets acquired and liabilities assumed as necessary to apply other IFRSs subsequently. The acquirer shall make those classifications or designations on the basis of the contractual terms, economic conditions, its operating or accounting policies and other pertinent conditions as they exist at the acquisition date.
16
In some situations, IFRSs provide for different accounting depending on how an entity classifies or designates a particular asset or liability. Examples of classifications or designations that the acquirer shall make on the basis of the pertinent conditions as they exist at the acquisition date include but are not limited to:
(a)
classification of particular financial assets and liabilities as measured at fair value through profit or loss or at amortised cost, or as a financial asset measured at fair value through other comprehensive income in accordance with IFRS 9 
Financial Instruments
;
(b)
designation of a derivative instrument as a hedging instrument in accordance with IFRS 9; and
(c)
assessment of whether an embedded derivative should be separated from a host contract in accordance with IFRS 9 (which is a matter of ‘classification’ as this IFRS uses that term).
17
This IFRS provides an exception to the principle in paragraph 15:
(a)
classification of a lease contract in which the acquiree is the lessor as either an operating lease or a finance lease in accordance with IFRS 16 
Leases
.
(b)
[deleted]
The acquirer shall classify those contracts on the basis of the contractual terms and other factors at the inception of the contract (or, if the terms of the contract have been modified in a manner that would change its classification, at the date of that modification, which might be the acquisition date).
Measurement principle
18
The acquirer shall measure the identifiable assets acquired and the liabilities assumed at their acquisition-date fair values.
19
For each business combination, the acquirer shall measure at the acquisition date components of non-controlling interests in the acquiree that are present ownership interests and entitle their holders to a proportionate share of the entity’s net assets in the event of liquidation at either:
(a)
fair value; or
(b)
the present ownership instruments’ proportionate share in the recognised amounts of the acquiree’s identifiable net assets.
All other components of non-controlling interests shall be measured at their acquisition-date fair values, unless another measurement basis is required by IFRSs.
20
Paragraphs 24–31A specify the types of identifiable assets and liabilities that include items for which this IFRS provides limited exceptions to the measurement principle.
Exceptions to the recognition or measurement principles
21
This IFRS provides limited exceptions to its recognition and measurement principles. Paragraphs 21A–31A specify both the particular items for which exceptions are provided and the nature of those exceptions. The acquirer shall account for those items by applying the requirements in paragraphs 21A–31A, which will result in some items being:
(a)
recognised either by applying recognition conditions in addition to those in paragraphs 11 and 12 or by applying the requirements of other IFRSs, with results that differ from applying the recognition principle and conditions.
(b)
measured at an amount other than their acquisition-date fair values.
Exceptions to the recognition principle
Liabilities and contingent 
liabilities within the scope of IAS 37 or IFRIC 21
21A
Paragraph 21B applies to liabilities and contingent liabilities that would be within the scope of IAS 37 
Provisions, Contingent Liabilities and Contingent Assets
 or IFRIC 21 
Levies
 if they were incurred separately rather than assumed in a business combination.
21B
The 
Conceptual Framework for Financial Reporting
 defines a liability as ‘a present obligation of the entity to transfer an economic resource as a result of past events’. For a provision or contingent liability that would be within the scope of IAS 37, the acquirer shall apply paragraphs 15–22 of IAS 37 to determine whether at the acquisition date a present obligation exists as a result of past events. For a levy that would be within the scope of IFRIC 21, the acquirer shall apply IFRIC 21 to determine whether the obligating event that gives rise to a liability to pay the levy has occurred by the acquisition date.
21C
A present obligation identified in accordance with paragraph 21B might meet the definition of a contingent liability set out in paragraph 22(b). If so, paragraph 23 applies to that contingent liability.
Contingent liabilities and contingent assets
22
IAS 37 defines a contingent liability as:
(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.
23
The acquirer shall recognise as of the acquisition date a contingent liability assumed in a business combination if it is a present obligation that arises from past events and its fair value can be measured reliably. Therefore, contrary to paragraphs 14(b), 23, 27, 29 and 30 of IAS 37, the acquirer recognises a contingent liability assumed in a business combination at the acquisition date even if it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation. Paragraph 56 of this IFRS provides guidance on the subsequent accounting for contingent liabilities.
23A
IAS 37 defines a contingent asset as ‘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’. The acquirer shall not recognise a contingent asset at the acquisition date.
Exceptions to both the recognition and measurement principles
Income taxes
24
The acquirer shall recognise and measure a deferred tax asset or liability arising from the assets acquired and liabilities assumed in a business combination in accordance with IAS 12 
Income Taxes
.
25
The acquirer shall account for the potential tax effects of temporary differences and carryforwards of an acquiree that exist at the acquisition date or arise as a result of the acquisition in accordance with IAS 12.
Employee benefits
26
The acquirer shall recognise and measure a liability (or asset, if any) related to the acquiree’s employee benefit arrangements in accordance with IAS 19 
Employee Benefits
.
Indemnification assets
27
The seller in a business combination may contractually indemnify the acquirer for the outcome of a contingency or uncertainty related to all or part of a specific asset or liability. For example, the seller may indemnify the acquirer against losses above a specified amount on a liability arising from a particular contingency; in other words, the seller will guarantee that the acquirer’s liability will not exceed a specified amount. As a result, the acquirer obtains an indemnification asset. The acquirer shall recognise an indemnification asset at the same time that it recognises the indemnified item measured on the same basis as the indemnified item, subject to the need for a valuation allowance for uncollectible amounts. Therefore, if the indemnification relates to an asset or a liability that is recognised at the acquisition date and measured at its acquisition-date fair value, the acquirer shall recognise the indemnification asset at the acquisition date measured at its acquisition-date fair value. For an indemnification asset measured at fair value, the effects of uncertainty about future cash flows because of collectibility considerations are included in the fair value measure and a separate valuation allowance is not necessary (paragraph B41 provides related application guidance).
28
In some circumstances, the indemnification may relate to an asset or a liability that is an exception to the recognition or measurement principles. For example, an indemnification may relate to a contingent liability that is not recognised at the acquisition date because its fair value is not reliably measurable at that date. Alternatively, an indemnification may relate to an asset or a liability, for example, one that results from an employee benefit, that is measured on a basis other than acquisition-date fair value. In those circumstances, the indemnification asset shall be recognised and measured using assumptions consistent with those used to measure the indemnified item, subject to management’s assessment of the collectibility of the indemnification asset and any contractual limitations on the indemnified amount. Paragraph 57 provides guidance on the subsequent accounting for an indemnification asset.
Leases in which the acquiree is the lessee
28A
The acquirer shall recognise right-of-use assets and lease liabilities for leases identified in accordance with IFRS 16 in which the acquiree is the lessee. The acquirer is not required to recognise right-of-use assets and lease liabilities for:
(a)
leases for which the lease term (as defined in IFRS 16) ends within 12 months of the acquisition date; or
(b)
leases for which the underlying asset is of low value (as described in paragraphs B3–B8 of IFRS 16).
28B
The acquirer shall measure the lease liability at the present value of the remaining lease payments (as defined in IFRS 16) as if the acquired lease were a new lease at the acquisition date. The acquirer shall measure the right-of-use asset at the same amount as the lease liability, adjusted to reflect favourable or unfavourable terms of the lease when compared with market terms.
Exceptions to the measurement principle
Reacquired rights
29
The acquirer shall measure the value of a reacquired right recognised as an intangible asset on the basis of the remaining contractual term of the related contract regardless of whether market participants would consider potential contractual renewals when measuring its fair value. Paragraphs B35 and B36 provide related application guidance.
Share–based payment transactions
30
The acquirer shall measure a liability or an equity instrument related to share-based payment transactions of the acquiree or the replacement of an acquiree’s share-based payment transactions with share-based payment transactions of the acquirer in accordance with the method in IFRS 2 
Share-based Payment
 at the acquisition date. (This IFRS refers to the result of that method as the ‘market-based measure’ of the share-based payment transaction.)
Assets held for sale
31
The acquirer shall measure an acquired non-current asset (or disposal group) that is classified as held for sale at the acquisition date in accordance with IFRS 5 
Non-current Assets Held for Sale and Discontinued Operations
 at fair value less costs to sell in accordance with paragraphs 15–18 of that IFRS.
Insurance contracts
31A
The acquirer shall measure a group of contracts within the scope of IFRS 17 
Insurance Contracts
 acquired in a business combination, and any assets for insurance acquisition cash flows as defined in IFRS 17, as a liability or asset in accordance with paragraphs 39 and B93–B95F of IFRS 17, at the acquisition date.
Recognising and measuring goodwill or a gain from a bargain purchase
32
The acquirer shall recognise goodwill as of the acquisition date measured as the excess of (a) over (b) below:
(a)
the aggregate of:
(i)
the consideration transferred measured in accordance with this IFRS, which generally requires acquisition-date fair value (see paragraph 37);
(ii)
the amount of any non-controlling interest in the acquiree measured in accordance with this IFRS; and
(iii)
in a business combination achieved in stages (see paragraphs 41 and 42), the acquisition-date fair value of the acquirer’s previously held 
equity interest
 in the acquiree.
(b)
the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed measured in accordance with this IFRS.
33
In a business combination in which the acquirer and the acquiree (or its former owners) exchange only equity interests, the acquisition-date fair value of the acquiree’s equity interests may be more reliably measurable than the acquisition-date fair value of the acquirer’s equity interests. If so, the acquirer shall determine the amount of goodwill by using the acquisition-date fair value of the acquiree’s equity interests instead of the acquisition-date fair value of the equity interests transferred. To determine the amount of goodwill in a business combination in which no consideration is transferred, the acquirer shall use the acquisition-date fair value of the acquirer’s interest in the acquiree in place of the acquisition-date fair value of the consideration transferred (paragraph 32(a)(i)). Paragraphs B46–B49 provide related application guidance.
Bargain purchases
34
Occasionally, an acquirer will make a bargain purchase, which is a business combination in which the amount in paragraph 32(b) exceeds the aggregate of the amounts specified in paragraph 32(a). If that excess remains after applying the requirements in paragraph 36, the acquirer shall recognise the resulting gain in profit or loss on the acquisition date. The gain shall be attributed to the acquirer.
35
A bargain purchase might happen, for example, in a business combination that is a forced sale in which the seller is acting under compulsion. However, the recognition or measurement exceptions for particular items discussed in paragraphs 22–31A may also result in recognising a gain (or change the amount of a recognised gain) on a bargain purchase.
36
Before recognising a gain on a bargain purchase, the acquirer shall reassess whether it has correctly identified all of the assets acquired and all of the liabilities assumed and shall recognise any additional assets or liabilities that are identified in that review. The acquirer shall then review the procedures used to measure the amounts this IFRS requires to be recognised at the acquisition date for all of the following:
(a)
the identifiable assets acquired and liabilities assumed;
(b)
the non-controlling interest in the acquiree, if any;
(c)
for a business combination achieved in stages, the acquirer’s previously held equity interest in the acquiree; and
(d)
the consideration transferred.
The objective of the review is to ensure that the measurements appropriately reflect consideration of all available information as of the acquisition date.
Consideration transferred
37
The consideration transferred in a business combination shall be measured at fair value, which shall be calculated as the sum of the acquisition-date fair values of the assets transferred by the acquirer, the liabilities incurred by the acquirer to former owners of the acquiree and the equity interests issued by the acquirer. (However, any portion of the acquirer’s share-based payment awards exchanged for awards held by the acquiree’s employees that is included in consideration transferred in the business combination shall be measured in accordance with paragraph 30 rather than at fair value.) Examples of potential forms of consideration include cash, other assets, a business or a subsidiary of the acquirer, 
contingent consideration
, ordinary or preference equity instruments, options, warrants and member interests of 
mutual entities
.
38
The consideration transferred may include assets or liabilities of the acquirer that have carrying amounts that differ from their fair values at the acquisition date (for example, non-monetary assets or a business of the acquirer). If so, the acquirer shall remeasure the transferred assets or liabilities to their fair values as of the acquisition date and recognise the resulting gains or losses, if any, in profit or loss. However, sometimes the transferred assets or liabilities remain within the combined entity after the business combination (for example, because the assets or liabilities were transferred to the acquiree rather than to its former owners), and the acquirer therefore retains control of them. In that situation, the acquirer shall measure those assets and liabilities at their carrying amounts immediately before the acquisition date and shall not recognise a gain or loss in profit or loss on assets or liabilities it controls both before and after the business combination.
Contingent consideration
39
The consideration the acquirer transfers in exchange for the acquiree includes any asset or liability resulting from a contingent consideration arrangement (see paragraph 37). The acquirer shall recognise the acquisition-date fair value of contingent consideration as part of the consideration transferred in exchange for the acquiree.
40
The acquirer shall classify an obligation to pay contingent consideration that meets the definition of a financial instrument as a financial liability or as equity on the basis of the definitions of an equity instrument and a financial liability in paragraph 11 of IAS 32 
Financial Instruments: Presentation
. The acquirer shall classify as an asset a right to the return of previously transferred consideration if specified conditions are met. Paragraph 58 provides guidance on the subsequent accounting for contingent consideration.
Additional guidance for applying the acquisition method to particular types of business combinations
A business combination achieved in stages
41
An acquirer sometimes obtains control of an acquiree in which it held an equity interest immediately before the acquisition date. For example, on 31 December 20X1, Entity A holds a 35 per cent non-controlling equity interest in Entity B. On that date, Entity A purchases an additional 40 per cent interest in Entity B, which gives it control of Entity B. This IFRS refers to such a transaction as a business combination achieved in stages, sometimes also referred to as a step acquisition.
42
In a business combination achieved in stages, the acquirer shall remeasure its previously held equity interest in the acquiree at its acquisition-date fair value and recognise the resulting gain or loss, if any, in profit or loss or other comprehensive income, as appropriate. In prior reporting periods, the acquirer may have recognised changes in the value of its equity interest in the acquiree in other comprehensive income. If so, the amount that was recognised in other comprehensive income shall be recognised on the same basis as would be required if the acquirer had disposed directly of the previously held equity interest.
42A
When a party to a joint arrangement (as defined in IFRS 11 
Joint Arrangements
) obtains control of a business that is a joint operation (as defined in IFRS 11), and had rights to the assets and obligations for the liabilities relating to that joint operation immediately before the acquisition date, the transaction is a business combination achieved in stages. The acquirer shall therefore apply the requirements for a business combination achieved in stages, including remeasuring its previously held interest in the joint operation in the manner described in paragraph 42. In doing so, the acquirer shall remeasure its entire previously held interest in the joint operation.
A business combination achieved without the transfer of consideration
43
An acquirer sometimes obtains control of an acquiree without transferring consideration. The acquisition method of accounting for a business combination applies to those combinations. Such circumstances include:
(a)
The acquiree repurchases a sufficient number of its own shares for an existing investor (the acquirer) to obtain control.
(b)
Minority veto rights lapse that previously kept the acquirer from controlling an acquiree in which the acquirer held the majority voting rights.
(c)
The acquirer and acquiree agree to combine their businesses by contract alone. The acquirer transfers no consideration in exchange for control of an acquiree and holds no equity interests in the acquiree, either on the acquisition date or previously. Examples of business combinations achieved by contract alone include bringing two businesses together in a stapling arrangement or forming a dual listed corporation.
44
In a business combination achieved by contract alone, the acquirer shall attribute to the owners of the acquiree the amount of the acquiree’s net assets recognised in accordance with this IFRS. In other words, the equity interests in the acquiree held by parties other than the acquirer are a non-controlling interest in the acquirer’s post-combination financial statements even if the result is that all of the equity interests in the acquiree are attributed to the non-controlling interest.
Measurement period
45
If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the acquirer shall report in its financial statements provisional amounts for the items for which the accounting is incomplete. During the measurement period, the acquirer shall retrospectively adjust the provisional amounts recognised at the acquisition date to reflect new information obtained about facts and circumstances that existed as of the acquisition date and, if known, would have affected the measurement of the amounts recognised as of that date. During the measurement period, the acquirer shall also recognise additional assets or liabilities if new information is obtained about facts and circumstances that existed as of the acquisition date and, if known, would have resulted in the recognition of those assets and liabilities as of that date. The measurement period ends as soon as the acquirer receives the information it was seeking about facts and circumstances that existed as of the acquisition date or learns that more information is not obtainable. However, the measurement period shall not exceed one year from the acquisition date.
46
The measurement period is the period after the acquisition date during which the acquirer may adjust the provisional amounts recognised for a business combination. The measurement period provides the acquirer with a reasonable time to obtain the information necessary to identify and measure the following as of the acquisition date in accordance with the requirements of this IFRS:
(a)
the identifiable assets acquired, liabilities assumed and any non-controlling interest in the acquiree;
(b)
the consideration transferred for the acquiree (or the other amount used in measuring goodwill);
(c)
in a business combination achieved in stages, the equity interest in the acquiree previously held by the acquirer; and
(d)
the resulting goodwill or gain on a bargain purchase.
47
The acquirer shall consider all pertinent factors in determining whether information obtained after the acquisition date should result in an adjustment to the provisional amounts recognised or whether that information results from events that occurred after the acquisition date. Pertinent factors include the date when additional information is obtained and whether the acquirer can identify a reason for a change to provisional amounts. Information that is obtained shortly after the acquisition date is more likely to reflect circumstances that existed at the acquisition date than is information obtained several months later. For example, unless an intervening event that changed its fair value can be identified, the sale of an asset to a third party shortly after the acquisition date for an amount that differs significantly from its provisional fair value measured at that date is likely to indicate an error in the provisional amount.
48
The acquirer recognises an increase (decrease) in the provisional amount recognised for an identifiable asset (liability) by means of a decrease (increase) in goodwill. However, new information obtained during the measurement period may sometimes result in an adjustment to the provisional amount of more than one asset or liability. For example, the acquirer might have assumed a liability to pay damages related to an accident in one of the acquiree’s facilities, part or all of which are covered by the acquiree’s liability insurance policy. If the acquirer obtains new information during the measurement period about the acquisition-date fair value of that liability, the adjustment to goodwill resulting from a change to the provisional amount recognised for the liability would be offset (in whole or in part) by a corresponding adjustment to goodwill resulting from a change to the provisional amount recognised for the claim receivable from the insurer.
49
During the measurement period, the acquirer shall recognise adjustments to the provisional amounts as if the accounting for the business combination had been completed at the acquisition date. Thus, the acquirer shall revise comparative information for prior periods presented in financial statements as needed, including making any change in depreciation, amortisation or other income effects recognised in completing the initial accounting.
50
After the measurement period ends, the acquirer shall revise the accounting for a business combination only to correct an error in accordance with IAS 8 
Accounting Policies, Changes in Accounting Estimates and Errors
.
Determining what is part of the business combination transaction
51
The acquirer and the acquiree may have a pre-existing relationship or other arrangement before negotiations for the business combination began, or they may enter into an arrangement during the negotiations that is separate from the business combination. In either situation, the acquirer shall identify any amounts that are not part of what the acquirer and the acquiree (or its former owners) exchanged in the business combination, ie amounts that are not part of the exchange for the acquiree. The acquirer shall recognise as part of applying the acquisition method only the consideration transferred for the acquiree and the assets acquired and liabilities assumed in the exchange for the acquiree. Separate transactions shall be accounted for in accordance with the relevant IFRSs.
52
A transaction entered into by or on behalf of the acquirer or primarily for the benefit of the acquirer or the combined entity, rather than primarily for the benefit of the acquiree (or its former owners) before the combination, is likely to be a separate transaction. The following are examples of separate transactions that are not to be included in applying the acquisition method:
(a)
a transaction that in effect settles pre-existing relationships between the acquirer and acquiree;
(b)
a transaction that remunerates employees or former owners of the acquiree for future services; and
(c)
a transaction that reimburses the acquiree or its former owners for paying the acquirer’s acquisition-related costs.
Paragraphs B50–B62 provide related application guidance.
Acquisition-related costs
53
Acquisition-related costs are costs the acquirer incurs to effect a business combination. Those costs include finder's fees; advisory, legal, accounting, valuation and other professional or consulting fees; general administrative costs, including the costs of maintaining an internal acquisitions department; and costs of registering and issuing debt and equity securities. The acquirer shall account for acquisition-related costs as expenses in the periods in which the costs are incurred and the services are received, with one exception. The costs to issue debt or equity securities shall be recognised in accordance with IAS 32 and IFRS 9.
SUBSEQUENT MEASUREMENT AND ACCOUNTING
54
In general, an acquirer shall subsequently measure and account for assets acquired, liabilities assumed or incurred and equity instruments issued in a business combination in accordance with other applicable IFRSs for those items, depending on their nature. However, this IFRS provides guidance on subsequently measuring and accounting for the following assets acquired, liabilities assumed or incurred and equity instruments issued in a business combination:
(a)
reacquired rights;
(b)
contingent liabilities recognised as of the acquisition date;
(c)
indemnification assets; and
(d)
contingent consideration.
Paragraph B63 provides related application guidance.
Reacquired rights
55
A reacquired right recognised as an intangible asset shall be amortised over the remaining contractual period of the contract in which the right was granted. An acquirer that subsequently sells a reacquired right to a third party shall include the carrying amount of the intangible asset in determining the gain or loss on the sale.
Contingent liabilities
56
After initial recognition and until the liability is settled, cancelled or expires, the acquirer shall measure a contingent liability recognised in a business combination at the higher of:
(a)
the amount that would be recognised in accordance with IAS 37; and
(b)
the amount initially recognised less, if appropriate, the cumulative amount of income recognised in accordance with the principles of IFRS 15 
Revenue from Contracts with Customers
.
This requirement does not apply to contracts accounted for in accordance with IFRS 9.
Indemnification assets
57
At the end of each subsequent reporting period, the acquirer shall measure an indemnification asset that was recognised at the acquisition date on the same basis as the indemnified liability or asset, subject to any contractual limitations on its amount and, for an indemnification asset that is not subsequently measured at its fair value, management’s assessment of the collectibility of the indemnification asset. The acquirer shall derecognise the indemnification asset only when it collects the asset, sells it or otherwise loses the right to it.
Contingent consideration
58
Some changes in the fair value of contingent consideration that the acquirer recognises after the acquisition date may be the result of additional information that the acquirer obtained after that date about facts and circumstances that existed at the acquisition date. Such changes are measurement period adjustments in accordance with paragraphs 45–49. However, changes resulting from events after the acquisition date, such as meeting an earnings target, reaching a specified share price or reaching a milestone on a research and development project, are not measurement period adjustments. The acquirer shall account for changes in the fair value of contingent consideration that are not measurement period adjustments as follows:
(a)
Contingent consideration classified as equity shall not be remeasured and its subsequent settlement shall be accounted for within equity.
(b)
Other contingent consideration that:
(i)
is within the scope of IFRS 9 shall be measured at fair value at each reporting date and changes in fair value shall be recognised in profit or loss in accordance with IFRS 9.
(ii)
is not within the scope of IFRS 9 shall be measured at fair value at each reporting date and changes in fair value shall be recognised in profit or loss.
DISCLOSURES
59
The acquirer shall disclose information that enables users of its financial statements to evaluate the nature and financial effect of a business combination that occurs either:
(a)
during the current reporting period; or
(b)
after the end of the reporting period but before the financial statements are authorised for issue.
60
To meet the objective in paragraph 59, the acquirer shall disclose the information specified in paragraphs B64—B66.
61
The acquirer shall disclose information that enables users of its financial statements to evaluate the financial effects of adjustments recognised in the current reporting period that relate to business combinations that occurred in the period or previous reporting periods.
62
To meet the objective in paragraph 61, the acquirer shall disclose the information specified in paragraph B67.
63
If the specific disclosures required by this and other IFRSs do not meet the objectives set out in paragraphs 59 and 61, the acquirer shall disclose whatever additional information is necessary to meet those objectives.
EFFECTIVE DATE AND TRANSITION
Effective date
64
This IFRS shall be applied prospectively to business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after 1 July 2009. Earlier application is permitted. However, this IFRS shall be applied only at the beginning of an annual reporting period that begins on or after 30 June 2007. If an entity applies this IFRS before 1 July 2009, it shall disclose that fact and apply IAS 27 (as amended in 2008) at the same time.
64A
[Deleted]
64B
Improvements to IFRSs
 issued in May 2010 amended paragraphs 19, 30 and B56 and added paragraphs B62A and B62B. An entity shall apply those amendments for annual periods beginning on or after 1 July 2010. Earlier application is permitted. If an entity applies the amendments for an earlier period it shall disclose that fact. Application should be prospective from the date when the entity first applied this IFRS.
64C
Paragraphs 65A–65E were added by 
Improvements to IFRSs
 issued in May 2010. An entity shall apply those amendments for annual periods beginning on or after 1 July 2010. Earlier application is permitted. If an entity applies the amendments for an earlier period it shall disclose that fact. The amendments shall be applied to contingent consideration balances arising from business combinations with an acquisition date prior to the application of this IFRS, as issued in 2008.
64D
[Deleted]
64E
IFRS 10, issued in May 2011, amended paragraphs 7, B13, B63(e) and Appendix A. An entity shall apply those amendments when it applies IFRS 10.
64F
IFRS 13 
Fair Value Measurement
, issued in May 2011, amended paragraphs 20, 29, 33, 47, amended the definition of fair value in Appendix A and amended paragraphs B22, B40, B43–B46, B49 and B64. An entity shall apply those amendments when it applies IFRS 13.
64G
Investment Entities
 (Amendments to IFRS 10, IFRS 12 and IAS 27), issued in October 2012, amended paragraph 7 and added paragraph 2A. An entity shall apply those amendments for annual periods beginning on or after 1 January 2014. Earlier application of 
Investment Entities
 is permitted. If an entity applies these amendments earlier it shall also apply all amendments included in 
Investment Entities
 at the same time.
64H
[Deleted]
64I
Annual Improvements to IFRSs 2010–2012 Cycle
, issued in December 2013, amended paragraphs 40 and 58 and added paragraph 67A and its related heading. An entity shall apply that amendment prospectively to business combinations for which the acquisition date is on or after 1 July 2014. Earlier application is permitted. An entity may apply the amendment earlier provided that IFRS 9 and IAS 37 (both as amended by 
Annual Improvements to IFRSs 2010–2012 Cycle
) have also been applied. If an entity applies that amendment earlier it shall disclose that fact.
64J
Annual Improvements Cycle 2011–2013
 issued in December 2013 amended paragraph 2(a). An entity shall apply that amendment prospectively for annual periods beginning on or after 1 July 2014. Earlier application is permitted. If an entity applies that amendment for an earlier period it shall disclose that fact.
64K
IFRS 15 
Revenue from Contracts with Customers
, issued in May 2014, amended paragraph 56. An entity shall apply that amendment when it applies IFRS 15.
64L
IFRS 9, as issued in July 2014, amended paragraphs 16, 42, 53, 56, 58 and B41 and deleted paragraphs 64A, 64D and 64H. An entity shall apply those amendments when it applies IFRS 9.
64M
IFRS 16, issued in January 2016, amended paragraphs 14, 17, B32 and B42, deleted paragraphs B28–B30 and their related heading and added paragraphs 28A–28B and their related heading. An entity shall apply those amendments when it applies IFRS 16.
64N
IFRS 17, issued in May 2017, amended paragraphs 17, 20, 21, 35 and B63, and after paragraph 31 added a heading and paragraph 31A. 
Amendments to IFRS 17
, issued in June 2020, amended paragraph 31A. An entity shall apply the amendments to paragraph 17 to business combinations with an acquisition date after the date of initial application of IFRS 17. An entity shall apply the other amendments when it applies IFRS 17.
64O
Annual Improvements to IFRS Standards 2015–2017 Cycle
, issued in December 2017, added paragraph 42A. An entity shall apply those amendments to business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after 1 January 2019. Earlier application is permitted. If an entity applies those amendments earlier, it shall disclose that fact.
64P
Definition of a Business
, issued in October 2018, added paragraphs B7A–B7C, B8A and B12A–B12D, amended the definition of the term ‘business’ in Appendix A, amended paragraphs 3, B7–B9, B11 and B12 and deleted paragraph B10. An entity shall apply these amendments to business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after 1 January 2020 and to asset acquisitions that occur on or after the beginning of that period. Earlier application of these amendments is permitted. If an entity applies these amendments for an earlier period, it shall disclose that fact.
64Q
Reference to the Conceptual Framework
, issued in May 2020, amended paragraphs 11, 14, 21, 22 and 23 and added paragraphs 21A, 21B, 21C and 23A. An entity shall apply those amendments to business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after 1 January 2022. Earlier application is permitted if at the same time or earlier an entity also applies all the amendments made by 
Amendments to References to the Conceptual Framework in IFRS Standards
, issued in March 2018.
Transition
65
Assets and liabilities that arose from business combinations whose acquisition dates preceded the application of this IFRS shall not be adjusted upon application of this IFRS.
65A
Contingent consideration balances arising from business combinations whose acquisition dates preceded the date when an entity first applied this IFRS as issued in 2008 shall not be adjusted upon first application of this IFRS. Paragraphs 65B–65E shall be applied in the subsequent accounting for those balances. Paragraphs 65B–65E shall not apply to the accounting for contingent consideration balances arising from business combinations with acquisition dates on or after the date when the entity first applied this IFRS as issued in 2008. In paragraphs 65B–65E business combination refers exclusively to business combinations whose acquisition date preceded the application of this IFRS as issued in 2008.
65B
If 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.
65C
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.
65D
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.
65E
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.
66
An entity, such as a mutual entity, that has not yet applied IFRS 3 and had one or more business combinations that were accounted for using the purchase method shall apply the transition provisions in paragraphs B68 and B69.
Income taxes
67
For business combinations in which the acquisition date was before this IFRS is applied, the acquirer shall apply the requirements of paragraph 68 of IAS 12, as amended by this IFRS, prospectively. That is to say, the acquirer shall not adjust the accounting for prior business combinations for previously recognised changes in recognised deferred tax assets. However, from the date when this IFRS is applied, the acquirer shall recognise, as an adjustment to profit or loss (or, if IAS 12 requires, outside profit or loss), changes in recognised deferred tax assets.
REFERENCE TO IFRS 9
67A
If an entity applies this Standard but does not yet apply IFRS 9, any reference to IFRS 9 should be read as a reference to IAS 39.
WITHDRAWAL OF IFRS 3 (2004)
68
This IFRS supersedes IFRS 3 
Business Combinations
 (as issued in 2004).
Appendix A
Defined terms
This appendix is an integral part of the IFRS.
acquiree
The business or businesses that the 
acquirer
 obtains control of in a 
business combination
.
acquirer
The entity that obtains control of the 
acquiree
.
acquisition date
The date on which the 
acquirer
 obtains control of the 
acquiree
.
business
An integrated set of activities and assets that is capable of being conducted and managed for the purpose of providing goods or services to customers, generating investment income (such as dividends or interest) or generating other income from ordinary activities.
business combination
A transaction or other event in which an 
acquirer
 obtains control of one or more 
businesses
. Transactions sometimes referred to as ‘true mergers’ or ‘mergers of equals’ are also 
business combinations
 as that term is used in this IFRS.
contingent consideration
Usually, an obligation of the 
acquirer
 to transfer additional assets or 
equity interests
 to the former owners of an 
acquiree
 as part of the exchange for 
control
 of the 
acquiree
 if specified future events occur or conditions are met. However, 
contingent consideration
 also may give the 
acquirer
 the right to the return of previously transferred consideration if specified conditions are met.
equity interests
For the purposes of this IFRS, 
equity interests
 is used broadly to mean ownership interests of investor-owned entities and owner, member or participant interests of 
mutual entities
.
fair value
Fair value
 is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. (See IFRS 13.)
goodwill
An asset representing the future economic benefits arising from other assets acquired in a 
business combination
 that are not individually identified and separately recognised.
identifiable
An asset is 
identifiable
 if it either:
(a)
is separable, ie capable of being separated or divided from the entity and sold, transferred, licensed, rented or exchanged, either individually or together with a related contract, identifiable asset or liability, regardless of whether the entity intends to do so; 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.
intangible asset
An 
identifiable
 non-monetary asset without physical substance.
mutual entity
An entity, other than an investor-owned entity, that provides dividends, lower costs or other economic benefits directly to its 
owners
, members or participants. For example, a mutual insurance company, a credit union and a cooperative entity are all mutual entities.
non-controlling interest
The equity in a subsidiary not attributable, directly or indirectly, to a parent.
owners
For the purposes of this IFRS, 
owners
 is used broadly to include holders of 
equity interests
 of investor-owned entities and owners or members of, or participants in, 
mutual entities
.
Appendix B
Application guidance
This appendix is an integral part of the IFRS.
BUSINESS COMBINATIONS OF ENTITIES UNDER COMMON CONTROL (APPLICATION OF PARAGRAPH 2(c))
B1
This IFRS does not apply to a business combination of entities or businesses under common control. 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.
B2
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.
B3
An entity may 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.
B4
The extent of non-controlling 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 is not relevant to determining whether a combination involves entities under common control.
IDENTIFYING A BUSINESS COMBINATION (APPLICATION OF PARAGRAPH 3)
B5
This IFRS defines a business combination as a transaction or other event in which an acquirer obtains control of one or more businesses. An acquirer might obtain control of an acquiree in a variety of ways, for example:
(a)
by transferring cash, cash equivalents or other assets (including net assets that constitute a business);
(b)
by incurring liabilities;
(c)
by issuing equity interests;
(d)
by providing more than one type of consideration; or
(e)
without transferring consideration, including by contract alone (see paragraph 43).
B6
A business combination may be structured in a variety of ways for legal, taxation or other reasons, which include but are not limited to:
(a)
one or more businesses become subsidiaries of an acquirer or the net assets of one or more businesses are legally merged into the acquirer;
(b)
one combining entity transfers its net assets, or its owners transfer their equity interests, to another combining entity or its owners;
(c)
all of the combining entities transfer their net assets, or the owners of those entities transfer their equity interests, to a newly formed entity (sometimes referred to as a roll-up or put-together transaction); or
(d)
a group of former owners of one of the combining entities obtains control of the combined entity.
DEFINITION OF A BUSINESS (APPLICATION OF PARAGRAPH 3)
B7
A business consists of inputs and processes applied to those inputs that have the ability to contribute to the creation of outputs. The three elements of a business are defined as follows (see paragraphs B8–B12D for guidance on the elements of a business):
(a)
Input
: Any economic resource that creates outputs, or has the ability to contribute to the creation of outputs, when one or more processes are applied to it. Examples include non-current assets (including intangible assets or rights to use non-current assets), intellectual property, the ability to obtain access to necessary materials or rights and employees.
(b)
Process
: Any system, standard, protocol, convention or rule that, when applied to an input or inputs, creates outputs or has the ability to contribute to the creation of outputs. Examples include strategic management processes, operational processes and resource management processes. These processes typically are documented, but the intellectual capacity of an organised workforce having the necessary skills and experience following rules and conventions may provide the necessary processes that are capable of being applied to inputs to create outputs. (Accounting, billing, payroll and other administrative systems typically are not processes used to create outputs.)
(c)
Output
: The result of inputs and processes applied to those inputs that provide goods or services to customers, generate investment income (such as dividends or interest) or generate other income from ordinary activities.
Optional test to identify concentration of fair value
B7A
Paragraph B7B sets out an optional test (the concentration test) to permit a simplified assessment of whether an acquired set of activities and assets is not a business. An entity may elect to apply, or not apply, the test. An entity may make such an election separately for each transaction or other event. The concentration test has the following consequences:
(a)
if the concentration test is met, the set of activities and assets is determined not to be a business and no further assessment is needed.
(b)
if the concentration test is not met, or if the entity elects not to apply the test, the entity shall then perform the assessment set out in paragraphs B8–B12D.
B7B
The concentration test is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. For the concentration test:
(a)
gross assets acquired shall exclude cash and cash equivalents, deferred tax assets, and goodwill resulting from the effects of deferred tax liabilities.
(b)
the fair value of the gross assets acquired shall include any consideration transferred (plus the fair value of any non-controlling interest and the fair value of any previously held interest) in excess of the fair value of net identifiable assets acquired. The fair value of the gross assets acquired may normally be determined as the total obtained by adding the fair value of the consideration transferred (plus the fair value of any non-controlling interest and the fair value of any previously held interest) to the fair value of the liabilities assumed (other than deferred tax liabilities), and then excluding the items identified in subparagraph (a). However, if the fair value of the gross assets acquired is more than that total, a more precise calculation may sometimes be needed.
(c)
a single identifiable asset shall include any asset or group of assets that would be recognised and measured as a single identifiable asset in a business combination.
(d)
if a tangible asset is attached to, and cannot be physically removed and used separately from, another tangible asset (or from an underlying asset subject to a lease, as defined in IFRS 16 
Leases
), without incurring significant cost, or significant diminution in utility or fair value to either asset (for example, land and buildings), those assets shall be considered a single identifiable asset.
(e)
when assessing whether assets are similar, an entity shall consider the nature of each single identifiable asset and the risks associated with managing and creating outputs from the assets (that is, the risk characteristics).
(f)
the following shall not be considered similar assets:
(i)
a tangible asset and an intangible asset;
(ii)
tangible assets in different classes (for example, inventory, manufacturing equipment and automobiles) unless they are considered a single identifiable asset in accordance with the criterion in subparagraph (d);
(iii)
identifiable intangible assets in different classes (for example, brand names, licences and intangible assets under development);
(iv)
a financial asset and a non-financial asset;
(v)
financial assets in different classes (for example, accounts receivable and investments in equity instruments); and
(vi)
identifiable assets that are within the same class of asset but have significantly different risk characteristics.
B7C
The requirements in paragraph B7B do not modify the guidance on similar assets in IAS 38 
Intangible Assets
; nor do they modify the meaning of the term ‘class’ in IAS 16 
Property, Plant and Equipment
, IAS 38 and IFRS 7 
Financial Instruments: Disclosures
.
Elements of a business
B8
Although businesses usually have outputs, outputs are not required for an integrated set of activities and assets to qualify as a business. To be capable of being conducted and managed for the purpose identified in the definition of a business, an integrated set of activities and assets requires two essential elements—inputs and processes applied to those inputs. A business need not include all of the inputs or processes that the seller used in operating that business. However, to be considered a business, an integrated set of activities and assets must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create output. Paragraphs B12–B12D specify how to assess whether a process is substantive.
B8A
If an acquired set of activities and assets has outputs, continuation of revenue does not on its own indicate that both an input and a substantive process have been acquired.
B9
The nature of the elements of a business varies by industry and by the structure of an entity’s operations (activities), including the entity’s stage of development. Established businesses often have many different types of inputs, processes and outputs, whereas new businesses often have few inputs and processes and sometimes only a single output (product). Nearly all businesses also have liabilities, but a business need not have liabilities. Furthermore, an acquired set of activities and assets that is not a business might have liabilities.
B10
[Deleted]
B11
Determining whether a particular set of activities and assets is a business shall be based on whether the integrated set is capable of being conducted and managed as a business by a market participant. Thus, in evaluating whether a particular set is a business, it is not relevant whether a seller operated the set as a business or whether the acquirer intends to operate the set as a business.
Assessing whether an acquired process is substantive
B12
Paragraphs B12A–B12D explain how to assess whether an acquired process is substantive if the acquired set of activities and assets does not have outputs (paragraph B12B) and if it does have outputs (paragraph B12C).
B12A
An example of an acquired set of activities and assets that does not have outputs at the acquisition date is an early-stage entity that has not started generating revenue. Moreover, if an acquired set of activities and assets was generating revenue at the acquisition date, it is considered to have outputs at that date, even if subsequently it will no longer generate revenue from external customers, for example because it will be integrated by the acquirer.
B12B
If a set of activities and assets does not have outputs at the acquisition date, an acquired process (or group of processes) shall be considered substantive only if:
(a)
it is critical to the ability to develop or convert an acquired input or inputs into outputs; and
(b)
the inputs acquired include both an organised workforce that has the necessary skills, knowledge, or experience to perform that process (or group of processes) and other inputs that the organised workforce could develop or convert into outputs. Those other inputs could include:
(i)
intellectual property that could be used to develop a good or service;
(ii)
other economic resources that could be developed to create outputs; or
(iii)
rights to obtain access to necessary materials or rights that enable the creation of future outputs.
Examples of the inputs mentioned in subparagraphs (b)(i)–(iii) include technology, in-process research and development projects, real estate and mineral interests.
B12C
If a set of activities and assets has outputs at the acquisition date, an acquired process (or group of processes) shall be considered substantive if, when applied to an acquired input or inputs, it:
(a)
is critical to the ability to continue producing outputs, and the inputs acquired include an organised workforce with the necessary skills, knowledge, or experience to perform that process (or group of processes); or
(b)
significantly contributes to the ability to continue producing outputs and:
(i)
is considered unique or scarce; or
(ii)
cannot be replaced without significant cost, effort, or delay in the ability to continue producing outputs.
B12D
The following additional discussion supports both paragraphs B12B and B12C:
(a)
an acquired contract is an input and not a substantive process. Nevertheless, an acquired contract, for example, a contract for outsourced property management or outsourced asset management, may give access to an organised workforce. An entity shall assess whether an organised workforce accessed through such a contract performs a substantive process that the entity controls, and thus has acquired. Factors to be considered in making that assessment include the duration of the contract and its renewal terms.
(b)
difficulties in replacing an acquired organised workforce may indicate that the acquired organised workforce performs a process that is critical to the ability to create outputs.
(c)
a process (or group of processes) is not critical if, for example, it is ancillary or minor within the context of all the processes required to create outputs.
IDENTIFYING THE ACQUIRER (APPLICATION OF PARAGRAPHS 6 AND 7)
B13
The guidance in IFRS 10 
Consolidated Financial Statements
 shall be used to identify the acquirer—the entity that obtains control of the acquiree. If a business combination has occurred but applying the guidance in IFRS 10 does not clearly indicate which of the combining entities is the acquirer, the factors in paragraphs B14–B18 shall be considered in making that determination.
B14
In a business combination effected primarily by transferring cash or other assets or by incurring liabilities, the acquirer is usually the entity that transfers the cash or other assets or incurs the liabilities.
B15
In a business combination effected primarily by exchanging equity interests, the acquirer is usually the entity that issues its equity interests. However, in some business combinations, commonly called ‘reverse acquisitions’ the issuing entity is the acquiree. Paragraphs B19–B27 provide guidance on accounting for reverse acquisitions. Other pertinent facts and circumstances shall also be considered in identifying the acquirer in a business combination effected by exchanging equity interests, including:
(a)
the relative voting rights in the combined entity after the business combination
— The acquirer is usually the combining entity whose owners as a group retain or receive the largest portion of the voting rights in the combined entity. In determining which group of owners retains or receives the largest portion of the voting rights, an entity shall consider the existence of any unusual or special voting arrangements and options, warrants or convertible securities.
(b)
the existence of a large minority voting interest in the combined entity if no other owner or organised group of owners has a significant voting interest
— The acquirer is usually the combining entity whose single owner or organised group of owners holds the largest minority voting interest in the combined entity.
(c)
the composition of the governing body of the combined entity
— The acquirer is usually the combining entity whose owners have the ability to elect or appoint or to remove a majority of the members of the governing body of the combined entity.
(d)
the composition of the senior management of the combined entity
— The acquirer is usually the combining entity whose (former) management dominates the management of the combined entity.
(e)
the terms of the exchange of equity interests
— The acquirer is usually the combining entity that pays a premium over the pre-combination fair value of the equity interests of the other combining entity or entities.
B16
The acquirer is usually the combining entity whose relative size (measured in, for example, assets, revenues or profit) is significantly greater than that of the other combining entity or entities.
B17
In a business combination involving more than two entities, determining the acquirer shall include a consideration of, among other things, which of the combining entities initiated the combination, as well as the relative size of the combining entities.
B18
A new entity formed to effect a business combination is not necessarily the acquirer. If a new entity is formed to issue equity interests to effect a business combination, one of the combining entities that existed before the business combination shall be identified as the acquirer by applying the guidance in paragraphs B13–B17. In contrast, a new entity that transfers cash or other assets or incurs liabilities as consideration may be the acquirer.
REVERSE ACQUISITIONS
B19
A reverse acquisition occurs when the entity that issues securities (the legal acquirer) is identified as the acquiree for accounting purposes on the basis of the guidance in paragraphs B13–B18. The entity whose equity interests are acquired (the legal acquiree) must be the acquirer for accounting purposes for the transaction to be considered a reverse acquisition. For example, reverse acquisitions sometimes occur when a private operating entity wants to become a public entity but does not want to register its equity shares. To accomplish that, the private entity will arrange for a public entity to acquire its equity interests in exchange for the equity interests of the public entity. In this example, the public entity is the 
legal acquirer
 because it issued its equity interests, and the private entity is the 
legal acquiree
 because its equity interests were acquired. However, application of the guidance in paragraphs B13–B18 results in identifying:
(a)
the public entity as the 
acquiree
 for accounting purposes (the accounting acquiree); and
(b)
the private entity as the 
acquirer
 for accounting purposes (the accounting acquirer).
The accounting acquiree must meet the definition of a business for the transaction to be accounted for as a reverse acquisition, and all of the recognition and measurement principles in this IFRS, including the requirement to recognise goodwill, apply.
Measuring the consideration transferred
B20
In a reverse acquisition, the accounting acquirer usually issues no consideration for the acquiree. Instead, the accounting acquiree usually issues its equity shares to the owners of the accounting acquirer. Accordingly, the acquisition-date fair value of the consideration transferred by the accounting acquirer for its interest in the accounting acquiree is based on the number of equity interests the legal subsidiary would have had to issue to give the owners of the legal parent the same percentage equity interest in the combined entity that results from the reverse acquisition. The fair value of the number of equity interests calculated in that way can be used as the fair value of consideration transferred in exchange for the acquiree.
Preparation and presentation of consolidated financial statements
B21
Consolidated financial statements prepared following a reverse acquisition are issued under the name of the legal parent (accounting acquiree) but described in the notes as a continuation of the financial statements of the legal subsidiary (accounting acquirer), with one adjustment, which is to adjust retroactively the accounting acquirer’s legal capital to reflect the legal capital of the accounting acquiree. That adjustment is required to reflect the capital of the legal parent (the accounting acquiree). Comparative information presented in those consolidated financial statements also is retroactively adjusted to reflect the legal capital of the legal parent (accounting acquiree).
B22
Because the consolidated financial statements represent the continuation of the financial statements of the legal subsidiary except for its capital structure, the consolidated financial statements reflect:
(a)
the assets and liabilities of the legal subsidiary (the accounting acquirer) recognised and measured at their pre-combination carrying amounts.
(b)
the assets and liabilities of the legal parent (the accounting acquiree) recognised and measured in accordance with this IFRS.
(c)
the retained earnings and other equity balances of the legal subsidiary (accounting acquirer) 
before
 the business combination.
(d)
the amount recognised as issued equity interests in the consolidated financial statements determined by adding the issued equity interest of the legal subsidiary (the accounting acquirer) outstanding immediately before the business combination to the fair value of the legal parent (accounting acquiree). However, the equity structure (ie the number and type of equity interests issued) reflects the equity structure of the legal parent (the accounting acquiree), including the equity interests the legal parent issued to effect the combination. Accordingly, the equity structure of the legal subsidiary (the accounting acquirer) is restated using the exchange ratio established in the acquisition agreement to reflect the number of shares of the legal parent (the accounting acquiree) issued in the reverse acquisition.
(e)
the non-controlling interest’s proportionate share of the legal subsidiary’s (accounting acquirer’s) pre-combination carrying amounts of retained earnings and other equity interests as discussed in paragraphs B23 and B24.
Non-controlling interest
B23
In a reverse acquisition, some of the owners of the legal acquiree (the accounting acquirer) might not exchange their equity interests for equity interests of the legal parent (the accounting acquiree). Those owners are treated as a non-controlling interest in the consolidated financial statements after the reverse acquisition. That is because the owners of the legal acquiree that do not exchange their equity interests for equity interests of the legal acquirer have an interest in only the results and net assets of the legal acquiree—not in the results and net assets of the combined entity. Conversely, even though the legal acquirer is the acquiree for accounting purposes, the owners of the legal acquirer have an interest in the results and net assets of the combined entity.
B24
The assets and liabilities of the legal acquiree are measured and recognised in the consolidated financial statements at their pre-combination carrying amounts (see paragraph B22(a)). Therefore, in a reverse acquisition the non-controlling interest reflects the non-controlling shareholders’ proportionate interest in the pre-combination carrying amounts of the legal acquiree’s net assets even if the non-controlling interests in other acquisitions are measured at their fair value at the acquisition date.
Earnings per share
B25
As noted in paragraph B22(d), the equity structure in the consolidated financial statements following a reverse acquisition reflects the equity structure of the legal acquirer (the accounting acquiree), including the equity interests issued by the legal acquirer to effect the business combination.
B26
In calculating the weighted average number of ordinary shares outstanding (the denominator of the earnings per share calculation) 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 computed on the basis of the weighted average number of ordinary shares of the legal acquiree (accounting acquirer) outstanding during the period multiplied by the exchange ratio established in the merger agreement; 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 acquirer (the accounting acquiree) outstanding during that period.
B27
The basic earnings per share for each comparative period before the acquisition date presented in the consolidated financial statements following a reverse acquisition shall be calculated by dividing:
(a)
the profit or loss of the legal acquiree attributable to ordinary shareholders in each of those periods by
(b)
the legal acquiree’s historical weighted average number of ordinary shares outstanding multiplied by the exchange ratio established in the acquisition agreement.
RECOGNISING PARTICULAR ASSETS ACQUIRED AND LIABILITIES ASSUMED (APPLICATION OF PARAGRAPHS 10–13)
B28-B30
[Deleted]
Intangible assets
B31
The acquirer shall recognise, separately from goodwill, the identifiable intangible assets acquired in a business combination. An intangible asset is identifiable if it meets either the separability criterion or the contractual-legal criterion.
B32
An intangible asset that meets the contractual-legal criterion is identifiable even if the asset is not transferable or separable from the acquiree or from other rights and obligations. For example:
(a)
[deleted]
(b)
an acquiree owns and operates a nuclear power plant. The licence to operate that power plant is an intangible asset that meets the contractual-legal criterion for recognition separately from goodwill, even if the acquirer cannot sell or transfer it separately from the acquired power plant. An acquirer may recognise the fair value of the operating licence and the fair value of the power plant as a single asset for financial reporting purposes if the useful lives of those assets are similar.
(c)
an acquiree owns a technology patent. It has licensed that patent to others for their exclusive use outside the domestic market, receiving a specified percentage of future foreign revenue in exchange. Both the technology patent and the related licence agreement meet the contractual-legal criterion for recognition separately from goodwill even if selling or exchanging the patent and the related licence agreement separately from one another would not be practical.
B33
The separability criterion means that an acquired intangible asset is capable of being separated or divided from the acquiree and sold, transferred, licensed, rented or exchanged, either individually or together with a related contract, identifiable asset or liability. An intangible asset that the acquirer would be able to sell, license or otherwise exchange for something else of value meets the separability criterion even if the acquirer does not intend to sell, license or otherwise exchange it. An acquired intangible asset meets the separability criterion if there is evidence of exchange transactions for that type of asset or an asset of a similar type, even if those transactions are infrequent and regardless of whether the acquirer is involved in them. For example, customer and subscriber lists are frequently licensed and thus meet the separability criterion. Even if an acquiree believes its customer lists have characteristics different from other customer lists, the fact that customer lists are frequently licensed generally means that the acquired customer list meets the separability criterion. However, a customer list acquired in a business combination would not meet the separability criterion if the terms of confidentiality or other agreements prohibit an entity from selling, leasing or otherwise exchanging information about its customers.
B34
An intangible asset that is not individually separable from the acquiree or combined entity meets the separability criterion if it is separable in combination with a related contract, identifiable asset or liability. For example:
(a)
market participants exchange deposit liabilities and related depositor relationship intangible assets in observable exchange transactions. Therefore, the acquirer should recognise the depositor relationship intangible asset separately from goodwill.
(b)
an acquiree owns a registered trademark and documented but unpatented technical expertise used to manufacture the trademarked product. To transfer ownership of a trademark, the owner is also required to transfer everything else necessary for the new owner to produce a product or service indistinguishable from that produced by the former owner. Because the unpatented technical expertise must be separated from the acquiree or combined entity and sold if the related trademark is sold, it meets the separability criterion.
Reacquired rights
B35
As part of a business combination, an acquirer may reacquire a right that it had previously granted to the acquiree to use one or more of the acquirer’s recognised or unrecognised assets. Examples of such rights include a right to use the acquirer’s trade name under a franchise agreement or a right to use the acquirer’s technology under a technology licensing agreement. A reacquired right is an identifiable intangible asset that the acquirer recognises separately from goodwill. Paragraph 29 provides guidance on measuring a reacquired right and paragraph 55 provides guidance on the subsequent accounting for a reacquired right.
B36
If the terms of the contract giving rise to a reacquired right are favourable or unfavourable relative to the terms of current market transactions for the same or similar items, the acquirer shall recognise a settlement gain or loss. Paragraph B52 provides guidance for measuring that settlement gain or loss.
Assembled workforce and other items that are not identifiable
B37
The acquirer subsumes into goodwill the value of an acquired intangible asset that is not identifiable as of the acquisition date. For example, an acquirer may attribute value to the existence of an assembled workforce, which is an existing collection of employees that permits the acquirer to continue to operate an acquired business from the acquisition date. An assembled workforce does not represent the intellectual capital of the skilled workforce—the (often specialised) knowledge and experience that employees of an acquiree bring to their jobs. Because the assembled workforce is not an identifiable asset to be recognised separately from goodwill, any value attributed to it is subsumed into goodwill.
B38
The acquirer also subsumes into goodwill any value attributed to items that do not qualify as assets at the acquisition date. For example, the acquirer might attribute value to potential contracts the acquiree is negotiating with prospective new customers at the acquisition date. Because those potential contracts are not themselves assets at the acquisition date, the acquirer does not recognise them separately from goodwill. The acquirer should not subsequently reclassify the value of those contracts from goodwill for events that occur after the acquisition date. However, the acquirer should assess the facts and circumstances surrounding events occurring shortly after the acquisition to determine whether a separately recognisable intangible asset existed at the acquisition date.
B39
After initial recognition, an acquirer accounts for intangible assets acquired in a business combination in accordance with the provisions of IAS 38 
Intangible Assets
. However, as described in paragraph 3 of IAS 38, the accounting for some acquired intangible assets after initial recognition is prescribed by other IFRSs.
B40
The identifiability criteria determine whether an intangible asset is recognised separately from goodwill. However, the criteria neither provide guidance for measuring the fair value of an intangible asset nor restrict the assumptions used in measuring the fair value of an intangible asset. For example, the acquirer would take into account the assumptions that market participants would use when pricing the intangible asset, such as expectations of future contract renewals, in measuring fair value. It is not necessary for the renewals themselves to meet the identifiability criteria. (However, see paragraph 29, which establishes an exception to the fair value measurement principle for reacquired rights recognised in a business combination.) Paragraphs 36 and 37 of IAS 38 provide guidance for determining whether intangible assets should be combined into a single unit of account with other intangible or tangible assets.
MEASURING THE FAIR VALUE OF PARTICULAR IDENTIFIABLE ASSETS AND A NON-CONTROLLING INTEREST IN AN ACQUIREE (APPLICATION OF PARAGRAPHS 18 AND 19)
Assets with uncertain cash flows (valuation allowances)
B41
The acquirer shall not recognise a separate valuation allowance as of the acquisition date for assets acquired in a business combination that are measured at their acquisition-date fair values because the effects of uncertainty about future cash flows are included in the fair value measure. For example, because this IFRS requires the acquirer to measure acquired receivables, including loans, at their acquisition-date fair values in accounting for a business combination, the acquirer does not recognise a separate valuation allowance for the contractual cash flows that are deemed to be uncollectible at that date or a loss allowance for expected credit losses.
Assets subject to operating leases in which the acquiree is the lessor
B42
In measuring the acquisition-date fair value of an asset such as a building or a patent that is subject to an operating lease in which the acquiree is the lessor, the acquirer shall take into account the terms of the lease. The acquirer does not recognise a separate asset or liability if the terms of an operating lease are either favourable or unfavourable when compared with market terms.
Assets that the acquirer intends not to use or to use in a way that is different from the way other market participants would use them
B43
To protect its competitive position, or for other reasons, the acquirer may intend not to use an acquired non-financial asset actively, or it may not intend to use the asset according to its highest and best use. For example, that might be the case for an acquired research and development intangible asset that the acquirer plans to use defensively by preventing others from using it. Nevertheless, the acquirer shall measure the fair value of the non-financial asset assuming its highest and best use by market participants in accordance with the appropriate valuation premise, both initially and when measuring fair value less costs of disposal for subsequent impairment testing.
Non-controlling interest in an acquiree
B44
This IFRS allows the acquirer to measure a non-controlling interest in the acquiree at its fair value at the acquisition date. Sometimes an acquirer will be able to measure the acquisition-date fair value of a non-controlling interest on the basis of a quoted price in an active market for the equity shares (ie those not held by the acquirer). In other situations, however, a quoted price in an active market for the equity shares will not be available. In those situations, the acquirer would measure the fair value of the non-controlling interest using other valuation techniques.
B45
The fair values of the acquirer’s interest in the acquiree and the non-controlling interest on a per-share basis might differ. The main difference is likely to be the inclusion of a control premium in the per-share fair value of the acquirer’s interest in the acquiree or, conversely, the inclusion of a discount for lack of control (also referred to as a non-controlling interest discount) in the per-share fair value of the non-controlling interest if market participants would take into account such a premium or discount when pricing the non-controlling interest.
MEASURING GOODWILL OR A GAIN FROM A BARGAIN PURCHASE
Measuring the acquisition-date fair value of the acquirer’s interest in the acquiree using valuation techniques (application of paragraph 33)
B46
In a business combination achieved without the transfer of consideration, the acquirer must substitute the acquisition-date fair value of its interest in the acquiree for the acquisition-date fair value of the consideration transferred to measure goodwill or a gain on a bargain purchase (see paragraphs 32–34).
Special considerations in applying the acquisition method to combinations of mutual entities (application of paragraph 33)
B47
When two mutual entities combine, the fair value of the equity or member interests in the acquiree (or the fair value of the acquiree) may be more reliably measurable than the fair value of the member interests transferred by the acquirer. In that situation, paragraph 33 requires the acquirer to determine the amount of goodwill by using the acquisition-date fair value of the acquiree’s equity interests instead of the acquisition-date fair value of the acquirer’s equity interests transferred as consideration. In addition, the acquirer in a combination of mutual entities shall recognise the acquiree’s net assets as a direct addition to capital or equity in its statement of financial position, not as an addition to retained earnings, which is consistent with the way in which other types of entities apply the acquisition method.
B48
Although they are similar in many ways to other businesses, mutual entities have distinct characteristics that arise primarily because their members are both customers and owners. Members of mutual entities generally expect to receive benefits for their membership, often in the form of reduced fees charged for goods and services or patronage dividends. The portion of patronage dividends allocated to each member is often based on the amount of business the member did with the mutual entity during the year.
B49
A fair value measurement of a mutual entity should include the assumptions that market participants would make about future member benefits as well as any other relevant assumptions market participants would make about the mutual entity. For example, a present value technique may be used to measure the fair value of a mutual entity. The cash flows used as inputs to the model should be based on the expected cash flows of the mutual entity, which are likely to reflect reductions for member benefits, such as reduced fees charged for goods and services.
DETERMINING WHAT IS PART OF THE BUSINESS COMBINATION TRANSACTION (APPLICATION OF PARAGRAPHS 51 AND 52)
B50
The acquirer should consider the following factors, which are neither mutually exclusive nor individually conclusive, to determine whether a transaction is part of the exchange for the acquiree or whether the transaction is separate from the business combination:
(a)
the reasons for the transaction
— Understanding the reasons why the parties to the combination (the acquirer and the acquiree and their owners, directors and managers—and their agents) entered into a particular transaction or arrangement may provide insight into whether it is part of the consideration transferred and the assets acquired or liabilities assumed. For example, if a transaction is arranged primarily for the benefit of the acquirer or the combined entity rather than primarily for the benefit of the acquiree or its former owners before the combination, that portion of the transaction price paid (and any related assets or liabilities) is less likely to be part of the exchange for the acquiree. Accordingly, the acquirer would account for that portion separately from the business combination.
(b)
who initiated the transaction
— Understanding who initiated the transaction may also provide insight into whether it is part of the exchange for the acquiree. For example, a transaction or other event that is initiated by the acquirer may be entered into for the purpose of providing future economic benefits to the acquirer or combined entity with little or no benefit received by the acquiree or its former owners before the combination. On the other hand, a transaction or arrangement initiated by the acquiree or its former owners is less likely to be for the benefit of the acquirer or the combined entity and more likely to be part of the business combination transaction.
(c)
the timing of the transaction
— The timing of the transaction may also provide insight into whether it is part of the exchange for the acquiree. For example, a transaction between the acquirer and the acquiree that takes place during the negotiations of the terms of a business combination may have been entered into in contemplation of the business combination to provide future economic benefits to the acquirer or the combined entity. If so, the acquiree or its former owners before the business combination are likely to receive little or no benefit from the transaction except for benefits they receive as part of the combined entity.
Effective settlement of a pre-existing relationship between the acquirer and acquiree in a business combination (application of paragraph 52(a))
B51
The acquirer and acquiree may have a relationship that existed before they contemplated the business combination, referred to here as a ‘pre-existing relationship’. A pre-existing relationship between the acquirer and acquiree may be contractual (for example, vendor and customer or licensor and licensee) or non-contractual (for example, plaintiff and defendant).
B52
If the business combination in effect settles a pre-existing relationship, the acquirer recognises a gain or loss, measured as follows:
(a)
for a pre-existing non-contractual relationship (such as a lawsuit), fair value.
(b)
for a pre-existing contractual relationship, the lesser of (i) and (ii):
(i)
the amount by which the contract is favourable or unfavourable from the perspective of the acquirer when compared with terms for current market transactions for the same or similar items. (An unfavourable contract is a contract that is unfavourable in terms of current market terms. It is not necessarily an onerous contract in which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it.)
(ii)
the amount of any stated settlement provisions in the contract available to the counterparty to whom the contract is unfavourable.
If (ii) is less than (i), the difference is included as part of the business combination accounting.
The amount of gain or loss recognised may depend in part on whether the acquirer had previously recognised a related asset or liability, and the reported gain or loss therefore may differ from the amount calculated by applying the above requirements.
B53
A pre-existing relationship may be a contract that the acquirer recognises as a reacquired right. If the contract includes terms that are favourable or unfavourable when compared with pricing for current market transactions for the same or similar items, the acquirer recognises, separately from the business combination, a gain or loss for the effective settlement of the contract, measured in accordance with paragraph B52.
Arrangements for contingent payments to employees or selling shareholders (application of paragraph 52(b))
B54
Whether arrangements for contingent payments to employees or selling shareholders are contingent consideration in the business combination or are separate transactions depends on the nature of the arrangements. Understanding the reasons why the acquisition agreement includes a provision for contingent payments, who initiated the arrangement and when the parties entered into the arrangement may be helpful in assessing the nature of the arrangement.
B55
If it is not clear whether an arrangement for payments to employees or selling shareholders is part of the exchange for the acquiree or is a transaction separate from the business combination, the acquirer should consider the following indicators:
(a)
Continuing employment
— The terms of continuing employment by the selling shareholders who become key employees may be an indicator of the substance of a contingent consideration arrangement. The relevant terms of continuing employment may be included in an employment agreement, acquisition agreement or some other document. A contingent consideration arrangement in which the payments are automatically forfeited if employment terminates is remuneration for post-combination services. Arrangements in which the contingent payments are not affected by employment termination may indicate that the contingent payments are additional consideration rather than remuneration.
(b)
Duration of continuing employment
— If the period of required employment coincides with or is longer than the contingent payment period, that fact may indicate that the contingent payments are, in substance, remuneration.
(c)
Level of remuneration
— Situations in which employee remuneration other than the contingent payments is at a reasonable level in comparison with that of other key employees in the combined entity may indicate that the contingent payments are additional consideration rather than remuneration.
(d)
Incremental payments to employees
— If selling shareholders who do not become employees receive lower contingent payments on a per-share basis than the selling shareholders who become employees of the combined entity, that fact may indicate that the incremental amount of contingent payments to the selling shareholders who become employees is remuneration.
(e)
Number of shares owned
— The relative number of shares owned by the selling shareholders who remain as key employees may be an indicator of the substance of the contingent consideration arrangement. For example, if the selling shareholders who owned substantially all of the shares in the acquiree continue as key employees, that fact may indicate that the arrangement is, in substance, a profit-sharing arrangement intended to provide remuneration for post-combination services. Alternatively, if selling shareholders who continue as key employees owned only a small number of shares of the acquiree and all selling shareholders receive the same amount of contingent consideration on a per-share basis, that fact may indicate that the contingent payments are additional consideration. The pre-acquisition ownership interests held by parties related to selling shareholders who continue as key employees, such as family members, should also be considered.
(f)
Linkage to the valuation
— If the initial consideration transferred at the acquisition date is based on the low end of a range established in the valuation of the acquiree and the contingent formula relates to that valuation approach, that fact may suggest that the contingent payments are additional consideration. Alternatively, if the contingent payment formula is consistent with prior profit-sharing arrangements, that fact may suggest that the substance of the arrangement is to provide remuneration.
(g)
Formula for determining consideration
— The formula used to determine the contingent payment may be helpful in assessing the substance of the arrangement. For example, if a contingent payment is determined on the basis of a multiple of earnings, that might suggest that the obligation is contingent consideration in the business combination and that the formula is intended to establish or verify the fair value of the acquiree. In contrast, a contingent payment that is a specified percentage of earnings might suggest that the obligation to employees is a profit-sharing arrangement to remunerate employees for services rendered.
(h)
Other agreements and issues
— The terms of other arrangements with selling shareholders (such as agreements not to compete, executory contracts, consulting contracts and property lease agreements) and the income tax treatment of contingent payments may indicate that contingent payments are attributable to something other than consideration for the acquiree. For example, in connection with the acquisition, the acquirer might enter into a property lease arrangement with a significant selling shareholder. If the lease payments specified in the lease contract are significantly below market, some or all of the contingent payments to the lessor (the selling shareholder) required by a separate arrangement for contingent payments might be, in substance, payments for the use of the leased property that the acquirer should recognise separately in its post-combination financial statements. In contrast, if the lease contract specifies lease payments that are consistent with market terms for the leased property, the arrangement for contingent payments to the selling shareholder may be contingent consideration in the business combination.
Acquirer share-based payment awards exchanged for awards held by the acquiree’s employees (application of paragraph 52(b))
B56
An acquirer may exchange its share-based payment awards 
(
40
)
 (replacement awards) for awards held by employees of the acquiree. Exchanges of share options or other share-based payment awards in conjunction with a business combination are accounted for as modifications of share-based payment awards in accordance with IFRS 2 
Share-based Payment
. If the acquirer replaces the acquiree awards, either all or a portion of the market-based measure of the acquirer’s replacement awards shall be included in measuring the consideration transferred in the business combination. Paragraphs B57–B62 provide guidance on how to allocate the market-based measure. However, in situations, in which acquiree awards would expire as a consequence of a business combination and if the acquirer replaces those awards when it is not obliged to do so, all of the market-based measure of the replacement awards shall be recognised as remuneration cost in the post-combination financial statements in accordance with IFRS 2. That is to say, none of the market-based measure of those awards shall be included in measuring the consideration transferred in the business combination. The acquirer is obliged to replace the acquiree awards if the acquiree or its employees have the ability to enforce replacement. For example, for the purposes of applying this guidance, the acquirer is obliged to replace the acquiree’s awards if replacement is required by:
(a)
the terms of the acquisition agreement;
(b)
the terms of the acquiree’s awards; or
(c)
applicable laws or regulations.
B57
To determine the portion of a replacement award that is part of the consideration transferred for the acquiree and the portion that is remuneration for post-combination service, the acquirer shall measure both the replacement awards granted by the acquirer and the acquiree awards as of the acquisition date in accordance with IFRS 2. The portion of the market-based measure of the replacement award that is part of the consideration transferred in exchange for the acquiree equals the portion of the acquiree award that is attributable to pre-combination service.
B58
The portion of the replacement award attributable to pre-combination service is the market-based measure of the acquiree award multiplied by the ratio of the portion of the vesting period completed to the greater of the total vesting period or the original vesting period of the acquiree award. The vesting period is the period during which all the specified vesting conditions are to be satisfied. Vesting conditions are defined in IFRS 2.
B59
The portion of a non-vested replacement award attributable to post-combination service, and therefore recognised as remuneration cost in the post-combination financial statements, equals the total market-based measure of the replacement award less the amount attributed to pre-combination service. Therefore, the acquirer attributes any excess of the market-based measure of the replacement award over the market-based measure of the acquiree award to post-combination service and recognises that excess as remuneration cost in the post-combination financial statements. The acquirer shall attribute a portion of a replacement award to post-combination service if it requires post-combination service, regardless of whether employees had rendered all of the service required for their acquiree awards to vest before the acquisition date.
B60
The portion of a non-vested replacement award attributable to pre-combination service, as well as the portion attributable to post-combination service, shall reflect the best available estimate of the number of replacement awards expected to vest. For example, if the market-based measure of the portion of a replacement award attributed to pre-combination service is CU100 and the acquirer expects that only 95 per cent of the award will vest, the amount included in consideration transferred in the business combination is CU95. Changes in the estimated number of replacement awards expected to vest are reflected in remuneration cost for the periods in which the changes or forfeitures occur—not as adjustments to the consideration transferred in the business combination. Similarly, the effects of other events, such as modifications or the ultimate outcome of awards with performance conditions, that occur after the acquisition date are accounted for in accordance with IFRS 2 in determining remuneration cost for the period in which an event occurs.
B61
The same requirements for determining the portions of a replacement award attributable to pre-combination and post-combination service apply regardless of whether a replacement award is classified as a liability or as an equity instrument in accordance with the provisions of IFRS 2. All changes in the market-based measure of awards classified as liabilities after the acquisition date and the related income tax effects are recognised in the acquirer’s post-combination financial statements in the period(s) in which the changes occur.
B62
The income tax effects of replacement awards of share-based payments shall be recognised in accordance with the provisions of IAS 12 
Income Taxes
.
Equity-settled share-based payment transactions of the acquiree
B62A
The acquiree may have outstanding share-based payment transactions that the acquirer does not exchange for its share-based payment transactions. If vested, those acquiree share-based payment transactions are part of the non-controlling interest in the acquiree and are measured at their market-based measure. If unvested, they are measured at their market-based measure as if the acquisition date were the grant date in accordance with paragraphs 19 and 30.
B62B
The market-based measure of unvested share-based payment transactions is allocated to the non-controlling interest on the basis of the ratio of the portion of the vesting period completed to the greater of the total vesting period and the original vesting period of the share-based payment transaction. The balance is allocated to post-combination service.
OTHER IFRSS THAT PROVIDE GUIDANCE ON SUBSEQUENT MEASUREMENT AND ACCOUNTING (APPLICATION OF PARAGRAPH 54)
B63
Examples of other IFRSs that provide guidance on subsequently measuring and accounting for assets acquired and liabilities assumed or incurred in a business combination include:
(a)
IAS 38 prescribes the accounting for identifiable intangible assets acquired in a business combination. The acquirer measures goodwill at the amount recognised at the acquisition date less any accumulated impairment losses. IAS 36 
Impairment of Assets
 prescribes the accounting for impairment losses.
(b)
[deleted]
(c)
IAS 12 prescribes the subsequent accounting for deferred tax assets (including unrecognised deferred tax assets) and liabilities acquired in a business combination.
(d)
IFRS 2 provides guidance on subsequent measurement and accounting for the portion of replacement share-based payment awards issued by an acquirer that is attributable to employees’ future services.
(e)
IFRS 10 provides guidance on accounting for changes in a parent’s ownership interest in a subsidiary after control is obtained.
DISCLOSURES (APPLICATION OF PARAGRAPHS 59 AND 61)
B64
To meet the objective in paragraph 59, the acquirer shall disclose the following information for each business combination that occurs during the reporting period:
(a)
the name and a description of the acquiree.
(b)
the acquisition date.
(c)
the percentage of voting equity interests acquired.
(d)
the primary reasons for the business combination and a description of how the acquirer obtained control of the acquiree.
(e)
a qualitative description of the factors that make up the goodwill recognised, such as expected synergies from combining operations of the acquiree and the acquirer, intangible assets that do not qualify for separate recognition or other factors.
(f)
the acquisition-date fair value of the total consideration transferred and the acquisition-date fair value of each major class of consideration, such as:
(i)
cash;
(ii)
other tangible or intangible assets, including a business or subsidiary of the acquirer;
(iii)
liabilities incurred, for example, a liability for contingent consideration; and
(iv)
equity interests of the acquirer, including the number of instruments or interests issued or issuable and the method of measuring the fair value of those instruments or interests.
(g)
for contingent consideration arrangements and indemnification assets:
(i)
the amount recognised as of the acquisition date;
(ii)
a description of the arrangement and the basis for determining the amount of the payment; and
(iii)
an estimate of the range of outcomes (undiscounted) or, if a range cannot be estimated, that fact and the reasons why a range cannot be estimated. If the maximum amount of the payment is unlimited, the acquirer shall disclose that fact.
(h)
for acquired receivables:
(i)
the fair value of the receivables;
(ii)
the gross contractual amounts receivable; and
(iii)
the best estimate at the acquisition date of the contractual cash flows not expected to be collected.
The disclosures shall be provided by major class of receivable, such as loans, direct finance leases and any other class of receivables.
(i)
the amounts recognised as of the acquisition date for each major class of assets acquired and liabilities assumed.
(j)
for each contingent liability recognised in accordance with paragraph 23, the information required in paragraph 85 of IAS 37 
Provisions, Contingent Liabilities and Contingent Assets
. If a contingent liability is not recognised because its fair value cannot be measured reliably, the acquirer shall disclose:
(i)
the information required by paragraph 86 of IAS 37; and
(ii)
the reasons why the liability cannot be measured reliably.
(k)
the total amount of goodwill that is expected to be deductible for tax purposes.
(l)
for transactions that are recognised separately from the acquisition of assets and assumption of liabilities in the business combination in accordance with paragraph 51:
(i)
a description of each transaction;
(ii)
how the acquirer accounted for each transaction;
(iii)
the amounts recognised for each transaction and the line item in the financial statements in which each amount is recognised; and
(iv)
if the transaction is the effective settlement of a pre-existing relationship, the method used to determine the settlement amount.
(m)
the disclosure of separately recognised transactions required by (l) shall include the amount of acquisition-related costs and, separately, the amount of those costs recognised as an expense and the line item or items in the statement of comprehensive income in which those expenses are recognised. The amount of any issue costs not recognised as an expense and how they were recognised shall also be disclosed.
(n)
in a bargain purchase (see paragraphs 34–36):
(i)
the amount of any gain recognised in accordance with paragraph 34 and the line item in the statement of comprehensive income in which the gain is recognised; and
(ii)
a description of the reasons why the transaction resulted in a gain.
(o)
for each business combination in which the acquirer holds less than 100 per cent of the equity interests in the acquiree at the acquisition date:
(i)
the amount of the non-controlling interest in the acquiree recognised at the acquisition date and the measurement basis for that amount; and
(ii)
for each non-controlling interest in an acquiree measured at fair value, the valuation technique(s) and significant inputs used to measure that value.
(p)
in a business combination achieved in stages:
(i)
the acquisition-date fair value of the equity interest in the acquiree held by the acquirer immediately before the acquisition date; and
(ii)
the amount of any gain or loss recognised as a result of remeasuring to fair value the equity interest in the acquiree held by the acquirer before the business combination (see paragraph 42) and the line item in the statement of comprehensive income in which that gain or loss is recognised.
(q)
the following information:
(i)
the amounts of revenue and profit or loss of the acquiree since the acquisition date included in the consolidated statement of comprehensive income for the reporting period; and
(ii)
the revenue and profit or loss of the combined entity for the current reporting period as though the acquisition date for all business combinations that occurred during the year had been as of the beginning of the annual reporting period.
If disclosure of any of the information required by this subparagraph is impracticable, the acquirer shall disclose that fact and explain why the disclosure is impracticable. This IFRS uses the term ‘impracticable’ with the same meaning as in IAS 8 
Accounting Policies, Changes in Accounting Estimates and Errors
.
B65
For individually immaterial business combinations occurring during the reporting period that are material collectively, the acquirer shall disclose in aggregate the information required by paragraph B64(e)–(q).
B66
If the acquisition date of a business combination is after the end of the reporting period but before the financial statements are authorised for issue, the acquirer shall disclose the information required by paragraph B64 unless the initial accounting for the business combination is incomplete at the time the financial statements are authorised for issue. In that situation, the acquirer shall describe which disclosures could not be made and the reasons why they cannot be made.
B67
To meet the objective in paragraph 61, the acquirer shall disclose the following information for each material business combination or in the aggregate for individually immaterial business combinations that are material collectively:
(a)
if the initial accounting for a business combination is incomplete (see paragraph 45) for particular assets, liabilities, non-controlling interests or items of consideration and the amounts recognised in the financial statements for the business combination thus have been determined only provisionally:
(i)
the reasons why the initial accounting for the business combination is incomplete;
(ii)
the assets, liabilities, equity interests or items of consideration for which the initial accounting is incomplete; and
(iii)
the nature and amount of any measurement period adjustments recognised during the reporting period in accordance with paragraph 49.
(b)
for each reporting period after the acquisition date until the entity collects, sells or otherwise loses the right to a contingent consideration asset, or until the entity settles a contingent consideration liability or the liability is cancelled or expires:
(i)
any changes in the recognised amounts, including any differences arising upon settlement;
(ii)
any changes in the range of outcomes (undiscounted) and the reasons for those changes; and
(iii)
the valuation techniques and key model inputs used to measure contingent consideration.
(c)
for contingent liabilities recognised in a business combination, the acquirer shall disclose the information required by paragraphs 84 and 85 of IAS 37 for each class of provision.
(d)
a reconciliation of the carrying amount of goodwill at the beginning and end of the reporting period showing separately:
(i)
the gross amount and accumulated impairment losses at the beginning of the reporting period.
(ii)
additional goodwill recognised during the reporting 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 
Non-current Assets Held for Sale and Discontinued Operations
.
(iii)
adjustments resulting from the subsequent recognition of deferred tax assets during the reporting period in accordance with paragraph 67.
(iv)
goodwill included in a disposal group classified as held for sale in accordance with IFRS 5 and goodwill derecognised during the reporting period without having previously been included in a disposal group classified as held for sale.
(v)
impairment losses recognised during the reporting period in accordance with IAS 36. (IAS 36 requires disclosure of information about the recoverable amount and impairment of goodwill in addition to this requirement.)
(vi)
net exchange rate differences arising during the reporting period in accordance with IAS 21 
The Effects of Changes in Foreign Exchange Rates
.
(vii)
any other changes in the carrying amount during the reporting period.
(viii)
the gross amount and accumulated impairment losses at the end of the reporting period.
(e)
the amount and an explanation of any gain or loss recognised in the current reporting period that both:
(i)
relates to the identifiable assets acquired or liabilities assumed in a business combination that was effected in the current or previous reporting period; and
(ii)
is of such a size, nature or incidence that disclosure is relevant to understanding the combined entity’s financial statements.
TRANSITIONAL PROVISIONS FOR BUSINESS COMBINATIONS INVOLVING ONLY MUTUAL ENTITIES OR BY CONTRACT ALONE (APPLICATION OF PARAGRAPH 66)
B68
Paragraph 64 provides that this IFRS applies prospectively to business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after 1 July 2009. Earlier application is permitted. However, an entity shall apply this IFRS only at the beginning of an annual reporting period that begins on or after 30 June 2007. If an entity applies this IFRS before its effective date, the entity shall disclose that fact and shall apply IAS 27 (as amended in 2008) at the same time.
B69
The requirement to apply this IFRS prospectively has the following effect for a business combination involving only mutual entities or by contract alone if the acquisition date for that business combination is before the application of this IFRS:
(a)
Classification
— An entity shall continue to classify the prior business combination in accordance with the entity’s previous accounting policies for such combinations.
(b)
Previously recognised goodwill
— At the beginning of the first annual period in which this IFRS is applied, the carrying amount of goodwill arising from the prior business combination shall be its carrying amount at that date in accordance with the entity’s previous accounting policies. In determining that amount, the entity shall eliminate the carrying amount of any accumulated amortisation of that goodwill and the corresponding decrease in goodwill. No other adjustments shall be made to the carrying amount of goodwill.
(c)
Goodwill previously recognised as a deduction from equity
— The entity’s previous accounting policies may have resulted in goodwill arising from the prior business combination being recognised as a deduction from equity. In that situation the entity shall not recognise that goodwill as an asset at the beginning of the first annual period in which this IFRS is applied. Furthermore, the entity shall not recognise in profit or loss any part of that goodwill 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.
(d)
Subsequent accounting for goodwill
— From the beginning of the first annual period in which this IFRS is applied, an entity shall discontinue amortising goodwill arising from the prior business combination and shall test goodwill for impairment in accordance with IAS 36.
(e)
Previously recognised negative goodwill
— An entity that accounted for the prior business combination by applying the purchase method may have recognised a deferred credit for an excess of its interest in the net fair value of the acquiree’s identifiable assets and liabilities over the cost of that interest (sometimes called negative goodwill). If so, the entity shall derecognise the carrying amount of that deferred credit at the beginning of the first annual period in which this IFRS is applied with a corresponding adjustment to the opening balance of retained earnings at that date.
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 in the statement of financial position and the results of discontinued operations to be presented separately in the statement of comprehensive income.
SCOPE
2
The classification and presentation requirements of this IFRS apply to all recognised 
non-current assets
 
(
41
)
 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
 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 
(
42
)
. 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 
(
43
)
 do not apply to the following assets, which are covered by the IFRSs 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 IFRS 9 
Financial Instruments
;
(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 costs to sell in accordance with IAS 41 
Agriculture
;
(f)
groups of contracts within the scope of IFRS 17 
Insurance Contracts
.
5A
The classification, presentation and measurement requirements in this IFRS applicable to a non-current asset (or disposal group) that is classified as held for sale apply also to a non-current asset (or disposal group) that is classified as held for distribution to owners acting in their capacity as owners (held for distribution to owners).
5B
This IFRS specifies the disclosures required in respect of non-current assets (or disposal groups) classified as held for sale or discontinued operations. Disclosures in other IFRSs do not apply to such assets (or disposal groups) unless those IFRSs require:
(a)
specific disclosures in respect of non-current assets (or disposal groups) classified as held for sale or discontinued operations; or
(b)
disclosures about measurement of assets and liabilities within a disposal group that are not within the scope of the measurement requirement of IFRS 5 and such disclosures are not already provided in the other notes to the financial statements.
Additional disclosures about non-current assets (or disposal groups) classified as held for sale or discontinued operations may be necessary to comply with the general requirements of IAS 1, in particular paragraphs 15 and 125 of that Standard.
CLASSIFICATION OF NON-CURRENT ASSETS (OR DISPOSAL GROUPS) AS HELD FOR SALE OR AS HELD FOR DISTRIBUTION TO OWNERS
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. The probability of shareholders’ approval (if required in the jurisdiction) should be considered as part of the assessment of whether the sale is highly probable.
8A
An entity that is committed to a sale plan involving loss of control of a subsidiary shall classify all the assets and liabilities of that subsidiary as held for sale when the criteria set out in paragraphs 6-8 are met, regardless of whether the entity will retain a non-controlling interest in its former subsidiary after the sale.
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 reporting period, 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 reporting period 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.
12A
A non-current asset (or disposal group) is classified as held for distribution to owners when the entity is committed to distribute the asset (or disposal group) to the owners. For this to be the case, the assets must be available for immediate distribution in their present condition and the distribution must be highly probable. For the distribution to be highly probable, actions to complete the distribution must have been initiated and should be expected to be completed within one year from the date of classification. Actions required to complete the distribution should indicate that it is unlikely that significant changes to the distribution will be made or that the distribution will be withdrawn. The probability of shareholders’ approval (if required in the jurisdiction) should be considered as part of the assessment of whether the distribution is highly probable.
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.
15A
An entity shall measure a non-current asset (or disposal group) classified as held for distribution to owners at the lower of its carrying amount and fair value less costs to distribute
 
(
44
)
.
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 or to a plan of distribution to owners
26
If an entity has classified an asset (or disposal group) as held for sale or as held for distribution to owners, but the criteria in paragraphs 7–9 (for held for sale) or in paragraph 12A (for held for distribution to owners) are no longer met, the entity shall cease to classify the asset (or disposal group) as held for sale or held for distribution to owners (respectively). In such cases an entity shall follow the guidance in paragraphs 27–29 to account for this change except when paragraph 26A applies.
26A
If an entity reclassifies an asset (or disposal group) directly from being held for sale to being held for distribution to owners, or directly from being held for distribution to owners to being held for sale, then the change in classification is considered a continuation of the original plan of disposal. The entity:
(a)
shall not follow the guidance in paragraphs 27–29 to account for this change. The entity shall apply the classification, presentation and measurement requirements in this IFRS that are applicable to the new method of disposal.
(b)
shall measure the non-current asset (or disposal group) by following the requirements in paragraph 15 (if reclassified as held for sale) or 15A (if reclassified as held for distribution to owners) and recognise any reduction or increase in the fair value less costs to sell/costs to distribute of the non-current asset (or disposal group) by following the requirements in paragraphs 20–25.
(c)
shall not change the date of classification in accordance with paragraphs 8 and 12A. This does not preclude an extension of the period required to complete a sale or a distribution to owners if the conditions in paragraph 9 are met.
27
The entity shall measure a non-current asset (or disposal group) that ceases to be classified as held for sale or as held for distribution to owners (or ceases to be included in a disposal group classified as held for sale or as held for distribution to owners) at the lower of:
(a)
its carrying amount before the asset (or disposal group) was classified as held for sale or as held for distribution to owners, 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 or as held for distribution to owners, and
(b)
its 
recoverable amount
 at the date of the subsequent decision not to sell or distribute 
(
45
)
.
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 or as held for distribution to owners in profit or loss 
(
46
)
 from continuing operations in the period in which the criteria in paragraphs 7–9 or 12A, respectively, are no longer met. Financial statements for the periods since classification as held for sale or as held for distribution to owners shall be amended accordingly if the disposal group or non-current asset that ceases to be classified as held for sale or as held for distribution to owners is a subsidiary, joint operation, joint venture, associate, or a portion of an interest in a joint venture or an associate. The entity shall present that adjustment in the same caption in the statement of comprehensive income 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. If an entity removes an individual asset or liability from a disposal group classified as held for distribution to owners, the remaining assets and liabilities of the disposal group to be distributed shall continue to be measured as a group only if the group meets the criteria in paragraph 12A. Otherwise, the remaining non-current assets of the group that individually meet the criteria to be classified as held for sale (or as held for distribution to owners) shall be measured individually at the lower of their carrying amounts and fair values less costs to sell (or costs to distribute) at that date. Any non-current assets that do not meet the criteria for held for sale shall cease to be classified as held for sale in accordance with paragraph 26. Any non-current assets that do not meet the criteria for held for distribution to owners shall cease to be classified as held for distribution to owners 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 in the statement of comprehensive income 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 in the statement of comprehensive income. If it is presented in the statement of comprehensive income 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 in 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);
(d)
the amount of income from continuing operations and from discontinued operations attributable to owners of the parent. These disclosures may be presented either in the notes or in the statement of comprehensive income.
33A
If an entity presents the items of profit or loss in a separate statement as described in paragraph 10A of IAS 1 (as amended in 2011), a section identified as relating to discontinued operations is presented in that statement.
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 end of the reporting period 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.
36A
An entity that is committed to a sale plan involving loss of control of a subsidiary shall disclose the information required in paragraphs 33–36 when the subsidiary is a disposal group that meets the definition of a discontinued operation in accordance with paragraph 32.
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 statement of financial position. The liabilities of a disposal group classified as held for sale shall be presented separately from other liabilities in the statement of financial position. 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 in the statement of financial position or in the notes, except as permitted by paragraph 39. An entity shall present separately any cumulative income or expense recognised in other comprehensive income 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 statements of financial position for prior periods to reflect the classification in the statement of financial position 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 in the statement of comprehensive income, the caption in the statement of comprehensive income 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.
44A
IAS 1 (as revised in 2007) amended the terminology used throughout IFRSs. In addition it amended paragraphs 3 and 38, and added paragraph 33A. An entity shall apply those amendments for annual periods beginning on or after 1 January 2009. If an entity applies IAS 1 (revised 2007) for an earlier period, the amendments shall be applied for that earlier period.
44B
IAS 27 
Consolidated and Separate Financial Statements
 (as amended in 2008) added paragraph 33(d). An entity shall apply that amendment for annual periods beginning on or after 1 July 2009. If an entity applies IAS 27 (amended 2008) for an earlier period, the amendment shall be applied for that earlier period. The amendment shall be applied retrospectively.
44C
Paragraphs 8A and 36A were added by 
Improvements to IFRSs
 issued in May 2008. An entity shall apply those amendments for annual periods beginning on or after 1 July 2009. Earlier application is permitted. However, an entity shall not apply the amendments for annual periods beginning before 1 July 2009 unless it also applies IAS 27 (as amended in January 2008). If an entity applies the amendments before 1 July 2009 it shall disclose that fact. An entity shall apply the amendments prospectively from the date at which it first applied IFRS 5, subject to the transitional provisions in paragraph 45 of IAS 27 (amended January 2008).
44D
Paragraphs 5A, 12A and 15A were added and paragraph 8 was amended by IFRIC 17 
Distributions of Non-cash Assets to Owners
 in November 2008. Those amendments shall be applied prospectively to non-current assets (or disposal groups) that are classified as held for distribution to owners in annual periods beginning on or after 1 July 2009. Retrospective application is not permitted. Earlier application is permitted. If an entity applies the amendments for a period beginning before 1 July 2009 it shall disclose that fact and also apply IFRS 3 
Business Combinations
 (as revised in 2008), IAS 27 (as amended in January 2008) and IFRIC 17.
44E
Paragraph 5B was added by 
Improvements to IFRSs
 issued in April 2009. An entity shall apply that amendment prospectively for annual periods beginning on or after 1 January 2010. Earlier application is permitted. If an entity applies the amendment for an earlier period it shall disclose that fact.
44F
[Deleted]
44G
IFRS 11 
Joint Arrangements
, issued in May 2011, amended paragraph 28. An entity shall apply that amendment when it applies IFRS 11.
44H
IFRS 13 
Fair Value Measurement
, issued in May 2011, amended the definition of fair value and the definition of recoverable amount in Appendix A. An entity shall apply those amendments when it applies IFRS 13.
44I
Presentation of Items of Other Comprehensive Income
 (Amendments to IAS 1), issued in June 2011, amended paragraph 33A. An entity shall apply that amendment when it applies IAS 1 as amended in June 2011.
44K
IFRS 9, as issued in July 2014, amended paragraph 5 and deleted paragraphs 44F and 44J. An entity shall apply those amendments when it applies IFRS 9.
44L
Annual Improvements to IFRSs 2012–2014 Cycle
, issued in September 2014, amended paragraphs 26–29 and added paragraph 26A. An entity shall apply those amendments prospectively in accordance with IAS 8 
Accounting Policies, Changes in Accounting Estimates and Errors
 to changes in a method of disposal that occur in annual periods beginning on or after 1 January 2016. Earlier application is permitted. If an entity applies those amendments for an earlier period it shall disclose that fact.
44M
IFRS 17, issued in May 2017, amended paragraph 5. An entity shall apply that amendment when it applies IFRS 17.
WITHDRAWAL OF IAS 35
45
This IFRS supersedes IAS 35 
Discontinuing Operations
.
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 entity shall classify an asset as current when:
(a)
it expects to realise the asset, or intends to sell or consume it, in its normal operating cycle;
(b)
it holds the asset primarily for the purpose of trading;
(c)
it expects to realise the asset within twelve months after the reporting period; or
(d)
the asset is cash or a cash equivalent (as defined in IAS 7) unless the asset is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.
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
Fair value
 is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. (See IFRS 13.)
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 
Conceptual Framework for Financial Reporting
 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 
Operating 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.
26A
Amendments to References to the Conceptual Framework in IFRS Standards
, issued in 2018, amended paragraph 10. An entity shall apply that amendment for annual periods beginning on or after 1 January 2020. Earlier application is permitted if at the same time an entity also applies all other amendments made by 
Amendments to References to the Conceptual Framework in IFRS Standards
. An entity shall apply the amendment to IFRS 6 retrospectively in accordance with IAS 8 
Accounting Policies, Changes in Accounting Estimates and Errors
. However, if an entity determines that retrospective application would be impracticable or would involve undue cost or effort, it shall apply the amendment to IFRS 6 by reference to paragraphs 23–28, 50–53 and 54F of IAS 8.
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 end of the reporting period, 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 IFRS 9 
Financial Instruments
.
SCOPE
3
This IFRS shall be applied by all entities to all types of financial instruments, except:
(a)
those interests in subsidiaries, associates or joint ventures that are accounted for in accordance with IFRS 10 
Consolidated Financial Statements
, IAS 27 
Separate Financial Statements
 or IAS 28 
Investments in Associates and Joint Ventures
. However, in some cases, IFRS 10, IAS 27 or IAS 28 require or permit an entity to account for an interest in a subsidiary, associate or joint venture using IFRS 9; in those cases, entities shall apply the requirements of this IFRS and, for those measured at fair value, the requirements of IFRS 13 
Fair ValueMeasurement
. 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.
(d)
insurance contracts as defined IFRS 17 
Insurance Contracts
 or investment contracts with discretionary participation features within the scope of IFRS 17. However, this IFRS applies to:
(i)
derivatives that are embedded in contracts within the scope of IFRS 17, if IFRS 9 requires the entity to account for them separately;
(ii)
investment components that are separated from contracts within the scope of IFRS 17, if IFRS 17 requires such separation, unless the separated investment component is an investment contract with discretionary participation features;
(iii)
an issuer’s rights and obligations arising under insurance contracts that meet the definition of 
financial guarantee contracts
, if the issuer applies IFRS 9 in recognising and measuring the contracts. However, the issuer shall apply IFRS 17 if the issuer elects, in accordance with paragraph 7(e) of IFRS 17, to apply IFRS 17 in recognising and measuring the contracts;
(iv)
an entity’s rights and obligations that are financial instruments arising under credit card contracts, or similar contracts that provide credit or payment arrangements, that an entity issues that meet the definition of an insurance contract if the entity applies IFRS 9 to those rights and obligations in accordance with paragraph 7(h) of IFRS 17 and paragraph 2.1(e)(iv) of IFRS 9;
(v)
an entity’s rights and obligations that are financial instruments arising under insurance contracts that an entity issues that limit the compensation for insured events to the amount otherwise required to settle the policyholder’s obligation created by the contract, if the entity elects, in accordance with paragraph 8A of IFRS 17, to apply IFRS 9 instead of IFRS 17 to such contracts.
(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 IFRS 9.
(f)
instruments that are required to be classified as equity instruments in accordance with paragraphs 16A and 16B or paragraphs 16C and 16D of IAS 32.
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 IFRS 9. Unrecognised financial instruments include some financial instruments that, although outside the scope of IFRS 9, are within the scope of this IFRS.
5
This IFRS applies to contracts to buy or sell a non-financial item that are within the scope of IFRS 9.
5A
The credit risk disclosure requirements in paragraphs 35A–35N apply to those rights that IFRS 15 
Revenue from Contracts with Customers
 specifies are accounted for in accordance with IFRS 9 for the purposes of recognising impairment gains or losses. Any reference to financial assets or financial instruments in these paragraphs shall include those rights unless otherwise specified.
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 statement of financial position.
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.
Statement of financial position
Categories of financial assets and financial liabilities
8
The carrying amounts of each of the following categories, as specified in IFRS 9, shall be disclosed either in the statement of financial position or in the notes:
(a)
financial assets measured at fair value through profit or loss, showing separately (i) those designated as such upon initial recognition or subsequently in accordance with paragraph 6.7.1 of IFRS 9; (ii) those measured as such in accordance with the election in paragraph 3.3.5 of IFRS 9; (iii) those measured as such in accordance with the election in paragraph 33A of IAS 32 and (iv) those mandatorily measured at fair value through profit or loss in accordance with IFRS 9.
(b)–(d)
[deleted]
(e)
financial liabilities at fair value through profit or loss, showing separately (i) those designated as such upon initial recognition or subsequently in accordance with paragraph 6.7.1 of IFRS 9 and (ii) those that meet the definition of held for trading in IFRS 9.
(f)
financial assets measured at amortised cost.
(g)
financial liabilities measured at amortised cost.
(h)
financial assets measured at fair value through other comprehensive income, showing separately (i) financial assets that are measured at fair value through other comprehensive income in accordance with paragraph 4.1.2A of IFRS 9; and (ii) investments in equity instruments designated as such upon initial recognition in accordance with paragraph 5.7.5 of IFRS 9.
Financial assets or financial liabilities at fair value through profit or loss
9
If the entity has designated as measured at fair value through profit or loss a financial asset (or group of financial assets) that would otherwise be measured at fair value through other comprehensive income or amortised cost, it shall disclose:
(a)
the maximum exposure to 
credit risk
 (see paragraph 36(a)) of the financial asset (or group of financial assets) at the end of the reporting period.
(b)
the amount by which any related credit derivatives or similar instruments mitigate that maximum exposure to credit risk (see paragraph 36(b)).
(c)
the amount of change, during the period and cumulatively, in the fair value of the financial asset (or group of financial assets) 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 financial asset was designated.
10
If the entity has designated a financial liability as at fair value through profit or loss in accordance with paragraph 4.2.2 of IFRS 9 and is required to present the effects of changes in that liability's credit risk in other comprehensive income (see paragraph 5.7.7 of IFRS 9), it shall disclose:
(a)
the amount of change, cumulatively, in the fair value of the financial liability that is attributable to changes in the credit risk of that liability (see paragraphs B5.7.13–B5.7.20 of IFRS 9 for guidance on determining the effects of changes in a liability's credit risk).
(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.
(c)
any transfers of the cumulative gain or loss within equity during the period including the reason for such transfers.
(d)
if a liability is derecognised during the period, the amount (if any) presented in other comprehensive income that was realised at derecognition.
10A
If an entity has designated a financial liability as at fair value through profit or loss in accordance with paragraph 4.2.2 of IFRS 9 and is required to present all changes in the fair value of that liability (including the effects of changes in the credit risk of the liability) in profit or loss (see paragraphs 5.7.7 and 5.7.8 of IFRS 9), 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 (see paragraphs B5.7.13–B5.7.20 of IFRS 9 for guidance on determining the effects of changes in a liability's credit risk); and
(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 also disclose:
(a)
a detailed description of the methods used to comply with the requirements in paragraphs 9(c), 10(a) and 10A(a) and paragraph 5.7.7(a) of IFRS 9, including an explanation of why the method is appropriate.
(b)
if the entity believes that the disclosure it has given, either in the statement of financial position or in the notes, to comply with the requirements in paragraph 9(c), 10(a) or 10A(a) or paragraph 5.7.7(a) of IFRS 9 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.
(c)
a detailed description of the methodology or methodologies used to determine whether presenting the effects of changes in a liability's credit risk in other comprehensive income would create or enlarge an accounting mismatch in profit or loss (see paragraphs 5.7.7 and 5.7.8 of IFRS 9). If an entity is required to present the effects of changes in a liability's credit risk in profit or loss (see paragraph 5.7.8 of IFRS 9), the disclosure must include a detailed description of the economic relationship described in paragraph B5.7.6 of IFRS 9.
Investments in equity instruments designated at fair value through other comprehensive income
11A
If an entity has designated investments in equity instruments to be measured at fair value through other comprehensive income, as permitted by paragraph 5.7.5 of IFRS 9, it shall disclose:
(a)
which investments in equity instruments have been designated to be measured at fair value through other comprehensive income.
(b)
the reasons for using this presentation alternative.
(c)
the fair value of each such investment at the end of the reporting period.
(d)
dividends recognised during the period, showing separately those related to investments derecognised during the reporting period and those related to investments held at the end of the reporting period.
(e)
any transfers of the cumulative gain or loss within equity during the period including the reason for such transfers.
11B
If an entity derecognised investments in equity instruments measured at fair value through other comprehensive income during the reporting period, it shall disclose:
(a)
the reasons for disposing of the investments.
(b)
the fair value of the investments at the date of derecognition.
(c)
the cumulative gain or loss on disposal.
Reclassification
12–12A
[Deleted]
12B
An entity shall disclose if, in the current or previous reporting periods, it has reclassified any financial assets in accordance with paragraph 4.4.1 of IFRS 9. For each such event, an entity shall disclose:
(a)
the date of reclassification.
(b)
a detailed explanation of the change in business model and a qualitative description of its effect on the entity's financial statements.
(c)
the amount reclassified into and out of each category.
12C
For each reporting period following reclassification until derecognition, an entity shall disclose for assets reclassified out of the fair value through profit or loss category so that they are measured at amortised cost or fair value through other comprehensive income in accordance with paragraph 4.4.1 of IFRS 9:
(a)
the effective interest rate determined on the date of reclassification; and
(b)
the interest revenue recognised.
12D
If, since its last annual reporting date, an entity has reclassified financial assets out of the fair value through other comprehensive income category so that they are measured at amortised cost or out of the fair value through profit or loss category so that they are measured at amortised cost or fair value through other comprehensive income it shall disclose:
(a)
the fair value of the financial assets at the end of the reporting period; and
(b)
the fair value gain or loss that would have been recognised in profit or loss or other comprehensive income during the reporting period if the financial assets had not been reclassified.
13
[Deleted]
Offsetting financial assets and financial liabilities
13A
The disclosures in paragraphs 13B–13E supplement the other disclosure requirements of this IFRS and are required for all recognised financial instruments that are set off in accordance with paragraph 42 of IAS 32. These disclosures also apply to recognised financial instruments that are subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are set off in accordance with paragraph 42 of IAS 32.
13B
An entity shall disclose information to enable users of its financial statements to evaluate the effect or potential effect of netting arrangements on the entity’s financial position. This includes the effect or potential effect of rights of set-off associated with the entity’s recognised financial assets and recognised financial liabilities that are within the scope of paragraph 13A.
13C
To meet the objective in paragraph 13B, an entity shall disclose, at the end of the reporting period, the following quantitative information separately for recognised financial assets and recognised financial liabilities that are within the scope of paragraph 13A:
(a)
the gross amounts of those recognised financial assets and recognised financial liabilities;
(b)
the amounts that are set off in accordance with the criteria in paragraph 42 of IAS 32 when determining the net amounts presented in the statement of financial position;
(c)
the net amounts presented in the statement of financial position;
(d)
the amounts subject to an enforceable master netting arrangement or similar agreement that are not otherwise included in paragraph 13C(b), including:
(i)
amounts related to recognised financial instruments that do not meet some or all of the offsetting criteria in paragraph 42 of IAS 32; and
(ii)
amounts related to financial collateral (including cash collateral); and
(e)
the net amount after deducting the amounts in (d) from the amounts in (c) above.
The information required by this paragraph shall be presented in a tabular format, separately for financial assets and financial liabilities, unless another format is more appropriate.
13D
The total amount disclosed in accordance with paragraph 13C(d) for an instrument shall be limited to the amount in paragraph 13C(c) for that instrument.
13E
An entity shall include a description in the disclosures of the rights of set-off associated with the entity’s recognised financial assets and recognised financial liabilities subject to enforceable master netting arrangements and similar agreements that are disclosed in accordance with paragraph 13C(d), including the nature of those rights.
13F
If the information required by paragraphs 13B–13E is disclosed in more than one note to the financial statements, an entity shall cross-refer between those notes.
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 3.2.23(a) of IFRS 9; 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
[Deleted]
16A
The carrying amount of financial assets measured at fair value through other comprehensive income in accordance with paragraph 4.1.2A of IFRS 9 is not reduced by a loss allowance and an entity shall not present the loss allowance separately in the statement of financial position as a reduction of the carrying amount of the financial asset. However, an entity shall disclose the loss allowance in the notes to the financial statements.
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 end of the reporting period, 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 end of the reporting period; 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 end of the reporting period).
Statement of comprehensive income
Items of income, expense, gains or losses
20
An entity shall disclose the following items of income, expense, gains or losses either in the statement of comprehensive income or in the notes:
(a)
net gains or net losses on:
(i)
financial assets or financial liabilities measured at fair value through profit or loss, showing separately those on financial assets or financial liabilities designated as such upon initial recognition or subsequently in accordance with paragraph 6.7.1 of IFRS 9, and those on financial assets or financial liabilities that are mandatorily measured at fair value through profit or loss in accordance with IFRS 9 (eg financial liabilities that meet the definition of held for trading in IFRS 9). For financial liabilities designated as at fair value through profit or loss, an entity shall show separately the amount of gain or loss recognised in other comprehensive income and the amount recognised in profit or loss.
(ii)–(iv)
[deleted]
(v)
financial liabilities measured at amortised cost.
(vi)
financial assets measured at amortised cost.
(vii)
investments in equity instruments designated at fair value through other comprehensive income in accordance with paragraph 5.7.5 of IFRS 9.
(viii)
financial assets measured at fair value through other comprehensive income in accordance with paragraph 4.1.2A of IFRS 9, showing separately the amount of gain or loss recognised in other comprehensive income during the period and the amount reclassified upon derecognition from accumulated other comprehensive income to profit or loss for the period.
(b)
total interest revenue and total interest expense (calculated using the effective interest method) for financial assets that are measured at amortised cost or that are measured at fair value through other comprehensive income in accordance with paragraph 4.1.2A of IFRS 9 (showing these amounts separately); or financial liabilities that are not measured 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 and 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)
[deleted]
(e)
[deleted]
20A
An entity shall disclose an analysis of the gain or loss recognised in the statement of comprehensive income arising from the derecognition of financial assets measured at amortised cost, showing separately gains and losses arising from derecognition of those financial assets. This disclosure shall include the reasons for derecognising those financial assets.
Other disclosures
Accounting policies
21
In accordance with paragraph 117 of IAS 1 
Presentation of Financial Statements
 (as revised in 2007), an entity discloses material accounting policy information. Information about the measurement basis (or bases) for financial instruments used in preparing the financial statements is expected to be material accounting policy information.
Hedge accounting
21A
An entity shall apply the disclosure requirements in paragraphs 21B–24F for those risk exposures that an entity hedges and for which it elects to apply hedge accounting. Hedge accounting disclosures shall provide information about:
(a)
an entity's risk management strategy and how it is applied to manage risk;
(b)
how the entity's hedging activities may affect the amount, timing and uncertainty of its future cash flows; and
(c)
the effect that hedge accounting has had on the entity's statement of financial position, statement of comprehensive income and statement of changes in equity.
21B
An entity shall present the required disclosures in a single note or separate section in its financial statements. However, an entity need not duplicate information that is already presented elsewhere, provided that the information is 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.
21C
When paragraphs 22A–24F require the entity to separate by risk category the information disclosed, the entity shall determine each risk category on the basis of the risk exposures an entity decides to hedge and for which hedge accounting is applied. An entity shall determine risk categories consistently for all hedge accounting disclosures.
21D
To meet the objectives in paragraph 21A, an entity shall (except as otherwise specified below) determine how much detail to disclose, how much emphasis to place on different aspects of the disclosure requirements, the appropriate level of aggregation or disaggregation, and whether users of financial statements need additional explanations to evaluate the quantitative information disclosed. However, an entity shall use the same level of aggregation or disaggregation it uses for disclosure requirements of related information in this IFRS and IFRS 13 
Fair Value Measurement
.
The risk management strategy
22
[Deleted]
22A
An entity shall explain its risk management strategy for each risk category of risk exposures that it decides to hedge and for which hedge accounting is applied. This explanation should enable users of financial statements to evaluate (for example):
(a)
how each risk arises.
(b)
how the entity manages each risk; this includes whether the entity hedges an item in its entirety for all risks or hedges a risk component (or components) of an item and why.
(c)
the extent of risk exposures that the entity manages.
22B
To meet the requirements in paragraph 22A, the information should include (but is not limited to) a description of:
(a)
the hedging instruments that are used (and how they are used) to hedge risk exposures;
(b)
how the entity determines the economic relationship between the hedged item and the hedging instrument for the purpose of assessing hedge effectiveness; and
(c)
how the entity establishes the hedge ratio and what the sources of hedge ineffectiveness are.
22C
When an entity designates a specific risk component as a hedged item (see paragraph 6.3.7 of IFRS 9) it shall provide, in addition to the disclosures required by paragraphs 22A and 22B, qualitative or quantitative information about:
(a)
how the entity determined the risk component that is designated as the hedged item (including a description of the nature of the relationship between the risk component and the item as a whole); and
(b)
how the risk component relates to the item in its entirety (for example, the designated risk component historically covered on average 80 per cent of the changes in fair value of the item as a whole).
The amount, timing and uncertainty of future cash flows
23
[Deleted]
23A
Unless exempted by paragraph 23C, an entity shall disclose by risk category quantitative information to allow users of its financial statements to evaluate the terms and conditions of hedging instruments and how they affect the amount, timing and uncertainty of future cash flows of the entity.
23B
To meet the requirement in paragraph 23A, an entity shall provide a breakdown that discloses:
(a)
a profile of the timing of the nominal amount of the hedging instrument; and
(b)
if applicable, the average price or rate (for example strike or forward prices etc.) of the hedging instrument.
23C
In situations in which an entity frequently resets (ie discontinues and restarts) hedging relationships because both the hedging instrument and the hedged item frequently change (ie the entity uses a dynamic process in which both the exposure and the hedging instruments used to manage that exposure do not remain the same for long—such as in the example in paragraph B6.5.24(b) of IFRS 9) the entity:
(a)
is exempt from providing the disclosures required by paragraphs 23A and 23B.
(b)
shall disclose:
(i)
information about what the ultimate risk management strategy is in relation to those hedging relationships;
(ii)
a description of how it reflects its risk management strategy by using hedge accounting and designating those particular hedging relationships; and
(iii)
an indication of how frequently the hedging relationships are discontinued and restarted as part of the entity's process in relation to those hedging relationships.
23D
An entity shall disclose by risk category a description of the sources of hedge ineffectiveness that are expected to affect the hedging relationship during its term.
23E
If other sources of hedge ineffectiveness emerge in a hedging relationship, an entity shall disclose those sources by risk category and explain the resulting hedge ineffectiveness.
23F
For cash flow hedges, an entity shall disclose a description of any forecast transaction for which hedge accounting had been used in the previous period, but which is no longer expected to occur.
The effects of hedge accounting on financial position and performance
24
[Deleted]
24A
An entity shall disclose, in a tabular format, the following amounts related to items designated as hedging instruments separately by risk category for each type of hedge (fair value hedge, cash flow hedge or hedge of a net investment in a foreign operation):
(a)
the carrying amount of the hedging instruments (financial assets separately from financial liabilities);
(b)
the line item in the statement of financial position that includes the hedging instrument;
(c)
the change in fair value of the hedging instrument used as the basis for recognising hedge ineffectiveness for the period; and
(d)
the nominal amounts (including quantities such as tonnes or cubic metres) of the hedging instruments.
24B
An entity shall disclose, in a tabular format, the following amounts related to hedged items separately by risk category for the types of hedges as follows:
(a)
for fair value hedges:
(i)
the carrying amount of the hedged item recognised in the statement of financial position (presenting assets separately from liabilities);
(ii)
the accumulated amount of fair value hedge adjustments on the hedged item included in the carrying amount of the hedged item recognised in the statement of financial position (presenting assets separately from liabilities);
(iii)
the line item in the statement of financial position that includes the hedged item;
(iv)
the change in value of the hedged item used as the basis for recognising hedge ineffectiveness for the period; and
(v)
the accumulated amount of fair value hedge adjustments remaining in the statement of financial position for any hedged items that have ceased to be adjusted for hedging gains and losses in accordance with paragraph 6.5.10 of IFRS 9.
(b)
for cash flow hedges and hedges of a net investment in a foreign operation:
(i)
the change in value of the hedged item used as the basis for recognising hedge ineffectiveness for the period (ie for cash flow hedges the change in value used to determine the recognised hedge ineffectiveness in accordance with paragraph 6.5.11(c) of IFRS 9);
(ii)
the balances in the cash flow hedge reserve and the foreign currency translation reserve for continuing hedges that are accounted for in accordance with paragraphs 6.5.11 and 6.5.13(a) of IFRS 9; and
(iii)
the balances remaining in the cash flow hedge reserve and the foreign currency translation reserve from any hedging relationships for which hedge accounting is no longer applied.
24C
An entity shall disclose, in a tabular format, the following amounts separately by risk category for the types of hedges as follows:
(a)
for fair value hedges:
(i)
hedge ineffectiveness—ie the difference between the hedging gains or losses of the hedging instrument and the hedged item—recognised in profit or loss (or other comprehensive income for hedges of an equity instrument for which an entity has elected to present changes in fair value in other comprehensive income in accordance with paragraph 5.7.5 of IFRS 9); and
(ii)
the line item in the statement of comprehensive income that includes the recognised hedge ineffectiveness.
(b)
for cash flow hedges and hedges of a net investment in a foreign operation:
(i)
hedging gains or losses of the reporting period that were recognised in other comprehensive income;
(ii)
hedge ineffectiveness recognised in profit or loss;
(iii)
the line item in the statement of comprehensive income that includes the recognised hedge ineffectiveness;
(iv)
the amount reclassified from the cash flow hedge reserve or the foreign currency translation reserve into profit or loss as a reclassification adjustment (see IAS 1) (differentiating between amounts for which hedge accounting had previously been used, but for which the hedged future cash flows are no longer expected to occur, and amounts that have been transferred because the hedged item has affected profit or loss);
(v)
the line item in the statement of comprehensive income that includes the reclassification adjustment (see IAS 1); and
(vi)
for hedges of net positions, the hedging gains or losses recognised in a separate line item in the statement of comprehensive income (see paragraph 6.6.4 of IFRS 9).
24D
When the volume of hedging relationships to which the exemption in paragraph 23C applies is unrepresentative of normal volumes during the period (ie the volume at the reporting date does not reflect the volumes during the period) an entity shall disclose that fact and the reason it believes the volumes are unrepresentative.
24E
An entity shall provide a reconciliation of each component of equity and an analysis of other comprehensive income in accordance with IAS 1 that, taken together:
(a)
differentiates, at a minimum, between the amounts that relate to the disclosures in paragraph 24C(b)(i) and (b)(iv) as well as the amounts accounted for in accordance with paragraph 6.5.11(d)(i) and (d)(iii) of IFRS 9;
(b)
differentiates between the amounts associated with the time value of options that hedge transaction related hedged items and the amounts associated with the time value of options that hedge time-period related hedged items when an entity accounts for the time value of an option in accordance with paragraph 6.5.15 of IFRS 9; and
(c)
differentiates between the amounts associated with forward elements of forward contracts and the foreign currency basis spreads of financial instruments that hedge transaction related hedged items, and the amounts associated with forward elements of forward contracts and the foreign currency basis spreads of financial instruments that hedge time-period related hedged items when an entity accounts for those amounts in accordance with paragraph 6.5.16 of IFRS 9.
24F
An entity shall disclose the information required in paragraph 24E separately by risk category. This disaggregation by risk may be provided in the notes to the financial statements.
Option to designate a credit exposure as measured at fair value through profit or loss
24G
If an entity designated a financial instrument, or a proportion of it, as measured at fair value through profit or loss because it uses a credit derivative to manage the credit risk of that financial instrument it shall disclose:
(a)
for credit derivatives that have been used to manage the credit risk of financial instruments designated as measured at fair value through profit or loss in accordance with paragraph 6.7.1 of IFRS 9, a reconciliation of each of the nominal amount and the fair value at the beginning and at the end of the period;
(b)
the gain or loss recognised in profit or loss on designation of a financial instrument, or a proportion of it, as measured at fair value through profit or loss in accordance with paragraph 6.7.1 of IFRS 9; and
(c)
on discontinuation of measuring a financial instrument, or a proportion of it, at fair value through profit or loss, that financial instrument's fair value that has become the new carrying amount in accordance with paragraph 6.7.4(b) of IFRS 9 and the related nominal or principal amount (except for providing comparative information in accordance with IAS 1, an entity does not need to continue this disclosure in subsequent periods).
Uncertainty arising from interest rate benchark reform
24H
For hedging relationships to which an entity applies the exceptions set out in paragraphs 6.8.4–6.8.12 of IFRS 9 or paragraphs 102D–102N of IAS 39, an entity shall disclose:
(a)
the significant interest rate benchmarks to which the entity’s hedging relationships are exposed;
(b)
the extent of the risk exposure the entity manages that is directly affected by the interest rate benchmark reform;
(c)
how the entity is managing the process to transition to alternative benchmark rates;
(d)
a description of significant assumptions or judgements the entity made in applying these paragraphs (for example, assumptions or judgements about when the uncertainty arising from interest rate benchmark reform is no longer present with respect to the timing and the amount of the interest rate benchmark-based cash flows); and
(e)
the nominal amount of the hedging instruments in those hedging relationships.
Additional disclosures related to interest rate benchmark reform
24I
To enable users of financial statements to understand the effect of interest rate benchmark reform on an entity’s financial instruments and risk management strategy, an entity shall disclose information about:
(a)
the nature and extent of risks to which the entity is exposed arising from financial instruments subject to interest rate benchmark reform, and how the entity manages these risks; and
(b)
the entity’s progress in completing the transition to alternative benchmark rates, and how the entity is managing the transition.
24J
To meet the objectives in paragraph 24I, an entity shall disclose:
(a)
how the entity is managing the transition to alternative benchmark rates, its progress at the reporting date and the risks to which it is exposed arising from financial instruments because of the transition;
(b)
disaggregated by significant interest rate benchmark subject to interest rate benchmark reform, quantitative information about financial instruments that have yet to transition to an alternative benchmark rate as at the end of the reporting period, showing separately:
(i)
non-derivative financial assets;
(ii)
non-derivative financial liabilities; and
(iii)
derivatives; and
(c)
if the risks identified in paragraph 24J(a) have resulted in changes to an entity’s risk management strategy (see paragraph 22A), a description of these changes.
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 statement of financial position.
27-27B
[Deleted]
28
In some cases, an entity does not recognise a gain or loss on initial recognition of a financial asset or financial liability because the fair value is neither evidenced by a quoted price in an active market for an identical asset or liability (ie a Level 1 input) nor based on a valuation technique that uses only data from observable markets (see paragraph B5.1.2A of IFRS 9). In such cases, the entity shall disclose by class of financial asset or financial liability:
(a)
its accounting policy for recognising in profit or loss the difference between the fair value at initial recognition and the transaction price to reflect a change in factors (including time) that market participants would take into account when pricing the asset or liability (see paragraph B5.1.2A(b) of IFRS 9).
(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.
(c)
why the entity concluded that the transaction price was not the best evidence of fair value, including a description of the evidence that supports the fair value.
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; or
(b)
[deleted]
(c)
[deleted]
(d)
for lease liabilities.
30
[Deleted]
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 end of the reporting period.
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.
32A
Providing qualitative disclosures in the context of quantitative disclosures enables users to link related disclosures and hence form an overall picture of the nature and extent of risks arising from financial instruments. The interaction between qualitative and quantitative disclosures contributes to disclosure of information in a way that better enables users to evaluate an entity’s exposure to risks.
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 end of the reporting period. 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 35A–42, to the extent not provided in accordance with (a).
(c)
concentrations of risk if not apparent from the disclosures made in accordance with (a) and (b).
35
If the quantitative data disclosed as at the end of the reporting period are unrepresentative of an entity's exposure to risk during the period, an entity shall provide further information that is representative.
Credit risk
Scope and objectives
35A
An entity shall apply the disclosure requirements in paragraphs 35F–35N to financial instruments to which the impairment requirements in IFRS 9 are applied. However:
(a)
for trade receivables, contract assets and lease receivables, paragraph 35J(a) applies to those trade receivables, contract assets or lease receivables on which lifetime expected credit losses are recognised in accordance with paragraph 5.5.15 of IFRS 9, if those financial assets are modified while more than 30 days past due; and
(b)
paragraph 35K(b) does not apply to lease receivables.
35B
The credit risk disclosures made in accordance with paragraphs 35F–35N shall enable users of financial statements to understand the effect of credit risk on the amount, timing and uncertainty of future cash flows. To achieve this objective, credit risk disclosures shall provide:
(a)
information about an entity's credit risk management practices and how they relate to the recognition and measurement of expected credit losses, including the methods, assumptions and information used to measure expected credit losses;
(b)
quantitative and qualitative information that allows users of financial statements to evaluate the amounts in the financial statements arising from expected credit losses, including changes in the amount of expected credit losses and the reasons for those changes; and
(c)
information about an entity's credit risk exposure (ie the credit risk inherent in an entity's financial assets and commitments to extend credit) including significant credit risk concentrations.
35C
An entity need not duplicate information that is already presented elsewhere, provided that the information is incorporated by cross-reference from the financial statements to other statements, 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.
35D
To meet the objectives in paragraph 35B, an entity shall (except as otherwise specified) consider how much detail to disclose, how much emphasis to place on different aspects of the disclosure requirements, the appropriate level of aggregation or disaggregation, and whether users of financial statements need additional explanations to evaluate the quantitative information disclosed.
35E
If the disclosures provided in accordance with paragraphs 35F–35N are insufficient to meet the objectives in paragraph 35B, an entity shall disclose additional information that is necessary to meet those objectives.
The credit risk management practices
35F
An entity shall explain its credit risk management practices and how they relate to the recognition and measurement of expected credit losses. To meet this objective an entity shall disclose information that enables users of financial statements to understand and evaluate:
(a)
how an entity determined whether the credit risk of financial instruments has increased significantly since initial recognition, including, if and how:
(i)
financial instruments are considered to have low credit risk in accordance with paragraph 5.5.10 of IFRS 9, including the classes of financial instruments to which it applies; and
(ii)
the presumption in paragraph 5.5.11 of IFRS 9, that there have been significant increases in credit risk since initial recognition when financial assets are more than 30 days past due, has been rebutted;
(b)
an entity's definitions of default, including the reasons for selecting those definitions;
(c)
how the instruments were grouped if expected credit losses were measured on a collective basis;
(d)
how an entity determined that financial assets are credit-impaired financial assets;
(e)
an entity's write-off policy, including the indicators that there is no reasonable expectation of recovery and information about the policy for financial assets that are written-off but are still subject to enforcement activity; and
(f)
how the requirements in paragraph 5.5.12 of IFRS 9 for the modification of contractual cash flows of financial assets have been applied, including how an entity:
(i)
determines whether the credit risk on a financial asset that has been modified while the loss allowance was measured at an amount equal to lifetime expected credit losses, has improved to the extent that the loss allowance reverts to being measured at an amount equal to 12-month expected credit losses in accordance with paragraph 5.5.5 of IFRS 9; and
(ii)
monitors the extent to which the loss allowance on financial assets meeting the criteria in (i) is subsequently remeasured at an amount equal to lifetime expected credit losses in accordance with paragraph 5.5.3 of IFRS 9.
35G
An entity shall explain the inputs, assumptions and estimation techniques used to apply the requirements in Section 5.5 of IFRS 9. For this purpose an entity shall disclose:
(a)
the basis of inputs and assumptions and the estimation techniques used to:
(i)
measure the 12-month and lifetime expected credit losses;
(ii)
determine whether the credit risk of financial instruments has increased significantly since initial recognition; and
(iii)
determine whether a financial asset is a credit-impaired financial asset.
(b)
how forward-looking information has been incorporated into the determination of expected credit losses, including the use of macroeconomic information; and
(c)
changes in the estimation techniques or significant assumptions made during the reporting period and the reasons for those changes.
Quantitative and qualitative Information about amounts arising from expected credit losses
35H
To explain the changes in the loss allowance and the reasons for those changes, an entity shall provide, by class of financial instrument, a reconciliation from the opening balance to the closing balance of the loss allowance, in a table, showing separately the changes during the period for:
(a)
the loss allowance measured at an amount equal to 12-month expected credit losses;
(b)
the loss allowance measured at an amount equal to lifetime expected credit losses for:
(i)
financial instruments for which credit risk has increased significantly since initial recognition but that are not credit-impaired financial assets;
(ii)
financial assets that are credit-impaired at the reporting date (but that are not purchased or originated credit-impaired); and
(iii)
trade receivables, contract assets or lease receivables for which the loss allowances are measured in accordance with paragraph 5.5.15 of IFRS 9.
(c)
financial assets that are purchased or originated credit-impaired. In addition to the reconciliation, an entity shall disclose the total amount of undiscounted expected credit losses at initial recognition on financial assets initially recognised during the reporting period.
35I
To enable users of financial statements to understand the changes in the loss allowance disclosed in accordance with paragraph 35H, an entity shall provide an explanation of how significant changes in the gross carrying amount of financial instruments during the period contributed to changes in the loss allowance. The information shall be provided separately for financial instruments that represent the loss allowance as listed in paragraph 35H(a)–(c) and shall include relevant qualitative and quantitative information. Examples of changes in the gross carrying amount of financial instruments that contributed to the changes in the loss allowance may include:
(a)
changes because of financial instruments originated or acquired during the reporting period;
(b)
the modification of contractual cash flows on financial assets that do not result in a derecognition of those financial assets in accordance with IFRS 9;
(c)
changes because of financial instruments that were derecognised (including those that were written-off) during the reporting period; and
(d)
changes arising from whether the loss allowance is measured at an amount equal to 12-month or lifetime expected credit losses.
35J
To enable users of financial statements to understand the nature and effect of modifications of contractual cash flows on financial assets that have not resulted in derecognition and the effect of such modifications on the measurement of expected credit losses, an entity shall disclose:
(a)
the amortised cost before the modification and the net modification gain or loss recognised for financial assets for which the contractual cash flows have been modified during the reporting period while they had a loss allowance measured at an amount equal to lifetime expected credit losses; and
(b)
the gross carrying amount at the end of the reporting period of financial assets that have been modified since initial recognition at a time when the loss allowance was measured at an amount equal to lifetime expected credit losses and for which the loss allowance has changed during the reporting period to an amount equal to 12-month expected credit losses.
35K
To enable users of financial statements to understand the effect of collateral and other credit enhancements on the amounts arising from expected credit losses, an entity shall disclose by class of financial instrument:
(a)
the amount that best represents its maximum exposure to credit risk at the end of the reporting period without taking account of any collateral held or other credit enhancements (eg netting agreements that do not qualify for offset in accordance with IAS 32).
(b)
a narrative description of collateral held as security and other credit enhancements, including:
(i)
a description of the nature and quality of the collateral held;
(ii)
an explanation of any significant changes in the quality of that collateral or credit enhancements as a result of deterioration or changes in the collateral policies of the entity during the reporting period; and
(iii)
information about financial instruments for which an entity has not recognised a loss allowance because of the collateral.
(c)
quantitative information about the collateral held as security and other credit enhancements (for example, quantification of the extent to which collateral and other credit enhancements mitigate credit risk) for financial assets that are credit-impaired at the reporting date.
35L
An entity shall disclose the contractual amount outstanding on financial assets that were written off during the reporting period and are still subject to enforcement activity.
Credit risk exposure
35M
To enable users of financial statements to assess an entity's credit risk exposure and understand its significant credit risk concentrations, an entity shall disclose, by 
credit risk rating grades
, the gross carrying amount of financial assets and the exposure to credit risk on loan commitments and financial guarantee contracts. This information shall be provided separately for financial instruments:
(a)
for which the loss allowance is measured at an amount equal to 12-month expected credit losses;
(b)
for which the loss allowance is measured at an amount equal to lifetime expected credit losses and that are:
(i)
financial instruments for which credit risk has increased significantly since initial recognition but that are not credit-impaired financial assets;
(ii)
financial assets that are credit-impaired at the reporting date (but that are not purchased or originated credit-impaired); and
(iii)
trade receivables, contract assets or lease receivables for which the loss allowances are measured in accordance with paragraph 5.5.15 of IFRS 9.
(c)
that are purchased or originated credit-impaired financial assets.
35N
For trade receivables, contract assets and lease receivables to which an entity applies paragraph 5.5.15 of IFRS 9, the information provided in accordance with paragraph 35M may be based on a provision matrix (see paragraph B5.5.35 of IFRS 9).
36
For all financial instruments within the scope of this IFRS, but to which the impairment requirements in IFRS 9 are not applied, an entity shall disclose by class of financial instrument:
(a)
the amount that best represents its maximum exposure to credit risk at the end of the reporting period without taking account of any collateral held or other credit enhancements (eg netting agreements that do not qualify for offset in accordance with IAS 32); this disclosure is not required for financial instruments whose carrying amount best represents the maximum exposure to credit risk.
(b)
a description of collateral held as security and other credit enhancements, and their financial effect (eg quantification of the extent to which collateral and other credit enhancements mitigate credit risk) in respect of the amount that best represents the maximum exposure to credit risk (whether disclosed in accordance with (a) or represented by the carrying amount of a financial instrument).
(c)
[deleted]
(d)
[deleted]
37
[Deleted]
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 (eg guarantees), and such assets meet the recognition criteria in other IFRSs, an entity shall disclose for such assets held at the reporting date:
(a)
the nature and carrying amount of the assets; 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 non-derivative financial liabilities (including issued financial guarantee contracts) that shows the remaining contractual maturities.
(b)
a maturity analysis for derivative financial liabilities. The maturity analysis shall include the remaining contractual maturities for those derivative financial liabilities for which contractual maturities are essential for an understanding of the timing of the cash flows (see paragraph B11B).
(c)
a description of how it manages the liquidity risk inherent in (a) and (b).
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 end of the reporting period, 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 disciosures
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.
TRANSFERS OF FINANCIAL ASSETS
42A
The disclosure requirements in paragraphs 42B–42H relating to transfers of financial assets supplement the other disclosure requirements of this IFRS. An entity shall present the disclosures required by paragraphs 42B–42H in a single note in its financial statements. An entity shall provide the required disclosures for all transferred financial assets that are not derecognised and for any continuing involvement in a transferred asset, existing at the reporting date, irrespective of when the related transfer transaction occurred. For the purposes of applying the disclosure requirements in those paragraphs, an entity transfers all or a part of a financial asset (the transferred financial asset) if, and only if, it either:
(a)
transfers the contractual rights to receive the cash flows of that financial asset; or
(b)
retains the contractual rights to receive the cash flows of that financial asset, but assumes a contractual obligation to pay the cash flows to one or more recipients in an arrangement.
42B
An entity shall disclose information that enables users of its financial statements:
(a)
to understand the relationship between transferred financial assets that are not derecognised in their entirety and the associated liabilities; and
(b)
to evaluate the nature of, and risks associated with, the entity’s continuing involvement in derecognised financial assets.
42C
For the purposes of applying the disclosure requirements in paragraphs 42E–42H, an entity has continuing involvement in a transferred financial asset if, as part of the transfer, the entity retains any of the contractual rights or obligations inherent in the transferred financial asset or obtains any new contractual rights or obligations relating to the transferred financial asset. For the purposes of applying the disclosure requirements in paragraphs 42E–42H, the following do not constitute continuing involvement:
(a)
normal representations and warranties relating to fraudulent transfer and concepts of reasonableness, good faith and fair dealings that could invalidate a transfer as a result of legal action;
(b)
forward, option and other contracts to reacquire the transferred financial asset for which the contract price (or exercise price) is the fair value of the transferred financial asset; or
(c)
an arrangement whereby 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 entities and the conditions in paragraph 3.2.5(a)–(c) of IFRS 9 are met.
Transferred financial assets that are not derecognised in their entirety
42D
An entity may have transferred financial assets in such a way that part or all of the transferred financial assets do not qualify for derecognition. To meet the objectives set out in paragraph 42B(a), the entity shall disclose at each reporting date for each class of transferred financial assets that are not derecognised in their entirety:
(a)
the nature of the transferred assets;
(b)
the nature of the risks and rewards of ownership to which the entity is exposed;
(c)
a description of the nature of the relationship between the transferred assets and the associated liabilities, including restrictions arising from the transfer on the reporting entity’s use of the transferred assets;
(d)
when the counterparty (counterparties) to the associated liabilities has (have) recourse only to the transferred assets, a schedule that sets out the fair value of the transferred assets, the fair value of the associated liabilities and the net position (the difference between the fair value of the transferred assets and the associated liabilities);
(e)
when the entity continues to recognise all of the transferred assets, the carrying amounts of the transferred assets and the associated liabilities;
(f)
when the entity continues to recognise the assets to the extent of its continuing involvement (see paragraphs 3.2.6(c)(ii) and 3.2.16 of IFRS 9), the total carrying amount of the original assets before the transfer, the carrying amount of the assets that the entity continues to recognise, and the carrying amount of the associated liabilities.
Transferred financial assets that are derecognised in their entirety
42E
To meet the objectives set out in paragraph 42B(b), when an entity derecognises transferred financial assets in their entirety (see paragraph 3.2.6(a) and (c)(i) of IFRS 9) but has continuing involvement in them, the entity shall disclose, as a minimum, for each type of continuing involvement at each reporting date:
(a)
the carrying amount of the assets and liabilities that are recognised in the entity’s statement of financial position and represent the entity’s continuing involvement in the derecognised financial assets, and the line items in which the carrying amount of those assets and liabilities are recognised;
(b)
the fair value of the assets and liabilities that represent the entity’s continuing involvement in the derecognised financial assets;
(c)
the amount that best represents the entity’s maximum exposure to loss from its continuing involvement in the derecognised financial assets, and information showing how the maximum exposure to loss is determined;
(d)
the undiscounted cash outflows that would or may be required to repurchase derecognised financial assets (eg the strike price in an option agreement) or other amounts payable to the transferee in respect of the transferred assets. If the cash outflow is variable then the amount disclosed should be based on the conditions that exist at each reporting date;
(e)
a maturity analysis of the undiscounted cash outflows that would or may be required to repurchase the derecognised financial assets or other amounts payable to the transferee in respect of the transferred assets, showing the remaining contractual maturities of the entity’s continuing involvement;
(f)
qualitative information that explains and supports the quantitative disclosures required in (a)–(e).
42F
An entity may aggregate the information required by paragraph 42E in respect of a particular asset if the entity has more than one type of continuing involvement in that derecognised financial asset, and report it under one type of continuing involvement.
42G
In addition, an entity shall disclose for each type of continuing involvement:
(a)
the gain or loss recognised at the date of transfer of the assets;
(b)
income and expenses recognised, both in the reporting period and cumulatively, from the entity’s continuing involvement in the derecognised financial assets (eg fair value changes in derivative instruments);
(c)
if the total amount of proceeds from transfer activity (that qualifies for derecognition) in a reporting period is not evenly distributed throughout the reporting period (eg if a substantial proportion of the total amount of transfer activity takes place in the closing days of a reporting period):
(i)
when the greatest transfer activity took place within that reporting period (eg the last five days before the end of the reporting period);
(ii)
the amount (eg related gains or losses) recognised from transfer activity in that part of the reporting period; and
(iii)
the total amount of proceeds from transfer activity in that part of the reporting period.
An entity shall provide this information for each period for which a statement of comprehensive income is presented.
Supplementary information
42H
An entity shall disclose any additional information that it considers necessary to meet the disclosure objectives in paragraph 42B.
INITIAL APPLICATION OF IFRS 9
42I
In the reporting period that includes the date of initial application of IFRS 9, the entity shall disclose the following information for each class of financial assets and financial liabilities as at the date of initial application:
(a)
the original measurement category and carrying amount determined in accordance with IAS 39 or in accordance with a previous version of IFRS 9 (if the entity's chosen approach to applying IFRS 9 involves more than one date of initial application for different requirements);
(b)
the new measurement category and carrying amount determined in accordance with IFRS 9;
(c)
the amount of any financial assets and financial liabilities in the statement of financial position that were previously designated as measured at fair value through profit or loss but are no longer so designated, distinguishing between those that IFRS 9 requires an entity to reclassify and those that an entity elects to reclassify at the date of initial application.
In accordance with paragraph 7.2.2 of IFRS 9, depending on the entity's chosen approach to applying IFRS 9, the transition can involve more than one date of initial application. Therefore this paragraph may result in disclosure on more than one date of initial application. An entity shall present these quantitative disclosures in a table unless another format is more appropriate.
42J
In the reporting period that includes the date of initial application of IFRS 9, an entity shall disclose qualitative information to enable users to understand:
(a)
how it applied the classification requirements in IFRS 9 to those financial assets whose classification has changed as a result of applying IFRS 9.
(b)
the reasons for any designation or de-designation of financial assets or financial liabilities as measured at fair value through profit or loss at the date of initial application.
In accordance with paragraph 7.2.2 of IFRS 9, depending on the entity's chosen approach to applying IFRS 9, the transition can involve more than one date of initial application. Therefore this paragraph may result in disclosure on more than one date of initial application.
42K
In the reporting period that an entity first applies the classification and measurement requirements for financial assets in IFRS 9 (ie when the entity transitions from IAS 39 to IFRS 9 for financial assets), it shall present the disclosures set out in paragraphs 42L–42O of this IFRS as required by paragraph 7.2.15 of IFRS 9.
42L
When required by paragraph 42K, an entity shall disclose the changes in the classifications of financial assets and financial liabilities as at the date of initial application of IFRS 9, showing separately:
(a)
the changes in the carrying amounts on the basis of their measurement categories in accordance with IAS 39 (ie not resulting from a change in measurement attribute on transition to IFRS 9); and
(b)
the changes in the carrying amounts arising from a change in measurement attribute on transition to IFRS 9.
The disclosures in this paragraph need not be made after the annual reporting period in which the entity initially applies the classification and measurement requirements for financial assets in IFRS 9.
42M
When required by paragraph 42K, an entity shall disclose the following for financial assets and financial liabilities that have been reclassified so that they are measured at amortised cost and, in the case of financial assets, that have been reclassified out of fair value through profit or loss so that they are measured at fair value through other comprehensive income, as a result of the transition to IFRS 9:
(a)
the fair value of the financial assets or financial liabilities at the end of the reporting period; and
(b)
the fair value gain or loss that would have been recognised in profit or loss or other comprehensive income during the reporting period if the financial assets or financial liabilities had not been reclassified.
The disclosures in this paragraph need not be made after the annual reporting period in which the entity initially applies the classification and measurement requirements for financial assets in IFRS 9.
42N
When required by paragraph 42K, an entity shall disclose the following for financial assets and financial liabilities that have been reclassified out of the fair value through profit or loss category as a result of the transition to IFRS 9:
(a)
the effective interest rate determined on the date of initial application; and
(b)
the interest revenue or expense recognised.
If an entity treats the fair value of a financial asset or a financial liability as the new gross carrying amount at the date of initial application (see paragraph 7.2.11 of IFRS 9), the disclosures in this paragraph shall be made for each reporting period until derecognition. Otherwise, the disclosures in this paragraph need not be made after the annual reporting period in which the entity initially applies the classification and measurement requirements for financial assets in IFRS 9.
42O
When an entity presents the disclosures set out in paragraphs 42K–42N, those disclosures, and the disclosures in paragraph 25 of this IFRS, must permit reconciliation between:
(a)
the measurement categories presented in accordance with IAS 39 and IFRS 9; and
(b)
the class of financial instrument
as at the date of initial application.
42P
On the date of initial application of Section 5.5 of IFRS 9, an entity is required to disclose information that would permit the reconciliation of the ending impairment allowances in accordance with IAS 39 and the provisions in accordance with IAS 37 to the opening loss allowances determined in accordance with IFRS 9. For financial assets, this disclosure shall be provided by the related financial assets' measurement categories in accordance with IAS 39 and IFRS 9, and shall show separately the effect of the changes in the measurement category on the loss allowance at that date.
42Q
In the reporting period that includes the date of initial application of IFRS 9, an entity is not required to disclose the line item amounts that would have been reported in accordance with the classification and measurement requirements (which includes the requirements related to amortised cost measurement of financial assets and impairment in Sections 5.4 and 5.5 of IFRS 9) of:
(a)
IFRS 9 for prior periods; and
(b)
IAS 39 for the current period.
42R
In accordance with paragraph 7.2.4 of IFRS 9, if it is impracticable (as defined in IAS 8) at the date of initial application of IFRS 9 for an entity to assess a modified time value of money element in accordance with paragraphs B4.1.9B–B4.1.9D of IFRS 9 based on the facts and circumstances that existed at the initial recognition of the financial asset, an entity shall assess the contractual cash flow characteristics of that financial asset based on the facts and circumstances that existed at the initial recognition of the financial asset without taking into account the requirements related to the modification of the time value of money element in paragraphs B4.1.9B–B4.1.9D of IFRS 9. An entity shall disclose the carrying amount at the reporting date of the financial assets whose contractual cash flow characteristics have been assessed based on the facts and circumstances that existed at the initial recognition of the financial asset without taking into account the requirements related to the modification of the time value of money element in paragraphs B4.1.9B–B4.1.9D of IFRS 9 until those financial assets are derecognised.
42S
In accordance with paragraph 7.2.5 of IFRS 9, if it is impracticable (as defined in IAS 8) at the date of initial application for an entity to assess whether the fair value of a prepayment feature was insignificant in accordance with paragraphs B4.1.12(d) of IFRS 9 based on the facts and circumstances that existed at the initial recognition of the financial asset, an entity shall assess the contractual cash flow characteristics of that financial asset based on the facts and circumstances that existed at the initial recognition of the financial asset without taking into account the exception for prepayment features in paragraph B4.1.12 of IFRS 9. An entity shall disclose the carrying amount at the reporting date of the financial assets whose contractual cash flow characteristics have been assessed based on the facts and circumstances that existed at the initial recognition of the financial asset without taking into account the exception for prepayment features in paragraph B4.1.12 of IFRS 9 until those financial assets are derecognised.
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.
44A
IAS 1 (as revised in 2007) amended the terminology used throughout IFRSs. In addition it amended paragraphs 20, 21, 23(c) and (d), 27(c) and B5 of Appendix B. An entity shall apply those amendments for annual periods beginning on or after 1 January 2009. If an entity applies IAS 1 (revised 2007) for an earlier period, the amendments shall be applied for that earlier period.
44B
IFRS 3 (as revised in 2008) deleted paragraph 3(c). An entity shall apply that amendment for annual periods beginning on or after 1 July 2009. If an entity applies IFRS 3 (revised 2008) for an earlier period, the amendment shall also be applied for that earlier period. However, the amendment does not apply to contingent consideration that arose from a business combination for which the acquisition date preceded the application of IFRS 3 (revised 2008). Instead, an entity shall account for such consideration in accordance with paragraphs 65A–65E of IFRS 3 (as amended in 2010).
44C
An entity shall apply the amendment in paragraph 3 for annual periods beginning on or after 1 January 2009. If an entity applies 
Puttable Financial Instruments and Obligations Arising on Liquidation
 (Amendments to IAS 32 and IAS 1), issued in February 2008, for an earlier period, the amendment in paragraph 3 shall be applied for that earlier period.
44D
Paragraph 3(a) was amended by 
Improvements to IFRSs
 issued in May 2008. An entity shall apply that amendment for annual periods beginning on or after 1 January 2009. Earlier application is permitted. If an entity applies the amendment for an earlier period it shall disclose that fact and apply for that earlier period the amendments to paragraph 1 of IAS 28, paragraph 1 of IAS 31 and paragraph 4 of IAS 32 issued in May 2008. An entity is permitted to apply the amendment prospectively.
44E
[Deleted]
44F
[Deleted]
44G
Improving Disclosures about Financial Instruments
 (Amendments to IFRS 7), issued in March 2009, amended paragraphs 27, 39 and B11 and added paragraphs 27A, 27B, B10A and B11A–B11F. An entity shall apply those amendments for annual periods beginning on or after 1 January 2009. An entity need not provide the disclosures required by the amendments for:
(a)
any annual or interim period, including any statement of financial position, presented within an annual comparative period ending before 31 December 2009, or
(b)
any statement of financial position as at the beginning of the earliest comparative period as at a date before 31 December 2009.
Earlier application is permitted. If an entity applies the amendments for an earlier period, it shall disclose that fact 
(
47
)
.
44H–44J
[Deleted]
44K
Paragraph 44B was amended by 
Improvements to IFRSs
 issued in May 2010. An entity shall apply that amendment for annual periods beginning on or after 1 July 2010. Earlier application is permitted.
44L
Improvements to IFRSs
 issued in May 2010 added paragraph 32A and amended paragraphs 34 and 36–38. An entity shall apply those amendments for annual periods beginning on or after 1 January 2011. Earlier application is permitted. If an entity applies the amendments for an earlier period it shall disclose that fact.
44M
Disclosures—Transfers of Financial Assets
 (Amendments to IFRS 7), issued in October 2010, deleted paragraph 13 and added paragraphs 42A–42H and B29–B39. An entity shall apply those amendments for annual periods beginning on or after 1 July 2011. Earlier application is permitted. If an entity applies the amendments from an earlier date, it shall disclose that fact. An entity need not provide the disclosures required by those amendments for any period presented that begins before the date of initial application of the amendments.
44N
[Deleted]
44O
IFRS 10 and IFRS 11 
Joint Arrangements
, issued in May 2011, amended paragraph 3. An entity shall apply that amendment when it applies IFRS 10 and IFRS 11.
44P
IFRS 13, issued in May 2011, amended paragraphs 3, 28 and 29 and Appendix A and deleted paragraphs 27–27B. An entity shall apply those amendments when it applies IFRS 13.
44Q
Presentation of Items of Other Comprehensive Income
 (Amendments to IAS 1), issued in June 2011, amended paragraph 27B. An entity shall apply that amendment when it applies IAS 1 as amended in June 2011.
44R
Disclosures—Offsetting Financial Assets and Financial Liabilities
 (Amendments to IFRS 7), issued in December 2011, added paragraphs 13A–13F and B40–B53. An entity shall apply those amendments for annual periods beginning on or after 1 January 2013. An entity shall provide the disclosures required by those amendments retrospectively.
44S-44W
[Deleted]
44X
Investment Entities
 (Amendments to IFRS 10, IFRS 12 and IAS 27), issued in October 2012, amended paragraph 3. An entity shall apply that amendment for annual periods beginning on or after 1 January 2014. Earlier application of 
Investment Entities
 is permitted. If an entity applies that amendment earlier it shall also apply all amendments included in 
Investment Entities
 at the same time.
44Y
[Deleted]
44Z
IFRS 9, as issued in July 2014, amended paragraphs 2–5, 8–11, 14, 20, 28–30, 36, 42C–42E, Appendix A and paragraphs B1, B5, B9, B10, B22 and B27, deleted paragraphs 12, 12A, 16, 22–24, 37, 44E, 44F, 44H–44J, 44N, 44S–44W, 44Y, B4 and Appendix D and added paragraphs 5A, 10A, 11A, 11B, 12B–12D, 16A, 20A, 21A–21D, 22A–22C, 23A–23F, 24A–24G, 35A–35N, 42I–42S, 44ZA and B8A–B8J. An entity shall apply those amendments when it applies IFRS 9. Those amendments need not be applied to comparative information provided for periods before the date of initial application of IFRS 9.
44ZA
In accordance with paragraph 7.1.2 of IFRS 9, for annual reporting periods prior to 1 January 2018, an entity may elect to early apply only the requirements for the presentation of gains and losses on financial liabilities designated as at fair value through profit or loss in paragraphs 5.7.1(c), 5.7.7–5.7.9, 7.2.14 and B5.7.5–B5.7.20 of IFRS 9 without applying the other requirements in IFRS 9. If an entity elects to apply only those paragraphs of IFRS 9, it shall disclose that fact and provide on an ongoing basis the related disclosures set out in paragraphs 10–11 of this IFRS (as amended by IFRS 9 (2010)).
44AA
Annual Improvements to IFRSs 2012–2014 Cycle
, issued in September 2014, amended paragraphs 44R and B30 and added paragraph B30A. An entity shall apply those amendments retrospectively in accordance with IAS 8 
Accounting Policies, Changes in Accounting Estimates and Errors
 for annual periods beginning on or after 1 January 2016, except that an entity need not apply the amendments to paragraphs B30 and B30A for any period presented that begins before the annual period for which the entity first applies those amendments. Earlier application of the amendments to paragraphs 44R, B30 and B30A is permitted. If an entity applies those amendments for an earlier period it shall disclose that fact.
44BB
Disclosure Initiative
 (Amendments to IAS 1), issued in December 2014, amended paragraphs 21 and B5. An entity shall apply those amendments for annual periods beginning on or after 1 January 2016. Earlier application of those amendments is permitted.
44CC
IFRS 16 
Leases
, issued in January 2016, amended paragraphs 29 and B11D. An entity shall apply those amendments when it applies IFRS 16.
44DD
IFRS 17, issued in May 2017, amended paragraphs 3, 8 and 29 and deleted paragraph 30. 
Amendments to IFRS 17
, issued in June 2020, further amended paragraph 3. An entity shall apply those amendments when it applies IFRS 17.
44EE
Interest Rate Benchmark Reform
, which amended IFRS 9, IAS 39 and IFRS 7, issued in September 2019, added paragraphs 24H and 44FF. An entity shall apply these amendments when it applies the amendments to IFRS 9 or IAS 39.
44FF
In the reporting period in which an entity first applies 
Interest Rate Benchmark Reform
, issued in September 2019, an entity is not required to present the quantitative information required by paragraph 28(f) of IAS 8 
Accounting Policies, Changes in Accounting Estimates and Errors
.
44GG
Interest Rate Benchmark Reform – Phase 2
, which amended IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16, issued in August 2020, added paragraphs 24I–24J and 44HH. An entity shall apply these amendments when it applies the amendments to IFRS 9, IAS 39, IFRS 4 or IFRS 16.
44HH
In the reporting period in which an entity first applies 
Interest Rate Benchmark Reform – Phase 2
, an entity is not required to disclose the information that would otherwise be required by paragraph 28(f) of IAS 8.
44II
Disclosure of Accounting Policies
, which amends IAS 1 and IFRS Practice Statement 2 
Making Materiality Judgements
, and was issued in February 2021, amended paragraphs 21 and B5. An entity shall apply that amendment for annual reporting periods beginning on or after 1 January 2023. Earlier application is permitted. If an entity applies the amendment for an earlier period, it shall disclose that fact.
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.
Credit risk rating grades
Rating of credit risk based on the risk of a default occurring on the financial instrument.
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 that are settled by delivering cash or another financial asset.
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 by factors affecting all similar financial instruments traded in the market.
The following terms are defined in paragraph 11 of IAS 32, paragraph 9 of IAS 39, Appendix A of IFRS 9 or Appendix A of IFRS 13 and are used in this IFRS with the meaning specified in IAS 32, IAS 39, IFRS 9 and IFRS 13.
—
amortised cost of a financial asset or financial liability
—
contract asset
—
credit-impaired financial assets
—
derecognition
—
derivative
—
dividends
—
effective interest method
—
equity instrument
—
expected credit losses
—
fair value
—
financial asset
—
financial guarantee contract
—
financial instrument
—
financial liability
—
financial liability at fair value through profit or loss
—
forecast transaction
—
gross carrying amount of a financial asset
—
hedging instrument
—
held for trading
—
impairment gains or losses
—
loss allowance
—
past due
—
purchased or originated credit-impaired financial assets
—
reclassification date
—
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 IFRS 9 (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.
B4
[Deleted]
Other disclosure — accounting policies (paragraph 21)
B5
Paragraph 21 requires disclosure of material accounting policy information, which is expected to include information about the measurement basis (or bases) for financial instruments used in preparing the financial statements. For financial instruments, such disclosure may include:
(a)
for financial liabilities designated as at fair value through profit or loss:
(i)
the nature of the financial liabilities the entity has designated as at fair value through profit or loss;
(ii)
the criteria for so designating such financial liabilities on initial recognition; and
(iii)
how the entity has satisfied the conditions in paragraph 4.2.2 of IFRS 9 for such designation.
(aa) for financial assets designated as measured at fair value through profit or loss:
(i)
the nature of the financial assets the entity has designated as measured at fair value through profit or loss; and
(ii)
how the entity has satisfied the criteria in paragraph 4.1.5 of IFRS 9 for such designation.
(b)
[deleted]
(c)
whether regular way purchases and sales of financial assets are accounted for at trade date or at settlement date (see paragraph 3.1.2 of IFRS 9).
(d)
[deleted]
(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)
[deleted]
(g)
[deleted]
Paragraph 122 of IAS 1 (as revised in 2007) also requires entities to disclose, along with material accounting policy information 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.
Credit risk management practices (paragraphs 35F–35G)
B8A
Paragraph 35F(b) requires the disclosure of information about how an entity has defined default for different financial instruments and the reasons for selecting those definitions. In accordance with paragraph 5.5.9 of IFRS 9, the determination of whether lifetime expected credit losses should be recognised is based on the increase in the risk of a default occurring since initial recognition. Information about an entity's definitions of default that will assist users of financial statements in understanding how an entity has applied the expected credit loss requirements in IFRS 9 may include:
(a)
the qualitative and quantitative factors considered in defining default;
(b)
whether different definitions have been applied to different types of financial instruments; and
(c)
assumptions about the cure rate (ie the number of financial assets that return to a performing status) after a default occurred on the financial asset.
B8B
To assist users of financial statements in evaluating an entity's restructuring and modification policies, paragraph 35F(f)(i) requires the disclosure of information about how an entity monitors the extent to which the loss allowance on financial assets previously disclosed in accordance with paragraph 35F(f)(i) are subsequently measured at an amount equal to lifetime expected credit losses in accordance with paragraph 5.5.3 of IFRS 9. Quantitative information that will assist users in understanding the subsequent increase in credit risk of modified financial assets may include information about modified financial assets meeting the criteria in paragraph 35F(f)(i) for which the loss allowance has reverted to being measured at an amount equal to lifetime expected credit losses (ie a deterioration rate).
B8C
Paragraph 35G(a) requires the disclosure of information about the basis of inputs and assumptions and the estimation techniques used to apply the impairment requirements in IFRS 9. An entity's assumptions and inputs used to measure expected credit losses or determine the extent of increases in credit risk since initial recognition may include information obtained from internal historical information or rating reports and assumptions about the expected life of financial instruments and the timing of the sale of collateral.
Changes in the loss allowance (paragraph 35H)
B8D
In accordance with paragraph 35H, an entity is required to explain the reasons for the changes in the loss allowance during the period. In addition to the reconciliation from the opening balance to the closing balance of the loss allowance, it may be necessary to provide a narrative explanation of the changes. This narrative explanation may include an analysis of the reasons for changes in the loss allowance during the period, including:
(a)
the portfolio composition;
(b)
the volume of financial instruments purchased or originated; and
(c)
the severity of the expected credit losses
B8E
For loan commitments and financial guarantee contracts the loss allowance is recognised as a provision. An entity should disclose information about the changes in the loss allowance for financial assets separately from those for loan commitments and financial guarantee contracts. However, if a financial instrument includes both a loan (ie financial asset) and an undrawn commitment (ie loan commitment) component and the entity cannot separately identify the expected credit losses on the loan commitment component from those on the financial asset component, the expected credit losses on the loan commitment should be recognised together with the loss allowance for the financial asset. To the extent that the combined expected credit losses exceed the gross carrying amount of the financial asset, the expected credit losses should be recognised as a provision.
Collateral (paragraph 35K)
B8F
Paragraph 35K requires the disclosure of information that will enable users of financial statements to understand the effect of collateral and other credit enhancements on the amount of expected credit losses. An entity is neither required to disclose information about the fair value of collateral and other credit enhancements nor is it required to quantify the exact value of the collateral that was included in the calculation of expected credit losses (ie the loss given default).
B8G
A narrative description of collateral and its effect on amounts of expected credit losses might include information about:
(a)
the main types of collateral held as security and other credit enhancements (examples of the latter being guarantees, credit derivatives and netting agreements that do not qualify for offset in accordance with IAS 32);
(b)
the volume of collateral held and other credit enhancements and its significance in terms of the loss allowance;
(c)
the policies and processes for valuing and managing collateral and other credit enhancements;
(d)
the main types of counterparties to collateral and other credit enhancements and their creditworthiness; and
(e)
information about risk concentrations within the collateral and other credit enhancements.
Credit risk exposure (paragraphs 35M–35N)
B8H
Paragraph 35M requires the disclosure of information about an entity's credit risk exposure and significant concentrations of credit risk at the reporting date. A concentration of credit risk exists when a number of counterparties are located in a geographical region or are engaged in similar activities and have similar economic characteristics that would cause their ability to meet contractual obligations to be similarly affected by changes in economic or other conditions. An entity should provide information that enables users of financial statements to understand whether there are groups or portfolios of financial instruments with particular features that could affect a large portion of that group of financial instruments such as concentration to particular risks. This could include, for example, loan-to-value groupings, geographical, industry or issuer-type concentrations.
B8I
The number of credit risk rating grades used to disclose the information in accordance with paragraph 35M shall be consistent with the number that the entity reports to key management personnel for credit risk management purposes. If past due information is the only borrower-specific information available and an entity uses past due information to assess whether credit risk has increased significantly since initial recognition in accordance with paragraph 5.5.11 of IFRS 9, an entity shall provide an analysis by past due status for those financial assets.
B8J
When an entity has measured expected credit losses on a collective basis, the entity may not be able to allocate the gross carrying amount of individual financial assets or the exposure to credit risk on loan commitments and financial guarantee contracts to the credit risk rating grades for which lifetime expected credit losses are recognised. In that case, an entity should apply the requirement in paragraph 35M to those financial instruments that can be directly allocated to a credit risk rating grade and disclose separately the gross carrying amount of financial instruments for which lifetime expected credit losses have been measured on a collective basis.
Maximum credit risk exposure (paragraph 36(a))
B9
Paragraphs 35K(a) and 36(a) require 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 loss allowance recognised in accordance with IFRS 9.
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 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 end of the reporting period 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.
Quantitative liquidity risk disclosures (paragraphs 34(a) and 39(a) and (b))
B10A
In accordance with paragraph 34(a) an entity discloses summary quantitative data about its exposure to liquidity risk on the basis of the information provided internally to key management personnel. An entity shall explain how those data are determined. If the outflows of cash (or another financial asset) included in those data could either:
(a)
occur significantly earlier than indicated in the data, or
(b)
be for significantly different amounts from those indicated in the data (eg for a derivative that is included in the data on a net settlement basis but for which the counterparty has the option to require gross settlement),
the entity shall state that fact and provide quantitative information that enables users of its financial statements to evaluate the extent of this risk unless that information is included in the contractual maturity analyses required by paragraph 39(a) or (b).
B11
In preparing the maturity analyses required by paragraph 39(a) and (b) 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.
B11A
In complying with paragraph 39(a) and (b), an entity shall not separate an embedded derivative from a hybrid (combined) financial instrument. For such an instrument, an entity shall apply paragraph 39(a).
B11B
Paragraph 39(b) requires an entity to disclose a quantitative maturity analysis for derivative financial liabilities that shows remaining contractual maturities if the contractual maturities are essential for an understanding of the timing of the cash flows. For example, this would be the case for:
(a)
an interest rate swap with a remaining maturity of five years in a cash flow hedge of a variable rate financial asset or liability.
(b)
all loan commitments.
B11C
Paragraph 39(a) and (b) requires an entity to disclose maturity analyses for financial liabilities that show the remaining contractual maturities for some financial liabilities. In this disclosure:
(a)
when a counterparty has a choice of when an amount is paid, the liability is allocated to the earliest period in which the entity can be required to pay. For example, financial liabilities that an entity can be required to repay on demand (eg demand deposits) are included in the earliest time band.
(b)
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.
(c)
for issued financial guarantee contracts the maximum amount of the guarantee is allocated to the earliest period in which the guarantee could be called.
B11D
The contractual amounts disclosed in the maturity analyses as required by paragraph 39(a) and (b) are the contractual undiscounted cash flows, for example:
(a)
gross lease liabilities (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 (eg 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 statement of financial position because the amount in that statement is based on discounted cash flows. When the amount payable is not fixed, the amount disclosed is determined by reference to the conditions existing at the end of the reporting period. 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 end of the period.
B11E
Paragraph 39(c) requires an entity to describe how it manages the liquidity risk inherent in the items disclosed in the quantitative disclosures required in paragraph 39(a) and (b). An entity shall disclose a maturity analysis of financial assets it holds for managing liquidity risk (eg financial assets that are readily saleable or expected to generate cash inflows to meet cash outflows on financial liabilities), if that information is necessary to enable users of its financial statements to evaluate the nature and extent of liquidity risk.
B11F
Other factors that an entity might consider in providing the disclosure required in paragraph 39(c) include, but are not limited to, whether the entity:
(a)
has committed borrowing facilities (eg commercial paper facilities) or other lines of credit (eg stand-by credit facilities) that it can access to meet liquidity needs;
(b)
holds deposits at central banks to meet liquidity needs;
(c)
has very diverse funding sources;
(d)
has significant concentrations of liquidity risk in either its assets or its funding sources;
(e)
has internal control processes and contingency plans for managing liquidity risk;
(f)
has instruments that include accelerated repayment terms (eg on the downgrade of the entity’s credit rating);
(g)
has instruments that could require the posting of collateral (eg margin calls for derivatives);
(h)
has instruments that allow the entity to choose whether it settles its financial liabilities by delivering cash (or another financial asset) or by delivering its own shares; or
(i)
has instruments that are subject to master netting agreements.
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 end of the reporting period assuming that a reasonably possible change in the relevant risk variable had occurred at the end of the reporting period 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 statement of financial position (eg debt instruments acquired or issued) and on some financial instruments not recognised in the statement of financial position (eg 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 measured at fair value through profit or loss) is disclosed separately from the sensitivity of other comprehensive income (that arises, for example, from investments in equity instruments whose changes in fair value are presented in other comprehensive income).
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.
DERECOGNITION (PARAGRAPHS 42C–42H)
Continuing involvement (paragraph 42C)
B29
The assessment of continuing involvement in a transferred financial asset for the purposes of the disclosure requirements in paragraphs 42E–42H is made at the level of the reporting entity. For example, if a subsidiary transfers to an unrelated third party a financial asset in which the parent of the subsidiary has continuing involvement, the subsidiary does not include the parent’s involvement in the assessment of whether it has continuing involvement in the transferred asset in its separate or individual financial statements (ie when the subsidiary is the reporting entity). However, a parent would include its continuing involvement (or that of another member of the group) in a financial asset transferred by its subsidiary in determining whether it has continuing involvement in the transferred asset in its consolidated financial statements (ie when the reporting entity is the group).
B30
An entity does not have a continuing involvement in a transferred financial asset if, as part of the transfer, it neither retains any of the contractual rights or obligations inherent in the transferred financial asset nor acquires any new contractual rights or obligations relating to the transferred financial asset. An entity does not have continuing involvement in a transferred financial asset if it has neither an interest in the future performance of the transferred financial asset nor a responsibility under any circumstances to make payments in respect of the transferred financial asset in the future. The term ‘payment’ in this context does not include cash flows of the transferred financial asset that an entity collects and is required to remit to the transferee.
B30A
When an entity transfers a financial asset, the entity may retain the right to service that financial asset for a fee that is included in, for example, a servicing contract. The entity assesses the servicing contract in accordance with the guidance in paragraphs 42C and B30 to decide whether the entity has continuing involvement as a result of the servicing contract for the purposes of the disclosure requirements. For example, a servicer will have continuing involvement in the transferred financial asset for the purposes of the disclosure requirements if the servicing fee is dependent on the amount or timing of the cash flows collected from the transferred financial asset. Similarly, a servicer has continuing involvement for the purposes of the disclosure requirements if a fixed fee would not be paid in full because of non-performance of the transferred financial asset. In these examples, the servicer has an interest in the future performance of the transferred financial asset. This assessment is independent of whether the fee to be received is expected to compensate the entity adequately for performing the servicing.
B31
Continuing involvement in a transferred financial asset may result from contractual provisions in the transfer agreement or in a separate agreement with the transferee or a third party entered into in connection with the transfer.
Transferred financial assets that are not derecognised in their entirety (paragraph 42D)
B32
Paragraph 42D requires disclosures when part or all of the transferred financial assets do not qualify for derecognition. Those disclosures are required at each reporting date at which the entity continues to recognise the transferred financial assets, regardless of when the transfers occurred.
Types of continuing involvement (paragraphs 42E–42H)
B33
Paragraphs 42E–42H require qualitative and quantitative disclosures for each type of continuing involvement in derecognised financial assets. An entity shall aggregate its continuing involvement into types that are representative of the entity’s exposure to risks. For example, an entity may aggregate its continuing involvement by type of financial instrument (eg guarantees or call options) or by type of transfer (eg factoring of receivables, securitisations and securities lending).
Maturity analysis for undiscounted cash outflows to repurchase transferred assets (paragraph 42E(e))
B34
Paragraph 42E(e) requires an entity to disclose a maturity analysis of the undiscounted cash outflows to repurchase derecognised financial assets or other amounts payable to the transferee in respect of the derecognised financial assets, showing the remaining contractual maturities of the entity’s continuing involvement. This analysis distinguishes cash flows that are required to be paid (eg forward contracts), cash flows that the entity may be required to pay (eg written put options) and cash flows that the entity might choose to pay (eg purchased call options).
B35
An entity shall use its judgement to determine an appropriate number of time bands in preparing the maturity analysis required by paragraph 42E(e). For example, an entity might determine that the following maturity 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 six months;
(d)
later than six months and not later than one year;
(e)
later than one year and not later than three years;
(f)
later than three years and not later than five years; and
(g)
more than five years.
B36
If there is a range of possible maturities, the cash flows are included on the basis of the earliest date on which the entity can be required or is permitted to pay.
Qualitative information (paragraph 42E(f))
B37
The qualitative information required by paragraph 42E(f) includes a description of the derecognised financial assets and the nature and purpose of the continuing involvement retained after transferring those assets. It also includes a description of the risks to which an entity is exposed, including:
(a)
a description of how the entity manages the risk inherent in its continuing involvement in the derecognised financial assets;
(b)
whether the entity is required to bear losses before other parties, and the ranking and amounts of losses borne by parties whose interests rank lower than the entity’s interest in the asset (ie its continuing involvement in the asset);
(c)
a description of any triggers associated with obligations to provide financial support or to repurchase a transferred financial asset.
Gain or loss on derecognition (paragraph 42G(a))
B38
Paragraph 42G(a) requires an entity to disclose the gain or loss on derecognition relating to financial assets in which the entity has continuing involvement. The entity shall disclose if a gain or loss on derecognition arose because the fair values of the components of the previously recognised asset (ie the interest in the asset derecognised and the interest retained by the entity) were different from the fair value of the previously recognised asset as a whole. In that situation, the entity shall also disclose whether the fair value measurements included significant inputs that were not based on observable market data, as described in paragraph 27A.
Supplementary information (paragraph 42H)
B39
The disclosures required in paragraphs 42D–42G may not be sufficient to meet the disclosure objectives in paragraph 42B. If this is the case, the entity shall disclose whatever additional information is necessary to meet the disclosure objectives. The entity shall decide, in the light of its circumstances, how much additional information it needs to provide to satisfy the information needs of users and how much emphasis it places on different aspects of the additional information. It is necessary to strike a balance between burdening financial statements with excessive detail that may not assist users of financial statements and obscuring information as a result of too much aggregation.
Offsetting financial assets and financial liabilities (paragraphs 13A–13F)
Scope (paragraph 13A)
B40
The disclosures in paragraphs 13B–13E are required for all recognised financial instruments that are set off in accordance with paragraph 42 of IAS 32. In addition, financial instruments are within the scope of the disclosure requirements in paragraphs 13B–13E if they are subject to an enforceable master netting arrangement or similar agreement that covers similar financial instruments and transactions, irrespective of whether the financial instruments are set off in accordance with paragraph 42 of IAS 32.
B41
The similar agreements referred to in paragraphs 13A and B40 include derivative clearing agreements, global master repurchase agreements, global master securities lending agreements, and any related rights to financial collateral. The similar financial instruments and transactions referred to in paragraph B40 include derivatives, sale and repurchase agreements, reverse sale and repurchase agreements, securities borrowing, and securities lending agreements. Examples of financial instruments that are not within the scope of paragraph 13A are loans and customer deposits at the same institution (unless they are set off in the statement of financial position), and financial instruments that are subject only to a collateral agreement.
Disclosure of quantitative information for recognised financial assets and recognised financial liabilities within the scope of paragraph 13A (paragraph 13C)
B42
Financial instruments disclosed in accordance with paragraph 13C may be subject to different measurement requirements (for example, a payable related to a repurchase agreement may be measured at amortised cost, while a derivative will be measured at fair value). An entity shall include instruments at their recognised amounts and describe any resulting measurement differences in the related disclosures.
Disclosure of the gross amounts of recognised financial assets and recognised financial liabilities within the scope of paragraph 13A (paragraph 13C(a))
B43
The amounts required by paragraph 13C(a) relate to recognised financial instruments that are set off in accordance with paragraph 42 of IAS 32. The amounts required by paragraph 13C(a) also relate to recognised financial instruments that are subject to an enforceable master netting arrangement or similar agreement irrespective of whether they meet the offsetting criteria. However, the disclosures required by paragraph 13C(a) do not relate to any amounts recognised as a result of collateral agreements that do not meet the offsetting criteria in paragraph 42 of IAS 32. Instead, such amounts are required to be disclosed in accordance with paragraph 13C(d).
Disclosure of the amounts that are set off in accordance with the criteria in paragraph 42 of IAS 32 (paragraph 13C(b))
B44
Paragraph 13C(b) requires that entities disclose the amounts set off in accordance with paragraph 42 of IAS 32 when determining the net amounts presented in the statement of financial position. The amounts of both the recognised financial assets and the recognised financial liabilities that are subject to set-off under the same arrangement will be disclosed in both the financial asset and financial liability disclosures. However, the amounts disclosed (in, for example, a table) are limited to the amounts that are subject to set-off. For example, an entity may have a recognised derivative asset and a recognised derivative liability that meet the offsetting criteria in paragraph 42 of IAS 32. If the gross amount of the derivative asset is larger than the gross amount of the derivative liability, the financial asset disclosure table will include the entire amount of the derivative asset (in accordance with paragraph 13C(a)) and the entire amount of the derivative liability (in accordance with paragraph 13C(b)). However, while the financial liability disclosure table will include the entire amount of the derivative liability (in accordance with paragraph 13C(a)), it will only include the amount of the derivative asset (in accordance with paragraph 13C(b)) that is equal to the amount of the derivative liability.
Disclosure of the net amounts presented in the statement of financial position (paragraph 13C(c))
B45
If an entity has instruments that meet the scope of these disclosures (as specified in paragraph 13A), but that do not meet the offsetting criteria in paragraph 42 of IAS 32, the amounts required to be disclosed by paragraph 13C(c) would equal the amounts required to be disclosed by paragraph 13C(a).
B46
The amounts required to be disclosed by paragraph 13C(c) must be reconciled to the individual line item amounts presented in the statement of financial position. For example, if an entity determines that the aggregation or disaggregation of individual financial statement line item amounts provides more relevant information, it must reconcile the aggregated or disaggregated amounts disclosed in paragraph 13C(c) back to the individual line item amounts presented in the statement of financial position.
Disclosure of the amounts subject to an enforceable master netting arrangement or similar agreement that are not otherwise included in paragraph 13C(b) (paragraph 13C(d))
B47
Paragraph 13C(d) requires that entities disclose amounts that are subject to an enforceable master netting arrangement or similar agreement that are not otherwise included in paragraph 13C(b). Paragraph 13C(d)(i) refers to amounts related to recognised financial instruments that do not meet some or all of the offsetting criteria in paragraph 42 of IAS 32 (for example, current rights of set-off that do not meet the criterion in paragraph 42(b) of IAS 32, or conditional rights of set-off that are enforceable and exercisable only in the event of default, or only in the event of insolvency or bankruptcy of any of the counterparties).
B48
Paragraph 13C(d)(ii) refers to amounts related to financial collateral, including cash collateral, both received and pledged. An entity shall disclose the fair value of those financial instruments that have been pledged or received as collateral. The amounts disclosed in accordance with paragraph 13C(d)(ii) should relate to the actual collateral received or pledged and not to any resulting payables or receivables recognised to return or receive back such collateral.
Limits on the amounts disclosed in paragraph 13C(d) (paragraph 13D)
B49
When disclosing amounts in accordance with paragraph 13C(d), an entity must take into account the effects of over-collateralisation by financial instrument. To do so, the entity must first deduct the amounts disclosed in accordance with paragraph 13C(d)(i) from the amount disclosed in accordance with paragraph 13C(c). The entity shall then limit the amounts disclosed in accordance with paragraph 13C(d)(ii) to the remaining amount in paragraph 13C(c) for the related financial instrument. However, if rights to collateral can be enforced across financial instruments, such rights can be included in the disclosure provided in accordance with paragraph 13D.
Description of the rights of set-off subject to enforceable master netting arrangements and similar agreements (paragraph 13E)
B50
An entity shall describe the types of rights of set-off and similar arrangements disclosed in accordance with paragraph 13C(d), including the nature of those rights. For example, an entity shall describe its conditional rights. For instruments subject to rights of set-off that are not contingent on a future event but that do not meet the remaining criteria in paragraph 42 of IAS 32, the entity shall describe the reason(s) why the criteria are not met. For any financial collateral received or pledged, the entity shall describe the terms of the collateral agreement (for example, when the collateral is restricted).
Disclosure by type of financial instrument or by counterparty
B51
The quantitative disclosures required by paragraph 13C(a)–(e) may be grouped by type of financial instrument or transaction (for example, derivatives, repurchase and reverse repurchase agreements or securities borrowing and securities lending agreements).
B52
Alternatively, an entity may group the quantitative disclosures required by paragraph 13C(a)–(c) by type of financial instrument, and the quantitative disclosures required by paragraph 13C(c)–(e) by counterparty. If an entity provides the required information by counterparty, the entity is not required to identify the counterparties by name. However, designation of counterparties (Counterparty A, Counterparty B, Counterparty C, etc) shall remain consistent from year to year for the years presented to maintain comparability. Qualitative disclosures shall be considered so that further information can be given about the types of counterparties. When disclosure of the amounts in paragraph 13C(c)–(e) is provided by counterparty, amounts that are individually significant in terms of total counterparty amounts shall be separately disclosed and the remaining individually insignificant counterparty amounts shall be aggregated into one line item.
Other
B53
The specific disclosures required by paragraphs 13C–13E are minimum requirements. To meet the objective in paragraph 13B an entity may need to supplement them with additional (qualitative) disclosures, depending on the terms of the enforceable master netting arrangements and related agreements, including the nature of the rights of set-off, and their effect or potential effect on the entity’s financial position.
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 a statement of comprehensive income 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 the amounts in the statement of financial position for reportable segments to the amounts in the entity’s statement of financial position are required for each date at which a statement of financial position 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);
(aa)
the judgements made by management in applying the aggregation criteria in paragraph 12. This includes a brief description of the operating segments that have been aggregated in this way and the economic indicators that have been assessed in determining that the aggregated operating segments share similar economic characteristics; 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 for each reportable segment. An entity shall report a measure of total assets and liabilities for each reportable segment if such amounts are 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 97 of IAS 1 
Presentation of Financial Statements
 (as revised in 2007);
(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 
(
48
)
 other than financial instruments, deferred tax assets, net defined benefit assets (see IAS 19 
Employee Benefits
) 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 if the segment assets are reported in accordance with paragraph 23;
(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 
(
49
)
 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. However, judgement is required to assess whether a government (including government agencies and similar bodies whether local, national or international) and entities known to the reporting entity to be under the control of that government are considered a single customer. In assessing this, the reporting entity shall consider the extent of economic integration between those entities.
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.
35A
Paragraph 23 was amended by 
Improvements to IFRSs
 issued in April 2009. An entity shall apply that amendment for annual periods beginning on or after 1 January 2010. Earlier application is permitted. If an entity applies the amendment for an earlier period it shall disclose that fact.
36
Segment information for prior years that is reported as comparative information for the initial year of application (including application of the amendment to paragraph 23 made in April 2009) 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.
36A
IAS 1 (as revised in 2007) amended the terminology used throughout IFRSs. In addition it amended paragraph 23(f). An entity shall apply those amendments for annual periods beginning on or after 1 January 2009. If an entity applies IAS 1 (revised 2007) for an earlier period, the amendments shall be applied for that earlier period.
36B
IAS 24 
Related Party Disclosures
 (as revised in 2009) amended paragraph 34 for annual periods beginning on or after 1 January 2011. If an entity applies IAS 24 (revised 2009) for an earlier period, it shall apply the amendment to paragraph 34 for that earlier period.
36C
Annual Improvements to IFRSs 2010–2012 Cycle
, issued in December 2013, amended paragraphs 22 and 28. An entity shall apply those amendments for annual periods beginning on or after 1 July 2014. Earlier application is permitted. If an entity applies those amendments for an earlier period it shall disclose that fact.
WITHDRAWAL OF IAS 14
37
This IFRS supersedes IAS 14 
Segment Reporting
.
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.
INTERNATIONAL FINANCIAL REPORTING STANDARD 9
Financial Instruments
CHAPTER 1
   
Objective
1.1
The objective of this Standard is to establish principles for the financial reporting of 
financial assets
 and 
financial liabilities
 that will present relevant and useful information to users of financial statements for their assessment of the amounts, timing and uncertainty of an entity's future cash flows.
CHAPTER 2
   
Scope
2.1
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 IFRS 10 
Consolidated Financial Statements
, IAS 27 
Separate Financial Statements
 or IAS 28 
Investments in Associates and Joint Ventures
. However, in some cases, IFRS 10, IAS 27 or IAS 28 require or permit an entity to account for an interest in a subsidiary, associate or joint venture in accordance with some or all of the requirements of 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 
Financial Instruments: Presentation
.
(b)
rights and obligations under leases to which IFRS 16 
Leases
 applies. However:
(i)
finance lease receivables (ie net investments in finance leases) and operating lease receivables recognised by a lessor are subject to the derecognition and impairment requirements of this Standard;
(ii)
lease liabilities recognised by a lessee are subject to the derecognition requirements in paragraph 3.3.1 of this Standard; and
(iii)
derivatives that are embedded in leases are subject to the embedded derivatives requirements of this Standard.
(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) or that are required to be classified as an equity instrument in accordance with paragraphs 16A and 16B or paragraphs 16C and 16D of IAS 32. However, the holder of such equity instruments shall apply this Standard to those instruments, unless they meet the exception in (a).
(e)
rights and obligations arising under an insurance contract as defined in IFRS 17 
Insurance Contracts
, or an investment contract with discretionary participation features within the scope of IFRS 17. However, this Standard applies to:
(i)
derivatives that are embedded in contracts within the scope of IFRS 17, if the derivatives are not themselves contracts within the scope of IFRS 17.
(ii)
investment components that are separated from contracts within the scope of IFRS 17, if IFRS 17 requires such separation, unless the separated investment component is an investment contract with discretionary participation features within the scope of IFRS 17.
(iii)
an issuer’s rights and obligations under insurance contracts that meet the definition of a financial guarantee contract. However, if an issuer of financial guarantee contracts has previously asserted explicitly that it regards such contracts as insurance contracts and has used accounting that is applicable to insurance contracts, the issuer may elect to apply either this Standard or IFRS 17 to such financial guarantee contracts (see paragraphs B2.5–B2.6). The issuer may make that election contract by contract, but the election for each contract is irrevocable.
(iv)
an entity’s rights and obligations that are financial instruments arising under credit card contracts, or similar contracts that provide credit or payment arrangements, that an entity issues that meet the definition of an insurance contract but which paragraph 7(h) of IFRS 17 excludes from the scope of IFRS 17. However, if, and only if, the insurance coverage is a contractual term of such a financial instrument, the entity shall separate that component and apply IFRS 17 to it (see paragraph 7(h) of IFRS 17).
(v)
an entity’s rights and obligations that are financial instruments arising under insurance contracts that an entity issues that limit the compensation for insured events to the amount otherwise required to settle the policyholder’s obligation created by the contract, if the entity elects, in accordance with paragraph 8A of IFRS 17, to apply IFRS 9 instead of IFRS 17 to such contracts.
(f)
any forward contract between an acquirer and a selling shareholder to buy or sell an acquiree that will result in a business combination within the scope of IFRS 3 
Business Combinations
 at a future acquisition date. The term of the forward contract should not exceed a reasonable period normally necessary to obtain any required approvals and to complete the transaction.
(g)
loan commitments other than those loan commitments described in paragraph 2.3. However, an issuer of loan commitments shall apply the impairment requirements of this Standard to loan commitments that are not otherwise within the scope of this Standard. Also, all loan commitments are subject to the derecognition requirements of this Standard.
(h)
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 2.4–2.7 of this Standard to which this Standard applies.
(i)
rights to payments to reimburse the entity for expenditure that it is required to make to settle a liability that it recognises as a provision in accordance with IAS 37 
Provisions, Contingent Liabilities and Contingent Assets
, or for which, in an earlier period, it recognised a provision in accordance with IAS 37.
(j)
rights and obligations within the scope of IFRS 15 
Revenue from Contracts with Customers
 that are financial instruments, except for those that IFRS 15 specifies are accounted for in accordance with this Standard.
2.2
The impairment requirements of this Standard shall be applied to those rights that IFRS 15 specifies are accounted for in accordance with this Standard for the purposes of recognising impairment gains or losses.
2.3
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 (see paragraph 4.2.2). 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 (see paragraph 4.2.1(d)).
2.4
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. However, this Standard shall be applied to those contracts that an entity designates as measured at fair value through profit or loss in accordance with paragraph 2.5.
2.5
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, as if the contract was a financial instrument, may be irrevocably designated as measured at fair value through profit or loss even if it was entered into 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. This designation is available only at inception of the contract and only if it eliminates or significantly reduces a recognition inconsistency (sometimes referred to as an ‘accounting mismatch’) that would otherwise arise from not recognising that contract because it is excluded from the scope of this Standard (see paragraph 2.4).
2.6
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 2.4 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.
2.7
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 2.6(a) or 2.6(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.
CHAPTER 3
   
Recognition and derecognition
3.1   INITIAL RECOGNITION
3.1.1
An entity shall recognise a financial asset or a financial liability in its statement of financial position when, and only when, the entity becomes party to the contractual provisions of the instrument (see paragraphs B3.1.1 and B3.1.2). When an entity first recognises a financial asset, it shall classify it in accordance with paragraphs 4.1.1–4.1.5 and measure it in accordance with paragraphs 5.1.1–5.1.3. When an entity first recognises a financial liability, it shall classify it in accordance with paragraphs 4.2.1 and 4.2.2 and measure it in accordance with paragraph 5.1.1.
Regular way purchase or sale of financial assets
3.1.2
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 paragraphs B3.1.3–B3.1.6).
3.2   DERECOGNITION OF FINANCIAL ASSETS
3.2.1
In consolidated financial statements, paragraphs 3.2.2–3.2.9, B3.1.1, B3.1.2 and B3.2.1–B3.2.17 are applied at a consolidated level. Hence, an entity first consolidates all subsidiaries in accordance with IFRS 10 and then applies those paragraphs to the resulting group.
3.2.2
Before evaluating whether, and to what extent, 
derecognition
 is appropriate under paragraphs 3.2.3–3.2.9, 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 3.2.3–3.2.9 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 3.2.3–3.2.9 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 3.2.3–3.2.9 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 3.2.3–3.2.9 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 3.2.3–3.2.9 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 3.2.3–3.2.9 are applied to the financial asset (or a group of similar financial assets) in its entirety.
In paragraphs 3.2.3–3.2.12, 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.
3.2.3
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 3.2.4 and 3.2.5 and the transfer qualifies for derecognition in accordance with paragraph 3.2.6.
(See paragraph 3.1.2 for regular way sales of financial assets.)
3.2.4
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 3.2.5.
3.2.5
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 
Statement of Cash Flows
) 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.
3.2.6
When an entity transfers a financial asset (see paragraph 3.2.4), 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 3.2.16).
3.2.7
The transfer of risks and rewards (see paragraph 3.2.6) 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 (eg 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 (eg 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 3.2.5).
3.2.8
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 are 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.
3.2.9
Whether the entity has retained control (see paragraph 3.2.6(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
3.2.10
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 3.2.13.
3.2.11
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.
3.2.12
On derecognition of a financial asset in its entirety, the difference between:
(a)
the carrying amount (measured at the date of derecognition) and
(b)
the consideration received (including any new asset obtained less any new liability assumed)
shall be recognised in profit or loss.
3.2.13
If the transferred asset is part of a larger financial asset (eg when an entity transfers interest cash flows that are part of a debt instrument, see paragraph 3.2.2(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, on the basis of 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 (measured at the date of derecognition) allocated to the part derecognised and
(b)
the consideration received for the part derecognised (including any new asset obtained less any new liability assumed)
shall be recognised in profit or loss.
3.2.14
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 measured. 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
3.2.15
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
3.2.16
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 the 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 B3.2.13).
(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.
3.2.17
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.
3.2.18
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.
3.2.19
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 5.7.1, and shall not be offset.
3.2.20
If an entity's continuing involvement is in only a part of a financial asset (eg 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 3.2.14 apply. The difference between:
(a)
the carrying amount (measured at the date of derecognition) allocated to the part that is no longer recognised and
(b)
the consideration received for the part no longer recognised
shall be recognised in profit or loss.
3.2.21
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
3.2.22
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 paragraph 42 of IAS 32).
3.2.23
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 statement of financial position (eg 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.
3.3   DERECOGNITION OF FINANCIAL LIABILITIES
3.3.1
An entity shall remove a financial liability (or a part of a financial liability) from its statement of financial position when, and only when, it is extinguished—ie when the obligation specified in the contract is discharged or cancelled or expires.
3.3.2
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.
3.3.3
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.
3.3.4
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.
3.3.5
Some entities operate, either internally or externally, an investment fund that provides investors with benefits determined by units in the fund and recognise financial liabilities for the amounts to be paid to those investors. Similarly, some entities issue groups of insurance contracts with direct participation features and those entities hold the underlying items. Some such funds or underlying items include the entity’s financial liability (for example, a corporate bond issued). Despite the other requirements in this Standard for the derecognition of financial liabilities, an entity may elect not to derecognise its financial liability that is included in such a fund or is an underlying item when, and only when, the entity repurchases its financial liability for such purposes. Instead, the entity may elect to continue to account for that instrument as a financial liability and to account for the repurchased instrument as if the instrument were a financial asset, and measure it at fair value through profit or loss in accordance with this Standard. That election is irrevocable and made on an instrument-by-instrument basis. For the purposes of this election, insurance contracts include investment contracts with discretionary participation features. (See IFRS 17 for terms used in this paragraph that are defined in that Standard.)
CHAPTER 4
   
Classification
4.1   CLASSIFICATION OF FINANCIAL ASSETS
4.1.1
Unless paragraph 4.1.5 applies, an entity shall classify financial assets as subsequently measured at amortised cost, fair value through other comprehensive income or fair value through profit or loss on the basis of both:
(a)
the entity's business model for managing the financial assets and
(b)
the contractual cash flow characteristics of the financial asset.
4.1.2
A financial asset shall be measured at amortised cost if both of the following conditions are met:
(a)
the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows and
(b)
the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
Paragraphs B4.1.1–B4.1.26 provide guidance on how to apply these conditions.
4.1.2A
A financial asset shall be measured at fair value through other comprehensive income if both of the following conditions are met:
(a)
the financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets and
(b)
the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
Paragraphs B4.1.1–B4.1.26 provide guidance on how to apply these conditions.
4.1.3
For the purpose of applying paragraphs 4.1.2(b) and 4.1.2A(b):
(a)
principal is the fair value of the financial asset at initial recognition. Paragraph B4.1.7B provides additional guidance on the meaning of principal.
(b)
interest consists of consideration for the time value of money, for the credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs, as well as a profit margin. Paragraphs B4.1.7A and B4.1.9A–B4.1.9E provide additional guidance on the meaning of interest, including the meaning of the time value of money.
4.1.4
A financial asset shall be measured at fair value through profit or loss unless it is measured at amortised cost in accordance with paragraph 4.1.2 or at fair value through other comprehensive income in accordance with paragraph 4.1.2A. However an entity may make an irrevocable election at initial recognition for particular investments in 
equity instruments
 that would otherwise be measured at fair value through profit or loss to present subsequent changes in fair value in other comprehensive income (see paragraphs 5.7.5–5.7.6).
Option to designate a financial asset at fair value through profit or loss
4.1.5
Despite paragraphs 4.1.1–4.1.4, an entity may, at initial recognition, irrevocably designate a financial asset as measured at fair value through profit or loss if doing so 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 (see paragraphs B4.1.29–B4.1.32).
4.2   CLASSIFICATION OF FINANCIAL LIABILITIES
4.2.1
An entity shall classify all financial liabilities as subsequently measured at amortised cost, except for:
(a)
financial liabilities at fair value through profit or loss
. Such liabilities, including 
derivatives
 that are liabilities, shall be subsequently measured at fair value.
(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 3.2.15 and 3.2.17 apply to the measurement of such financial liabilities.
(c)
financial guarantee contracts
. After initial recognition, an issuer of such a contract shall (unless paragraph 4.2.1(a) or (b) applies) subsequently measure it at the higher of:
(i)
the amount of the 
loss allowance
 determined in accordance with Section 5.5 and
(ii)
the amount initially recognised (see paragraph 5.1.1) less, when appropriate, the cumulative amount of income recognised in accordance with the principles of IFRS 15.
(d)
commitments to provide a loan at a below-market interest rate. An issuer of such a commitment shall (unless paragraph 4.2.1(a) applies) subsequently measure it at the higher of:
(i)
the amount of the loss allowance determined in accordance with Section 5.5 and
(ii)
the amount initially recognised (see paragraph 5.1.1) less, when appropriate, the cumulative amount of income recognised in accordance with the principles of IFRS 15.
(e)
contingent consideration recognised by an acquirer in a business combination to which IFRS 3 applies. Such contingent consideration shall subsequently be measured at fair value with changes recognised in profit or loss.
Option to designate a financial liability at fair value through profit or loss
4.2.2
An entity may, at initial recognition, irrevocably designate a financial liability as measured at fair value through profit or loss when permitted by paragraph 4.3.5, or when doing so results in more relevant information, because either:
(a)
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 (see paragraphs B4.1.29–B4.1.32); or
(b)
a group of financial liabilities or financial assets and financial liabilities 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
), for example, the entity's board of directors and chief executive officer (see paragraphs B4.1.33–B4.1.36).
4.3   EMBEDDED DERIVATIVES
4.3.1
An embedded derivative is a component of a hybrid contract that also includes a non-derivative host—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, is not an embedded derivative, but a separate financial instrument.
Hybrid contracts with financial asset hosts
4.3.2
If a hybrid contract contains a host that is an asset within the scope of this Standard, an entity shall apply the requirements in paragraphs 4.1.1–4.1.5 to the entire hybrid contract.
Other hybrid contracts
4.3.3
If a hybrid contract contains a host that is not an asset within the scope of this Standard, an embedded derivative shall be separated from the host 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 (see paragraphs B4.3.5 and B4.3.8);
(b)
a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative; and
(c)
the hybrid contract is not measured at fair value with changes in fair value recognised in profit or loss (ie a derivative that is embedded in a financial liability at fair value through profit or loss is not separated).
4.3.4
If an embedded derivative is separated, the host contract shall be accounted for in accordance with the appropriate Standards. This Standard does not address whether an embedded derivative shall be presented separately in the statement of financial position.
4.3.5
Despite paragraphs 4.3.3 and 4.3.4, if a contract contains one or more embedded derivatives and the host is not an asset within the scope of this Standard, an entity may designate the entire hybrid contract as at fair value through profit or loss unless:
(a)
the embedded derivative(s) do(es) 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 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.
4.3.6
If an entity is required by this Standard to separate an embedded derivative from its host, but is unable to measure the embedded derivative separately either at acquisition or at the end of a subsequent financial reporting period, it shall designate the entire hybrid contract as at fair value through profit or loss.
4.3.7
If an entity is unable to measure reliably the fair value of an embedded derivative on the basis of its terms and conditions, the fair value of the embedded derivative is the difference between the fair value of the hybrid contract and the fair value of the host. If the entity is unable to measure the fair value of the embedded derivative using this method, paragraph 4.3.6 applies and the hybrid contract is designated as at fair value through profit or loss.
4.4   RECLASSIFICATION
4.4.1
When, and only when, an entity changes its business model for managing financial assets it shall reclassify all affected financial assets in accordance with paragraphs 4.1.1–4.1.4. See paragraphs 5.6.1–5.6.7, B4.4.1–B4.4.3 and B5.6.1–B5.6.2 for additional guidance on reclassifying financial assets.
4.4.2
An entity shall not reclassify any financial liability.
4.4.3
The following changes in circumstances are not reclassifications for the purposes of paragraphs 4.4.1–4.4.2:
(a)
an item that was previously a designated and effective hedging instrument in a cash flow hedge or net investment hedge no longer qualifies as such;
(b)
an item becomes a designated and effective hedging instrument in a cash flow hedge or net investment hedge; and
(c)
changes in measurement in accordance with Section 6.7.
CHAPTER 5
   
Measurement
5.1   INITIAL MEASUREMENT
5.1.1
Except for trade receivables within the scope of paragraph 5.1.3, at initial recognition, an entity shall measure a financial asset or financial liability at its fair value plus or minus, 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.
5.1.1A
However, if the fair value of the financial asset or financial liability at initial recognition differs from the transaction price, an entity shall apply paragraph B5.1.2A.
5.1.2
When an entity uses settlement date accounting for an asset that is subsequently measured at amortised cost, the asset is recognised initially at its fair value on the trade date (see paragraphs B3.1.3–B3.1.6).
5.1.3
Despite the requirement in paragraph 5.1.1, at initial recognition, an entity shall measure trade receivables at their transaction price (as defined in IFRS 15) if the trade receivables do not contain a significant financing component in accordance with IFRS 15 (or when the entity applies the practical expedient in accordance with paragraph 63 of IFRS 15).
5.2   SUBSEQUENT MEASUREMENT OF FINANCIAL ASSETS
5.2.1
After initial recognition, an entity shall measure a financial asset in accordance with paragraphs 4.1.1–4.1.5 at:
(a)
amortised cost;
(b)
fair value through other comprehensive income; or
(c)
fair value through profit or loss.
5.2.2
An entity shall apply the impairment requirements in Section 5.5 to financial assets that are measured at amortised cost in accordance with paragraph 4.1.2 and to financial assets that are measured at fair value through other comprehensive income in accordance with paragraph 4.1.2A.
5.2.3
An entity shall apply the hedge accounting requirements in paragraphs 6.5.8–6.5.14 (and, if applicable, paragraphs 89–94 of IAS 39 
Financial Instruments: Recognition and Measurement
 for the fair value hedge accounting for a portfolio hedge of interest rate risk) to a financial asset that is designated as a hedged item
 
(
50
)
.
5.3   SUBSEQUENT MEASUREMENT OF FINANCIAL LIABILITIES
5.3.1
After initial recognition, an entity shall measure a financial liability in accordance with paragraphs 4.2.1–4.2.2.
5.3.2
An entity shall apply the hedge accounting requirements in paragraphs 6.5.8–6.5.14 (and, if applicable, paragraphs 89–94 of IAS 39 for the fair value hedge accounting for a portfolio hedge of interest rate risk) to a financial liability that is designated as a hedged item.
5.4   AMORTISED COST MEASUREMENT
Financial assets
Effective interest method
5.4.1
Interest revenue shall be calculated by using the 
effective interest method
 (see Appendix A and paragraphs B5.4.1–B5.4.7). This shall be calculated by applying the 
effective interest rate
 to the 
gross carrying amount of a financial asset
 except for:
(a)
purchased or originated credit-impaired financial assets
. For those financial assets, the entity shall apply the 
credit-adjusted effective interest rate
 to the 
amortised cost of the financial asset
 from initial recognition.
(b)
financial assets that are not purchased or originated credit-impaired financial assets but subsequently have become 
credit-impaired financial assets
. For those financial assets, the entity shall apply the effective interest rate to the amortised cost of the financial asset in subsequent reporting periods.
5.4.2
An entity that, in a reporting period, calculates interest revenue by applying the effective interest method to the amortised cost of a financial asset in accordance with paragraph 5.4.1(b), shall, in subsequent reporting periods, calculate the interest revenue by applying the effective interest rate to the gross carrying amount if the credit risk on the financial instrument improves so that the financial asset is no longer credit-impaired and the improvement can be related objectively to an event occurring after the requirements in paragraph 5.4.1(b) were applied (such as an improvement in the borrower's credit rating).
Modification of contractual cash flows
5.4.3
When the contractual cash flows of a financial asset are renegotiated or otherwise modified and the renegotiation or modification does not result in the derecognition of that financial asset in accordance with this Standard, an entity shall recalculate the gross carrying amount of the financial asset and shall recognise a 
modification gain or loss
 in profit or loss. The gross carrying amount of the financial asset shall be recalculated as the present value of the renegotiated or modified contractual cash flows that are discounted at the financial asset's original effective interest rate (or credit-adjusted effective interest rate for purchased or originated credit-impaired financial assets) or, when applicable, the revised effective interest rate calculated in accordance with paragraph 6.5.10. Any costs or fees incurred adjust the carrying amount of the modified financial asset and are amortised over the remaining term of the modified financial asset.
Write-off
5.4.4
An entity shall directly reduce the gross carrying amount of a financial asset when the entity has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. A write-off constitutes a derecognition event (see paragraph B3.2.16(r)).
Changes in the basis for determining the contractual cash flows as a result of interest rate benchmark reform
5.4.5
An entity shall apply paragraphs 5.4.6–5.4.9 to a financial asset or financial liability if, and only if, the basis for determining the contractual cash flows of that financial asset or financial liability changes as a result of interest rate benchmark reform. For this purpose, the term ‘interest rate benchmark reform’ refers to the market-wide reform of an interest rate benchmark as described in paragraph 6.8.2.
5.4.6
The basis for determining the contractual cash flows of a financial asset or financial liability can change:
(a)
by amending the contractual terms specified at the initial recognition of the financial instrument (for example, the contractual terms are amended to replace the referenced interest rate benchmark with an alternative benchmark rate);
(b)
in a way that was not considered by – or contemplated in – the contractual terms at the initial recognition of the financial instrument, without amending the contractual terms (for example, the method for calculating the interest rate benchmark is altered without amending the contractual terms); and/or
(c)
because of the activation of an existing contractual term (for example, an existing fallback clause is triggered).
5.4.7
As a practical expedient, an entity shall apply paragraph B5.4.5 to account for a change in the basis for determining the contractual cash flows of a financial asset or financial liability that is required by interest rate benchmark reform. This practical expedient applies only to such changes and only to the extent the change is required by interest rate benchmark reform (see also paragraph 5.4.9). For this purpose, a change in the basis for determining the contractual cash flows is required by interest rate benchmark reform if, and only if, both these conditions are met:
(a)
the change is necessary as a direct consequence of interest rate benchmark reform; and
(b)
the new basis for determining the contractual cash flows is economically equivalent to the previous basis (i.e. the basis immediately preceding the change).
5.4.8
Examples of changes that give rise to a new basis for determining the contractual cash flows that is economically equivalent to the previous basis (i.e. the basis immediately preceding the change) are:
(a)
the replacement of an existing interest rate benchmark used to determine the contractual cash flows of a financial asset or financial liability with an alternative benchmark rate – or the implementation of such a reform of an interest rate benchmark by altering the method used to calculate the interest rate benchmark – with the addition of a fixed spread necessary to compensate for the basis difference between the existing interest rate benchmark and the alternative benchmark rate;
(b)
changes to the reset period, reset dates or the number of days between coupon payment dates in order to implement the reform of an interest rate benchmark; and
(c)
the addition of a fallback provision to the contractual terms of a financial asset or financial liability to enable any change described in (a) and (b) above to be implemented.
5.4.9
If changes are made to a financial asset or financial liability in addition to changes to the basis for determining the contractual cash flows required by interest rate benchmark reform, an entity shall first apply the practical expedient in paragraph 5.4.7 to the changes required by interest rate benchmark reform. The entity shall then apply the applicable requirements in this Standard to any additional changes to which the practical expedient does not apply. If the additional change does not result in the derecognition of the financial asset or financial liability, the entity shall apply paragraph 5.4.3 or paragraph B5.4.6, as applicable, to account for that additional change. If the additional change results in the derecognition of the financial asset or financial liability, the entity shall apply the derecognition requirements.
5.5   IMPAIRMENT
Recognition of expected credit losses
General approach
5.5.1
An entity shall recognise a loss allowance for 
expected credit losses
 on a financial asset that is measured in accordance with paragraphs 4.1.2 or 4.1.2A, a lease receivable, a 
contract asset
 or a loan commitment and a financial guarantee contract to which the impairment requirements apply in accordance with paragraphs 2.1(g), 4.2.1(c) or 4.2.1(d).
5.5.2
An entity shall apply the impairment requirements for the recognition and measurement of a loss allowance for financial assets that are measured at fair value through other comprehensive income in accordance with paragraph 4.1.2A. However, the loss allowance shall be recognised in other comprehensive income and shall not reduce the carrying amount of the financial asset in the statement of financial position.
5.5.3
Subject to paragraphs 5.5.13–5.5.16, at each reporting date, an entity shall measure the loss allowance for a financial instrument at an amount equal to the 
lifetime expected credit losses
 if the credit risk on that financial instrument has increased significantly since initial recognition.
5.5.4
The objective of the impairment requirements is to recognise lifetime expected credit losses for all financial instruments for which there have been significant increases in credit risk since initial recognition — whether assessed on an individual or collective basis — considering all reasonable and supportable information, including that which is forward-looking.
5.5.5
Subject to paragraphs 5.5.13–5.5.16, if, at the reporting date, the credit risk on a financial instrument has not increased significantly since initial recognition, an entity shall measure the loss allowance for that financial instrument at an amount equal to 
12-month expected credit losses
.
5.5.6
For loan commitments and financial guarantee contracts, the date that the entity becomes a party to the irrevocable commitment shall be considered to be the date of initial recognition for the purposes of applying the impairment requirements.
5.5.7
If an entity has measured the loss allowance for a financial instrument at an amount equal to lifetime expected credit losses in the previous reporting period, but determines at the current reporting date that paragraph 5.5.3 is no longer met, the entity shall measure the loss allowance at an amount equal to 12-month expected credit losses at the current reporting date.
5.5.8
An entity shall recognise in profit or loss, as an 
impairment gain or loss
, the amount of expected credit losses (or reversal) that is required to adjust the loss allowance at the reporting date to the amount that is required to be recognised in accordance with this Standard.
Determining significant increases in credit risk
5.5.9
At each reporting date, an entity shall assess whether the credit risk on a financial instrument has increased significantly since initial recognition. When making the assessment, an entity shall use the change in the risk of a default occurring over the expected life of the financial instrument instead of the change in the amount of expected credit losses. To make that assessment, an entity shall compare the risk of a default occurring on the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument as at the date of initial recognition and consider reasonable and supportable information, that is available without undue cost or effort, that is indicative of significant increases in credit risk since initial recognition.
5.5.10
An entity may assume that the credit risk on a financial instrument has not increased significantly since initial recognition if the financial instrument is determined to have low credit risk at the reporting date (see paragraphs B5.5.22-B5.5.24).
5.5.11
If reasonable and supportable forward-looking information is available without undue cost or effort, an entity cannot rely solely on 
past due
 information when determining whether credit risk has increased significantly since initial recognition. However, when information that is more forward-looking than past due status (either on an individual or a collective basis) is not available without undue cost or effort, an entity may use past due information to determine whether there have been significant increases in credit risk since initial recognition. Regardless of the way in which an entity assesses significant increases in credit risk, there is a rebuttable presumption that the credit risk on a financial asset has increased significantly since initial recognition when contractual payments are more than 30 days past due. An entity can rebut this presumption if the entity has reasonable and supportable information that is available without undue cost or effort, that demonstrates that the credit risk has not increased significantly since initial recognition even though the contractual payments are more than 30 days past due. When an entity determines that there have been significant increases in credit risk before contractual payments are more than 30 days past due, the rebuttable presumption does not apply.
Modified financial assets
5.5.12
If the contractual cash flows on a financial asset have been renegotiated or modified and the financial asset was not derecognised, an entity shall assess whether there has been a significant increase in the credit risk of the financial instrument in accordance with paragraph 5.5.3 by comparing:
(a)
the risk of a default occurring at the reporting date (based on the modified contractual terms); and
(b)
the risk of a default occurring at initial recognition (based on the original, unmodified contractual terms).
Purchased or originated credit-impaired financial assets
5.5.13
Despite paragraphs 5.5.3 and 5.5.5, at the reporting date, an entity shall only recognise the cumulative changes in lifetime expected credit losses since initial recognition as a loss allowance for purchased or originated credit-impaired financial assets.
5.5.14
At each reporting date, an entity shall recognise in profit or loss the amount of the change in lifetime expected credit losses as an impairment gain or loss. An entity shall recognise favourable changes in lifetime expected credit losses as an impairment gain, even if the lifetime expected credit losses are less than the amount of expected credit losses that were included in the estimated cash flows on initial recognition.
Simplified approach for trade receivables, contract assets and lease receivables
5.5.15
Despite paragraphs 5.5.3 and 5.5.5, an entity shall always measure the loss allowance at an amount equal to lifetime expected credit losses for:
(a)
trade receivables or contract assets that result from transactions that are within the scope of IFRS 15, and that:
(i)
do not contain a significant financing component in accordance with IFRS 15 (or when the entity applies the practical expedient in accordance with paragraph 63 of IFRS 15); or
(ii)
contain a significant financing component in accordance with IFRS 15, if the entity chooses as its accounting policy to measure the loss allowance at an amount equal to lifetime expected credit losses. That accounting policy shall be applied to all such trade receivables or contract assets but may be applied separately to trade receivables and contract assets.
(b)
lease receivables that result from transactions that are within the scope of IFRS 16, if the entity chooses as its accounting policy to measure the loss allowance at an amount equal to lifetime expected credit losses. That accounting policy shall be applied to all lease receivables but may be applied separately to finance and operating lease receivables.
5.5.16
An entity may select its accounting policy for trade receivables, lease receivables and contract assets independently of each other.
Measurement of expected credit losses
5.5.17
An entity shall measure expected credit losses of a financial instrument in a way that reflects:
(a)
an unbiased and probability-weighted amount that is determined by evaluating a range of possible outcomes;
(b)
the time value of money; and
(c)
reasonable and supportable information that is available without undue cost or effort at the reporting date about past events, current conditions and forecasts of future economic conditions.
5.5.18
When measuring expected credit losses, an entity need not necessarily identify every possible scenario. However, it shall consider the risk or probability that a credit loss occurs by reflecting the possibility that a credit loss occurs and the possibility that no credit loss occurs, even if the possibility of a credit loss occurring is very low.
5.5.19
The maximum period to consider when measuring expected credit losses is the maximum contractual period (including extension options) over which the entity is exposed to credit risk and not a longer period, even if that longer period is consistent with business practice.
5.5.20
However, some financial instruments include both a loan and an undrawn commitment component and the entity's contractual ability to demand repayment and cancel the undrawn commitment does not limit the entity's exposure to credit losses to the contractual notice period. For such financial instruments, and only those financial instruments, the entity shall measure expected credit losses over the period that the entity is exposed to credit risk and expected credit losses would not be mitigated by credit risk management actions, even if that period extends beyond the maximum contractual period.
5.6   RECLASSIFICATION OF FINANCIAL ASSETS
5.6.1
If an entity reclassifies financial assets in accordance with paragraph 4.4.1, it shall apply the reclassification prospectively from the 
reclassification date
. The entity shall not restate any previously recognised gains, losses (including impairment gains or losses) or interest. Paragraphs 5.6.2–5.6.7 set out the requirements for reclassifications.
5.6.2
If an entity reclassifies a financial asset out of the amortised cost measurement category and into the fair value through profit or loss measurement category, its fair value is measured at the reclassification date. Any gain or loss arising from a difference between the previous amortised cost of the financial asset and fair value is recognised in profit or loss.
5.6.3
If an entity reclassifies a financial asset out of the fair value through profit or loss measurement category and into the amortised cost measurement category, its fair value at the reclassification date becomes its new gross carrying amount. (See paragraph B5.6.2 for guidance on determining an effective interest rate and a loss allowance at the reclassification date.)
5.6.4
If an entity reclassifies a financial asset out of the amortised cost measurement category and into the fair value through other comprehensive income measurement category, its fair value is measured at the reclassification date. Any gain or loss arising from a difference between the previous amortised cost of the financial asset and fair value is recognised in other comprehensive income. The effective interest rate and the measurement of expected credit losses are not adjusted as a result of the reclassification. (See paragraph B5.6.1.)
5.6.5
If an entity reclassifies a financial asset out of the fair value through other comprehensive income measurement category and into the amortised cost measurement category, the financial asset is reclassified at its fair value at the reclassification date. However, the cumulative gain or loss previously recognised in other comprehensive income is removed from equity and adjusted against the fair value of the financial asset at the reclassification date. As a result, the financial asset is measured at the reclassification date as if it had always been measured at amortised cost. This adjustment affects other comprehensive income but does not affect profit or loss and therefore is not a reclassification adjustment (see IAS 1 
Presentation of Financial Statements
). The effective interest rate and the measurement of expected credit losses are not adjusted as a result of the reclassification. (See paragraph B5.6.1.)
5.6.6
If an entity reclassifies a financial asset out of the fair value through profit or loss measurement category and into the fair value through other comprehensive income measurement category, the financial asset continues to be measured at fair value. (See paragraph B5.6.2 for guidance on determining an effective interest rate and a loss allowance at the reclassification date.)
5.6.7
If an entity reclassifies a financial asset out of the fair value through other comprehensive income measurement category and into the fair value through profit or loss measurement category, the financial asset continues to be measured at fair value. The cumulative gain or loss previously recognised in other comprehensive income is reclassified from equity to profit or loss as a reclassification adjustment (see IAS 1) at the reclassification date.
5.7   GAINS AND LOSSES
5.7.1
A gain or loss on a financial asset or financial liability that is measured at fair value shall be recognised in profit or loss unless:
(a)
it is part of a hedging relationship (see paragraphs 6.5.8–6.5.14 and, if applicable, paragraphs 89–94 of IAS 39 for the fair value hedge accounting for a portfolio hedge of interest rate risk);
(b)
it is an investment in an equity instrument and the entity has elected to present gains and losses on that investment in other comprehensive income in accordance with paragraph 5.7.5;
(c)
it is a financial liability designated as at fair value through profit or loss and the entity is required to present the effects of changes in the liability's 
credit risk
 in other comprehensive income in accordance with paragraph 5.7.7; or
(d)
it is a financial asset measured at fair value through other comprehensive income in accordance with paragraph 4.1.2A and the entity is required to recognise some changes in fair value in other comprehensive income in accordance with paragraph 5.7.10.
5.7.1A
Dividends
 are recognised in profit or loss only when:
(a)
the entity's right to receive payment of the dividend is established;
(b)
it is probable that the economic benefits associated with the dividend will flow to the entity; and
(c)
the amount of the dividend can be measured reliably.
5.7.2
A gain or loss on a financial asset that is measured at amortised cost and is not part of a hedging relationship (see paragraphs 6.5.8–6.5.14 and, if applicable, paragraphs 89–94 of IAS 39 for the fair value hedge accounting for a portfolio hedge of interest rate risk) shall be recognised in profit or loss when the financial asset is derecognised, reclassified in accordance with paragraph 5.6.2, through the amortisation process or in order to recognise impairment gains or losses. An entity shall apply paragraphs 5.6.2 and 5.6.4 if it reclassifies financial assets out of the amortised cost measurement category. A gain or loss on a financial liability that is measured at amortised cost and is not part of a hedging relationship (see paragraphs 6.5.8–6.5.14 and, if applicable, paragraphs 89–94 of IAS 39 for the fair value hedge accounting for a portfolio hedge of interest rate risk) shall be recognised in profit or loss when the financial liability is derecognised and through the amortisation process. (See paragraph B5.7.2 for guidance on foreign exchange gains or losses.)
5.7.3
A gain or loss on financial assets or financial liabilities that are hedged items in a hedging relationship shall be recognised in accordance with paragraphs 6.5.8–6.5.14 and, if applicable, paragraphs 89–94 of IAS 39 for the fair value hedge accounting for a portfolio hedge of interest rate risk.
5.7.4
If an entity recognises financial assets using settlement date accounting (see paragraphs 3.1.2, B3.1.3 and B3.1.6), 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 measured at amortised cost. For assets measured at fair value, however, the change in fair value shall be recognised in profit or loss or in other comprehensive income, as appropriate in accordance with paragraph 5.7.1. The trade date shall be considered the date of initial recognition for the purposes of applying the impairment requirements.
Investments in equity instruments
5.7.5
At initial recognition, an entity may make an irrevocable election to present in other comprehensive income subsequent changes in the fair value of an investment in an equity instrument within the scope of this Standard that is neither 
held for trading
 nor contingent consideration recognised by an acquirer in a business combination to which IFRS 3 applies. (See paragraph B5.7.3 for guidance on foreign exchange gains or losses.)
5.7.6
If an entity makes the election in paragraph 5.7.5, it shall recognise in profit or loss dividends from that investment in accordance with paragraph 5.7.1A.
Liabilities designated as at fair value through profit or loss
5.7.7
An entity shall present a gain or loss on a financial liability that is designated as at fair value through profit or loss in accordance with paragraph 4.2.2 or paragraph 4.3.5 as follows:
(a)
The amount of change in the fair value of the financial liability that is attributable to changes in the credit risk of that liability shall be presented in other comprehensive income (see paragraphs B5.7.13–B5.7.20), and
(b)
the remaining amount of change in the fair value of the liability shall be presented in profit or loss
unless the treatment of the effects of changes in the liability's credit risk described in (a) would create or enlarge an accounting mismatch in profit or loss (in which case paragraph 5.7.8 applies). Paragraphs B5.7.5–B5.7.7 and B5.7.10–B5.7.12 provide guidance on determining whether an accounting mismatch would be created or enlarged.
5.7.8
If the requirements in paragraph 5.7.7 would create or enlarge an accounting mismatch in profit or loss, an entity shall present all gains or losses on that liability (including the effects of changes in the credit risk of that liability) in profit or loss.
5.7.9
Despite the requirements in paragraphs 5.7.7 and 5.7.8, an entity shall present in profit or loss all gains and losses on loan commitments and financial guarantee contracts that are designated as at fair value through profit or loss.
Assets measured at fair value through other comprehensive income
5.7.10
A gain or loss on a financial asset measured at fair value through other comprehensive income in accordance with paragraph 4.1.2A shall be recognised in other comprehensive income, except for impairment gains or losses (see Section 5.5) and foreign exchange gains and losses (see paragraphs B5.7.2–B5.7.2A), until the financial asset is derecognised or reclassified. When the financial asset is derecognised the cumulative gain or loss previously recognised in other comprehensive income is reclassified from equity to profit or loss as a reclassification adjustment (see IAS 1). If the financial asset is reclassified out of the fair value through other comprehensive income measurement category, the entity shall account for the cumulative gain or loss that was previously recognised in other comprehensive income in accordance with paragraphs 5.6.5 and 5.6.7. Interest calculated using the effective interest method is recognised in profit or loss.
5.7.11
As described in paragraph 5.7.10, if a financial asset is measured at fair value through other comprehensive income in accordance with paragraph 4.1.2A, the amounts that are recognised in profit or loss are the same as the amounts that would have been recognised in profit or loss if the financial asset had been measured at amortised cost.
CHAPTER 6
   
Hedge accounting
6.1   OBJECTIVE AND SCOPE OF HEDGE ACCOUNTING
6.1.1
The objective of hedge accounting is to represent, in the financial statements, the effect of an entity's risk management activities that use financial instruments to manage exposures arising from particular risks that could affect profit or loss (or other comprehensive income, in the case of investments in equity instruments for which an entity has elected to present changes in fair value in other comprehensive income in accordance with paragraph 5.7.5). This approach aims to convey the context of hedging instruments for which hedge accounting is applied in order to allow insight into their purpose and effect.
6.1.2
An entity may choose to designate a hedging relationship between a hedging instrument and a hedged item in accordance with paragraphs 6.2.1–6.3.7 and B6.2.1–B6.3.25. For hedging relationships that meet the qualifying criteria, an entity shall account for the gain or loss on the hedging instrument and the hedged item in accordance with paragraphs 6.5.1–6.5.14 and B6.5.1–B6.5.28. When the hedged item is a group of items, an entity shall comply with the additional requirements in paragraphs 6.6.1–6.6.6 and B6.6.1–B6.6.16.
6.1.3
For a fair value hedge of the interest rate exposure of a portfolio of financial assets or financial liabilities (and only for such a hedge), an entity may apply the hedge accounting requirements in IAS 39 instead of those in this Standard. In that case, the entity must also apply the specific requirements for the fair value hedge accounting for a portfolio hedge of interest rate risk and designate as the hedged item a portion that is a currency amount (see paragraphs 81A, 89A and AG114–AG132 of IAS 39).
6.2   HEDGING INSTRUMENTS
Qualifying instruments
6.2.1
A derivative measured at fair value through profit or loss may be designated as a hedging instrument, except for some written options (see paragraph B6.2.4).
6.2.2
A non-derivative financial asset or a non-derivative financial liability measured at fair value through profit or loss may be designated as a hedging instrument unless it is a financial liability designated as at fair value through profit or loss for which the amount of its change in fair value that is attributable to changes in the credit risk of that liability is presented in other comprehensive income in accordance with paragraph 5.7.7. For a hedge of foreign currency risk, the foreign currency risk component of a non-derivative financial asset or a non-derivative financial liability may be designated as a hedging instrument provided that it is not an investment in an equity instrument for which an entity has elected to present changes in fair value in other comprehensive income in accordance with paragraph 5.7.5.
6.2.3
For hedge accounting purposes, only contracts with a party external to the reporting entity (ie external to the group or individual entity that is being reported on) can be designated as hedging instruments.
Designation of hedging instruments
6.2.4
A qualifying instrument must be designated in its entirety as a hedging instrument. 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 not the change in its time value (see paragraphs 6.5.15 and B6.5.29–B6.5.33);
(b)
separating the forward element and the spot element of a forward contract and designating as the hedging instrument only the change in the value of the spot element of a forward contract and not the forward element; similarly, the foreign currency basis spread may be separated and excluded from the designation of a financial instrument as the hedging instrument (see paragraphs 6.5.16 and B6.5.34–B6.5.39); and
(c)
a proportion of the entire hedging instrument, such as 50 per cent of the nominal amount, may be designated as the hedging instrument in a hedging relationship. However, a hedging instrument may not be designated for a part of its change in fair value that results from only a portion of the time period during which the hedging instrument remains outstanding.
6.2.5
An entity may view in combination, and jointly designate as the hedging instrument, any combination of the following (including those circumstances in which the risk or risks arising from some hedging instruments offset those arising from others):
(a)
derivatives or a proportion of them; and
(b)
non-derivatives or a proportion of them.
6.2.6
However, a derivative instrument that combines a written option and a purchased option (for example, an interest rate collar) does not qualify as a hedging instrument if it is, in effect, a net written option at the date of designation (unless it qualifies in accordance with paragraph B6.2.4). Similarly, two or more instruments (or proportions of them) may be jointly designated as the hedging instrument only if, in combination, they are not, in effect, a net written option at the date of designation (unless it qualifies in accordance with paragraph B6.2.4).
6.3   HEDGED ITEMS
Qualifying items
6.3.1
A hedged item can be a recognised asset or liability, an unrecognised 
firm commitment
, a 
forecast transaction
 or a net investment in a foreign operation. The hedged item can be:
(a)
a single item; or
(b)
a group of items (subject to paragraphs 6.6.1–6.6.6 and B6.6.1–B6.6.16).
A hedged item can also be a component of such an item or group of items (see paragraphs 6.3.7 and B6.3.7–B6.3.25).
6.3.2
The hedged item must be reliably measurable.
6.3.3
If a hedged item is a forecast transaction (or a component thereof), that transaction must be highly probable.
6.3.4
An aggregated exposure that is a combination of an exposure that could qualify as a hedged item in accordance with paragraph 6.3.1 and a derivative may be designated as a hedged item (see paragraphs B6.3.3–B6.3.4). This includes a forecast transaction of an aggregated exposure (ie uncommitted but anticipated future transactions that would give rise to an exposure and a derivative) if that aggregated exposure is highly probable and, once it has occurred and is therefore no longer forecast, is eligible as a hedged item.
6.3.5
For hedge accounting purposes, only assets, liabilities, firm commitments or highly probable forecast transactions with a party external to the reporting entity can be designated as hedged items. Hedge accounting can be applied to transactions between entities in the same group only in the individual or separate financial statements of those entities and not in the consolidated financial statements of the group, except for the consolidated financial statements of an investment entity, as defined in IFRS 10, where transactions between an investment entity and its subsidiaries measured at fair value through profit or loss will not be eliminated in the consolidated financial statements.
6.3.6
However, as an exception to paragraph 6.3.5, the foreign currency risk of an intragroup monetary item (for example, 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 hedged items
6.3.7
An entity may designate an item in its entirety or a component of an item as the hedged item in a hedging relationship. An entire item comprises all changes in the cash flows or fair value of an item. A component comprises less than the entire fair value change or cash flow variability of an item. In that case, an entity may designate only the following types of components (including combinations) as hedged items:
(a)
only changes in the cash flows or fair value of an item attributable to a specific risk or risks (risk component), provided that, based on an assessment within the context of the particular market structure, the risk component is separately identifiable and reliably measurable (see paragraphs B6.3.8–B6.3.15). Risk components include a designation of only changes in the cash flows or the fair value of a hedged item above or below a specified price or other variable (a one-sided risk).
(b)
one or more selected contractual cash flows.
(c)
components of a nominal amount, ie a specified part of the amount of an item (see paragraphs B6.3.16–B6.3.20).
6.4   QUALIFYING CRITERIA FOR HEDGE ACCOUNTING
6.4.1
A hedging relationship qualifies for hedge accounting only if all of the following criteria are met:
(a)
the hedging relationship consists only of eligible hedging instruments and eligible hedged items.
(b)
at the inception of the hedging relationship 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, the nature of the risk being hedged and how the entity will assess whether the hedging relationship meets the hedge effectiveness requirements (including its analysis of the sources of hedge ineffectiveness and how it determines the 
hedge ratio
).
(c)
the hedging relationship meets all of the following hedge effectiveness requirements:
(i)
there is an economic relationship between the hedged item and the hedging instrument (see paragraphs B6.4.4–B6.4.6);
(ii)
the effect of credit risk does not dominate the value changes that result from that economic relationship (see paragraphs B6.4.7–B6.4.8); and
(iii)
the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the entity actually hedges and the quantity of the hedging instrument that the entity actually uses to hedge that quantity of hedged item. However, that designation shall not reflect an imbalance between the weightings of the hedged item and the hedging instrument that would create hedge ineffectiveness (irrespective of whether recognised or not) that could result in an accounting outcome that would be inconsistent with the purpose of hedge accounting (see paragraphs B6.4.9–B6.4.11).
6.5   ACCOUNTING FOR QUALIFYING HEDGING RELATIONSHIPS
6.5.1
An entity applies hedge accounting to hedging relationships that meet the qualifying criteria in paragraph 6.4.1 (which include the entity's decision to designate the hedging relationship).
6.5.2
There are three types of hedging relationships:
(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 a component of any such item, 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 is attributable to a particular risk associated with all, or a component of, a recognised asset or liability (such as all or some future interest payments on variable-rate debt) or a highly probable forecast transaction, and could affect profit or loss.
(c)
hedge of a net investment in a foreign operation as defined in IAS 21.
6.5.3
If the hedged item is an equity instrument for which an entity has elected to present changes in fair value in other comprehensive income in accordance with paragraph 5.7.5, the hedged exposure referred to in paragraph 6.5.2(a) must be one that could affect other comprehensive income. In that case, and only in that case, the recognised hedge ineffectiveness is presented in other comprehensive income.
6.5.4
A hedge of the foreign currency risk of a firm commitment may be accounted for as a fair value hedge or a cash flow hedge.
6.5.5
If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio (see paragraph 6.4.1(c)(iii)) but the risk management objective for that designated hedging relationship remains the same, an entity shall adjust the hedge ratio of the hedging relationship so that it meets the qualifying criteria again (this is referred to in this Standard as ‘rebalancing’—see paragraphs B6.5.7–B6.5.21).
6.5.6
An entity shall discontinue hedge accounting prospectively only when the hedging relationship (or a part of a hedging relationship) ceases to meet the qualifying criteria (after taking into account any rebalancing of the hedging relationship, if applicable). This includes instances when 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 a replacement or rollover is part of, and consistent with, the entity's documented risk management objective. Additionally, for this purpose there is not an expiration or termination of the hedging instrument if:
(a)
as a consequence of laws or regulations or the introduction of laws or regulations, the parties to the hedging instrument agree that one or more clearing counterparties replace their original counterparty to become the new counterparty to each of the parties. For this purpose, a clearing counterparty is a central counterparty (sometimes called a ‘clearing organisation’ or ‘clearing agency’) or an entity or entities, for example, a clearing member of a clearing organisation or a client of a clearing member of a clearing organisation, that are acting as a counterparty in order to effect clearing by a central counterparty. However, when the parties to the hedging instrument replace their original counterparties with different counterparties the requirement in this subparagraph is met only if each of those parties effects clearing with the same central counterparty.
(b)
other changes, if any, to the hedging instrument are limited to those that are necessary to effect such a replacement of the counterparty. Such changes are limited to those that are consistent with the terms that would be expected if the hedging instrument were originally cleared with the clearing counterparty. These changes include changes in the collateral requirements, rights to offset receivables and payables balances, and charges levied.
Discontinuing hedge accounting can either affect a hedging relationship in its entirety or only a part of it (in which case hedge accounting continues for the remainder of the hedging relationship).
6.5.7
An entity shall apply:
(a)
paragraph 6.5.10 when it discontinues hedge accounting for a fair value hedge for which the hedged item is (or is a component of) a financial instrument measured at amortised cost; and
(b)
paragraph 6.5.12 when it discontinues hedge accounting for cash flow hedges.
Fair value hedges
6.5.8
As long as a fair value hedge meets the qualifying criteria in paragraph 6.4.1, the hedging relationship shall be accounted for as follows:
(a)
the gain or loss on the hedging instrument shall be recognised in profit or loss (or other comprehensive income, if the hedging instrument hedges an equity instrument for which an entity has elected to present changes in fair value in other comprehensive income in accordance with paragraph 5.7.5).
(b)
the hedging gain or loss on the hedged item shall adjust the carrying amount of the hedged item (if applicable) and be recognised in profit or loss. If the hedged item is a financial asset (or a component thereof) that is measured at fair value through other comprehensive income in accordance with paragraph 4.1.2A, the hedging gain or loss on the hedged item shall be recognised in profit or loss. However, if the hedged item is an equity instrument for which an entity has elected to present changes in fair value in other comprehensive income in accordance with paragraph 5.7.5, those amounts shall remain in other comprehensive income. When a hedged item is an unrecognised firm commitment (or a component thereof), the cumulative change in the fair value of the hedged item subsequent to its designation is recognised as an asset or a liability with a corresponding gain or loss recognised in profit or loss.
6.5.9
When a hedged item in a fair value hedge is a firm commitment (or a component thereof) to acquire an asset or assume a liability, the initial carrying amount of the asset or the liability that results from the entity meeting the firm commitment is adjusted to include the cumulative change in the fair value of the hedged item that was recognised in the statement of financial position.
6.5.10
Any adjustment arising from paragraph 6.5.8(b) shall be amortised to profit or loss if the hedged item is a financial instrument (or a component thereof) measured at amortised cost. Amortisation may begin as soon as an adjustment exists and shall begin no later than when the hedged item ceases to be adjusted for hedging gains and losses. The amortisation is based on a recalculated effective interest rate at the date that amortisation begins. In the case of a financial asset (or a component thereof) that is a hedged item and that is measured at fair value through other comprehensive income in accordance with paragraph 4.1.2A, amortisation applies in the same manner but to the amount that represents the cumulative gain or loss previously recognised in accordance with paragraph 6.5.8(b) instead of by adjusting the carrying amount.
Cash flow hedges
6.5.11
As long as a cash flow hedge meets the qualifying criteria in paragraph 6.4.1, the hedging relationship shall be accounted for as follows:
(a)
the separate component of equity associated with the hedged item (cash flow hedge reserve) is adjusted to the lower 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 hedged item (ie the present value of the cumulative change in the hedged expected future cash flows) from inception of the hedge.
(b)
the portion of the gain or loss on the hedging instrument that is determined to be an effective hedge (ie the portion that is offset by the change in the cash flow hedge reserve calculated in accordance with (a)) shall be recognised in other comprehensive income.
(c)
any remaining gain or loss on the hedging instrument (or any gain or loss required to balance the change in the cash flow hedge reserve calculated in accordance with (a)) is hedge ineffectiveness that shall be recognised in profit or loss.
(d)
the amount that has been accumulated in the cash flow hedge reserve in accordance with (a) shall be accounted for as follows:
(i)
if a hedged forecast transaction subsequently results in the recognition of a non-financial asset or non-financial liability, or a hedged forecast transaction for a non-financial asset or a non-financial liability becomes a firm commitment for which fair value hedge accounting is applied, the entity shall remove that amount from the cash flow hedge reserve and include it directly in the initial cost or other carrying amount of the asset or the liability. This is not a reclassification adjustment (see IAS 1) and hence it does not affect other comprehensive income.
(ii)
for cash flow hedges other than those covered by (i), that amount shall be reclassified from the cash flow hedge reserve to profit or loss as a reclassification adjustment (see IAS 1) in the same period or periods during which the hedged expected future cash flows affect profit or loss (for example, in the periods that interest income or interest expense is recognised or when a forecast sale occurs).
(iii)
however, if that amount is a loss and an entity expects that all or a portion of that loss will not be recovered in one or more future periods, it shall immediately reclassify the amount that is not expected to be recovered into profit or loss as a reclassification adjustment (see IAS 1).
6.5.12
When an entity discontinues hedge accounting for a cash flow hedge (see paragraphs 6.5.6 and 6.5.7(b)) it shall account for the amount that has been accumulated in the cash flow hedge reserve in accordance with paragraph 6.5.11(a) as follows:
(a)
if the hedged future cash flows are still expected to occur, that amount shall remain in the cash flow hedge reserve until the future cash flows occur or until paragraph 6.5.11(d)(iii) applies. When the future cash flows occur, paragraph 6.5.11(d) applies.
(b)
if the hedged future cash flows are no longer expected to occur, that amount shall be immediately reclassified from the cash flow hedge reserve to profit or loss as a reclassification adjustment (see IAS 1). A hedged future cash flow that is no longer highly probable to occur may still be expected to occur.
Hedges of a net investment in a foreign operation
6.5.13
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 shall be recognised in other comprehensive income (see paragraph 6.5.11); and
(b)
the ineffective portion shall be recognised in profit or loss.
6.5.14
The cumulative gain or loss on the hedging instrument relating to the effective portion of the hedge that has been accumulated in the foreign currency translation reserve shall be reclassified from equity to profit or loss as a reclassification adjustment (see IAS 1) in accordance with paragraphs 48–49 of IAS 21 on the disposal or partial disposal of the foreign operation.
Accounting for the time value of options
6.5.15
When an entity separates the intrinsic value and time value of an option contract and designates as the hedging instrument only the change in intrinsic value of the option (see paragraph 6.2.4(a)), it shall account for the time value of the option as follows (see paragraphs B6.5.29–B6.5.33):
(a)
an entity shall distinguish the time value of options by the type of hedged item that the option hedges (see paragraph B6.5.29):
(i)
a transaction related hedged item; or
(ii)
a time-period related hedged item.
(b)
the change in fair value of the time value of an option that hedges a transaction related hedged item shall be recognised in other comprehensive income to the extent that it relates to the hedged item and shall be accumulated in a separate component of equity. The cumulative change in fair value arising from the time value of the option that has been accumulated in a separate component of equity (the ‘amount’) shall be accounted for as follows:
(i)
if the hedged item subsequently results in the recognition of a non-financial asset or a non-financial liability, or a firm commitment for a non-financial asset or a non-financial liability for which fair value hedge accounting is applied, the entity shall remove the amount from the separate component of equity and include it directly in the initial cost or other carrying amount of the asset or the liability. This is not a reclassification adjustment (see IAS 1) and hence does not affect other comprehensive income.
(ii)
for hedging relationships other than those covered by (i), the amount shall be reclassified from the separate component of equity to profit or loss as a reclassification adjustment (see IAS 1) in the same period or periods during which the hedged expected future cash flows affect profit or loss (for example, when a forecast sale occurs).
(iii)
however, if all or a portion of that amount is not expected to be recovered in one or more future periods, the amount that is not expected to be recovered shall be immediately reclassified into profit or loss as a reclassification adjustment (see IAS 1).
(c)
the change in fair value of the time value of an option that hedges a time-period related hedged item shall be recognised in other comprehensive income to the extent that it relates to the hedged item and shall be accumulated in a separate component of equity. The time value at the date of designation of the option as a hedging instrument, to the extent that it relates to the hedged item, shall be amortised on a systematic and rational basis over the period during which the hedge adjustment for the option's intrinsic value could affect profit or loss (or other comprehensive income, if the hedged item is an equity instrument for which an entity has elected to present changes in fair value in other comprehensive income in accordance with paragraph 5.7.5). Hence, in each reporting period, the amortisation amount shall be reclassified from the separate component of equity to profit or loss as a reclassification adjustment (see IAS 1). However, if hedge accounting is discontinued for the hedging relationship that includes the change in intrinsic value of the option as the hedging instrument, the net amount (ie including cumulative amortisation) that has been accumulated in the separate component of equity shall be immediately reclassified into profit or loss as a reclassification adjustment (see IAS 1).
Accounting for the forward element of forward contracts and foreign currency basis spreads of financial instruments
6.5.16
When an entity separates the forward element and the spot element of a forward contract and designates as the hedging instrument only the change in the value of the spot element of the forward contract, or when an entity separates the foreign currency basis spread from a financial instrument and excludes it from the designation of that financial instrument as the hedging instrument (see paragraph 6.2.4(b)), the entity may apply paragraph 6.5.15 to the forward element of the forward contract or to the foreign currency basis spread in the same manner as it is applied to the time value of an option. In that case, the entity shall apply the application guidance in paragraphs B6.5.34–B6.5.39.
6.6   HEDGES OF A GROUP OF ITEMS
Eligibility of a group of items as the hedged item
6.6.1
A group of items (including a group of items that constitute a net position; see paragraphs B6.6.1–B6.6.8) is an eligible hedged item only if:
(a)
it consists of items (including components of items) that are, individually, eligible hedged items;
(b)
the items in the group are managed together on a group basis for risk management purposes; and
(c)
in the case of a cash flow hedge of a group of items whose variabilities in cash flows are not expected to be approximately proportional to the overall variability in cash flows of the group so that offsetting risk positions arise:
(i)
it is a hedge of foreign currency risk; and
(ii)
the designation of that net position specifies the reporting period in which the forecast transactions are expected to affect profit or loss, as well as their nature and volume (see paragraphs B6.6.7–B6.6.8).
Designation of a component of a nominal amount
6.6.2
A component that is a proportion of an eligible group of items is an eligible hedged item provided that designation is consistent with the entity's risk management objective.
6.6.3
A layer component of an overall group of items (for example, a bottom layer) is eligible for hedge accounting only if:
(a)
it is separately identifiable and reliably measurable;
(b)
the risk management objective is to hedge a layer component;
(c)
the items in the overall group from which the layer is identified are exposed to the same hedged risk (so that the measurement of the hedged layer is not significantly affected by which particular items from the overall group form part of the hedged layer);
(d)
for a hedge of existing items (for example, an unrecognised firm commitment or a recognised asset) an entity can identify and track the overall group of items from which the hedged layer is defined (so that the entity is able to comply with the requirements for the accounting for qualifying hedging relationships); and
(e)
any items in the group that contain prepayment options meet the requirements for components of a nominal amount (see paragraph B6.3.20).
Presentation
6.6.4
For a hedge of a group of items with offsetting risk positions (ie in a hedge of a net position) whose hedged risk affects different line items in the statement of profit or loss and other comprehensive income, any hedging gains or losses in that statement shall be presented in a separate line from those affected by the hedged items. Hence, in that statement the amount in the line item that relates to the hedged item itself (for example, revenue or cost of sales) remains unaffected.
6.6.5
For assets and liabilities that are hedged together as a group in a fair value hedge, the gain or loss in the statement of financial position on the individual assets and liabilities shall be recognised as an adjustment of the carrying amount of the respective individual items comprising the group in accordance with paragraph 6.5.8(b).
Nil net positions
6.6.6
When the hedged item is a group that is a nil net position (ie the hedged items among themselves fully offset the risk that is managed on a group basis), an entity is permitted to designate it in a hedging relationship that does not include a hedging instrument, provided that:
(a)
the hedge is part of a rolling net risk hedging strategy, whereby the entity routinely hedges new positions of the same type as time moves on (for example, when transactions move into the time horizon for which the entity hedges);
(b)
the hedged net position changes in size over the life of the rolling net risk hedging strategy and the entity uses eligible hedging instruments to hedge the net risk (ie when the net position is not nil);
(c)
hedge accounting is normally applied to such net positions when the net position is not nil and it is hedged with eligible hedging instruments; and
(d)
not applying hedge accounting to the nil net position would give rise to inconsistent accounting outcomes, because the accounting would not recognise the offsetting risk positions that would otherwise be recognised in a hedge of a net position.
6.7   OPTION TO DESIGNATE A CREDIT EXPOSURE AS MEASURED AT FAIR VALUE THROUGH PROFIT OR LOSS
Eligibility of credit exposures for designation at fair value through profit or loss
6.7.1
If an entity uses a credit derivative that is measured at fair value through profit or loss to manage the credit risk of all, or a part of, a financial instrument (credit exposure) it may designate that financial instrument to the extent that it is so managed (ie all or a proportion of it) as measured at fair value through profit or loss if:
(a)
the name of the credit exposure (for example, the borrower, or the holder of a loan commitment) matches the reference entity of the credit derivative (‘name matching’); and
(b)
the seniority of the financial instrument matches that of the instruments that can be delivered in accordance with the credit derivative.
An entity may make this designation irrespective of whether the financial instrument that is managed for credit risk is within the scope of this Standard (for example, an entity may designate loan commitments that are outside the scope of this Standard). The entity may designate that financial instrument at, or subsequent to, initial recognition, or while it is unrecognised. The entity shall document the designation concurrently.
Accounting for credit exposures designated at fair value through profit or loss
6.7.2
If a financial instrument is designated in accordance with paragraph 6.7.1 as measured at fair value through profit or loss after its initial recognition, or was previously not recognised, the difference at the time of designation between the carrying amount, if any, and the fair value shall immediately be recognised in profit or loss. For financial assets measured at fair value through other comprehensive income in accordance with paragraph 4.1.2A, the cumulative gain or loss previously recognised in other comprehensive income shall immediately be reclassified from equity to profit or loss as a reclassification adjustment (see IAS 1).
6.7.3
An entity shall discontinue measuring the financial instrument that gave rise to the credit risk, or a proportion of that financial instrument, at fair value through profit or loss if:
(a)
the qualifying criteria in paragraph 6.7.1 are no longer met, for example:
(i)
the credit derivative or the related financial instrument that gives rise to the credit risk expires or is sold, terminated or settled; or
(ii)
the credit risk of the financial instrument is no longer managed using credit derivatives. For example, this could occur because of improvements in the credit quality of the borrower or the loan commitment holder or changes to capital requirements imposed on an entity; and
(b)
the financial instrument that gives rise to the credit risk is not otherwise required to be measured at fair value through profit or loss (ie the entity's business model has not changed in the meantime so that a reclassification in accordance with paragraph 4.4.1 was required).
6.7.4
When an entity discontinues measuring the financial instrument that gives rise to the credit risk, or a proportion of that financial instrument, at fair value through profit or loss, that financial instrument's fair value at the date of discontinuation becomes its new carrying amount. Subsequently, the same measurement that was used before designating the financial instrument at fair value through profit or loss shall be applied (including amortisation that results from the new carrying amount). For example, a financial asset that had originally been classified as measured at amortised cost would revert to that measurement and its effective interest rate would be recalculated based on its new gross carrying amount on the date of discontinuing measurement at fair value through profit or loss.
6.8   TEMPORARY EXCEPTIONS FROM APPLYING SPECIFIC HEDGE ACCOUNTING REQUIREMENTS
6.8.1
An entity shall apply paragraphs 6.8.4–6.8.12 and paragraphs 7.1.8 and 7.2.26(d) to all hedging relationships directly affected by interest rate benchmark reform. These paragraphs apply only to such hedging relationships. A hedging relationship is directly affected by interest rate benchmark reform only if the reform gives rise to uncertainties about:
(a)
the interest rate benchmark (contractually or non-contractually specified) designated as a hedged risk; and/or
(b)
the timing or the amount of interest rate benchmark-based cash flows of the hedged item or of the hedging instrument.
6.8.2
For the purpose of applying paragraphs 6.8.4–6.8.12, the term ‘interest rate benchmark reform’ refers to the market-wide reform of an interest rate benchmark, including the replacement of an interest rate benchmark with an alternative benchmark rate such as that resulting from the recommendations set out in the Financial Stability Board’s July 2014 report ‘Reforming Major Interest Rate Benchmarks’ 
(
51
)
.
6.8.3
Paragraphs 6.8.4–6.8.12 provide exceptions only to the requirements specified in these paragraphs. An entity shall continue to apply all other hedge accounting requirements to hedging relationships directly affected by interest rate benchmark reform.
Highly probable requirement for cash flow hedges
6.8.4
For the purpose of determining whether a forecast transaction (or a component thereof) is highly probable as required by paragraph 6.3.3, an entity shall assume that the interest rate benchmark on which the hedged cash flows (contractually or non-contractually specified) are based is not altered as a result of interest rate benchmark reform.
Reclassifying the amount accumulated in the cash flow hedge reserve
6.8.5
For the purpose of applying the requirement in paragraph 6.5.12 in order to determine whether the hedged future cash flows are expected to occur, an entity shall assume that the interest rate benchmark on which the hedged cash flows (contractually or non-contractually specified) are based is not altered as a result of interest rate benchmark reform.
Assessing the economic relationship between the hedged item and the hedging instrument
6.8.6
For the purpose of applying the requirements in paragraphs 6.4.1(c)(i) and B6.4.4–B6.4.6, an entity shall assume that the interest rate benchmark on which the hedged cash flows and/or the hedged risk (contractually or non-contractually specified) are based, or the interest rate benchmark on which the cash flows of the hedging instrument are based, is not altered as a result of interest rate benchmark reform.
Designating a component of an item as a hedged item
6.8.7
Unless paragraph 6.8.8 applies, for a hedge of a non-contractually specified benchmark component of interest rate risk, an entity shall apply the requirement in paragraphs 6.3.7(a) and B6.3.8—that the risk component shall be separately identifiable—only at the inception of the hedging relationship.
6.8.8
When an entity, consistent with its hedge documentation, frequently resets (ie discontinues and restarts) a hedging relationship because both the hedging instrument and the hedged item frequently change (ie the entity uses a dynamic process in which both the hedged items and the hedging instruments used to manage that exposure do not remain the same for long), the entity shall apply the requirement in paragraphs 6.3.7(a) and B6.3.8—that the risk component is separately identifiable—only when it initially designates a hedged item in that hedging relationship. A hedged item that has been assessed at the time of its initial designation in the hedging relationship, whether it was at the time of the hedge inception or subsequently, is not reassessed at any subsequent redesignation in the same hedging relationship.
End of application
6.8.9
An entity shall prospectively cease applying paragraph 6.8.4 to a hedged item at the earlier of:
(a)
when the uncertainty arising from interest rate benchmark reform is no longer present with respect to the timing and the amount of the interest rate benchmark-based cash flows of the hedged item; and
(b)
when the hedging relationship that the hedged item is part of is discontinued.
6.8.10
An entity shall prospectively cease applying paragraph 6.8.5 at the earlier of:
(a)
when the uncertainty arising from interest rate benchmark reform is no longer present with respect to the timing and the amount of the interest rate benchmark-based future cash flows of the hedged item; and
(b)
when the entire amount accumulated in the cash flow hedge reserve with respect to that discontinued hedging relationship has been reclassified to profit or loss.
6.8.11
An entity shall prospectively cease applying paragraph 6.8.6:
(a)
to a hedged item, when the uncertainty arising from interest rate benchmark reform is no longer present with respect to the hedged risk or the timing and the amount of the interest rate benchmark-based cash flows of the hedged item; and
(b)
to a hedging instrument, when the uncertainty arising from interest rate benchmark reform is no longer present with respect to the timing and the amount of the interest rate benchmark-based cash flows of the hedging instrument.
If the hedging relationship that the hedged item and the hedging instrument are part of is discontinued earlier than the date specified in paragraph 6.8.11(a) or the date specified in paragraph 6.8.11(b), the entity shall prospectively cease applying paragraph 6.8.6 to that hedging relationship at the date of discontinuation.
6.8.12
When designating a group of items as the hedged item, or a combination of financial instruments as the hedging instrument, an entity shall prospectively cease applying paragraphs 6.8.4–6.8.6 to an individual item or financial instrument in accordance with paragraphs 6.8.9, 6.8.10, or 6.8.11, as relevant, when the uncertainty arising from interest rate benchmark reform is no longer present with respect to the hedged risk and/or the timing and the amount of the interest rate benchmark-based cash flows of that item or financial instrument.
6.8.13
An entity shall prospectively cease applying paragraphs 6.8.7 and 6.8.8 at the earlier of:
(a)
when changes required by interest rate benchmark reform are made to the non-contractually specified risk component applying paragraph 6.9.1; or
(b)
when the hedging relationship in which the non-contractually specified risk component is designated is discontinued.
6.9   ADDITIONAL TEMPORARY EXCEPTIONS ARISING FROM INTEREST RATE BENCHMARK REFORM
6.9.1
As and when the requirements in paragraphs 6.8.4–6.8.8 cease to apply to a hedging relationship (see paragraphs 6.8.9–6.8.13), an entity shall amend the formal designation of that hedging relationship as previously documented to reflect the changes required by interest rate benchmark reform, ie the changes are consistent with the requirements in paragraphs 5.4.6–5.4.8. In this context, the hedge designation shall be amended only to make one or more of these changes:
(a)
designating an alternative benchmark rate (contractually or non-contractually specified) as a hedged risk;
(b)
amending the description of the hedged item, including the description of the designated portion of the cash flows or fair value being hedged; or
(c)
amending the description of the hedging instrument.
6.9.2
An entity also shall apply the requirement in paragraph 6.9.1(c) if these three conditions are met:
(a)
the entity makes a change required by interest rate benchmark reform using an approach other than changing the basis for determining the contractual cash flows of the hedging instrument (as described in paragraph 5.4.6);
(b)
the original hedging instrument is not derecognised; and
(c)
the chosen approach is economically equivalent to changing the basis for determining the contractual cash flows of the original hedging instrument (as described in paragraphs 5.4.7 and 5.4.8).
6.9.3
The requirements in paragraphs 6.8.4–6.8.8 may cease to apply at different times. Therefore, in applying paragraph 6.9.1, an entity may be required to amend the formal designation of its hedging relationships at different times, or may be required to amend the formal designation of a hedging relationship more than once. When, and only when, such a change is made to the hedge designation, an entity shall apply paragraphs 6.9.7–6.9.12 as applicable. An entity also shall apply paragraph 6.5.8 (for a fair value hedge) or paragraph 6.5.11 (for a cash flow hedge) to account for any changes in the fair value of the hedged item or the hedging instrument.
6.9.4
An entity shall amend a hedging relationship as required in paragraph 6.9.1 by the end of the reporting period during which a change required by interest rate benchmark reform is made to the hedged risk, hedged item or hedging instrument. For the avoidance of doubt, such an amendment to the formal designation of a hedging relationship constitutes neither the discontinuation of the hedging relationship nor the designation of a new hedging relationship.
6.9.5
If changes are made in addition to those changes required by interest rate benchmark reform to the financial asset or financial liability designated in a hedging relationship (as described in paragraphs 5.4.6–5.4.8) or to the designation of the hedging relationship (as required by paragraph 6.9.1), an entity shall first apply the applicable requirements in this Standard to determine if those additional changes result in the discontinuation of hedge accounting. If the additional changes do not result in the discontinuation of hedge accounting, an entity shall amend the formal designation of the hedging relationship as specified in paragraph 6.9.1.
6.9.6
Paragraphs 6.9.7–6.9.13 provide exceptions to the requirements specified in those paragraphs only. An entity shall apply all other hedge accounting requirements in this Standard, including the qualifying criteria in paragraph 6.4.1, to hedging relationships that were directly affected by interest rate benchmark reform.
Accounting for qualifying hedging relationships
Cash flow hedges
6.9.7
For the purpose of applying paragraph 6.5.11, at the point when an entity amends the description of a hedged item as required in paragraph 6.9.1(b), the amount accumulated in the cash flow hedge reserve shall be deemed to be based on the alternative benchmark rate on which the hedged future cash flows are determined.
6.9.8
For a discontinued hedging relationship, when the interest rate benchmark on which the hedged future cash flows had been based is changed as required by interest rate benchmark reform, for the purpose of applying paragraph 6.5.12 in order to determine whether the hedged future cash flows are expected to occur, the amount accumulated in the cash flow hedge reserve for that hedging relationship shall be deemed to be based on the alternative benchmark rate on which the hedged future cash flows will be based.
Groups of items
6.9.9
When an entity applies paragraph 6.9.1 to groups of items designated as hedged items in a fair value or cash flow hedge, the entity shall allocate the hedged items to subgroups based on the benchmark rate being hedged and designate the benchmark rate as the hedged risk for each subgroup. For example, in a hedging relationship in which a group of items is hedged for changes in an interest rate benchmark subject to interest rate benchmark reform, the hedged cash flows or fair value of some items in the group could be changed to reference an alternative benchmark rate before other items in the group are changed. In this example, in applying paragraph 6.9.1, the entity would designate the alternative benchmark rate as the hedged risk for that relevant subgroup of hedged items. The entity would continue to designate the existing interest rate benchmark as the hedged risk for the other subgroup of hedged items until the hedged cash flows or fair value of those items are changed to reference the alternative benchmark rate or the items expire and are replaced with hedged items that reference the alternative benchmark rate.
6.9.10
An entity shall assess separately whether each subgroup meets the requirements in paragraph 6.6.1 to be an eligible hedged item. If any subgroup fails to meet the requirements in paragraph 6.6.1, the entity shall discontinue hedge accounting prospectively for the hedging relationship in its entirety. An entity also shall apply the requirements in paragraphs 6.5.8 and 6.5.11 to account for ineffectiveness related to the hedging relationship in its entirety.
Designation of risk components
6.9.11
An alternative benchmark rate designated as a non-contractually specified risk component that is not separately identifiable (see paragraphs 6.3.7(a) and B6.3.8) at the date it is designated shall be deemed to have met that requirement at that date, if, and only if, the entity reasonably expects the alternative benchmark rate will be separately identifiable within 24 months. The 24-month period applies to each alternative benchmark rate separately and starts from the date the entity designates the alternative benchmark rate as a non-contractually specified risk component for the first time (i.e. the 24-month period applies on a rate-by-rate basis).
6.9.12
If subsequently an entity reasonably expects that the alternative benchmark rate will not be separately identifiable within 24 months from the date the entity designated it as a non-contractually specified risk component for the first time, the entity shall cease applying the requirement in paragraph 6.9.11 to that alternative benchmark rate and discontinue hedge accounting prospectively from the date of that reassessment for all hedging relationships in which the alternative benchmark rate was designated as a non-contractually specified risk component.
6.9.13
In addition to those hedging relationships specified in paragraph 6.9.1, an entity shall apply the requirements in paragraphs 6.9.11 and 6.9.12 to new hedging relationships in which an alternative benchmark rate is designated as a non-contractually specified risk component (see paragraphs 6.3.7(a) and B6.3.8) when, because of interest rate benchmark reform, that risk component is not separately identifiable at the date it is designated.
CHAPTER 7
   
Effective date and transition
7.1   EFFECTIVE DATE
7.1.1
An entity shall apply this Standard for annual periods beginning on or after 1 January 2018. Earlier application is permitted. If an entity elects to apply this Standard early, it must disclose that fact and apply all of the requirements in this Standard at the same time (but see also paragraphs 7.1.2, 7.2.21 and 7.3.2). It shall also, at the same time, apply the amendments in Appendix C.
7.1.2
Despite the requirements in paragraph 7.1.1, for annual periods beginning before 1 January 2018, an entity may elect to early apply only the requirements for the presentation of gains and losses on financial liabilities designated as at fair value through profit or loss in paragraphs 5.7.1(c), 5.7.7–5.7.9, 7.2.14 and B5.7.5–B5.7.20 without applying the other requirements in this Standard. If an entity elects to apply only those paragraphs, it shall disclose that fact and provide on an ongoing basis the related disclosures set out in paragraphs 10–11 of IFRS 7 
Financial instruments: Disclosures
 (as amended by IFRS 9 (2010)). (See also paragraphs 7.2.2 and 7.2.15.)
7.1.3
Annual Improvements to IFRSs 2010–2012 Cycle
, issued in December 2013, amended paragraphs 4.2.1 and 5.7.5 as a consequential amendment derived from the amendment to IFRS 3. An entity shall apply that amendment prospectively to business combinations to which the amendment to IFRS 3 applies.
7.1.4
IFRS 15, issued in May 2014, amended paragraphs 3.1.1, 4.2.1, 5.1.1, 5.2.1, 5.7.6, B3.2.13, B5.7.1, C5 and C42 and deleted paragraph C16 and its related heading. Paragraphs 5.1.3 and 5.7.1 A, and a definition to Appendix A, were added. An entity shall apply those amendments when it applies IFRS 15.
7.1.5
IFRS 16, issued in January 2016, amended paragraphs 2.1, 5.5.15, B4.3.8, B5.5.34 and B5.5.46. An entity shall apply those amendments when it applies IFRS 16.
7.1.6
IFRS 17, issued in May 2017, amended paragraphs 2.1, B2.1, B2.4, B2.5 and B4.1.30, and added paragraph 3.3.5. 
Amendments to IFRS 17
, issued in June 2020, further amended paragraph 2.1 and added paragraphs 7.2.36–7.2.42. An entity shall apply those amendments when it applies IFRS 17.
7.1.7
Prepayment Features with Negative Compensation
 (Amendments to IFRS 9), issued in October 2017, added paragraphs 7.2.29-7.2.34 and B4.1.12A and amended paragraphs B4.1.11(b) and B4.1.12(b). An entity shall apply these amendments for annual periods beginning on or after 1 January 2019. Earlier application is permitted. If an entity applies these amendments for an earlier period, it shall disclose that fact.
7.1.8
Interest Rate Benchmark Reform
, which amended IFRS 9, IAS 39 and IFRS 7, issued in September 2019, added Section 6.8 and amended paragraph 7.2.26. An entity shall apply these amendments for annual periods beginning on or after 1 January 2020. Earlier application is permitted. If an entity applies these amendments for an earlier period, it shall disclose that fact.
7.1.9
Annual Improvements to IFRS Standards 2018–2020
, issued in May 2020, added paragraphs 7.2.35 and B3.3.6A and amended paragraph B3.3.6. An entity shall apply that amendment for annual reporting periods beginning on or after 1 January 2022. Earlier application is permitted. If an entity applies the amendment for an earlier period, it shall disclose that fact.
7.1.10
Interest Rate Benchmark Reform – Phase 2
, which amended IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16, issued in August 2020, added paragraphs 5.4.5–5.4.9, 6.8.13, Section 6.9 and paragraphs 7.2.43–7.2.46. An entity shall apply these amendments for annual periods beginning on or after 1 January 2021. Earlier application is permitted. If an entity applies these amendments for an earlier period, it shall disclose that fact.
7.2   TRANSITION
7.2.1
An entity shall apply this Standard retrospectively, in accordance with IAS 8 
Accounting Policies, Changes in Accounting Estimates and Errors
, except as specified in paragraphs 7.2.4–7.2.26 and 7.2.28. This Standard shall not be applied to items that have already been derecognised at the date of initial application.
7.2.2
For the purposes of the transition provisions in paragraphs 7.2.1, 7.2.3–7.2.28 and 7.3.2, the date of initial application is the date when an entity first applies those requirements of this Standard and must be the beginning of a reporting period after the issue of this Standard. Depending on the entity's chosen approach to applying IFRS 9, the transition can involve one or more than one date of initial application for different requirements.
Transition for classification and measurement (Chapters 4 and 5)
7.2.3
At the date of initial application, an entity shall assess whether a financial asset meets the condition in paragraphs 4.1.2(a) or 4.1.2A(a) on the basis of the facts and circumstances that exist at that date. The resulting classification shall be applied retrospectively irrespective of the entity's business model in prior reporting periods.
7.2.4
If, at the date of initial application, it is impracticable (as defined in IAS 8) for an entity to assess a modified time value of money element in accordance with paragraphs B4.1.9B–B4.1.9D on the basis of the facts and circumstances that existed at the initial recognition of the financial asset, an entity shall assess the contractual cash flow characteristics of that financial asset on the basis of the facts and circumstances that existed at the initial recognition of the financial asset without taking into account the requirements related to the modification of the time value of money element in paragraphs B4.1.9B–B4.1.9D. (See also paragraph 42R of IFRS 7.)
7.2.5
If, at the date of initial application, it is impracticable (as defined in IAS 8) for an entity to assess whether the fair value of a prepayment feature was insignificant in accordance with paragraph B4.1.12(c) on the basis of the facts and circumstances that existed at the initial recognition of the financial asset, an entity shall assess the contractual cash flow characteristics of that financial asset on the basis of the facts and circumstances that existed at the initial recognition of the financial asset without taking into account the exception for prepayment features in paragraph B4.1.12. (See also paragraph 42S of IFRS 7.)
7.2.6
If an entity measures a hybrid contract at fair value in accordance with paragraphs 4.1.2A, 4.1.4 or 4.1.5 but the fair value of the hybrid contract had not been measured in comparative reporting periods, the fair value of the hybrid contract in the comparative reporting periods shall be the sum of the fair values of the components (ie the non-derivative host and the embedded derivative) at the end of each comparative reporting period if the entity restates prior periods (see paragraph 7.2.15).
7.2.7
If an entity has applied paragraph 7.2.6 then at the date of initial application the entity shall recognise any difference between the fair value of the entire hybrid contract at the date of initial application and the sum of the fair values of the components of the hybrid contract at the date of initial application in the opening retained earnings (or other component of equity, as appropriate) of the reporting period that includes the date of initial application.
7.2.8
At the date of initial application an entity may designate:
(a)
a financial asset as measured at fair value through profit or loss in accordance with paragraph 4.1.5; or
(b)
an investment in an equity instrument as at fair value through other comprehensive income in accordance with paragraph 5.7.5.
Such a designation shall be made on the basis of the facts and circumstances that exist at the date of initial application. That classification shall be applied retrospectively.
7.2.9
At the date of initial application an entity:
(a)
shall revoke its previous designation of a financial asset as measured at fair value through profit or loss if that financial asset does not meet the condition in paragraph 4.1.5.
(b)
may revoke its previous designation of a financial asset as measured at fair value through profit or loss if that financial asset meets the condition in paragraph 4.1.5.
Such a revocation shall be made on the basis of the facts and circumstances that exist at the date of initial application. That classification shall be applied retrospectively.
7.2.10
At the date of initial application, an entity:
(a)
may designate a financial liability as measured at fair value through profit or loss in accordance with paragraph 4.2.2(a).
(b)
shall revoke its previous designation of a financial liability as measured at fair value through profit or loss if such designation was made at initial recognition in accordance with the condition now in paragraph 4.2.2(a) and such designation does not satisfy that condition at the date of initial application.
(c)
may revoke its previous designation of a financial liability as measured at fair value through profit or loss if such designation was made at initial recognition in accordance with the condition now in paragraph 4.2.2(a) and such designation satisfies that condition at the date of initial application.
Such a designation and revocation shall be made on the basis of the facts and circumstances that exist at the date of initial application. That classification shall be applied retrospectively.
7.2.11
If it is impracticable (as defined in IAS 8) for an entity to apply retrospectively the effective interest method, the entity shall treat:
(a)
the fair value of the financial asset or the financial liability at the end of each comparative period presented as the gross carrying amount of that financial asset or the amortised cost of that financial liability if the entity restates prior periods; and
(b)
the fair value of the financial asset or the financial liability at the date of initial application as the new gross carrying amount of that financial asset or the new amortised cost of that financial liability at the date of initial application of this Standard.
7.2.12
If an entity previously accounted at cost (in accordance with IAS 39), for an investment in an equity instrument that does not have a quoted price in an active market for an identical instrument (ie a Level 1 input) (or for a derivative asset that is linked to and must be settled by delivery of such an equity instrument) it shall measure that instrument at fair value at the date of initial application. Any difference between the previous carrying amount and the fair value shall be recognised in the opening retained earnings (or other component of equity, as appropriate) of the reporting period that includes the date of initial application.
7.2.13
If an entity previously accounted for a derivative liability that is linked to, and must be settled by, delivery of an equity instrument that does not have a quoted price in an active market for an identical instrument (ie a Level 1 input) at cost in accordance with IAS 39, it shall measure that derivative liability at fair value at the date of initial application. Any difference between the previous carrying amount and the fair value shall be recognised in the opening retained earnings of the reporting period that includes the date of initial application.
7.2.14
At the date of initial application, an entity shall determine whether the treatment in paragraph 5.7.7 would create or enlarge an accounting mismatch in profit or loss on the basis of the facts and circumstances that exist at the date of initial application. This Standard shall be applied retrospectively on the basis of that determination.
7.12.14A
At the date of initial application, an entity is permitted to make the designation in paragraph 2.5 for contracts that already exist on the date but only if it designates all similar contracts. The change in the net assets resulting from such designations shall be recognised in retained earnings at the date of initial application.
7.2.15
Despite the requirement in paragraph 7.2.1, an entity that adopts the classification and measurement requirements of this Standard (which include the requirements related to amortised cost measurement for financial assets and impairment in Sections 5.4 and 5.5) shall provide the disclosures set out in paragraphs 42L–42O of IFRS 7 but need not restate prior periods. The entity may restate prior periods if, and only if, it is possible without the use of hindsight. If an entity does not restate prior periods, the entity shall recognise any difference between the previous carrying amount and the carrying amount at the beginning of the annual reporting period that includes the date of initial application in the opening retained earnings (or other component of equity, as appropriate) of the annual reporting period that includes the date of initial application. However, if an entity restates prior periods, the restated financial statements must reflect all of the requirements in this Standard. If an entity's chosen approach to applying IFRS 9 results in more than one date of initial application for different requirements, this paragraph applies at each date of initial application (see paragraph 7.2.2). This would be the case, for example, if an entity elects to early apply only the requirements for the presentation of gains and losses on financial liabilities designated as at fair value through profit or loss in accordance with paragraph 7.1.2 before applying the other requirements in this Standard.
7.2.16
If an entity prepares interim financial reports in accordance with IAS 34 
Interim Financial Reporting
 the entity need not apply the requirements in this Standard to interim periods prior to the date of initial application if it is impracticable (as defined in IAS 8).
Impairment (Section 5.5)
7.2.17
An entity shall apply the impairment requirements in Section 5.5 retrospectively in accordance with IAS 8 subject to paragraphs 7.2.15 and 7.2.18–7.2.20.
7.2.18
At the date of initial application, an entity shall use reasonable and supportable information that is available without undue cost or effort to determine the credit risk at the date that a financial instrument was initially recognised (or for loan commitments and financial guarantee contracts at the date that the entity became a party to the irrevocable commitment in accordance with paragraph 5.5.6) and compare that to the credit risk at the date of initial application of this Standard.
7.2.19
When determining whether there has been a significant increase in credit risk since initial recognition, an entity may apply:
(a)
the requirements in paragraphs 5.5.10 and B5.5.22–B5.5.24; and
(b)
the rebuttable presumption in paragraph 5.5.11 for contractual payments that are more than 30 days past due if an entity will apply the impairment requirements by identifying significant increases in credit risk since initial recognition for those financial instruments on the basis of past due information.
7.2.20
If, at the date of initial application, determining whether there has been a significant increase in credit risk since initial recognition would require undue cost or effort, an entity shall recognise a loss allowance at an amount equal to lifetime expected credit losses at each reporting date until that financial instrument is derecognised (unless that financial instrument is low credit risk at a reporting date, in which case paragraph 7.2.19(a) applies).
Transition for hedge accounting (Chapter 6)
7.2.21
When an entity first applies this Standard, it may choose as its accounting policy to continue to apply the hedge accounting requirements of IAS 39 instead of the requirements in Chapter 6 of this Standard. An entity shall apply that policy to all of its hedging relationships. An entity that chooses that policy shall also apply IFRIC 16 
Hedges of a Net Investment in a Foreign Operation
 without the amendments that conform that Interpretation to the requirements in Chapter 6 of this Standard.
7.2.22
Except as provided in paragraph 7.2.26, an entity shall apply the hedge accounting requirements of this Standard prospectively.
7.2.23
To apply hedge accounting from the date of initial application of the hedge accounting requirements of this Standard, all qualifying criteria must be met as at that date.
7.2.24
Hedging relationships that qualified for hedge accounting in accordance with IAS 39 that also qualify for hedge accounting in accordance with the criteria of this Standard (see paragraph 6.4.1), after taking into account any rebalancing of the hedging relationship on transition (see paragraph 7.2.25(b)), shall be regarded as continuing hedging relationships.
7.2.25
On initial application of the hedge accounting requirements of this Standard, an entity:
(a)
may start to apply those requirements from the same point in time as it ceases to apply the hedge accounting requirements of IAS 39; and
(b)
shall consider the hedge ratio in accordance with IAS 39 as the starting point for rebalancing the hedge ratio of a continuing hedging relationship, if applicable. Any gain or loss from such a rebalancing shall be recognised in profit or loss.
7.2.26
As an exception to prospective application of the hedge accounting requirements of this Standard, an entity:
(a)
shall apply the accounting for the time value of options in accordance with paragraph 6.5.15 retrospectively if, in accordance with IAS 39, only the change in an option's intrinsic value was designated as a hedging instrument in a hedging relationship. This retrospective application applies only to those hedging relationships that existed at the beginning of the earliest comparative period or were designated thereafter.
(b)
may apply the accounting for the forward element of forward contracts in accordance with paragraph 6.5.16 retrospectively if, in accordance with IAS 39, only the change in the spot element of a forward contract was designated as a hedging instrument in a hedging relationship. This retrospective application applies only to those hedging relationships that existed at the beginning of the earliest comparative period or were designated thereafter. In addition, if an entity elects retrospective application of this accounting, it shall be applied to all hedging relationships that qualify for this election (ie on transition this election is not available on a hedging-relationship-by-hedging-relationship basis). The accounting for foreign currency basis spreads (see paragraph 6.5.16) may be applied retrospectively for those hedging relationships that existed at the beginning of the earliest comparative period or were designated thereafter.
(c)
shall apply retrospectively the requirement of paragraph 6.5.6 that there is not an expiration or termination of the hedging instrument if:
(i)
as a consequence of laws or regulations, or the introduction of laws or regulations, the parties to the hedging instrument agree that one or more clearing counterparties replace their original counterparty to become the new counterparty to each of the parties; and
(ii)
other changes, if any, to the hedging instrument are limited to those that are necessary to effect such a replacement of the counterparty.
(d)
shall apply the requirements in Section 6.8 retrospectively. This retrospective application applies only to those hedging relationships that existed at the beginning of the reporting period in which an entity first applies those requirements or were designated thereafter, and to the amount accumulated in the cash flow hedge reserve that existed at the beginning of the reporting period in which an entity first applies those requirements.
Entities that have applied IFRS 9 (2009), IFRS 9 (2010) or IFRS 9 (2013) early
7.2.27
An entity shall apply the transition requirements in paragraphs 7.2.1–7.2.26 at the relevant date of initial application. An entity shall apply each of the transition provisions in paragraphs 7.2.3–7.2.14A and 7.2.17–7.2.26 only once (ie if an entity chooses an approach of applying IFRS 9 that involves more than one date of initial application, it cannot apply any of those provisions again if they were already applied at an earlier date). (See paragraphs 7.2.2 and 7.3.2.)
7.2.28
An entity that applied IFRS 9 (2009), IFRS 9 (2010) or IFRS 9 (2013) and subsequently applies this Standard:
(a)
shall revoke its previous designation of a financial asset as measured at fair value through profit or loss if that designation was previously made in accordance with the condition in paragraph 4.1.5 but that condition is no longer satisfied as a result of the application of this Standard;
(b)
may designate a financial asset as measured at fair value through profit or loss if that designation would not have previously satisfied the condition in paragraph 4.1.5 but that condition is now satisfied as a result of the application of this Standard;
(c)
shall revoke its previous designation of a financial liability as measured at fair value through profit or loss if that designation was previously made in accordance with the condition in paragraph 4.2.2(a) but that condition is no longer satisfied as a result of the application of this Standard; and
(d)
may designate a financial liability as measured at fair value through profit or loss if that designation would not have previously satisfied the condition in paragraph 4.2.2(a) but that condition is now satisfied as a result of the application of this Standard.
Such a designation and revocation shall be made on the basis of the facts and circumstances that exist at the date of initial application of this Standard. That classification shall be applied retrospectively.
Transition for Prepayment Features with Negative Compensation
7.2.29
An entity shall apply 
Prepayment Features with Negative Compensation
 (Amendments to IFRS 9) retrospectively in accordance with IAS 8, except as specified in paragraphs 7.2.30-7.2.34.
7.2.30
An entity that first applies these amendments at the same time it first applies this Standard shall apply paragraphs 7.2.1-7.2.28 instead of paragraphs 7.2.31-7.2.34.
7.2.31
An entity that first applies these amendments after it first applies this Standard shall apply paragraphs 7.2.32-7.2.34. The entity shall also apply the other transition requirements in this Standard necessary for applying these amendments. For that purpose, references to the date of initial application shall be read as referring to the beginning of the reporting period in which an entity first applies these amendments (date of initial application of these amendments).
7.2.32
With regard to designating a financial asset or financial liability as measured at fair value through profit or loss, an entity:
(a)
shall revoke its previous designation of a financial asset as measured at fair value through profit or loss if that designation was previously made in accordance with the condition in paragraph 4.1.5 but that condition is no longer satisfied as a result of the application of these amendments;
(b)
may designate a financial asset as measured at fair value through profit or loss if that designation would not have previously satisfied the condition in paragraph 4.1.5 but that condition is now satisfied as a result of the application of these amendments;
(c)
shall revoke its previous designation of a financial liability as measured at fair value through profit or loss if that designation was previously made in accordance with the condition in paragraph 4.2.2(a) but that condition is no longer satisfied as a result of the application of these amendments; and
(d)
may designate a financial liability as measured at fair value through profit or loss if that designation would not have previously satisfied the condition in paragraph 4.2.2(a) but that condition is now satisfied as a result of the application of these amendments.
Such a designation and revocation shall be made on the basis of the facts and circumstances that exist at the date of initial application of these amendments. That classification shall be applied retrospectively.
7.2.33
An entity is not required to restate prior periods to reflect the application of these amendments. The entity may restate prior periods if, and only if, it is possible without the use of hindsight and the restated financial statements reflect all the requirements in this Standard. If an entity does not restate prior periods, the entity shall recognise any difference between the previous carrying amount and the carrying amount at the beginning of the annual reporting period that includes the date of initial application of these amendments in the opening retained earnings (or other component of equity, as appropriate) of the annual reporting period that includes the date of initial application of these amendments.
7.2.34
In the reporting period that includes the date of initial application of these amendments, the entity shall disclose the following information as at that date of initial application for each class of financial assets and financial liabilities that were affected by these amendments:
(a)
the previous measurement category and carrying amount determined immediately before applying these amendments;
(b)
the new measurement category and carrying amount determined after applying these amendments;
(c)
the carrying amount of any financial assets and financial liabilities in the statement of financial position that were previously designated as measured at fair value through profit or loss but are no longer so designated; and
(d)
the reasons for any designation or de-designation of financial assets or financial liabilities as measured at fair value through profit or loss.
Transition for Annual Improvements to IFRS Standards
7.2.35
An entity shall apply 
Annual Improvements to IFRS Standards 2018–2020
 to financial liabilities that are modified or exchanged on or after the beginning of the annual reporting period in which the entity first applies the amendment.
Transition for IFRS 17 as amended in June 2020
7.2.36
An entity shall apply the amendments to IFRS 9 made by IFRS 17 as amended in June 2020 retrospectively in accordance with IAS 8, except as specified in paragraphs 7.2.37–7.2.42.
7.2.37
An entity that first applies IFRS 17 as amended in June 2020 at the same time it first applies this Standard shall apply paragraphs 7.2.1–7.2.28 instead of paragraphs 7.2.38–7.2.42.
7.2.38
An entity that first applies IFRS 17 as amended in June 2020 after it first applies this Standard shall apply paragraphs 7.2.39–7.2.42. The entity shall also apply the other transition requirements in this Standard necessary for applying these amendments. For that purpose, references to the date of initial application shall be read as referring to the beginning of the reporting period in which an entity first applies these amendments (date of initial application of these amendments).
7.2.39
With regard to designating a financial liability as measured at fair value through profit or loss, an entity:
(a)
shall revoke its previous designation of a financial liability as measured at fair value through profit or loss if that designation was previously made in accordance with the condition in paragraph 4.2.2(a) but that condition is no longer satisfied as a result of the application of these amendments; and
(b)
may designate a financial liability as measured at fair value through profit or loss if that designation would not have previously satisfied the condition in paragraph 4.2.2(a) but that condition is now satisfied as a result of the application of these amendments.
Such a designation and revocation shall be made on the basis of the facts and circumstances that exist at the date of initial application of these amendments. That classification shall be applied retrospectively.
7.2.40
An entity is not required to restate prior periods to reflect the application of these amendments. The entity may restate prior periods only if it is possible to do so without the use of hindsight. If an entity restates prior periods, the restated financial statements must reflect all the requirements in this Standard for the affected financial instruments. If an entity does not restate prior periods, the entity shall recognise any difference between the previous carrying amount and the carrying amount at the beginning of the annual reporting period that includes the date of initial application of these amendments in the opening retained earnings (or other component of equity, as appropriate) of the annual reporting period that includes the date of initial application of these amendments.
7.2.41
In the reporting period that includes the date of initial application of these amendments, an entity is not required to present the quantitative information required by paragraph 28(f) of IAS 8.
7.2.42
In the reporting period that includes the date of initial application of these amendments, the entity shall disclose the following information as at that date of initial application for each class of financial assets and financial liabilities that was affected by these amendments:
(a)
the previous classification, including the previous measurement category when applicable, and carrying amount determined immediately before applying these amendments;
(b)
the new measurement category and carrying amount determined after applying these amendments;
(c)
the carrying amount of any financial liabilities in the statement of financial position that were previously designated as measured at fair value through profit or loss but are no longer so designated; and
(d)
the reasons for any designation or de-designation of financial liabilities as measured at fair value through profit or loss.
Transition for Interest Rate Benchmark Reform – Phase 2
7.2.43
An entity shall apply 
Interest Rate Benchmark Reform – Phase 2
 retrospectively in accordance with IAS 8, except as specified in paragraphs 7.2.44–7.2.46.
7.2.44
An entity shall designate a new hedging relationship (for example, as described in paragraph 6.9.13) only prospectively (i.e. an entity is prohibited from designating a new hedge accounting relationship in prior periods). However, an entity shall reinstate a discontinued hedging relationship if, and only if, these conditions are met:
(a)
the entity had discontinued that hedging relationship solely due to changes required by interest rate benchmark reform and the entity would not have been required to discontinue that hedging relationship if these amendments had been applied at that time; and
(b)
at the beginning of the reporting period in which an entity first applies these amendments (date of initial application of these amendments), that discontinued hedging relationship meets the qualifying criteria for hedge accounting (after taking into account these amendments).
7.2.45
If, in applying paragraph 7.2.44, an entity reinstates a discontinued hedging relationship, the entity shall read references in paragraphs 6.9.11 and 6.9.12 to the date the alternative benchmark rate is designated as a non- contractually specified risk component for the first time as referring to the date of initial application of these amendments (i.e. the 24-month period for that alternative benchmark rate designated as a non-contractually specified risk component begins from the date of initial application of these amendments).
7.2.46
An entity is not required to restate prior periods to reflect the application of these amendments. The entity may restate prior periods if, and only if, it is possible without the use of hindsight. If an entity does not restate prior periods, the entity shall recognise any difference between the previous carrying amount and the carrying amount at the beginning of the annual reporting period that includes the date of initial application of these amendments in the opening retained earnings (or other component of equity, as appropriate) of the annual reporting period that includes the date of initial application of these amendments.
7.3   WITHDRAWAL OF IFRIC 9, IFRS 9 (2009), IFRS 9 (2010) AND IFRS 9 (2013)
7.3.1
This Standard supersedes IFRIC 9 
Reassessment of Embedded Derivatives
. The requirements added to IFRS 9 in October 2010 incorporated the requirements previously set out in paragraphs 5 and 7 of IFRIC 9. As a consequential amendment, IFRS 1 
First-time Adoption of International Financial Reporting Standards
 incorporated the requirements previously set out in paragraph 8 of IFRIC 9.
7.3.2
This Standard supersedes IFRS 9 (2009), IFRS 9 (2010) and IFRS 9 (2013). However, for annual periods beginning before 1 January 2018, an entity may elect to apply those earlier versions of IFRS 9 instead of applying this Standard if, and only if, the entity's relevant date of initial application is before 1 February 2015.
Appendix A
Defined terms
This appendix is an integral part of the Standard.
12-month expected credit losses
The portion of 
lifetime expected credit losses
 that represent the 
expected credit losses
 that result from default events on a financial instrument that are possible within the 12 months after the reporting date.
amortised cost of a financial asset or financial liability
The amount at which the financial asset or financial liability is measured at initial recognition minus the 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, for financial assets, adjusted for any 
loss allowance
.
contract assets
Those rights that IFRS 15 
Revenue from Contracts with Customers
 specifies are accounted for in accordance with this Standard for the purposes of recognising and measuring impairment gains or losses.
credit-impaired financial asset
A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred. Evidence that a financial asset is credit-impaired include observable data about the following events:
(a)
significant financial difficulty of the issuer or the borrower;
(b)
a breach of contract, such as a default or 
past due
 event;
(c)
the lender(s) of the borrower, for economic or contractual reasons relating to the borrower's financial difficulty, having granted to the borrower a concession(s) that the lender(s) would not otherwise consider;
(d)
it is 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)
the purchase or origination of a financial asset at a deep discount that reflects the incurred 
credit losses
.
It may not be possible to identify a single discrete event—instead, the combined effect of several events may have caused financial assets to become credit-impaired.
credit loss
The difference between all contractual cash flows that are due to an entity in accordance with the contract and all the cash flows that the entity expects to receive (ie all cash shortfalls), discounted at the original 
effective interest rate
 (or 
credit-adjusted effective interest rate
 for 
purchased or originated credit-impaired financial assets
). An entity shall estimate cash flows by considering all contractual terms of the financial instrument (for example, prepayment, extension, call and similar options) through the expected life of that financial instrument. The cash flows that are considered shall include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. There is a presumption that the expected life of a financial instrument can be estimated reliably. However, in those rare cases when it is not possible to reliably estimate the expected life of a financial instrument, the entity shall use the remaining contractual term of the financial instrument.
credit-adjusted effective interest rate
The rate that exactly discounts the estimated future cash payments or receipts through the expected life of the financial asset to the 
amortised cost of a financial asset
 that is a 
purchased or originated credit-impaired financial asset
. When calculating the credit-adjusted effective interest rate, an entity shall estimate the expected cash flows by considering all contractual terms of the financial asset (for example, prepayment, extension, call and similar options) and 
expected 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 paragraphs B5.4.1-B5.4.3), 
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 reliably estimate the cash flows or the remaining 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
The removal of a previously recognised financial asset or financial liability from an entity's statement of financial position.
derivative
A financial instrument or other contract within the scope of this Standard 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.
(c)
it is settled at a future date.
dividends
Distributions of profits to holders of equity instruments in proportion to their holdings of a particular class of capital.
effective interest method
The method that is used in the calculation of the 
amortised cost of a financial asset or a financial liability
 and in the allocation and recognition of the interest revenue or interest expense in profit or loss over the relevant period.
effective interest rate
The rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial asset or financial liability to the 
gross carrying amount of a financial asset
 or to the 
amortised cost of a financial liability
. When calculating the effective interest rate, an entity shall estimate the expected cash flows by considering all the contractual terms of the financial instrument (for example, prepayment, extension, call and similar options) but shall not consider the 
expected 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 paragraphs B5.4.1-B5.4.3), 
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 reliably estimate 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).
expected credit losses
The weighted average of 
credit losses
 with the respective risks of a default occurring as the weights.
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 liability at fair value through profit or loss
A financial liability that meets one of the following conditions.
(a)
it meets the definition of 
held for trading
.
(b)
upon initial recognition it is designated by the entity as at fair value through profit or loss in accordance with paragraph 4.2.2 or 4.3.5.
(c)
it is designated either upon initial recognition or subsequently as at fair value through profit or loss in accordance with paragraph 6.7.1.
firm commitment
A binding agreement for the exchange of a specified quantity of resources at a specified price on a specified future date or dates.
forecast transaction
An uncommitted but anticipated future transaction.
gross carrying amount of a financial asset
The 
amortised cost of a financial asset
, before adjusting for any 
loss allowance
.
hedge ratio
The relationship between the quantity of the hedging instrument and the quantity of the hedged item in terms of their relative weighting.
held for trading
A financial asset or financial liability that:
(a)
is acquired or incurred principally for the purpose of selling or repurchasing it in the near term;
(b)
on initial recognition is 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
(c)
is a 
derivative
 (except for a derivative that is a financial guarantee contract or a designated and effective hedging instrument).
impairment gain or loss
Gains or losses that are recognised in profit or loss in accordance with paragraph 5.5.8 and that arise from applying the impairment requirements in Section 5.5.
lifetime expected credit losses
The 
expected credit losses
 that result from all possible default events over the expected life of a financial instrument.
loss allowance
The allowance for 
expected credit losses
 on financial assets measured in accordance with paragraph 4.1.2, lease receivables and 
contract assets
, the accumulated impairment amount for financial assets measured in accordance with paragraph 4.1.2A and the provision for expected credit losses on loan commitments and 
financial guarantee contracts
.
modification gain or loss
The amount arising from adjusting the 
gross carrying amount of a financial asset
 to reflect the renegotiated or modified contractual cash flows. The entity recalculates the gross carrying amount of a financial asset as the present value of the estimated future cash payments or receipts through the expected life of the renegotiated or modified financial asset that are discounted at the financial asset's original 
effective interest rate
 (or the original 
credit-adjusted effective interest rate
 for 
purchased or originated credit-impaired financial assets
) or, when applicable, the revised 
effective interest rate
 calculated in accordance with paragraph 6.5.10. When estimating the expected cash flows of a financial asset, an entity shall consider all contractual terms of the financial asset (for example, prepayment, call and similar options) but shall not consider the 
expected credit losses
, unless the financial asset is a 
purchased or originated credit-impaired financial asset
, in which case an entity shall also consider the initial expected credit losses that were considered when calculating the original 
credit-adjusted effective interest rate
.
past due
A financial asset is past due when a counterparty has failed to make a payment when that payment was contractually due.
purchased or originated credit-impaired financial asset
Purchased or originated financial asset(s) that are 
credit-impaired
 on initial recognition.
reclassification date
The first day of the first reporting period following the change in business model that results in an entity reclassifying financial assets.
regular way purchase or sale
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
Incremental costs that are directly attributable to the acquisition, issue or disposal of a financial asset or financial liability (see paragraph B5.4.8). An incremental cost is one that would not have been incurred if the entity had not acquired, issued or disposed of the financial instrument.
The following terms are defined in paragraph 11 of IAS 32, Appendix A of IFRS 7, Appendix A of IFRS 13 or Appendix A of IFRS 15 and are used in this Standard with the meanings specified in IAS 32, IFRS 7, IFRS 13 or IFRS 15:
(a)
credit risk 
(
52
)
;
(b)
equity instrument;
(c)
fair value;
(d)
financial asset;
(e)
financial instrument;
(f)
financial liability;
(g)
transaction price.
Appendix B
Application guidance
This appendix is an integral part of the Standard.
SCOPE (CHAPTER 2)
B2.1
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 17 
Insurance Contracts
, they are within the scope of this Standard.
B2.2
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 IFRS 15 
Revenue from Contracts with Customers
.
B2.3
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 or joint venturer entity uses IAS 28 
Investments in Associates and Joint Ventures
 to determine whether the equity method of accounting shall be applied to such an investment.
B2.4
This Standard applies to the financial assets and financial liabilities of insurers, other than rights and obligations that paragraph 2.1(e) excludes because they arise under contracts within the scope of IFRS 17.
B2.5
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 2.1(e)):
(a)
Although a financial guarantee contract meets the definition of an insurance contract in IFRS 17 (see paragraph 7(e) of IFRS 17) 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 that is applicable to insurance contracts, the issuer may elect to apply either this Standard or IFRS 17 to such financial guarantee contracts. If this Standard applies, paragraph 5.1.1 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 3.2.15–3.2.23 and B3.2.12–B3.2.17 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 Section 5.5; and
(ii)
the amount initially recognised less, when appropriate, the cumulative amount of income recognised in accordance with the principles of IFRS 15 (see paragraph 4.2.1(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 17. 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 IFRS 15 in determining when it recognises the revenue from the guarantee and from the sale of goods.
B2.6
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.
RECOGNITION AND DERECOGNITION (CHAPTER 3)
Initial recognition (Section 3.1)
B3.1.1
As a consequence of the principle in paragraph 3.1.1, an entity recognises all of its contractual rights and obligations under derivatives in its statement of financial position as assets and liabilities, respectively, except for derivatives that prevent a transfer of financial assets from being accounted for as a sale (see paragraph B3.2.14). 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 B3.2.15).
B3.1.2
The following are examples of applying the principle in paragraph 3.1.1:
(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, instead, 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 in accordance with paragraphs 2.4–2.7, its net fair value is recognised as an asset or a liability on the commitment date (see paragraph B4.1.30(c)). 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 a liability after the inception of the hedge (see paragraphs 6.5.8(b) and 6.5.9).
(c)
A forward contract that is within the scope of this Standard (see paragraph 2.1) is recognised as an asset or a liability on the commitment date, instead of 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 paragraph 2.1) 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.
Regular way purchase or sale of financial assets
B3.1.3
A regular way purchase or sale of financial assets is recognised using either trade date accounting or settlement date accounting as described in paragraphs B3.1.5 and B3.1.6. An entity shall apply the same method consistently for all purchases and sales of financial assets that are classified in the same way in accordance with this Standard. For this purpose assets that are mandatorily measured at fair value through profit or loss form a separate classification from assets designated as measured at fair value through profit or loss. In addition, investments in equity instruments accounted for using the option provided in paragraph 5.7.5 form a separate classification.
B3.1.4
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.
B3.1.5
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.
B3.1.6
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 measured at amortised cost; it is recognised in profit or loss for assets classified as financial assets measured at fair value through profit or loss; and it is recognised in other comprehensive income for financial assets measured at fair value through other comprehensive income in accordance with paragraph 4.1.2A and for investments in equity instruments accounted for in accordance with paragraph 5.7.5.
Derecognition of financial assets (Section 3.2)
B3.2.1
The following flow chart illustrates the evaluation of whether and to what extent a financial asset is derecognised.
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 3.2.4(b))
B3.2.2
The situation described in paragraph 3.2.4(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 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 3.2.5 and 3.2.6 are met.
B3.2.3
In applying paragraph 3.2.5, the entity could be, for example, the originator of the financial asset, or it could be a group that includes a subsidiary 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 3.2.6)
B3.2.4
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 (ie an option that is so far out of the money it is highly unlikely to go into the money before expiry).
B3.2.5
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 (ie 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.
B3.2.6
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
B3.2.7
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.
B3.2.8
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 (ie 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 (eg conditions about how a loan asset is serviced or an option giving the transferee the right to repurchase the asset).
B3.2.9
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
B3.2.10
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 3.2.13, 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.
B3.2.11
When measuring the fair values of the part that continues to be recognised and the part that is derecognised for the purposes of applying paragraph 3.2.13, an entity applies the fair value measurement requirements in IFRS 13 
Fair Value Measurement
 in addition to paragraph 3.2.14.
Transfers that do not qualify for derecognition
B3.2.12
The following is an application of the principle outlined in paragraph 3.2.15. 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
B3.2.13
The following are examples of how an entity measures a transferred asset and the associated liability under paragraph 3.2.16.
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 when (or as) the obligation is satisfied (in accordance with the principles of IFRS 15) and the carrying value of the asset is reduced by any loss allowance.
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 (ie the consideration received) adjusted for the amortisation of any difference between that cost and the gross carrying amount of the transferred asset at the expiration date of the option. For example, assume that the gross carrying amount of the asset on the date of the transfer is CU98 and that the consideration received is CU95. The gross carrying amount 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 (ie 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
B3.2.14
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.
B3.2.15
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 measure its receivable at amortised cost if it meets the criteria in paragraph 4.1.2.
Examples
B3.2.16
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 in its statement of financial position, 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 B3.2.9). 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 B3.2.9 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 CU100000 and any individual loan could be called back but the aggregate amount of loans that could be repurchased could not exceed CU10000, CU90000 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.
(r)
Write-off
. An entity has no reasonable expectations of recovering the contractual cash flows on a financial asset in its entirety or a portion thereof.
B3.2.17
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 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 % × 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 3.2.14 of IFRS 9 as follows:
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, ie 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, ie 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 impairment losses on the recognised assets. As an example of the latter, assume that in the following year there is an 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 impairment losses), and reduces its recognised liability by CU300. The net result is a charge to profit or loss for impairment losses of CU300.
Derecognition of financial liabilities (Section 3.3)
B3.3.1
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.)
B3.3.2
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.
B3.3.3
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.
B3.3.4
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 B3.3.1(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.
B3.3.5
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 3.2.1–3.2.23 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.
B3.3.6
For the purpose of paragraph 3.3.2, 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. In determining those fees paid net of fees received, a borrower includes only fees paid or received between the borrower and the lender, including fees paid or received by either the borrower or lender on the other’s behalf.
B3.3.6A
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.
B3.3.7
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 these circumstances 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.
CLASSIFICATION (CHAPTER 4)
Classification of financial assets (Section 4.1)
The entity's business model for managing financial assets
B4.1.1
Paragraph 4.1.1(a) requires an entity to classify financial assets on the basis of the entity's business model for managing the financial assets, unless paragraph 4.1.5 applies. An entity assesses whether its financial assets meet the condition in paragraph 4.1.2(a) or the condition in paragraph 4.1.2A(a) on the basis of the business model as determined by the entity's key management personnel (as defined in IAS 24 
Related Party Disclosures
).
B4.1.2
An entity's business model is determined at a level that reflects how groups of financial assets are managed together to achieve a particular business objective. The entity's business model does not depend on management's intentions for an individual instrument. Accordingly, this condition is not an instrument-by-instrument approach to classification and should be determined on a higher level of aggregation. However, a single entity may have more than one business model for managing its financial instruments. Consequently, classification need not be determined at the reporting entity level. For example, an entity may hold a portfolio of investments that it manages in order to collect contractual cash flows and another portfolio of investments that it manages in order to trade to realise fair value changes. Similarly, in some circumstances, it may be appropriate to separate a portfolio of financial assets into subportfolios in order to reflect the level at which an entity manages those financial assets. For example, that may be the case if an entity originates or purchases a portfolio of mortgage loans and manages some of the loans with an objective of collecting contractual cash flows and manages the other loans with an objective of selling them.
B4.1.2A
An entity's business model refers to how an entity manages its financial assets in order to generate cash flows. That is, the entity's business model determines whether cash flows will result from collecting contractual cash flows, selling financial assets or both. Consequently, this assessment is not performed on the basis of scenarios that the entity does not reasonably expect to occur, such as so-called ‘worst case’ or ‘stress case’ scenarios. For example, if an entity expects that it will sell a particular portfolio of financial assets only in a stress case scenario, that scenario would not affect the entity's assessment of the business model for those assets if the entity reasonably expects that such a scenario will not occur. If cash flows are realised in a way that is different from the entity's expectations at the date that the entity assessed the business model (for example, if the entity sells more or fewer financial assets than it expected when it classified the assets), that does not give rise to a prior period error in the entity's financial statements (see IAS 8 
Accounting Policies, Changes in Accounting Estimates and Errors
) nor does it change the classification of the remaining financial assets held in that business model (ie those assets that the entity recognised in prior periods and still holds) as long as the entity considered all relevant information that was available at the time that it made the business model assessment. However, when an entity assesses the business model for newly originated or newly purchased financial assets, it must consider information about how cash flows were realised in the past, along with all other relevant information.
B4.1.2B
An entity's business model for managing financial assets is a matter of fact and not merely an assertion. It is typically observable through the activities that the entity undertakes to achieve the objective of the business model. An entity will need to use judgement when it assesses its business model for managing financial assets and that assessment is not determined by a single factor or activity. Instead, the entity must consider all relevant evidence that is available at the date of the assessment. Such relevant evidence includes, but is not limited to:
(a)
how the performance of the business model and the financial assets held within that business model are evaluated and reported to the entity's key management personnel;
(b)
the risks that affect the performance of the business model (and the financial assets held within that business model) and, in particular, the way in which those risks are managed; and
(c)
how managers of the business are compensated (for example, whether the compensation is based on the fair value of the assets managed or on the contractual cash flows collected).
Abusiness model whose objective is to hold assets in order to collect contractual cash flows
B4.1.2C
Financial assets that are held within a business model whose objective is to hold assets in order to collect contractual cash flows are managed to realise cash flows by collecting contractual payments over the life of the instrument. That is, the entity manages the assets held within the portfolio to collect those particular contractual cash flows (instead of managing the overall return on the portfolio by both holding and selling assets). In determining whether cash flows are going to be realised by collecting the financial assets' contractual cash flows, it is necessary to consider the frequency, value and timing of sales in prior periods, the reasons for those sales and expectations about future sales activity. However sales in themselves do not determine the business model and therefore cannot be considered in isolation. Instead, information about past sales and expectations about future sales provide evidence related to how the entity's stated objective for managing the financial assets is achieved and, specifically, how cash flows are realised. An entity must consider information about past sales within the context of the reasons for those sales and the conditions that existed at that time as compared to current conditions.
B4.1.3
Although the objective of an entity's business model may be to hold financial assets in order to collect contractual cash flows, the entity need not hold all of those instruments until maturity. Thus an entity's business model can be to hold financial assets to collect contractual cash flows even when sales of financial assets occur or are expected to occur in the future.
B4.1.3A
The business model may be to hold assets to collect contractual cash flows even if the entity sells financial assets when there is an increase in the assets' credit risk. To determine whether there has been an increase in the assets' credit risk, the entity considers reasonable and supportable information, including forward looking information. Irrespective of their frequency and value, sales due to an increase in the assets' credit risk are not inconsistent with a business model whose objective is to hold financial assets to collect contractual cash flows because the credit quality of financial assets is relevant to the entity's ability to collect contractual cash flows. Credit risk management activities that are aimed at minimising potential credit losses due to credit deterioration are integral to such a business model. Selling a financial asset because it no longer meets the credit criteria specified in the entity's documented investment policy is an example of a sale that has occurred due to an increase in credit risk. However, in the absence of such a policy, the entity may demonstrate in other ways that the sale occurred due to an increase in credit risk.
B4.1.3B
Sales that occur for other reasons, such as sales made to manage credit concentration risk (without an increase in the assets' credit risk), may also be consistent with a business model whose objective is to hold financial assets in order to collect contractual cash flows. In particular, such sales may be consistent with a business model whose objective is to hold financial assets in order to collect contractual cash flows if those sales are infrequent (even if significant in value) or insignificant in value both individually and in aggregate (even if frequent). If more than an infrequent number of such sales are made out of a portfolio and those sales are more than insignificant in value (either individually or in aggregate), the entity needs to assess whether and how such sales are consistent with an objective of collecting contractual cash flows. Whether a third party imposes the requirement to sell the financial assets, or that activity is at the entity's discretion, is not relevant to this assessment. An increase in the frequency or value of sales in a particular period is not necessarily inconsistent with an objective to hold financial assets in order to collect contractual cash flows, if an entity can explain the reasons for those sales and demonstrate why those sales do not reflect a change in the entity's business model. In addition, sales may be consistent with the objective of holding financial assets in order to collect contractual cash flows if the sales are made close to the maturity of the financial assets and the proceeds from the sales approximate the collection of the remaining contractual cash flows.
B4.1.4
The following are examples of when the objective of an entity's business model may be to hold financial assets to collect the contractual cash flows. This list of examples is not exhaustive. Furthermore, the examples are not intended to discuss all factors that may be relevant to the assessment of the entity's business model nor specify the relative importance of the factors.
Example
Analysis
Example 1
An entity holds investments to collect their contractual cash flows. The funding needs of the entity are predictable and the maturity of its financial assets is matched to the entity's estimated funding needs.
The entity performs credit risk management activities with the objective of minimising credit losses. In the past, sales have typically occurred when the financial assets' credit risk has increased such that the assets no longer meet the credit criteria specified in the entity's documented investment policy. In addition, infrequent sales have occurred as a result of unanticipated funding needs.
Reports to key management personnel focus on the credit quality of the financial assets and the contractual return. The entity also monitors fair values of the financial assets, among other information.
Although the entity considers, among other information, the financial assets' fair values from a liquidity perspective (ie the cash amount that would be realised if the entity needs to sell assets), the entity's objective is to hold the financial assets in order to collect the contractual cash flows. Sales would not contradict that objective if they were in response to an increase in the assets' credit risk, for example if the assets no longer meet the credit criteria specified in the entity's documented investment policy. Infrequent sales resulting from unanticipated funding needs (eg in a stress case scenario) also would not contradict that objective, even if such sales are significant in value.
Example 2
An entity's business model is to purchase portfolios of financial assets, such as loans. Those portfolios may or may not include financial assets that are credit impaired.
If payment on the loans is not made on a timely basis, the entity attempts to realise the contractual cash flows through various means—for example, by contacting the debtor by mail, telephone or other methods. The entity's objective is to collect the contractual cash flows and the entity does not manage any of the loans in this portfolio with an objective of realising cash flows by selling them.
In some cases, the entity enters into interest rate swaps to change the interest rate on particular financial assets in a portfolio from a floating interest rate to a fixed interest rate.
The objective of the entity's business model is to hold the financial assets in order to collect the contractual cash flows.
The same analysis would apply even if the entity does not expect to receive all of the contractual cash flows (eg some of the financial assets are credit impaired at initial recognition).
Moreover, the fact that the entity enters into derivatives to modify the cash flows of the portfolio does not in itself change the entity's business model.
Example 3
An entity has a business model with the objective of originating loans to customers and subsequently selling those loans to a securitisation vehicle. The securitisation vehicle issues instruments to investors.
The originating entity controls the securitisation vehicle and thus consolidates it.
The securitisation vehicle collects the contractual cash flows from the loans and passes them on to its investors.
It is assumed for the purposes of this example that the loans continue to be recognised in the consolidated statement of financial position because they are not derecognised by the securitisation vehicle.
The consolidated group originated the loans with the objective of holding them to collect the contractual cash flows.
However, the originating entity has an objective of realising cash flows on the loan portfolio by selling the loans to the securitisation vehicle, so for the purposes of its separate financial statements it would not be considered to be managing this portfolio in order to collect the contractual cash flows.
Example 4
A financial institution holds financial assets to meet liquidity needs in a ‘stress case’ scenario (eg, a run on the bank's deposits). The entity does not anticipate selling these assets except in such scenarios.
The entity monitors the credit quality of the financial assets and its objective in managing the financial assets is to collect the contractual cash flows. The entity evaluates the performance of the assets on the basis of interest revenue earned and credit losses realised.
However, the entity also monitors the fair value of the financial assets from a liquidity perspective to ensure that the cash amount that would be realised if the entity needed to sell the assets in a stress case scenario would be sufficient to meet the entity's liquidity needs. Periodically, the entity makes sales that are insignificant in value to demonstrate liquidity.
The objective of the entity's business model is to hold the financial assets to collect contractual cash flows.
The analysis would not change even if during a previous stress case scenario the entity had sales that were significant in value in order to meet its liquidity needs. Similarly, recurring sales activity that is insignificant in value is not inconsistent with holding financial assets to collect contractual cash flows.
In contrast, if an entity holds financial assets to meet its everyday liquidity needs and meeting that objective involves frequent sales that are significant in value, the objective of the entity's business model is not to hold the financial assets to collect contractual cash flows.
Similarly, if the entity is required by its regulator to routinely sell financial assets to demonstrate that the assets are liquid, and the value of the assets sold is significant, the entity's business model is not to hold financial assets to collect contractual cash flows. Whether a third party imposes the requirement to sell the financial assets, or that activity is at the entity's discretion, is not relevant to the analysis.
Abusiness model whose objective is achieved by both collecting contractual cash flows and selling financial assets
B4.1.4A
An entity may hold financial assets in a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets. In this type of business model, the entity's key management personnel have made a decision that both collecting contractual cash flows and selling financial assets are integral to achieving the objective of the business model. There are various objectives that may be consistent with this type of business model. For example, the objective of the business model may be to manage everyday liquidity needs, to maintain a particular interest yield profile or to match the duration of the financial assets to the duration of the liabilities that those assets are funding. To achieve such an objective, the entity will both collect contractual cash flows and sell financial assets.
B4.1.4B
Compared to a business model whose objective is to hold financial assets to collect contractual cash flows, this business model will typically involve greater frequency and value of sales. This is because selling financial assets is integral to achieving the business model's objective instead of being only incidental to it. However, there is no threshold for the frequency or value of sales that must occur in this business model because both collecting contractual cash flows and selling financial assets are integral to achieving its objective.
B4.1.4C
The following are examples of when the objective of the entity's business model may be achieved by both collecting contractual cash flows and selling financial assets. This list of examples is not exhaustive. Furthermore, the examples are not intended to describe all the factors that may be relevant to the assessment of the entity's business model nor specify the relative importance of the factors.
Example
Analysis
Example 5
An entity anticipates capital expenditure in a few years. The entity invests its excess cash in short and long-term financial assets so that it can fund the expenditure when the need arises. Many of the financial assets have contractual lives that exceed the entity's anticipated investment period.
The entity will hold financial assets to collect the contractual cash flows and, when an opportunity arises, it will sell financial assets to re-invest the cash in financial assets with a higher return.
The managers responsible for the portfolio are remunerated based on the overall return generated by the portfolio.
The objective of the business model is achieved by both collecting contractual cash flows and selling financial assets. The entity will make decisions on an ongoing basis about whether collecting contractual cash flows or selling financial assets will maximise the return on the portfolio until the need arises for the invested cash.
In contrast, consider an entity that anticipates a cash outflow in five years to fund capital expenditure and invests excess cash in short-term financial assets. When the investments mature, the entity reinvests the cash in new short-term financial assets. The entity maintains this strategy until the funds are needed, at which time the entity uses the proceeds from the maturing financial assets to fund the capital expenditure. Only sales that are insignificant in value occur before maturity (unless there is an increase in credit risk). The objective of this contrasting business model is to hold financial assets to collect contractual cash flows.
Example 6
A financial institution holds financial assets to meet its everyday liquidity needs. The entity seeks to minimise the costs of managing those liquidity needs and therefore actively manages the return on the portfolio. That return consists of collecting contractual payments as well as gains and losses from the sale of financial assets.
As a result, the entity holds financial assets to collect contractual cash flows and sells financial assets to reinvest in higher yielding financial assets or to better match the duration of its liabilities. In the past, this strategy has resulted in frequent sales activity and such sales have been significant in value. This activity is expected to continue in the future.
The objective of the business model is to maximise the return on the portfolio to meet everyday liquidity needs and the entity achieves that objective by both collecting contractual cash flows and selling financial assets. In other words, both collecting contractual cash flows and selling financial assets are integral to achieving the business model's objective.
Example 7
An insurer holds financial assets in order to fund insurance contract liabilities. The insurer uses the proceeds from the contractual cash flows on the financial assets to settle insurance contract liabilities as they come due. To ensure that the contractual cash flows from the financial assets are sufficient to settle those liabilities, the insurer undertakes significant buying and selling activity on a regular basis to rebalance its portfolio of assets and to meet cash flow needs as they arise.
The objective of the business model is to fund the insurance contract liabilities. To achieve this objective, the entity collects contractual cash flows as they come due and sells financial assets to maintain the desired profile of the asset portfolio. Thus both collecting contractual cash flows and selling financial assets are integral to achieving the business model's objective.
Other business models
B4.1.5
Financial assets are measured at fair value through profit or loss if they are not held within a business model whose objective is to hold assets to collect contractual cash flows or within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets (but see also paragraph 5.7.5). One business model that results in measurement at fair value through profit or loss is one in which an entity manages the financial assets with the objective of realising cash flows through the sale of the assets. The entity makes decisions based on the assets' fair values and manages the assets to realise those fair values. In this case, the entity's objective will typically result in active buying and selling. Even though the entity will collect contractual cash flows while it holds the financial assets, the objective of such a business model is not achieved by both collecting contractual cash flows and selling financial assets. This is because the collection of contractual cash flows is not integral to achieving the business model's objective; instead, it is incidental to it.
B4.1.6
A portfolio of financial assets that is managed and whose performance is evaluated on a fair value basis (as described in paragraph 4.2.2(b)) is neither held to collect contractual cash flows nor held both to collect contractual cash flows and to sell financial assets. The entity is primarily focused on fair value information and uses that information to assess the assets' performance and to make decisions. In addition, a portfolio of financial assets that meets the definition of held for trading is not held to collect contractual cash flows or held both to collect contractual cash flows and to sell financial assets. For such portfolios, the collection of contractual cash flows is only incidental to achieving the business model's objective. Consequently, such portfolios of financial assets must be measured at fair value through profit or loss.
Contractual cash flows that are solely payments of principal and interest on the principal amount outstanding
B4.1.7
Paragraph 4.1.1(b) requires an entity to classify a financial asset on the basis of its contractual cash flow characteristics if the financial asset is held within a business model whose objective is to hold assets to collect contractual cash flows or within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, unless paragraph 4.1.5 applies. To do so, the condition in paragraphs 4.1.2(b) and 4.1.2A(b) requires an entity to determine whether the asset's contractual cash flows are solely payments of principal and interest on the principal amount outstanding.
B4.1.7A
Contractual cash flows that are solely payments of principal and interest on the principal amount outstanding are consistent with a basic lending arrangement. In a basic lending arrangement, consideration for the time value of money (see paragraphs B4.1.9A–B4.1.9E) and credit risk are typically the most significant elements of interest. However, in such an arrangement, interest can also include consideration for other basic lending risks (for example, liquidity risk) and costs (for example, administrative costs) associated with holding the financial asset for a particular period of time. In addition, interest can include a profit margin that is consistent with a basic lending arrangement. In extreme economic circumstances, interest can be negative if, for example, the holder of a financial asset either explicitly or implicitly pays for the deposit of its money for a particular period of time (and that fee exceeds the consideration that the holder receives for the time value of money, credit risk and other basic lending risks and costs). However, contractual terms that introduce exposure to risks or volatility in the contractual cash flows that is unrelated to a basic lending arrangement, such as exposure to changes in equity prices or commodity prices, do not give rise to contractual cash flows that are solely payments of principal and interest on the principal amount outstanding. An originated or a purchased financial asset can be a basic lending arrangement irrespective of whether it is a loan in its legal form.
B4.1.7B
In accordance with paragraph 4.1.3(a), principal is the fair value of the financial asset at initial recognition. However that principal amount may change over the life of the financial asset (for example, if there are repayments of principal).
B4.1.8
An entity shall assess whether contractual cash flows are solely payments of principal and interest on the principal amount outstanding for the currency in which the financial asset is denominated.
B4.1.9
Leverage is a contractual cash flow characteristic of some financial assets. Leverage increases the variability of the contractual cash flows with the result that they do not have the economic characteristics of interest. Stand-alone option, forward and swap contracts are examples of financial assets that include such leverage. Thus, such contracts do not meet the condition in paragraphs 4.1.2(b) and 4.1.2A(b) and cannot be subsequently measured at amortised cost or fair value through other comprehensive income.
Consideration for the time value of money
B4.1.9A
Time value of money is the element of interest that provides consideration for only the passage of time. That is, the time value of money element does not provide consideration for other risks or costs associated with holding the financial asset. In order to assess whether the element provides consideration for only the passage of time, an entity applies judgement and considers relevant factors such as the currency in which the financial asset is denominated and the period for which the interest rate is set.
B4.1.9B
However, in some cases, the time value of money element may be modified (ie imperfect). That would be the case, for example, if a financial asset's interest rate is periodically reset but the frequency of that reset does not match the tenor of the interest rate (for example, the interest rate resets every month to a one-year rate) or if a financial asset's interest rate is periodically reset to an average of particular short- and long-term interest rates. In such cases, an entity must assess the modification to determine whether the contractual cash flows represent solely payments of principal and interest on the principal amount outstanding. In some circumstances, the entity may be able to make that determination by performing a qualitative assessment of the time value of money element whereas, in other circumstances, it may be necessary to perform a quantitative assessment.
B4.1.9C
When assessing a modified time value of money element, the objective is to determine how different the contractual (undiscounted) cash flows could be from the (undiscounted) cash flows that would arise if the time value of money element was not modified (the benchmark cash flows). For example, if the financial asset under assessment contains a variable interest rate that is reset every month to a one-year interest rate, the entity would compare that financial asset to a financial instrument with identical contractual terms and the identical credit risk except the variable interest rate is reset monthly to a one-month interest rate. If the modified time value of money element could result in contractual (undiscounted) cash flows that are significantly different from the (undiscounted) benchmark cash flows, the financial asset does not meet the condition in paragraphs 4.1.2(b) and 4.1.2A(b). To make this determination, the entity must consider the effect of the modified time value of money element in each reporting period and cumulatively over the life of the financial instrument. The reason for the interest rate being set in this way is not relevant to the analysis. If it is clear, with little or no analysis, whether the contractual (undiscounted) cash flows on the financial asset under the assessment could (or could not) be significantly different from the (undiscounted) benchmark cash flows, an entity need not perform a detailed assessment.
B4.1.9D
When assessing a modified time value of money element, an entity must consider factors that could affect future contractual cash flows. For example, if an entity is assessing a bond with a five-year term and the variable interest rate is reset every six months to a five-year rate, the entity cannot conclude that the contractual cash flows are solely payments of principal and interest on the principal amount outstanding simply because the interest rate curve at the time of the assessment is such that the difference between a five-year interest rate and a six-month interest rate is not significant. Instead, the entity must also consider whether the relationship between the five-year interest rate and the six-month interest rate could change over the life of the instrument such that the contractual (undiscounted) cash flows over the life of the instrument could be significantly different from the (undiscounted) benchmark cash flows. However, an entity must consider only reasonably possible scenarios instead of every possible scenario. If an entity concludes that the contractual (undiscounted) cash flows could be significantly different from the (undiscounted) benchmark cash flows, the financial asset does not meet the condition in paragraphs 4.1.2(b) and 4.1.2A(b) and therefore cannot be measured at amortised cost or fair value through other comprehensive income.
B4.1.9E
In some jurisdictions, the government or a regulatory authority sets interest rates. For example, such government regulation of interest rates may be part of a broad macroeconomic policy or it may be introduced to encourage entities to invest in a particular sector of the economy. In some of these cases, the objective of the time value of money element is not to provide consideration for only the passage of time. However, despite paragraphs B4.1.9A–B4.1.9D, a regulated interest rate shall be considered a proxy for the time value of money element for the purpose of applying the condition in paragraphs 4.1.2(b) and 4.1.2A(b) if that regulated interest rate provides consideration that is broadly consistent with the passage of time and does not provide exposure to risks or volatility in the contractual cash flows that are inconsistent with a basic lending arrangement.
Contractual terms that change the timing or amount of contractual cash flows
B4.1.10
If a financial asset contains a contractual term that could change the timing or amount of contractual cash flows (for example, if the asset can be prepaid before maturity or its term can be extended), the entity must determine whether the contractual cash flows that could arise over the life of the instrument due to that contractual term are solely payments of principal and interest on the principal amount outstanding. To make this determination, the entity must assess the contractual cash flows that could arise both before, and after, the change in contractual cash flows. The entity may also need to assess the nature of any contingent event (ie the trigger) that would change the timing or amount of the contractual cash flows. While the nature of the contingent event in itself is not a determinative factor in assessing whether the contractual cash flows are solely payments of principal and interest, it may be an indicator. For example, compare a financial instrument with an interest rate that is reset to a higher rate if the debtor misses a particular number of payments to a financial instrument with an interest rate that is reset to a higher rate if a specified equity index reaches a particular level. It is more likely in the former case that the contractual cash flows over the life of the instrument will be solely payments of principal and interest on the principal amount outstanding because of the relationship between missed payments and an increase in credit risk. (See also paragraph B4.1.18.)
B4.1.11
The following are examples of contractual terms that result in contractual cash flows that are solely payments of principal and interest on the principal amount outstanding:
(a)
a variable interest rate that consists of consideration for the time value of money, the credit risk associated with the principal amount outstanding during a particular period of time (the consideration for credit risk may be determined at initial recognition only, and so may be fixed) and other basic lending risks and costs, as well as a profit margin;
(b)
a contractual term that permits the issuer (i.e. the debtor) to prepay a debt instrument or permits the holder (i.e. the creditor) to put a debt instrument back to the issuer before maturity and the prepayment amount substantially represents unpaid amounts of principal and interest on the principal amount outstanding, which may include reasonable compensation for the early termination of the contract; and
(c)
a contractual term that permits the issuer or the holder to extend the contractual term of a debt instrument (i.e. an extension option) and the terms of the extension option result in contractual cash flows during the extension period that are solely payments of principal and interest on the principal amount outstanding, which may include reasonable additional compensation for the extension of the contract.
B4.1.12
Despite paragraph B4.1.10, a financial asset that would otherwise meet the condition in paragraphs 4.1.2(b) and 4.1.2A(b) but does not do so only as a result of a contractual term that permits (or requires) the issuer to prepay a debt instrument or permits (or requires) the holder to put a debt instrument back to the issuer before maturity is eligible to be measured at amortised cost or fair value through other comprehensive income (subject to meeting the condition in paragraph 4.1.2(a) or the condition in paragraph 4.1.2A(a)) if:
(a)
the entity acquires or originates the financial asset at a premium or discount to the contractual par amount;
(b)
the prepayment amount substantially represents the contractual par amount and accrued (but unpaid) contractual interest, which may include reasonable compensation for the early termination of the contract; and
(c)
when the entity initially recognises the financial asset, the fair value of the prepayment feature is insignificant.
B4.1.12A
For the purpose of applying paragraphs B4.1.11(b) and B4.1.12(b), irrespective of the event or circumstance that causes the early termination of the contract, a party may pay or receive reasonable compensation for that early termination. For example, a party may pay or receive reasonable compensation when it chooses to terminate the contract early (or otherwise causes the early termination to occur).
B4.1.13
The following examples illustrate contractual cash flows that are solely payments of principal and interest on the principal amount outstanding. This list of examples is not exhaustive.
Instrument
Analysis
Instrument A
Instrument A is a bond with a stated maturity date. Payments of principal and interest on the principal amount outstanding are linked to an inflation index of the currency in which the instrument is issued. The inflation link is not leveraged and the principal is protected.
The contractual cash flows are solely payments of principal and interest on the principal amount outstanding. Linking payments of principal and interest on the principal amount outstanding to an unleveraged inflation index resets the time value of money to a current level. In other words, the interest rate on the instrument reflects ‘real’ interest. Thus, the interest amounts are consideration for the time value of money on the principal amount outstanding.
However, if the interest payments were indexed to another variable such as the debtor's performance (eg the debtor's net income) or an equity index, the contractual cash flows are not payments of principal and interest on the principal amount outstanding (unless the indexing to the debtor's performance results in an adjustment that only compensates the holder for changes in the credit risk of the instrument, such that contractual cash flows are solely payments of principal and interest). That is because the contractual cash flows reflect a return that is inconsistent with a basic lending arrangement (see paragraph B4.1.7A).
Instrument B
Instrument B is a variable interest rate instrument with a stated maturity date that permits the borrower to choose the market interest rate on an ongoing basis. For example, at each interest rate reset date, the borrower can choose to pay three-month LIBOR for a three-month term or one-month LIBOR for a one-month term.
The contractual cash flows are solely payments of principal and interest on the principal amount outstanding as long as the interest paid over the life of the instrument reflects consideration for the time value of money, for the credit risk associated with the instrument and for other basic lending risks and costs, as well as a profit margin (see paragraph B4.1.7A). The fact that the LIBOR interest rate is reset during the life of the instrument does not in itself disqualify the instrument.
However, if the borrower is able to choose to pay a one-month interest rate that is reset every three months, the interest rate is reset with a frequency that does not match the tenor of the interest rate. Consequently, the time value of money element is modified. Similarly, if an instrument has a contractual interest rate that is based on a term that can exceed the instrument's remaining life (for example, if an instrument with a five-year maturity pays a variable rate that is reset periodically but always reflects a five-year maturity), the time value of money element is modified. That is because the interest payable in each period is disconnected from the interest period.
In such cases, the entity must qualitatively or quantitatively assess the contractual cash flows against those on an instrument that is identical in all respects except the tenor of the interest rate matches the interest period to determine if the cash flows are solely payments of principal and interest on the principal amount outstanding. (But see paragraph B4.1.9E for guidance on regulated interest rates.)
For example, in assessing a bond with a five-year term that pays a variable rate that is reset every six months but always reflects a five-year maturity, an entity considers the contractual cash flows on an instrument that resets every six months to a six-month interest rate but is otherwise identical.
The same analysis would apply if the borrower is able to choose between the lender's various published interest rates (eg the borrower can choose between the lender's published one-month variable interest rate and the lender's published three-month variable interest rate).
Instrument C
Instrument C is a bond with a stated maturity date and pays a variable market interest rate. That variable interest rate is capped.
The contractual cash flows of both:
(a)
an instrument that has a fixed interest rate and
(b)
an instrument that has a variable interest rate
are payments of principal and interest on the principal amount outstanding as long as the interest reflects consideration for the time value of money, for the credit risk associated with the instrument during the term of the instrument and for other basic lending risks and costs, as well as a profit margin. (See paragraph B4.1.7A)
Consequently, an instrument that is a combination of (a) and (b) (eg a bond with an interest rate cap) can have cash flows that are solely payments of principal and interest on the principal amount outstanding. Such a contractual term may reduce cash flow variability by setting a limit on a variable interest rate (eg an interest rate cap or floor) or increase the cash flow variability because a fixed rate becomes variable.
Instrument D
Instrument D is a full recourse loan and is secured by collateral.
The fact that a full recourse loan is collateralised does not in itself affect the analysis of whether the contractual cash flows are solely payments of principal and interest on the principal amount outstanding.
Instrument E
Instrument E is issued by a regulated bank and has a stated maturity date. The instrument pays a fixed interest rate and all contractual cash flows are non-discretionary.
However, the issuer is subject to legislation that permits or requires a national resolving authority to impose losses on holders of particular instruments, including Instrument E, in particular circumstances. For example, the national resolving authority has the power to write down the par amount of Instrument E or to convert it into a fixed number of the issuer's ordinary shares if the national resolving authority determines that the issuer is having severe financial difficulties, needs additional regulatory capital or is ‘failing’.
The holder would analyse the 
contractual terms
 of the financial instrument to determine whether they give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding and thus are consistent with a basic lending arrangement.
That analysis would not consider the payments that arise only as a result of the national resolving authority's power to impose losses on the holders of Instrument E. That is because that power, and the resulting payments, are not 
contractual terms
 of the financial instrument.
In contrast, the contractual cash flows would not be solely payments of principal and interest on the principal amount outstanding if the 
contractual terms
 of the financial instrument permit or require the issuer or another entity to impose losses on the holder (eg by writing down the par amount or by converting the instrument into a fixed number of the issuer's ordinary shares) as long as those contractual terms are genuine, even if the probability is remote that such a loss will be imposed.
B4.1.14
The following examples illustrate contractual cash flows that are not solely payments of principal and interest on the principal amount outstanding. This list of examples is not exhaustive.
Instrument
Analysis
Instrument F
Instrument F is a bond that is convertible into a fixed number of equity instruments of the issuer.
The holder would analyse the convertible bond in its entirety.
The contractual cash flows are not payments of principal and interest on the principal amount outstanding because they reflect a return that is inconsistent with a basic lending arrangement (see paragraph B4.1.7A); ie the return is linked to the value of the equity of the issuer.
Instrument G
Instrument G is a loan that pays an inverse floating interest rate (ie the interest rate has an inverse relationship to market interest rates).
The contractual cash flows are not solely payments of principal and interest on the principal amount outstanding.
The interest amounts are not consideration for the time value of money on the principal amount outstanding.
Instrument H
Instrument H is a perpetual instrument but the issuer may call the instrument at any point and pay the holder the par amount plus accrued interest due.
Instrument H pays a market interest rate but payment of interest cannot be made unless the issuer is able to remain solvent immediately afterwards.
Deferred interest does not accrue additional interest.
The contractual cash flows are not payments of principal and interest on the principal amount outstanding. That is because the issuer may be required to defer interest payments and additional interest does not accrue on those deferred interest amounts. As a result, interest amounts are not consideration for the time value of money on the principal amount outstanding.
If interest accrued on the deferred amounts, the contractual cash flows could be payments of principal and interest on the principal amount outstanding.
The fact that Instrument H is perpetual does not in itself mean that the contractual cash flows are not payments of principal and interest on the principal amount outstanding. In effect, a perpetual instrument has continuous (multiple) extension options. Such options may result in contractual cash flows that are payments of principal and interest on the principal amount outstanding if interest payments are mandatory and must be paid in perpetuity.
Also, the fact that Instrument H is callable does not mean that the contractual cash flows are not payments of principal and interest on the principal amount outstanding unless it is callable at an amount that does not substantially reflect payment of outstanding principal and interest on that principal amount outstanding. Even if the callable amount includes an amount that reasonably compensates the holder for the early termination of the instrument, the contractual cash flows could be payments of principal and interest on the principal amount outstanding. (See also paragraph B4.1.12.)
B4.1.15
In some cases a financial asset may have contractual cash flows that are described as principal and interest but those cash flows do not represent the payment of principal and interest on the principal amount outstanding as described in paragraphs 4.1.2(b), 4.1.2A(b) and 4.1.3 of this Standard.
B4.1.16
This may be the case if the financial asset represents an investment in particular assets or cash flows and hence the contractual cash flows are not solely payments of principal and interest on the principal amount outstanding. For example, if the contractual terms stipulate that the financial asset's cash flows increase as more automobiles use a particular toll road, those contractual cash flows are inconsistent with a basic lending arrangement. As a result, the instrument would not satisfy the condition in paragraphs 4.1.2(b) and 4.1.2A(b). This could be the case when a creditor's claim is limited to specified assets of the debtor or the cash flows from specified assets (for example, a ‘non-recourse’ financial asset).
B4.1.17
However, the fact that a financial asset is non-recourse does not in itself necessarily preclude the financial asset from meeting the condition in paragraphs 4.1.2(b) and 4.1.2A(b). In such situations, the creditor is required to assess (‘look through to’) the particular underlying assets or cash flows to determine whether the contractual cash flows of the financial asset being classified are payments of principal and interest on the principal amount outstanding. If the terms of the financial asset give rise to any other cash flows or limit the cash flows in a manner inconsistent with payments representing principal and interest, the financial asset does not meet the condition in paragraphs 4.1.2(b) and 4.1.2A(b). Whether the underlying assets are financial assets or non-financial assets does not in itself affect this assessment.
B4.1.18
A contractual cash flow characteristic does not affect the classification of the financial asset if it could have only a de minimis effect on the contractual cash flows of the financial asset. To make this determination, an entity must consider the possible effect of the contractual cash flow characteristic in each reporting period and cumulatively over the life of the financial instrument. In addition, if a contractual cash flow characteristic could have an effect on the contractual cash flows that is more than de minimis (either in a single reporting period or cumulatively) but that cash flow characteristic is not genuine, it does not affect the classification of a financial asset. A cash flow characteristic is not genuine if it affects the instrument's contractual cash flows only on the occurrence of an event that is extremely rare, highly abnormal and very unlikely to occur.
B4.1.19
In almost every lending transaction the creditor's instrument is ranked relative to the instruments of the debtor's other creditors. An instrument that is subordinated to other instruments may have contractual cash flows that are payments of principal and interest on the principal amount outstanding if the debtor's non-payment is a breach of contract and the holder has a contractual right to unpaid amounts of principal and interest on the principal amount outstanding even in the event of the debtor's bankruptcy. For example, a trade receivable that ranks its creditor as a general creditor would qualify as having payments of principal and interest on the principal amount outstanding. This is the case even if the debtor issued loans that are collateralised, which in the event of bankruptcy would give that loan holder priority over the claims of the general creditor in respect of the collateral but does not affect the contractual right of the general creditor to unpaid principal and other amounts due.
Contractually linked instruments
B4.1.20
In some types of transactions, an issuer may prioritise payments to the holders of financial assets using multiple contractually linked instruments that create concentrations of credit risk (tranches). Each tranche has a subordination ranking that specifies the order in which any cash flows generated by the issuer are allocated to the tranche. In such situations, the holders of a tranche have the right to payments of principal and interest on the principal amount outstanding only if the issuer generates sufficient cash flows to satisfy higher-ranking tranches.
B4.1.21
In such transactions, a tranche has cash flow characteristics that are payments of principal and interest on the principal amount outstanding only if:
(a)
the contractual terms of the tranche being assessed for classification (without looking through to the underlying pool of financial instruments) give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding (eg the interest rate on the tranche is not linked to a commodity index);
(b)
the underlying pool of financial instruments has the cash flow characteristics set out in paragraphs B4.1.23 and B4.1.24; and
(c)
the exposure to credit risk in the underlying pool of financial instruments inherent in the tranche is equal to or lower than the exposure to credit risk of the underlying pool of financial instruments (for example, the credit rating of the tranche being assessed for classification is equal to or higher than the credit rating that would apply to a single tranche that funded the underlying pool of financial instruments).
B4.1.22
An entity must look through until it can identify the underlying pool of instruments that are creating (instead of passing through) the cash flows. This is the underlying pool of financial instruments.
B4.1.23
The underlying pool must contain one or more instruments that have contractual cash flows that are solely payments of principal and interest on the principal amount outstanding.
B4.1.24
The underlying pool of instruments may also include instruments that:
(a)
reduce the cash flow variability of the instruments in paragraph B4.1.23 and, when combined with the instruments in paragraph B4.1.23, result in cash flows that are solely payments of principal and interest on the principal amount outstanding (eg an interest rate cap or floor or a contract that reduces the credit risk on some or all of the instruments in paragraph B4.1.23); or
(b)
align the cash flows of the tranches with the cash flows of the pool of underlying instruments in paragraph B4.1.23 to address differences in and only in:
(i)
whether the interest rate is fixed or floating;
(ii)
the currency in which the cash flows are denominated, including inflation in that currency; or
(iii)
the timing of the cash flows.
B4.1.25
If any instrument in the pool does not meet the conditions in either paragraph B4.1.23 or paragraph B4.1.24, the condition in paragraph B4.1.21(b) is not met. In performing this assessment, a detailed instrument-by-instrument analysis of the pool may not be necessary. However, an entity must use judgement and perform sufficient analysis to determine whether the instruments in the pool meet the conditions in paragraphs B4.1.23–B4.1.24. (See also paragraph B4.1.18 for guidance on contractual cash flow characteristics that have only a de minimis effect.)
B4.1.26
If the holder cannot assess the conditions in paragraph B4.1.21 at initial recognition, the tranche must be measured at fair value through profit or loss. If the underlying pool of instruments can change after initial recognition in such a way that the pool may not meet the conditions in paragraphs B4.1.23–B4.1.24, the tranche does not meet the conditions in paragraph B4.1.21 and must be measured at fair value through profit or loss. However, if the underlying pool includes instruments that are collateralised by assets that do not meet the conditions in paragraphs B4.1.23–B4.1.24, the ability to take possession of such assets shall be disregarded for the purposes of applying this paragraph unless the entity acquired the tranche with the intention of controlling the collateral.
Option to designate a financial asset or financial liability as at fair value through profit or loss (Sections 4.1 and 4.2)
B4.1.27
Subject to the conditions in paragraphs 4.1.5 and 4.2.2, 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.
B4.1.28
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 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. For example, in the case of designation of a financial liability as at fair value through profit or loss, paragraph 4.2.2 sets out the two circumstances when the requirement for more relevant information will be met. Accordingly, to choose such designation in accordance with paragraph 4.2.2, the entity needs to demonstrate that it falls within one (or both) of these two circumstances.
Designation eliminates or significantly reduces an accounting mismatch
B4.1.29
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 subsequently measured at fair value through profit or loss and a liability the entity considers related would be subsequently 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 measured as at fair value through profit or loss.
B4.1.30
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 4.1.5 or 4.2.2(a):
(a)
an entity has contracts within the scope of IFRS 17 (the measurement of which incorporates current information) and financial assets that it considers to be related and that would otherwise be measured at either fair value through other comprehensive income or amortised cost.
(b)
an entity has financial assets, financial liabilities or both that share a risk, such as interest rate risk, and that gives rise to opposite changes in fair value that tend to offset each other. However, only some of the instruments would be measured at fair value through profit or loss (for example, those that are derivatives, or are classified as held for trading). It may also be the case that the requirements for hedge accounting are not met because, for example, the requirements for hedge effectiveness in paragraph 6.4.1 are not met.
(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 tend to offset each other and none of the financial assets or financial liabilities qualifies for designation as a hedging instrument because they are not measured at fair value through profit or loss. Furthermore, in the absence of hedge accounting there is a significant inconsistency in the recognition of gains and losses. For example, the entity has financed a specified group of loans by issuing traded bonds whose changes in fair value tend 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 the recognition of the 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.
B4.1.31
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.
B4.1.32
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 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 (eg changes in value attributable to only one risk, such as changes in a benchmark interest rate) or a proportion (ie percentage) of a liability.
A group of financial liabilities or financial assets and financial liabilities is managed and its performance is evaluated on a fair value basis
B4.1.33
An entity may manage and evaluate the performance of a group of financial liabilities or financial assets and financial liabilities 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, instead of on the nature of its financial instruments.
B4.1.34
For example, an entity may use this condition to designate financial liabilities as at fair value through profit or loss if it meets the principle in paragraph 4.2.2(b) and 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.
B4.1.35
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 liabilities as at fair value through profit or loss on the basis of this condition shall so designate all eligible financial liabilities that are managed and evaluated together.
B4.1.36
Documentation of the entity's strategy need not be extensive but should be sufficient to demonstrate compliance with paragraph 4.2.2(b). 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 this basis, no further documentation is required to demonstrate compliance with paragraph 4.2.2(b).
Embedded derivatives (Section 4.3)
B4.3.1
When an entity becomes a party to a hybrid contract with a host that is not an asset within the scope of this Standard, paragraph 4.3.3 requires the entity to identify any 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 at fair value through profit or loss.
B4.3.2
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.
B4.3.3
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.
B4.3.4
Generally, multiple embedded derivatives in a single hybrid contract are treated as a single compound embedded derivative. However, embedded derivatives that are classified as equity (see IAS 32 
Financial Instruments: Presentation
) are accounted for separately from those classified as assets or liabilities. In addition, if a hybrid contract 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.
B4.3.5
The economic characteristics and risks of an embedded derivative are not closely related to the host contract (paragraph 4.3.3(a)) in the following examples. In these examples, assuming the conditions in paragraph 4.3.3(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)
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.
(c)
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.
(d)
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.
(e)
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:
(i)
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; or
(ii)
the exercise price of a prepayment option reimburses the lender for an amount up to the approximate present value of lost interest for the remaining term of the host contract. Lost interest is the product of the principal amount prepaid multiplied by the interest rate differential. The interest rate differential is the excess of the effective interest rate of the host contract over the effective interest rate the entity would receive at the prepayment date if it reinvested the principal amount prepaid in a similar contract for the remaining term of the host contract.
The assessment of whether the call or put option is closely related to the host debt contract is made before separating the equity element of a convertible debt instrument in accordance with IAS 32.
(f)
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.
B4.3.6
An example of a hybrid contract 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 (ie the indexed principal payment) under paragraph 4.3.3 because the host contract is a debt instrument under paragraph B4.3.2 and the indexed principal payment is not closely related to a host debt instrument under paragraph B4.3.5(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.
B4.3.7
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 hybrid contract at the redemption amount that is payable at the end of the reporting period if the holder exercised its right to put the instrument back to the issuer.
B4.3.8
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 hybrid contract 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 (eg 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 (for example, 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 
The Effects of Changes in Foreign Exchange Rates
 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 (eg 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) variable lease payments based on related sales or (iii) variable lease payments 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 (ie without considering the host contract).
Instruments containing embedded derivatives
B4.3.9
As noted in paragraph B4.3.1, when an entity becomes a party to a hybrid contract with a host that is not an asset within the scope of this Standard and with one or more embedded derivatives, paragraph 4.3.3 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 hybrid contract to be designated as at fair value through profit or loss.
B4.3.10
Such designation may be used whether paragraph 4.3.3 requires the embedded derivatives to be separated from the host contract or prohibits such separation. However, paragraph 4.3.5 would not justify designating the hybrid contract as at fair value through profit or loss in the cases set out in paragraph 4.3.5(a) and (b) because doing so would not reduce complexity or increase reliability.
Reassessment of embedded derivatives
B4.3.11
In accordance with paragraph 4.3.3, 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.
B4.3.12
Paragraph B4.3.11 does not apply to embedded derivatives in contracts acquired in:
(a)
a business combination (as defined in IFRS 3 
Business Combinations
);
(b)
a combination of entities or businesses under common control as described in paragraphs B1–B4 of IFRS 3; or
(c)
the formation of a joint venture as defined in IFRS 11 
Joint Arrangements
or their possible reassessment at the date of acquisition 
(
53
)
.
Reclassification of financial assets (Section 4.4)
Reclassification of financial assets
B4.4.1
Paragraph 4.4.1 requires an entity to reclassify financial assets if the entity changes its business model for managing those financial assets. Such changes are expected to be very infrequent. Such changes are determined by the entity's senior management as a result of external or internal changes and must be significant to the entity's operations and demonstrable to external parties. Accordingly, a change in an entity's business model will occur only when an entity either begins or ceases to perform an activity that is significant to its operations; for example, when the entity has acquired, disposed of or terminated a business line. Examples of a change in business model include the following:
(a)
An entity has a portfolio of commercial loans that it holds to sell in the short term. The entity acquires a company that manages commercial loans and has a business model that holds the loans in order to collect the contractual cash flows. The portfolio of commercial loans is no longer for sale, and the portfolio is now managed together with the acquired commercial loans and all are held to collect the contractual cash flows.
(b)
A financial services firm decides to shut down its retail mortgage business. That business no longer accepts new business and the financial services firm is actively marketing its mortgage loan portfolio for sale.
B4.4.2
A change in the objective of the entity's business model must be effected before the reclassification date. For example, if a financial services firm decides on 15 February to shut down its retail mortgage business and hence must reclassify all affected financial assets on 1 April (ie the first day of the entity's next reporting period), the entity must not accept new retail mortgage business or otherwise engage in activities consistent with its former business model after 15 February.
B4.4.3
The following are not changes in business model:
(a)
a change in intention related to particular financial assets (even in circumstances of significant changes in market conditions).
(b)
the temporary disappearance of a particular market for financial assets.
(c)
a transfer of financial assets between parts of the entity with different business models.
MEASUREMENT (CHAPTER 5)
Initial measurement (Section 5.1)
B5.1.1
The fair value of a financial instrument at initial recognition is normally the transaction price (ie the fair value of the consideration given or received, see also paragraph B5.1.2A and IFRS 13). However, if part of the consideration given or received is for something other than the financial instrument, an entity shall measure the fair value of the financial instrument. For example, the fair value of a long-term loan or receivable that carries no interest can be measured 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.
B5.1.2
If an entity originates a loan that bears an off-market interest rate (eg 5 per cent when the market rate for similar loans is 8 per cent), and receives an upfront fee as compensation, the entity recognises the loan at its fair value, ie net of the fee it receives.
B5.1.2A
The best evidence of the fair value of a financial instrument at initial recognition is normally the transaction price (ie the fair value of the consideration given or received, see also IFRS 13). If an entity determines that the fair value at initial recognition differs from the transaction price as mentioned in paragraph 5.1.1A, the entity shall account for that instrument at that date as follows:
(a)
at the measurement required by paragraph 5.1.1 if that fair value is evidenced by a quoted price in an active market for an identical asset or liability (ie a Level 1 input) or based on a valuation technique that uses only data from observable markets. An entity shall recognise the difference between the fair value at initial recognition and the transaction price as a gain or loss.
(b)
in all other cases, at the measurement required by paragraph 5.1.1, adjusted to defer the difference between the fair value at initial recognition and the transaction price. After initial recognition, the entity shall recognise that deferred difference as a gain or loss only to the extent that it arises from a change in a factor (including time) that market participants would take into account when pricing the asset or liability.
Subsequent measurement (Sections 5.2 and 5.3)
B5.2.1
If a financial instrument that was previously recognised as a financial asset is measured at fair value through profit or loss and its fair value decreases below zero, it is a financial liability measured in accordance with paragraph 4.2.1. However, hybrid contracts with hosts that are assets within the scope of this Standard are always measured in accordance with paragraph 4.3.2.
B5.2.2
The following example illustrates the accounting for transaction costs on the initial and subsequent measurement of a financial asset measured at fair value with changes through other comprehensive income in accordance with either paragraph 5.7.5 or 4.1.2A. An entity acquires a financial asset for CU100 plus a purchase commission of CU2. Initially, the entity recognises the asset at CU102. The reporting period ends 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 entity measures the asset at CU100 (without regard to the possible commission on sale) and recognises a loss of CU2 in other comprehensive income. If the financial asset is measured at fair value through other comprehensive income in accordance with paragraph 4.1.2A, the transaction costs are amortised to profit or loss using the effective interest method.
B5.2.2A
The subsequent measurement of a financial asset or financial liability and the subsequent recognition of gains and losses described in paragraph B5.1.2A shall be consistent with the requirements of this Standard.
Investments in equity instruments and contracts on those investments
B5.2.3
All investments in equity instruments and contracts on those instruments must be measured at fair value. However, in limited circumstances, cost may be an appropriate estimate of fair value. That may be the case if insufficient more recent information is available to measure fair value, or if there is a wide range of possible fair value measurements and cost represents the best estimate of fair value within that range.
B5.2.4
Indicators that cost might not be representative of fair value include:
(a)
a significant change in the performance of the investee compared with budgets, plans or milestones.
(b)
changes in expectation that the investee's technical product milestones will be achieved.
(c)
a significant change in the market for the investee's equity or its products or potential products.
(d)
a significant change in the global economy or the economic environment in which the investee operates.
(e)
a significant change in the performance of comparable entities, or in the valuations implied by the overall market.
(f)
internal matters of the investee such as fraud, commercial disputes, litigation, changes in management or strategy.
(g)
evidence from external transactions in the investee's equity, either by the investee (such as a fresh issue of equity), or by transfers of equity instruments between third parties.
B5.2.5
The list in paragraph B5.2.4 is not exhaustive. An entity shall use all information about the performance and operations of the investee that becomes available after the date of initial recognition. To the extent that any such relevant factors exist, they may indicate that cost might not be representative of fair value. In such cases, the entity must measure fair value.
B5.2.6
Cost is never the best estimate of fair value for investments in quoted equity instruments (or contracts on quoted equity instruments).
Amortised cost measurement (Section 5.4)
Effective interest method
B5.4.1
In applying the effective interest method, an entity identifies fees that are an integral part of the effective interest rate of a financial instrument. The description of fees for financial services may not be indicative of the nature and substance of the services provided. Fees that are an integral part of the effective interest rate of a financial instrument are treated as an adjustment to the effective interest rate, unless the financial instrument is measured at fair value, with the change in fair value being recognised in profit or loss. In those cases, the fees are recognised as revenue or expense when the instrument is initially recognised.
B5.4.2
Fees that are an integral part of the effective interest rate of a financial instrument include:
(a)
origination fees received by the entity relating to the creation or acquisition of a financial asset. Such fees may include compensation for activities such as evaluating the borrower's financial condition, evaluating and recording guarantees, collateral and other security arrangements, negotiating the terms of the instrument, preparing and processing documents and closing the transaction. These fees are an integral part of generating an involvement with the resulting financial instrument.
(b)
commitment fees received by the entity to originate a loan when the loan commitment is not measured in accordance with paragraph 4.2.1(a) and it is probable that the entity will enter into a specific lending arrangement. These fees are regarded as compensation for an ongoing involvement with the acquisition of a financial instrument. If the commitment expires without the entity making the loan, the fee is recognised as revenue on expiry.
(c)
origination fees paid on issuing financial liabilities measured at amortised cost. These fees are an integral part of generating an involvement with a financial liability. An entity distinguishes fees and costs that are an integral part of the effective interest rate for the financial liability from origination fees and transaction costs relating to the right to provide services, such as investment management services.
B5.4.3
Fees that are not an integral part of the effective interest rate of a financial instrument and are accounted for in accordance with IFRS 15 include:
(a)
fees charged for servicing a loan;
(b)
commitment fees to originate a loan when the loan commitment is not measured in accordance with paragraph 4.2.1(a) and it is unlikely that a specific lending arrangement will be entered into; and
(c)
loan syndication fees received by an entity that arranges a loan and retains no part of the loan package for itself (or retains a part at the same effective interest rate for comparable risk as other participants).
B5.4.4
When applying the effective interest method, an entity generally amortises any fees, points paid or received, transaction costs and other premiums or discounts that are included in the calculation of the effective interest rate over the expected life of the financial 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 financial 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 financial instrument reflects the interest that has accrued on that financial instrument since the interest was last paid, or changes in the market rates since the floating interest rate was reset to the 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 (ie interest rates) is reset to the market rates. If, however, the premium or discount results from a change in the credit spread over the floating rate specified in the financial instrument, or other variables that are not reset to the market rates, it is amortised over the expected life of the financial instrument.
B5.4.5
For floating-rate financial assets and floating-rate financial liabilities, periodic re-estimation of cash flows to reflect the movements in the market rates of interest alters the effective interest rate. If a floating-rate financial asset or a 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 the liability.
B5.4.6
If an entity revises its estimates of payments or receipts (excluding modifications in accordance with paragraph 5.4.3 and changes in estimates of expected credit losses), it shall adjust the gross carrying amount of the financial asset or amortised cost of a financial liability (or group of financial instruments) to reflect actual and revised estimated contractual cash flows. The entity recalculates the gross carrying amount of the financial asset or amortised cost of the financial liability as the present value of the estimated future contractual cash flows that are discounted at the financial instrument's original effective interest rate (or credit-adjusted effective interest rate for purchased or originated credit-impaired financial assets) or, when applicable, the revised effective interest rate calculated in accordance with paragraph 6.5.10. The adjustment is recognised in profit or loss as income or expense.
B5.4.7
In some cases a financial asset is considered credit-impaired at initial recognition because the credit risk is very high, and in the case of a purchase it is acquired at a deep discount. An entity is required to include the initial expected credit losses in the estimated cash flows when calculating the credit-adjusted effective interest rate for financial assets that are considered to be purchased or originated credit-impaired at initial recognition. However, this does not mean that a credit-adjusted effective interest rate should be applied solely because the financial asset has high credit risk at initial recognition.
Transaction costs
B5.4.8
Transaction costs include fees and commission paid to agents (including employees acting as selling agents), advisers, brokers and dealers, levies by regulatory agencies and security exchanges, and transfer taxes and duties. Transaction costs do not include debt premiums or discounts, financing costs or internal administrative or holding costs.
Write-off
B5.4.9
Write-offs can relate to a financial asset in its entirety or to a portion of it. For example, an entity plans to enforce the collateral on a financial asset and expects to recover no more than 30 per cent of the financial asset from the collateral. If the entity has no reasonable prospects of recovering any further cash flows from the financial asset, it should write off the remaining 70 per cent of the financial asset.
Impairment (Section 5.5)
Collective and individual assessment basis
B5.5.1
In order to meet the objective of recognising lifetime expected credit losses for significant increases in credit risk since initial recognition, it may be necessary to perform the assessment of significant increases in credit risk on a collective basis by considering information that is indicative of significant increases in credit risk on, for example, a group or sub-group of financial instruments. This is to ensure that an entity meets the objective of recognising lifetime expected credit losses when there are significant increases in credit risk, even if evidence of such significant increases in credit risk at the individual instrument level is not yet available.
B5.5.2
Lifetime expected credit losses are generally expected to be recognised before a financial instrument becomes past due. Typically, credit risk increases significantly before a financial instrument becomes past due or other lagging borrower-specific factors (for example, a modification or restructuring) are observed. Consequently when reasonable and supportable information that is more forward-looking than past due information is available without undue cost or effort, it must be used to assess changes in credit risk.
B5.5.3
However, depending on the nature of the financial instruments and the credit risk information available for particular groups of financial instruments, an entity may not be able to identify significant changes in credit risk for individual financial instruments before the financial instrument becomes past due. This may be the case for financial instruments such as retail loans for which there is little or no updated credit risk information that is routinely obtained and monitored on an individual instrument until a customer breaches the contractual terms. If changes in the credit risk for individual financial instruments are not captured before they become past due, a loss allowance based only on credit information at an individual financial instrument level would not faithfully represent the changes in credit risk since initial recognition.
B5.5.4
In some circumstances an entity does not have reasonable and supportable information that is available without undue cost or effort to measure lifetime expected credit losses on an individual instrument basis. In that case, lifetime expected credit losses shall be recognised on a collective basis that considers comprehensive credit risk information. This comprehensive credit risk information must incorporate not only past due information but also all relevant credit information, including forward-looking macroeconomic information, in order to approximate the result of recognising lifetime expected credit losses when there has been a significant increase in credit risk since initial recognition on an individual instrument level.
B5.5.5
For the purpose of determining significant increases in credit risk and recognising a loss allowance on a collective basis, an entity can group financial instruments on the basis of shared credit risk characteristics with the objective of facilitating an analysis that is designed to enable significant increases in credit risk to be identified on a timely basis. The entity should not obscure this information by grouping financial instruments with different risk characteristics. Examples of shared credit risk characteristics may include, but are not limited to, the:
(a)
instrument type;
(b)
credit risk ratings;
(c)
collateral type;
(d)
date of initial recognition;
(e)
remaining term to maturity;
(f)
industry;
(g)
geographical location of the borrower; and
(h)
the value of collateral relative to the financial asset if it has an impact on the probability of a default occurring (for example, non-recourse loans in some jurisdictions or loan-to-value ratios).
B5.5.6
Paragraph 5.5.4 requires that lifetime expected credit losses are recognised on all financial instruments for which there has been significant increases in credit risk since initial recognition. In order to meet this objective, if an entity is not able to group financial instruments for which the credit risk is considered to have increased significantly since initial recognition based on shared credit risk characteristics, the entity should recognise lifetime expected credit losses on a portion of the financial assets for which credit risk is deemed to have increased significantly. The aggregation of financial instruments to assess whether there are changes in credit risk on a collective basis may change over time as new information becomes available on groups of, or individual, financial instruments.
Timing of recognising lifetime expected credit losses
B5.5.7
The assessment of whether lifetime expected credit losses should be recognised is based on significant increases in the likelihood or risk of a default occurring since initial recognition (irrespective of whether a financial instrument has been repriced to reflect an increase in credit risk) instead of on evidence of a financial asset being credit-impaired at the reporting date or an actual default occurring. Generally, there will be a significant increase in credit risk before a financial asset becomes credit-impaired or an actual default occurs.
B5.5.8
For loan commitments, an entity considers changes in the risk of a default occurring on the loan to which a loan commitment relates. For financial guarantee contracts, an entity considers the changes in the risk that the specified debtor will default on the contract.
B5.5.9
The significance of a change in the credit risk since initial recognition depends on the risk of a default occurring as at initial recognition. Thus, a given change, in absolute terms, in the risk of a default occurring will be more significant for a financial instrument with a lower initial risk of a default occurring compared to a financial instrument with a higher initial risk of a default occurring.
B5.5.10
The risk of a default occurring on financial instruments that have comparable credit risk is higher the longer the expected life of the instrument; for example, the risk of a default occurring on an AAA-rated bond with an expected life of 10 years is higher than that on an AAA-rated bond with an expected life of five years.
B5.5.11
Because of the relationship between the expected life and the risk of a default occurring, the change in credit risk cannot be assessed simply by comparing the change in the absolute risk of a default occurring over time. For example, if the risk of a default occurring for a financial instrument with an expected life of 10 years at initial recognition is identical to the risk of a default occurring on that financial instrument when its expected life in a subsequent period is only five years, that may indicate an increase in credit risk. This is because the risk of a default occurring over the expected life usually decreases as time passes if the credit risk is unchanged and the financial instrument is closer to maturity. However, for financial instruments that only have significant payment obligations close to the maturity of the financial instrument the risk of a default occurring may not necessarily decrease as time passes. In such a case, an entity should also consider other qualitative factors that would demonstrate whether credit risk has increased significantly since initial recognition.
B5.5.12
An entity may apply various approaches when assessing whether the credit risk on a financial instrument has increased significantly since initial recognition or when measuring expected credit losses. An entity may apply different approaches for different financial instruments. An approach that does not include an explicit probability of default as an input per se, such as a credit loss rate approach, can be consistent with the requirements in this Standard, provided that an entity is able to separate the changes in the risk of a default occurring from changes in other drivers of expected credit losses, such as collateral, and considers the following when making the assessment:
(a)
the change in the risk of a default occurring since initial recognition;
(b)
the expected life of the financial instrument; and
(c)
reasonable and supportable information that is available without undue cost or effort that may affect credit risk.
B5.5.13
The methods used to determine whether credit risk has increased significantly on a financial instrument since initial recognition should consider the characteristics of the financial instrument (or group of financial instruments) and the default patterns in the past for comparable financial instruments. Despite the requirement in paragraph 5.5.9, for financial instruments for which default patterns are not concentrated at a specific point during the expected life of the financial instrument, changes in the risk of a default occurring over the next 12 months may be a reasonable approximation of the changes in the lifetime risk of a default occurring. In such cases, an entity may use changes in the risk of a default occurring over the next 12 months to determine whether credit risk has increased significantly since initial recognition, unless circumstances indicate that a lifetime assessment is necessary.
B5.5.14
However, for some financial instruments, or in some circumstances, it may not be appropriate to use changes in the risk of a default occurring over the next 12 months to determine whether lifetime expected credit losses should be recognised. For example, the change in the risk of a default occurring in the next 12 months may not be a suitable basis for determining whether credit risk has increased on a financial instrument with a maturity of more than 12 months when:
(a)
the financial instrument only has significant payment obligations beyond the next 12 months;
(b)
changes in relevant macroeconomic or other credit-related factors occur that are not adequately reflected in the risk of a default occurring in the next 12 months; or
(c)
changes in credit-related factors only have an impact on the credit risk of the financial instrument (or have a more pronounced effect) beyond 12 months.
Determining whether credit risk has increased significantly since initial recognition
B5.5.15
When determining whether the recognition of lifetime expected credit losses is required, an entity shall consider reasonable and supportable information that is available without undue cost or effort and that may affect the credit risk on a financial instrument in accordance with paragraph 5.5.17(c). An entity need not undertake an exhaustive search for information when determining whether credit risk has increased significantly since initial recognition.
B5.5.16
Credit risk analysis is a multifactor and holistic analysis; whether a specific factor is relevant, and its weight compared to other factors, will depend on the type of product, characteristics of the financial instruments and the borrower as well as the geographical region. An entity shall consider reasonable and supportable information that is available without undue cost or effort and that is relevant for the particular financial instrument being assessed. However, some factors or indicators may not be identifiable on an individual financial instrument level. In such a case, the factors or indicators should be assessed for appropriate portfolios, groups of portfolios or portions of a portfolio of financial instruments to determine whether the requirement in paragraph 5.5.3 for the recognition of lifetime expected credit losses has been met.
B5.5.17
The following non-exhaustive list of information may be relevant in assessing changes in credit risk:
(a)
significant changes in internal price indicators of credit risk as a result of a change in credit risk since inception, including, but not limited to, the credit spread that would result if a particular financial instrument or similar financial instrument with the same terms and the same counterparty were newly originated or issued at the reporting date.
(b)
other changes in the rates or terms of an existing financial instrument that would be significantly different if the instrument was newly originated or issued at the reporting date (such as more stringent covenants, increased amounts of collateral or guarantees, or higher income coverage) because of changes in the credit risk of the financial instrument since initial recognition.
(c)
significant changes in external market indicators of credit risk for a particular financial instrument or similar financial instruments with the same expected life. Changes in market indicators of credit risk include, but are not limited to:
(i)
the credit spread;
(ii)
the credit default swap prices for the borrower;
(iii)
the length of time or the extent to which the fair value of a financial asset has been less than its amortised cost; and
(iv)
other market information related to the borrower, such as changes in the price of a borrower's debt and equity instruments.
(d)
an actual or expected significant change in the financial instrument's external credit rating.
(e)
an actual or expected internal credit rating downgrade for the borrower or decrease in behavioural scoring used to assess credit risk internally. Internal credit ratings and internal behavioural scoring are more reliable when they are mapped to external ratings or supported by default studies.
(f)
existing or forecast adverse changes in business, financial or economic conditions that are expected to cause a significant change in the borrower's ability to meet its debt obligations, such as an actual or expected increase in interest rates or an actual or expected significant increase in unemployment rates.
(g)
an actual or expected significant change in the operating results of the borrower. Examples include actual or expected declining revenues or margins, increasing operating risks, working capital deficiencies, decreasing asset quality, increased balance sheet leverage, liquidity, management problems or changes in the scope of business or organisational structure (such as the discontinuance of a segment of the business) that results in a significant change in the borrower's ability to meet its debt obligations.
(h)
significant increases in credit risk on other financial instruments of the same borrower.
(i)
an actual or expected significant adverse change in the regulatory, economic, or technological environment of the borrower that results in a significant change in the borrower's ability to meet its debt obligations, such as a decline in the demand for the borrower's sales product because of a shift in technology.
(j)
significant changes in the value of the collateral supporting the obligation or in the quality of third-party guarantees or credit enhancements, which are expected to reduce the borrower's economic incentive to make scheduled contractual payments or to otherwise have an effect on the probability of a default occurring. For example, if the value of collateral declines because house prices decline, borrowers in some jurisdictions have a greater incentive to default on their mortgages.
(k)
a significant change in the quality of the guarantee provided by a shareholder (or an individual's parents) if the shareholder (or parents) have an incentive and financial ability to prevent default by capital or cash infusion.
(l)
significant changes, such as reductions in financial support from a parent entity or other affiliate or an actual or expected significant change in the quality of credit enhancement, that are expected to reduce the borrower's economic incentive to make scheduled contractual payments. Credit quality enhancements or support include the consideration of the financial condition of the guarantor and/or, for interests issued in securitisations, whether subordinated interests are expected to be capable of absorbing expected credit losses (for example, on the loans underlying the security).
(m)
expected changes in the loan documentation including an expected breach of contract that may lead to covenant waivers or amendments, interest payment holidays, interest rate step-ups, requiring additional collateral or guarantees, or other changes to the contractual framework of the instrument.
(n)
significant changes in the expected performance and behaviour of the borrower, including changes in the payment status of borrowers in the group (for example, an increase in the expected number or extent of delayed contractual payments or significant increases in the expected number of credit card borrowers who are expected to approach or exceed their credit limit or who are expected to be paying the minimum monthly amount).
(o)
changes in the entity's credit management approach in relation to the financial instrument; ie based on emerging indicators of changes in the credit risk of the financial instrument, the entity's credit risk management practice is expected to become more active or to be focused on managing the instrument, including the instrument becoming more closely monitored or controlled, or the entity specifically intervening with the borrower.
(p)
past due information, including the rebuttable presumption as set out in paragraph 5.5.11.
B5.5.18
In some cases, the qualitative and non-statistical quantitative information available may be sufficient to determine that a financial instrument has met the criterion for the recognition of a loss allowance at an amount equal to lifetime expected credit losses. That is, the information does not need to flow through a statistical model or credit ratings process in order to determine whether there has been a significant increase in the credit risk of the financial instrument. In other cases, an entity may need to consider other information, including information from its statistical models or credit ratings processes. Alternatively, the entity may base the assessment on both types of information, ie qualitative factors that are not captured through the internal ratings process and a specific internal rating category at the reporting date, taking into consideration the credit risk characteristics at initial recognition, if both types of information are relevant.
More than 30 days past due rebuttable presumption
B5.5.19
The rebuttable presumption in paragraph 5.5.11 is not an absolute indicator that lifetime expected credit losses should be recognised, but is presumed to be the latest point at which lifetime expected credit losses should be recognised even when using forward-looking information (including macroeconomic factors on a portfolio level).
B5.5.20
An entity can rebut this presumption. However, it can do so only when it has reasonable and supportable information available that demonstrates that even if contractual payments become more than 30 days past due, this does not represent a significant increase in the credit risk of a financial instrument. For example when non-payment was an administrative oversight, instead of resulting from financial difficulty of the borrower, or the entity has access to historical evidence that demonstrates that there is no correlation between significant increases in the risk of a default occurring and financial assets on which payments are more than 30 days past due, but that evidence does identify such a correlation when payments are more than 60 days past due.
B5.5.21
An entity cannot align the timing of significant increases in credit risk and the recognition of lifetime expected credit losses to when a financial asset is regarded as credit-impaired or an entity's internal definition of default.
Financial instruments that have low credit risk at the reporting date
B5.5.22
The credit risk on a financial instrument is considered low for the purposes of paragraph 5.5.10, if the financial instrument has a low risk of default, the borrower has a strong capacity to meet its contractual cash flow obligations in the near term and adverse changes in economic and business conditions in the longer term may, but will not necessarily, reduce the ability of the borrower to fulfil its contractual cash flow obligations. Financial instruments are not considered to have low credit risk when they are regarded as having a low risk of loss simply because of the value of collateral and the financial instrument without that collateral would not be considered low credit risk. Financial instruments are also not considered to have low credit risk simply because they have a lower risk of default than the entity's other financial instruments or relative to the credit risk of the jurisdiction within which an entity operates.
B5.5.23
To determine whether a financial instrument has low credit risk, an entity may use its internal credit risk ratings or other methodologies that are consistent with a globally understood definition of low credit risk and that consider the risks and the type of financial instruments that are being assessed. An external rating of ‘investment grade’ is an example of a financial instrument that may be considered as having low credit risk. However, financial instruments are not required to be externally rated to be considered to have low credit risk. They should, however, be considered to have low credit risk from a market participant perspective taking into account all of the terms and conditions of the financial instrument.
B5.5.24
Lifetime expected credit losses are not recognised on a financial instrument simply because it was considered to have low credit risk in the previous reporting period and is not considered to have low credit risk at the reporting date. In such a case, an entity shall determine whether there has been a significant increase in credit risk since initial recognition and thus whether lifetime expected credit losses are required to be recognised in accordance with paragraph 5.5.3.
Modifications
B5.5.25
In some circumstances, the renegotiation or modification of the contractual cash flows of a financial asset can lead to the derecognition of the existing financial asset in accordance with this Standard. When the modification of a financial asset results in the derecognition of the existing financial asset and the subsequent recognition of the modified financial asset, the modified asset is considered a ‘new’ financial asset for the purposes of this Standard.
B5.5.26
Accordingly the date of the modification shall be treated as the date of initial recognition of that financial asset when applying the impairment requirements to the modified financial asset. This typically means measuring the loss allowance at an amount equal to 12-month expected credit losses until the requirements for the recognition of lifetime expected credit losses in paragraph 5.5.3 are met. However, in some unusual circumstances following a modification that results in derecognition of the original financial asset, there may be evidence that the modified financial asset is credit-impaired at initial recognition, and thus, the financial asset should be recognised as an originated credit-impaired financial asset. This might occur, for example, in a situation in which there was a substantial modification of a distressed asset that resulted in the derecognition of the original financial asset. In such a case, it may be possible for the modification to result in a new financial asset which is credit- impaired at initial recognition.
B5.5.27
If the contractual cash flows on a financial asset have been renegotiated or otherwise modified, but the financial asset is not derecognised, that financial asset is not automatically considered to have lower credit risk. An entity shall assess whether there has been a significant increase in credit risk since initial recognition on the basis of all reasonable and supportable information that is available without undue cost or effort. This includes historical and forward-looking information and an assessment of the credit risk over the expected life of the financial asset, which includes information about the circumstances that led to the modification. Evidence that the criteria for the recognition of lifetime expected credit losses are no longer met may include a history of up-to-date and timely payment performance against the modified contractual terms. Typically a customer would need to demonstrate consistently good payment behaviour over a period of time before the credit risk is considered to have decreased. For example, a history of missed or incomplete payments would not typically be erased by simply making one payment on time following a modification of the contractual terms.
Measurement of expected credit losses
Expected credit losses
B5.5.28
Expected credit losses are a probability-weighted estimate of credit losses (ie the present value of all cash shortfalls) over the expected life of the financial instrument. A cash shortfall is the difference between the cash flows that are due to an entity in accordance with the contract and the cash flows that the entity expects to receive. Because expected credit losses consider the amount and timing of payments, a credit loss arises even if the entity expects to be paid in full but later than when contractually due.
B5.5.29
For financial assets, a credit loss is the present value of the difference between:
(a)
the contractual cash flows that are due to an entity under the contract; and
(b)
the cash flows that the entity expects to receive.
B5.5.30
For undrawn loan commitments, a credit loss is the present value of the difference between:
(a)
the contractual cash flows that are due to the entity if the holder of the loan commitment draws down the loan; and
(b)
the cash flows that the entity expects to receive if the loan is drawn down.
B5.5.31
An entity's estimate of expected credit losses on loan commitments shall be consistent with its expectations of drawdowns on that loan commitment, ie it shall consider the expected portion of the loan commitment that will be drawn down within 12 months of the reporting date when estimating 12-month expected credit losses, and the expected portion of the loan commitment that will be drawn down over the expected life of the loan commitment when estimating lifetime expected credit losses.
B5.5.32
For a financial guarantee contract, the entity is required to make payments only in the event of a default by the debtor in accordance with the terms of the instrument that is guaranteed. Accordingly, cash shortfalls are the expected payments to reimburse the holder for a credit loss that it incurs less any amounts that the entity expects to receive from the holder, the debtor or any other party. If the asset is fully guaranteed, the estimation of cash shortfalls for a financial guarantee contract would be consistent with the estimations of cash shortfalls for the asset subject to the guarantee.
B5.5.33
For a financial asset that is credit-impaired at the reporting date, but that is not a purchased or originated credit-impaired financial asset, an entity shall measure the expected credit losses as the difference between the asset's gross carrying amount and the present value of estimated future cash flows discounted at the financial asset's original effective interest rate. Any adjustment is recognised in profit or loss as an impairment gain or loss.
B5.5.34
When measuring a loss allowance for a lease receivable, the cash flows used for determining the expected credit losses should be consistent with the cash flows used in measuring the lease receivable in accordance with IFRS 16 
Leases
.
B5.5.35
An entity may use practical expedients when measuring expected credit losses if they are consistent with the principles in paragraph 5.5.17. An example of a practical expedient is the calculation of the expected credit losses on trade receivables using a provision matrix. The entity would use its historical credit loss experience (adjusted as appropriate in accordance with paragraphs B5.5.51–B5.5.52) for trade receivables to estimate the 12-month expected credit losses or the lifetime expected credit losses on the financial assets as relevant. A provision matrix might, for example, specify fixed provision rates depending on the number of days that a trade receivable is past due (for example, 1 per cent if not past due, 2 per cent if less than 30 days past due, 3 per cent if more than 30 days but less than 90 days past due, 20 per cent if 90–180 days past due etc.). Depending on the diversity of its customer base, the entity would use appropriate groupings if its historical credit loss experience shows significantly different loss patterns for different customer segments. Examples of criteria that might be used to group assets include geographical region, product type, customer rating, collateral or trade credit insurance and type of customer (such as wholesale or retail).
Definition of default
B5.5.36
Paragraph 5.5.9 requires that when determining whether the credit risk on a financial instrument has increased significantly, an entity shall consider the change in the risk of a default occurring since initial recognition.
B5.5.37
When defining default for the purposes of determining the risk of a default occurring, an entity shall apply a default definition that is consistent with the definition used for internal credit risk management purposes for the relevant financial instrument and consider qualitative indicators (for example, financial covenants) when appropriate. However, there is a rebuttable presumption that default does not occur later than when a financial asset is 90 days past due unless an entity has reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate. The definition of default used for these purposes shall be applied consistently to all financial instruments unless information becomes available that demonstrates that another default definition is more appropriate for a particular financial instrument.
Period over which to estimate expected credit losses
B5.5.38
In accordance with paragraph 5.5.19, the maximum period over which expected credit losses shall be measured is the maximum contractual period over which the entity is exposed to credit risk. For loan commitments and financial guarantee contracts, this is the maximum contractual period over which an entity has a present contractual obligation to extend credit.
B5.5.39
However, in accordance with paragraph 5.5.20, some financial instruments include both a loan and an undrawn commitment component and the entity's contractual ability to demand repayment and cancel the undrawn commitment does not limit the entity's exposure to credit losses to the contractual notice period. For example, revolving credit facilities, such as credit cards and overdraft facilities, can be contractually withdrawn by the lender with as little as one day's notice. However, in practice lenders continue to extend credit for a longer period and may only withdraw the facility after the credit risk of the borrower increases, which could be too late to prevent some or all of the expected credit losses. These financial instruments generally have the following characteristics as a result of the nature of the financial instrument, the way in which the financial instruments are managed, and the nature of the available information about significant increases in credit risk:
(a)
the financial instruments do not have a fixed term or repayment structure and usually have a short contractual cancellation period (for example, one day);
(b)
the contractual ability to cancel the contract is not enforced in the normal day-to-day management of the financial instrument and the contract may only be cancelled when the entity becomes aware of an increase in credit risk at the facility level; and
(c)
the financial instruments are managed on a collective basis.
B5.5.40
When determining the period over which the entity is expected to be exposed to credit risk, but for which expected credit losses would not be mitigated by the entity's normal credit risk management actions, an entity should consider factors such as historical information and experience about:
(a)
the period over which the entity was exposed to credit risk on similar financial instruments;
(b)
the length of time for related defaults to occur on similar financial instruments following a significant increase in credit risk; and
(c)
the credit risk management actions that an entity expects to take once the credit risk on the financial instrument has increased, such as the reduction or removal of undrawn limits.
Probability-weighted outcome
B5.5.41
The purpose of estimating expected credit losses is neither to estimate a worst-case scenario nor to estimate the best-case scenario. Instead, an estimate of expected credit losses shall always reflect the possibility that a credit loss occurs and the possibility that no credit loss occurs even if the most likely outcome is no credit loss.
B5.5.42
Paragraph 5.5.17(a) requires the estimate of expected credit losses to reflect an unbiased and probability-weighted amount that is determined by evaluating a range of possible outcomes. In practice, this may not need to be a complex analysis. In some cases, relatively simple modelling may be sufficient, without the need for a large number of detailed simulations of scenarios. For example, the average credit losses of a large group of financial instruments with shared risk characteristics may be a reasonable estimate of the probability-weighted amount. In other situations, the identification of scenarios that specify the amount and timing of the cash flows for particular outcomes and the estimated probability of those outcomes will probably be needed. In those situations, the expected credit losses shall reflect at least two outcomes in accordance with paragraph 5.5.18.
B5.5.43
For lifetime expected credit losses, an entity shall estimate the risk of a default occurring on the financial instrument during its expected life. 12-month expected credit losses are a portion of the lifetime expected credit losses and represent the lifetime cash shortfalls that will result if a default occurs in the 12 months after the reporting date (or a shorter period if the expected life of a financial instrument is less than 12 months), weighted by the probability of that default occurring. Thus, 12-month expected credit losses are neither the lifetime expected credit losses that an entity will incur on financial instruments that it predicts will default in the next 12 months nor the cash shortfalls that are predicted over the next 12 months.
Time value of money
B5.5.44
Expected credit losses shall be discounted to the reporting date, not to the expected default or some other date, using the effective interest rate determined at initial recognition or an approximation thereof. If a financial instrument has a variable interest rate, expected credit losses shall be discounted using the current effective interest rate determined in accordance with paragraph B5.4.5.
B5.5.45
For purchased or originated credit-impaired financial assets, expected credit losses shall be discounted using the credit-adjusted effective interest rate determined at initial recognition.
B5.5.46
Expected credit losses on lease receivables shall be discounted using the same discount rate used in the measurement of the lease receivable in accordance with IFRS 16.
B5.5.47
The expected credit losses on a loan commitment shall be discounted using the effective interest rate, or an approximation thereof, that will be applied when recognising the financial asset resulting from the loan commitment. This is because for the purpose of applying the impairment requirements, a financial asset that is recognised following a draw down on a loan commitment shall be treated as a continuation of that commitment instead of as a new financial instrument. The expected credit losses on the financial asset shall therefore be measured considering the initial credit risk of the loan commitment from the date that the entity became a party to the irrevocable commitment.
B5.5.48
Expected credit losses on financial guarantee contracts or on loan commitments for which the effective interest rate cannot be determined shall be discounted by applying a discount rate that reflects the current market assessment of the time value of money and the risks that are specific to the cash flows but only if, and to the extent that, the risks are taken into account by adjusting the discount rate instead of adjusting the cash shortfalls being discounted.
Reasonable and supportable information
B5.5.49
For the purpose of this Standard, reasonable and supportable information is that which is reasonably available at the reporting date without undue cost or effort, including information about past events, current conditions and forecasts of future economic conditions. Information that is available for financial reporting purposes is considered to be available without undue cost or effort.
B5.5.50
An entity is not required to incorporate forecasts of future conditions over the entire expected life of a financial instrument. The degree of judgement that is required to estimate expected credit losses depends on the availability of detailed information. As the forecast horizon increases, the availability of detailed information decreases and the degree of judgement required to estimate expected credit losses increases. The estimate of expected credit losses does not require a detailed estimate for periods that are far in the future—for such periods, an entity may extrapolate projections from available, detailed information.
B5.5.51
An entity need not undertake an exhaustive search for information but shall consider all reasonable and supportable information that is available without undue cost or effort and that is relevant to the estimate of expected credit losses, including the effect of expected prepayments. The information used shall include factors that are specific to the borrower, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date. An entity may use various sources of data, that may be both internal (entity-specific) and external. Possible data sources include internal historical credit loss experience, internal ratings, credit loss experience of other entities and external ratings, reports and statistics. Entities that have no, or insufficient, sources of entity-specific data may use peer group experience for the comparable financial instrument (or groups of financial instruments).
B5.5.52
Historical information is an important anchor or base from which to measure expected credit losses. However, an entity shall adjust historical data, such as credit loss experience, on the basis of current observable data to reflect the effects of the current conditions and its forecasts of future conditions that did not affect the period on which the historical data is based, and to remove the effects of the conditions in the historical period that are not relevant to the future contractual cash flows. In some cases, the best reasonable and supportable information could be the unadjusted historical information, depending on the nature of the historical information and when it was calculated, compared to circumstances at the reporting date and the characteristics of the financial instrument being considered. Estimates of changes in expected credit losses should reflect, and be 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 credit losses on the financial instrument or in the group of financial instruments and in the magnitude of those changes). An entity shall regularly review the methodology and assumptions used for estimating expected credit losses to reduce any differences between estimates and actual credit loss experience.
B5.5.53
When using historical credit loss experience in estimating expected credit losses, it is important that information about historical credit loss rates is applied to groups that are defined in a manner that is consistent with the groups for which the historical credit loss rates were observed. Consequently, the method used shall enable each group of financial assets to be associated with information about past credit loss experience in groups of financial assets with similar risk characteristics and with relevant observable data that reflects current conditions.
B5.5.54
Expected credit losses reflect an entity's own expectations of credit losses. However, when considering all reasonable and supportable information that is available without undue cost or effort in estimating expected credit losses, an entity should also consider observable market information about the credit risk of the particular financial instrument or similar financial instruments.
Collateral
B5.5.55
For the purposes of measuring expected credit losses, the estimate of expected cash shortfalls shall reflect the cash flows expected from collateral and other credit enhancements that are part of the contractual terms and are not recognised separately by the entity. The estimate of expected cash shortfalls on a collateralised financial instrument reflects the amount and timing of cash flows that are expected from foreclosure on the collateral less the costs of obtaining and selling the collateral, irrespective of whether foreclosure is probable (ie the estimate of expected cash flows considers the probability of a foreclosure and the cash flows that would result from it). Consequently, any cash flows that are expected from the realisation of the collateral beyond the contractual maturity of the contract should be included in this analysis. Any collateral obtained as a result of foreclosure is not recognised as an asset that is separate from the collateralised financial instrument unless it meets the relevant recognition criteria for an asset in this or other Standards.
Reclassification of financial assets (Section 5.6)
B5.6.1
If an entity reclassifies financial assets in accordance with paragraph 4.4.1, paragraph 5.6.1 requires that the reclassification is applied prospectively from the reclassification date. Both the amortised cost measurement category and the fair value through other comprehensive income measurement category require that the effective interest rate is determined at initial recognition. Both of those measurement categories also require that the impairment requirements are applied in the same way. Consequently, when an entity reclassifies a financial asset between the amortised cost measurement category and the fair value through other comprehensive income measurement category:
(a)
the recognition of interest revenue will not change and therefore the entity continues to use the same effective interest rate.
(b)
the measurement of expected credit losses will not change because both measurement categories apply the same impairment approach. However if a financial asset is reclassified out of the fair value through other comprehensive income measurement category and into the amortised cost measurement category, a loss allowance would be recognised as an adjustment to the gross carrying amount of the financial asset from the reclassification date. If a financial asset is reclassified out of the amortised cost measurement category and into the fair value through other comprehensive income measurement category, the loss allowance would be derecognised (and thus would no longer be recognised as an adjustment to the gross carrying amount) but instead would be recognised as an accumulated impairment amount (of an equal amount) in other comprehensive income and would be disclosed from the reclassification date.
B5.6.2
However, an entity is not required to separately recognise interest revenue or impairment gains or losses for a financial asset measured at fair value through profit or loss. Consequently, when an entity reclassifies a financial asset out of the fair value through profit or loss measurement category, the effective interest rate is determined on the basis of the fair value of the asset at the reclassification date. In addition, for the purposes of applying Section 5.5 to the financial asset from the reclassification date, the date of the reclassification is treated as the date of initial recognition.
Gains and losses (Section 5.7)
B5.7.1
Paragraph 5.7.5 permits an entity to make an irrevocable election to present in other comprehensive income changes in the fair value of an investment in an equity instrument that is not held for trading. This election is made on an instrument-by-instrument (ie share-by-share) basis. Amounts presented in other comprehensive income shall not be subsequently transferred to profit or loss. However, the entity may transfer the cumulative gain or loss within equity. Dividends on such investments are recognised in profit or loss in accordance with paragraph 5.7.6 unless the dividend clearly represents a recovery of part of the cost of the investment.
B5.7.1A
Unless paragraph 4.1.5 applies, paragraph 4.1.2A requires that a financial asset is measured at fair value through other comprehensive income if the contractual terms of the financial asset give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding and the asset is held in a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets. This measurement category recognises information in profit or loss as if the financial asset is measured at amortised cost, while the financial asset is measured in the statement of financial position at fair value. Gains or losses, other than those that are recognised in profit or loss in accordance with paragraphs 5.7.10–5.7.11, are recognised in other comprehensive income. When these financial assets are derecognised, cumulative gains or losses previously recognised in other comprehensive income are reclassified to profit or loss. This reflects the gain or loss that would have been recognised in profit or loss upon derecognition if the financial asset had been measured at amortised cost.
B5.7.2
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. IAS 21 requires any foreign exchange gains and losses on monetary assets and monetary liabilities to be recognised in profit or loss. An exception is a monetary item that is designated as a hedging instrument in a cash flow hedge (see paragraph 6.5.11), a hedge of a net investment (see paragraph 6.5.13) or a fair value hedge of an equity instrument for which an entity has elected to present changes in fair value in other comprehensive income in accordance with paragraph 5.7.5 (see paragraph 6.5.8).
B5.7.2A
For the purpose of recognising foreign exchange gains and losses under IAS 21, a financial asset measured at fair value through other comprehensive income in accordance with paragraph 4.1.2A is treated as a monetary item. Accordingly, such a financial asset is treated as an asset measured at amortised cost in the foreign currency. Exchange differences on the amortised cost are recognised in profit or loss and other changes in the carrying amount are recognised in accordance with paragraph 5.7.10.
B5.7.3
Paragraph 5.7.5 permits an entity to make an irrevocable election to present in other comprehensive income subsequent changes in the fair value of particular investments in equity instruments. Such an investment is not a monetary item. Accordingly, the gain or loss that is presented in other comprehensive income in accordance with paragraph 5.7.5 includes any related foreign exchange component.
B5.7.4
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 presented in profit or loss.
Liabilities designated as at fair value through profit or loss
B5.7.5
When an entity designates a financial liability as at fair value through profit or loss, it must determine whether presenting in other comprehensive income the effects of changes in the liability's credit risk would create or enlarge an accounting mismatch in profit or loss. An accounting mismatch would be created or enlarged if presenting the effects of changes in the liability's credit risk in other comprehensive income would result in a greater mismatch in profit or loss than if those amounts were presented in profit or loss.
B5.7.6
To make that determination, an entity must assess whether it expects that the effects of changes in the liability's credit risk will be offset in profit or loss by a change in the fair value of another financial instrument measured at fair value through profit or loss. Such an expectation must be based on an economic relationship between the characteristics of the liability and the characteristics of the other financial instrument.
B5.7.7
That determination is made at initial recognition and is not reassessed. For practical purposes the entity need not enter into all of the assets and liabilities giving rise to an accounting mismatch at exactly the same time. A reasonable delay is permitted provided that any remaining transactions are expected to occur. An entity must apply consistently its methodology for determining whether presenting in other comprehensive income the effects of changes in the liability's credit risk would create or enlarge an accounting mismatch in profit or loss. However, an entity may use different methodologies when there are different economic relationships between the characteristics of the liabilities designated as at fair value through profit or loss and the characteristics of the other financial instruments. IFRS 7 requires an entity to provide qualitative disclosures in the notes to the financial statements about its methodology for making that determination.
B5.7.8
If such a mismatch would be created or enlarged, the entity is required to present all changes in fair value (including the effects of changes in the credit risk of the liability) in profit or loss. If such a mismatch would not be created or enlarged, the entity is required to present the effects of changes in the liability's credit risk in other comprehensive income.
B5.7.9
Amounts presented in other comprehensive income shall not be subsequently transferred to profit or loss. However, the entity may transfer the cumulative gain or loss within equity.
B5.7.10
The following example describes a situation in which an accounting mismatch would be created in profit or loss if the effects of changes in the credit risk of the liability were presented in other comprehensive income. A mortgage bank provides loans to customers and funds those loans by selling bonds with matching characteristics (eg amount outstanding, repayment profile, term and currency) in the market. The contractual terms of the loan permit the mortgage customer to prepay its loan (ie satisfy its obligation to the bank) by buying the corresponding bond at fair value in the market and delivering that bond to the mortgage bank. As a result of that contractual prepayment right, if the credit quality of the bond worsens (and, thus, the fair value of the mortgage bank's liability decreases), the fair value of the mortgage bank's loan asset also decreases. The change in the fair value of the asset reflects the mortgage customer's contractual right to prepay the mortgage loan by buying the underlying bond at fair value (which, in this example, has decreased) and delivering the bond to the mortgage bank. Consequently, the effects of changes in the credit risk of the liability (the bond) will be offset in profit or loss by a corresponding change in the fair value of a financial asset (the loan). If the effects of changes in the liability's credit risk were presented in other comprehensive income there would be an accounting mismatch in profit or loss. Consequently, the mortgage bank is required to present all changes in fair value of the liability (including the effects of changes in the liability's credit risk) in profit or loss.
B5.7.11
In the example in paragraph B5.7.10, there is a contractual linkage between the effects of changes in the credit risk of the liability and changes in the fair value of the financial asset (ie as a result of the mortgage customer's contractual right to prepay the loan by buying the bond at fair value and delivering the bond to the mortgage bank). However, an accounting mismatch may also occur in the absence of a contractual linkage.
B5.7.12
For the purposes of applying the requirements in paragraphs 5.7.7 and 5.7.8, an accounting mismatch is not caused solely by the measurement method that an entity uses to determine the effects of changes in a liability's credit risk. An accounting mismatch in profit or loss would arise only when the effects of changes in the liability's credit risk (as defined in IFRS 7) are expected to be offset by changes in the fair value of another financial instrument. A mismatch that arises solely as a result of the measurement method (ie because an entity does not isolate changes in a liability's credit risk from some other changes in its fair value) does not affect the determination required by paragraphs 5.7.7 and 5.7.8. For example, an entity may not isolate changes in a liability's credit risk from changes in liquidity risk. If the entity presents the combined effect of both factors in other comprehensive income, a mismatch may occur because changes in liquidity risk may be included in the fair value measurement of the entity's financial assets and the entire fair value change of those assets is presented in profit or loss. However, such a mismatch is caused by measurement imprecision, not the offsetting relationship described in paragraph B5.7.6 and, therefore, does not affect the determination required by paragraphs 5.7.7 and 5.7.8.
The meaning of ‘credit risk’ (paragraphs 5.7.7 and 5.7.8)
B5.7.13
IFRS 7 defines credit risk as ‘the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation’. The requirement in paragraph 5.7.7(a) relates to the risk that the issuer will fail to perform on that particular liability. It does not necessarily relate to the creditworthiness of the issuer. For example, if an entity issues a collateralised liability and a non-collateralised liability that are otherwise identical, the credit risk of those two liabilities will be different, even though they are issued by the same entity. The credit risk on the collateralised liability will be less than the credit risk of the non-collateralised liability. The credit risk for a collateralised liability may be close to zero.
B5.7.14
For the purposes of applying the requirement in paragraph 5.7.7(a), credit risk is different from asset-specific performance risk. Asset-specific performance risk is not related to the risk that an entity will fail to discharge a particular obligation but instead it is related to the risk that a single asset or a group of assets will perform poorly (or not at all).
B5.7.15
The following are examples of asset-specific performance risk:
(a)
a liability with a unit-linking feature whereby the amount due to investors is contractually determined on the basis of the performance of specified assets. The effect of that unit-linking feature on the fair value of the liability is asset-specific performance risk, not credit risk.
(b)
a liability issued by a structured entity with the following characteristics. The entity is legally isolated so the assets in the entity are ring-fenced solely for the benefit of its investors, even in the event of bankruptcy. The entity enters into no other transactions and the assets in the entity cannot be hypothecated. Amounts are due to the entity's investors only if the ring-fenced assets generate cash flows. Thus, changes in the fair value of the liability primarily reflect changes in the fair value of the assets. The effect of the performance of the assets on the fair value of the liability is asset-specific performance risk, not credit risk.
Determining the effects of changes in credit risk
B5.7.16
For the purposes of applying the requirement in paragraph 5.7.7(a), an entity shall determine the amount of change in the fair value of the financial liability that is attributable to changes in the credit risk of that liability either:
(a)
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 paragraphs B5.7.17 and B5.7.18); or
(b)
using an alternative method the entity believes more faithfully represents the amount of change in the liability's fair value that is attributable to changes in its credit risk.
B5.7.17
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.
B5.7.18
If the only significant relevant changes in market conditions for a liability are changes in an observed (benchmark) interest rate, the amount in paragraph B5.7.16(a) 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 fair value 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 fair value 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 presented in other comprehensive income in accordance with paragraph 5.7.7(a).
B5.7.19
The example in paragraph B5.7.18 assumes that changes in fair value arising from factors other than changes in the instrument's credit risk or changes in observed (benchmark) interest rates are not significant. This method would not be appropriate if changes in fair value arising from other factors are significant. In those cases, an entity is required to use an alternative method that more faithfully measures the effects of changes in the liability's credit risk (see paragraph B5.7.16(b)). For example, 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 presented in other comprehensive income in accordance with paragraph 5.7.7(a).
B5.7.20
As with all fair value measurements, an entity's measurement method for determining the portion of the change in the liability's fair value that is attributable to changes in its credit risk must make maximum use of relevant observable inputs and minimum use of unobservable inputs.
HEDGE ACCOUNTING (CHAPTER 6)
Hedging instruments (Section 6.2)
Qualifying instruments
B6.2.1
Derivatives that are embedded in hybrid contracts, but that are not separately accounted for, cannot be designated as separate hedging instruments.
B6.2.2
An entity's own equity instruments are not financial assets or financial liabilities of the entity and therefore cannot be designated as hedging instruments.
B6.2.3
For hedges of foreign currency risk, the foreign currency risk component of a non-derivative financial instrument is determined in accordance with IAS 21.
Written options
B6.2.4
This Standard does not restrict the circumstances in which a derivative that is measured at fair value through profit or loss may be designated as a hedging instrument, except for some written options. 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).
Designation of hedging instruments
B6.2.5
For hedges other than hedges of foreign currency risk, when an entity designates a non-derivative financial asset or a non-derivative financial liability measured at fair value through profit or loss as a hedging instrument, it may only designate the non-derivative financial instrument in its entirety or a proportion of it.
B6.2.6
A single hedging instrument may be designated as a hedging instrument of more than one type of risk, provided that there is a specific designation of the hedging instrument and of the different risk positions as hedged items. Those hedged items can be in different hedging relationships.
Hedged items (Section 6.3)
Qualifying items
B6.3.1
A firm commitment to acquire a business in a business combination cannot be a hedged item, except for foreign currency risk, because the other risks being hedged cannot be specifically identified and measured. Those other risks are general business risks.
B6.3.2
An equity method investment cannot be a hedged item in a fair value hedge. This is because the equity method recognises in profit or loss the investor's share of the investee's profit or loss, instead of 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. This is because consolidation recognises in profit or loss the subsidiary's profit or loss, instead of 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.
B6.3.3
Paragraph 6.3.4 permits an entity to designate as hedged items aggregated exposures that are a combination of an exposure and a derivative. When designating such a hedged item, an entity assesses whether the aggregated exposure combines an exposure with a derivative so that it creates a different aggregated exposure that is managed as one exposure for a particular risk (or risks). In that case, the entity may designate the hedged item on the basis of the aggregated exposure. For example:
(a)
an entity may hedge a given quantity of highly probable coffee purchases in 15 months' time against price risk (based on US dollars) using a 15-month futures contract for coffee. The highly probable coffee purchases and the futures contract for coffee in combination can be viewed as a 15-month fixed-amount US dollar foreign currency risk exposure for risk management purposes (ie like any fixed-amount US dollar cash outflow in 15 months' time).
(b)
an entity may hedge the foreign currency risk for the entire term of a 10-year fixed-rate debt denominated in a foreign currency. However, the entity requires fixed-rate exposure in its functional currency only for a short to medium term (say two years) and floating rate exposure in its functional currency for the remaining term to maturity. At the end of each of the two-year intervals (ie on a two-year rolling basis) the entity fixes the next two years' interest rate exposure (if the interest level is such that the entity wants to fix interest rates). In such a situation an entity may enter into a 10-year fixed-to-floating cross-currency interest rate swap that swaps the fixed-rate foreign currency debt into a variable-rate functional currency exposure. This is overlaid with a two-year interest rate swap that—on the basis of the functional currency—swaps variable-rate debt into fixed-rate debt. In effect, the fixed-rate foreign currency debt and the 10-year fixed-to-floating cross-currency interest rate swap in combination are viewed as a 10-year variable-rate debt functional currency exposure for risk management purposes.
B6.3.4
When designating the hedged item on the basis of the aggregated exposure, an entity considers the combined effect of the items that constitute the aggregated exposure for the purpose of assessing hedge effectiveness and measuring hedge ineffectiveness. However, the items that constitute the aggregated exposure remain accounted for separately. This means that, for example:
(a)
derivatives that are part of an aggregated exposure are recognised as separate assets or liabilities measured at fair value; and
(b)
if a hedging relationship is designated between the items that constitute the aggregated exposure, the way in which a derivative is included as part of an aggregated exposure must be consistent with the designation of that derivative as the hedging instrument at the level of the aggregated exposure. For example, if an entity excludes the forward element of a derivative from its designation as the hedging instrument for the hedging relationship between the items that constitute the aggregated exposure, it must also exclude the forward element when including that derivative as a hedged item as part of the aggregated exposure. Otherwise, the aggregated exposure shall include a derivative, either in its entirety or a proportion of it.
B6.3.5
Paragraph 6.3.6 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 that the transaction is denominated in a currency other than the functional currency of the entity entering into that transaction and that the foreign currency risk will affect consolidated profit or loss. For this purpose an entity can be a parent, subsidiary, associate, joint arrangement 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.
B6.3.6
If a hedge of a forecast intragroup transaction qualifies for hedge accounting, any gain or loss is recognised in, and taken out of, other comprehensive income in accordance with paragraph 6.5.11. The relevant period or periods during which the foreign currency risk of the hedged transaction affects profit or loss is when it affects consolidated profit or loss.
Designation of hedged items
B6.3.7
A component is a hedged item that is less than the entire item. Consequently, a component reflects only some of the risks of the item of which it is a part or reflects the risks only to some extent (for example, when designating a proportion of an item).
Risk components
B6.3.8
To be eligible for designation as a hedged item, a risk component must be a separately identifiable component of the financial or the non-financial item, and the changes in the cash flows or the fair value of the item attributable to changes in that risk component must be reliably measurable.
B6.3.9
When identifying what risk components qualify for designation as a hedged item, an entity assesses such risk components within the context of the particular market structure to which the risk or risks relate and in which the hedging activity takes place. Such a determination requires an evaluation of the relevant facts and circumstances, which differ by risk and market.
B6.3.10
When designating risk components as hedged items, an entity considers whether the risk components are explicitly specified in a contract (contractually specified risk components) or whether they are implicit in the fair value or the cash flows of an item of which they are a part (non-contractually specified risk components). Non-contractually specified risk components can relate to items that are not a contract (for example, forecast transactions) or contracts that do not explicitly specify the component (for example, a firm commitment that includes only one single price instead of a pricing formula that references different underlyings). For example:
(a)
Entity A has a long-term supply contract for natural gas that is priced using a contractually specified formula that references commodities and other factors (for example, gas oil, fuel oil and other components such as transport charges). Entity A hedges the gas oil component in that supply contract using a gas oil forward contract. Because the gas oil component is specified by the terms and conditions of the supply contract it is a contractually specified risk component. Hence, because of the pricing formula, Entity A concludes that the gas oil price exposure is separately identifiable. At the same time, there is a market for gas oil forward contracts. Hence, Entity A concludes that the gas oil price exposure is reliably measurable. Consequently, the gas oil price exposure in the supply contract is a risk component that is eligible for designation as a hedged item.
(b)
Entity B hedges its future coffee purchases based on its production forecast. Hedging starts up to 15 months before delivery for part of the forecast purchase volume. Entity B increases the hedged volume over time (as the delivery date approaches). Entity B uses two different types of contracts to manage its coffee price risk:
(i)
exchange-traded coffee futures contracts; and
(ii)
coffee supply contracts for Arabica coffee from Colombia delivered to a specific manufacturing site. These contracts price a tonne of coffee based on the exchange-traded coffee futures contract price plus a fixed price differential plus a variable logistics services charge using a pricing formula. The coffee supply contract is an executory contract in accordance with which Entity B takes actual delivery of coffee.
For deliveries that relate to the current harvest, entering into the coffee supply contracts allows Entity B to fix the price differential between the actual coffee quality purchased (Arabica coffee from Colombia) and the benchmark quality that is the underlying of the exchange-traded futures contract. However, for deliveries that relate to the next harvest, the coffee supply contracts are not yet available, so the price differential cannot be fixed. Entity B uses exchange-traded coffee futures contracts to hedge the benchmark quality component of its coffee price risk for deliveries that relate to the current harvest as well as the next harvest. Entity B determines that it is exposed to three different risks: coffee price risk reflecting the benchmark quality, coffee price risk reflecting the difference (spread) between the price for the benchmark quality coffee and the particular Arabica coffee from Colombia that it actually receives, and the variable logistics costs. For deliveries related to the current harvest, after Entity B enters into a coffee supply contract, the coffee price risk reflecting the benchmark quality is a contractually specified risk component because the pricing formula includes an indexation to the exchange-traded coffee futures contract price. Entity B concludes that this risk component is separately identifiable and reliably measurable. For deliveries related to the next harvest, Entity B has not yet entered into any coffee supply contracts (ie those deliveries are forecast transactions). Hence, the coffee price risk reflecting the benchmark quality is a non-contractually specified risk component. Entity B's analysis of the market structure takes into account how eventual deliveries of the particular coffee that it receives are priced. Hence, on the basis of this analysis of the market structure, Entity B concludes that the forecast transactions also involve the coffee price risk that reflects the benchmark quality as a risk component that is separately identifiable and reliably measurable even though it is not contractually specified. Consequently, Entity B may designate hedging relationships on a risk components basis (for the coffee price risk that reflects the benchmark quality) for coffee supply contracts as well as forecast transactions.
(c)
Entity C hedges part of its future jet fuel purchases on the basis of its consumption forecast up to 24 months before delivery and increases the volume that it hedges over time. Entity C hedges this exposure using different types of contracts depending on the time horizon of the hedge, which affects the market liquidity of the derivatives. For the longer time horizons (12–24 months) Entity C uses crude oil contracts because only these have sufficient market liquidity. For time horizons of 6–12 months Entity C uses gas oil derivatives because they are sufficiently liquid. For time horizons up to six months Entity C uses jet fuel contracts. Entity C's analysis of the market structure for oil and oil products and its evaluation of the relevant facts and circumstances is as follows:
(i)
Entity C operates in a geographical area in which Brent is the crude oil benchmark. Crude oil is a raw material benchmark that affects the price of various refined oil products as their most basic input. Gas oil is a benchmark for refined oil products, which is used as a pricing reference for oil distillates more generally. This is also reflected in the types of derivative financial instruments for the crude oil and refined oil products markets of the environment in which Entity C operates, such as:
—
the benchmark crude oil futures contract, which is for Brent crude oil;
—
the benchmark gas oil futures contract, which is used as the pricing reference for distillates—for example, jet fuel spread derivatives cover the price differential between jet fuel and that benchmark gas oil; and
—
the benchmark gas oil crack spread derivative (ie the derivative for the price differential between crude oil and gas oil—a refining margin), which is indexed to Brent crude oil.
(ii)
the pricing of refined oil products does not depend on which particular crude oil is processed by a particular refinery because those refined oil products (such as gas oil or jet fuel) are standardised products.
Hence, Entity C concludes that the price risk of its jet fuel purchases includes a crude oil price risk component based on Brent crude oil and a gas oil price risk component, even though crude oil and gas oil are not specified in any contractual arrangement. Entity C concludes that these two risk components are separately identifiable and reliably measurable even though they are not contractually specified. Consequently, Entity C may designate hedging relationships for forecast jet fuel purchases on a risk components basis (for crude oil or gas oil). This analysis also means that if, for example, Entity C used crude oil derivatives based on West Texas Intermediate (WTI) crude oil, changes in the price differential between Brent crude oil and WTI crude oil would cause hedge ineffectiveness.
(d)
Entity D holds a fixed-rate debt instrument. This instrument is issued in an environment with a market in which a large variety of similar debt instruments are compared by their spreads to a benchmark rate (for example, LIBOR) and variable-rate instruments in that environment are typically indexed to that benchmark rate. Interest rate swaps are frequently used to manage interest rate risk on the basis of that benchmark rate, irrespective of the spread of debt instruments to that benchmark rate. The price of fixed-rate debt instruments varies directly in response to changes in the benchmark rate as they happen. Entity D concludes that the benchmark rate is a component that can be separately identified and reliably measured. Consequently, Entity D may designate hedging relationships for the fixed-rate debt instrument on a risk component basis for the benchmark interest rate risk.
B6.3.11
When designating a risk component as a hedged item, the hedge accounting requirements apply to that risk component in the same way as they apply to other hedged items that are not risk components. For example, the qualifying criteria apply, including that the hedging relationship must meet the hedge effectiveness requirements, and any hedge ineffectiveness must be measured and recognised.
B6.3.12
An entity can also designate only changes in the cash flows or fair value of a hedged item above or below a specified price or other variable (a ‘one-sided risk’). The intrinsic value of a purchased option hedging instrument (assuming that it has the same principal terms as the designated risk), but not its time value, reflects a one-sided risk in a hedged item. For example, an entity can designate the variability of future cash flow outcomes resulting from a price increase of a forecast commodity purchase. In such a situation, the entity designates only cash flow losses that result from an increase in the price above the specified level. The hedged risk does not include the time value of a purchased option, because the time value is not a component of the forecast transaction that affects profit or loss.
B6.3.13
There is a rebuttable presumption that unless inflation risk is contractually specified, it is not separately identifiable and reliably measurable and hence cannot be designated as a risk component of a financial instrument. However, in limited cases, it is possible to identify a risk component for inflation risk that is separately identifiable and reliably measurable because of the particular circumstances of the inflation environment and the relevant debt market.
B6.3.14
For example, an entity issues debt in an environment in which inflation-linked bonds have a volume and term structure that results in a sufficiently liquid market that allows constructing a term structure of zero-coupon real interest rates. This means that for the respective currency, inflation is a relevant factor that is separately considered by the debt markets. In those circumstances the inflation risk component could be determined by discounting the cash flows of the hedged debt instrument using the term structure of zero-coupon real interest rates (ie in a manner similar to how a risk-free (nominal) interest rate component can be determined). Conversely, in many cases an inflation risk component is not separately identifiable and reliably measurable. For example, an entity issues only nominal interest rate debt in an environment with a market for inflation-linked bonds that is not sufficiently liquid to allow a term structure of zero-coupon real interest rates to be constructed. In this case the analysis of the market structure and of the facts and circumstances does not support the entity concluding that inflation is a relevant factor that is separately considered by the debt markets. Hence, the entity cannot overcome the rebuttable presumption that inflation risk that is not contractually specified is not separately identifiable and reliably measurable. Consequently, an inflation risk component would not be eligible for designation as the hedged item. This applies irrespective of any inflation hedging instrument that the entity has actually entered into. In particular, the entity cannot simply impute the terms and conditions of the actual inflation hedging instrument by projecting its terms and conditions onto the nominal interest rate debt.
B6.3.15
A contractually specified inflation risk component of the cash flows of a recognised inflation-linked bond (assuming that there is no requirement to account for an embedded derivative separately) is separately identifiable and reliably measurable, as long as other cash flows of the instrument are not affected by the inflation risk component.
Components of a nominal amount
B6.3.16
There are two types of components of nominal amounts that can be designated as the hedged item in a hedging relationship: a component that is a proportion of an entire item or a layer component. The type of component changes the accounting outcome. An entity shall designate the component for accounting purposes consistently with its risk management objective.
B6.3.17
An example of a component that is a proportion is 50 per cent of the contractual cash flows of a loan.
B6.3.18
A layer component may be specified from a defined, but open, population, or from a defined nominal amount. Examples include:
(a)
part of a monetary transaction volume, for example, the next FC10 cash flows from sales denominated in a foreign currency after the first FC20 in March 201X 
(
54
)
;
(b)
a part of a physical volume, for example, the bottom layer, measuring 5 million cubic metres, of the natural gas stored in location XYZ;
(c)
a part of a physical or other transaction volume, for example, the first 100 barrels of the oil purchases in June 201X or the first 100 MWh of electricity sales in June 201X; or
(d)
a layer from the nominal amount of the hedged item, for example, the last CU80 million of a CU100 million firm commitment, the bottom layer of CU20 million of a CU100 million fixed-rate bond or the top layer of CU30 million from a total amount of CU100 million of fixed-rate debt that can be prepaid at fair value (the defined nominal amount is CU100 million).
B6.3.19
If a layer component is designated in a fair value hedge, an entity shall specify it from a defined nominal amount. To comply with the requirements for qualifying fair value hedges, an entity shall remeasure the hedged item for fair value changes (ie remeasure the item for fair value changes attributable to the hedged risk). The fair value hedge adjustment must be recognised in profit or loss no later than when the item is derecognised. Consequently, it is necessary to track the item to which the fair value hedge adjustment relates. For a layer component in a fair value hedge, this requires an entity to track the nominal amount from which it is defined. For example, in paragraph B6.3.18(d), the total defined nominal amount of CU100 million must be tracked in order to track the bottom layer of CU20 million or the top layer of CU30 million.
B6.3.20
A layer component that includes a prepayment option is not eligible to be designated as a hedged item in a fair value hedge if the prepayment option's fair value is affected by changes in the hedged risk, unless the designated layer includes the effect of the related prepayment option when determining the change in the fair value of the hedged item.
Relationship between components and the total cash flows of an item
B6.3.21
If a component of the cash flows of a financial or a non-financial item is designated as the hedged item, that component must be less than or equal to the total cash flows of the entire item. However, all of the cash flows of the entire item may be designated as the hedged item and hedged for only one particular risk (for example, only for those changes that are attributable to changes in LIBOR or a benchmark commodity price).
B6.3.22
For example, in the case of a financial liability whose effective interest rate is below LIBOR, an entity cannot designate:
(a)
a component of the liability equal to interest at LIBOR (plus the principal amount in case of a fair value hedge); and
(b)
a negative residual component.
B6.3.23
However, in the case of a fixed-rate financial liability whose effective interest rate is (for example) 100 basis points below LIBOR, an entity can designate as the hedged item the change in the value of that entire liability (ie principal plus interest at LIBOR minus 100 basis points) that is attributable to changes in LIBOR. 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 risk component equal to a benchmark rate that is higher than the contractual rate paid on the item. The entity can do so provided that the benchmark rate is less than the effective interest rate calculated on the assumption that the entity had purchased the instrument on the day when it first designates the hedged item. For example, assume that 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 the related LIBOR interest rate risk as the hedged item, the effective yield of the asset based on its then fair value of CU90 would have been 9,5 per cent. Because LIBOR is less than this effective yield, the entity can designate a LIBOR component of 8 per cent that consists partly of the contractual interest cash flows and partly of the difference between the current fair value (ie CU90) and the amount repayable on maturity (ie CU100).
B6.3.24
If a variable-rate financial liability bears interest of (for example) three-month LIBOR minus 20 basis points (with a floor at zero basis points), an entity can designate as the hedged item the change in the cash flows of that entire liability (ie three-month LIBOR minus 20 basis points—including the floor) that is attributable to changes in LIBOR. Hence, as long as the three-month LIBOR forward curve for the remaining life of that liability does not fall below 20 basis points, the hedged item has the same cash flow variability as a liability that bears interest at three-month LIBOR with a zero or positive spread. However, if the three-month LIBOR forward curve for the remaining life of that liability (or a part of it) falls below 20 basis points, the hedged item has a lower cash flow variability than a liability that bears interest at three-month LIBOR with a zero or positive spread.
B6.3.25
A similar example of a non-financial item is a specific type of crude oil from a particular oil field that is priced off the relevant benchmark crude oil. If an entity sells that crude oil under a contract using a contractual pricing formula that sets the price per barrel at the benchmark crude oil price minus CU10 with a floor of CU15, the entity can designate as the hedged item the entire cash flow variability under the sales contract that is attributable to the change in the benchmark crude oil price. However, the entity cannot designate a component that is equal to the full change in the benchmark crude oil price. Hence, as long as the forward price (for each delivery) does not fall below CU25, the hedged item has the same cash flow variability as a crude oil sale at the benchmark crude oil price (or with a positive spread). However, if the forward price for any delivery falls below CU25, the hedged item has a lower cash flow variability than a crude oil sale at the benchmark crude oil price (or with a positive spread).
Qualifying criteria for hedge accounting (Section 6.4)
Hedge effectiveness
B6.4.1
Hedge effectiveness is the extent to which changes in the fair value or the cash flows of the hedging instrument offset changes in the fair value or the cash flows of the hedged item (for example, when the hedged item is a risk component, the relevant change in fair value or cash flows of an item is the one that is attributable to the hedged risk). Hedge ineffectiveness is the extent to which the changes in the fair value or the cash flows of the hedging instrument are greater or less than those on the hedged item.
B6.4.2
When designating a hedging relationship and on an ongoing basis, an entity shall analyse the sources of hedge ineffectiveness that are expected to affect the hedging relationship during its term. This analysis (including any updates in accordance with paragraph B6.5.21 arising from rebalancing a hedging relationship) is the basis for the entity's assessment of meeting the hedge effectiveness requirements.
B6.4.3
For the avoidance of doubt, the effects of replacing the original counterparty with a clearing counterparty and making the associated changes as described in paragraph 6.5.6 shall be reflected in the measurement of the hedging instrument and therefore in the assessment of hedge effectiveness and the measurement of hedge effectiveness.
Economic relationship between the hedged item and the hedging instrument
B6.4.4
The requirement that an economic relationship exists means that the hedging instrument and the hedged item have values that generally move in the opposite direction because of the same risk, which is the hedged risk. Hence, there must be an expectation that the value of the hedging instrument and the value of the hedged item will systematically change in response to movements in either the same underlying or underlyings that are economically related in such a way that they respond in a similar way to the risk that is being hedged (for example, Brent and WTI crude oil).
B6.4.5
If the underlyings are not the same but are economically related, there can be situations in which the values of the hedging instrument and the hedged item move in the same direction, for example, because the price differential between the two related underlyings changes while the underlyings themselves do not move significantly. That is still consistent with an economic relationship between the hedging instrument and the hedged item if the values of the hedging instrument and the hedged item are still expected to typically move in the opposite direction when the underlyings move.
B6.4.6
The assessment of whether an economic relationship exists includes an analysis of the possible behaviour of the hedging relationship during its term to ascertain whether it can be expected to meet the risk management objective. The mere existence of a statistical correlation between two variables does not, by itself, support a valid conclusion that an economic relationship exists.
The effect of credit risk
B6.4.7
Because the hedge accounting model is based on a general notion of offset between gains and losses on the hedging instrument and the hedged item, hedge effectiveness is determined not only by the economic relationship between those items (ie the changes in their underlyings) but also by the effect of credit risk on the value of both the hedging instrument and the hedged item. The effect of credit risk means that even if there is an economic relationship between the hedging instrument and the hedged item, the level of offset might become erratic. This can result from a change in the credit risk of either the hedging instrument or the hedged item that is of such a magnitude that the credit risk dominates the value changes that result from the economic relationship (ie the effect of the changes in the underlyings). A level of magnitude that gives rise to dominance is one that would result in the loss (or gain) from credit risk frustrating the effect of changes in the underlyings on the value of the hedging instrument or the hedged item, even if those changes were significant. Conversely, if during a particular period there is little change in the underlyings, the fact that even small credit risk-related changes in the value of the hedging instrument or the hedged item might affect the value more than the underlyings does not create dominance.
B6.4.8
An example of credit risk dominating a hedging relationship is when an entity hedges an exposure to commodity price risk using an uncollateralised derivative. If the counterparty to that derivative experiences a severe deterioration in its credit standing, the effect of the changes in the counterparty's credit standing might outweigh the effect of changes in the commodity price on the fair value of the hedging instrument, whereas changes in the value of the hedged item depend largely on the commodity price changes.
Hedge ratio
B6.4.9
In accordance with the hedge effectiveness requirements, the hedge ratio of the hedging relationship must be the same as that resulting from the quantity of the hedged item that the entity actually hedges and the quantity of the hedging instrument that the entity actually uses to hedge that quantity of hedged item. Hence, if an entity hedges less than 100 per cent of the exposure on an item, such as 85 per cent, it shall designate the hedging relationship using a hedge ratio that is the same as that resulting from 85 per cent of the exposure and the quantity of the hedging instrument that the entity actually uses to hedge those 85 per cent. Similarly, if, for example, an entity hedges an exposure using a nominal amount of 40 units of a financial instrument, it shall designate the hedging relationship using a hedge ratio that is the same as that resulting from that quantity of 40 units (ie the entity must not use a hedge ratio based on a higher quantity of units that it might hold in total or a lower quantity of units) and the quantity of the hedged item that it actually hedges with those 40 units.
B6.4.10
However, the designation of the hedging relationship using the same hedge ratio as that resulting from the quantities of the hedged item and the hedging instrument that the entity actually uses shall not reflect an imbalance between the weightings of the hedged item and the hedging instrument that would in turn create hedge ineffectiveness (irrespective of whether recognised or not) that could result in an accounting outcome that would be inconsistent with the purpose of hedge accounting. Hence, for the purpose of designating a hedging relationship, an entity must adjust the hedge ratio that results from the quantities of the hedged item and the hedging instrument that the entity actually uses if that is needed to avoid such an imbalance.
B6.4.11
Examples of relevant considerations in assessing whether an accounting outcome is inconsistent with the purpose of hedge accounting are:
(a)
whether the intended hedge ratio is established to avoid recognising hedge ineffectiveness for cash flow hedges, or to achieve fair value hedge adjustments for more hedged items with the aim of increasing the use of fair value accounting, but without offsetting fair value changes of the hedging instrument; and
(b)
whether there is a commercial reason for the particular weightings of the hedged item and the hedging instrument, even though that creates hedge ineffectiveness. For example, an entity enters into and designates a quantity of the hedging instrument that is not the quantity that it determined as the best hedge of the hedged item because the standard volume of the hedging instruments does not allow it to enter into that exact quantity of hedging instrument (a ‘lot size issue’). An example is an entity that hedges 100 tonnes of coffee purchases with standard coffee futures contracts that have a contract size of 37500 lbs (pounds). The entity could only use either five or six contracts (equivalent to 85,0 and 102,1 tonnes respectively) to hedge the purchase volume of 100 tonnes. In that case, the entity designates the hedging relationship using the hedge ratio that results from the number of coffee futures contracts that it actually uses, because the hedge ineffectiveness resulting from the mismatch in the weightings of the hedged item and the hedging instrument would not result in an accounting outcome that is inconsistent with the purpose of hedge accounting.
Frequency of assessing whether the hedge effectiveness requirements are met
B6.4.12
An entity shall assess at the inception of the hedging relationship, and on an ongoing basis, whether a hedging relationship meets the hedge effectiveness requirements. At a minimum, an entity shall perform the ongoing assessment at each reporting date or upon a significant change in the circumstances affecting the hedge effectiveness requirements, whichever comes first. The assessment relates to expectations about hedge effectiveness and is therefore only forward-looking.
Methods for assessing whether the hedge effectiveness requirements are met
B6.4.13
This Standard does not specify a method for assessing whether a hedging relationship meets the hedge effectiveness requirements. However, an entity shall use a method that captures the relevant characteristics of the hedging relationship including the sources of hedge ineffectiveness. Depending on those factors, the method can be a qualitative or a quantitative assessment.
B6.4.14
For example, when the critical terms (such as the nominal amount, maturity and underlying) of the hedging instrument and the hedged item match or are closely aligned, it might be possible for an entity to conclude on the basis of a qualitative assessment of those critical terms that the hedging instrument and the hedged item have values that will generally move in the opposite direction because of the same risk and hence that an economic relationship exists between the hedged item and the hedging instrument (see paragraphs B6.4.4–B6.4.6).
B6.4.15
The fact that a derivative is in or out of the money when it is designated as a hedging instrument does not in itself mean that a qualitative assessment is inappropriate. It depends on the circumstances whether hedge ineffectiveness arising from that fact could have a magnitude that a qualitative assessment would not adequately capture.
B6.4.16
Conversely, if the critical terms of the hedging instrument and the hedged item are not closely aligned, there is an increased level of uncertainty about the extent of offset. Consequently, the hedge effectiveness during the term of the hedging relationship is more difficult to predict. In such a situation it might only be possible for an entity to conclude on the basis of a quantitative assessment that an economic relationship exists between the hedged item and the hedging instrument (see paragraphs B6.4.4–B6.4.6). In some situations a quantitative assessment might also be needed to assess whether the hedge ratio used for designating the hedging relationship meets the hedge effectiveness requirements (see paragraphs B6.4.9–B6.4.11). An entity can use the same or different methods for those two different purposes.
B6.4.17
If there are changes in circumstances that affect hedge effectiveness, an entity may have to change the method for assessing whether a hedging relationship meets the hedge effectiveness requirements in order to ensure that the relevant characteristics of the hedging relationship, including the sources of hedge ineffectiveness, are still captured.
B6.4.18
An entity's risk management is the main source of information to perform the assessment of whether a hedging relationship meets the hedge effectiveness requirements. This means that the management information (or analysis) used for decision-making purposes can be used as a basis for assessing whether a hedging relationship meets the hedge effectiveness requirements.
B6.4.19
An entity's documentation of the hedging relationship includes how it will assess the hedge effectiveness requirements, including the method or methods used. The documentation of the hedging relationship shall be updated for any changes to the methods (see paragraph B6.4.17).
Accounting for qualifying hedging relationships (Section 6.5)
B6.5.1
An example of a fair value hedge is a hedge of exposure to changes in the fair value of a fixed-rate debt instrument arising from changes in interest rates. Such a hedge could be entered into by the issuer or by the holder.
B6.5.2
The purpose of a cash flow hedge is to defer the gain or loss on the hedging instrument to a period or periods in which the hedged expected future cash flows affect profit or loss. An example of a cash flow hedge is the use of a swap to change floating rate debt (whether measured at amortised cost or fair value) to fixed-rate debt (ie a hedge of a future transaction in which the future cash flows being hedged are the future interest payments). Conversely, a forecast purchase of an equity instrument that, once acquired, will be accounted for at fair value through profit or loss, is an example of an item that cannot be the hedged item in a cash flow hedge, because any gain or loss on the hedging instrument that would be deferred could not be appropriately reclassified to profit or loss during a period in which it would achieve offset. For the same reason, a forecast purchase of an equity instrument that, once acquired, will be accounted for at fair value with changes in fair value presented in other comprehensive income also cannot be the hedged item in a cash flow hedge.
B6.5.3
A hedge of a firm commitment (for example, 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, in accordance with paragraph 6.5.4, a hedge of the foreign currency risk of a firm commitment could alternatively be accounted for as a cash flow hedge.
Measurement of hedge ineffectiveness
B6.5.4
When measuring hedge ineffectiveness, an entity shall consider the time value of money. Consequently, the entity determines the value of the hedged item on a present value basis and therefore the change in the value of the hedged item also includes the effect of the time value of money.
B6.5.5
To calculate the change in the value of the hedged item for the purpose of measuring hedge ineffectiveness, an entity may use a derivative that would have terms that match the critical terms of the hedged item (this is commonly referred to as a ‘hypothetical derivative’), and, for example for a hedge of a forecast transaction, would be calibrated using the hedged price (or rate) level. For example, if the hedge was for a two-sided risk at the current market level, the hypothetical derivative would represent a hypothetical forward contract that is calibrated to a value of nil at the time of designation of the hedging relationship. If the hedge was for example for a one-sided risk, the hypothetical derivative would represent the intrinsic value of a hypothetical option that at the time of designation of the hedging relationship is at the money if the hedged price level is the current market level, or out of the money if the hedged price level is above (or, for a hedge of a long position, below) the current market level. Using a hypothetical derivative is one possible way of calculating the change in the value of the hedged item. The hypothetical derivative replicates the hedged item and hence results in the same outcome as if that change in value was determined by a different approach. Hence, using a ‘hypothetical derivative’ is not a method in its own right but a mathematical expedient that can only be used to calculate the value of the hedged item. Consequently, a ‘hypothetical derivative’ cannot be used to include features in the value of the hedged item that only exist in the hedging instrument (but not in the hedged item). An example is debt denominated in a foreign currency (irrespective of whether it is fixed-rate or variable-rate debt). When using a hypothetical derivative to calculate the change in the value of such debt or the present value of the cumulative change in its cash flows, the hypothetical derivative cannot simply impute a charge for exchanging different currencies even though actual derivatives under which different currencies are exchanged might include such a charge (for example, cross-currency interest rate swaps).
B6.5.6
The change in the value of the hedged item determined using a hypothetical derivative may also be used for the purpose of assessing whether a hedging relationship meets the hedge effectiveness requirements.
Rebalancing the hedging relationship and changes to the hedge ratio
B6.5.7
Rebalancing refers to the adjustments made to the designated quantities of the hedged item or the hedging instrument of an already existing hedging relationship for the purpose of maintaining a hedge ratio that complies with the hedge effectiveness requirements. Changes to designated quantities of a hedged item or of a hedging instrument for a different purpose do not constitute rebalancing for the purpose of this Standard.
B6.5.8
Rebalancing is accounted for as a continuation of the hedging relationship in accordance with paragraphs B6.5.9–B6.5.21. On rebalancing, the hedge ineffectiveness of the hedging relationship is determined and recognised immediately before adjusting the hedging relationship.
B6.5.9
Adjusting the hedge ratio allows an entity to respond to changes in the relationship between the hedging instrument and the hedged item that arise from their underlyings or risk variables. For example, a hedging relationship in which the hedging instrument and the hedged item have different but related underlyings changes in response to a change in the relationship between those two underlyings (for example, different but related reference indices, rates or prices). Hence, rebalancing allows the continuation of a hedging relationship in situations in which the relationship between the hedging instrument and the hedged item changes in a way that can be compensated for by adjusting the hedge ratio.
B6.5.10
For example, an entity hedges an exposure to Foreign Currency A using a currency derivative that references Foreign Currency B and Foreign Currencies A and B are pegged (ie their exchange rate is maintained within a band or at an exchange rate set by a central bank or other authority). If the exchange rate between Foreign Currency A and Foreign Currency B were changed (ie a new band or rate was set), rebalancing the hedging relationship to reflect the new exchange rate would ensure that the hedging relationship would continue to meet the hedge effectiveness requirement for the hedge ratio in the new circumstances. In contrast, if there was a default on the currency derivative, changing the hedge ratio could not ensure that the hedging relationship would continue to meet that hedge effectiveness requirement. Hence, rebalancing does not facilitate the continuation of a hedging relationship in situations in which the relationship between the hedging instrument and the hedged item changes in a way that cannot be compensated for by adjusting the hedge ratio.
B6.5.11
Not every change in the extent of offset between the changes in the fair value of the hedging instrument and the hedged item's fair value or cash flows constitutes a change in the relationship between the hedging instrument and the hedged item. An entity analyses the sources of hedge ineffectiveness that it expected to affect the hedging relationship during its term and evaluates whether changes in the extent of offset are:
(a)
fluctuations around the hedge ratio, which remains valid (ie continues to appropriately reflect the relationship between the hedging instrument and the hedged item); or
(b)
an indication that the hedge ratio no longer appropriately reflects the relationship between the hedging instrument and the hedged item.
An entity performs this evaluation against the hedge effectiveness requirement for the hedge ratio, ie to ensure that the hedging relationship does not reflect an imbalance between the weightings of the hedged item and the hedging instrument that would create hedge ineffectiveness (irrespective of whether recognised or not) that could result in an accounting outcome that would be inconsistent with the purpose of hedge accounting. Hence, this evaluation requires judgement.
B6.5.12
Fluctuation around a constant hedge ratio (and hence the related hedge ineffectiveness) cannot be reduced by adjusting the hedge ratio in response to each particular outcome. Hence, in such circumstances, the change in the extent of offset is a matter of measuring and recognising hedge ineffectiveness but does not require rebalancing.
B6.5.13
Conversely, if changes in the extent of offset indicate that the fluctuation is around a hedge ratio that is different from the hedge ratio that is currently used for that hedging relationship, or that there is a trend leading away from that hedge ratio, hedge ineffectiveness can be reduced by adjusting the hedge ratio, whereas retaining the hedge ratio would increasingly produce hedge ineffectiveness. Hence, in such circumstances, an entity must evaluate whether the hedging relationship reflects an imbalance between the weightings of the hedged item and the hedging instrument that would create hedge ineffectiveness (irrespective of whether recognised or not) that could result in an accounting outcome that would be inconsistent with the purpose of hedge accounting. If the hedge ratio is adjusted, it also affects the measurement and recognition of hedge ineffectiveness because, on rebalancing, the hedge ineffectiveness of the hedging relationship must be determined and recognised immediately before adjusting the hedging relationship in accordance with paragraph B6.5.8.
B6.5.14
Rebalancing means that, for hedge accounting purposes, after the start of a hedging relationship an entity adjusts the quantities of the hedging instrument or the hedged item in response to changes in circumstances that affect the hedge ratio of that hedging relationship. Typically, that adjustment should reflect adjustments in the quantities of the hedging instrument and the hedged item that it actually uses. However, an entity must adjust the hedge ratio that results from the quantities of the hedged item or the hedging instrument that it actually uses if:
(a)
the hedge ratio that results from changes to the quantities of the hedging instrument or the hedged item that the entity actually uses would reflect an imbalance that would create hedge ineffectiveness that could result in an accounting outcome that would be inconsistent with the purpose of hedge accounting; or
(b)
an entity would retain quantities of the hedging instrument and the hedged item that it actually uses, resulting in a hedge ratio that, in new circumstances, would reflect an imbalance that would create hedge ineffectiveness that could result in an accounting outcome that would be inconsistent with the purpose of hedge accounting (ie an entity must not create an imbalance by omitting to adjust the hedge ratio).
B6.5.15
Rebalancing does not apply if the risk management objective for a hedging relationship has changed. Instead, hedge accounting for that hedging relationship shall be discontinued (despite that an entity might designate a new hedging relationship that involves the hedging instrument or hedged item of the previous hedging relationship as described in paragraph B6.5.28).
B6.5.16
If a hedging relationship is rebalanced, the adjustment to the hedge ratio can be effected in different ways:
(a)
the weighting of the hedged item can be increased (which at the same time reduces the weighting of the hedging instrument) by:
(i)
increasing the volume of the hedged item; or
(ii)
decreasing the volume of the hedging instrument.
(b)
the weighting of the hedging instrument can be increased (which at the same time reduces the weighting of the hedged item) by:
(i)
increasing the volume of the hedging instrument; or
(ii)
decreasing the volume of the hedged item.
Changes in volume refer to the quantities that are part of the hedging relationship. Hence, decreases in volumes do not necessarily mean that the items or transactions no longer exist, or are no longer expected to occur, but that they are not part of the hedging relationship. For example, decreasing the volume of the hedging instrument can result in the entity retaining a derivative, but only part of it might remain a hedging instrument of the hedging relationship. This could occur if the rebalancing could be effected only by reducing the volume of the hedging instrument in the hedging relationship, but with the entity retaining the volume that is no longer needed. In that case, the undesignated part of the derivative would be accounted for at fair value through profit or loss (unless it was designated as a hedging instrument in a different hedging relationship).
B6.5.17
Adjusting the hedge ratio by increasing the volume of the hedged item does not affect how the changes in the fair value of the hedging instrument are measured. The measurement of the changes in the value of the hedged item related to the previously designated volume also remains unaffected. However, from the date of rebalancing, the changes in the value of the hedged item also include the change in the value of the additional volume of the hedged item. These changes are measured starting from, and by reference to, the date of rebalancing instead of the date on which the hedging relationship was designated. For example, if an entity originally hedged a volume of 100 tonnes of a commodity at a forward price of CU80 (the forward price at inception of the hedging relationship) and added a volume of 10 tonnes on rebalancing when the forward price was CU90, the hedged item after rebalancing would comprise two layers: 100 tonnes hedged at CU80 and 10 tonnes hedged at CU90.
B6.5.18
Adjusting the hedge ratio by decreasing the volume of the hedging instrument does not affect how the changes in the value of the hedged item are measured. The measurement of the changes in the fair value of the hedging instrument related to the volume that continues to be designated also remains unaffected. However, from the date of rebalancing, the volume by which the hedging instrument was decreased is no longer part of the hedging relationship. For example, if an entity originally hedged the price risk of a commodity using a derivative volume of 100 tonnes as the hedging instrument and reduces that volume by 10 tonnes on rebalancing, a nominal amount of 90 tonnes of the hedging instrument volume would remain (see paragraph B6.5.16 for the consequences for the derivative volume (ie the 10 tonnes) that is no longer a part of the hedging relationship).
B6.5.19
Adjusting the hedge ratio by increasing the volume of the hedging instrument does not affect how the changes in the value of the hedged item are measured. The measurement of the changes in the fair value of the hedging instrument related to the previously designated volume also remains unaffected. However, from the date of rebalancing, the changes in the fair value of the hedging instrument also include the changes in the value of the additional volume of the hedging instrument. The changes are measured starting from, and by reference to, the date of rebalancing instead of the date on which the hedging relationship was designated. For example, if an entity originally hedged the price risk of a commodity using a derivative volume of 100 tonnes as the hedging instrument and added a volume of 10 tonnes on rebalancing, the hedging instrument after rebalancing would comprise a total derivative volume of 110 tonnes. The change in the fair value of the hedging instrument is the total change in the fair value of the derivatives that make up the total volume of 110 tonnes. These derivatives could (and probably would) have different critical terms, such as their forward rates, because they were entered into at different points in time (including the possibility of designating derivatives into hedging relationships after their initial recognition).
B6.5.20
Adjusting the hedge ratio by decreasing the volume of the hedged item does not affect how the changes in the fair value of the hedging instrument are measured. The measurement of the changes in the value of the hedged item related to the volume that continues to be designated also remains unaffected. However, from the date of rebalancing, the volume by which the hedged item was decreased is no longer part of the hedging relationship. For example, if an entity originally hedged a volume of 100 tonnes of a commodity at a forward price of CU80 and reduces that volume by 10 tonnes on rebalancing, the hedged item after rebalancing would be 90 tonnes hedged at CU80. The 10 tonnes of the hedged item that are no longer part of the hedging relationship would be accounted for in accordance with the requirements for the discontinuation of hedge accounting (see paragraphs 6.5.6–6.5.7 and B6.5.22–B6.5.28).
B6.5.21
When rebalancing a hedging relationship, an entity shall update its analysis of the sources of hedge ineffectiveness that are expected to affect the hedging relationship during its (remaining) term (see paragraph B6.4.2). The documentation of the hedging relationship shall be updated accordingly.
Discontinuation of hedge accounting
B6.5.22
Discontinuation of hedge accounting applies prospectively from the date on which the qualifying criteria are no longer met.
B6.5.23
An entity shall not de-designate and thereby discontinue a hedging relationship that:
(a)
still meets the risk management objective on the basis of which it qualified for hedge accounting (ie the entity still pursues that risk management objective); and
(b)
continues to meet all other qualifying criteria (after taking into account any rebalancing of the hedging relationship, if applicable).
B6.5.24
For the purposes of this Standard, an entity's risk management strategy is distinguished from its risk management objectives. The risk management strategy is established at the highest level at which an entity determines how it manages its risk. Risk management strategies typically identify the risks to which the entity is exposed and set out how the entity responds to them. A risk management strategy is typically in place for a longer period and may include some flexibility to react to changes in circumstances that occur while that strategy is in place (for example, different interest rate or commodity price levels that result in a different extent of hedging). This is normally set out in a general document that is cascaded down through an entity through policies containing more specific guidelines. In contrast, the risk management objective for a hedging relationship applies at the level of a particular hedging relationship. It relates to how the particular hedging instrument that has been designated is used to hedge the particular exposure that has been designated as the hedged item. Hence, a risk management strategy can involve many different hedging relationships whose risk management objectives relate to executing that overall risk management strategy. For example:
(a)
an entity has a strategy of managing its interest rate exposure on debt funding that sets ranges for the overall entity for the mix between variable-rate and fixed-rate funding. The strategy is to maintain between 20 per cent and 40 per cent of the debt at fixed rates. The entity decides from time to time how to execute this strategy (ie where it positions itself within the 20 per cent to 40 per cent range for fixed-rate interest exposure) depending on the level of interest rates. If interest rates are low the entity fixes the interest for more debt than when interest rates are high. The entity's debt is CU100 of variable-rate debt of which CU30 is swapped into a fixed-rate exposure. The entity takes advantage of low interest rates to issue an additional CU50 of debt to finance a major investment, which the entity does by issuing a fixed-rate bond. In the light of the low interest rates, the entity decides to set its fixed interest-rate exposure to 40 per cent of the total debt by reducing by CU20 the extent to which it previously hedged its variable-rate exposure, resulting in CU60 of fixed-rate exposure. In this situation the risk management strategy itself remains unchanged. However, in contrast the entity's execution of that strategy has changed and this means that, for CU20 of variable-rate exposure that was previously hedged, the risk management objective has changed (ie at the hedging relationship level). Consequently, in this situation hedge accounting must be discontinued for CU20 of the previously hedged variable-rate exposure. This could involve reducing the swap position by a CU20 nominal amount but, depending on the circumstances, an entity might retain that swap volume and, for example, use it for hedging a different exposure or it might become part of a trading book. Conversely, if an entity instead swapped a part of its new fixed-rate debt into a variable-rate exposure, hedge accounting would have to be continued for its previously hedged variable-rate exposure.
(b)
some exposures result from positions that frequently change, for example, the interest rate risk of an open portfolio of debt instruments. The addition of new debt instruments and the derecognition of debt instruments continuously change that exposure (ie it is different from simply running off a position that matures). This is a dynamic process in which both the exposure and the hedging instruments used to manage it do not remain the same for long. Consequently, an entity with such an exposure frequently adjusts the hedging instruments used to manage the interest rate risk as the exposure changes. For example, debt instruments with 24 months' remaining maturity are designated as the hedged item for interest rate risk for 24 months. The same procedure is applied to other time buckets or maturity periods. After a short period of time, the entity discontinues all, some or a part of the previously designated hedging relationships for maturity periods and designates new hedging relationships for maturity periods on the basis of their size and the hedging instruments that exist at that time. The discontinuation of hedge accounting in this situation reflects that those hedging relationships are established in such a way that the entity looks at a new hedging instrument and a new hedged item instead of the hedging instrument and the hedged item that were designated previously. The risk management strategy remains the same, but there is no risk management objective that continues for those previously designated hedging relationships, which as such no longer exist. In such a situation, the discontinuation of hedge accounting applies to the extent to which the risk management objective has changed. This depends on the situation of an entity and could, for example, affect all or only some hedging relationships of a maturity period, or only part of a hedging relationship.
(c)
an entity has a risk management strategy whereby it manages the foreign currency risk of forecast sales and the resulting receivables. Within that strategy the entity manages the foreign currency risk as a particular hedging relationship only up to the point of the recognition of the receivable. Thereafter, the entity no longer manages the foreign currency risk on the basis of that particular hedging relationship. Instead, it manages together the foreign currency risk from receivables, payables and derivatives (that do not relate to forecast transactions that are still pending) denominated in the same foreign currency. For accounting purposes, this works as a ‘natural’ hedge because the gains and losses from the foreign currency risk on all of those items are immediately recognised in profit or loss. Consequently, for accounting purposes, if the hedging relationship is designated for the period up to the payment date, it must be discontinued when the receivable is recognised, because the risk management objective of the original hedging relationship no longer applies. The foreign currency risk is now managed within the same strategy but on a different basis. Conversely, if an entity had a different risk management objective and managed the foreign currency risk as one continuous hedging relationship specifically for that forecast sales amount and the resulting receivable until the settlement date, hedge accounting would continue until that date.
B6.5.25
The discontinuation of hedge accounting can affect:
(a)
a hedging relationship in its entirety; or
(b)
a part of a hedging relationship (which means that hedge accounting continues for the remainder of the hedging relationship).
B6.5.26
A hedging relationship is discontinued in its entirety when, as a whole, it ceases to meet the qualifying criteria. For example:
(a)
the hedging relationship no longer meets the risk management objective on the basis of which it qualified for hedge accounting (ie the entity no longer pursues that risk management objective);
(b)
the hedging instrument or instruments have been sold or terminated (in relation to the entire volume that was part of the hedging relationship); or
(c)
there is no longer an economic relationship between the hedged item and the hedging instrument or the effect of credit risk starts to dominate the value changes that result from that economic relationship.
B6.5.27
A part of a hedging relationship is discontinued (and hedge accounting continues for its remainder) when only a part of the hedging relationship ceases to meet the qualifying criteria. For example:
(a)
on rebalancing of the hedging relationship, the hedge ratio might be adjusted in such a way that some of the volume of the hedged item is no longer part of the hedging relationship (see paragraph B6.5.20); hence, hedge accounting is discontinued only for the volume of the hedged item that is no longer part of the hedging relationship; or
(b)
when the occurrence of some of the volume of the hedged item that is (or is a component of) a forecast transaction is no longer highly probable, hedge accounting is discontinued only for the volume of the hedged item whose occurrence is no longer highly probable. However, if an entity has a history of having designated hedges of forecast transactions and having subsequently determined that the forecast transactions are no longer expected to occur, the entity's ability to predict forecast transactions accurately is called into question when predicting similar forecast transactions. This affects the assessment of whether similar forecast transactions are highly probable (see paragraph 6.3.3) and hence whether they are eligible as hedged items.
B6.5.28
An entity can designate a new hedging relationship that involves the hedging instrument or hedged item of a previous hedging relationship for which hedge accounting was (in part or in its entirety) discontinued. This does not constitute a continuation of a hedging relationship but is a restart. For example:
(a)
a hedging instrument experiences such a severe credit deterioration that the entity replaces it with a new hedging instrument. This means that the original hedging relationship failed to achieve the risk management objective and is hence discontinued in its entirety. The new hedging instrument is designated as the hedge of the same exposure that was hedged previously and forms a new hedging relationship. Hence, the changes in the fair value or the cash flows of the hedged item are measured starting from, and by reference to, the date of designation of the new hedging relationship instead of the date on which the original hedging relationship was designated.
(b)
a hedging relationship is discontinued before the end of its term. The hedging instrument in that hedging relationship can be designated as the hedging instrument in another hedging relationship (for example, when adjusting the hedge ratio on rebalancing by increasing the volume of the hedging instrument or when designating a whole new hedging relationship).
Accounting for the time value of options
B6.5.29
An option can be considered as being related to a time period because its time value represents a charge for providing protection for the option holder over a period of time. However, the relevant aspect for the purpose of assessing whether an option hedges a transaction or time-period related hedged item are the characteristics of that hedged item, including how and when it affects profit or loss. Hence, an entity shall assess the type of hedged item (see paragraph 6.5.15(a)) on the basis of the nature of the hedged item (regardless of whether the hedging relationship is a cash flow hedge or a fair value hedge):
(a)
the time value of an option relates to a transaction related hedged item if the nature of the hedged item is a transaction for which the time value has the character of costs of that transaction. An example is when the time value of an option relates to a hedged item that results in the recognition of an item whose initial measurement includes transaction costs (for example, an entity hedges a commodity purchase, whether it is a forecast transaction or a firm commitment, against the commodity price risk and includes the transaction costs in the initial measurement of the inventory). As a consequence of including the time value of the option in the initial measurement of the particular hedged item, the time value affects profit or loss at the same time as that hedged item. Similarly, an entity that hedges a sale of a commodity, whether it is a forecast transaction or a firm commitment, would include the time value of the option as part of the cost related to that sale (hence, the time value would be recognised in profit or loss in the same period as the revenue from the hedged sale).
(b)
the time value of an option relates to a time-period related hedged item if the nature of the hedged item is such that the time value has the character of a cost for obtaining protection against a risk over a particular period of time (but the hedged item does not result in a transaction that involves the notion of a transaction cost in accordance with (a)). For example, if commodity inventory is hedged against a fair value decrease for six months using a commodity option with a corresponding life, the time value of the option would be allocated to profit or loss (ie amortised on a systematic and rational basis) over that six-month period. Another example is a hedge of a net investment in a foreign operation that is hedged for 18 months using a foreign-exchange option, which would result in allocating the time value of the option over that 18-month period.
B6.5.30
The characteristics of the hedged item, including how and when the hedged item affects profit or loss, also affect the period over which the time value of an option that hedges a time-period related hedged item is amortised, which is consistent with the period over which the option's intrinsic value can affect profit or loss in accordance with hedge accounting. For example, if an interest rate option (a cap) is used to provide protection against increases in the interest expense on a floating rate bond, the time value of that cap is amortised to profit or loss over the same period over which any intrinsic value of the cap would affect profit or loss:
(a)
if the cap hedges increases in interest rates for the first three years out of a total life of the floating rate bond of five years, the time value of that cap is amortised over the first three years; or
(b)
if the cap is a forward start option that hedges increases in interest rates for years two and three out of a total life of the floating rate bond of five years, the time value of that cap is amortised during years two and three.
B6.5.31
The accounting for the time value of options in accordance with paragraph 6.5.15 also applies to a combination of a purchased and a written option (one being a put option and one being a call option) that at the date of designation as a hedging instrument has a net nil time value (commonly referred to as a ‘zero-cost collar’). In that case, an entity shall recognise any changes in time value in other comprehensive income, even though the cumulative change in time value over the total period of the hedging relationship is nil. Hence, if the time value of the option relates to:
(a)
a transaction related hedged item, the amount of time value at the end of the hedging relationship that adjusts the hedged item or that is reclassified to profit or loss (see paragraph 6.5.15(b)) would be nil.
(b)
a time-period related hedged item, the amortisation expense related to the time value is nil.
B6.5.32
The accounting for the time value of options in accordance with paragraph 6.5.15 applies only to the extent that the time value relates to the hedged item (aligned time value). The time value of an option relates to the hedged item if the critical terms of the option (such as the nominal amount, life and underlying) are aligned with the hedged item. Hence, if the critical terms of the option and the hedged item are not fully aligned, an entity shall determine the aligned time value, ie how much of the time value included in the premium (actual time value) relates to the hedged item (and therefore should be treated in accordance with paragraph 6.5.15). An entity determines the aligned time value using the valuation of the option that would have critical terms that perfectly match the hedged item.
B6.5.33
If the actual time value and the aligned time value differ, an entity shall determine the amount that is accumulated in a separate component of equity in accordance with paragraph 6.5.15 as follows:
(a)
if, at inception of the hedging relationship, the actual time value is higher than the aligned time value, the entity shall:
(i)
determine the amount that is accumulated in a separate component of equity on the basis of the aligned time value; and
(ii)
account for the differences in the fair value changes between the two time values in profit or loss.
(b)
if, at inception of the hedging relationship, the actual time value is lower than the aligned time value, the entity shall determine the amount that is accumulated in a separate component of equity by reference to the lower of the cumulative change in fair value of:
(i)
the actual time value; and
(ii)
the aligned time value.
Any remainder of the change in fair value of the actual time value shall be recognised in profit or loss.
Accounting for the forward element of forward contracts and foreign currency basis spreads of financial instruments
B6.5.34
A forward contract can be considered as being related to a time period because its forward element represents charges for a period of time (which is the tenor for which it is determined). However, the relevant aspect for the purpose of assessing whether a hedging instrument hedges a transaction or time-period related hedged item are the characteristics of that hedged item, including how and when it affects profit or loss. Hence, an entity shall assess the type of hedged item (see paragraphs 6.5.16 and 6.5.15(a)) on the basis of the nature of the hedged item (regardless of whether the hedging relationship is a cash flow hedge or a fair value hedge):
(a)
the forward element of a forward contract relates to a transaction related hedged item if the nature of the hedged item is a transaction for which the forward element has the character of costs of that transaction. An example is when the forward element relates to a hedged item that results in the recognition of an item whose initial measurement includes transaction costs (for example, an entity hedges an inventory purchase denominated in a foreign currency, whether it is a forecast transaction or a firm commitment, against foreign currency risk and includes the transaction costs in the initial measurement of the inventory). As a consequence of including the forward element in the initial measurement of the particular hedged item, the forward element affects profit or loss at the same time as that hedged item. Similarly, an entity that hedges a sale of a commodity denominated in a foreign currency against foreign currency risk, whether it is a forecast transaction or a firm commitment, would include the forward element as part of the cost that is related to that sale (hence, the forward element would be recognised in profit or loss in the same period as the revenue from the hedged sale).
(b)
the forward element of a forward contract relates to a time-period related hedged item if the nature of the hedged item is such that the forward element has the character of a cost for obtaining protection against a risk over a particular period of time (but the hedged item does not result in a transaction that involves the notion of a transaction cost in accordance with (a)). For example, if commodity inventory is hedged against changes in fair value for six months using a commodity forward contract with a corresponding life, the forward element of the forward contract would be allocated to profit or loss (ie amortised on a systematic and rational basis) over that six-month period. Another example is a hedge of a net investment in a foreign operation that is hedged for 18 months using a foreign-exchange forward contract, which would result in allocating the forward element of the forward contract over that 18-month period.
B6.5.35
The characteristics of the hedged item, including how and when the hedged item affects profit or loss, also affect the period over which the forward element of a forward contract that hedges a time-period related hedged item is amortised, which is over the period to which the forward element relates. For example, if a forward contract hedges the exposure to variability in three-month interest rates for a three-month period that starts in six months' time, the forward element is amortised during the period that spans months seven to nine.
B6.5.36
The accounting for the forward element of a forward contract in accordance with paragraph 6.5.16 also applies if, at the date on which the forward contract is designated as a hedging instrument, the forward element is nil. In that case, an entity shall recognise any fair value changes attributable to the forward element in other comprehensive income, even though the cumulative fair value change attributable to the forward element over the total period of the hedging relationship is nil. Hence, if the forward element of a forward contract relates to:
(a)
a transaction related hedged item, the amount in respect of the forward element at the end of the hedging relationship that adjusts the hedged item or that is reclassified to profit or loss (see paragraphs 6.5.15(b) and 6.5.16) would be nil.
(b)
a time-period related hedged item, the amortisation amount related to the forward element is nil.
B6.5.37
The accounting for the forward element of forward contracts in accordance with paragraph 6.5.16 applies only to the extent that the forward element relates to the hedged item (aligned forward element). The forward element of a forward contract relates to the hedged item if the critical terms of the forward contract (such as the nominal amount, life and underlying) are aligned with the hedged item. Hence, if the critical terms of the forward contract and the hedged item are not fully aligned, an entity shall determine the aligned forward element, ie how much of the forward element included in the forward contract (actual forward element) relates to the hedged item (and therefore should be treated in accordance with paragraph 6.5.16). An entity determines the aligned forward element using the valuation of the forward contract that would have critical terms that perfectly match the hedged item.
B6.5.38
If the actual forward element and the aligned forward element differ, an entity shall determine the amount that is accumulated in a separate component of equity in accordance with paragraph 6.5.16 as follows:
(a)
if, at inception of the hedging relationship, the absolute amount of the actual forward element is higher than that of the aligned forward element the entity shall:
(i)
determine the amount that is accumulated in a separate component of equity on the basis of the aligned forward element; and
(ii)
account for the differences in the fair value changes between the two forward elements in profit or loss.
(b)
if, at inception of the hedging relationship, the absolute amount of the actual forward element is lower than that of the aligned forward element, the entity shall determine the amount that is accumulated in a separate component of equity by reference to the lower of the cumulative change in fair value of:
(i)
the absolute amount of the actual forward element; and
(ii)
the absolute amount of the aligned forward element.
Any remainder of the change in fair value of the actual forward element shall be recognised in profit or loss.
B6.5.39
When an entity separates the foreign currency basis spread from a financial instrument and excludes it from the designation of that financial instrument as the hedging instrument (see paragraph 6.2.4(b)), the application guidance in paragraphs B6.5.34–B6.5.38 applies to the foreign currency basis spread in the same manner as it is applied to the forward element of a forward contract.
Hedge of a group of items (Section 6.6)
Hedge of a net position
Eligibility for hedge accounting and designation of a net position
B6.6.1
A net position is eligible for hedge accounting only if an entity hedges on a net basis for risk management purposes. Whether an entity hedges in this way is a matter of fact (not merely of assertion or documentation). Hence, an entity cannot apply hedge accounting on a net basis solely to achieve a particular accounting outcome if that would not reflect its risk management approach. Net position hedging must form part of an established risk management strategy. Normally this would be approved by key management personnel as defined in IAS 24.
B6.6.2
For example, Entity A, whose functional currency is its local currency, has a firm commitment to pay FC150000 for advertising expenses in nine months' time and a firm commitment to sell finished goods for FC150000 in 15 months' time. Entity A enters into a foreign currency derivative that settles in nine months' time under which it receives FC100 and pays CU70. Entity A has no other exposures to FC. Entity A does not manage foreign currency risk on a net basis. Hence, Entity A cannot apply hedge accounting for a hedging relationship between the foreign currency derivative and a net position of FC100 (consisting of FC150000 of the firm purchase commitment—ie advertising services—and FC149900 (of the FC150000) of the firm sale commitment) for a nine-month period.
B6.6.3
If Entity A did manage foreign currency risk on a net basis and did not enter into the foreign currency derivative (because it increases its foreign currency risk exposure instead of reducing it), then the entity would be in a natural hedged position for nine months. Normally, this hedged position would not be reflected in the financial statements because the transactions are recognised in different reporting periods in the future. The nil net position would be eligible for hedge accounting only if the conditions in paragraph 6.6.6 are met.
B6.6.4
When a group of items that constitute a net position is designated as a hedged item, an entity shall designate the overall group of items that includes the items that can make up the net position. An entity is not permitted to designate a non-specific abstract amount of a net position. For example, an entity has a group of firm sale commitments in nine months' time for FC100 and a group of firm purchase commitments in 18 months' time for FC120. The entity cannot designate an abstract amount of a net position up to FC20. Instead, it must designate a gross amount of purchases and a gross amount of sales that together give rise to the hedged net position. An entity shall designate gross positions that give rise to the net position so that the entity is able to comply with the requirements for the accounting for qualifying hedging relationships.
Application of the hedge effectiveness requirements to a hedge of a net p o s i t i on
B6.6.5
When an entity determines whether the hedge effectiveness requirements of paragraph 6.4.1(c) are met when it hedges a net position, it shall consider the changes in the value of the items in the net position that have a similar effect as the hedging instrument in conjunction with the fair value change on the hedging instrument. For example, an entity has a group of firm sale commitments in nine months' time for FC100 and a group of firm purchase commitments in 18 months' time for FC120. It hedges the foreign currency risk of the net position of FC20 using a forward exchange contract for FC20. When determining whether the hedge effectiveness requirements of paragraph 6.4.1(c) are met, the entity shall consider the relationship between:
(a)
the fair value change on the forward exchange contract together with the foreign currency risk related changes in the value of the firm sale commitments; and
(b)
the foreign currency risk related changes in the value of the firm purchase commitments.
B6.6.6
Similarly, if in the example in paragraph B6.6.5 the entity had a nil net position it would consider the relationship between the foreign currency risk related changes in the value of the firm sale commitments and the foreign currency risk related changes in the value of the firm purchase commitments when determining whether the hedge effectiveness requirements of paragraph 6.4.1(c) are met.
Cash flow hedges that constitute a net position
B6.6.7
When an entity hedges a group of items with offsetting risk positions (ie a net position), the eligibility for hedge accounting depends on the type of hedge. If the hedge is a fair value hedge, then the net position may be eligible as a hedged item. If, however, the hedge is a cash flow hedge, then the net position can only be eligible as a hedged item if it is a hedge of foreign currency risk and the designation of that net position specifies the reporting period in which the forecast transactions are expected to affect profit or loss and also specifies their nature and volume.
B6.6.8
For example, an entity has a net position that consists of a bottom layer of FC100 of sales and a bottom layer of FC150 of purchases. Both sales and purchases are denominated in the same foreign currency. In order to sufficiently specify the designation of the hedged net position, the entity specifies in the original documentation of the hedging relationship that sales can be of Product A or Product B and purchases can be of Machinery Type A, Machinery Type B and Raw Material A. The entity also specifies the volumes of the transactions by each nature. The entity documents that the bottom layer of sales (FC100) is made up of a forecast sales volume of the first FC70 of Product A and the first FC30 of Product B. If those sales volumes are expected to affect profit or loss in different reporting periods, the entity would include that in the documentation, for example, the first FC70 from sales of Product A that are expected to affect profit or loss in the first reporting period and the first FC30 from sales of Product B that are expected to affect profit or loss in the second reporting period. The entity also documents that the bottom layer of the purchases (FC150) is made up of purchases of the first FC60 of Machinery Type A, the first FC40 of Machinery Type B and the first FC50 of Raw Material A. If those purchase volumes are expected to affect profit or loss in different reporting periods, the entity would include in the documentation a disaggregation of the purchase volumes by the reporting periods in which they are expected to affect profit or loss (similarly to how it documents the sales volumes). For example, the forecast transaction would be specified as:
(a)
the first FC60 of purchases of Machinery Type A that are expected to affect profit or loss from the third reporting period over the next ten reporting periods;
(b)
the first FC40 of purchases of Machinery Type B that are expected to affect profit or loss from the fourth reporting period over the next 20 reporting periods; and
(c)
the first FC50 of purchases of Raw Material A that are expected to be received in the third reporting period and sold, ie affect profit or loss, in that and the next reporting period.
Specifying the nature of the forecast transaction volumes would include aspects such as the depreciation pattern for items of property, plant and equipment of the same kind, if the nature of those items is such that the depreciation pattern could vary depending on how the entity uses those items. For example, if the entity uses items of Machinery Type A in two different production processes that result in straight-line depreciation over ten reporting periods and the units of production method respectively, its documentation of the forecast purchase volume for Machinery Type A would disaggregate that volume by which of those depreciation patterns will apply.
B6.6.9
For a cash flow hedge of a net position, the amounts determined in accordance with paragraph 6.5.11 shall include the changes in the value of the items in the net position that have a similar effect as the hedging instrument in conjunction with the fair value change on the hedging instrument. However, the changes in the value of the items in the net position that have a similar effect as the hedging instrument are recognised only once the transactions that they relate to are recognised, such as when a forecast sale is recognised as revenue. For example, an entity has a group of highly probable forecast sales in nine months' time for FC100 and a group of highly probable forecast purchases in 18 months' time for FC120. It hedges the foreign currency risk of the net position of FC20 using a forward exchange contract for FC20. When determining the amounts that are recognised in the cash flow hedge reserve in accordance with paragraph 6.5.11(a)–6.5.11(b), the entity compares:
(a)
the fair value change on the forward exchange contract together with the foreign currency risk related changes in the value of the highly probable forecast sales; with
(b)
the foreign currency risk related changes in the value of the highly probable forecast purchases.
However, the entity recognises only amounts related to the forward exchange contract until the highly probable forecast sales transactions are recognised in the financial statements, at which time the gains or losses on those forecast transactions are recognised (ie the change in the value attributable to the change in the foreign exchange rate between the designation of the hedging relationship and the recognition of revenue).
B6.6.10
Similarly, if in the example the entity had a nil net position it would compare the foreign currency risk related changes in the value of the highly probable forecast sales with the foreign currency risk related changes in the value of the highly probable forecast purchases. However, those amounts are recognised only once the related forecast transactions are recognised in the financial statements.
Layers of groups of items designated as the hedged item
B6.6.11
For the same reasons noted in paragraph B6.3.19, designating layer components of groups of existing items requires the specific identification of the nominal amount of the group of items from which the hedged layer component is defined.
B6.6.12
A hedging relationship can include layers from several different groups of items. For example, in a hedge of a net position of a group of assets and a group of liabilities, the hedging relationship can comprise, in combination, a layer component of the group of assets and a layer component of the group of liabilities.
Presentation of hedging instrument gains or losses
B6.6.13
If items are hedged together as a group in a cash flow hedge, they might affect different line items in the statement of profit or loss and other comprehensive income. The presentation of hedging gains or losses in that statement depends on the group of items.
B6.6.14
If the group of items does not have any offsetting risk positions (for example, a group of foreign currency expenses that affect different line items in the statement of profit or loss and other comprehensive income that are hedged for foreign currency risk) then the reclassified hedging instrument gains or losses shall be apportioned to the line items affected by the hedged items. This apportionment shall be done on a systematic and rational basis and shall not result in the grossing up of the net gains or losses arising from a single hedging instrument.
B6.6.15
If the group of items does have offsetting risk positions (for example, a group of sales and expenses denominated in a foreign currency hedged together for foreign currency risk) then an entity shall present the hedging gains or losses in a separate line item in the statement of profit or loss and other comprehensive income. Consider, for example, a hedge of the foreign currency risk of a net position of foreign currency sales of FC100 and foreign currency expenses of FC80 using a forward exchange contract for FC20. The gain or loss on the forward exchange contract that is reclassified from the cash flow hedge reserve to profit or loss (when the net position affects profit or loss) shall be presented in a separate line item from the hedged sales and expenses. Moreover, if the sales occur in an earlier period than the expenses, the sales revenue is still measured at the spot exchange rate in accordance with IAS 21. The related hedging gain or loss is presented in a separate line item, so that profit or loss reflects the effect of hedging the net position, with a corresponding adjustment to the cash flow hedge reserve. When the hedged expenses affect profit or loss in a later period, the hedging gain or loss previously recognised in the cash flow hedge reserve on the sales is reclassified to profit or loss and presented as a separate line item from those that include the hedged expenses, which are measured at the spot exchange rate in accordance with IAS 21.
B6.6.16
For some types of fair value hedges, the objective of the hedge is not primarily to offset the fair value change of the hedged item but instead to transform the cash flows of the hedged item. For example, an entity hedges the fair value interest rate risk of a fixed-rate debt instrument using an interest rate swap. The entity's hedge objective is to transform the fixed-interest cash flows into floating interest cash flows. This objective is reflected in the accounting for the hedging relationship by accruing the net interest accrual on the interest rate swap in profit or loss. In the case of a hedge of a net position (for example, a net position of a fixed-rate asset and a fixed-rate liability), this net interest accrual must be presented in a separate line item in the statement of profit or loss and other comprehensive income. This is to avoid the grossing up of a single instrument's net gains or losses into offsetting gross amounts and recognising them in different line items (for example, this avoids grossing up a net interest receipt on a single interest rate swap into gross interest revenue and gross interest expense).
EFFECTIVE DATE AND TRANSITION (CHAPTER 7)
Transition (Section 7.2)
Financial assets held for trading
B7.2.1
At the date of initial application of this Standard, an entity must determine whether the objective of the entity's business model for managing any of its financial assets meets the condition in paragraph 4.1.2(a) or the condition in paragraph 4.1.2A(a) or if a financial asset is eligible for the election in paragraph 5.7.5. For that purpose, an entity shall determine whether financial assets meet the definition of held for trading as if the entity had purchased the assets at the date of initial application.
Impairment
B7.2.2
On transition, an entity should seek to approximate the credit risk on initial recognition by considering all reasonable and supportable information that is available without undue cost or effort. An entity is not required to undertake an exhaustive search for information when determining, at the date of transition, whether there have been significant increases in credit risk since initial recognition. If an entity is unable to make this determination without undue cost or effort paragraph 7.2.20 applies.
B7.2.3
In order to determine the loss allowance on financial instruments initially recognised (or loan commitments or financial guarantee contracts to which the entity became a party to the contract) prior to the date of initial application, both on transition and until the derecognition of those items an entity shall consider information that is relevant in determining or approximating the credit risk at initial recognition. In order to determine or approximate the initial credit risk, an entity may consider internal and external information, including portfolio information, in accordance with paragraphs B5.5.1–B5.5.6.
B7.2.4
An entity with little historical information may use information from internal reports and statistics (that may have been generated when deciding whether to launch a new product), information about similar products or peer group experience for comparable financial instruments, if relevant.
DEFINITIONS (APPENDIX A)
Derivatives
BA.1
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 CU1000 if six-month LIBOR increases by 100 basis points. Such a contract is a derivative even though a notional amount is not specified.
BA.2
The definition of a derivative in this Standard includes contracts that are settled gross by delivery of the underlying item (eg 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 (eg 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. However, this Standard applies to such contracts for an entity's expected purchase, sale or usage requirements if the entity makes a designation in accordance with paragraph 2.5 (see paragraphs 2.4–2.7).
BA.3
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.
BA.4
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. Instead, this Standard provides for special accounting for such regular way contracts (see paragraphs 3.1.2 and B3.1.3–B3.1.6).
BA.5
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.
Financial assets and liabilities held for trading
BA.6
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.
BA.7
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 (ie 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 (eg 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.
BA.8
The fact that a liability is used to fund trading activities does not in itself make that liability one that is held for trading.
INTERNATIONAL FINANCIAL REPORTING STANDARD 10
Consolidated Financial Statements
OBJECTIVE
1
The objective of this IFRS is to establish principles for the presentation and preparation of consolidated financial statements when an entity controls one or more other entities.
Meeting the objective
2
To meet the objective in paragraph 1, this IFRS:
(a)
requires an entity (the 
parent
) that controls one or more other entities (
subsidiaries
) to present consolidated financial statements;
(b)
defines the principle of 
control
, and establishes control as the basis for consolidation;
(c)
sets out how to apply the principle of control to identify whether an investor controls an investee and therefore must consolidate the investee;
(d)
sets out the accounting requirements for the preparation of consolidated financial statements; and
(e)
defines an investment entity and sets out an exception to consolidating particular subsidiaries of an investment entity.
3
This IFRS does not deal with the accounting requirements for business combinations and their effect on consolidation, including goodwill arising on a business combination (see IFRS 3 
Business Combinations
).
SCOPE
4
An entity that is a parent shall present consolidated financial statements. This IFRS applies to all entities, except as follows:
(a)
a parent need not present consolidated financial statements if it meets all the following conditions:
(i)
it is a wholly-owned subsidiary or is a partially-owned subsidiary of another entity and all 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;
(ii)
its 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)
it 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)
its ultimate or any intermediate parent produces financial statements that are available for public use and comply with IFRSs, in which subsidiaries are consolidated or are measured at fair value through profit or loss in accordance with this IFRS.
(b)
[deleted].
(c)
[deleted].
4A
This IFRS does not apply to post-employment benefit plans or other long-term employee benefit plans to which IAS 19 
Employee Benefits
 applies.
4B
A parent that is an investment entity shall not present consolidated financial statements if it is required, in accordance with paragraph 31 of this IFRS, to measure all of its subsidiaries at fair value through profit or loss.
CONTROL
5
An investor, regardless of the nature of its involvement with an entity (the investee), shall determine whether it is a parent by assessing whether it controls the investee.
6
An investor controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee.
7
Thus, an investor controls an investee if and only if the investor has all the following:
(a)
power over the investee (see paragraphs 10–14);
(b)
exposure, or rights, to variable returns from its involvement with the investee (see paragraphs 15 and 16); and
(c)
the ability to use its power over the investee to affect the amount of the investor’s returns (see paragraphs 17 and 18).
8
An investor shall consider all facts and circumstances when assessing whether it controls an investee. The investor shall reassess whether it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed in paragraph 7 (see paragraphs B80–B85).
9
Two or more investors collectively control an investee when they must act together to direct the relevant activities. In such cases, because no investor can direct the activities without the co-operation of the others, no investor individually controls the investee. Each investor would account for its interest in the investee in accordance with the relevant IFRSs, such as IFRS 11 
Joint Arrangements
, IAS 28 
Investments in Associates and Joint Ventures
 or IFRS 9 
Financial Instruments.
Power
10
An investor has power over an investee when the investor has existing rights that give it the current ability to direct the 
relevant activities
, ie the activities that significantly affect the investee’s returns.
11
Power arises from rights. Sometimes assessing power is straightforward, such as when power over an investee is obtained directly and solely from the voting rights granted by equity instruments such as shares, and can be assessed by considering the voting rights from those shareholdings. In other cases, the assessment will be more complex and require more than one factor to be considered, for example when power results from one or more contractual arrangements.
12
An investor with the current ability to direct the relevant activities has power even if its rights to direct have yet to be exercised. Evidence that the investor has been directing relevant activities can help determine whether the investor has power, but such evidence is not, in itself, conclusive in determining whether the investor has power over an investee.
13
If two or more investors each have existing rights that give them the unilateral ability to direct different relevant activities, the investor that has the current ability to direct the activities that most significantly affect the returns of the investee has power over the investee.
14
An investor can have power over an investee even if other entities have existing rights that give them the current ability to participate in the direction of the relevant activities, for example when another entity has 
significant influence
. However, an investor that holds only protective rights does not have power over an investee (see paragraphs B26–B28), and consequently does not control the investee.
Returns
15
An investor is exposed, or has rights, to variable returns from its involvement with the investee when the investor’s returns from its involvement have the potential to vary as a result of the investee’s performance. The investor’s returns can be only positive, only negative or both positive and negative.
16
Although only one investor can control an investee, more than one party can share in the returns of an investee. For example, holders of non-controlling interests can share in the profits or distributions of an investee.
Link between power and returns
17
An investor controls an investee if the investor not only has power over the investee and exposure or rights to variable returns from its involvement with the investee, but also has the ability to use its power to affect the investor’s returns from its involvement with the investee.
18
Thus, an investor with decision-making rights shall determine whether it is a principal or an agent. An investor that is an agent in accordance with paragraphs B58–B72 does not control an investee when it exercises decision-making rights delegated to it.
ACCOUNTING REQUIREMENTS
19
A parent shall prepare consolidated financial statements using uniform accounting policies for like transactions and other events in similar circumstances.
20
Consolidation of an investee shall begin from the date the investor obtains control of the investee and cease when the investor loses control of the investee.
21
Paragraphs B86–B93 set out guidance for the preparation of consolidated financial statements.
Non-controlling interests
22
A parent shall present non-controlling interests in the consolidated statement of financial position within equity, separately from the equity of the owners of the parent.
23
Changes in a parent’s ownership interest in a subsidiary that do not result in the parent losing control of the subsidiary are equity transactions (ie transactions with owners in their capacity as owners).
24
Paragraphs B94–B96 set out guidance for the accounting for non-controlling interests in consolidated financial statements.
Loss of control
25
If a parent loses control of a subsidiary, the parent:
(a)
derecognises the assets and liabilities of the former subsidiary from the consolidated statement of financial position.
(b)
recognises any investment retained in the former subsidiary at its fair value when control is lost and subsequently accounts for it and for any amounts owed by or to the former subsidiary in accordance with relevant IFRSs. That fair value shall be regarded as the fair value on initial recognition of a financial asset in accordance with IFRS 9 or, when appropriate, the cost on initial recognition of an investment in an associate or joint venture.
(c)
recognises the gain or loss associated with the loss of control attributable to the former controlling interest.
26
Paragraphs B97–B99 set out guidance for the accounting for the loss of control.
DETERMINING WHETHER AN ENTITY IS AN INVESTMENT ENTITY
27
A parent shall determine whether it is an investment entity. An investment entity is an entity that:
(a)
obtains funds from one or more investors for the purpose of providing those investor(s) with investment management services;
(b)
commits to its investor(s) that its business purpose is to invest funds solely for returns from capital appreciation, investment income, or both; and
(c)
measures and evaluates the performance of substantially all of its investments on a fair value basis.
Paragraphs B85A–B85M provide related application guidance.
28
In assessing whether it meets the definition described in paragraph 27, an entity shall consider whether it has the following typical characteristics of an investment entity:
(a)
it has more than one investment (see paragraphs B85O–B85P);
(b)
it has more than one investor (see paragraphs B85Q–B85S);
(c)
it has investors that are not related parties of the entity (see paragraphs B85T–B85U); and
(d)
it has ownership interests in the form of equity or similar interests (see paragraphs B85V–B85W).
The absence of any of these typical characteristics does not necessarily disqualify an entity from being classified as an investment entity. An investment entity that does not have all of these typical characteristics provides additional disclosure required by paragraph 9A of IFRS 12 
Disclosure of Interests in Other Entities
.
29
If facts and circumstances indicate that there are changes to one or more of the three elements that make up the definition of an investment entity, as described in paragraph 27, or the typical characteristics of an investment entity, as described in paragraph 28, a parent shall reassess whether it is an investment entity.
30
A parent that either ceases to be an investment entity or becomes an investment entity shall account for the change in its status prospectively from the date at which the change in status occurred (see paragraphs B100–B101).
INVESTMENT ENTITIES: EXCEPTION TO CONSOLIDATION
31
Except as described in paragraph 32, an investment entity shall not consolidate its subsidiaries or apply IFRS 3 when it obtains control of another entity. Instead, an investment entity shall measure an investment in a subsidiary at fair value through profit or loss in accordance with IFRS 9
 
(
55
)
.
32
Notwithstanding the requirement in paragraph 31, if an investment entity has a subsidiary that is not itself an investment entity and whose main purpose and activities are providing services that relate to the investment entity's investment activities (see paragraphs B85C–B85E), it shall consolidate that subsidiary in accordance with paragraphs 19–26 of this IFRS and apply the requirements of IFRS 3 to the acquisition of any such subsidiary.
33
A parent of an investment entity shall consolidate all entities that it controls, including those controlled through an investment entity subsidiary, unless the parent itself is an investment entity.
Appendix A
Defined terms
This appendix is an integral part of the IFRS.
consolidated financial statements
The financial statements of a 
group
 in which the assets, liabilities, equity, income, expenses and cash flows of the 
parent
 and its 
subsidiaries
 are presented as those of a single economic entity.
control of an investee
An investor controls an investee when the investor is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee.
decision maker
An entity with decision-making rights that is either a principal or an agent for other parties.
group
A 
parent
 and its 
subsidiaries
.
investment entity
An entity that:
(a)
obtains funds from one or more investors for the purpose of providing those investor(s) with investment management services;
(b)
commits to its investor(s) that its business purpose is to invest funds solely for returns from capital appreciation, investment income, or both; and
(c)
measures and evaluates the performance of substantially all of its investments on a fair value basis.
non-controlling interest
Equity in a 
subsidiary
 not attributable, directly or indirectly, to a 
parent
.
parent
An entity that 
controls
 one or more entities.
power
Existing rights that give the current ability to direct the 
relevant activities
.
protective rights
Rights designed to protect the interest of the party holding those rights without giving that party power over the entity to which those rights relate.
relevant activities
For the purpose of this IFRS, relevant activities are activities of the investee that significantly affect the investee’s returns.
removal rights
Rights to deprive the decision maker of its decision-making authority.
subsidiary
An entity that is controlled by another entity.
The following terms are defined in IFRS 11, IFRS 12 
Disclosure of Interests in Other Entities
, IAS 28 (as amended in 2011) or IAS 24 
Related Party Disclosures
 and are used in this IFRS with the meanings specified in those IFRSs:
—
associate
—
interest in another entity
—
joint venture
—
key management personnel
—
related party
—
significant influence.
Appendix B
Application guidance
This appendix is an integral part of the IFRS. It describes the application of paragraphs 1–33 and has the same authority as the other parts of the IFRS.
B1
The examples in this appendix portray hypothetical situations. Although some aspects of the examples may be present in actual fact patterns, all facts and circumstances of a particular fact pattern would need to be evaluated when applying IFRS 10.
ASSESSING CONTROL
B2
To determine whether it controls an investee an investor shall assess whether it has all the following:
(a)
power over the investee;
(b)
exposure, or rights, to variable returns from its involvement with the investee; and
(c)
the ability to use its power over the investee to affect the amount of the investor’s returns.
B3
Consideration of the following factors may assist in making that determination:
(a)
the purpose and design of the investee (see paragraphs B5–B8);
(b)
what the relevant activities are and how decisions about those activities are made (see paragraphs B11–B13);
(c)
whether the rights of the investor give it the current ability to direct the relevant activities (see paragraphs B14–B54);
(d)
whether the investor is exposed, or has rights, to variable returns from its involvement with the investee (see paragraphs B55–B57); and
(e)
whether the investor has the ability to use its power over the investee to affect the amount of the investor’s returns (see paragraphs B58–B72).
B4
When assessing control of an investee, an investor shall consider the nature of its relationship with other parties (see paragraphs B73–B75).
Purpose and design of an investee
B5
When assessing control of an investee, an investor shall consider the purpose and design of the investee in order to identify the relevant activities, how decisions about the relevant activities are made, who has the current ability to direct those activities and who receives returns from those activities.
B6
When an investee’s purpose and design are considered, it may be clear that an investee is controlled by means of equity instruments that give the holder proportionate voting rights, such as ordinary shares in the investee. In this case, in the absence of any additional arrangements that alter decision-making, the assessment of control focuses on which party, if any, is able to exercise voting rights sufficient to determine the investee’s operating and financing policies (see paragraphs B34–B50). In the most straightforward case, the investor that holds a majority of those voting rights, in the absence of any other factors, controls the investee.
B7
To determine whether an investor controls an investee in more complex cases, it may be necessary to consider some or all of the other factors in paragraph B3.
B8
An investee may be designed so that voting rights are not the dominant factor in deciding who controls the investee, such as when any voting rights relate to administrative tasks only and the relevant activities are directed by means of contractual arrangements. In such cases, an investor’s consideration of the purpose and design of the investee shall also include consideration of the risks to which the investee was designed to be exposed, the risks it was designed to pass on to the parties involved with the investee and whether the investor is exposed to some or all of those risks. Consideration of the risks includes not only the downside risk, but also the potential for upside.
Power
B9
To have power over an investee, an investor must have existing rights that give it the current ability to direct the relevant activities. For the purpose of assessing power, only substantive rights and rights that are not protective shall be considered (see paragraphs B22–B28).
B10
The determination about whether an investor has power depends on the relevant activities, the way decisions about the relevant activities are made and the rights the investor and other parties have in relation to the investee.
Relevant activities and direction of relevant activities
B11
For many investees, a range of operating and financing activities significantly affect their returns. Examples of activities that, depending on the circumstances, can be relevant activities include, but are not limited to:
(a)
selling and purchasing of goods or services;
(b)
managing financial assets during their life (including upon default);
(c)
selecting, acquiring or disposing of assets;
(d)
researching and developing new products or processes; and
(e)
determining a funding structure or obtaining funding.
B12
Examples of decisions about relevant activities include but are not limited to:
(a)
establishing operating and capital decisions of the investee, including budgets; and
(b)
appointing and remunerating an investee’s key management personnel or service providers and terminating their services or employment.
B13
In some situations, activities both before and after a particular set of circumstances arises or event occurs may be relevant activities. When two or more investors have the current ability to direct relevant activities and those activities occur at different times, the investors shall determine which investor is able to direct the activities that most significantly affect those returns consistently with the treatment of concurrent decision-making rights (see paragraph 13). The investors shall reconsider this assessment over time if relevant facts or circumstances change.
Application examples
Example 1
Two investors form an investee to develop and market a medical product. One investor is responsible for developing and obtaining regulatory approval of the medical product—that responsibility includes having the unilateral ability to make all decisions relating to the development of the product and to obtaining regulatory approval. Once the regulator has approved the product, the other investor will manufacture and market it—this investor has the unilateral ability to make all decisions about the manufacture and marketing of the product. If all the activities—developing and obtaining regulatory approval as well as manufacturing and marketing of the medical product—are relevant activities, each investor needs to determine whether it is able to direct the activities that 
most
 significantly affect the investee’s returns. Accordingly, each investor needs to consider whether developing and obtaining regulatory approval or the manufacturing and marketing of the medical product is the activity that 
most
 significantly affects the investee’s returns and whether it is able to direct that activity. In determining which investor has power, the investors would consider:
(a)
the purpose and design of the investee;
(b)
the factors that determine the profit margin, revenue and value of the investee as well as the value of the medical product;
(c)
the effect on the investee’s returns resulting from each investor’s decision-making authority with respect to the factors in (b); and
(d)
the investors’ exposure to variability of returns.
In this particular example, the investors would also consider:
(e)
the uncertainty of, and effort required in, obtaining regulatory approval (considering the investor’s record of successfully developing and obtaining regulatory approval of medical products); and
(f)
which investor controls the medical product once the development phase is successful.
Example 2
An investment vehicle (the investee) is created and financed with a debt instrument held by an investor (the debt investor) and equity instruments held by a number of other investors. The equity tranche is designed to absorb the first losses and to receive any residual return from the investee. One of the equity investors who holds 30 per cent of the equity is also the asset manager. The investee uses its proceeds to purchase a portfolio of financial assets, exposing the investee to the credit risk associated with the possible default of principal and interest payments of the assets. The transaction is marketed to the debt investor as an investment with minimal exposure to the credit risk associated with the possible default of the assets in the portfolio because of the nature of these assets and because the equity tranche is designed to absorb the first losses of the investee. The returns of the investee are significantly affected by the management of the investee’s asset portfolio, which includes decisions about the selection, acquisition and disposal of the assets within portfolio guidelines and the management upon default of any portfolio assets. All those activities are managed by the asset manager until defaults reach a specified proportion of the portfolio value (ie when the value of the portfolio is such that the equity tranche of the investee has been consumed). From that time, a third-party trustee manages the assets according to the instructions of the debt investor. Managing the investee’s asset portfolio is the relevant activity of the investee. The asset manager has the ability to direct the relevant activities until defaulted assets reach the specified proportion of the portfolio value; the debt investor has the ability to direct the relevant activities when the value of defaulted assets surpasses that specified proportion of the portfolio value. The asset manager and the debt investor each need to determine whether they are able to direct the activities that 
most
 significantly affect the investee’s returns, including considering the purpose and design of the investee as well as each party’s exposure to variability of returns.
Rights that give an investor power over an investee
B14
Power arises from rights. To have power over an investee, an investor must have existing rights that give the investor the current ability to direct the relevant activities. The rights that may give an investor power can differ between investees.
B15
Examples of rights that, either individually or in combination, can give an investor power include but are not limited to:
(a)
rights in the form of voting rights (or potential voting rights) of an investee (see paragraphs B34–B50);
(b)
rights to appoint, reassign or remove members of an investee’s key management personnel who have the ability to direct the relevant activities;
(c)
rights to appoint or remove another entity that directs the relevant activities;
(d)
rights to direct the investee to enter into, or veto any changes to, transactions for the benefit of the investor; and
(e)
other rights (such as decision-making rights specified in a management contract) that give the holder the ability to direct the relevant activities.
B16
Generally, when an investee has a range of operating and financing activities that significantly affect the investee’s returns and when substantive decision-making with respect to these activities is required continuously, it will be voting or similar rights that give an investor power, either individually or in combination with other arrangements.
B17
When voting rights cannot have a significant effect on an investee’s returns, such as when voting rights relate to administrative tasks only and contractual arrangements determine the direction of the relevant activities, the investor needs to assess those contractual arrangements in order to determine whether it has rights sufficient to give it power over the investee. To determine whether an investor has rights sufficient to give it power, the investor shall consider the purpose and design of the investee (see paragraphs B5–B8) and the requirements in paragraphs B51–B54 together with paragraphs B18–B20.
B18
In some circumstances it may be difficult to determine whether an investor’s rights are sufficient to give it power over an investee. In such cases, to enable the assessment of power to be made, the investor shall consider evidence of whether it has the practical ability to direct the relevant activities unilaterally. Consideration is given, but is not limited, to the following, which, when considered together with its rights and the indicators in paragraphs B19 and B20, may provide evidence that the investor’s rights are sufficient to give it power over the investee:
(a)
The investor can, without having the contractual right to do so, appoint or approve the investee’s key management personnel who have the ability to direct the relevant activities.
(b)
The investor can, without having the contractual right to do so, direct the investee to enter into, or can veto any changes to, significant transactions for the benefit of the investor.
(c)
The investor can dominate either the nominations process for electing members of the investee’s governing body or the obtaining of proxies from other holders of voting rights.
(d)
The investee’s key management personnel are related parties of the investor (for example, the chief executive officer of the investee and the chief executive officer of the investor are the same person).
(e)
The majority of the members of the investee’s governing body are related parties of the investor.
B19
Sometimes there will be indications that the investor has a special relationship with the investee, which suggests that the investor has more than a passive interest in the investee. The existence of any individual indicator, or a particular combination of indicators, does not necessarily mean that the power criterion is met. However, having more than a passive interest in the investee may indicate that the investor has other related rights sufficient to give it power or provide evidence of existing power over an investee. For example, the following suggests that the investor has more than a passive interest in the investee and, in combination with other rights, may indicate power:
(a)
The investee’s key management personnel who have the ability to direct the relevant activities are current or previous employees of the investor.
(b)
The investee’s operations are dependent on the investor, such as in the following situations:
(i)
The investee depends on the investor to fund a significant portion of its operations.
(ii)
The investor guarantees a significant portion of the investee’s obligations.
(iii)
The investee depends on the investor for critical services, technology, supplies or raw materials.
(iv)
The investor controls assets such as licences or trademarks that are critical to the investee’s operations.
(v)
The investee depends on the investor for key management personnel, such as when the investor’s personnel have specialised knowledge of the investee’s operations.
(c)
A significant portion of the investee’s activities either involve or are conducted on behalf of the investor.
(d)
The investor’s exposure, or rights, to returns from its involvement with the investee is disproportionately greater than its voting or other similar rights. For example, there may be a situation in which an investor is entitled, or exposed, to more than half of the returns of the investee but holds less than half of the voting rights of the investee.
B20
The greater an investor’s exposure, or rights, to variability of returns from its involvement with an investee, the greater is the incentive for the investor to obtain rights sufficient to give it power. Therefore, having a large exposure to variability of returns is an indicator that the investor may have power. However, the extent of the investor’s exposure does not, in itself, determine whether an investor has power over the investee.
B21
When the factors set out in paragraph B18 and the indicators set out in paragraphs B19 and B20 are considered together with an investor’s rights, greater weight shall be given to the evidence of power described in paragraph B18.
Substantive rights
B22
An investor, in assessing whether it has power, considers only substantive rights relating to an investee (held by the investor and others). For a right to be substantive, the holder must have the practical ability to exercise that right.
B23
Determining whether rights are substantive requires judgement, taking into account all facts and circumstances. Factors to consider in making that determination include but are not limited to:
(a)
Whether there are any barriers (economic or otherwise) that prevent the holder (or holders) from exercising the rights. Examples of such barriers include but are not limited to:
(i)
financial penalties and incentives that would prevent (or deter) the holder from exercising its rights.
(ii)
an exercise or conversion price that creates a financial barrier that would prevent (or deter) the holder from exercising its rights.
(iii)
terms and conditions that make it unlikely that the rights would be exercised, for example, conditions that narrowly limit the timing of their exercise.
(iv)
the absence of an explicit, reasonable mechanism in the founding documents of an investee or in applicable laws or regulations that would allow the holder to exercise its rights.
(v)
the inability of the holder of the rights to obtain the information necessary to exercise its rights.
(vi)
operational barriers or incentives that would prevent (or deter) the holder from exercising its rights (eg the absence of other managers willing or able to provide specialised services or provide the services and take on other interests held by the incumbent manager).
(vii)
legal or regulatory requirements that prevent the holder from exercising its rights (eg where a foreign investor is prohibited from exercising its rights).
(b)
When the exercise of rights requires the agreement of more than one party, or when the rights are held by more than one party, whether a mechanism is in place that provides those parties with the practical ability to exercise their rights collectively if they choose to do so. The lack of such a mechanism is an indicator that the rights may not be substantive. The more parties that are required to agree to exercise the rights, the less likely it is that those rights are substantive. However, a board of directors whose members are independent of the decision maker may serve as a mechanism for numerous investors to act collectively in exercising their rights. Therefore, removal rights exercisable by an independent board of directors are more likely to be substantive than if the same rights were exercisable individually by a large number of investors.
(c)
Whether the party or parties that hold the rights would benefit from the exercise of those rights. For example, the holder of potential voting rights in an investee (see paragraphs B47–B50) shall consider the exercise or conversion price of the instrument. The terms and conditions of potential voting rights are more likely to be substantive when the instrument is in the money or the investor would benefit for other reasons (eg by realising synergies between the investor and the investee) from the exercise or conversion of the instrument.
B24
To be substantive, rights also need to be exercisable when decisions about the direction of the relevant activities need to be made. Usually, to be substantive, the rights need to be currently exercisable. However, sometimes rights can be substantive, even though the rights are not currently exercisable.
Application examples
Example 3
The investee has annual shareholder meetings at which decisions to direct the relevant activities are made. The next scheduled shareholders’ meeting is in eight months. However, shareholders that individually or collectively hold at least 5 per cent of the voting rights can call a special meeting to change the existing policies over the relevant activities, but a requirement to give notice to the other shareholders means that such a meeting cannot be held for at least 30 days. Policies over the relevant activities can be changed only at special or scheduled shareholders’ meetings. This includes the approval of material sales of assets as well as the making or disposing of significant investments.
The above fact pattern applies to examples 3A–3D described below. Each example is considered in isolation.
Example 3A
An investor holds a majority of the voting rights in the investee. The investor’s voting rights are substantive because the investor is able to make decisions about the direction of the relevant activities when they need to be made. The fact that it takes 30 days before the investor can exercise its voting rights does not stop the investor from having the current ability to direct the relevant activities from the moment the investor acquires the shareholding.
Example 3B
An investor is party to a forward contract to acquire the majority of shares in the investee. The forward contract’s settlement date is in 25 days. The existing shareholders are unable to change the existing policies over the relevant activities because a special meeting cannot be held for at least 30 days, at which point the forward contract will have been settled. Thus, the investor has rights that are essentially equivalent to the majority shareholder in example 3A above (ie the investor holding the forward contract can make decisions about the direction of the relevant activities when they need to be made). The investor’s forward contract is a substantive right that gives the investor the current ability to direct the relevant activities even before the forward contract is settled.
Example 3C
An investor holds a substantive option to acquire the majority of shares in the investee that is exercisable in 25 days and is deeply in the money. The same conclusion would be reached as in example 3B.
Example 3D
An investor is party to a forward contract to acquire the majority of shares in the investee, with no other related rights over the investee. The forward contract’s settlement date is in six months. In contrast to the examples above, the investor does not have the current ability to direct the relevant activities. The existing shareholders have the current ability to direct the relevant activities because they can change the existing policies over the relevant activities before the forward contract is settled.
B25
Substantive rights exercisable by other parties can prevent an investor from controlling the investee to which those rights relate. Such substantive rights do not require the holders to have the ability to initiate decisions. As long as the rights are not merely protective (see paragraphs B26–B28), substantive rights held by other parties may prevent the investor from controlling the investee even if the rights give the holders only the current ability to approve or block decisions that relate to the relevant activities.
Protective rights
B26
In evaluating whether rights give an investor power over an investee, the investor shall assess whether its rights, and rights held by others, are protective rights. Protective rights relate to fundamental changes to the activities of an investee or apply in exceptional circumstances. However, not all rights that apply in exceptional circumstances or are contingent on events are protective (see paragraphs B13 and B53).
B27
Because protective rights are designed to protect the interests of their holder without giving that party power over the investee to which those rights relate, an investor that holds only protective rights cannot have power or prevent another party from having power over an investee (see paragraph 14).
B28
Examples of protective rights include but are not limited to:
(a)
a lender’s right to restrict a borrower from undertaking activities that could significantly change the credit risk of the borrower to the detriment of the lender.
(b)
the right of a party holding a non-controlling interest in an investee to approve capital expenditure greater than that required in the ordinary course of business, or to approve the issue of equity or debt instruments.
(c)
the right of a lender to seize the assets of a borrower if the borrower fails to meet specified loan repayment conditions.
Franchises
B29
A franchise agreement for which the investee is the franchisee often gives the franchisor rights that are designed to protect the franchise brand. Franchise agreements typically give franchisors some decision-making rights with respect to the operations of the franchisee.
B30
Generally, franchisors’ rights do not restrict the ability of parties other than the franchisor to make decisions that have a significant effect on the franchisee’s returns. Nor do the rights of the franchisor in franchise agreements necessarily give the franchisor the current ability to direct the activities that significantly affect the franchisee’s returns.
B31
It is necessary to distinguish between having the current ability to make decisions that significantly affect the franchisee’s returns and having the ability to make decisions that protect the franchise brand. The franchisor does not have power over the franchisee if other parties have existing rights that give them the current ability to direct the relevant activities of the franchisee.
B32
By entering into the franchise agreement the franchisee has made a unilateral decision to operate its business in accordance with the terms of the franchise agreement, but for its own account.
B33
Control over such fundamental decisions as the legal form of the franchisee and its funding structure may be determined by parties other than the franchisor and may significantly affect the returns of the franchisee. The lower the level of financial support provided by the franchisor and the lower the franchisor’s exposure to variability of returns from the franchisee the more likely it is that the franchisor has only protective rights.
Voting rights
B34
Often an investor has the current ability, through voting or similar rights, to direct the relevant activities. An investor considers the requirements in this section (paragraphs B35–B50) if the relevant activities of an investee are directed through voting rights.
Power with a majority of the voting rights
B35
An investor that holds more than half of the voting rights of an investee has power in the following situations, unless paragraph B36 or paragraph B37 applies:
(a)
the relevant activities are directed by a vote of the holder of the majority of the voting rights, or
(b)
a majority of the members of the governing body that directs the relevant activities are appointed by a vote of the holder of the majority of the voting rights.
Majority of the voting rights but no power
B36
For an investor that holds more than half of the voting rights of an investee, to have power over an investee, the investor’s voting rights must be substantive, in accordance with paragraphs B22–B25, and must provide the investor with the current ability to direct the relevant activities, which often will be through determining operating and financing policies. If another entity has existing rights that provide that entity with the right to direct the relevant activities and that entity is not an agent of the investor, the investor does not have power over the investee.
B37
An investor does not have power over an investee, even though the investor holds the majority of the voting rights in the investee, when those voting rights are not substantive. For example, an investor that has more than half of the voting rights in an investee cannot have power if the relevant activities are subject to direction by a government, court, administrator, receiver, liquidator or regulator.
Power without a majority of the voting rights
B38
An investor can have power even if it holds less than a majority of the voting rights of an investee. An investor can have power with less than a majority of the voting rights of an investee, for example, through:
(a)
a contractual arrangement between the investor and other vote holders (see paragraph B39);
(b)
rights arising from other contractual arrangements (see paragraph B40);
(c)
the investor’s voting rights (see paragraphs B41–B45);
(d)
potential voting rights (see paragraphs B47–B50); or
(e)
a combination of (a)–(d).
Contractual arrangement with other vote holders
B39
A contractual arrangement between an investor and other vote holders can give the investor the right to exercise voting rights sufficient to give the investor power, even if the investor does not have voting rights sufficient to give it power without the contractual arrangement. However, a contractual arrangement might ensure that the investor can direct enough other vote holders on how to vote to enable the investor to make decisions about the relevant activities.
Rights from other contractual arrangements
B40
Other decision-making rights, in combination with voting rights, can give an investor the current ability to direct the relevant activities. For example, the rights specified in a contractual arrangement in combination with voting rights may be sufficient to give an investor the current ability to direct the manufacturing processes of an investee or to direct other operating or financing activities of an investee that significantly affect the investee’s returns. However, in the absence of any other rights, economic dependence of an investee on the investor (such as relations of a supplier with its main customer) does not lead to the investor having power over the investee.
The investor’s voting rights
B41
An investor with less than a majority of the voting rights has rights that are sufficient to give it power when the investor has the practical ability to direct the relevant activities unilaterally.
B42
When assessing whether an investor’s voting rights are sufficient to give it power, an investor considers all facts and circumstances, including:
(a)
the size of the investor’s holding of voting rights relative to the size and dispersion of holdings of the other vote holders, noting that:
(i)
the more voting rights an investor holds, the more likely the investor is to have existing rights that give it the current ability to direct the relevant activities;
(ii)
the more voting rights an investor holds relative to other vote holders, the more likely the investor is to have existing rights that give it the current ability to direct the relevant activities;
(iii)
the more parties that would need to act together to outvote the investor, the more likely the investor is to have existing rights that give it the current ability to direct the relevant activities;
(b)
potential voting rights held by the investor, other vote holders or other parties (see paragraphs B47–B50);
(c)
rights arising from other contractual arrangements (see paragraph B40); and
(d)
any additional facts and circumstances that indicate the investor has, or does not have, the current ability to direct the relevant activities at the time that decisions need to be made, including voting patterns at previous shareholders’ meetings.
B43
When the direction of relevant activities is determined by majority vote and an investor holds significantly more voting rights than any other vote holder or organised group of vote holders, and the other shareholdings are widely dispersed, it may be clear, after considering the factors listed in paragraph B42(a)–(c) alone, that the investor has power over the investee.
Application examples
Example 4
An investor acquires 48 per cent of the voting rights of an investee. The remaining voting rights are held by thousands of shareholders, none individually holding more than 1 per cent of the voting rights. None of the shareholders has any arrangements to consult any of the others or make collective decisions. When assessing the proportion of voting rights to acquire, on the basis of the relative size of the other shareholdings, the investor determined that a 48 per cent interest would be sufficient to give it control. In this case, on the basis of the absolute size of its holding and the relative size of the other shareholdings, the investor concludes that it has a sufficiently dominant voting interest to meet the power criterion without the need to consider any other evidence of power.
Example 5
Investor A holds 40 per cent of the voting rights of an investee and twelve other investors each hold 5 per cent of the voting rights of the investee. A shareholder agreement grants investor A the right to appoint, remove and set the remuneration of management responsible for directing the relevant activities. To change the agreement, a two-thirds majority vote of the shareholders is required. In this case, investor A concludes that the absolute size of the investor’s holding and the relative size of the other shareholdings alone are not conclusive in determining whether the investor has rights sufficient to give it power. However, investor A determines that its contractual right to appoint, remove and set the remuneration of management is sufficient to conclude that it has power over the investee. The fact that investor A might not have exercised this right or the likelihood of investor A exercising its right to select, appoint or remove management shall not be considered when assessing whether investor A has power.
B44
In other situations, it may be clear after considering the factors listed in paragraph B42(a)–(c) alone that an investor does not have power.
Application example
Example 6
Investor A holds 45 per cent of the voting rights of an investee. Two other investors each hold 26 per cent of the voting rights of the investee. The remaining voting rights are held by three other shareholders, each holding 1 per cent. There are no other arrangements that affect decision-making. In this case, the size of investor A’s voting interest and its size relative to the other shareholdings are sufficient to conclude that investor A does not have power. Only two other investors would need to co-operate to be able to prevent investor A from directing the relevant activities of the investee.
B45
However, the factors listed in paragraph B42(a)–(c) alone may not be conclusive. If an investor, having considered those factors, is unclear whether it has power, it shall consider additional facts and circumstances, such as whether other shareholders are passive in nature as demonstrated by voting patterns at previous shareholders’ meetings. This includes the assessment of the factors set out in paragraph B18 and the indicators in paragraphs B19 and B20. The fewer voting rights the investor holds, and the fewer parties that would need to act together to outvote the investor, the more reliance would be placed on the additional facts and circumstances to assess whether the investor’s rights are sufficient to give it power. When the facts and circumstances in paragraphs B18–B20 are considered together with the investor’s rights, greater weight shall be given to the evidence of power in paragraph B18 than to the indicators of power in paragraphs B19 and B20.
Application examples
Example 7
An investor holds 45 per cent of the voting rights of an investee. Eleven other shareholders each hold 5 per cent of the voting rights of the investee. None of the shareholders has contractual arrangements to consult any of the others or make collective decisions. In this case, the absolute size of the investor’s holding and the relative size of the other shareholdings alone are not conclusive in determining whether the investor has rights sufficient to give it power over the investee. Additional facts and circumstances that may provide evidence that the investor has, or does not have, power shall be considered.
Example 8
An investor holds 35 per cent of the voting rights of an investee. Three other shareholders each hold 5 per cent of the voting rights of the investee. The remaining voting rights are held by numerous other shareholders, none individually holding more than 1 per cent of the voting rights. None of the shareholders has arrangements to consult any of the others or make collective decisions. Decisions about the relevant activities of the investee require the approval of a majority of votes cast at relevant shareholders’ meetings—75 per cent of the voting rights of the investee have been cast at recent relevant shareholders’ meetings. In this case, the active participation of the other shareholders at recent shareholders’ meetings indicates that the investor would not have the practical ability to direct the relevant activities unilaterally, regardless of whether the investor has directed the relevant activities because a sufficient number of other shareholders voted in the same way as the investor.
B46
If it is not clear, having considered the factors listed in paragraph B42(a)–(d), that the investor has power, the investor does not control the investee.
Potential voting rights
B47
When assessing control, an investor considers its potential voting rights as well as potential voting rights held by other parties, to determine whether it has power. Potential voting rights are rights to obtain voting rights of an investee, such as those arising from convertible instruments or options, including forward contracts. Those potential voting rights are considered only if the rights are substantive (see paragraphs B22–B25).
B48
When considering potential voting rights, an investor shall consider the purpose and design of the instrument, as well as the purpose and design of any other involvement the investor has with the investee. This includes an assessment of the various terms and conditions of the instrument as well as the investor’s apparent expectations, motives and reasons for agreeing to those terms and conditions.
B49
If the investor also has voting or other decision-making rights relating to the investee’s activities, the investor assesses whether those rights, in combination with potential voting rights, give the investor power.
B50
Substantive potential voting rights alone, or in combination with other rights, can give an investor the current ability to direct the relevant activities. For example, this is likely to be the case when an investor holds 40 per cent of the voting rights of an investee and, in accordance with paragraph B23, holds substantive rights arising from options to acquire a further 20 per cent of the voting rights.
Application examples
Example 9
Investor A holds 70 per cent of the voting rights of an investee. Investor B has 30 per cent of the voting rights of the investee as well as an option to acquire half of investor A’s voting rights. The option is exercisable for the next two years at a fixed price that is deeply out of the money (and is expected to remain so for that two-year period). Investor A has been exercising its votes and is actively directing the relevant activities of the investee. In such a case, investor A is likely to meet the power criterion because it appears to have the current ability to direct the relevant activities. Although investor B has currently exercisable options to purchase additional voting rights (that, if exercised, would give it a majority of the voting rights in the investee), the terms and conditions associated with those options are such that the options are not considered substantive.
Example 10
Investor A and two other investors each hold a third of the voting rights of an investee. The investee’s business activity is closely related to investor A. In addition to its equity instruments, investor A also holds debt instruments that are convertible into ordinary shares of the investee at any time for a fixed price that is out of the money (but not deeply out of the money). If the debt were converted, investor A would hold 60 per cent of the voting rights of the investee. Investor A would benefit from realising synergies if the debt instruments were converted into ordinary shares. Investor A has power over the investee because it holds voting rights of the investee together with substantive potential voting rights that give it the current ability to direct the relevant activities.
Power when voting or similar rights do not have a significant effect on the investee’s returns
B51
In assessing the purpose and design of an investee (see paragraphs B5–B8), an investor shall consider the involvement and decisions made at the investee’s inception as part of its design and evaluate whether the transaction terms and features of the involvement provide the investor with rights that are sufficient to give it power. Being involved in the design of an investee alone is not sufficient to give an investor control. However, involvement in the design may indicate that the investor had the opportunity to obtain rights that are sufficient to give it power over the investee.
B52
In addition, an investor shall consider contractual arrangements such as call rights, put rights and liquidation rights established at the investee’s inception. When these contractual arrangements involve activities that are closely related to the investee, then these activities are, in substance, an integral part of the investee’s overall activities, even though they may occur outside the legal boundaries of the investee. Therefore, explicit or implicit decision-making rights embedded in contractual arrangements that are closely related to the investee need to be considered as relevant activities when determining power over the investee.
B53
For some investees, relevant activities occur only when particular circumstances arise or events occur. The investee may be designed so that the direction of its activities and its returns are predetermined unless and until those particular circumstances arise or events occur. In this case, only the decisions about the investee’s activities when those circumstances or events occur can significantly affect its returns and thus be relevant activities. The circumstances or events need not have occurred for an investor with the ability to make those decisions to have power. The fact that the right to make decisions is contingent on circumstances arising or an event occurring does not, in itself, make those rights protective.
Application examples
Example 11
An investee’s only business activity, as specified in its founding documents, is to purchase receivables and service them on a day-to-day basis for its investors. The servicing on a day-to-day basis includes the collection and passing on of principal and interest payments as they fall due. Upon default of a receivable the investee automatically puts the receivable to an investor as agreed separately in a put agreement between the investor and the investee. The only relevant activity is managing the receivables upon default because it is the only activity that can significantly affect the investee’s returns. Managing the receivables before default is not a relevant activity because it does not require substantive decisions to be made that could significantly affect the investee’s returns—the activities before default are predetermined and amount only to collecting cash flows as they fall due and passing them on to investors. Therefore, only the investor’s right to manage the assets upon default should be considered when assessing the overall activities of the investee that significantly affect the investee’s returns. In this example, the design of the investee ensures that the investor has decision-making authority over the activities that significantly affect the returns at the only time that such decision-making authority is required. The terms of the put agreement are integral to the overall transaction and the establishment of the investee. Therefore, the terms of the put agreement together with the founding documents of the investee lead to the conclusion that the investor has power over the investee even though the investor takes ownership of the receivables only upon default and manages the defaulted receivables outside the legal boundaries of the investee.
Example 12
The only assets of an investee are receivables. When the purpose and design of the investee are considered, it is determined that the only relevant activity is managing the receivables upon default. The party that has the ability to manage the defaulting receivables has power over the investee, irrespective of whether any of the borrowers have defaulted.
B54
An investor may have an explicit or implicit commitment to ensure that an investee continues to operate as designed. Such a commitment may increase the investor’s exposure to variability of returns and thus increase the incentive for the investor to obtain rights sufficient to give it power. Therefore a commitment to ensure that an investee operates as designed may be an indicator that the investor has power, but does not, by itself, give an investor power, nor does it prevent another party from having power.
Exposure, or rights, to variable returns from an investee
B55
When assessing whether an investor has control of an investee, the investor determines whether it is exposed, or has rights, to variable returns from its involvement with the investee.
B56
Variable returns are returns that are not fixed and have the potential to vary as a result of the performance of an investee. Variable returns can be only positive, only negative or both positive and negative (see paragraph 15). An investor assesses whether returns from an investee are variable and how variable those returns are on the basis of the substance of the arrangement and regardless of the legal form of the returns. For example, an investor can hold a bond with fixed interest payments. The fixed interest payments are variable returns for the purpose of this IFRS because they are subject to default risk and they expose the investor to the credit risk of the issuer of the bond. The amount of variability (ie how variable those returns are) depends on the credit risk of the bond. Similarly, fixed performance fees for managing an investee’s assets are variable returns because they expose the investor to the performance risk of the investee. The amount of variability depends on the investee’s ability to generate sufficient income to pay the fee.
B57
Examples of returns include:
(a)
dividends, other distributions of economic benefits from an investee (eg interest from debt securities issued by the investee) and changes in the value of the investor’s investment in that investee.
(b)
remuneration for servicing an investee’s assets or liabilities, fees and exposure to loss from providing credit or liquidity support, residual interests in the investee’s assets and liabilities on liquidation of that investee, tax benefits, and access to future liquidity that an investor has from its involvement with an investee.
(c)
returns that are not available to other interest holders. For example, an investor might use its assets in combination with the assets of the investee, such as combining operating functions to achieve economies of scale, cost savings, sourcing scarce products, gaining access to proprietary knowledge or limiting some operations or assets, to enhance the value of the investor’s other assets.
Link between power and returns
Delegated power
B58
When an investor with decision-making rights (a decision maker) assesses whether it controls an investee, it shall determine whether it is a principal or an agent. An investor shall also determine whether another entity with decision-making rights is acting as an agent for the investor. An agent is a party primarily engaged to act on behalf and for the benefit of another party or parties (the principal(s)) and therefore does not control the investee when it exercises its decision-making authority (see paragraphs 17 and 18). Thus, sometimes a principal’s power may be held and exercisable by an agent, but on behalf of the principal. A decision maker is not an agent simply because other parties can benefit from the decisions that it makes.
B59
An investor may delegate its decision-making authority to an agent on some specific issues or on all relevant activities. When assessing whether it controls an investee, the investor shall treat the decision-making rights delegated to its agent as held by the investor directly. In situations where there is more than one principal, each of the principals shall assess whether it has power over the investee by considering the requirements in paragraphs B5–B54. Paragraphs B60–B72 provide guidance on determining whether a decision maker is an agent or a principal.
B60
A decision maker shall consider the overall relationship between itself, the investee being managed and other parties involved with the investee, in particular all the factors below, in determining whether it is an agent:
(a)
the scope of its decision-making authority over the investee (paragraphs B62 and B63).
(b)
the rights held by other parties (paragraphs B64–B67).
(c)
the remuneration to which it is entitled in accordance with the remuneration agreement(s) (paragraphs B68–B70).
(d)
the decision maker’s exposure to variability of returns from other interests that it holds in the investee (paragraphs B71 and B72).
Different weightings shall be applied to each of the factors on the basis of particular facts and circumstances.
B61
Determining whether a decision maker is an agent requires an evaluation of all the factors listed in paragraph B60 unless a single party holds substantive rights to remove the decision maker (removal rights) and can remove the decision maker without cause (see paragraph B65).
The scope of the decision-making authority
B62
The scope of a decision maker’s decision-making authority is evaluated by considering:
(a)
the activities that are permitted according to the decision-making agreement(s) and specified by law, and
(b)
the discretion that the decision maker has when making decisions about those activities.
B63
A decision maker shall consider the purpose and design of the investee, the risks to which the investee was designed to be exposed, the risks it was designed to pass on to the parties involved and the level of involvement the decision maker had in the design of an investee. For example, if a decision maker is significantly involved in the design of the investee (including in determining the scope of decision-making authority), that involvement may indicate that the decision maker had the opportunity and incentive to obtain rights that result in the decision maker having the ability to direct the relevant activities.
Rights held by other parties
B64
Substantive rights held by other parties may affect the decision maker’s ability to direct the relevant activities of an investee. Substantive removal or other rights may indicate that the decision maker is an agent.
B65
When a single party holds substantive removal rights and can remove the decision maker without cause, this, in isolation, is sufficient to conclude that the decision maker is an agent. If more than one party holds such rights (and no individual party can remove the decision maker without the agreement of other parties) those rights are not, in isolation, conclusive in determining that a decision maker acts primarily on behalf and for the benefit of others. In addition, the greater the number of parties required to act together to exercise rights to remove a decision maker and the greater the magnitude of, and variability associated with, the decision maker’s other economic interests (ie remuneration and other interests), the less the weighting that shall be placed on this factor.
B66
Substantive rights held by other parties that restrict a decision maker’s discretion shall be considered in a similar manner to removal rights when evaluating whether the decision maker is an agent. For example, a decision maker that is required to obtain approval from a small number of other parties for its actions is generally an agent. (See paragraphs B22–B25 for additional guidance on rights and whether they are substantive.)
B67
Consideration of the rights held by other parties shall include an assessment of any rights exercisable by an investee’s board of directors (or other governing body) and their effect on the decision-making authority (see paragraph B23(b)).
Remuneration
B68
The greater the magnitude of, and variability associated with, the decision maker’s remuneration relative to the returns expected from the activities of the investee, the more likely the decision maker is a principal.
B69
In determining whether it is a principal or an agent the decision maker shall also consider whether the following conditions exist:
(a)
The remuneration of the decision maker is commensurate with the services provided.
(b)
The remuneration agreement includes only terms, conditions or amounts that are customarily present in arrangements for similar services and level of skills negotiated on an arm’s length basis.
B70
A decision maker cannot be an agent unless the conditions set out in paragraph B69(a) and (b) are present. However, meeting those conditions in isolation is not sufficient to conclude that a decision maker is an agent.
Exposure to variability of returns from other interests
B71
A decision maker that holds other interests in an investee (eg investments in the investee or provides guarantees with respect to the performance of the investee), shall consider its exposure to variability of returns from those interests in assessing whether it is an agent. Holding other interests in an investee indicates that the decision maker may be a principal.
B72
In evaluating its exposure to variability of returns from other interests in the investee a decision maker shall consider the following:
(a)
the greater the magnitude of, and variability associated with, its economic interests, considering its remuneration and other interests in aggregate, the more likely the decision maker is a principal.
(b)
whether its exposure to variability of returns is different from that of the other investors and, if so, whether this might influence its actions. For example, this might be the case when a decision maker holds subordinated interests in, or provides other forms of credit enhancement to, an investee.
The decision maker shall evaluate its exposure relative to the total variability of returns of the investee. This evaluation is made primarily on the basis of returns expected from the activities of the investee but shall not ignore the decision maker’s maximum exposure to variability of returns of the investee through other interests that the decision maker holds.
Application examples
Example 13
A decision maker (fund manager) establishes, markets and manages a publicly traded, regulated fund according to narrowly defined parameters set out in the investment mandate as required by its local laws and regulations. The fund was marketed to investors as an investment in a diversified portfolio of equity securities of publicly traded entities. Within the defined parameters, the fund manager has discretion about the assets in which to invest. The fund manager has made a 10 per cent pro rata investment in the fund and receives a market-based fee for its services equal to 1 per cent of the net asset value of the fund. The fees are commensurate with the services provided. The fund manager does not have any obligation to fund losses beyond its 10 per cent investment. The fund is not required to establish, and has not established, an independent board of directors. The investors do not hold any substantive rights that would affect the decision-making authority of the fund manager, but can redeem their interests within particular limits set by the fund.
Although operating within the parameters set out in the investment mandate and in accordance with the regulatory requirements, the fund manager has decision-making rights that give it the current ability to direct the relevant activities of the fund—the investors do not hold substantive rights that could affect the fund manager’s decision-making authority. The fund manager receives a market-based fee for its services that is commensurate with the services provided and has also made a pro rata investment in the fund. The remuneration and its investment expose the fund manager to variability of returns from the activities of the fund without creating exposure that is of such significance that it indicates that the fund manager is a principal.
In this example, consideration of the fund manager’s exposure to variability of returns from the fund together with its decision-making authority within restricted parameters indicates that the fund manager is an agent. Thus, the fund manager concludes that it does not control the fund.
Example 14
A decision maker establishes, markets and manages a fund that provides investment opportunities to a number of investors. The decision maker (fund manager) must make decisions in the best interests of all investors and in accordance with the fund’s governing agreements. Nonetheless, the fund manager has wide decision-making discretion. The fund manager receives a market-based fee for its services equal to 1 per cent of assets under management and 20 per cent of all the fund’s profits if a specified profit level is achieved. The fees are commensurate with the services provided.
Although it must make decisions in the best interests of all investors, the fund manager has extensive decision-making authority to direct the relevant activities of the fund. The fund manager is paid fixed and performance-related fees that are commensurate with the services provided. In addition, the remuneration aligns the interests of the fund manager with those of the other investors to increase the value of the fund, without creating exposure to variability of returns from the activities of the fund that is of such significance that the remuneration, when considered in isolation, indicates that the fund manager is a principal.
The above fact pattern and analysis applies to examples 14A–14C described below. Each example is considered in isolation.
Example 14A
The fund manager also has a 2 per cent investment in the fund that aligns its interests with those of the other investors. The fund manager does not have any obligation to fund losses beyond its 2 per cent investment. The investors can remove the fund manager by a simple majority vote, but only for breach of contract.
The fund manager’s 2 per cent investment increases its exposure to variability of returns from the activities of the fund without creating exposure that is of such significance that it indicates that the fund manager is a principal. The other investors’ rights to remove the fund manager are considered to be protective rights because they are exercisable only for breach of contract. In this example, although the fund manager has extensive decision-making authority and is exposed to variability of returns from its interest and remuneration, the fund manager’s exposure indicates that the fund manager is an agent. Thus, the fund manager concludes that it does not control the fund.
Example 14B
The fund manager has a more substantial pro rata investment in the fund, but does not have any obligation to fund losses beyond that investment. The investors can remove the fund manager by a simple majority vote, but only for breach of contract.
In this example, the other investors’ rights to remove the fund manager are considered to be protective rights because they are exercisable only for breach of contract. Although the fund manager is paid fixed and performance-related fees that are commensurate with the services provided, the combination of the fund manager’s investment together with its remuneration could create exposure to variability of returns from the activities of the fund that is of such significance that it indicates that the fund manager is a principal. The greater the magnitude of, and variability associated with, the fund manager’s economic interests (considering its remuneration and other interests in aggregate), the more emphasis the fund manager would place on those economic interests in the analysis, and the more likely the fund manager is a principal.
For example, having considered its remuneration and the other factors, the fund manager might consider a 20 per cent investment to be sufficient to conclude that it controls the fund. However, in different circumstances (ie if the remuneration or other factors are different), control may arise when the level of investment is different.
Example 14C
The fund manager has a 20 per cent pro rata investment in the fund, but does not have any obligation to fund losses beyond its 20 per cent investment. The fund has a board of directors, all of whose members are independent of the fund manager and are appointed by the other investors. The board appoints the fund manager annually. If the board decided not to renew the fund manager’s contract, the services performed by the fund manager could be performed by other managers in the industry.
Although the fund manager is paid fixed and performance-related fees that are commensurate with the services provided, the combination of the fund manager’s 20 per cent investment together with its remuneration creates exposure to variability of returns from the activities of the fund that is of such significance that it indicates that the fund manager is a principal. However, the investors have substantive rights to remove the fund manager—the board of directors provides a mechanism to ensure that the investors can remove the fund manager if they decide to do so.
In this example, the fund manager places greater emphasis on the substantive removal rights in the analysis. Thus, although the fund manager has extensive decision-making authority and is exposed to variability of returns of the fund from its remuneration and investment, the substantive rights held by the other investors indicate that the fund manager is an agent. Thus, the fund manager concludes that it does not control the fund.
Example 15
An investee is created to purchase a portfolio of fixed rate asset-backed securities, funded by fixed rate debt instruments and equity instruments. The equity instruments are designed to provide first loss protection to the debt investors and receive any residual returns of the investee. The transaction was marketed to potential debt investors as an investment in a portfolio of asset-backed securities with exposure to the credit risk associated with the possible default of the issuers of the asset-backed securities in the portfolio and to the interest rate risk associated with the management of the portfolio. On formation, the equity instruments represent 10 per cent of the value of the assets purchased. A decision maker (the asset manager) manages the active asset portfolio by making investment decisions within the parameters set out in the investee’s prospectus. For those services, the asset manager receives a market-based fixed fee (ie 1 per cent of assets under management) and performance-related fees (ie 10 per cent of profits) if the investee’s profits exceed a specified level. The fees are commensurate with the services provided. The asset manager holds 35 per cent of the equity in the investee.
The remaining 65 per cent of the equity, and all the debt instruments, are held by a large number of widely dispersed unrelated third party investors. The asset manager can be removed, without cause, by a simple majority decision of the other investors.
The asset manager is paid fixed and performance-related fees that are commensurate with the services provided. The remuneration aligns the interests of the fund manager with those of the other investors to increase the value of the fund. The asset manager has exposure to variability of returns from the activities of the fund because it holds 35 per cent of the equity and from its remuneration.
Although operating within the parameters set out in the investee’s prospectus, the asset manager has the current ability to make investment decisions that significantly affect the investee’s returns—the removal rights held by the other investors receive little weighting in the analysis because those rights are held by a large number of widely dispersed investors. In this example, the asset manager places greater emphasis on its exposure to variability of returns of the fund from its equity interest, which is subordinate to the debt instruments. Holding 35 per cent of the equity creates subordinated exposure to losses and rights to returns of the investee, which are of such significance that it indicates that the asset manager is a principal. Thus, the asset manager concludes that it controls the investee.
Example 16
A decision maker (the sponsor) sponsors a multi-seller conduit, which issues short-term debt instruments to unrelated third party investors. The transaction was marketed to potential investors as an investment in a portfolio of highly rated medium-term assets with minimal exposure to the credit risk associated with the possible default by the issuers of the assets in the portfolio. Various transferors services sell high quality medium-term asset portfolios to the conduit. Each transferor the portfolio of assets that it sells to the conduit and manages receivables on default for a market-based servicing fee. Each transferor also provides first loss protection against credit losses from its asset portfolio through over-collateralisation of the assets transferred to the conduit. The sponsor establishes the terms of the conduit and manages the operations of the conduit for a market-based fee. The fee is commensurate with the services provided. The sponsor approves the sellers permitted to sell to the conduit, approves the assets to be purchased by the conduit and makes decisions about the funding of the conduit. The sponsor must act in the best interests of all investors.
The sponsor is entitled to any residual return of the conduit and also provides credit enhancement and liquidity facilities to the conduit. The credit enhancement provided by the sponsor absorbs losses of up to 5 per cent of all of the conduit’s assets, after losses are absorbed by the transferors. The liquidity facilities are not advanced against defaulted assets. The investors do not hold substantive rights that could affect the decision-making authority of the sponsor.
Even though the sponsor is paid a market-based fee for its services that is commensurate with the services provided, the sponsor has exposure to variability of returns from the activities of the conduit because of its rights to any residual returns of the conduit and the provision of credit enhancement and liquidity facilities (ie the conduit is exposed to liquidity risk by using short-term debt instruments to fund medium-term assets). Even though each of the transferors has decision-making rights that affect the value of the assets of the conduit, the sponsor has extensive decision-making authority that gives it the current ability to direct the activities that 
most
 significantly affect the conduit’s returns (ie the sponsor established the terms of the conduit, has the right to make decisions about the assets (approving the assets purchased and the transferors of those assets) and the funding of the conduit (for which new investment must be found on a regular basis)). The right to residual returns of the conduit and the provision of credit enhancement and liquidity facilities expose the sponsor to variability of returns from the activities of the conduit that is different from that of the other investors. Accordingly, that exposure indicates that the sponsor is a principal and thus the sponsor concludes that it controls the conduit. The sponsor’s obligation to act in the best interest of all investors does not prevent the sponsor from being a principal.
Relationship with other parties
B73
When assessing control, an investor shall consider the nature of its relationship with other parties and whether those other parties are acting on the investor’s behalf (ie they are ‘de facto agents’). The determination of whether other parties are acting as de facto agents requires judgement, considering not only the nature of the relationship but also how those parties interact with each other and the investor.
B74
Such a relationship need not involve a contractual arrangement. A party is a de facto agent when the investor has, or those that direct the activities of the investor have, the ability to direct that party to act on the investor’s behalf. In these circumstances, the investor shall consider its de facto agent’s decision-making rights and its indirect exposure, or rights, to variable returns through the de facto agent together with its own when assessing control of an investee.
B75
The following are examples of such other parties that, by the nature of their relationship, might act as de facto agents for the investor:
(a)
the investor’s related parties.
(b)
a party that received its interest in the investee as a contribution or loan from the investor.
(c)
a party that has agreed not to sell, transfer or encumber its interests in the investee without the investor’s prior approval (except for situations in which the investor and the other party have the right of prior approval and the rights are based on mutually agreed terms by willing independent parties).
(d)
a party that cannot finance its operations without subordinated financial support from the investor.
(e)
an investee for which the majority of the members of its governing body or for which its key management personnel are the same as those of the investor.
(f)
a party that has a close business relationship with the investor, such as the relationship between a professional service provider and one of its significant clients.
Control of specified assets
B76
An investor shall consider whether it treats a portion of an investee as a deemed separate entity and, if so, whether it controls the deemed separate entity.
B77
An investor shall treat a portion of an investee as a deemed separate entity if and only if the following condition is satisfied:
Specified assets of the investee (and related credit enhancements, if any) are the only source of payment for specified liabilities of, or specified other interests in, the investee. Parties other than those with the specified liability do not have rights or obligations related to the specified assets or to residual cash flows from those assets. In substance, none of the returns from the specified assets can be used by the remaining investee and none of the liabilities of the deemed separate entity are payable from the assets of the remaining investee. Thus, in substance, all the assets, liabilities and equity of that deemed separate entity are ring-fenced from the overall investee. Such a deemed separate entity is often called a ‘silo’.
B78
When the condition in paragraph B77 is satisfied, an investor shall identify the activities that significantly affect the returns of the deemed separate entity and how those activities are directed in order to assess whether it has power over that portion of the investee. When assessing control of the deemed separate entity, the investor shall also consider whether it has exposure or rights to variable returns from its involvement with that deemed separate entity and the ability to use its power over that portion of the investee to affect the amount of the investor’s returns.
B79
If the investor controls the deemed separate entity, the investor shall consolidate that portion of the investee. In that case, other parties exclude that portion of the investee when assessing control of, and in consolidating, the investee.
Continuous assessment
B80
An investor shall reassess whether it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed in paragraph 7.
B81
If there is a change in how power over an investee can be exercised, that change must be reflected in how an investor assesses its power over an investee. For example, changes to decision-making rights can mean that the relevant activities are no longer directed through voting rights, but instead other agreements, such as contracts, give another party or parties the current ability to direct the relevant activities.
B82
An event can cause an investor to gain or lose power over an investee without the investor being involved in that event. For example, an investor can gain power over an investee because decision-making rights held by another party or parties that previously prevented the investor from controlling an investee have lapsed.
B83
An investor also considers changes affecting its exposure, or rights, to variable returns from its involvement with an investee. For example, an investor that has power over an investee can lose control of an investee if the investor ceases to be entitled to receive returns or to be exposed to obligations, because the investor would fail to satisfy paragraph 7(b) (eg if a contract to receive performance-related fees is terminated).
B84
An investor shall consider whether its assessment that it acts as an agent or a principal has changed. Changes in the overall relationship between the investor and other parties can mean that an investor no longer acts as an agent, even though it has previously acted as an agent, and vice versa. For example, if changes to the rights of the investor, or of other parties, occur, the investor shall reconsider its status as a principal or an agent.
B85
An investor’s initial assessment of control or its status as a principal or an agent would not change simply because of a change in market conditions (eg a change in the investee’s returns driven by market conditions), unless the change in market conditions changes one or more of the three elements of control listed in paragraph 7 or changes the overall relationship between a principal and an agent.
DETERMINING WHETHER AN ENTITY IS AN INVESTMENT ENTITY
B85A
An entity shall consider all facts and circumstances when assessing whether it is an investment entity, including its purpose and design. An entity that possesses the three elements of the definition of an investment entity set out in paragraph 27 is an investment entity. Paragraphs B85B–B85M describe the elements of the definition in more detail.
Business purpose
B85B
The definition of an investment entity requires that the purpose of the entity is to invest solely for capital appreciation, investment income (such as dividends, interest or rental income), or both. Documents that indicate what the entity’s investment objectives are, such as the entity’s offering memorandum, publications distributed by the entity and other corporate or partnership documents, will typically provide evidence of an investment entity’s business purpose. Further evidence may include the manner in which the entity presents itself to other parties (such as potential investors or potential investees); for example, an entity may present its business as providing medium-term investment for capital appreciation. In contrast, an entity that presents itself as an investor whose objective is to jointly develop, produce or market products with its investees has a business purpose that is inconsistent with the business purpose of an investment entity, because the entity will earn returns from the development, production or marketing activity as well as from its investments (see paragraph B85I).
B85C
An investment entity may provide investment-related services (eg investment advisory services, investment management, investment support and administrative services), either directly or through a subsidiary, to third parties as well as to its investors, even if those activities are substantial to the entity, subject to the entity continuing to meet the definition of an investment entity.
B85D
An investment entity may also participate in the following investment-related activities, either directly or through a subsidiary, if these activities are undertaken to maximise the investment return (capital appreciation or investment income) from its investees and do not represent a separate substantial business activity or a separate substantial source of income to the investment entity:
(a)
providing management services and strategic advice to an investee; and
(b)
providing financial support to an investee, such as a loan, capital commitment or guarantee.
B85E
If an investment entity has a subsidiary that is not itself an investment entity and whose main purpose and activities are providing investment-related services or activities that relate to the investment entity's investment activities, such as those described in paragraphs B85C–B85D, to the entity or other parties, it shall consolidate that subsidiary in accordance with paragraph 32. If the subsidiary that provides the investment-related services or activities is itself an investment entity, the investment entity parent shall measure that subsidiary at fair value through profit or loss in accordance with paragraph 31.
Exit strategies
B85F
An entity’s investment plans also provide evidence of its business purpose. One feature that differentiates an investment entity from other entities is that an investment entity does not plan to hold its investments indefinitely; it holds them for a limited period. Because equity investments and non-financial asset investments have the potential to be held indefinitely, an investment entity shall have an exit strategy documenting how the entity plans to realise capital appreciation from substantially all of its equity investments and non-financial asset investments. An investment entity shall also have an exit strategy for any debt instruments that have the potential to be held indefinitely, for example perpetual debt investments. The entity need not document specific exit strategies for each individual investment but shall identify different potential strategies for different types or portfolios of investments, including a substantive time frame for exiting the investments. Exit mechanisms that are only put in place for default events, such as a breach of contract or non-performance, are not considered exit strategies for the purpose of this assessment.
B85G
Exit strategies can vary by type of investment. For investments in private equity securities, examples of exit strategies include an initial public offering, a private placement, a trade sale of a business, distributions (to investors) of ownership interests in investees and sales of assets (including the sale of an investee’s assets followed by a liquidation of the investee). For equity investments that are traded in a public market, examples of exit strategies include selling the investment in a private placement or in a public market. For real estate investments, an example of an exit strategy includes the sale of the real estate through specialised property dealers or the open market.
B85H
An investment entity may have an investment in another investment entity that is formed in connection with the entity for legal, regulatory, tax or similar business reasons. In this case, the investment entity investor need not have an exit strategy for that investment, provided that the investment entity investee has appropriate exit strategies for its investments.
Earnings from investments
B85I
An entity is not investing solely for capital appreciation, investment income, or both, if the entity or another member of the group containing the entity (ie the group that is controlled by the investment entity’s ultimate parent) obtains, or has the objective of obtaining, other benefits from the entity’s investments that are not available to other parties that are not related to the investee. Such benefits include:
(a)
the acquisition, use, exchange or exploitation of the processes, assets or technology of an investee. This would include the entity or another group member having disproportionate, or exclusive, rights to acquire assets, technology, products or services of any investee; for example, by holding an option to purchase an asset from an investee if the asset’s development is deemed successful;
(b)
joint arrangements (as defined in IFRS 11) or other agreements between the entity or another group member and an investee to develop, produce, market or provide products or services;
(c)
financial guarantees or assets provided by an investee to serve as collateral for borrowing arrangements of the entity or another group member (however, an investment entity would still be able to use an investment in an investee as collateral for any of its borrowings);
(d)
an option held by a related party of the entity to purchase, from that entity or another group member, an ownership interest in an investee of the entity;
(e)
except as described in paragraph B85J, transactions between the entity or another group member and an investee that:
(i)
are on terms that are unavailable to entities that are not related parties of either the entity, another group member or the investee;
(ii)
are not at fair value; or
(iii)
represent a substantial portion of the investee’s or the entity’s business activity, including business activities of other group entities.
B85J
An investment entity may have a strategy to invest in more than one investee in the same industry, market or geographical area in order to benefit from synergies that increase the capital appreciation and investment income from those investees. Notwithstanding paragraph B85I(e), an entity is not disqualified from being classified as an investment entity merely because such investees trade with each other.
Fair value measurement
B85K
An essential element of the definition of an investment entity is that it measures and evaluates the performance of substantially all of its investments on a fair value basis, because using fair value results in more relevant information than, for example, consolidating its subsidiaries or using the equity method for its interests in associates or joint ventures. In order to demonstrate that it meets this element of the definition, an investment entity:
(a)
provides investors with fair value information and measures substantially all of its investments at fair value in its financial statements whenever fair value is required or permitted in accordance with IFRSs; and
(b)
reports fair value information internally to the entity’s key management personnel (as defined in IAS 24), who use fair value as the primary measurement attribute to evaluate the performance of substantially all of its investments and to make investment decisions.
B85L
In order to meet the requirement in B85K(a), an investment entity would:
(a)
elect to account for any investment property using the fair value model in IAS 40 
Investment Property
;
(b)
elect the exemption from applying the equity method in IAS 28 for its investments in associates and joint ventures; and
(c)
measure its financial assets at fair value using the requirements in IFRS 9.
B85M
An investment entity may have some non-investment assets, such as a head office property and related equipment, and may also have financial liabilities. The fair value measurement element of the definition of an investment entity in paragraph 27(c) applies to an investment entity’s investments. Accordingly, an investment entity need not measure its non-investment assets or its liabilities at fair value.
Typical characteristics of an investment entity
B85N
In determining whether it meets the definition of an investment entity, an entity shall consider whether it displays the typical characteristics of one (see paragraph 28). The absence of one or more of these typical characteristics does not necessarily disqualify an entity from being classified as an investment entity but indicates that additional judgement is required in determining whether the entity is an investment entity.
More than one investment
B85O
An investment entity typically holds several investments to diversify its risk and maximise its returns. An entity may hold a portfolio of investments directly or indirectly, for example by holding a single investment in another investment entity that itself holds several investments.
B85P
There may be times when the entity holds a single investment. However, holding a single investment does not necessarily prevent an entity from meeting the definition of an investment entity. For example, an investment entity may hold only a single investment when the entity:
(a)
is in its start-up period and has not yet identified suitable investments and, therefore, has not yet executed its investment plan to acquire several investments;
(b)
has not yet made other investments to replace those it has disposed of;
(c)
is established to pool investors’ funds to invest in a single investment when that investment is unobtainable by individual investors (eg when the required minimum investment is too high for an individual investor); or
(d)
is in the process of liquidation.
More than one investor
B85Q
Typically, an investment entity would have several investors who pool their funds to gain access to investment management services and investment opportunities that they might not have had access to individually. Having several investors would make it less likely that the entity, or other members of the group containing the entity, would obtain benefits other than capital appreciation or investment income (see paragraph B85I).
B85R
Alternatively, an investment entity may be formed by, or for, a single investor that represents or supports the interests of a wider group of investors (eg a pension fund, government investment fund or family trust).
B85S
There may also be times when the entity temporarily has a single investor. For example, an investment entity may have only a single investor when the entity:
(a)
is within its initial offering period, which has not expired and the entity is actively identifying suitable investors;
(b)
has not yet identified suitable investors to replace ownership interests that have been redeemed; or
(c)
is in the process of liquidation.
Unrelated investors
B85T
Typically, an investment entity has several investors that are not related parties (as defined in IAS 24) of the entity or other members of the group containing the entity. Having unrelated investors would make it less likely that the entity, or other members of the group containing the entity, would obtain benefits other than capital appreciation or investment income (see paragraph B85I).
B85U
However, an entity may still qualify as an investment entity even though its investors are related to the entity. For example, an investment entity may set up a separate ‘parallel’ fund for a group of its employees (such as key management personnel) or other related party investor(s), which mirrors the investments of the entity’s main investment fund. This ‘parallel’ fund may qualify as an investment entity even though all of its investors are related parties.
Ownership interests
B85V
An investment entity is typically, but is not required to be, a separate legal entity. Ownership interests in an investment entity are typically in the form of equity or similar interests (eg partnership interests), to which proportionate shares of the net assets of the investment entity are attributed. However, having different classes of investors, some of which have rights only to a specific investment or groups of investments or which have different proportionate shares of the net assets, does not preclude an entity from being an investment entity.
B85W
In addition, an entity that has significant ownership interests in the form of debt that, in accordance with other applicable IFRSs, does not meet the definition of equity, may still qualify as an investment entity, provided that the debt holders are exposed to variable returns from changes in the fair value of the entity’s net assets.
ACCOUNTING REQUIREMENTS
Consolidation procedures
B86
Consolidated financial statements:
(a)
combine like items of assets, liabilities, equity, income, expenses and cash flows of the parent with those of its subsidiaries.
(b)
offset (eliminate) the carrying amount of the parent’s investment in each subsidiary and the parent’s portion of equity of each subsidiary (IFRS 3 explains how to account for any related goodwill).
(c)
eliminate in full intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between entities of the group (profits or 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.
Uniform accounting policies
B87
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 that group member’s financial statements in preparing the consolidated financial statements to ensure conformity with the group’s accounting policies.
Measurement
B88
An entity includes the income and expenses of a subsidiary in the consolidated financial statements from the date it gains control until the date when the entity ceases to control the subsidiary. Income and expenses of the subsidiary are based on the amounts of the assets and liabilities recognised in the consolidated financial statements at the acquisition date. For example, depreciation expense recognised in the consolidated statement of comprehensive income after the acquisition date is based on the fair values of the related depreciable assets recognised in the consolidated financial statements at the acquisition date.
Potential voting rights
B89
When potential voting rights, or other derivatives containing potential voting rights, exist, the proportion of profit or loss and changes in equity allocated to the parent and non-controlling interests in preparing consolidated financial statements is determined solely on the basis of existing ownership interests and does not reflect the possible exercise or conversion of potential voting rights and other derivatives, unless paragraph B90 applies.
B90
In some circumstances an entity has, in substance, an existing ownership interest as a result of a transaction that currently gives the entity access to the returns associated with an ownership interest. In such circumstances, the proportion allocated to the parent and non-controlling interests in preparing consolidated financial statements is determined by taking into account the eventual exercise of those potential voting rights and other derivatives that currently give the entity access to the returns.
B91
IFRS 9 does not apply to interests in subsidiaries that are consolidated. When instruments containing potential voting rights in substance currently give access to the returns associated with an ownership interest in a subsidiary, the instruments are not subject to the requirements of IFRS 9. In all other cases, instruments containing potential voting rights in a subsidiary are accounted for in accordance with IFRS 9.
Reporting date
B92
The financial statements of the parent and its subsidiaries used in the preparation of the consolidated financial statements shall have the same reporting date. When the end of the reporting period of the parent is different from that of a subsidiary, the subsidiary prepares, for consolidation purposes, additional financial information as of the same date as the financial statements of the parent to enable the parent to consolidate the financial information of the subsidiary, unless it is impracticable to do so.
B93
If it is impracticable to do so, the parent shall consolidate the financial information of the subsidiary using the most recent financial statements of the subsidiary adjusted for the effects of significant transactions or events that occur between the date of those financial statements and the date of the consolidated financial statements. In any case, the difference between the date of the subsidiary’s financial statements and that of the consolidated financial statements shall be no more than three months, and the length of the reporting periods and any difference between the dates of the financial statements shall be the same from period to period.
Non-controlling interests
B94
An entity shall attribute the profit or loss and each component of other comprehensive income to the owners of the parent and to the non-controlling interests. The entity shall also attribute total comprehensive income to the owners of the parent and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance.
B95
If a subsidiary has outstanding cumulative preference shares that are classified as equity and are held by non-controlling interests, the entity shall compute its share of profit or loss after adjusting for the dividends on such shares, whether or not such dividends have been declared.
Changes in the proportion held by non-controlling interests
B96
When the proportion of the equity held by non-controlling interests changes, an entity shall adjust the carrying amounts of the controlling and non-controlling interests to reflect the changes in their relative interests in the subsidiary. The entity shall recognise directly in equity any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received, and attribute it to the owners of the parent.
Loss of control
B97
A parent might lose control of a subsidiary in two or more arrangements (transactions). However, sometimes circumstances indicate that the multiple arrangements should be accounted for as a single transaction. In determining whether to account for the arrangements as a single transaction, a parent shall consider all the terms and conditions of the arrangements and their economic effects. One or more of the following indicate that the parent should account for the multiple arrangements as a single transaction:
(a)
They are entered into at the same time or in contemplation of each other.
(b)
They form a single transaction designed to achieve an overall commercial effect.
(c)
The occurrence of one arrangement is dependent on the occurrence of at least one other arrangement.
(d)
One arrangement considered on its own is not economically justified, but it is economically justified when considered together with other arrangements. An example is when a disposal of shares is priced below market and is compensated for by a subsequent disposal priced above market.
B98
If a parent loses control of a subsidiary, it shall:
(a)
derecognise:
(i)
the assets (including any goodwill) and liabilities of the subsidiary at their carrying amounts at the date when control is lost; and
(ii)
the carrying amount of any non-controlling interests in the former subsidiary at the date when control is lost (including any components of other comprehensive income attributable to them).
(b)
recognise:
(i)
the fair value of the consideration received, if any, from the transaction, event or circumstances that resulted in the loss of control;
(ii)
if the transaction, event or circumstances that resulted in the loss of control involves a distribution of shares of the subsidiary to owners in their capacity as owners, that distribution; and
(iii)
any investment retained in the former subsidiary at its fair value at the date when control is lost.
(c)
reclassify to profit or loss, or transfer directly to retained earnings if required by other IFRSs, the amounts recognised in other comprehensive income in relation to the subsidiary on the basis described in paragraph B99.
(d)
recognise any resulting difference as a gain or loss in profit or loss attributable to the parent.
B99
If a parent loses control of a subsidiary, the parent shall account for all amounts previously recognised in other comprehensive income in relation to that subsidiary on the same basis as would be required if the parent had directly disposed of the related assets or liabilities. Therefore, if a gain or loss previously recognised in other comprehensive income would be reclassified to profit or loss on the disposal of the related assets or liabilities, the parent shall reclassify the gain or loss from equity to profit or loss (as a reclassification adjustment) when it loses control of the subsidiary. If a revaluation surplus previously recognised in other comprehensive income would be transferred directly to retained earnings on the disposal of the asset, the parent shall transfer the revaluation surplus directly to retained earnings when it loses control of the subsidiary.
ACCOUNTING FOR A CHANGE IN INVESTMENT ENTITY STATUS
B100
When an entity ceases to be an investment entity, it shall apply IFRS 3 to any subsidiary that was previously measured at fair value through profit or loss in accordance with paragraph 31. The date of the change of status shall be the deemed acquisition date. The fair value of the subsidiary at the deemed acquisition date shall represent the transferred deemed consideration when measuring any goodwill or gain from a bargain purchase that arises from the deemed acquisition. All subsidiaries shall be consolidated in accordance with paragraphs 19–24 of this IFRS from the date of change of status.
B101
When an entity becomes an investment entity, it shall cease to consolidate its subsidiaries at the date of the change in status, except for any subsidiary that shall continue to be consolidated in accordance with paragraph 32. The investment entity shall apply the requirements of paragraphs 25 and 26 to those subsidiaries that it ceases to consolidate as though the investment entity had lost control of those subsidiaries at that date.
Appendix C
Effective date and transition
This appendix is an integral part of the IFRS and has the same authority as the other parts of the IFRS.
EFFECTIVE DATE
C1
An entity shall apply this IFRS for annual periods beginning on or after 1 January 2013. Earlier application is permitted. If an entity applies this IFRS earlier, it shall disclose that fact and apply IFRS 11, IFRS 12, IAS 27 
Separate Financial Statements
 and IAS 28 (as amended in 2011) at the same time.
C1A
Consolidated Financial Statements, Joint Arrangements and Disclosure of Interests in Other Entities: Transition Guidance
 (Amendments to IFRS 10, IFRS 11 and IFRS 12), issued in June 2012, amended paragraphs C2–C6 and added paragraphs C2A–C2B, C4A–C4C, C5A and C6A–C6B. An entity shall apply those amendments for annual periods beginning on or after 1 January 2013. If an entity applies IFRS 10 for an earlier period, it shall apply those amendments for that earlier period.
C1B
Investment Entities
 (Amendments to IFRS 10, IFRS 12 and IAS 27), issued in October 2012, amended paragraphs 2, 4, C2A, C6A and Appendix A and added paragraphs 27–33, B85A–B85W, B100–B101 and C3A–C3F. An entity shall apply those amendments for annual periods beginning on or after 1 January 2014. Early application is permitted. If an entity applies those amendments earlier, it shall disclose that fact and apply all amendments included in 
Investment Entities
 at the same time.
C1D
Investment Entities: Applying the Consolidation Exception
 (Amendments to IFRS 10, IFRS 12 and IAS 28), issued in December 2014, amended paragraphs 4, 32, B85C, B85E and C2A and added paragraphs 4A–4B. An entity shall apply those amendments for annual periods beginning on or after 1 January 2016. Earlier application is permitted. If an entity applies those amendments for an earlier period it shall disclose that fact.
TRANSITION
C2
An entity shall apply this IFRS retrospectively, in accordance with IAS 8 
Accounting Policies, Changes in Accounting Estimates and Errors
, except as specified in paragraphs C2A–C6.
C2A
Notwithstanding the requirements of paragraph 28 of IAS 8, when this IFRS is first applied, and, if later, when the 
Investment Entities
 and 
Investment Entities: Applying the Consolidation Exception
 amendments to this IFRS are first applied, an entity need only present the quantitative information required by paragraph 28(f) of IAS 8 for the annual period immediately preceding the date of initial application of this IFRS (the ‘immediately preceding period’). An entity may also present this information for the current period or for earlier comparative periods, but is not required to do so.
C2B
For the purposes of this IFRS, the date of initial application is the beginning of the annual reporting period for which this IFRS is applied for the first time.
C3
At the date of initial application, an entity is not required to make adjustments to the previous accounting for its involvement with either:
(a)
entities that would be consolidated at that date in accordance with IAS 27 
Consolidated and Separate Financial Statements
 and SIC-12 
Consolidation—Special Purpose Entities
 and, are still consolidated in accordance with this IFRS; or
(b)
entities that would not be consolidated at that date in accordance with IAS 27 and SIC-12 and, are not consolidated in accordance with this IFRS.
C3A
At the date of initial application, an entity shall assess whether it is an investment entity on the basis of the facts and circumstances that exist at that date. If, at the date of initial application, an entity concludes that it is an investment entity, it shall apply the requirements of paragraphs C3B–C3F instead of paragraphs C5–C5A.
C3B
Except for any subsidiary that is consolidated in accordance with paragraph 32 (to which paragraphs C3 and C6 or paragraphs C4–C4C, whichever is relevant, apply), an investment entity shall measure its investment in each subsidiary at fair value through profit or loss as if the requirements of this IFRS had always been effective. The investment entity shall retrospectively adjust both the annual period that immediately precedes the date of initial application and equity at the beginning of the immediately preceding period for any difference between:
(a)
the previous carrying amount of the subsidiary; and
(b)
the fair value of the investment entity’s investment in the subsidiary.
The cumulative amount of any fair value adjustments previously recognised in other comprehensive income shall be transferred to retained earnings at the beginning of the annual period immediately preceding the date of initial application.
C3C
Before the date that IFRS 13 
Fair Value Measurement
 is adopted, an investment entity shall use the fair value amounts that were previously reported to investors or to management, if those amounts represent the amount for which the investment could have been exchanged between knowledgeable, willing parties in an arm’s length transaction at the date of the valuation.
C3D
If measuring an investment in a subsidiary in accordance with paragraphs C3B–C3C is impracticable (as defined in IAS 8), an investment entity shall apply the requirements of this IFRS at the beginning of the earliest period for which application of paragraphs C3B–C3C is practicable, which may be the current period. The investor shall retrospectively adjust the annual period that immediately precedes the date of initial application, unless the beginning of the earliest period for which application of this paragraph is practicable is the current period. If this is the case, the adjustment to equity shall be recognised at the beginning of the current period.
C3E
If an investment entity has disposed of, or has lost control of, an investment in a subsidiary before the date of initial application of this IFRS, the investment entity is not required to make adjustments to the previous accounting for that subsidiary.
C3F
If an entity applies the 
Investment Entities
 amendments for a period later than when it applies IFRS 10 for the first time, references to ‘the date of initial application’ in paragraphs C3A–C3E shall be read as ‘the beginning of the annual reporting period for which the amendments in 
Investment Entities
 (Amendments to IFRS 10, IFRS 12 and IAS 27), issued in October 2012, are applied for the first time.’
C4
If, at the date of initial application, an investor concludes that it shall consolidate an investee that was not consolidated in accordance with IAS 27 and SIC-12, the investor shall:
(a)
if the investee is a business (as defined in IFRS 3 
Business Combinations
), measure the assets, liabilities and non-controlling interests in that previously unconsolidated investee as if that investee had been consolidated (and thus had applied acquisition accounting in accordance with IFRS 3) from the date when the investor obtained control of that investee on the basis of the requirements of this IFRS. The investor shall adjust retrospectively the annual period immediately preceding the date of initial application. When the date that control was obtained is earlier than the beginning of the immediately preceding period, the investor shall recognise, as an adjustment to equity at the beginning of the immediately preceding period, any difference between:
(i)
the amount of assets, liabilities and non-controlling interests recognised; and
(ii)
the previous carrying amount of the investor’s involvement with the investee.
(b)
if the investee is not a business (as defined in IFRS 3), measure the assets, liabilities and non-controlling interests in that previously unconsolidated investee as if that investee had been consolidated (applying the acquisition method as described in IFRS 3 but without recognising any goodwill for the investee) from the date when the investor obtained control of that investee on the basis of the requirements of this IFRS. The investor shall adjust retrospectively the annual period immediately preceding the date of initial application. When the date that control was obtained is earlier than the beginning of the immediately preceding period, the investor shall recognise, as an adjustment to equity at the beginning of the immediately preceding period, any difference between:
(i)
the amount of assets, liabilities and non-controlling interests recognised; and
(ii)
the previous carrying amount of the investor’s involvement with the investee.
C4A
If measuring an investee’s assets, liabilities and non-controlling interests in accordance with paragraph C4(a) or (b) is impracticable (as defined in IAS 8), an investor shall:
(a)
if the investee is a business, apply the requirements of IFRS 3 as of the deemed acquisition date. The deemed acquisition date shall be the beginning of the earliest period for which application of paragraph C4(a) is practicable, which may be the current period.
(b)
if the investee is not a business, apply the acquisition method as described in IFRS 3 but without recognising any goodwill for the investee as of the deemed acquisition date. The deemed acquisition date shall be the beginning of the earliest period for which the application of paragraph C4(b) is practicable, which may be the current period.
The investor shall adjust retrospectively the annual period immediately preceding the date of initial application, unless the beginning of the earliest period for which application of this paragraph is practicable is the current period. When the deemed acquisition date is earlier than the beginning of the immediately preceding period, the investor shall recognise, as an adjustment to equity at the beginning of the immediately preceding period, any difference between:
(c)
the amount of assets, liabilities and non-controlling interests recognised; and
(d)
the previous carrying amount of the investor’s involvement with the investee.
If the earliest period for which application of this paragraph is practicable is the current period, the adjustment to equity shall be recognised at the beginning of the current period.
C4B
When an investor applies paragraphs C4–C4A and the date that control was obtained in accordance with this IFRS is later than the effective date of IFRS 3 as revised in 2008 (IFRS 3 (2008)), the reference to IFRS 3 in paragraphs C4 and C4A shall be to IFRS 3 (2008). If control was obtained before the effective date of IFRS 3 (2008), an investor shall apply either IFRS 3 (2008) or IFRS 3 (issued in 2004).
C4C
When an investor applies paragraphs C4–C4A and the date that control was obtained in accordance with this IFRS is later than the effective date of IAS 27 as revised in 2008 (IAS 27 (2008)), an investor shall apply the requirements of this IFRS for all periods that the investee is retrospectively consolidated in accordance with paragraphs C4–C4A. If control was obtained before the effective date of IAS 27 (2008), an investor shall apply either:
(a)
the requirements of this IFRS for all periods that the investee is retrospectively consolidated in accordance with paragraphs C4–C4A; or
(b)
the requirements of the version of IAS 27 issued in 2003 (IAS 27 (2003)) for those periods prior to the effective date of IAS 27 (2008) and thereafter the requirements of this IFRS for subsequent periods.
C5
If, at the date of initial application, an investor concludes that it will no longer consolidate an investee that was consolidated in accordance with IAS 27 and SIC-12, the investor shall measure its interest in the investee at the amount at which it would have been measured if the requirements of this IFRS had been effective when the investor became involved with (but did not obtain control in accordance with this IFRS), or lost control of, the investee. The investor shall adjust retrospectively the annual period immediately preceding the date of initial application. When the date that the investor became involved with (but did not obtain control in accordance with this IFRS), or lost control of, the investee is earlier than the beginning of the immediately preceding period, the investor shall recognise, as an adjustment to equity at the beginning of the immediately preceding period, any difference between:
(a)
the previous carrying amount of the assets, liabilities and non-controlling interests; and
(b)
the recognised amount of the investor’s interest in the investee.
C5A
If measuring the interest in the investee in accordance with paragraph C5 is impracticable (as defined in IAS 8), an investor shall apply the requirements of this IFRS at the beginning of the earliest period for which application of paragraph C5 is practicable, which may be the current period. The investor shall adjust retrospectively the annual period immediately preceding the date of initial application, unless the beginning of the earliest period for which application of this paragraph is practicable is the current period. When the date that the investor became involved with (but did not obtain control in accordance with this IFRS), or lost control of, the investee is earlier than the beginning of the immediately preceding period, the investor shall recognise, as an adjustment to equity at the beginning of the immediately preceding period, any difference between:
(a)
the previous carrying amount of the assets, liabilities and non-controlling interests; and
(b)
the recognised amount of the investor’s interest in the investee.
If the earliest period for which application of this paragraph is practicable is the current period, the adjustment to equity shall be recognised at the beginning of the current period.
C6
Paragraphs 23, 25, B94 and B96–B99 were amendments to IAS 27 made in 2008 that were carried forward into IFRS 10. Except when an entity applies paragraph C3, or is required to apply paragraphs C4–C5A, the entity shall apply the requirements in those paragraphs as follows:
(a)
An entity shall not restate any profit or loss attribution for reporting periods before it applied the amendment in paragraph B94 for the first time.
(b)
The requirements in paragraphs 23 and B96 for accounting for changes in ownership interests in a subsidiary after control is obtained do not apply to changes that occurred before an entity applied these amendments for the first time.
(c)
An entity shall not restate the carrying amount of an investment in a former subsidiary if control was lost before it applied the amendments in paragraphs 25 and B97–B99 for the first time. In addition, an entity shall not recalculate any gain or loss on the loss of control of a subsidiary that occurred before the amendments in paragraphs 25 and B97–B99 were applied for the first time.
References to the ‘immediately preceding period’
C6A
Notwithstanding the references to the annual period immediately preceding the date of initial application (the ‘immediately preceding period’) in paragraphs C3B–C5A, an entity may also present adjusted comparative information for any earlier periods presented, but is not required to do so. If an entity does present adjusted comparative information for any earlier periods, all references to the ‘immediately preceding period’ in paragraphs C3B–C5A shall be read as the ‘earliest adjusted comparative period presented’.
C6B
If an entity presents unadjusted comparative information for any earlier periods, it shall clearly identify the information that has not been adjusted, state that it has been prepared on a different basis, and explain that basis.
References to IFRS 9
C7
If an entity applies this IFRS but does not yet apply IFRS 9, any reference in this IFRS to IFRS 9 shall be read as a reference to IAS 39 
Financial Instruments: Recognition and Measurement
.
WITHDRAWAL OF OTHER IFRSs
C8
This IFRS supersedes the requirements relating to consolidated financial statements in IAS 27 (as amended in 2008).
C9
This IFRS also supersedes SIC-12 
Consolidation—Special Purpose Entities
.
INTERNATIONAL FINANCIAL REPORTING STANDARD 11
Joint Arrangements
OBJECTIVE
1
The objective of this IFRS is to establish principles for financial reporting by entities that have an interest in arrangements that are controlled jointly (ie 
joint arrangements
).
Meeting the objective
2
To meet the objective in paragraph 1, this IFRS defines 
joint control
 and requires an entity that is a 
party to a joint arrangement
 to determine the type of joint arrangement in which it is involved by assessing its rights and obligations and to account for those rights and obligations in accordance with that type of joint arrangement.
SCOPE
3
This IFRS shall be applied by all entities that are a party to a joint arrangement.
JOINT ARRANGEMENTS
4
A joint arrangement is an arrangement of which two or more parties have joint control.
5
A joint arrangement has the following characteristics:
(a)
The parties are bound by a contractual arrangement (see paragraphs B2–B4).
(b)
The contractual arrangement gives two or more of those parties joint control of the arrangement (see paragraphs 7–13).
6
A joint arrangement is either a 
joint operation
 or a 
joint venture
.
Joint control
7
Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control.
8
An entity that is a party to an arrangement shall assess whether the contractual arrangement gives all the parties, or a group of the parties, control of the arrangement collectively. All the parties, or a group of the parties, control the arrangement collectively when they must act together to direct the activities that significantly affect the returns of the arrangement (ie the relevant activities).
9
Once it has been determined that all the parties, or a group of the parties, control the arrangement collectively, joint control exists only when decisions about the relevant activities require the unanimous consent of the parties that control the arrangement collectively.
10
In a joint arrangement, no single party controls the arrangement on its own. A party with joint control of an arrangement can prevent any of the other parties, or a group of the parties, from controlling the arrangement.
11
An arrangement can be a joint arrangement even though not all of its parties have joint control of the arrangement. This IFRS distinguishes between parties that have joint control of a joint arrangement (
joint operators
 or 
joint venturers
) and parties that participate in, but do not have joint control of, a joint arrangement.
12
An entity will need to apply judgement when assessing whether all the parties, or a group of the parties, have joint control of an arrangement. An entity shall make this assessment by considering all facts and circumstances (see paragraphs B5–B11).
13
If facts and circumstances change, an entity shall reassess whether it still has joint control of the arrangement.
Types of joint arrangement
14
An entity shall determine the type of joint arrangement in which it is involved. The classification of a joint arrangement as a joint operation or a joint venture depends upon the rights and obligations of the parties to the arrangement.
15
A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. Those parties are called joint operators.
16
A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. Those parties are called joint venturers.
17
An entity applies judgement when assessing whether a joint arrangement is a joint operation or a joint venture. An entity shall determine the type of joint arrangement in which it is involved by considering its rights and obligations arising from the arrangement. An entity assesses its rights and obligations by considering the structure and legal form of the arrangement, the terms agreed by the parties in the contractual arrangement and, when relevant, other facts and circumstances (see paragraphs B12–B33).
18
Sometimes the parties are bound by a framework agreement that sets up the general contractual terms for undertaking one or more activities. The framework agreement might set out that the parties establish different joint arrangements to deal with specific activities that form part of the agreement. Even though those joint arrangements are related to the same framework agreement, their type might be different if the parties’ rights and obligations differ when undertaking the different activities dealt with in the framework agreement. Consequently, joint operations and joint ventures can coexist when the parties undertake different activities that form part of the same framework agreement.
19
If facts and circumstances change, an entity shall reassess whether the type of joint arrangement in which it is involved has changed.
FINANCIAL STATEMENTS OF PARTIES TO A JOINT ARRANGEMENT
Joint operations
20
A joint operator shall recognise in relation to its interest in a joint operation:
(a)
its assets, including its share of any assets held jointly;
(b)
its liabilities, including its share of any liabilities incurred jointly;
(c)
its revenue from the sale of its share of the output arising from the joint operation;
(d)
its share of the revenue from the sale of the output by the joint operation; and
(e)
its expenses, including its share of any expenses incurred jointly.
21
A joint operator shall account for the assets, liabilities, revenues and expenses relating to its interest in a joint operation in accordance with the IFRSs applicable to the particular assets, liabilities, revenues and expenses.
21A
When an entity acquires an interest in a joint operation in which the activity of the joint operation constitutes a business, as defined in IFRS 3 
Business Combinations
, it shall apply, to the extent of its share in accordance with paragraph 20, all of the principles on business combinations accounting in IFRS 3, and other IFRSs, that do not conflict with the guidance in this IFRS and disclose the information that is required in those IFRSs in relation to business combinations. This applies to the acquisition of both the initial interest and additional interests in a joint operation in which the activity of the joint operation constitutes a business. The accounting for the acquisition of an interest in such a joint operation is specified in paragraphs B33A–B33D.
22
The accounting for transactions such as the sale, contribution or purchase of assets between an entity and a joint operation in which it is a joint operator is specified in paragraphs B34–B37.
23
A party that participates in, but does not have joint control of, a joint operation shall also account for its interest in the arrangement in accordance with paragraphs 20–22 if that party has rights to the assets, and obligations for the liabilities, relating to the joint operation. If a party that participates in, but does not have joint control of, a joint operation does not have rights to the assets, and obligations for the liabilities, relating to that joint operation, it shall account for its interest in the joint operation in accordance with the IFRSs applicable to that interest.
Joint ventures
24
A joint venturer shall recognise its interest in a joint venture as an investment and shall account for that investment using the equity method in accordance with IAS 28 
Investments in Associates and Joint Ventures
 unless the entity is exempted from applying the equity method as specified in that standard.
25
A party that participates in, but does not have joint control of, a joint venture shall account for its interest in the arrangement in accordance with IFRS 9 
Financial Instruments
, unless it has significant influence over the joint venture, in which case it shall account for it in accordance with IAS 28 (as amended in 2011).
SEPARATE FINANCIAL STATEMENTS
26
In its separate financial statements, a joint operator or joint venturer shall account for its interest in:
(a)
a joint operation in accordance with paragraphs 20–22;
(b)
a joint venture in accordance with paragraph 10 of IAS 27 
Separate Financial Statements
.
27
In its separate financial statements, a party that participates in, but does not have joint control of, a joint arrangement shall account for its interest in:
(a)
a joint operation in accordance with paragraph 23;
(b)
a joint venture in accordance with IFRS 9, unless the entity has significant influence over the joint venture, in which case it shall apply paragraph 10 of IAS 27 (as amended in 2011).
Appendix A
Defined terms
This appendix is an integral part of the IFRS.
joint arrangement
An arrangement of which two or more parties have 
joint control
.
joint control
The contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control.
joint operation
A 
joint arrangement
 whereby the parties that have 
joint control
 of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement.
joint operator
A party to a 
joint operation
 that has 
joint control
 of that joint operation.
joint venture
A 
joint arrangement
 whereby the parties that have 
joint control
 of the arrangement have rights to the net assets of the arrangement.
joint venturer
A party to a 
joint venture
 that has 
joint control
 of that joint venture.
party to a joint arrangement
An entity that participates in a 
joint arrangement
, regardless of whether that entity has 
joint control
 of the arrangement.
separate vehicle
A separately identifiable financial structure, including separate legal entities or entities recognised by statute, regardless of whether those entities have a legal personality.
The following terms are defined in IAS 27 (as amended in 2011), IAS 28 (as amended in 2011) or IFRS 10 
Consolidated Financial Statements
 and are used in this IFRS with the meanings specified in those IFRSs:
—
control of an investee
—
equity method
—
power
—
protective rights
—
relevant activities
—
separate financial statements
—
significant influence.
Appendix B
Application guidance
This appendix is an integral part of the IFRS. It describes the application of paragraphs 1–27 and has the same authority as the other parts of the IFRS.
B1
The examples in this appendix portray hypothetical situations. Although some aspects of the examples may be present in actual fact patterns, all relevant facts and circumstances of a particular fact pattern would need to be evaluated when applying IFRS 11.
JOINT ARRANGEMENTS
Contractual arrangement (paragraph 5)
B2
Contractual arrangements can be evidenced in several ways. An enforceable contractual arrangement is often, but not always, in writing, usually in the form of a contract or documented discussions between the parties. Statutory mechanisms can also create enforceable arrangements, either on their own or in conjunction with contracts between the parties.
B3
When joint arrangements are structured through a 
separate vehicle
 (see paragraphs B19–B33), the contractual arrangement, or some aspects of the contractual arrangement, will in some cases be incorporated in the articles, charter or by-laws of the separate vehicle.
B4
The contractual arrangement sets out the terms upon which the parties participate in the activity that is the subject of the arrangement. The contractual arrangement generally deals with such matters as:
(a)
the purpose, activity and duration of the joint arrangement.
(b)
how the members of the board of directors, or equivalent governing body, of the joint arrangement, are appointed.
(c)
the decision-making process: the matters requiring decisions from the parties, the voting rights of the parties and the required level of support for those matters. The decision-making process reflected in the contractual arrangement establishes joint control of the arrangement (see paragraphs B5–B11).
(d)
the capital or other contributions required of the parties.
(e)
how the parties share assets, liabilities, revenues, expenses or profit or loss relating to the joint arrangement.
Joint control (paragraphs 7–13)
B5
In assessing whether an entity has joint control of an arrangement, an entity shall assess first whether all the parties, or a group of the parties, control the arrangement. IFRS 10 defines control and shall be used to determine whether all the parties, or a group of the parties, are exposed, or have rights, to variable returns from their involvement with the arrangement and have the ability to affect those returns through their power over the arrangement. When all the parties, or a group of the parties, considered collectively, are able to direct the activities that significantly affect the returns of the arrangement (ie the relevant activities), the parties control the arrangement collectively.
B6
After concluding that all the parties, or a group of the parties, control the arrangement collectively, an entity shall assess whether it has joint control of the arrangement. Joint control exists only when decisions about the relevant activities require the unanimous consent of the parties that collectively control the arrangement. Assessing whether the arrangement is jointly controlled by all of its parties or by a group of the parties, or controlled by one of its parties alone, can require judgement.
B7
Sometimes the decision-making process that is agreed upon by the parties in their contractual arrangement implicitly leads to joint control. For example, assume two parties establish an arrangement in which each has 50 per cent of the voting rights and the contractual arrangement between them specifies that at least 51 per cent of the voting rights are required to make decisions about the relevant activities. In this case, the parties have implicitly agreed that they have joint control of the arrangement because decisions about the relevant activities cannot be made without both parties agreeing.
B8
In other circumstances, the contractual arrangement requires a minimum proportion of the voting rights to make decisions about the relevant activities. When that minimum required proportion of the voting rights can be achieved by more than one combination of the parties agreeing together, that arrangement is not a joint arrangement unless the contractual arrangement specifies which parties (or combination of parties) are required to agree unanimously to decisions about the relevant activities of the arrangement.
Application examples
Example 1
Assume that three parties establish an arrangement: A has 50 per cent of the voting rights in the arrangement, B has 30 per cent and C has 20 per cent. The contractual arrangement between A, B and C specifies that at least 75 per cent of the voting rights are required to make decisions about the relevant activities of the arrangement. Even though A can block any decision, it does not control the arrangement because it needs the agreement of B. The terms of their contractual arrangement requiring at least 75 per cent of the voting rights to make decisions about the relevant activities imply that A and B have joint control of the arrangement because decisions about the relevant activities of the arrangement cannot be made without both A and B agreeing.
Example 2
Assume an arrangement has three parties: A has 50 per cent of the voting rights in the arrangement and B and C each have 25 per cent. The contractual arrangement between A, B and C specifies that at least 75 per cent of the voting rights are required to make decisions about the relevant activities of the arrangement. Even though A can block any decision, it does not control the arrangement because it needs the agreement of either B or C. In this example, A, B and C collectively control the arrangement. However, there is more than one combination of parties that can agree to reach 75 per cent of the voting rights (ie either A and B or A and C). In such a situation, to be a joint arrangement the contractual arrangement between the parties would need to specify which combination of the parties is required to agree unanimously to decisions about the relevant activities of the arrangement.
Example 3
Assume an arrangement in which A and B each have 35 per cent of the voting rights in the arrangement with the remaining 30 per cent being widely dispersed. Decisions about the relevant activities require approval by a majority of the voting rights. A and B have joint control of the arrangement only if the contractual arrangement specifies that decisions about the relevant activities of the arrangement require both A and B agreeing.
B9
The requirement for unanimous consent means that any party with joint control of the arrangement can prevent any of the other parties, or a group of the parties, from making unilateral decisions (about the relevant activities) without its consent. If the requirement for unanimous consent relates only to decisions that give a party protective rights and not to decisions about the relevant activities of an arrangement, that party is not a party with joint control of the arrangement.
B10
A contractual arrangement might include clauses on the resolution of disputes, such as arbitration. These provisions may allow for decisions to be made in the absence of unanimous consent among the parties that have joint control. The existence of such provisions does not prevent the arrangement from being jointly controlled and, consequently, from being a joint arrangement.
Assessing joint control
B11
When an arrangement is outside the scope of IFRS 11, an entity accounts for its interest in the arrangement in accordance with relevant IFRSs, such as IFRS 10, IAS 28 (as amended in 2011) or IFRS 9.
TYPES OF JOINT ARRANGEMENT (PARAGRAPHS 14–19)
B12
Joint arrangements are established for a variety of purposes (eg as a way for parties to share costs and risks, or as a way to provide the parties with access to new technology or new markets), and can be established using different structures and legal forms.
B13
Some arrangements do not require the activity that is the subject of the arrangement to be undertaken in a separate vehicle. However, other arrangements involve the establishment of a separate vehicle.
B14
The classification of joint arrangements required by this IFRS depends upon the parties’ rights and obligations arising from the arrangement in the normal course of business. This IFRS classifies joint arrangements as either joint operations or joint ventures. When an entity has rights to the assets, and obligations for the liabilities, relating to the arrangement, the arrangement is a joint operation. When an entity has rights to the net assets of the arrangement, the arrangement is a joint venture. Paragraphs B16–B33 set out the assessment an entity carries out to determine whether it has an interest in a joint operation or an interest in a joint venture.
Classification of a joint arrangement
B15
As stated in paragraph B14, the classification of joint arrangements requires the parties to assess their rights and obligations arising from the arrangement. When making that assessment, an entity shall consider the following:
(a)
the structure of the joint arrangement (see paragraphs B16–B21).
(b)
when the joint arrangement is structured through a separate vehicle:
(i)
the legal form of the separate vehicle (see paragraphs B22–B24);
(ii)
the terms of the contractual arrangement (see paragraphs B25–B28); and
(iii)
when relevant, other facts and circumstances (see paragraphs B29–B33).
Structure of the joint arrangement
Joint arrangements not structured through a separate vehicle
B16
A joint arrangement that is not structured through a separate vehicle is a joint operation. In such cases, the contractual arrangement establishes the parties’ rights to the assets, and obligations for the liabilities, relating to the arrangement, and the parties’ rights to the corresponding revenues and obligations for the corresponding expenses.
B17
The contractual arrangement often describes the nature of the activities that are the subject of the arrangement and how the parties intend to undertake those activities together. For example, the parties to a joint arrangement could agree to manufacture a product together, with each party being responsible for a specific task and each using its own assets and incurring its own liabilities. The contractual arrangement could also specify how the revenues and expenses that are common to the parties are to be shared among them. In such a case, each joint operator recognises in its financial statements the assets and liabilities used for the specific task, and recognises its share of the revenues and expenses in accordance with the contractual arrangement.
B18
In other cases, the parties to a joint arrangement might agree, for example, to share and operate an asset together. In such a case, the contractual arrangement establishes the parties’ rights to the asset that is operated jointly, and how output or revenue from the asset and operating costs are shared among the parties. Each joint operator accounts for its share of the joint asset and its agreed share of any liabilities, and recognises its share of the output, revenues and expenses in accordance with the contractual arrangement.
Joint arrangements structured through a separate vehicle
B19
A joint arrangement in which the assets and liabilities relating to the arrangement are held in a separate vehicle can be either a joint venture or a joint operation.
B20
Whether a party is a joint operator or a joint venturer depends on the party’s rights to the assets, and obligations for the liabilities, relating to the arrangement that are held in the separate vehicle.
B21
As stated in paragraph B15, when the parties have structured a joint arrangement in a separate vehicle, the parties need to assess whether the legal form of the separate vehicle, the terms of the contractual arrangement and, when relevant, any other facts and circumstances give them:
(a)
rights to the assets, and obligations for the liabilities, relating to the arrangement (ie the arrangement is a joint operation); or
(b)
rights to the net assets of the arrangement (ie the arrangement is a joint venture).
Classification of a joint arrangement: assessment of the parties’ rights and obligations arising from the arrangement
The legal form of the separate vehicle
B22
The legal form of the separate vehicle is relevant when assessing the type of joint arrangement. The legal form assists in the initial assessment of the parties’ rights to the assets and obligations for the liabilities held in the separate vehicle, such as whether the parties have interests in the assets held in the separate vehicle and whether they are liable for the liabilities held in the separate vehicle.
B23
For example, the parties might conduct the joint arrangement through a separate vehicle, whose legal form causes the separate vehicle to be considered in its own right (ie the assets and liabilities held in the separate vehicle are the assets and liabilities of the separate vehicle and not the assets and liabilities of the parties). In such a case, the assessment of the rights and obligations conferred upon the parties by the legal form of the separate vehicle indicates that the arrangement is a joint venture. However, the terms agreed by the parties in their contractual arrangement (see paragraphs B25–B28) and, when relevant, other facts and circumstances (see paragraphs B29–B33) can override the assessment of the rights and obligations conferred upon the parties by the legal form of the separate vehicle.
B24
The assessment of the rights and obligations conferred upon the parties by the legal form of the separate vehicle is sufficient to conclude that the arrangement is a joint operation only if the parties conduct the joint arrangement in a separate vehicle whose legal form does not confer separation between the parties and the separate vehicle (ie the assets and liabilities held in the separate vehicle are the parties’ assets and liabilities).
Assessing the terms of the contractual arrangement
B25
In many cases, the rights and obligations agreed to by the parties in their contractual arrangements are consistent, or do not conflict, with the rights and obligations conferred on the parties by the legal form of the separate vehicle in which the arrangement has been structured.
B26
In other cases, the parties use the contractual arrangement to reverse or modify the rights and obligations conferred by the legal form of the separate vehicle in which the arrangement has been structured.
Application example
Example 4
Assume that two parties structure a joint arrangement in an incorporated entity. Each party has a 50 per cent ownership interest in the incorporated entity. The incorporation enables the separation of the entity from its owners and as a consequence the assets and liabilities held in the entity are the assets and liabilities of the incorporated entity. In such a case, the assessment of the rights and obligations conferred upon the parties by the legal form of the separate vehicle indicates that the parties have rights to the net assets of the arrangement.
However, the parties modify the features of the corporation through their contractual arrangement so that each has an interest in the assets of the incorporated entity and each is liable for the liabilities of the incorporated entity in a specified proportion. Such contractual modifications to the features of a corporation can cause an arrangement to be a joint operation.
B27
The following table compares common terms in contractual arrangements of parties to a joint operation and common terms in contractual arrangements of parties to a joint venture. The examples of the contractual terms provided in the following table are not exhaustive.
Assessing the terms of the contractual arrangement
Joint operation
Joint venture
The terms of the contractual arrangement
The contractual arrangement provides the parties to the joint arrangement with rights to the assets, and obligations for the liabilities, relating to the arrangement.
The contractual arrangement provides the parties to the joint arrangement with rights to the net assets of the arrangement (ie it is the separate vehicle, not the parties, that has rights to the assets, and obligations for the liabilities, relating to the arrangement).
Rights to assets
The contractual arrangement establishes that the parties to the joint arrangement share all interests (eg rights, title or ownership) in the assets relating to the arrangement in a specified proportion (eg in proportion to the parties’ ownership interest in the arrangement or in proportion to the activity carried out through the arrangement that is directly attributed to them).
The contractual arrangement establishes that the assets brought into the arrangement or subsequently acquired by the joint arrangement are the arrangement’s assets. The parties have no interests (ie no rights, title or ownership) in the assets of the arrangement.
Obligations for liabilities
The contractual arrangement establishes that the parties to the joint arrangement share all liabilities, obligations, costs and expenses in a specified proportion (eg in proportion to the parties’ ownership interest in the arrangement or in proportion to the activity carried out through the arrangement that is directly attributed to them).
The contractual arrangement establishes that the joint arrangement is liable for the debts and obligations of the arrangement.
The contractual arrangement establishes that the parties to the joint arrangement are liable to the arrangement only to the extent of their respective investments in the arrangement or to their respective obligations to contribute any unpaid or additional capital to the arrangement, or both.
The contractual arrangement establishes that the parties to the joint arrangement are liable for claims raised by third parties.
The contractual arrangement states that creditors of the joint arrangement do not have rights of recourse against any party with respect to debts or obligations of the arrangement.
Revenues, expenses, profit or loss
The contractual arrangement establishes the allocation of revenues and expenses on the basis of the relative performance of each party to the joint arrangement. For example, the contractual arrangement might establish that revenues and expenses are allocated on the basis of the capacity that each party uses in a plant operated jointly, which could differ from their ownership interest in the joint arrangement. In other instances, the parties might have agreed to share the profit or loss relating to the arrangement on the basis of a specified proportion such as the parties’ ownership interest in the arrangement. This would not prevent the arrangement from being a joint operation if the parties have rights to the assets, and obligations for the liabilities, relating to the arrangement.
The contractual arrangement establishes each party’s share in the profit or loss relating to the activities of the arrangement.
Guarantees
The parties to joint arrangements are often required to provide guarantees to third parties that, for example, receive a service from, or provide financing to, the joint arrangement. The provision of such guarantees, or the commitment by the parties to provide them, does not, by itself, determine that the joint arrangement is a joint operation. The feature that determines whether the joint arrangement is a joint operation or a joint venture is whether the parties have obligations for the liabilities relating to the arrangement (for some of which the parties might or might not have provided a guarantee).
B28
When the contractual arrangement specifies that the parties have rights to the assets, and obligations for the liabilities, relating to the arrangement, they are parties to a joint operation and do not need to consider other facts and circumstances (paragraphs B29–B33) for the purposes of classifying the joint arrangement.
Assessing other facts and circumstances
B29
When the terms of the contractual arrangement do not specify that the parties have rights to the assets, and obligations for the liabilities, relating to the arrangement, the parties shall consider other facts and circumstances to assess whether the arrangement is a joint operation or a joint venture.
B30
A joint arrangement might be structured in a separate vehicle whose legal form confers separation between the parties and the separate vehicle. The contractual terms agreed among the parties might not specify the parties’ rights to the assets and obligations for the liabilities, yet consideration of other facts and circumstances can lead to such an arrangement being classified as a joint operation. This will be the case when other facts and circumstances give the parties rights to the assets, and obligations for the liabilities, relating to the arrangement.
B31
When the activities of an arrangement are primarily designed for the provision of output to the parties, this indicates that the parties have rights to substantially all the economic benefits of the assets of the arrangement. The parties to such arrangements often ensure their access to the outputs provided by the arrangement by preventing the arrangement from selling output to third parties.
B32
The effect of an arrangement with such a design and purpose is that the liabilities incurred by the arrangement are, in substance, satisfied by the cash flows received from the parties through their purchases of the output. When the parties are substantially the only source of cash flows contributing to the continuity of the operations of the arrangement, this indicates that the parties have an obligation for the liabilities relating to the arrangement.
Application example
Example 5
Assume that two parties structure a joint arrangement in an incorporated entity (entity C) in which each party has a 50 per cent ownership interest. The purpose of the arrangement is to manufacture materials required by the parties for their own, individual manufacturing processes. The arrangement ensures that the parties operate the facility that produces the materials to the quantity and quality specifications of the parties.
The legal form of entity C (an incorporated entity) through which the activities are conducted initially indicates that the assets and liabilities held in entity C are the assets and liabilities of entity C. The contractual arrangement between the parties does not specify that the parties have rights to the assets or obligations for the liabilities of entity C. Accordingly, the legal form of entity C and the terms of the contractual arrangement indicate that the arrangement is a joint venture.
However, the parties also consider the following aspects of the arrangement:
—
The parties agreed to purchase all the output produced by entity C in a ratio of 50:50. Entity C cannot sell any of the output to third parties, unless this is approved by the two parties to the arrangement. Because the purpose of the arrangement is to provide the parties with output they require, such sales to third parties are expected to be uncommon and not material.
—
The price of the output sold to the parties is set by both parties at a level that is designed to cover the costs of production and administrative expenses incurred by entity C. On the basis of this operating model, the arrangement is intended to operate at a break-even level.
From the fact pattern above, the following facts and circumstances are relevant:
—
The obligation of the parties to purchase all the output produced by entity C reflects the exclusive dependence of entity C upon the parties for the generation of cash flows and, thus, the parties have an obligation to fund the settlement of the liabilities of entity C.
—
The fact that the parties have rights to all the output produced by entity C means that the parties are consuming, and therefore have rights to, all the economic benefits of the assets of entity C.
These facts and circumstances indicate that the arrangement is a joint operation. The conclusion about the classification of the joint arrangement in these circumstances would not change if, instead of the parties using their share of the output themselves in a subsequent manufacturing process, the parties sold their share of the output to third parties.
If the parties changed the terms of the contractual arrangement so that the arrangement was able to sell output to third parties, this would result in entity C assuming demand, inventory and credit risks. In that scenario, such a change in the facts and circumstances would require reassessment of the classification of the joint arrangement. Such facts and circumstances would indicate that the arrangement is a joint venture.
B33
The following flow chart reflects the assessment an entity follows to classify an arrangement when the joint arrangement is structured through a separate vehicle:
Classification of a joint arrangement structured through a separate vehicle
FINANCIAL STATEMENTS OF PARTIES TO A JOINT ARRANGEMENT (PARAGRAPHS 21A–22)
Accounting for acquisitions of interests in joint operations
B33A
When an entity acquires an interest in a joint operation in which the activity of the joint operation constitutes a business, as defined in IFRS 3, it shall apply, to the extent of its share in accordance with paragraph 20, all of the principles on business combinations accounting in IFRS 3, and other IFRSs, that do not conflict with the guidance in this IFRS and disclose the information required by those IFRSs in relation to business combinations. The principles on business combinations accounting that do not conflict with the guidance in this IFRS include but are not limited to:
(a)
measuring identifiable assets and liabilities at fair value, other than items for which exceptions are given in IFRS 3 and other IFRSs;
(b)
recognising acquisition-related costs as expenses in the periods in which the costs are incurred and the services are received, with the exception that the costs to issue debt or equity securities are recognised in accordance with IAS 32 
Financial Instruments: Presentation
 and IFRS 9 
(
56
)
;
(c)
recognising deferred tax assets and deferred tax liabilities that arise from the initial recognition of assets or liabilities, except for deferred tax liabilities that arise from the initial recognition of goodwill, as required by IFRS 3 and IAS 12 
Income Taxes
 for business combinations;
(d)
recognising the excess of the consideration transferred over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed, if any, as goodwill; and
(e)
testing for impairment a cash-generating unit to which goodwill has been allocated at least annually, and whenever there is an indication that the unit may be impaired, as required by IAS 36 
Impairment of Assets
 for goodwill acquired in a business combination.
B33B
Paragraphs 21A and B33A also apply to the formation of a joint operation if, and only if, an existing business, as defined in IFRS 3, is contributed to the joint operation on its formation by one of the parties that participate in the joint operation. However, those paragraphs do not apply to the formation of a joint operation if all of the parties that participate in the joint operation only contribute assets or groups of assets that do not constitute businesses to the joint operation on its formation.
B33C
A joint operator might increase its interest in a joint operation in which the activity of the joint operation constitutes a business, as defined in IFRS 3, by acquiring an additional interest in the joint operation. In such cases, previously held interests in the joint operation are not remeasured if the joint operator retains joint control.
B33CA
A party that participates in, but does not have joint control of, a joint operation might obtain joint control of the joint operation in which the activity of the joint operation constitutes a business as defined in IFRS 3. In such cases, previously held interests in the joint operation are not remeasured.
B33D
Paragraphs 21A and B33A–B33C do not apply on the acquisition of an interest in a joint operation when the parties sharing joint control, including the entity acquiring the interest in the joint operation, are under the common control of the same ultimate controlling party or parties both before and after the acquisition, and that control is not transitory.
Accounting for sales or contributions of assets to a joint operation
B34
When an entity enters into a transaction with a joint operation in which it is a joint operator, such as a sale or contribution of assets, it is conducting the transaction with the other parties to the joint operation and, as such, the joint operator shall recognise gains and losses resulting from such a transaction only to the extent of the other parties’ interests in the joint operation.
B35
When such transactions provide evidence of a reduction in the net realisable value of the assets to be sold or contributed to the joint operation, or of an impairment loss of those assets, those losses shall be recognised fully by the joint operator.
Accounting for purchases of assets from a joint operation
B36
When an entity enters into a transaction with a joint operation in which it is a joint operator, such as a purchase of assets, it shall not recognise its share of the gains and losses until it resells those assets to a third party.
B37
When such transactions provide evidence of a reduction in the net realisable value of the assets to be purchased or of an impairment loss of those assets, a joint operator shall recognise its share of those losses.
Appendix C
Effective date, transition and withdrawal of other IFRSs
This appendix is an integral part of the IFRS and has the same authority as the other parts of the IFRS.
EFFECTIVE DATE
C1
An entity shall apply this IFRS for annual periods beginning on or after 1 January 2013. Earlier application is permitted. If an entity applies this IFRS earlier, it shall disclose that fact and apply IFRS 10, IFRS 12 
Disclosure of Interests in Other Entities
, IAS 27 (as amended in 2011) and IAS 28 (as amended in 2011) at the same time.
C1A
Consolidated Financial Statements, Joint Arrangements and Disclosure of Interests in Other Entities: Transition Guidance
 (Amendments to IFRS 10, IFRS 11 and IFRS 12), issued in June 2012, amended paragraphs C2–C5, C7–C10 and C12 and added paragraphs C1B and C13A–C13B. An entity shall apply those amendments for annual periods beginning on or after 1 January 2013. If an entity applies IFRS 11 for an earlier period, it shall apply those amendments for that earlier period.
C1AA
Accounting for Acquisitions of Interests in Joint Operations
 (Amendments to IFRS 11), issued in May 2014, amended the heading after paragraph B33 and added paragraphs 21A, B33A–B33D and C14A and their related headings. An entity shall apply those amendments prospectively in annual periods beginning on or after 1 January 2016. Earlier application is permitted. If an entity applies those amendments in an earlier period it shall disclose that fact.
C1AB
Annual Improvements to IFRS Standards 2015–2017 Cycle
, issued in December 2017, added paragraph B33CA. An entity shall apply those amendments to transactions in which it obtains joint control on or after the beginning of the first annual reporting period beginning on or after 1 January 2019. Earlier application is permitted. If an entity applies those amendments earlier, it shall disclose that fact.
Transition
C1B
Notwithstanding the requirements of paragraph 28 of IAS 8 
Accounting Policies, Changes in Accounting Estimates and Errors
, when this IFRS is first applied, an entity need only present the quantitative information required by paragraph 28(f) of IAS 8 for the annual period immediately preceding the first annual period for which IFRS 11 is applied (the ‘immediately preceding period’). An entity may also present this information for the current period or for earlier comparative periods, but is not required to do so.
Joint ventures—transition from proportionate consolidation to the equity method
C2
When changing from proportionate consolidation to the equity method, an entity shall recognise its investment in the joint venture as at the beginning of the immediately preceding period. That initial investment shall be measured as the aggregate of the carrying amounts of the assets and liabilities that the entity had previously proportionately consolidated, including any goodwill arising from acquisition. If the goodwill previously belonged to a larger cash-generating unit, or to a group of cash-generating units, the entity shall allocate goodwill to the joint venture on the basis of the relative carrying amounts of the joint venture and the cash-generating unit or group of cash-generating units to which it belonged.
C3
The opening balance of the investment determined in accordance with paragraph C2 is regarded as the deemed cost of the investment at initial recognition. An entity shall apply paragraphs 40–43 of IAS 28 (as amended in 2011) to the opening balance of the investment to assess whether the investment is impaired and shall recognise any impairment loss as an adjustment to retained earnings at the beginning of the immediately preceding period. The initial recognition exception in paragraphs 15 and 24 of IAS 12 
Income Taxes
 does not apply when the entity recognises an investment in a joint venture resulting from applying the transition requirements for joint ventures that had previously been proportionately consolidated.
C4
If aggregating all previously proportionately consolidated assets and liabilities results in negative net assets, an entity shall assess whether it has legal or constructive obligations in relation to the negative net assets and, if so, the entity shall recognise the corresponding liability. If the entity concludes that it does not have legal or constructive obligations in relation to the negative net assets, it shall not recognise the corresponding liability but it shall adjust retained earnings at the beginning of the immediately preceding period. The entity shall disclose this fact, along with its cumulative unrecognised share of losses of its joint ventures as at the beginning of the immediately preceding period and at the date at which this IFRS is first applied.
C5
An entity shall disclose a breakdown of the assets and liabilities that have been aggregated into the single line investment balance as at the beginning of the immediately preceding period. That disclosure shall be prepared in an aggregated manner for all joint ventures for which an entity applies the transition requirements referred to in paragraphs C2–C6.
C6
After initial recognition, an entity shall account for its investment in the joint venture using the equity method in accordance with IAS 28 (as amended in 2011).
Joint operations—transition from the equity method to accounting for assets and liabilities
C7
When changing from the equity method to accounting for assets and liabilities in respect of its interest in a joint operation, an entity shall, at the beginning of the immediately preceding period, derecognise the investment that was previously accounted for using the equity method and any other items that formed part of the entity’s net investment in the arrangement in accordance with paragraph 38 of IAS 28 (as amended in 2011) and recognise its share of each of the assets and the liabilities in respect of its interest in the joint operation, including any goodwill that might have formed part of the carrying amount of the investment.
C8
An entity shall determine its interest in the assets and liabilities relating to the joint operation on the basis of its rights and obligations in a specified proportion in accordance with the contractual arrangement. An entity measures the initial carrying amounts of the assets and liabilities by disaggregating them from the carrying amount of the investment at the beginning of the immediately preceding period on the basis of the information used by the entity in applying the equity method.
C9
Any difference arising from the investment previously accounted for using the equity method together with any other items that formed part of the entity’s net investment in the arrangement in accordance with paragraph 38 of IAS 28 (as amended in 2011), and the net amount of the assets and liabilities, including any goodwill, recognised shall be:
(a)
offset against any goodwill relating to the investment with any remaining difference adjusted against retained earnings at the beginning of the immediately preceding period, if the net amount of the assets and liabilities, including any goodwill, recognised is higher than the investment (and any other items that formed part of the entity’s net investment) derecognised.
(b)
adjusted against retained earnings at the beginning of the immediately preceding period, if the net amount of the assets and liabilities, including any goodwill, recognised is lower than the investment (and any other items that formed part of the entity’s net investment) derecognised.
C10
An entity changing from the equity method to accounting for assets and liabilities shall provide a reconciliation between the investment derecognised, and the assets and liabilities recognised, together with any remaining difference adjusted against retained earnings, at the beginning of the immediately preceding period.
C11
The initial recognition exception in paragraphs 15 and 24 of IAS 12 does not apply when the entity recognises assets and liabilities relating to its interest in a joint operation.
Transition provisions in an entity’s separate financial statements
C12
An entity that, in accordance with paragraph 10 of IAS 27, was previously accounting in its separate financial statements for its interest in a joint operation as an investment at cost or in accordance with IFRS 9 shall:
(a)
derecognise the investment and recognise the assets and the liabilities in respect of its interest in the joint operation at the amounts determined in accordance with paragraphs C7–C9.
(b)
provide a reconciliation between the investment derecognised, and the assets and liabilities recognised, together with any remaining difference adjusted in retained earnings, at the beginning of the immediately preceding period.
C13
The initial recognition exception in paragraphs 15 and 24 of IAS 12 does not apply when the entity recognises assets and liabilities relating to its interest in a joint operation in its separate financial statements resulting from applying the transition requirements for joint operations referred to in paragraph C12.
References to the ‘immediately preceding period’
C13A
Notwithstanding the references to the ‘immediately preceding period’ in paragraphs C2–C12, an entity may also present adjusted comparative information for any earlier periods presented, but is not required to do so. If an entity does present adjusted comparative information for any earlier periods, all references to the ‘immediately preceding period’ in paragraphs C2–C12 shall be read as the ‘earliest adjusted comparative period presented’.
C13B
If an entity presents unadjusted comparative information for any earlier periods, it shall clearly identify the information that has not been adjusted, state that it has been prepared on a different basis, and explain that basis.
References to IFRS 9
C14
If an entity applies this IFRS but does not yet apply IFRS 9, any reference to IFRS 9 shall be read as a reference to IAS 39 
Financial Instruments: Recognition and Measurement
.
Accounting for acquisitions of interests in joint operations
C14A
Accounting for Acquisitions of Interests in Joint Operations
 (Amendments to IFRS 11), issued in May 2014, amended the heading after paragraph B33 and added paragraphs 21A, B33A–B33D, C1AA and their related headings. An entity shall apply those amendments prospectively for acquisitions of interests in joint operations in which the activities of the joint operations constitute businesses, as defined in IFRS 3, for those acquisitions occurring from the beginning of the first period in which it applies those amendments. Consequently, amounts recognised for acquisitions of interests in joint operations occurring in prior periods shall not be adjusted.
WITHDRAWAL OF OTHER IFRSS
C15
This IFRS supersedes the following IFRSs:
(a)
IAS 31 
Interests in Joint Ventures
; and
(b)
SIC-13 
Jointly Controlled Entities—Non-Monetary Contributions by Venturers
.
INTERNATIONAL FINANCIAL REPORTING STANDARD 12
Disclosure of Interests in Other Entities
OBJECTIVE
1
The objective of this IFRS is to require an entity to disclose information that enables users of its financial statements to evaluate:
(a)
the nature of, and risks associated with, its i
nterests in other entities
; and
(b)
the effects of those interests on its financial position, financial performance and cash flows.
Meeting the objective
2
To meet the objective in paragraph 1, an entity shall disclose:
(a)
the significant judgements and assumptions it has made in determining:
(i)
the nature of its interest in another entity or arrangement;
(ii)
the type of joint arrangement in which it has an interest (paragraphs 7–9);
(iii)
that it meets the definition of an investment entity, if applicable (paragraph 9A); and
(b)
information about its interests in:
(i)
subsidiaries (paragraphs 10–19);
(ii)
joint arrangements and associates (paragraphs 20–23); and
(iii)
structured entities
 that are not controlled by the entity (unconsolidated structured entities) (paragraphs 24–31).
3
If the disclosures required by this IFRS, together with disclosures required by other IFRSs, do not meet the objective in paragraph 1, an entity shall disclose whatever additional information is necessary to meet that objective.
4
An entity shall consider the level of detail necessary to satisfy the disclosure objective and how much emphasis to place on each of the requirements in this IFRS. It shall aggregate or disaggregate disclosures so that useful information is not obscured by either the inclusion of a large amount of insignificant detail or the aggregation of items that have different characteristics (see paragraphs B2–B6).
SCOPE
5
This IFRS shall be applied by an entity that has an interest in any of the following:
(a)
subsidiaries
(b)
joint arrangements (ie joint operations or joint ventures)
(c)
associates
(d)
unconsolidated structured entities.
5A
Except as described in paragraph B17, the requirements in this IFRS apply to an entity's interests listed in paragraph 5 that are classified (or included in a disposal group that is classified) as held for sale or discontinued operations in accordance with IFRS 5 
Non-current Assets Held for Sale and Discontinued Operations
.
6
This IFRS does not apply to:
(a)
post-employment benefit plans or other long-term employee benefit plans to which IAS 19 
Employee Benefits
 applies.
(b)
an entity's separate financial statements to which IAS 27 
Separate Financial Statements
 applies. However,:
(i)
if an entity has interests in unconsolidated structured entities and prepares separate financial statements as its only financial statements, it shall apply the requirements in paragraphs 24–31 when preparing those separate financial statements.
(ii)
an investment entity that prepares financial statements in which all of its subsidiaries are measured at fair value through profit or loss in accordance with paragraph 31 of IFRS 10 shall present the disclosures relating to investment entities required by this IFRS.
(c)
an interest held by an entity that participates in, but does not have joint control of, a joint arrangement unless that interest results in significant influence over the arrangement or is an interest in a structured entity.
(d)
an interest in another entity that is accounted for in accordance with IFRS 9 
Financial Instruments
. However, an entity shall apply this IFRS:
(i)
when that interest is an interest in an associate or a joint venture that, in accordance with IAS 28 
Investments in Associates and Joint Ventures
, is measured at fair value through profit or loss; or
(ii)
when that interest is an interest in an unconsolidated structured entity.
SIGNIFICANT JUDGEMENTS AND ASSUMPTIONS
7
An entity shall disclose information about significant judgements and assumptions it has made (and changes to those judgements and assumptions) in determining:
(a)
that it has control of another entity, ie an investee as described in paragraphs 5 and 6 of IFRS 10 
Consolidated Financial Statements
;
(b)
that it has joint control of an arrangement or significant influence over another entity; and
(c)
the type of joint arrangement (ie joint operation or joint venture) when the arrangement has been structured through a separate vehicle.
8
The significant judgements and assumptions disclosed in accordance with paragraph 7 include those made by the entity when changes in facts and circumstances are such that the conclusion about whether it has control, joint control or significant influence changes during the reporting period.
9
To comply with paragraph 7, an entity shall disclose, for example, significant judgements and assumptions made in determining that:
(a)
it does not control another entity even though it holds more than half of the voting rights of the other entity.
(b)
it controls another entity even though it holds less than half of the voting rights of the other entity.
(c)
it is an agent or a principal (see paragraphs B58–B72 of IFRS 10).
(d)
it does not have significant influence even though it holds 20 per cent or more of the voting rights of another entity.
(e)
it has significant influence even though it holds less than 20 per cent of the voting rights of another entity.
Investment entity status
9A
When a parent determines that it is an investment entity in accordance with paragraph 27 of IFRS 10, the investment entity shall disclose information about significant judgements and assumptions it has made in determining that it is an investment entity. If the investment entity does not have one or more of the typical characteristics of an investment entity (see paragraph 28 of IFRS 10), it shall disclose its reasons for concluding that it is nevertheless an investment entity.
9B
When an entity becomes, or ceases to be, an investment entity, it shall disclose the change of investment entity status and the reasons for the change. In addition, an entity that becomes an investment entity shall disclose the effect of the change of status on the financial statements for the period presented, including:
(a)
the total fair value, as of the date of change of status, of the subsidiaries that cease to be consolidated;
(b)
the total gain or loss, if any, calculated in accordance with paragraph B101 of IFRS 10; and
(c)
the line item(s) in profit or loss in which the gain or loss is recognised (if not presented separately).
INTERESTS IN SUBSIDIARIES
10
An entity shall disclose information that enables users of its consolidated financial statements
(a)
to understand:
(i)
the composition of the group; and
(ii)
the interest that non-controlling interests have in the group’s activities and cash flows (paragraph 12); and
(b)
to evaluate:
(i)
the nature and extent of significant restrictions on its ability to access or use assets, and settle liabilities, of the group (paragraph 13);
(ii)
the nature of, and changes in, the risks associated with its interests in consolidated structured entities (paragraphs 14–17);
(iii)
the consequences of changes in its ownership interest in a subsidiary that do not result in a loss of control (paragraph 18); and
(iv)
the consequences of losing control of a subsidiary during the reporting period (paragraph 19).
11
When the financial statements of a subsidiary used in the preparation of consolidated financial statements are as of a date or for a period that is different from that of the consolidated financial statements (see paragraphs B92 and B93 of IFRS 10), an entity shall disclose:
(a)
the date of the end of the reporting period of the financial statements of that subsidiary; and
(b)
the reason for using a different date or period.
The interest that non-controlling interests have in the group’s activities and cash flows
12
An entity shall disclose for each of its subsidiaries that have non-controlling interests that are material to the reporting entity:
(a)
the name of the subsidiary.
(b)
the principal place of business (and country of incorporation if different from the principal place of business) of the subsidiary.
(c)
the proportion of ownership interests held by non-controlling interests.
(d)
the proportion of voting rights held by non-controlling interests, if different from the proportion of ownership interests held.
(e)
the profit or loss allocated to non-controlling interests of the subsidiary during the reporting period.
(f)
accumulated non-controlling interests of the subsidiary at the end of the reporting period.
(g)
summarised financial information about the subsidiary (see paragraph B10).
The nature and extent of significant restrictions
13
An entity shall disclose:
(a)
significant restrictions (eg statutory, contractual and regulatory restrictions) on its ability to access or use the assets and settle the liabilities of the group, such as:
(i)
those that restrict the ability of a parent or its subsidiaries to transfer cash or other assets to (or from) other entities within the group.
(ii)
guarantees or other requirements that may restrict dividends and other capital distributions being paid, or loans and advances being made or repaid, to (or from) other entities within the group.
(b)
the nature and extent to which protective rights of non-controlling interests can significantly restrict the entity’s ability to access or use the assets and settle the liabilities of the group (such as when a parent is obliged to settle liabilities of a subsidiary before settling its own liabilities, or approval of non-controlling interests is required either to access the assets or to settle the liabilities of a subsidiary).
(c)
the carrying amounts in the consolidated financial statements of the assets and liabilities to which those restrictions apply.
Nature of the risks associated with an entity’s interests in consolidated structured entities
14
An entity shall disclose the terms of any contractual arrangements that could require the parent or its subsidiaries to provide financial support to a consolidated structured entity, including events or circumstances that could expose the reporting entity to a loss (eg liquidity arrangements or credit rating triggers associated with obligations to purchase assets of the structured entity or provide financial support).
15
If during the reporting period a parent or any of its subsidiaries has, without having a contractual obligation to do so, provided financial or other support to a consolidated structured entity (eg purchasing assets of or instruments issued by the structured entity), the entity shall disclose:
(a)
the type and amount of support provided, including situations in which the parent or its subsidiaries assisted the structured entity in obtaining financial support; and
(b)
the reasons for providing the support.
16
If during the reporting period a parent or any of its subsidiaries has, without having a contractual obligation to do so, provided financial or other support to a previously unconsolidated structured entity and that provision of support resulted in the entity controlling the structured entity, the entity shall disclose an explanation of the relevant factors in reaching that decision.
17
An entity shall disclose any current intentions to provide financial or other support to a consolidated structured entity, including intentions to assist the structured entity in obtaining financial support.
Consequences of changes in a parent’s ownership interest in a subsidiary that do not result in a loss of control
18
An entity shall present a schedule that shows the effects on the equity attributable to owners of the parent of any changes in its ownership interest in a subsidiary that do not result in a loss of control.
Consequences of losing control of a subsidiary during the reporting period
19
An entity shall disclose the gain or loss, if any, calculated in accordance with paragraph 25 of IFRS 10, and:
(a)
the portion of that gain or loss attributable to measuring any investment retained in the former subsidiary at its fair value at the date when control is lost; and
(b)
the line item(s) in profit or loss in which the gain or loss is recognised (if not presented separately).
INTERESTS IN UNCONSOLIDATED SUBSIDIARIES (INVESTMENT ENTITIES)
19A
An investment entity that, in accordance with IFRS 10, is required to apply the exception to consolidation and instead account for its investment in a subsidiary at fair value through profit or loss shall disclose that fact.
19B
For each unconsolidated subsidiary, an investment entity shall disclose:
(a)
the subsidiary’s name;
(b)
the principal place of business (and country of incorporation if different from the principal place of business) of the subsidiary; and
(c)
the proportion of ownership interest held by the investment entity and, if different, the proportion of voting rights held.
19C
If an investment entity is the parent of another investment entity, the parent shall also provide the disclosures in 19B(a)–(c) for investments that are controlled by its investment entity subsidiary. The disclosure may be provided by including, in the financial statements of the parent, the financial statements of the subsidiary (or subsidiaries) that contain the above information.
19D
An investment entity shall disclose:
(a)
the nature and extent of any significant restrictions (eg resulting from borrowing arrangements, regulatory requirements or contractual arrangements) on the ability of an unconsolidated subsidiary to transfer funds to the investment entity in the form of cash dividends or to repay loans or advances made to the unconsolidated subsidiary by the investment entity; and
(b)
any current commitments or intentions to provide financial or other support to an unconsolidated subsidiary, including commitments or intentions to assist the subsidiary in obtaining financial support.
19E
If, during the reporting period, an investment entity or any of its subsidiaries has, without having a contractual obligation to do so, provided financial or other support to an unconsolidated subsidiary (eg purchasing assets of, or instruments issued by, the subsidiary or assisting the subsidiary in obtaining financial support), the entity shall disclose:
(a)
the type and amount of support provided to each unconsolidated subsidiary; and
(b)
the reasons for providing the support.
19F
An investment entity shall disclose the terms of any contractual arrangements that could require the entity or its unconsolidated subsidiaries to provide financial support to an unconsolidated, controlled, structured entity, including events or circumstances that could expose the reporting entity to a loss (eg liquidity arrangements or credit rating triggers associated with obligations to purchase assets of the structured entity or to provide financial support).
19G
If during the reporting period an investment entity or any of its unconsolidated subsidiaries has, without having a contractual obligation to do so, provided financial or other support to an unconsolidated, structured entity that the investment entity did not control, and if that provision of support resulted in the investment entity controlling the structured entity, the investment entity shall disclose an explanation of the relevant factors in reaching the decision to provide that support.
INTERESTS IN JOINT ARRANGEMENTS AND ASSOCIATES
20
An entity shall disclose information that enables users of its financial statements to evaluate:
(a)
the nature, extent and financial effects of its interests in joint arrangements and associates, including the nature and effects of its contractual relationship with the other investors with joint control of, or significant influence over, joint arrangements and associates (paragraphs 21 and 22); and
(b)
the nature of, and changes in, the risks associated with its interests in joint ventures and associates (paragraph 23).
Nature, extent and financial effects of an entity’s interests in joint arrangements and associates
21
An entity shall disclose:
(a)
for each joint arrangement and associate that is material to the reporting entity:
(i)
the name of the joint arrangement or associate.
(ii)
the nature of the entity’s relationship with the joint arrangement or associate (by, for example, describing the nature of the activities of the joint arrangement or associate and whether they are strategic to the entity’s activities).
(iii)
the principal place of business (and country of incorporation, if applicable and different from the principal place of business) of the joint arrangement or associate.
(iv)
the proportion of ownership interest or participating share held by the entity and, if different, the proportion of voting rights held (if applicable).
(b)
for each joint venture and associate that is material to the reporting entity:
(i)
whether the investment in the joint venture or associate is measured using the equity method or at fair value.
(ii)
summarised financial information about the joint venture or associate as specified in paragraphs B12 and B13.
(iii)
if the joint venture or associate is accounted for using the equity method, the fair value of its investment in the joint venture or associate, if there is a quoted market price for the investment.
(c)
financial information as specified in paragraph B16 about the entity’s investments in joint ventures and associates that are not individually material:
(i)
in aggregate for all individually immaterial joint ventures and, separately,
(ii)
in aggregate for all individually immaterial associates.
21A
An investment entity need not provide the disclosures required by paragraphs 21(b)–21(c).
22
An entity shall also disclose:
(a)
the nature and extent of any significant restrictions (eg resulting from borrowing arrangements, regulatory requirements or contractual arrangements between investors with joint control of or significant influence over a joint venture or an associate) on the ability of joint ventures or associates to transfer funds to the entity in the form of cash dividends, or to repay loans or advances made by the entity.
(b)
when the financial statements of a joint venture or associate used in applying the equity method are as of a date or for a period that is different from that of the entity:
(i)
the date of the end of the reporting period of the financial statements of that joint venture or associate; and
(ii)
the reason for using a different date or period.
(c)
the unrecognised share of losses of a joint venture or associate, both for the reporting period and cumulatively, if the entity has stopped recognising its share of losses of the joint venture or associate when applying the equity method.
Risks associated with an entity’s interests in joint ventures and associates
23
An entity shall disclose:
(a)
commitments that it has relating to its joint ventures separately from the amount of other commitments as specified in paragraphs B18–B20.
(b)
in accordance with IAS 37 
Provisions, Contingent Liabilities and Contingent Assets
, unless the probability of loss is remote, contingent liabilities incurred relating to its interests in joint ventures or associates (including its share of contingent liabilities incurred jointly with other investors with joint control of, or significant influence over, the joint ventures or associates), separately from the amount of other contingent liabilities.
INTERESTS IN UNCONSOLIDATED STRUCTURED ENTITIES
24
An entity shall disclose information that enables users of its financial statements:
(a)
to understand the nature and extent of its interests in unconsolidated structured entities (paragraphs 26–28); and
(b)
to evaluate the nature of, and changes in, the risks associated with its interests in unconsolidated structured entities (paragraphs 29–31).
25
The information required by paragraph 24(b) includes information about an entity’s exposure to risk from involvement that it had with unconsolidated structured entities in previous periods (eg sponsoring the structured entity), even if the entity no longer has any contractual involvement with the structured entity at the reporting date.
25A
An investment entity need not provide the disclosures required by paragraph 24 for an unconsolidated structured entity that it controls and for which it presents the disclosures required by paragraphs 19A–19G.
Nature of interests
26
An entity shall disclose qualitative and quantitative information about its interests in unconsolidated structured entities, including, but not limited to, the nature, purpose, size and activities of the structured entity and how the structured entity is financed.
27
If an entity has sponsored an unconsolidated structured entity for which it does not provide information required by paragraph 29 (eg because it does not have an interest in the entity at the reporting date), the entity shall disclose:
(a)
how it has determined which structured entities it has sponsored;
(b)
income from those structured entities
 during the reporting period, including a description of the types of income presented; and
(c)
the carrying amount (at the time of transfer) of all assets transferred to those structured entities during the reporting period.
28
An entity shall present the information in paragraph 27(b) and (c) in tabular format, unless another format is more appropriate, and classify its sponsoring activities into relevant categories (see paragraphs B2–B6).
Nature of risks
29
An entity shall disclose in tabular format, unless another format is more appropriate, a summary of:
(a)
the carrying amounts of the assets and liabilities recognised in its financial statements relating to its interests in unconsolidated structured entities.
(b)
the line items in the statement of financial position in which those assets and liabilities are recognised.
(c)
the amount that best represents the entity’s maximum exposure to loss from its interests in unconsolidated structured entities, including how the maximum exposure to loss is determined. If an entity cannot quantify its maximum exposure to loss from its interests in unconsolidated structured entities it shall disclose that fact and the reasons.
(d)
a comparison of the carrying amounts of the assets and liabilities of the entity that relate to its interests in unconsolidated structured entities and the entity’s maximum exposure to loss from those entities.
30
If during the reporting period an entity has, without having a contractual obligation to do so, provided financial or other support to an unconsolidated structured entity in which it previously had or currently has an interest (for example, purchasing assets of or instruments issued by the structured entity), the entity shall disclose:
(a)
the type and amount of support provided, including situations in which the entity assisted the structured entity in obtaining financial support; and
(b)
the reasons for providing the support.
31
An entity shall disclose any current intentions to provide financial or other support to an unconsolidated structured entity, including intentions to assist the structured entity in obtaining financial support.
Appendix A
Defined terms
This appendix is an integral part of the IFRS.
income from a structured entity
For the purpose of this IFRS, income from a 
structured entity
 includes, but is not limited to, recurring and non-recurring fees, interest, dividends, gains or losses on the remeasurement or derecognition of interests in structured entities and gains or losses from the transfer of assets and liabilities to the structured entity.
interest in another entity
For the purpose of this IFRS, an interest in another entity refers to contractual and non-contractual involvement that exposes an entity to variability of returns from the performance of the other entity. An interest in another entity can be evidenced by, but is not limited to, the holding of equity or debt instruments as well as other forms of involvement such as the provision of funding, liquidity support, credit enhancement and guarantees. It includes the means by which an entity has control or joint control of, or significant influence over, another entity. An entity does not necessarily have an interest in another entity solely because of a typical customer supplier relationship.
Paragraphs B7–B9 provide further information about interests in other entities.
Paragraphs B55–B57 of IFRS 10 explain variability of returns.
structured entity
An entity that has been designed so that voting or similar rights are not the dominant factor in deciding who controls the entity, such as when any voting rights relate to administrative tasks only and the relevant activities are directed by means of contractual arrangements.
Paragraphs B22–B24 provide further information about structured entities.
The following terms are defined in IAS 27 (as amended in 2011), IAS 28 (as amended in 2011), IFRS 10 and IFRS 11 
Joint Arrangements
 and are used in this IFRS with the meanings specified in those IFRSs:
—
associate
—
consolidated financial statements
—
control of an entity
—
equity method
—
group
—
investment entity
—
joint arrangement
—
joint control
—
joint operation
—
joint venture
—
non-controlling interest
—
parent
—
protective rights
—
relevant activities
—
separate financial statements
—
separate vehicle
—
significant influence
—
subsidiary.
Appendix B
Application guidance
This appendix is an integral part of the IFRS. It describes the application of paragraphs 1–31 and has the same authority as the other parts of the IFRS.
B1
The examples in this appendix portray hypothetical situations. Although some aspects of the examples may be present in actual fact patterns, all relevant facts and circumstances of a particular fact pattern would need to be evaluated when applying IFRS 12.
AGGREGATION (PARAGRAPH 4)
B2
An entity shall decide, in the light of its circumstances, how much detail it provides to satisfy the information needs of users, how much emphasis it places on different aspects of the requirements and how it aggregates the information. It is necessary to strike a balance between burdening financial statements with excessive detail that may not assist users of financial statements and obscuring information as a result of too much aggregation.
B3
An entity may aggregate the disclosures required by this IFRS for interests in similar entities if aggregation is consistent with the disclosure objective and the requirement in paragraph B4, and does not obscure the information provided. An entity shall disclose how it has aggregated its interests in similar entities.
B4
An entity shall present information separately for interests in:
(a)
subsidiaries;
(b)
joint ventures;
(c)
joint operations;
(d)
associates; and
(e)
unconsolidated structured entities.
B5
In determining whether to aggregate information, an entity shall consider quantitative and qualitative information about the different risk and return characteristics of each entity it is considering for aggregation and the significance of each such entity to the reporting entity. The entity shall present the disclosures in a manner that clearly explains to users of financial statements the nature and extent of its interests in those other entities.
B6
Examples of aggregation levels within the classes of entities set out in paragraph B4 that might be appropriate are:
(a)
nature of activities (eg a research and development entity, a revolving credit card securitisation entity).
(b)
industry classification.
(c)
geography (eg country or region).
INTERESTS IN OTHER ENTITIES
B7
An interest in another entity refers to contractual and non-contractual involvement that exposes the reporting entity to variability of returns from the performance of the other entity. Consideration of the purpose and design of the other entity may help the reporting entity when assessing whether it has an interest in that entity and, therefore, whether it is required to provide the disclosures in this IFRS. That assessment shall include consideration of the risks that the other entity was designed to create and the risks the other entity was designed to pass on to the reporting entity and other parties.
B8
A reporting entity is typically exposed to variability of returns from the performance of another entity by holding instruments (such as equity or debt instruments issued by the other entity) or having another involvement that absorbs variability. For example, assume a structured entity holds a loan portfolio. The structured entity obtains a credit default swap from another entity (the reporting entity) to protect itself from the default of interest and principal payments on the loans. The reporting entity has involvement that exposes it to variability of returns from the performance of the structured entity because the credit default swap absorbs variability of returns of the structured entity.
B9
Some instruments are designed to transfer risk from a reporting entity to another entity. Such instruments create variability of returns for the other entity but do not typically expose the reporting entity to variability of returns from the performance of the other entity. For example, assume a structured entity is established to provide investment opportunities for investors who wish to have exposure to entity Z’s credit risk (entity Z is unrelated to any party involved in the arrangement). The structured entity obtains funding by issuing to those investors notes that are linked to entity Z’s credit risk (credit-linked notes) and uses the proceeds to invest in a portfolio of risk-free financial assets. The structured entity obtains exposure to entity Z’s credit risk by entering into a credit default swap (CDS) with a swap counterparty. The CDS passes entity Z’s credit risk to the structured entity in return for a fee paid by the swap counterparty. The investors in the structured entity receive a higher return that reflects both the structured entity’s return from its asset portfolio and the CDS fee. The swap counterparty does not have involvement with the structured entity that exposes it to variability of returns from the performance of the structured entity because the CDS transfers variability to the structured entity, rather than absorbing variability of returns of the structured entity.
SUMMARISED FINANCIAL INFORMATION FOR SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES (PARAGRAPHS 12 AND 21)
B10
For each subsidiary that has non-controlling interests that are material to the reporting entity, an entity shall disclose:
(a)
dividends paid to non-controlling interests.
(b)
summarised financial information about the assets, liabilities, profit or loss and cash flows of the subsidiary that enables users to understand the interest that non-controlling interests have in the group’s activities and cash flows. That information might include but is not limited to, for example, current assets, non-current assets, current liabilities, non-current liabilities, revenue, profit or loss and total comprehensive income.
B11
The summarised financial information required by paragraph B10(b) shall be the amounts before inter-company eliminations.
B12
For each joint venture and associate that is material to the reporting entity, an entity shall disclose:
(a)
dividends received from the joint venture or associate.
(b)
summarised financial information for the joint venture or associate (see paragraphs B14 and B15) including, but not necessarily limited to:
(i)
current assets.
(ii)
non-current assets.
(iii)
current liabilities.
(iv)
non-current liabilities.
(v)
revenue.
(vi)
profit or loss from continuing operations.
(vii)
post-tax profit or loss from discontinued operations.
(viii)
other comprehensive income.
(ix)
total comprehensive income.
B13
In addition to the summarised financial information required by paragraph B12, an entity shall disclose for each joint venture that is material to the reporting entity the amount of:
(a)
cash and cash equivalents included in paragraph B12(b)(i).
(b)
current financial liabilities (excluding trade and other payables and provisions) included in paragraph B12(b)(iii).
(c)
non-current financial liabilities (excluding trade and other payables and provisions) included in paragraph B12(b)(iv).
(d)
depreciation and amortisation.
(e)
interest income.
(f)
interest expense.
(g)
income tax expense or income.
B14
The summarised financial information presented in accordance with paragraphs B12 and B13 shall be the amounts included in the IFRS financial statements of the joint venture or associate (and not the entity’s share of those amounts). If the entity accounts for its interest in the joint venture or associate using the equity method:
(a)
the amounts included in the IFRS financial statements of the joint venture or associate shall be adjusted to reflect adjustments made by the entity when using the equity method, such as fair value adjustments made at the time of acquisition and adjustments for differences in accounting policies.
(b)
the entity shall provide a reconciliation of the summarised financial information presented to the carrying amount of its interest in the joint venture or associate.
B15
An entity may present the summarised financial information required by paragraphs B12 and B13 on the basis of the joint venture’s or associate’s financial statements if:
(a)
the entity measures its interest in the joint venture or associate at fair value in accordance with IAS 28 (as amended in 2011); and
(b)
the joint venture or associate does not prepare IFRS financial statements and preparation on that basis would be impracticable or cause undue cost.
In that case, the entity shall disclose the basis on which the summarised financial information has been prepared.
B16
An entity shall disclose, in aggregate, the carrying amount of its interests in all individually immaterial joint ventures or associates that are accounted for using the equity method. An entity shall also disclose separately the aggregate amount of its share of those joint ventures’ or associates’:
(a)
profit or loss from continuing operations.
(b)
post-tax profit or loss from discontinued operations.
(c)
other comprehensive income.
(d)
total comprehensive income.
An entity provides the disclosures separately for joint ventures and associates.
B17
When an entity's interest in a subsidiary, a joint venture or an associate (or a portion of its interest in a joint venture or an associate) is classified (or included in a disposal group that is classified) as held for sale in accordance with IFRS 5, the entity is not required to disclose summarised financial information for that subsidiary, joint venture or associate in accordance with paragraphs B10–B16.
COMMITMENTS FOR JOINT VENTURES (PARAGRAPH 23(a))
B18
An entity shall disclose total commitments it has made but not recognised at the reporting date (including its share of commitments made jointly with other investors with joint control of a joint venture) relating to its interests in joint ventures. Commitments are those that may give rise to a future outflow of cash or other resources.
B19
Unrecognised commitments that may give rise to a future outflow of cash or other resources include:
(a)
unrecognised commitments to contribute funding or resources as a result of, for example:
(i)
the constitution or acquisition agreements of a joint venture (that, for example, require an entity to contribute funds over a specific period).
(ii)
capital-intensive projects undertaken by a joint venture.
(iii)
unconditional purchase obligations, comprising procurement of equipment, inventory or services that an entity is committed to purchasing from, or on behalf of, a joint venture.
(iv)
unrecognised commitments to provide loans or other financial support to a joint venture.
(v)
unrecognised commitments to contribute resources to a joint venture, such as assets or services.
(vi)
other non-cancellable unrecognised commitments relating to a joint venture.
(b)
unrecognised commitments to acquire another party’s ownership interest (or a portion of that ownership interest) in a joint venture if a particular event occurs or does not occur in the future.
B20
The requirements and examples in paragraphs B18 and B19 illustrate some of the types of disclosure required by paragraph 18 of IAS 24 
Related Party Disclosures
.
INTERESTS IN UNCONSOLIDATED STRUCTURED ENTITIES (PARAGRAPHS 24–31)
Structured entities
B21
A structured entity is an entity that has been designed so that voting or similar rights are not the dominant factor in deciding who controls the entity, such as when any voting rights relate to administrative tasks only and the relevant activities are directed by means of contractual arrangements.
B22
A structured entity often has some or all of the following features or attributes:
(a)
restricted activities.
(b)
a narrow and well-defined objective, such as to effect a tax-efficient lease, carry out research and development activities, provide a source of capital or funding to an entity or provide investment opportunities for investors by passing on risks and rewards associated with the assets of the structured entity to investors.
(c)
insufficient equity to permit the structured entity to finance its activities without subordinated financial support.
(d)
financing in the form of multiple contractually linked instruments to investors that create concentrations of credit or other risks (tranches).
B23
Examples of entities that are regarded as structured entities include, but are not limited to:
(a)
securitisation vehicles.
(b)
asset-backed financings.
(c)
some investment funds.
B24
An entity that is controlled by voting rights is not a structured entity simply because, for example, it receives funding from third parties following a restructuring.
Nature of risks from interests in unconsolidated structured entities (paragraphs 29–31)
B25
In addition to the information required by paragraphs 29–31, an entity shall disclose additional information that is necessary to meet the disclosure objective in paragraph 24(b).
B26
Examples of additional information that, depending on the circumstances, might be relevant to an assessment of the risks to which an entity is exposed when it has an interest in an unconsolidated structured entity are:
(a)
the terms of an arrangement that could require the entity to provide financial support to an unconsolidated structured entity (eg liquidity arrangements or credit rating triggers associated with obligations to purchase assets of the structured entity or provide financial support), including:
(i)
a description of events or circumstances that could expose the reporting entity to a loss.
(ii)
whether there are any terms that would limit the obligation.
(iii)
whether there are any other parties that provide financial support and, if so, how the reporting entity’s obligation ranks with those of other parties.
(b)
losses incurred by the entity during the reporting period relating to its interests in unconsolidated structured entities.
(c)
the types of income the entity received during the reporting period from its interests in unconsolidated structured entities.
(d)
whether the entity is required to absorb losses of an unconsolidated structured entity before other parties, the maximum limit of such losses for the entity, and (if relevant) the ranking and amounts of potential losses borne by parties whose interests rank lower than the entity’s interest in the unconsolidated structured entity.
(e)
information about any liquidity arrangements, guarantees or other commitments with third parties that may affect the fair value or risk of the entity’s interests in unconsolidated structured entities.
(f)
any difficulties an unconsolidated structured entity has experienced in financing its activities during the reporting period.
(g)
in relation to the funding of an unconsolidated structured entity, the forms of funding (eg commercial paper or medium-term notes) and their weighted-average life. That information might include maturity analyses of the assets and funding of an unconsolidated structured entity if the structured entity has longer-term assets funded by shorter-term funding.
Appendix C
Effective date and transition
This appendix is an integral part of the IFRS and has the same authority as the other parts of the IFRS.
EFFECTIVE DATE AND TRANSITION
C1
An entity shall apply this IFRS for annual periods beginning on or after 1 January 2013. Earlier application is permitted.
C1A
Consolidated Financial Statements, Joint Arrangements and Disclosure of Interests in Other Entities: Transition Guidance
 (Amendments to IFRS 10, IFRS 11 and IFRS 12), issued in June 2012, added paragraphs C2A–C2B. An entity shall apply those amendments for annual periods beginning on or after 1 January 2013. If an entity applies IFRS 12 for an earlier period, it shall apply those amendments for that earlier period.
C1B
Investment Entities
 (Amendments to IFRS 10, IFRS 12 and IAS 27), issued in October 2012, amended paragraph 2 and Appendix A, and added paragraphs 9A–9B, 19A–19G, 21A and 25A. An entity shall apply those amendments for annual periods beginning on or after 1 January 2014. Early adoption is permitted. If an entity applies those amendments earlier, it shall disclose that fact and apply all amendments included in 
Investment Entities
 at the same time.
C1C
Investment Entities: Applying the Consolidation Exception
 (Amendments to IFRS 10, IFRS 12 and IAS 28), issued in December 2014, amended paragraph 6. An entity shall apply that amendment for annual periods beginning on or after 1 January 2016. Earlier application is permitted. If an entity applies that amendment for an earlier period it shall disclose that fact.
C1D
Annual Improvements to IFRS Standards 2014–2016 Cycle
, issued in December 2016, added paragraph 5A and amended paragraph B17. An entity shall apply those amendments retrospectively in accordance with IAS 8 
Accounting Policies, Changes in Accounting Estimates and Errors
 for annual periods beginning on or after 1 January 2017.
C2
An entity is encouraged to provide information required by this IFRS earlier than annual periods beginning on or after 1 January 2013. Providing some of the disclosures required by this IFRS does not compel the entity to comply with all the requirements of this IFRS or to apply IFRS 10, IFRS 11, IAS 27 (as amended in 2011) and IAS 28 (as amended in 2011) early.
C2A
The disclosure requirements of this IFRS need not be applied for any period presented that begins before the annual period immediately preceding the first annual period for which IFRS 12 is applied.
C2B
The disclosure requirements of paragraphs 24–31 and the corresponding guidance in paragraphs B21–B26 of this IFRS need not be applied for any period presented that begins before the first annual period for which IFRS 12 is applied.
REFERENCES TO IFRS 9
C3
If an entity applies this IFRS but does not yet apply IFRS 9, any reference to IFRS 9 shall be read as a reference to IAS 39 
Financial Instruments: Recognition and Measurement
.
INTERNATIONAL FINANCIAL REPORTING STANDARD 13
Fair Value Measurement
OBJECTIVE
1
This IFRS:
(a)
defines 
fair value
;
(b)
sets out in a single IFRS a framework for measuring fair value; and
(c)
requires disclosures about fair value measurements.
2
Fair value is a market-based measurement, not an entity-specific measurement. For some assets and liabilities, observable market transactions or market information might be available. For other assets and liabilities, observable market transactions and market information might not be available. However, the objective of a fair value measurement in both cases is the same—to estimate the price at which an 
orderly transaction
 to sell the asset or to transfer the liability would take place between 
market participants
 at the measurement date under current market conditions (ie an 
exit price
 at the measurement date from the perspective of a market participant that holds the asset or owes the liability).
3
When a price for an identical asset or liability is not observable, an entity measures fair value using another valuation technique that maximises the use of relevant 
observable inputs
 and minimises the use of 
unobservable inputs
. Because fair value is a market-based measurement, it is measured using the assumptions that market participants would use when pricing the asset or liability, including assumptions about risk. As a result, an entity’s intention to hold an asset or to settle or otherwise fulfil a liability is not relevant when measuring fair value.
4
The definition of fair value focuses on assets and liabilities because they are a primary subject of accounting measurement. In addition, this IFRS shall be applied to an entity’s own equity instruments measured at fair value.
SCOPE
5
This IFRS applies when another IFRS requires or permits fair value measurements or disclosures about fair value measurements (and measurements, such as fair value less costs to sell, based on fair value or disclosures about those measurements), except as specified in paragraphs 6 and 7.
6
The measurement and disclosure requirements of this IFRS do not apply to the following:
(a)
share-based payment transactions within the scope of IFRS 2 
Share-based Payment
;
(b)
leasing transactions accounted for in accordance with IFRS 16 
Leases
; and
(c)
measurements that have some similarities to fair value but are not fair value, such as net realisable value in IAS 2 
Inventories
 or value in use in IAS 36 
Impairment of Assets
.
7
The disclosures required by this IFRS are not required for the following:
(a)
plan assets measured at fair value in accordance with IAS 19 
Employee Benefits
;
(b)
retirement benefit plan investments measured at fair value in accordance with IAS 26 
Accounting and Reporting by Retirement Benefit Plans
; and
(c)
assets for which recoverable amount is fair value less costs of disposal in accordance with IAS 36.
8
The fair value measurement framework described in this IFRS applies to both initial and subsequent measurement if fair value is required or permitted by other IFRSs.
MEASUREMENT
Definition of fair value
9
This IFRS defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
10
Paragraph B2 describes the overall fair value measurement approach.
The asset or liability
11
A fair value measurement is for a particular asset or liability. Therefore, when measuring fair value an entity shall take into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Such characteristics include, for example, the following:
(a)
the condition and location of the asset; and
(b)
restrictions, if any, on the sale or use of the asset.
12
The effect on the measurement arising from a particular characteristic will differ depending on how that characteristic would be taken into account by market participants.
13
The asset or liability measured at fair value might be either of the following:
(a)
a stand-alone asset or liability (eg a financial instrument or a non-financial asset); or
(b)
a group of assets, a group of liabilities or a group of assets and liabilities (eg a cash-generating unit or a business).
14
Whether the asset or liability is a stand-alone asset or liability, a group of assets, a group of liabilities or a group of assets and liabilities for recognition or disclosure purposes depends on its 
unit of account
. The unit of account for the asset or liability shall be determined in accordance with the IFRS that requires or permits the fair value measurement, except as provided in this IFRS.
The transaction
15
A fair value measurement assumes that the asset or liability is exchanged in an orderly transaction between market participants to sell the asset or transfer the liability at the measurement date under current market conditions.
16
A fair value measurement assumes that the transaction to sell the asset or transfer the liability takes place either:
(a)
in the 
principal market
 for the asset or liability; or
(b)
in the absence of a principal market, in the 
most advantageous market
 for the asset or liability.
17
An entity need not undertake an exhaustive search of all possible markets to identify the principal market or, in the absence of a principal market, the most advantageous market, but it shall take into account all information that is reasonably available. In the absence of evidence to the contrary, the market in which the entity would normally enter into a transaction to sell the asset or to transfer the liability is presumed to be the principal market or, in the absence of a principal market, the most advantageous market.
18
If there is a principal market for the asset or liability, the fair value measurement shall represent the price in that market (whether that price is directly observable or estimated using another valuation technique), even if the price in a different market is potentially more advantageous at the measurement date.
19
The entity must have access to the principal (or most advantageous) market at the measurement date. Because different entities (and businesses within those entities) with different activities may have access to different markets, the principal (or most advantageous) market for the same asset or liability might be different for different entities (and businesses within those entities). Therefore, the principal (or most advantageous) market (and thus, market participants) shall be considered from the perspective of the entity, thereby allowing for differences between and among entities with different activities.
20
Although an entity must be able to access the market, the entity does not need to be able to sell the particular asset or transfer the particular liability on the measurement date to be able to measure fair value on the basis of the price in that market.
21
Even when there is no observable market to provide pricing information about the sale of an asset or the transfer of a liability at the measurement date, a fair value measurement shall assume that a transaction takes place at that date, considered from the perspective of a market participant that holds the asset or owes the liability. That assumed transaction establishes a basis for estimating the price to sell the asset or to transfer the liability.
Market participants
22
An entity shall measure the fair value of an asset or a liability using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.
23
In developing those assumptions, an entity need not identify specific market participants. Rather, the entity shall identify characteristics that distinguish market participants generally, considering factors specific to all the following:
(a)
the asset or liability;
(b)
the principal (or most advantageous) market for the asset or liability; and
(c)
market participants with whom the entity would enter into a transaction in that market.
The price
24
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction in the principal (or most advantageous) market at the measurement date under current market conditions (ie an exit price) regardless of whether that price is directly observable or estimated using another valuation technique.
25
The price in the principal (or most advantageous) market used to measure the fair value of the asset or liability shall not be adjusted for 
transaction costs
. Transaction costs shall be accounted for in accordance with other IFRSs. Transaction costs are not a characteristic of an asset or a liability; rather, they are specific to a transaction and will differ depending on how an entity enters into a transaction for the asset or liability.
26
Transaction costs do not include 
transport costs
. If location is a characteristic of the asset (as might be the case, for example, for a commodity), the price in the principal (or most advantageous) market shall be adjusted for the costs, if any, that would be incurred to transport the asset from its current location to that market.
Application to non-financial assets
Highest and best use for non-financial assets
27
A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits by using the asset in its 
highest and best
 use or by selling it to another market participant that would use the asset in its highest and best use.
28
The highest and best use of a non-financial asset takes into account the use of the asset that is physically possible, legally permissible and financially feasible, as follows:
(a)
A use that is physically possible takes into account the physical characteristics of the asset that market participants would take into account when pricing the asset (eg the location or size of a property).
(b)
A use that is legally permissible takes into account any legal restrictions on the use of the asset that market participants would take into account when pricing the asset (eg the zoning regulations applicable to a property).
(c)
A use that is financially feasible takes into account whether a use of the asset that is physically possible and legally permissible generates adequate income or cash flows (taking into account the costs of converting the asset to that use) to produce an investment return that market participants would require from an investment in that asset put to that use.
29
Highest and best use is determined from the perspective of market participants, even if the entity intends a different use. However, an entity’s current use of a non-financial asset is presumed to be its highest and best use unless market or other factors suggest that a different use by market participants would maximise the value of the asset.
30
To protect its competitive position, or for other reasons, an entity may intend not to use an acquired non-financial asset actively or it may intend not to use the asset according to its highest and best use. For example, that might be the case for an acquired intangible asset that the entity plans to use defensively by preventing others from using it. Nevertheless, the entity shall measure the fair value of a non-financial asset assuming its highest and best use by market participants.
Valuation premise for non-financial assets
31
The highest and best use of a non-financial asset establishes the valuation premise used to measure the fair value of the asset, as follows:
(a)
The highest and best use of a non-financial asset might provide maximum value to market participants through its use in combination with other assets as a group (as installed or otherwise configured for use) or in combination with other assets and liabilities (eg a business).
(i)
If the highest and best use of the asset is to use the asset in combination with other assets or with other assets and liabilities, the fair value of the asset is the price that would be received in a current transaction to sell the asset assuming that the asset would be used with other assets or with other assets and liabilities and that those assets and liabilities (ie its complementary assets and the associated liabilities) would be available to market participants.
(ii)
Liabilities associated with the asset and with the complementary assets include liabilities that fund working capital, but do not include liabilities used to fund assets other than those within the group of assets.
(iii)
Assumptions about the highest and best use of a non-financial asset shall be consistent for all the assets (for which highest and best use is relevant) of the group of assets or the group of assets and liabilities within which the asset would be used.
(b)
The highest and best use of a non-financial asset might provide maximum value to market participants on a stand-alone basis. If the highest and best use of the asset is to use it on a stand-alone basis, the fair value of the asset is the price that would be received in a current transaction to sell the asset to market participants that would use the asset on a stand-alone basis.
32
The fair value measurement of a non-financial asset assumes that the asset is sold consistently with the unit of account specified in other IFRSs (which may be an individual asset). That is the case even when that fair value measurement assumes that the highest and best use of the asset is to use it in combination with other assets or with other assets and liabilities because a fair value measurement assumes that the market participant already holds the complementary assets and the associated liabilities.
33
Paragraph B3 describes the application of the valuation premise concept for non-financial assets.
Application to liabilities and an entity’s own equity instruments
General principles
34
A fair value measurement assumes that a financial or non-financial liability or an entity’s own equity instrument (eg equity interests issued as consideration in a business combination) is transferred to a market participant at the measurement date. The transfer of a liability or an entity’s own equity instrument assumes the following:
(a)
A liability would remain outstanding and the market participant transferee would be required to fulfil the obligation. The liability would not be settled with the counterparty or otherwise extinguished on the measurement date.
(b)
An entity’s own equity instrument would remain outstanding and the market participant transferee would take on the rights and responsibilities associated with the instrument. The instrument would not be cancelled or otherwise extinguished on the measurement date.
35
Even when there is no observable market to provide pricing information about the transfer of a liability or an entity’s own equity instrument (eg because contractual or other legal restrictions prevent the transfer of such items), there might be an observable market for such items if they are held by other parties as assets (eg a corporate bond or a call option on an entity’s shares).
36
In all cases, an entity shall maximise the use of relevant observable inputs and minimise the use of unobservable inputs to meet the objective of a fair value measurement, which is to estimate the price at which an orderly transaction to transfer the liability or equity instrument would take place between market participants at the measurement date under current market conditions.
Liabilities and equity instruments held by other parties as assets
37
When a quoted price for the transfer of an identical or a similar liability or entity’s own equity instrument is not available and the identical item is held by another party as an asset, an entity shall measure the fair value of the liability or equity instrument from the perspective of a market participant that holds the identical item as an asset at the measurement date.
38
In such cases, an entity shall measure the fair value of the liability or equity instrument as follows:
(a)
using the quoted price in an 
active market
 for the identical item held by another party as an asset, if that price is available.
(b)
if that price is not available, using other observable inputs, such as the quoted price in a market that is not active for the identical item held by another party as an asset.
(c)
if the observable prices in (a) and (b) are not available, using another valuation technique, such as:
(i)
an 
income approach
 (eg a present value technique that takes into account the future cash flows that a market participant would expect to receive from holding the liability or equity instrument as an asset; see paragraphs B10 and B11).
(ii)
a 
market approach
 (eg using quoted prices for similar liabilities or equity instruments held by other parties as assets; see paragraphs B5–B7).
39
An entity shall adjust the quoted price of a liability or an entity’s own equity instrument held by another party as an asset only if there are factors specific to the asset that are not applicable to the fair value measurement of the liability or equity instrument. An entity shall ensure that the price of the asset does not reflect the effect of a restriction preventing the sale of that asset. Some factors that may indicate that the quoted price of the asset should be adjusted include the following:
(a)
The quoted price for the asset relates to a similar (but not identical) liability or equity instrument held by another party as an asset. For example, the liability or equity instrument may have a particular characteristic (eg the credit quality of the issuer) that is different from that reflected in the fair value of the similar liability or equity instrument held as an asset.
(b)
The unit of account for the asset is not the same as for the liability or equity instrument. For example, for liabilities, in some cases the price for an asset reflects a combined price for a package comprising both the amounts due from the issuer and a third-party credit enhancement. If the unit of account for the liability is not for the combined package, the objective is to measure the fair value of the issuer’s liability, not the fair value of the combined package. Thus, in such cases, the entity would adjust the observed price for the asset to exclude the effect of the third-party credit enhancement.
Liabilities and equity instruments not held by other parties as assets
40
When a quoted price for the transfer of an identical or a similar liability or entity’s own equity instrument is not available and the identical item is not held by another party as an asset, an entity shall measure the fair value of the liability or equity instrument using a valuation technique from the perspective of a market participant that owes the liability or has issued the claim on equity.
41
For example, when applying a present value technique an entity might take into account either of the following:
(a)
the future cash outflows that a market participant would expect to incur in fulfilling the obligation, including the compensation that a market participant would require for taking on the obligation (see paragraphs B31–B33).
(b)
the amount that a market participant would receive to enter into or issue an identical liability or equity instrument, using the assumptions that market participants would use when pricing the identical item (eg having the same credit characteristics) in the principal (or most advantageous) market for issuing a liability or an equity instrument with the same contractual terms.
Non-performance risk
42
The fair value of a liability reflects the effect of 
non-performance risk
. Non-performance risk includes, but may not be limited to, an entity’s own credit risk (as defined in IFRS 7 
Financial Instruments: Disclosures
). Non-performance risk is assumed to be the same before and after the transfer of the liability.
43
When measuring the fair value of a liability, an entity shall take into account the effect of its credit risk (credit standing) and any other factors that might influence the likelihood that the obligation will or will not be fulfilled. That effect may differ depending on the liability, for example:
(a)
whether the liability is an obligation to deliver cash (a financial liability) or an obligation to deliver goods or services (a non-financial liability).
(b)
the terms of credit enhancements related to the liability, if any.
44
The fair value of a liability reflects the effect of non-performance risk on the basis of its unit of account. The issuer of a liability issued with an inseparable third-party credit enhancement that is accounted for separately from the liability shall not include the effect of the credit enhancement (eg a third-party guarantee of debt) in the fair value measurement of the liability. If the credit enhancement is accounted for separately from the liability, the issuer would take into account its own credit standing and not that of the third party guarantor when measuring the fair value of the liability.
Restriction preventing the transfer of a liability or an entity’s own equity instrument
45
When measuring the fair value of a liability or an entity’s own equity instrument, an entity shall not include a separate input or an adjustment to other 
inputs
 relating to the existence of a restriction that prevents the transfer of the item. The effect of a restriction that prevents the transfer of a liability or an entity’s own equity instrument is either implicitly or explicitly included in the other inputs to the fair value measurement.
46
For example, at the transaction date, both the creditor and the obligor accepted the transaction price for the liability with full knowledge that the obligation includes a restriction that prevents its transfer. As a result of the restriction being included in the transaction price, a separate input or an adjustment to an existing input is not required at the transaction date to reflect the effect of the restriction on transfer. Similarly, a separate input or an adjustment to an existing input is not required at subsequent measurement dates to reflect the effect of the restriction on transfer.
Financial liability with a demand feature
47
The fair value of a financial liability with a demand feature (eg 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.
Application to financial assets and financial liabilities with offsetting positions in market risks or counterparty credit risk
48
An entity that holds a group of financial assets and financial liabilities is exposed to market risks (as defined in IFRS 7) and to the credit risk (as defined in IFRS 7) of each of the counterparties. If the entity manages that group of financial assets and financial liabilities on the basis of its net exposure to either market risks or credit risk, the entity is permitted to apply an exception to this IFRS for measuring fair value. That exception permits an entity to measure the fair value of a group of financial assets and financial liabilities on the basis of the price that would be received to sell a net long position (ie an asset) for a particular risk exposure or paid to transfer a net short position (ie a liability) for a particular risk exposure in an orderly transaction between market participants at the measurement date under current market conditions. Accordingly, an entity shall measure the fair value of the group of financial assets and financial liabilities consistently with how market participants would price the net risk exposure at the measurement date.
49
An entity is permitted to use the exception in paragraph 48 only if the entity does all the following:
(a)
manages the group of financial assets and financial liabilities on the basis of the entity’s net exposure to a particular market risk (or risks) or to the credit risk of a particular counterparty in accordance with the entity’s documented risk management or investment strategy;
(b)
provides information on that basis about the group of financial assets and financial liabilities to the entity’s key management personnel, as defined in IAS 24 
Related Party Disclosures
; and
(c)
is required or has elected to measure those financial assets and financial liabilities at fair value in the statement of financial position at the end of each reporting period.
50
The exception in paragraph 48 does not pertain to financial statement presentation. In some cases the basis for the presentation of financial instruments in the statement of financial position differs from the basis for the measurement of financial instruments, for example, if an IFRS does not require or permit financial instruments to be presented on a net basis. In such cases an entity may need to allocate the portfolio-level adjustments (see paragraphs 53–56) to the individual assets or liabilities that make up the group of financial assets and financial liabilities managed on the basis of the entity’s net risk exposure. An entity shall perform such allocations on a reasonable and consistent basis using a methodology appropriate in the circumstances.
51
An entity shall make an accounting policy decision in accordance with IAS 8 
Accounting Policies, Changes in Accounting Estimates and Errors
 to use the exception in paragraph 48. An entity that uses the exception shall apply that accounting policy, including its policy for allocating bid-ask adjustments (see paragraphs 53–55) and credit adjustments (see paragraph 56), if applicable, consistently from period to period for a particular portfolio.
52
The exception in paragraph 48 applies only to financial assets, financial liabilities and other contracts within the scope of IFRS 9 
Financial Instruments
 (or IAS 39 
Financial Instruments: Recognition and Measurement
, if IFRS 9 has not yet been adopted). The references to financial assets and financial liabilities in paragraphs 48–51 and 53–56 should be read as applying to all contracts within the scope of, and accounted for in accordance with, IFRS 9 (or IAS 39, if IFRS 9 has not yet been adopted), regardless of whether they meet the definitions of financial assets or financial liabilities in IAS 32 
Financial Instruments: Presentation
.
Exposure to market risks
53
When using the exception in paragraph 48 to measure the fair value of a group of financial assets and financial liabilities managed on the basis of the entity’s net exposure to a particular market risk (or risks), the entity shall apply the price within the bid-ask spread that is most representative of fair value in the circumstances to the entity’s net exposure to those market risks (see paragraphs 70 and 71).
54
When using the exception in paragraph 48, an entity shall ensure that the market risk (or risks) to which the entity is exposed within that group of financial assets and financial liabilities is substantially the same. For example, an entity would not combine the interest rate risk associated with a financial asset with the commodity price risk associated with a financial liability because doing so would not mitigate the entity’s exposure to interest rate risk or commodity price risk. When using the exception in paragraph 48, any basis risk resulting from the market risk parameters not being identical shall be taken into account in the fair value measurement of the financial assets and financial liabilities within the group.
55
Similarly, the duration of the entity’s exposure to a particular market risk (or risks) arising from the financial assets and financial liabilities shall be substantially the same. For example, an entity that uses a 12-month futures contract against the cash flows associated with 12 months’ worth of interest rate risk exposure on a five-year financial instrument within a group made up of only those financial assets and financial liabilities measures the fair value of the exposure to 12-month interest rate risk on a net basis and the remaining interest rate risk exposure (ie years 2–5) on a gross basis.
Exposure to the credit risk of a particular counterparty
56
When using the exception in paragraph 48 to measure the fair value of a group of financial assets and financial liabilities entered into with a particular counterparty, the entity shall include the effect of the entity’s net exposure to the credit risk of that counterparty or the counterparty’s net exposure to the credit risk of the entity in the fair value measurement when market participants would take into account any existing arrangements that mitigate credit risk exposure in the event of default (eg a master netting agreement with the counterparty or an agreement that requires the exchange of collateral on the basis of each party’s net exposure to the credit risk of the other party). The fair value measurement shall reflect market participants’ expectations about the likelihood that such an arrangement would be legally enforceable in the event of default.
Fair value at initial recognition
57
When an asset is acquired or a liability is assumed in an exchange transaction for that asset or liability, the transaction price is the price paid to acquire the asset or received to assume the liability (an 
entry price
). In contrast, the fair value of the asset or liability is the price that would be received to sell the asset or paid to transfer the liability (an exit price). Entities do not necessarily sell assets at the prices paid to acquire them. Similarly, entities do not necessarily transfer liabilities at the prices received to assume them.
58
In many cases the transaction price will equal the fair value (eg that might be the case when on the transaction date the transaction to buy an asset takes place in the market in which the asset would be sold).
59
When determining whether fair value at initial recognition equals the transaction price, an entity shall take into account factors specific to the transaction and to the asset or liability. Paragraph B4 describes situations in which the transaction price might not represent the fair value of an asset or a liability at initial recognition.
60
If another IFRS requires or permits an entity to measure an asset or a liability initially at fair value and the transaction price differs from fair value, the entity shall recognise the resulting gain or loss in profit or loss unless that IFRS specifies otherwise.
Valuation techniques
61
An entity shall use valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.
62
The objective of using a valuation technique is to estimate the price at which an orderly transaction to sell the asset or to transfer the liability would take place between market participants at the measurement date under current market conditions. Three widely used valuation techniques are the market approach, the 
cost approach
 and the income approach. The main aspects of those approaches are summarised in paragraphs B5–B11. An entity shall use valuation techniques consistent with one or more of those approaches to measure fair value.
63
In some cases a single valuation technique will be appropriate (eg when valuing an asset or a liability using quoted prices in an active market for identical assets or liabilities). In other cases, multiple valuation techniques will be appropriate (eg that might be the case when valuing a cash-generating unit). If multiple valuation techniques are used to measure fair value, the results (ie respective indications of fair value) shall be evaluated considering the reasonableness of the range of values indicated by those results. A fair value measurement is the point within that range that is most representative of fair value in the circumstances.
64
If the transaction price is fair value at initial recognition and a valuation technique that uses unobservable inputs will be used to measure fair value in subsequent periods, the valuation technique shall be calibrated so that at initial recognition the result of the valuation technique equals the transaction price. Calibration ensures that the valuation technique reflects current market conditions, and it helps an entity to determine whether an adjustment to the valuation technique is necessary (eg there might be a characteristic of the asset or liability that is not captured by the valuation technique). After initial recognition, when measuring fair value using a valuation technique or techniques that use unobservable inputs, an entity shall ensure that those valuation techniques reflect observable market data (eg the price for a similar asset or liability) at the measurement date.
65
Valuation techniques used to measure fair value shall be applied consistently. However, a change in a valuation technique or its application (eg a change in its weighting when multiple valuation techniques are used or a change in an adjustment applied to a valuation technique) is appropriate if the change results in a measurement that is equally or more representative of fair value in the circumstances. That might be the case if, for example, any of the following events take place:
(a)
new markets develop;
(b)
new information becomes available;
(c)
information previously used is no longer available;
(d)
valuation techniques improve; or
(e)
market conditions change.
66
Revisions resulting from a change in the valuation technique or its application shall be accounted for as a change in accounting estimate in accordance with IAS 8. However, the disclosures in IAS 8 for a change in accounting estimate are not required for revisions resulting from a change in a valuation technique or its application.
Inputs to valuation techniques
General principles
67
Valuation techniques used to measure fair value shall maximise the use of relevant observable inputs and minimise the use of unobservable inputs.
68
Examples of markets in which inputs might be observable for some assets and liabilities (eg financial instruments) include exchange markets, dealer markets, brokered markets and principal-to-principal markets (see paragraph B34).
69
An entity shall select inputs that are consistent with the characteristics of the asset or liability that market participants would take into account in a transaction for the asset or liability (see paragraphs 11 and 12). In some cases those characteristics result in the application of an adjustment, such as a premium or discount (eg a control premium or non-controlling interest discount). However, a fair value measurement shall not incorporate a premium or discount that is inconsistent with the unit of account in the IFRS that requires or permits the fair value measurement (see paragraphs 13 and 14). Premiums or discounts that reflect size as a characteristic of the entity’s holding (specifically, a blockage factor that adjusts the quoted price of an asset or a liability because the market’s normal daily trading volume is not sufficient to absorb the quantity held by the entity, as described in paragraph 80) rather than as a characteristic of the asset or liability (eg a control premium when measuring the fair value of a controlling interest) are not permitted in a fair value measurement. In all cases, if there is a quoted price in an active market (ie a 
Level 1 input
) for an asset or a liability, an entity shall use that price without adjustment when measuring fair value, except as specified in paragraph 79.
Inputs based on bid and ask prices
70
If an asset or a liability measured at fair value has a bid price and an ask price (eg an input from a dealer market), the price within the bid-ask spread that is most representative of fair value in the circumstances shall be used to measure fair value regardless of where the input is categorised within the fair value hierarchy (ie Level 1, 2 or 3; see paragraphs 72–90). The use of bid prices for asset positions and ask prices for liability positions is permitted, but is not required.
71
This IFRS does not preclude the use of mid-market pricing or other pricing conventions that are used by market participants as a practical expedient for fair value measurements within a bid-ask spread.
Fair value hierarchy
72
To increase consistency and comparability in fair value measurements and related disclosures, this IFRS establishes a fair value hierarchy that categorises into three levels (see paragraphs 76–90) the inputs to valuation techniques used to measure fair value. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1 inputs) and the lowest priority to unobservable inputs (
Level 3 inputs
).
73
In some cases, the inputs used to measure the fair value of an asset or a liability might be categorised within different levels of the fair value hierarchy. In those cases, the fair value measurement is categorised in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. Assessing the significance of a particular input to the entire measurement requires judgement, taking into account factors specific to the asset or liability. Adjustments to arrive at measurements based on fair value, such as costs to sell when measuring fair value less costs to sell, shall not be taken into account when determining the level of the fair value hierarchy within which a fair value measurement is categorised.
74
The availability of relevant inputs and their relative subjectivity might affect the selection of appropriate valuation techniques (see paragraph 61). However, the fair value hierarchy prioritises the inputs to valuation techniques, not the valuation techniques used to measure fair value. For example, a fair value measurement developed using a present value technique might be categorised within Level 2 or Level 3, depending on the inputs that are significant to the entire measurement and the level of the fair value hierarchy within which those inputs are categorised.
75
If an observable input requires an adjustment using an unobservable input and that adjustment results in a significantly higher or lower fair value measurement, the resulting measurement would be categorised within Level 3 of the fair value hierarchy. For example, if a market participant would take into account the effect of a restriction on the sale of an asset when estimating the price for the asset, an entity would adjust the quoted price to reflect the effect of that restriction. If that quoted price is a 
Level 2 input
 and the adjustment is an unobservable input that is significant to the entire measurement, the measurement would be categorised within Level 3 of the fair value hierarchy.
Level 1 inputs
76
Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date.
77
A quoted price in an active market provides the most reliable evidence of fair value and shall be used without adjustment to measure fair value whenever available, except as specified in paragraph 79.
78
A Level 1 input will be available for many financial assets and financial liabilities, some of which might be exchanged in multiple active markets (eg on different exchanges). Therefore, the emphasis within Level 1 is on determining both of the following:
(a)
the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability; and
(b)
whether the entity can enter into a transaction for the asset or liability at the price in that market at the measurement date.
79
An entity shall not make an adjustment to a Level 1 input except in the following circumstances:
(a)
when an entity holds a large number of similar (but not identical) assets or liabilities (eg debt securities) that are measured at fair value and a quoted price in an active market is available but not readily accessible for each of those assets or liabilities individually (ie given the large number of similar assets or liabilities held by the entity, it would be difficult to obtain pricing information for each individual asset or liability at the measurement date). In that case, as a practical expedient, an entity may measure fair value using an alternative pricing method that does not rely exclusively on quoted prices (eg matrix pricing). However, the use of an alternative pricing method results in a fair value measurement categorised within a lower level of the fair value hierarchy.
(b)
when a quoted price in an active market does not represent fair value at the measurement date. That might be the case if, for example, significant events (such as transactions in a principal-to-principal market, trades in a brokered market or announcements) take place after the close of a market but before the measurement date. An entity shall establish and consistently apply a policy for identifying those events that might affect fair value measurements. However, if the quoted price is adjusted for new information, the adjustment results in a fair value measurement categorised within a lower level of the fair value hierarchy.
(c)
when measuring the fair value of a liability or an entity’s own equity instrument using the quoted price for the identical item traded as an asset in an active market and that price needs to be adjusted for factors specific to the item or the asset (see paragraph 39). If no adjustment to the quoted price of the asset is required, the result is a fair value measurement categorised within Level 1 of the fair value hierarchy. However, any adjustment to the quoted price of the asset results in a fair value measurement categorised within a lower level of the fair value hierarchy.
80
If an entity holds a position in a single asset or liability (including a position comprising a large number of identical assets or liabilities, such as a holding of financial instruments) and the asset or liability is traded in an active market, the fair value of the asset or liability shall be measured within Level 1 as the product of the quoted price for the individual asset or liability and the quantity held by the entity. That is the case even if a market’s normal daily trading volume is not sufficient to absorb the quantity held and placing orders to sell the position in a single transaction might affect the quoted price.
Level 2 inputs
81
Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
82
If the asset or liability has a specified (contractual) term, a Level 2 input must be observable for substantially the full term of the asset or liability. Level 2 inputs include the following:
(a)
quoted prices for similar assets or liabilities in active markets.
(b)
quoted prices for identical or similar assets or liabilities in markets that are not active.
(c)
inputs other than quoted prices that are observable for the asset or liability, for example:
(i)
interest rates and yield curves observable at commonly quoted intervals;
(ii)
implied volatilities; and
(iii)
credit spreads.
(d)
market-corroborated inputs.
83
Adjustments to Level 2 inputs will vary depending on factors specific to the asset or liability. Those factors include the following:
(a)
the condition or location of the asset;
(b)
the extent to which inputs relate to items that are comparable to the asset or liability (including those factors described in paragraph 39); and
(c)
the volume or level of activity in the markets within which the inputs are observed.
84
An adjustment to a Level 2 input that is significant to the entire measurement might result in a fair value measurement categorised within Level 3 of the fair value hierarchy if the adjustment uses significant unobservable inputs.
85
Paragraph B35 describes the use of Level 2 inputs for particular assets and liabilities.
Level 3 inputs
86
Level 3 inputs are unobservable inputs for the asset or liability.
87
Unobservable inputs shall be used to measure fair value to the extent that relevant observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. However, the fair value measurement objective remains the same, ie an exit price at the measurement date from the perspective of a market participant that holds the asset or owes the liability. Therefore, unobservable inputs shall reflect the assumptions that market participants would use when pricing the asset or liability, including assumptions about risk.
88
Assumptions about risk include the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and the risk inherent in the inputs to the valuation technique. A measurement that does not include an adjustment for risk would not represent a fair value measurement if market participants would include one when pricing the asset or liability. For example, it might be necessary to include a risk adjustment when there is significant measurement uncertainty (eg when there has been a significant decrease in the volume or level of activity when compared with normal market activity for the asset or liability, or similar assets or liabilities, and the entity has determined that the transaction price or quoted price does not represent fair value, as described in paragraphs B37–B47).
89
An entity shall develop unobservable inputs using the best information available in the circumstances, which might include the entity’s own data. In developing unobservable inputs, an entity may begin with its own data, but it shall adjust those data if reasonably available information indicates that other market participants would use different data or there is something particular to the entity that is not available to other market participants (eg an entity-specific synergy). An entity need not undertake exhaustive efforts to obtain information about market participant assumptions. However, an entity shall take into account all information about market participant assumptions that is reasonably available. Unobservable inputs developed in the manner described above are considered market participant assumptions and meet the objective of a fair value measurement.
90
Paragraph B36 describes the use of Level 3 inputs for particular assets and liabilities.
DISCLOSURE
91
An entity shall disclose information that helps users of its financial statements assess both of the following:
(a)
for assets and liabilities that are measured at fair value on a recurring or non-recurring basis in the statement of financial position after initial recognition, the valuation techniques and inputs used to develop those measurements.
(b)
for recurring fair value measurements using significant unobservable inputs (Level 3), the effect of the measurements on profit or loss or other comprehensive income for the period.
92
To meet the objectives in paragraph 91, an entity shall consider all the following:
(a)
the level of detail necessary to satisfy the disclosure requirements;
(b)
how much emphasis to place on each of the various requirements;
(c)
how much aggregation or disaggregation to undertake; and
(d)
whether users of financial statements need additional information to evaluate the quantitative information disclosed.
If the disclosures provided in accordance with this IFRS and other IFRSs are insufficient to meet the objectives in paragraph 91, an entity shall disclose additional information necessary to meet those objectives.
93
To meet the objectives in paragraph 91, an entity shall disclose, at a minimum, the following information for each class of assets and liabilities (see paragraph 94 for information on determining appropriate classes of assets and liabilities) measured at fair value (including measurements based on fair value within the scope of this IFRS) in the statement of financial position after initial recognition:
(a)
for recurring and non-recurring fair value measurements, the fair value measurement at the end of the reporting period, and for non-recurring fair value measurements, the reasons for the measurement. Recurring fair value measurements of assets or liabilities are those that other IFRSs require or permit in the statement of financial position at the end of each reporting period. Non-recurring fair value measurements of assets or liabilities are those that other IFRSs require or permit in the statement of financial position in particular circumstances (eg when an entity measures an asset held for sale at fair value less costs to sell in accordance with IFRS 5 
Non-current Assets Held for Sale and Discontinued Operations
 because the asset’s fair value less costs to sell is lower than its carrying amount).
(b)
for recurring and non-recurring fair value measurements, the level of the fair value hierarchy within which the fair value measurements are categorised in their entirety (Level 1, 2 or 3).
(c)
for assets and liabilities held at the end of the reporting period that are measured at fair value on a recurring basis, the amounts of any transfers between Level 1 and Level 2 of the fair value hierarchy, the reasons for those transfers and the entity’s policy for determining when transfers between levels are deemed to have occurred (see paragraph 95). Transfers into each level shall be disclosed and discussed separately from transfers out of each level.
(d)
for recurring and non-recurring fair value measurements categorised within Level 2 and Level 3 of the fair value hierarchy, a description of the valuation technique(s) and the inputs used in the fair value measurement. If there has been a change in valuation technique (eg changing from a market approach to an income approach or the use of an additional valuation technique), the entity shall disclose that change and the reason(s) for making it. For fair value measurements categorised within Level 3 of the fair value hierarchy, an entity shall provide quantitative information about the significant unobservable inputs used in the fair value measurement. An entity is not required to create quantitative information to comply with this disclosure requirement if quantitative unobservable inputs are not developed by the entity when measuring fair value (eg when an entity uses prices from prior transactions or third-party pricing information without adjustment). However, when providing this disclosure an entity cannot ignore quantitative unobservable inputs that are significant to the fair value measurement and are reasonably available to the entity.
(e)
for recurring fair value measurements categorised within Level 3 of the fair value hierarchy, a reconciliation from the opening balances to the closing balances, disclosing separately changes during the period attributable to the following:
(i)
total gains or losses for the period recognised in profit or loss, and the line item(s) in profit or loss in which those gains or losses are recognised.
(ii)
total gains or losses for the period recognised in other comprehensive income, and the line item(s) in other comprehensive income in which those gains or losses are recognised.
(iii)
purchases, sales, issues and settlements (each of those types of changes disclosed separately).
(iv)
the amounts of any transfers into or out of Level 3 of the fair value hierarchy, the reasons for those transfers and the entity’s policy for determining when transfers between levels are deemed to have occurred (see paragraph 95). Transfers into Level 3 shall be disclosed and discussed separately from transfers out of Level 3.
(f)
for recurring fair value measurements categorised within Level 3 of the fair value hierarchy, the amount of the total gains or losses for the period in (e)(i) included in profit or loss that is attributable to the change in unrealised gains or losses relating to those assets and liabilities held at the end of the reporting period, and the line item(s) in profit or loss in which those unrealised gains or losses are recognised.
(g)
for recurring and non-recurring fair value measurements categorised within Level 3 of the fair value hierarchy, a description of the valuation processes used by the entity (including, for example, how an entity decides its valuation policies and procedures and analyses changes in fair value measurements from period to period).
(h)
for recurring fair value measurements categorised within Level 3 of the fair value hierarchy:
(i)
for all such measurements, a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs if a change in those inputs to a different amount might result in a significantly higher or lower fair value measurement. If there are interrelationships between those inputs and other unobservable inputs used in the fair value measurement, an entity shall also provide a description of those interrelationships and of how they might magnify or mitigate the effect of changes in the unobservable inputs on the fair value measurement. To comply with that disclosure requirement, the narrative description of the sensitivity to changes in unobservable inputs shall include, at a minimum, the unobservable inputs disclosed when complying with (d).
(ii)
for financial assets and financial liabilities, if changing one or more of the unobservable inputs to reflect reasonably possible alternative assumptions would change fair value significantly, an entity shall state that fact and disclose the effect of those changes. The entity shall disclose how the effect of a change to reflect a reasonably possible alternative assumption was calculated. For that 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 other comprehensive income, total equity.
(i)
for recurring and non-recurring fair value measurements, if the highest and best use of a non-financial asset differs from its current use, an entity shall disclose that fact and why the non-financial asset is being used in a manner that differs from its highest and best use.
94
An entity shall determine appropriate classes of assets and liabilities on the basis of the following:
(a)
the nature, characteristics and risks of the asset or liability; and
(b)
the level of the fair value hierarchy within which the fair value measurement is categorised.
The number of classes may need to be greater for fair value measurements categorised within Level 3 of the fair value hierarchy because those measurements have a greater degree of uncertainty and subjectivity. Determining appropriate classes of assets and liabilities for which disclosures about fair value measurements should be provided requires judgement. A class of assets and liabilities will often require greater disaggregation than the line items presented in the statement of financial position. However, an entity shall provide information sufficient to permit reconciliation to the line items presented in the statement of financial position. If another IFRS specifies the class for an asset or a liability, an entity may use that class in providing the disclosures required in this IFRS if that class meets the requirements in this paragraph.
95
An entity shall disclose and consistently follow its policy for determining when transfers between levels of the fair value hierarchy are deemed to have occurred in accordance with paragraph 93(c) and (e)(iv). The policy about the timing of recognising transfers shall be the same for transfers into the levels as for transfers out of the levels. Examples of policies for determining the timing of transfers include the following:
(a)
the date of the event or change in circumstances that caused the transfer.
(b)
the beginning of the reporting period.
(c)
the end of the reporting period.
96
If an entity makes an accounting policy decision to use the exception in paragraph 48, it shall disclose that fact.
97
For each class of assets and liabilities not measured at fair value in the statement of financial position but for which the fair value is disclosed, an entity shall disclose the information required by paragraph 93(b), (d) and (i). However, an entity is not required to provide the quantitative disclosures about significant unobservable inputs used in fair value measurements categorised within Level 3 of the fair value hierarchy required by paragraph 93(d). For such assets and liabilities, an entity does not need to provide the other disclosures required by this IFRS.
98
For a liability measured at fair value and issued with an inseparable third-party credit enhancement, an issuer shall disclose the existence of that credit enhancement and whether it is reflected in the fair value measurement of the liability.
99
An entity shall present the quantitative disclosures required by this IFRS in a tabular format unless another format is more appropriate.
Appendix A
Defined terms
This appendix is an integral part of the IFRS.
active market
A market in which transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis.
cost approach
A valuation technique that reflects the amount that would be required currently to replace the service capacity of an asset (often referred to as current replacement cost).
entry price
The price paid to acquire an asset or received to assume a liability in an exchange transaction.
exit price
The price that would be received to sell an asset or paid to transfer a liability.
expected cash flow
The probability-weighted average (ie mean of the distribution) of possible future cash flows.
fair value
The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
highest and best use
The use of a non-financial asset by market participants that would maximise the value of the asset or the group of assets and liabilities (eg a business) within which the asset would be used.
income approach
Valuation techniques that convert future amounts (eg cash flows or income and expenses) to a single current (ie discounted) amount. The fair value measurement is determined on the basis of the value indicated by current market expectations about those future amounts.
Inputs
The assumptions that market participants would use when pricing the asset or liability, including assumptions about risk, such as the following:
(a)
the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model); and
(b)
the risk inherent in the inputs to the valuation technique.
Inputs may be observable or unobservable.
Level 1 inputs
Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date.
Level 2 inputs
Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
Level 3 inputs
Unobservable inputs for the asset or liability.
market approach
A valuation technique that uses prices and other relevant information generated by market transactions involving identical or comparable (ie similar) assets, liabilities or a group of assets and liabilities, such as a business.
market-corroborated inputs
Inputs that are derived principally from or corroborated by observable market data by correlation or other means.
market participants
Buyers and sellers in the principal (or most advantageous) market for the asset or liability that have all of the following characteristics:
(a)
They are independent of each other, ie they are not related parties as defined in IAS 24, although the price in a related party transaction may be used as an input to a fair value measurement if the entity has evidence that the transaction was entered into at market terms.
(b)
They are knowledgeable, having a reasonable understanding about the asset or liability and the transaction using all available information, including information that might be obtained through due diligence efforts that are usual and customary.
(c)
They are able to enter into a transaction for the asset or liability.
(d)
They are willing to enter into a transaction for the asset or liability, ie they are motivated but not forced or otherwise compelled to do so.
most advantageous market
The market that maximises the amount that would be received to sell the asset or minimises the amount that would be paid to transfer the liability, after taking into account transaction costs and transport costs.
non-performance risk
The risk that an entity will not fulfil an obligation. Non-performance risk includes, but may not be limited to, the entity’s own credit risk.
observable inputs
Inputs that are developed using market data, such as publicly available information about actual events or transactions, and that reflect the assumptions that market participants would use when pricing the asset or liability.
orderly transaction
A transaction that assumes exposure to the market for a period before the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets or liabilities; it is not a forced transaction (eg a forced liquidation or distress sale).
principal market
The market with the greatest volume and level of activity for the asset or liability.
risk premium
Compensation sought by risk-averse market participants for bearing the uncertainty inherent in the cash flows of an asset or a liability. Also referred to as a ‘risk adjustment’.
transaction costs
The costs to sell an asset or transfer a liability in the principal (or most advantageous) market for the asset or liability that are directly attributable to the disposal of the asset or the transfer of the liability and meet both of the following criteria:
(a)
They result directly from and are essential to that transaction.
(b)
They would not have been incurred by the entity had the decision to sell the asset or transfer the liability not been made (similar to costs to sell, as defined in IFRS 5).
transport costs
The costs that would be incurred to transport an asset from its current location to its principal (or most advantageous) market.
unit of account
The level at which an asset or a liability is aggregated or disaggregated in an IFRS for recognition purposes.
unobservable inputs
Inputs for which market data are not available and that are developed using the best information available about the assumptions that market participants would use when pricing the asset or liability.
Appendix B
Application guidance
This appendix is an integral part of the IFRS. It describes the application of paragraphs 1–99 and has the same authority as the other parts of the IFRS.
B1
The judgements applied in different valuation situations may be different. This appendix describes the judgements that might apply when an entity measures fair value in different valuation situations.
THE FAIR VALUE MEASUREMENT APPROACH
B2
The objective of a fair value measurement is to estimate the price at which an orderly transaction to sell the asset or to transfer the liability would take place between market participants at the measurement date under current market conditions. A fair value measurement requires an entity to determine all the following:
(a)
the particular asset or liability that is the subject of the measurement (consistently with its unit of account).
(b)
for a non-financial asset, the valuation premise that is appropriate for the measurement (consistently with its highest and best use).
(c)
the principal (or most advantageous) market for the asset or liability.
(d)
the valuation technique(s) appropriate for the measurement, considering the availability of data with which to develop inputs that represent the assumptions that market participants would use when pricing the asset or liability and the level of the fair value hierarchy within which the inputs are categorised.
VALUATION PREMISE FOR NON-FINANCIAL ASSETS (PARAGRAPHS 31–33)
B3
When measuring the fair value of a non-financial asset used in combination with other assets as a group (as installed or otherwise configured for use) or in combination with other assets and liabilities (eg a business), the effect of the valuation premise depends on the circumstances. For example:
(a)
the fair value of the asset might be the same whether the asset is used on a stand-alone basis or in combination with other assets or with other assets and liabilities. That might be the case if the asset is a business that market participants would continue to operate. In that case, the transaction would involve valuing the business in its entirety. The use of the assets as a group in an ongoing business would generate synergies that would be available to market participants (ie market participant synergies that, therefore, should affect the fair value of the asset on either a stand-alone basis or in combination with other assets or with other assets and liabilities).
(b)
an asset’s use in combination with other assets or with other assets and liabilities might be incorporated into the fair value measurement through adjustments to the value of the asset used on a stand-alone basis. That might be the case if the asset is a machine and the fair value measurement is determined using an observed price for a similar machine (not installed or otherwise configured for use), adjusted for transport and installation costs so that the fair value measurement reflects the current condition and location of the machine (installed and configured for use).
(c)
an asset’s use in combination with other assets or with other assets and liabilities might be incorporated into the fair value measurement through the market participant assumptions used to measure the fair value of the asset. For example, if the asset is work in progress inventory that is unique and market participants would convert the inventory into finished goods, the fair value of the inventory would assume that market participants have acquired or would acquire any specialised machinery necessary to convert the inventory into finished goods.
(d)
an asset’s use in combination with other assets or with other assets and liabilities might be incorporated into the valuation technique used to measure the fair value of the asset. That might be the case when using the multi-period excess earnings method to measure the fair value of an intangible asset because that valuation technique specifically takes into account the contribution of any complementary assets and the associated liabilities in the group in which such an intangible asset would be used.
(e)
in more limited situations, when an entity uses an asset within a group of assets, the entity might measure the asset at an amount that approximates its fair value when allocating the fair value of the asset group to the individual assets of the group. That might be the case if the valuation involves real property and the fair value of improved property (ie an asset group) is allocated to its component assets (such as land and improvements).
FAIR VALUE AT INITIAL RECOGNITION (PARAGRAPHS 57–60)
B4
When determining whether fair value at initial recognition equals the transaction price, an entity shall take into account factors specific to the transaction and to the asset or liability. For example, the transaction price might not represent the fair value of an asset or a liability at initial recognition if any of the following conditions exist:
(a)
The transaction is between related parties, although the price in a related party transaction may be used as an input into a fair value measurement if the entity has evidence that the transaction was entered into at market terms.
(b)
The transaction takes place under duress or the seller is forced to accept the price in the transaction. For example, that might be the case if the seller is experiencing financial difficulty.
(c)
The unit of account represented by the transaction price is different from the unit of account for the asset or liability measured at fair value. For example, that might be the case if the asset or liability measured at fair value is only one of the elements in the transaction (eg in a business combination), the transaction includes unstated rights and privileges that are measured separately in accordance with another IFRS, or the transaction price includes transaction costs.
(d)
The market in which the transaction takes place is different from the principal market (or most advantageous market). For example, those markets might be different if the entity is a dealer that enters into transactions with customers in the retail market, but the principal (or most advantageous) market for the exit transaction is with other dealers in the dealer market.
VALUATION TECHNIQUES (PARAGRAPHS 61–66)
Market approach
B5
The market approach uses prices and other relevant information generated by market transactions involving identical or comparable (ie similar) assets, liabilities or a group of assets and liabilities, such as a business.
B6
For example, valuation techniques consistent with the market approach often use market multiples derived from a set of comparables. Multiples might be in ranges with a different multiple for each comparable. The selection of the appropriate multiple within the range requires judgement, considering qualitative and quantitative factors specific to the measurement.
B7
Valuation techniques consistent with the market approach include matrix pricing. Matrix pricing is a mathematical technique used principally to value some types of financial instruments, such as debt securities, without relying exclusively on quoted prices for the specific securities, but rather relying on the securities’ relationship to other benchmark quoted securities.
Cost approach
B8
The cost approach reflects the amount that would be required currently to replace the service capacity of an asset (often referred to as current replacement cost).
B9
From the perspective of a market participant seller, the price that would be received for the asset is based on the cost to a market participant buyer to acquire or construct a substitute asset of comparable utility, adjusted for obsolescence. That is because a market participant buyer would not pay more for an asset than the amount for which it could replace the service capacity of that asset. Obsolescence encompasses physical deterioration, functional (technological) obsolescence and economic (external) obsolescence and is broader than depreciation for financial reporting purposes (an allocation of historical cost) or tax purposes (using specified service lives). In many cases the current replacement cost method is used to measure the fair value of tangible assets that are used in combination with other assets or with other assets and liabilities.
Income approach
B10
The income approach converts future amounts (eg cash flows or income and expenses) to a single current (ie discounted) amount. When the income approach is used, the fair value measurement reflects current market expectations about those future amounts.
B11
Those valuation techniques include, for example, the following:
(a)
present value techniques (see paragraphs B12–B30);
(b)
option pricing models, such as the Black-Scholes-Merton formula or a binomial model (ie a lattice model), that incorporate present value techniques and reflect both the time value and the intrinsic value of an option; and
(c)
the multi-period excess earnings method, which is used to measure the fair value of some intangible assets.
Present value techniques
B12
Paragraphs B13–B30 describe the use of present value techniques to measure fair value. Those paragraphs focus on a discount rate adjustment technique and an 
expected cash flow
 (expected present value) technique. Those paragraphs neither prescribe the use of a single specific present value technique nor limit the use of present value techniques to measure fair value to the techniques discussed. The present value technique used to measure fair value will depend on facts and circumstances specific to the asset or liability being measured (eg whether prices for comparable assets or liabilities can be observed in the market) and the availability of sufficient data.
The components of a present value measurement
B13
Present value (ie an application of the income approach) is a tool used to link future amounts (eg cash flows or values) to a present amount using a discount rate. A fair value measurement of an asset or a liability using a present value technique captures all the following elements from the perspective of market participants at the measurement date:
(a)
an estimate of future cash flows for the asset or liability being measured.
(b)
expectations about possible variations in the amount and timing of the cash flows representing the uncertainty inherent in the cash flows.
(c)
the time value of money, represented by the rate on risk-free monetary assets that have maturity dates or durations that coincide with the period covered by the cash flows and pose neither uncertainty in timing nor risk of default to the holder (ie a risk-free interest rate).
(d)
the price for bearing the uncertainty inherent in the cash flows (ie a 
risk premium
).
(e)
other factors that market participants would take into account in the circumstances.
(f)
for a liability, the non-performance risk relating to that liability, including the entity’s (ie the obligor’s) own credit risk.
General principles
B14
Present value techniques differ in how they capture the elements in paragraph B13. However, all the following general principles govern the application of any present value technique used to measure fair value:
(a)
Cash flows and discount rates should reflect assumptions that market participants would use when pricing the asset or liability.
(b)
Cash flows and discount rates should take into account only the factors attributable to the asset or liability being measured.
(c)
To avoid double-counting or omitting the effects of risk factors, discount rates should reflect assumptions that are consistent with those inherent in the cash flows. For example, a discount rate that reflects the uncertainty in expectations about future defaults is appropriate if using contractual cash flows of a loan (ie a discount rate adjustment technique). That same rate should not be used if using expected (ie probability-weighted) cash flows (ie an expected present value technique) because the expected cash flows already reflect assumptions about the uncertainty in future defaults; instead, a discount rate that is commensurate with the risk inherent in the expected cash flows should be used.
(d)
Assumptions about cash flows and discount rates should be internally consistent. For example, nominal cash flows, which include the effect of inflation, should be discounted at a rate that includes the effect of inflation. The nominal risk-free interest rate includes the effect of inflation. Real cash flows, which exclude the effect of inflation, should be discounted at a rate that excludes the effect of inflation. Similarly, after-tax cash flows should be discounted using an after-tax discount rate. Pre-tax cash flows should be discounted at a rate consistent with those cash flows.
(e)
Discount rates should be consistent with the underlying economic factors of the currency in which the cash flows are denominated.
Risk and uncertainty
B15
A fair value measurement using present value techniques is made under conditions of uncertainty because the cash flows used are estimates rather than known amounts. In many cases both the amount and timing of the cash flows are uncertain. Even contractually fixed amounts, such as the payments on a loan, are uncertain if there is risk of default.
B16
Market participants generally seek compensation (ie a risk premium) for bearing the uncertainty inherent in the cash flows of an asset or a liability. A fair value measurement should include a risk premium reflecting the amount that market participants would demand as compensation for the uncertainty inherent in the cash flows. Otherwise, the measurement would not faithfully represent fair value. In some cases determining the appropriate risk premium might be difficult. However, the degree of difficulty alone is not a sufficient reason to exclude a risk premium.
B17
Present value techniques differ in how they adjust for risk and in the type of cash flows they use. For example:
(a)
The discount rate adjustment technique (see paragraphs B18–B22) uses a risk-adjusted discount rate and contractual, promised or most likely cash flows.
(b)
Method 1 of the expected present value technique (see paragraph B25) uses risk-adjusted expected cash flows and a risk-free rate.
(c)
Method 2 of the expected present value technique (see paragraph B26) uses expected cash flows that are not risk-adjusted and a discount rate adjusted to include the risk premium that market participants require. That rate is different from the rate used in the discount rate adjustment technique.
Discount rate adjustment technique
B18
The discount rate adjustment technique uses a single set of cash flows from the range of possible estimated amounts, whether contractual or promised (as is the case for a bond) or most likely cash flows. In all cases, those cash flows are conditional upon the occurrence of specified events (eg contractual or promised cash flows for a bond are conditional on the event of no default by the debtor). The discount rate used in the discount rate adjustment technique is derived from observed rates of return for comparable assets or liabilities that are traded in the market. Accordingly, the contractual, promised or most likely cash flows are discounted at an observed or estimated market rate for such conditional cash flows (ie a market rate of return).
B19
The discount rate adjustment technique requires an analysis of market data for comparable assets or liabilities. Comparability is established by considering the nature of the cash flows (eg whether the cash flows are contractual or non-contractual and are likely to respond similarly to changes in economic conditions), as well as other factors (eg credit standing, collateral, duration, restrictive covenants and liquidity). Alternatively, if a single comparable asset or liability does not fairly reflect the risk inherent in the cash flows of the asset or liability being measured, it may be possible to derive a discount rate using data for several comparable assets or liabilities in conjunction with the risk-free yield curve (ie using a ‘build-up’ approach).
B20
To illustrate a build-up approach, assume that Asset A is a contractual right to receive CU800 
(
57
)
 in one year (ie there is no timing uncertainty). There is an established market for comparable assets, and information about those assets, including price information, is available. Of those comparable assets:
(a)
Asset B is a contractual right to receive CU1,200 in one year and has a market price of CU1,083. Thus, the implied annual rate of return (ie a one-year market rate of return) is 10,8 per cent [(CU1,200/CU1,083) – 1].
(b)
Asset C is a contractual right to receive CU700 in two years and has a market price of CU566. Thus, the implied annual rate of return (ie a two-year market rate of return) is 11,2 per cent [(CU700/CU566)^0,5 – 1].
(c)
All three assets are comparable with respect to risk (ie dispersion of possible pay-offs and credit).
B21
On the basis of the timing of the contractual payments to be received for Asset A relative to the timing for Asset B and Asset C (ie one year for Asset B versus two years for Asset C), Asset B is deemed more comparable to Asset A. Using the contractual payment to be received for Asset A (CU800) and the one-year market rate derived from Asset B (10,8 per cent), the fair value of Asset A is CU722 (CU800/1,108). Alternatively, in the absence of available market information for Asset B, the one-year market rate could be derived from Asset C using the build-up approach. In that case the two-year market rate indicated by Asset C (11,2 per cent) would be adjusted to a one-year market rate using the term structure of the risk-free yield curve. Additional information and analysis might be required to determine whether the risk premiums for one-year and two-year assets are the same. If it is determined that the risk premiums for one-year and two-year assets are not the same, the two-year market rate of return would be further adjusted for that effect.
B22
When the discount rate adjustment technique is applied to fixed receipts or payments, the adjustment for risk inherent in the cash flows of the asset or liability being measured is included in the discount rate. In some applications of the discount rate adjustment technique to cash flows that are not fixed receipts or payments, an adjustment to the cash flows may be necessary to achieve comparability with the observed asset or liability from which the discount rate is derived.
Expected present value technique
B23
The expected present value technique uses as a starting point a set of cash flows that represents the probability-weighted average of all possible future cash flows (ie the expected cash flows). The resulting estimate is identical to expected value, which, in statistical terms, is the weighted average of a discrete random variable’s possible values with the respective probabilities as the weights. Because all possible cash flows are probability-weighted, the resulting expected cash flow is not conditional upon the occurrence of any specified event (unlike the cash flows used in the discount rate adjustment technique).
B24
In making an investment decision, risk-averse market participants would take into account the risk that the actual cash flows may differ from the expected cash flows. Portfolio theory distinguishes between two types of risk:
(a)
unsystematic (diversifiable) risk, which is the risk specific to a particular asset or liability.
(b)
systematic (non-diversifiable) risk, which is the common risk shared by an asset or a liability with the other items in a diversified portfolio.
Portfolio theory holds that in a market in equilibrium, market participants will be compensated only for bearing the systematic risk inherent in the cash flows. (In markets that are inefficient or out of equilibrium, other forms of return or compensation might be available.)
B25
Method 1 of the expected present value technique adjusts the expected cash flows of an asset for systematic (ie market) risk by subtracting a cash risk premium (ie risk-adjusted expected cash flows). Those risk-adjusted expected cash flows represent a certainty-equivalent cash flow, which is discounted at a risk-free interest rate. A certainty-equivalent cash flow refers to an expected cash flow (as defined), adjusted for risk so that a market participant is indifferent to trading a certain cash flow for an expected cash flow. For example, if a market participant was willing to trade an expected cash flow of CU1,200 for a certain cash flow of CU1,000, the CU1,000 is the certainty equivalent of the CU1,200 (ie the CU200 would represent the cash risk premium). In that case the market participant would be indifferent as to the asset held.
B26
In contrast, Method 2 of the expected present value technique adjusts for systematic (ie market) risk by applying a risk premium to the risk-free interest rate. Accordingly, the expected cash flows are discounted at a rate that corresponds to an expected rate associated with probability-weighted cash flows (ie an expected rate of return). Models used for pricing risky assets, such as the capital asset pricing model, can be used to estimate the expected rate of return. Because the discount rate used in the discount rate adjustment technique is a rate of return relating to conditional cash flows, it is likely to be higher than the discount rate used in Method 2 of the expected present value technique, which is an expected rate of return relating to expected or probability-weighted cash flows.
B27
To illustrate Methods 1 and 2, assume that an asset has expected cash flows of CU780 in one year determined on the basis of the possible cash flows and probabilities shown below. The applicable risk-free interest rate for cash flows with a one-year horizon is 5 per cent, and the systematic risk premium for an asset with the same risk profile is 3 per cent.
Possible cash flows
Probability
Probability-weighted cash flows
CU500
15 %
CU75
CU800
60 %
CU480
CU900
25 %
CU225
Expected cash flows
CU780
B28
In this simple illustration, the expected cash flows (CU780) represent the probability-weighted average of the three possible outcomes. In more realistic situations, there could be many possible outcomes. However, to apply the expected present value technique, it is not always necessary to take into account distributions of all possible cash flows using complex models and techniques. Rather, it might be possible to develop a limited number of discrete scenarios and probabilities that capture the array of possible cash flows. For example, an entity might use realised cash flows for some relevant past period, adjusted for changes in circumstances occurring subsequently (eg changes in external factors, including economic or market conditions, industry trends and competition as well as changes in internal factors affecting the entity more specifically), taking into account the assumptions of market participants.
B29
In theory, the present value (ie the fair value) of the asset’s cash flows is the same whether determined using Method 1 or Method 2, as follows:
(a)
Using Method 1, the expected cash flows are adjusted for systematic (ie market) risk. In the absence of market data directly indicating the amount of the risk adjustment, such adjustment could be derived from an asset pricing model using the concept of certainty equivalents. For example, the risk adjustment (ie the cash risk premium of CU22) could be determined using the systematic risk premium of 3 per cent (CU780 – [CU780 × (1,05/1,08)]), which results in risk-adjusted expected cash flows of CU758 (CU780 – CU22). The CU758 is the certainty equivalent of CU780 and is discounted at the risk-free interest rate (5 per cent). The present value (ie the fair value) of the asset is CU722 (CU758/1,05).
(b)
Using Method 2, the expected cash flows are not adjusted for systematic (ie market) risk. Rather, the adjustment for that risk is included in the discount rate. Thus, the expected cash flows are discounted at an expected rate of return of 8 per cent (ie the 5 per cent risk-free interest rate plus the 3 per cent systematic risk premium). The present value (ie the fair value) of the asset is CU722 (CU780/1,08).
B30
When using an expected present value technique to measure fair value, either Method 1 or Method 2 could be used. The selection of Method 1 or Method 2 will depend on facts and circumstances specific to the asset or liability being measured, the extent to which sufficient data are available and the judgements applied.
APPLYING PRESENT VALUE TECHNIQUES TO LIABILITIES AND AN ENTITY’S OWN EQUITY INSTRUMENTS NOT HELD BY OTHER PARTIES AS ASSETS (PARAGRAPHS 40 AND 41)
B31
When using a present value technique to measure the fair value of a liability that is not held by another party as an asset (eg a decommissioning liability), an entity shall, among other things, estimate the future cash outflows that market participants would expect to incur in fulfilling the obligation. Those future cash outflows shall include market participants’ expectations about the costs of fulfilling the obligation and the compensation that a market participant would require for taking on the obligation. Such compensation includes the return that a market participant would require for the following:
(a)
undertaking the activity (ie the value of fulfilling the obligation; eg by using resources that could be used for other activities); and
(b)
assuming the risk associated with the obligation (ie a risk premium that reflects the risk that the actual cash outflows might differ from the expected cash outflows; see paragraph B33).
B32
For example, a non-financial liability does not contain a contractual rate of return and there is no observable market yield for that liability. In some cases the components of the return that market participants would require will be indistinguishable from one another (eg when using the price a third party contractor would charge on a fixed fee basis). In other cases an entity needs to estimate those components separately (eg when using the price a third party contractor would charge on a cost plus basis because the contractor in that case would not bear the risk of future changes in costs).
B33
An entity can include a risk premium in the fair value measurement of a liability or an entity’s own equity instrument that is not held by another party as an asset in one of the following ways:
(a)
by adjusting the cash flows (ie as an increase in the amount of cash outflows); or
(b)
by adjusting the rate used to discount the future cash flows to their present values (ie as a reduction in the discount rate).
An entity shall ensure that it does not double-count or omit adjustments for risk. For example, if the estimated cash flows are increased to take into account the compensation for assuming the risk associated with the obligation, the discount rate should not be adjusted to reflect that risk.
INPUTS TO VALUATION TECHNIQUES (PARAGRAPHS 67–71)
B34
Examples of markets in which inputs might be observable for some assets and liabilities (eg financial instruments) include the following:
(a)
Exchange markets
. In an exchange market, closing prices are both readily available and generally representative of fair value. An example of such a market is the London Stock Exchange.
(b)
Dealer markets
. In a dealer market, dealers stand ready to trade (either buy or sell for their own account), thereby providing liquidity by using their capital to hold an inventory of the items for which they make a market. Typically bid and ask prices (representing the price at which the dealer is willing to buy and the price at which the dealer is willing to sell, respectively) are more readily available than closing prices. Over-the-counter markets (for which prices are publicly reported) are dealer markets. Dealer markets also exist for some other assets and liabilities, including some financial instruments, commodities and physical assets (eg used equipment).
(c)
Brokered markets
. In a brokered market, brokers attempt to match buyers with sellers but do not stand ready to trade for their own account. In other words, brokers do not use their own capital to hold an inventory of the items for which they make a market. The broker knows the prices bid and asked by the respective parties, but each party is typically unaware of another party’s price requirements. Prices of completed transactions are sometimes available. Brokered markets include electronic communication networks, in which buy and sell orders are matched, and commercial and residential real estate markets.
(d)
Principal-to-principal markets
. In a principal-to-principal market, transactions, both originations and resales, are negotiated independently with no intermediary. Little information about those transactions may be made available publicly.
FAIR VALUE HIERARCHY (PARAGRAPHS 72–90)
Level 2 inputs (paragraphs 81–85)
B35
Examples of Level 2 inputs for particular assets and liabilities include the following:
(a)
Receive-fixed, pay-variable interest rate swap based on the London Interbank Offered Rate (LIBOR) swap rate
. A Level 2 input would be the LIBOR swap rate if that rate is observable at commonly quoted intervals for substantially the full term of the swap.
(b)
Receive-fixed, pay-variable interest rate swap based on a yield curve denominated in a foreign currency
. A Level 2 input would be the swap rate based on a yield curve denominated in a foreign currency that is observable at commonly quoted intervals for substantially the full term of the swap. That would be the case if the term of the swap is 10 years and that rate is observable at commonly quoted intervals for 9 years, provided that any reasonable extrapolation of the yield curve for year 10 would not be significant to the fair value measurement of the swap in its entirety.
(c)
Receive-fixed, pay-variable interest rate swap based on a specific bank’s prime rate
. A Level 2 input would be the bank’s prime rate derived through extrapolation if the extrapolated values are corroborated by observable market data, for example, by correlation with an interest rate that is observable over substantially the full term of the swap.
(d)
Three-year option on exchange-traded shares
. A Level 2 input would be the implied volatility for the shares derived through extrapolation to year 3 if both of the following conditions exist:
(i)
Prices for one-year and two-year options on the shares are observable.
(ii)
The extrapolated implied volatility of a three-year option is corroborated by observable market data for substantially the full term of the option.
In that case the implied volatility could be derived by extrapolating from the implied volatility of the one-year and two-year options on the shares and corroborated by the implied volatility for three-year options on comparable entities’ shares, provided that correlation with the one-year and two-year implied volatilities is established.
(e)
Licensing arrangement
. For a licensing arrangement that is acquired in a business combination and was recently negotiated with an unrelated party by the acquired entity (the party to the licensing arrangement), a Level 2 input would be the royalty rate in the contract with the unrelated party at inception of the arrangement.
(f)
Finished goods inventory at a retail outlet
. For finished goods inventory that is acquired in a business combination, a Level 2 input would be either a price to customers in a retail market or a price to retailers in a wholesale market, adjusted for differences between the condition and location of the inventory item and the comparable (ie similar) inventory items so that the fair value measurement reflects the price that would be received in a transaction to sell the inventory to another retailer that would complete the requisite selling efforts. Conceptually, the fair value measurement will be the same, whether adjustments are made to a retail price (downward) or to a wholesale price (upward). Generally, the price that requires the least amount of subjective adjustments should be used for the fair value measurement.
(g)
Building held and used
. A Level 2 input would be the price per square metre for the building (a valuation multiple) derived from observable market data, eg multiples derived from prices in observed transactions involving comparable (ie similar) buildings in similar locations.
(h)
Cash-generating unit
. A Level 2 input would be a valuation multiple (eg a multiple of earnings or revenue or a similar performance measure) derived from observable market data, eg multiples derived from prices in observed transactions involving comparable (ie similar) businesses, taking into account operational, market, financial and non-financial factors.
Level 3 inputs (paragraphs 86–90)
B36
Examples of Level 3 inputs for particular assets and liabilities include the following:
(a)
Long-dated currency swap
. A Level 3 input would be an interest rate in a specified currency that is not observable and cannot be corroborated by observable market data at commonly quoted intervals or otherwise for substantially the full term of the currency swap. The interest rates in a currency swap are the swap rates calculated from the respective countries’ yield curves.
(b)
Three-year option on exchange-traded shares
. A Level 3 input would be historical volatility, ie the volatility for the shares derived from the shares’ historical prices. Historical volatility typically does not represent current market participants’ expectations about future volatility, even if it is the only information available to price an option.
(c)
Interest rate swap
. A Level 3 input would be an adjustment to a mid-market consensus (non-binding) price for the swap developed using data that are not directly observable and cannot otherwise be corroborated by observable market data.
(d)
Decommissioning liability assumed in a business combination
. A Level 3 input would be a current estimate using the entity’s own data about the future cash outflows to be paid to fulfil the obligation (including market participants’ expectations about the costs of fulfilling the obligation and the compensation that a market participant would require for taking on the obligation to dismantle the asset) if there is no reasonably available information that indicates that market participants would use different assumptions. That Level 3 input would be used in a present value technique together with other inputs, eg a current risk-free interest rate or a credit-adjusted risk-free rate if the effect of the entity’s credit standing on the fair value of the liability is reflected in the discount rate rather than in the estimate of future cash outflows.
(e)
Cash-generating unit
. A Level 3 input would be a financial forecast (eg of cash flows or profit or loss) developed using the entity’s own data if there is no reasonably available information that indicates that market participants would use different assumptions.
MEASURING FAIR VALUE WHEN THE VOLUME OR LEVEL OF ACTIVITY FOR AN ASSET OR A LIABILITY HAS SIGNIFICANTLY DECREASED
B37
The fair value of an asset or a liability might be affected when there has been a significant decrease in the volume or level of activity for that asset or liability in relation to normal market activity for the asset or liability (or similar assets or liabilities). To determine whether, on the basis of the evidence available, there has been a significant decrease in the volume or level of activity for the asset or liability, an entity shall evaluate the significance and relevance of factors such as the following:
(a)
There are few recent transactions.
(b)
Price quotations are not developed using current information.
(c)
Price quotations vary substantially either over time or among market-makers (eg some brokered markets).
(d)
Indices that previously were highly correlated with the fair values of the asset or liability are demonstrably uncorrelated with recent indications of fair value for that asset or liability.
(e)
There is a significant increase in implied liquidity risk premiums, yields or performance indicators (such as delinquency rates or loss severities) for observed transactions or quoted prices when compared with the entity’s estimate of expected cash flows, taking into account all available market data about credit and other non-performance risk for the asset or liability.
(f)
There is a wide bid-ask spread or significant increase in the bid-ask spread.
(g)
There is a significant decline in the activity of, or there is an absence of, a market for new issues (ie a primary market) for the asset or liability or similar assets or liabilities.
(h)
Little information is publicly available (eg for transactions that take place in a principal-to-principal market).
B38
If an entity concludes that there has been a significant decrease in the volume or level of activity for the asset or liability in relation to normal market activity for the asset or liability (or similar assets or liabilities), further analysis of the transactions or quoted prices is needed. A decrease in the volume or level of activity on its own may not indicate that a transaction price or quoted price does not represent fair value or that a transaction in that market is not orderly. However, if an entity determines that a transaction or quoted price does not represent fair value (eg there may be transactions that are not orderly), an adjustment to the transactions or quoted prices will be necessary if the entity uses those prices as a basis for measuring fair value and that adjustment may be significant to the fair value measurement in its entirety. Adjustments also may be necessary in other circumstances (eg when a price for a similar asset requires significant adjustment to make it comparable to the asset being measured or when the price is stale).
B39
This IFRS does not prescribe a methodology for making significant adjustments to transactions or quoted prices. See paragraphs 61–66 and B5–B11 for a discussion of the use of valuation techniques when measuring fair value. Regardless of the valuation technique used, an entity shall include appropriate risk adjustments, including a risk premium reflecting the amount that market participants would demand as compensation for the uncertainty inherent in the cash flows of an asset or a liability (see paragraph B17). Otherwise, the measurement does not faithfully represent fair value. In some cases determining the appropriate risk adjustment might be difficult. However, the degree of difficulty alone is not a sufficient basis on which to exclude a risk adjustment. The risk adjustment shall be reflective of an orderly transaction between market participants at the measurement date under current market conditions.
B40
If there has been a significant decrease in the volume or level of activity for the asset or liability, a change in valuation technique or the use of multiple valuation techniques may be appropriate (eg the use of a market approach and a present value technique). When weighting indications of fair value resulting from the use of multiple valuation techniques, an entity shall consider the reasonableness of the range of fair value measurements. The objective is to determine the point within the range that is most representative of fair value under current market conditions. A wide range of fair value measurements may be an indication that further analysis is needed.
B41
Even when there has been a significant decrease in the volume or level of activity for the asset or liability, the objective of a fair value measurement remains the same. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction (ie not a forced liquidation or distress sale) between market participants at the measurement date under current market conditions.
B42
Estimating the price at which market participants would be willing to enter into a transaction at the measurement date under current market conditions if there has been a significant decrease in the volume or level of activity for the asset or liability depends on the facts and circumstances at the measurement date and requires judgement. An entity’s intention to hold the asset or to settle or otherwise fulfil the liability is not relevant when measuring fair value because fair value is a market-based measurement, not an entity-specific measurement.
Identifying transactions that are not orderly
B43
The determination of whether a transaction is orderly (or is not orderly) is more difficult if there has been a significant decrease in the volume or level of activity for the asset or liability in relation to normal market activity for the asset or liability (or similar assets or liabilities). In such circumstances it is not appropriate to conclude that all transactions in that market are not orderly (ie forced liquidations or distress sales). Circumstances that may indicate that a transaction is not orderly include the following:
(a)
There was not adequate exposure to the market for a period before the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets or liabilities under current market conditions.
(b)
There was a usual and customary marketing period, but the seller marketed the asset or liability to a single market participant.
(c)
The seller is in or near bankruptcy or receivership (ie the seller is distressed).
(d)
The seller was required to sell to meet regulatory or legal requirements (ie the seller was forced).
(e)
The transaction price is an outlier when compared with other recent transactions for the same or a similar asset or liability.
An entity shall evaluate the circumstances to determine whether, on the weight of the evidence available, the transaction is orderly.
B44
An entity shall consider all the following when measuring fair value or estimating market risk premiums:
(a)
If the evidence indicates that a transaction is not orderly, an entity shall place little, if any, weight (compared with other indications of fair value) on that transaction price.
(b)
If the evidence indicates that a transaction is orderly, an entity shall take into account that transaction price. The amount of weight placed on that transaction price when compared with other indications of fair value will depend on the facts and circumstances, such as the following:
(i)
the volume of the transaction.
(ii)
the comparability of the transaction to the asset or liability being measured.
(iii)
the proximity of the transaction to the measurement date.
(c)
If an entity does not have sufficient information to conclude whether a transaction is orderly, it shall take into account the transaction price. However, that transaction price may not represent fair value (ie the transaction price is not necessarily the sole or primary basis for measuring fair value or estimating market risk premiums). When an entity does not have sufficient information to conclude whether particular transactions are orderly, the entity shall place less weight on those transactions when compared with other transactions that are known to be orderly.
An entity need not undertake exhaustive efforts to determine whether a transaction is orderly, but it shall not ignore information that is reasonably available. When an entity is a party to a transaction, it is presumed to have sufficient information to conclude whether the transaction is orderly.
Using quoted prices provided by third parties
B45
This IFRS does not preclude the use of quoted prices provided by third parties, such as pricing services or brokers, if an entity has determined that the quoted prices provided by those parties are developed in accordance with this IFRS.
B46
If there has been a significant decrease in the volume or level of activity for the asset or liability, an entity shall evaluate whether the quoted prices provided by third parties are developed using current information that reflects orderly transactions or a valuation technique that reflects market participant assumptions (including assumptions about risk). In weighting a quoted price as an input to a fair value measurement, an entity places less weight (when compared with other indications of fair value that reflect the results of transactions) on quotes that do not reflect the result of transactions.
B47
Furthermore, the nature of a quote (eg whether the quote is an indicative price or a binding offer) shall be taken into account when weighting the available evidence, with more weight given to quotes provided by third parties that represent binding offers.
Appendix C
Effective date and transition
This appendix is an integral part of the IFRS and has the same authority as the other parts of the IFRS.
C1
An entity shall apply this IFRS for annual periods beginning on or after 1 January 2013. Earlier application is permitted. If an entity applies this IFRS for an earlier period, it shall disclose that fact.
C2
This IFRS shall be applied prospectively as of the beginning of the annual period in which it is initially applied.
C3
The disclosure requirements of this IFRS need not be applied in comparative information provided for periods before initial application of this IFRS.
C4
Annual Improvements Cycle 2011–2013
 issued in December 2013 amended paragraph 52. An entity shall apply that amendment for annual periods beginning on or after 1 July 2014. An entity shall apply that amendment prospectively from the beginning of the annual period in which IFRS 13 was initially applied. Earlier application is permitted. If an entity applies that amendment for an earlier period it shall disclose that fact.
C5
IFRS 9, as issued in July 2014, amended paragraph 52. An entity shall apply that amendment when it applies IFRS 9.
C6
IFRS 16 
Leases
, issued in January 2016, amended paragraph 6. An entity shall apply that amendment when it applies IFRS 16.
INTERNATIONAL FINANCIAL REPORTING STANDARD 15
Revenue from Contracts with Customers
OBJECTIVE
1
The objective of this Standard is to establish the principles that an entity shall apply to report useful information to users of financial statements about the nature, amount, timing and uncertainty of 
revenue
 and cash flows arising from a 
contract
 with a 
customer
.
Meeting the objective
2
To meet the objective in paragraph 1, the core principle of this Standard is that an entity shall recognise revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.
3
An entity shall consider the terms of the contract and all relevant facts and circumstances when applying this Standard. An entity shall apply this Standard, including the use of any practical expedients, consistently to contracts with similar characteristics and in similar circumstances.
4
This Standard specifies the accounting for an individual contract with a customer. However, as a practical expedient, an entity may apply this Standard to a portfolio of contracts (or 
performance obligations
) with similar characteristics if the entity reasonably expects that the effects on the financial statements of applying this Standard to the portfolio would not differ materially from applying this Standard to the individual contracts (or performance obligations) within that portfolio. When accounting for a portfolio, an entity shall use estimates and assumptions that reflect the size and composition of the portfolio.
SCOPE
5
An entity shall apply this Standard to all contracts with customers, except the following:
(a)
lease contracts within the scope of IFRS 16 
Leases
;
(b)
contracts within the scope of IFRS 17 
Insurance Contracts.
 However, an entity may choose to apply this Standard to insurance contracts that have as their primary purpose the provision of services for a fixed fee in accordance with paragraph 8 of IFRS 17;
(c)
financial instruments and other contractual rights or obligations within the scope of IFRS 9 
Financial Instruments
, IFRS 10 
Consolidated Financial Statements
, IFRS 11 
Joint Arrangements
, IAS 27 
Separate Financial Statements
 and IAS 28 
Investments in Associates and Joint Ventures
; and
(d)
non-monetary exchanges between entities in the same line of business to facilitate sales to customers or potential customers. For example, this Standard would not apply to a contract between two oil companies that agree to an exchange of oil to fulfil demand from their customers in different specified locations on a timely basis.
6
An entity shall apply this Standard to a contract (other than a contract listed in paragraph 5) only if the counterparty to the contract is a customer. A customer is a party that has contracted with an entity to obtain goods or services that are an output of the entity's ordinary activities in exchange for consideration. A counterparty to the contract would not be a customer if, for example, the counterparty has contracted with the entity to participate in an activity or process in which the parties to the contract share in the risks and benefits that result from the activity or process (such as developing an asset in a collaboration arrangement) rather than to obtain the output of the entity's ordinary activities.
7
A contract with a customer may be partially within the scope of this Standard and partially within the scope of other Standards listed in paragraph 5.
(a)
If the other Standards specify how to separate and/or initially measure one or more parts of the contract, then an entity shall first apply the separation and/or measurement requirements in those Standards. An entity shall exclude from the 
transaction price
 the amount of the part (or parts) of the contract that are initially measured in accordance with other Standards and shall apply paragraphs 73–86 to allocate the amount of the transaction price that remains (if any) to each performance obligation within the scope of this Standard and to any other parts of the contract identified by paragraph 7(b).
(b)
If the other Standards do not specify how to separate and/or initially measure one or more parts of the contract, then the entity shall apply this Standard to separate and/or initially measure the part (or parts) of the contract.
8
This Standard specifies the accounting for the incremental costs of obtaining a contract with a customer and for the costs incurred to fulfil a contract with a customer if those costs are not within the scope of another Standard (see paragraphs 91–104). An entity shall apply those paragraphs only to the costs incurred that relate to a contract with a customer (or part of that contract) that is within the scope of this Standard.
RECOGNITION
Identifying the contract
9
An entity shall account for a contract with a customer that is within the scope of this Standard only when all of the following criteria are met:
(a)
the parties to the contract have approved the contract (in writing, orally or in accordance with other customary business practices) and are committed to perform their respective obligations;
(b)
the entity can identify each party's rights regarding the goods or services to be transferred;
(c)
the entity can identify the payment terms for the goods or services to be transferred;
(d)
the contract has commercial substance (ie the risk, timing or amount of the entity's future cash flows is expected to change as a result of the contract); and
(e)
it is probable that the entity will collect the consideration to which it will be entitled in exchange for the goods or services that will be transferred to the customer. In evaluating whether collectability of an amount of consideration is probable, an entity shall consider only the customer's ability and intention to pay that amount of consideration when it is due. The amount of consideration to which the entity will be entitled may be less than the price stated in the contract if the consideration is variable because the entity may offer the customer a price concession (see paragraph 52).
10
A contract is an agreement between two or more parties that creates enforceable rights and obligations. Enforceability of the rights and obligations in a contract is a matter of law. Contracts can be written, oral or implied by an entity's customary business practices. The practices and processes for establishing contracts with customers vary across legal jurisdictions, industries and entities. In addition, they may vary within an entity (for example, they may depend on the class of customer or the nature of the promised goods or services). An entity shall consider those practices and processes in determining whether and when an agreement with a customer creates enforceable rights and obligations.
11
Some contracts with customers may have no fixed duration and can be terminated or modified by either party at any time. Other contracts may automatically renew on a periodic basis that is specified in the contract. An entity shall apply this Standard to the duration of the contract (ie the contractual period) in which the parties to the contract have present enforceable rights and obligations.
12
For the purpose of applying this Standard, a contract does not exist if each party to the contract has the unilateral enforceable right to terminate a wholly unperformed contract without compensating the other party (or parties). A contract is wholly unperformed if both of the following criteria are met:
(a)
the entity has not yet transferred any promised goods or services to the customer; and
(b)
the entity has not yet received, and is not yet entitled to receive, any consideration in exchange for promised goods or services.
13
If a contract with a customer meets the criteria in paragraph 9 at contract inception, an entity shall not reassess those criteria unless there is an indication of a significant change in facts and circumstances. For example, if a customer's ability to pay the consideration deteriorates significantly, an entity would reassess whether it is probable that the entity will collect the consideration to which the entity will be entitled in exchange for the remaining goods or services that will be transferred to the customer.
14
If a contract with a customer does not meet the criteria in paragraph 9, an entity shall continue to assess the contract to determine whether the criteria in paragraph 9 are subsequently met.
15
When a contract with a customer does not meet the criteria in paragraph 9 and an entity receives consideration from the customer, the entity shall recognise the consideration received as revenue only when either of the following events has occurred:
(a)
the entity has no remaining obligations to transfer goods or services to the customer and all, or substantially all, of the consideration promised by the customer has been received by the entity and is non-refundable; or
(b)
the contract has been terminated and the consideration received from the customer is non-refundable.
16
An entity shall recognise the consideration received from a customer as a liability until one of the events in paragraph 15 occurs or until the criteria in paragraph 9 are subsequently met (see paragraph 14). Depending on the facts and circumstances relating to the contract, the liability recognised represents the entity's obligation to either transfer goods or services in the future or refund the consideration received. In either case, the liability shall be measured at the amount of consideration received from the customer.
Combination of contracts
17
An entity shall combine two or more contracts entered into at or near the same time with the same customer (or related parties of the customer) and account for the contracts as a single contract if one or more of the following criteria are met:
(a)
the contracts are negotiated as a package with a single commercial objective;
(b)
the amount of consideration to be paid in one contract depends on the price or performance of the other contract; or
(c)
the goods or services promised in the contracts (or some goods or services promised in each of the contracts) are a single performance obligation in accordance with paragraphs 22–30.
Contract modifications
18
A contract modification is a change in the scope or price (or both) of a contract that is approved by the parties to the contract. In some industries and jurisdictions, a contract modification may be described as a change order, a variation or an amendment. A contract modification exists when the parties to a contract approve a modification that either creates new or changes existing enforceable rights and obligations of the parties to the contract. A contract modification could be approved in writing, by oral agreement or implied by customary business practices. If the parties to the contract have not approved a contract modification, an entity shall continue to apply this Standard to the existing contract until the contract modification is approved.
19
A contract modification may exist even though the parties to the contract have a dispute about the scope or price (or both) of the modification or the parties have approved a change in the scope of the contract but have not yet determined the corresponding change in price. In determining whether the rights and obligations that are created or changed by a modification are enforceable, an entity shall consider all relevant facts and circumstances including the terms of the contract and other evidence. If the parties to a contract have approved a change in the scope of the contract but have not yet determined the corresponding change in price, an entity shall estimate the change to the transaction price arising from the modification in accordance with paragraphs 50–54 on estimating variable consideration and paragraphs 56–58 on constraining estimates of variable consideration.
20
An entity shall account for a contract modification as a separate contract if both of the following conditions are present:
(a)
the scope of the contract increases because of the addition of promised goods or services that are distinct (in accordance with paragraphs 26–30); and
(b)
the price of the contract increases by an amount of consideration that reflects the entity's 
stand-alone selling prices
 of the additional promised goods or services and any appropriate adjustments to that price to reflect the circumstances of the particular contract. For example, an entity may adjust the stand-alone selling price of an additional good or service for a discount that the customer receives, because it is not necessary for the entity to incur the selling-related costs that it would incur when selling a similar good or service to a new customer.
21
If a contract modification is not accounted for as a separate contract in accordance with paragraph 20, an entity shall account for the promised goods or services not yet transferred at the date of the contract modification (ie the remaining promised goods or services) in whichever of the following ways is applicable:
(a)
An entity shall account for the contract modification as if it were a termination of the existing contract and the creation of a new contract, if the remaining goods or services are distinct from the goods or services transferred on or before the date of the contract modification. The amount of consideration to be allocated to the remaining performance obligations (or to the remaining distinct goods or services in a single performance obligation identified in accordance with paragraph 22(b)) is the sum of:
(i)
the consideration promised by the customer (including amounts already received from the customer) that was included in the estimate of the transaction price and that had not been recognised as revenue; and
(ii)
the consideration promised as part of the contract modification.
(b)
An entity shall account for the contract modification as if it were a part of the existing contract if the remaining goods or services are not distinct and, therefore, form part of a single performance obligation that is partially satisfied at the date of the contract modification. The effect that the contract modification has on the transaction price, and on the entity's measure of progress towards complete satisfaction of the performance obligation, is recognised as an adjustment to revenue (either as an increase in or a reduction of revenue) at the date of the contract modification (ie the adjustment to revenue is made on a cumulative catch-up basis).
(c)
If the remaining goods or services are a combination of items (a) and (b), then the entity shall account for the effects of the modification on the unsatisfied (including partially unsatisfied) performance obligations in the modified contract in a manner that is consistent with the objectives of this paragraph.
Identifying performance obligations
22
At contract inception, an entity shall assess the goods or services promised in a contract with a customer and shall identify as a performance obligation each promise to transfer to the customer either:
(a)
a good or service (or a bundle of goods or services) that is distinct; or
(b)
a series of distinct goods or services that are substantially the same and that have the same pattern of transfer to the customer (see paragraph 23).
23
A series of distinct goods or services has the same pattern of transfer to the customer if both of the following criteria are met:
(a)
each distinct good or service in the series that the entity promises to transfer to the customer would meet the criteria in paragraph 35 to be a performance obligation satisfied over time; and
(b)
in accordance with paragraphs 39–40, the same method would be used to measure the entity's progress towards complete satisfaction of the performance obligation to transfer each distinct good or service in the series to the customer.
Promises in contracts with customers
24
A contract with a customer generally explicitly states the goods or services that an entity promises to transfer to a customer. However, the performance obligations identified in a contract with a customer may not be limited to the goods or services that are explicitly stated in that contract. This is because a contract with a customer may also include promises that are implied by an entity's customary business practices, published policies or specific statements if, at the time of entering into the contract, those promises create a valid expectation of the customer that the entity will transfer a good or service to the customer.
25
Performance obligations do not include activities that an entity must undertake to fulfil a contract unless those activities transfer a good or service to a customer. For example, a services provider may need to perform various administrative tasks to set up a contract. The performance of those tasks does not transfer a service to the customer as the tasks are performed. Therefore, those setup activities are not a performance obligation.
Distinct goods or services
26
Depending on the contract, promised goods or services may include, but are not limited to, the following:
(a)
sale of goods produced by an entity (for example, inventory of a manufacturer);
(b)
resale of goods purchased by an entity (for example, merchandise of a retailer);
(c)
resale of rights to goods or services purchased by an entity (for example, a ticket resold by an entity acting as a principal, as described in paragraphs B34–B38);
(d)
performing a contractually agreed-upon task (or tasks) for a customer;
(e)
providing a service of standing ready to provide goods or services (for example, unspecified updates to software that are provided on a when-and-if-available basis) or of making goods or services available for a customer to use as and when the customer decides;
(f)
providing a service of arranging for another party to transfer goods or services to a customer (for example, acting as an agent of another party, as described in paragraphs B34–B38);
(g)
granting rights to goods or services to be provided in the future that a customer can resell or provide to its customer (for example, an entity selling a product to a retailer promises to transfer an additional good or service to an individual who purchases the product from the retailer);
(h)
constructing, manufacturing or developing an asset on behalf of a customer;
(i)
granting licences (see paragraphs B52–B63B); and
(j)
granting options to purchase additional goods or services (when those options provide a customer with a material right, as described in paragraphs B39–B43).
27
A good or service that is promised to a customer is distinct if both of the following criteria are met:
(a)
the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer (ie the good or service is capable of being distinct); and
(b)
the entity's promise to transfer the good or service to the customer is separately identifiable from other promises in the contract (ie the promise to transfer the good or service is distinct within the context of the contract).
28
A customer can benefit from a good or service in accordance with paragraph 27(a) if the good or service could be used, consumed, sold for an amount that is greater than scrap value or otherwise held in a way that generates economic benefits. For some goods or services, a customer may be able to benefit from a good or service on its own. For other goods or services, a customer may be able to benefit from the good or service only in conjunction with other readily available resources. A readily available resource is a good or service that is sold separately (by the entity or another entity) or a resource that the customer has already obtained from the entity (including goods or services that the entity will have already transferred to the customer under the contract) or from other transactions or events. Various factors may provide evidence that the customer can benefit from a good or service either on its own or in conjunction with other readily available resources. For example, the fact that the entity regularly sells a good or service separately would indicate that a customer can benefit from the good or service on its own or with other readily available resources.
29
In assessing whether an entity's promises to transfer goods or services to the customer are separately identifiable in accordance with paragraph 27(b), the objective is to determine whether the nature of the promise, within the context of the contract, is to transfer each of those goods or services individually or, instead, to transfer a combined item or items to which the promised goods or services are inputs. Factors that indicate that two or more promises to transfer goods or services to a customer are not separately identifiable include, but are not limited to, the following:
(a)
the entity provides a significant service of integrating the goods or services with other goods or services promised in the contract into a bundle of goods or services that represent the combined output or outputs for which the customer has contracted. In other words, the entity is using the goods or services as inputs to produce or deliver the combined output or outputs specified by the customer. A combined output or outputs might include more than one phase, element or unit.
(b)
one or more of the goods or services significantly modifies or customises, or are significantly modified or customised by, one or more of the other goods or services promised in the contract.
(c)
the goods or services are highly interdependent or highly interrelated. In other words, each of the goods or services is significantly affected by one or more of the other goods or services in the contract. For example, in some cases, two or more goods or services are significantly affected by each other because the entity would not be able to fulfil its promise by transferring each of the goods or services independently.
30
If a promised good or service is not distinct, an entity shall combine that good or service with other promised goods or services until it identifies a bundle of goods or services that is distinct. In some cases, that would result in the entity accounting for all the goods or services promised in a contract as a single performance obligation.
Satisfaction of performance obligations
31
An entity shall recognise revenue when (or as) the entity satisfies a performance obligation by transferring a promised good or service (ie an asset) to a customer. An asset is transferred when (or as) the customer obtains control of that asset.
32
For each performance obligation identified in accordance with paragraphs 22–30, an entity shall determine at contract inception whether it satisfies the performance obligation over time (in accordance with paragraphs 35–37) or satisfies the performance obligation at a point in time (in accordance with paragraph 38). If an entity does not satisfy a performance obligation over time, the performance obligation is satisfied at a point in time.
33
Goods and services are assets, even if only momentarily, when they are received and used (as in the case of many services). Control of an asset refers to the ability to direct the use of, and obtain substantially all of the remaining benefits from, the asset. Control includes the ability to prevent other entities from directing the use of, and obtaining the benefits from, an asset. The benefits of an asset are the potential cash flows (inflows or savings in outflows) that can be obtained directly or indirectly in many ways, such as by:
(a)
using the asset to produce goods or provide services (including public services);
(b)
using the asset to enhance the value of other assets;
(c)
using the asset to settle liabilities or reduce expenses;
(d)
selling or exchanging the asset;
(e)
pledging the asset to secure a loan; and
(f)
holding the asset.
34
When evaluating whether a customer obtains control of an asset, an entity shall consider any agreement to repurchase the asset (see paragraphs B64–B76).
Performance obligations satisfied over time
35
An entity transfers control of a good or service over time and, therefore, satisfies a performance obligation and recognises revenue over time, if one of the following criteria is met:
(a)
the customer simultaneously receives and consumes the benefits provided by the entity's performance as the entity performs (see paragraphs B3–B4);
(b)
the entity's performance creates or enhances an asset (for example, work in progress) that the customer controls as the asset is created or enhanced (see paragraph B5); or
(c)
the entity's performance does not create an asset with an alternative use to the entity (see paragraph 36) and the entity has an enforceable right to payment for performance completed to date (see paragraph 37).
36
An asset created by an entity's performance does not have an alternative use to an entity if the entity is either restricted contractually from readily directing the asset for another use during the creation or enhancement of that asset or limited practically from readily directing the asset in its completed state for another use. The assessment of whether an asset has an alternative use to the entity is made at contract inception. After contract inception, an entity shall not update the assessment of the alternative use of an asset unless the parties to the contract approve a contract modification that substantively changes the performance obligation. Paragraphs B6–B8 provide guidance for assessing whether an asset has an alternative use to an entity.
37
An entity shall consider the terms of the contract, as well as any laws that apply to the contract, when evaluating whether it has an enforceable right to payment for performance completed to date in accordance with paragraph 35(c). The right to payment for performance completed to date does not need to be for a fixed amount. However, at all times throughout the duration of the contract, the entity must be entitled to an amount that at least compensates the entity for performance completed to date if the contract is terminated by the customer or another party for reasons other than the entity's failure to perform as promised. Paragraphs B9–B13 provide guidance for assessing the existence and enforceability of a right to payment and whether an entity's right to payment would entitle the entity to be paid for its performance completed to date.
Performance obligations satisfied at a point in time
38
If a performance obligation is not satisfied over time in accordance with paragraphs 35–37, an entity satisfies the performance obligation at a point in time. To determine the point in time at which a customer obtains control of a promised asset and the entity satisfies a performance obligation, the entity shall consider the requirements for control in paragraphs 31–34. In addition, an entity shall consider indicators of the transfer of control, which include, but are not limited to, the following:
(a)
The entity has a present right to payment for the asset—if a customer is presently obliged to pay for an asset, then that may indicate that the customer has obtained the ability to direct the use of, and obtain substantially all of the remaining benefits from, the asset in exchange.
(b)
The customer has legal title to the asset—legal title may indicate which party to a contract has the ability to direct the use of, and obtain substantially all of the remaining benefits from, an asset or to restrict the access of other entities to those benefits. Therefore, the transfer of legal title of an asset may indicate that the customer has obtained control of the asset. If an entity retains legal title solely as protection against the customer's failure to pay, those rights of the entity would not preclude the customer from obtaining control of an asset.
(c)
The entity has transferred physical possession of the asset—the customer's physical possession of an asset may indicate that the customer has the ability to direct the use of, and obtain substantially all of the remaining benefits from, the asset or to restrict the access of other entities to those benefits. However, physical possession may not coincide with control of an asset. For example, in some repurchase agreements and in some consignment arrangements, a customer or consignee may have physical possession of an asset that the entity controls. Conversely, in some bill-and-hold arrangements, the entity may have physical possession of an asset that the customer controls. Paragraphs B64–B76, B77–B78 and B79–B82 provide guidance on accounting for repurchase agreements, consignment arrangements and bill-and-hold arrangements, respectively.
(d)
The customer has the significant risks and rewards of ownership of the asset—the transfer of the significant risks and rewards of ownership of an asset to the customer may indicate that the customer has obtained the ability to direct the use of, and obtain substantially all of the remaining benefits from, the asset. However, when evaluating the risks and rewards of ownership of a promised asset, an entity shall exclude any risks that give rise to a separate performance obligation in addition to the performance obligation to transfer the asset. For example, an entity may have transferred control of an asset to a customer but not yet satisfied an additional performance obligation to provide maintenance services related to the transferred asset.
(e)
The customer has accepted the asset—the customer's acceptance of an asset may indicate that it has obtained the ability to direct the use of, and obtain substantially all of the remaining benefits from, the asset. To evaluate the effect of a contractual customer acceptance clause on when control of an asset is transferred, an entity shall consider the guidance in paragraphs B83–B86.
Measuring progress towards complete satisfaction of a performance obligation
39
For each performance obligation satisfied over time in accordance with paragraphs 35–37, an entity shall recognise revenue over time by measuring the progress towards complete satisfaction of that performance obligation. The objective when measuring progress is to depict an entity's performance in transferring control of goods or services promised to a customer (ie the satisfaction of an entity's performance obligation).
40
An entity shall apply a single method of measuring progress for each performance obligation satisfied over time and the entity shall apply that method consistently to similar performance obligations and in similar circumstances. At the end of each reporting period, an entity shall remeasure its progress towards complete satisfaction of a performance obligation satisfied over time.
Methods for measuring progress
41
Appropriate methods of measuring progress include output methods and input methods. Paragraphs B14–B19 provide guidance for using output methods and input methods to measure an entity's progress towards complete satisfaction of a performance obligation. In determining the appropriate method for measuring progress, an entity shall consider the nature of the good or service that the entity promised to transfer to the customer.
42
When applying a method for measuring progress, an entity shall exclude from the measure of progress any goods or services for which the entity does not transfer control to a customer. Conversely, an entity shall include in the measure of progress any goods or services for which the entity does transfer control to a customer when satisfying that performance obligation.
43
As circumstances change over time, an entity shall update its measure of progress to reflect any changes in the outcome of the performance obligation. Such changes to an entity's measure of progress shall be accounted for as a change in accounting estimate in accordance with IAS 8 
Accounting Policies, Changes in Accounting Estimates and Errors
.
Reasonable measures of progress
44
An entity shall recognise revenue for a performance obligation satisfied over time only if the entity can reasonably measure its progress towards complete satisfaction of the performance obligation. An entity would not be able to reasonably measure its progress towards complete satisfaction of a performance obligation if it lacks reliable information that would be required to apply an appropriate method of measuring progress.
45
In some circumstances (for example, in the early stages of a contract), an entity may not be able to reasonably measure the outcome of a performance obligation, but the entity expects to recover the costs incurred in satisfying the performance obligation. In those circumstances, the entity shall recognise revenue only to the extent of the costs incurred until such time that it can reasonably measure the outcome of the performance obligation.
MEASUREMENT
46
When (or as) a performance obligation is satisfied, an entity shall recognise as revenue the amount of the transaction price (which excludes estimates of variable consideration that are constrained in accordance with paragraphs 56–58) that is allocated to that performance obligation.
Determining the transaction price
47
An entity shall consider the terms of the contract and its customary business practices to determine the transaction price. The transaction price is the amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third parties (for example, some sales taxes). The consideration promised in a contract with a customer may include fixed amounts, variable amounts, or both.
48
The nature, timing and amount of consideration promised by a customer affect the estimate of the transaction price. When determining the transaction price, an entity shall consider the effects of all of the following:
(a)
variable consideration (see paragraphs 50–55 and 59);
(b)
constraining estimates of variable consideration (see paragraphs 56–58);
(c)
the existence of a significant financing component in the contract (see paragraphs 60–65);
(d)
non-cash consideration (see paragraphs 66–69); and
(e)
consideration payable to a customer (see paragraphs 70–72).
49
For the purpose of determining the transaction price, an entity shall assume that the goods or services will be transferred to the customer as promised in accordance with the existing contract and that the contract will not be cancelled, renewed or modified.
Variable consideration
50
If the consideration promised in a contract includes a variable amount, an entity shall estimate the amount of consideration to which the entity will be entitled in exchange for transferring the promised goods or services to a customer.
51
An amount of consideration can vary because of discounts, rebates, refunds, credits, price concessions, incentives, performance bonuses, penalties or other similar items. The promised consideration can also vary if an entity's entitlement to the consideration is contingent on the occurrence or non-occurrence of a future event. For example, an amount of consideration would be variable if either a product was sold with a right of return or a fixed amount is promised as a performance bonus on achievement of a specified milestone.
52
The variability relating to the consideration promised by a customer may be explicitly stated in the contract. In addition to the terms of the contract, the promised consideration is variable if either of the following circumstances exists:
(a)
the customer has a valid expectation arising from an entity's customary business practices, published policies or specific statements that the entity will accept an amount of consideration that is less than the price stated in the contract. That is, it is expected that the entity will offer a price concession. Depending on the jurisdiction, industry or customer this offer may be referred to as a discount, rebate, refund or credit.
(b)
other facts and circumstances indicate that the entity's intention, when entering into the contract with the customer, is to offer a price concession to the customer.
53
An entity shall estimate an amount of variable consideration by using either of the following methods, depending on which method the entity expects to better predict the amount of consideration to which it will be entitled:
(a)
The expected value—the expected value is the sum of probability-weighted amounts in a range of possible consideration amounts. An expected value may be an appropriate estimate of the amount of variable consideration if an entity has a large number of contracts with similar characteristics.
(b)
The most likely amount—the most likely amount is the single most likely amount in a range of possible consideration amounts (ie the single most likely outcome of the contract). The most likely amount may be an appropriate estimate of the amount of variable consideration if the contract has only two possible outcomes (for example, an entity either achieves a performance bonus or does not).
54
An entity shall apply one method consistently throughout the contract when estimating the effect of an uncertainty on an amount of variable consideration to which the entity will be entitled. In addition, an entity shall consider all the information (historical, current and forecast) that is reasonably available to the entity and shall identify a reasonable number of possible consideration amounts. The information that an entity uses to estimate the amount of variable consideration would typically be similar to the information that the entity's management uses during the bid-and-proposal process and in establishing prices for promised goods or services.
Refund liabilities
55
An entity shall recognise a refund liability if the entity receives consideration from a customer and expects to refund some or all of that consideration to the customer. A refund liability is measured at the amount of consideration received (or receivable) for which the entity does not expect to be entitled (ie amounts not included in the transaction price). The refund liability (and corresponding change in the transaction price and, therefore, the 
contract liability
) shall be updated at the end of each reporting period for changes in circumstances. To account for a refund liability relating to a sale with a right of return, an entity shall apply the guidance in paragraphs B20–B27.
Constraining estimates of variable consideration
56
An entity shall include in the transaction price some or all of an amount of variable consideration estimated in accordance with paragraph 53 only to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur when the uncertainty associated with the variable consideration is subsequently resolved.
57
In assessing whether it is highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur once the uncertainty related to the variable consideration is subsequently resolved, an entity shall consider both the likelihood and the magnitude of the revenue reversal. Factors that could increase the likelihood or the magnitude of a revenue reversal include, but are not limited to, any of the following:
(a)
the amount of consideration is highly susceptible to factors outside the entity's influence. Those factors may include volatility in a market, the judgement or actions of third parties, weather conditions and a high risk of obsolescence of the promised good or service.
(b)
the uncertainty about the amount of consideration is not expected to be resolved for a long period of time.
(c)
the entity's experience (or other evidence) with similar types of contracts is limited, or that experience (or other evidence) has limited predictive value.
(d)
the entity has a practice of either offering a broad range of price concessions or changing the payment terms and conditions of similar contracts in similar circumstances.
(e)
the contract has a large number and broad range of possible consideration amounts.
58
An entity shall apply paragraph B63 to account for consideration in the form of a sales-based or usage-based royalty that is promised in exchange for a licence of intellectual property.
Reassessment of variable consideration
59
At the end of each reporting period, an entity shall update the estimated transaction price (including updating its assessment of whether an estimate of variable consideration is constrained) to represent faithfully the circumstances present at the end of the reporting period and the changes in circumstances during the reporting period. The entity shall account for changes in the transaction price in accordance with paragraphs 87–90.
The existence of a significant financing component in the contract
60
In determining the transaction price, an entity shall adjust the promised amount of consideration for the effects of the time value of money if the timing of payments agreed to by the parties to the contract (either explicitly or implicitly) provides the customer or the entity with a significant benefit of financing the transfer of goods or services to the customer. In those circumstances, the contract contains a significant financing component. A significant financing component may exist regardless of whether the promise of financing is explicitly stated in the contract or implied by the payment terms agreed to by the parties to the contract.
61
The objective when adjusting the promised amount of consideration for a significant financing component is for an entity to recognise revenue at an amount that reflects the price that a customer would have paid for the promised goods or services if the customer had paid cash for those goods or services when (or as) they transfer to the customer (ie the cash selling price). An entity shall consider all relevant facts and circumstances in assessing whether a contract contains a financing component and whether that financing component is significant to the contract, including both of the following:
(a)
the difference, if any, between the amount of promised consideration and the cash selling price of the promised goods or services; and
(b)
the combined effect of both of the following:
(i)
the expected length of time between when the entity transfers the promised goods or services to the customer and when the customer pays for those goods or services; and
(ii)
the prevailing interest rates in the relevant market.
62
Notwithstanding the assessment in paragraph 61, a contract with a customer would not have a significant financing component if any of the following factors exist:
(a)
the customer paid for the goods or services in advance and the timing of the transfer of those goods or services is at the discretion of the customer.
(b)
a substantial amount of the consideration promised by the customer is variable and the amount or timing of that consideration varies on the basis of the occurrence or non-occurrence of a future event that is not substantially within the control of the customer or the entity (for example, if the consideration is a sales-based royalty).
(c)
the difference between the promised consideration and the cash selling price of the good or service (as described in paragraph 61) arises for reasons other than the provision of finance to either the customer or the entity, and the difference between those amounts is proportional to the reason for the difference. For example, the payment terms might provide the entity or the customer with protection from the other party failing to adequately complete some or all of its obligations under the contract.
63
As a practical expedient, an entity need not adjust the promised amount of consideration for the effects of a significant financing component if the entity expects, at contract inception, that the period between when the entity transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less.
64
To meet the objective in paragraph 61 when adjusting the promised amount of consideration for a significant financing component, an entity shall use the discount rate that would be reflected in a separate financing transaction between the entity and its customer at contract inception. That rate would reflect the credit characteristics of the party receiving financing in the contract, as well as any collateral or security provided by the customer or the entity, including assets transferred in the contract. An entity may be able to determine that rate by identifying the rate that discounts the nominal amount of the promised consideration to the price that the customer would pay in cash for the goods or services when (or as) they transfer to the customer. After contract inception, an entity shall not update the discount rate for changes in interest rates or other circumstances (such as a change in the assessment of the customer's credit risk).
65
An entity shall present the effects of financing (interest revenue or interest expense) separately from revenue from contracts with customers in the statement of comprehensive income. Interest revenue or interest expense is recognised only to the extent that a 
contract asset
 (or receivable) or a contract liability is recognised in accounting for a contract with a customer.
Non-cash consideration
66
To determine the transaction price for contracts in which a customer promises consideration in a form other than cash, an entity shall measure the non-cash consideration (or promise of non-cash consideration) at fair value.
67
If an entity cannot reasonably estimate the fair value of the non-cash consideration, the entity shall measure the consideration indirectly by reference to the stand-alone selling price of the goods or services promised to the customer (or class of customer) in exchange for the consideration.
68
The fair value of the non-cash consideration may vary because of the form of the consideration (for example, a change in the price of a share to which an entity is entitled to receive from a customer). If the fair value of the non-cash consideration promised by a customer varies for reasons other than only the form of the consideration (for example, the fair value could vary because of the entity's performance), an entity shall apply the requirements in paragraphs 56–58.
69
If a customer contributes goods or services (for example, materials, equipment or labour) to facilitate an entity's fulfilment of the contract, the entity shall assess whether it obtains control of those contributed goods or services. If so, the entity shall account for the contributed goods or services as non-cash consideration received from the customer.
Consideration payable to a customer
70
Consideration payable to a customer includes cash amounts that an entity pays, or expects to pay, to the customer (or to other parties that purchase the entity's goods or services from the customer). Consideration payable to a customer also includes credit or other items (for example, a coupon or voucher) that can be applied against amounts owed to the entity (or to other parties that purchase the entity's goods or services from the customer). An entity shall account for consideration payable to a customer as a reduction of the transaction price and, therefore, of revenue unless the payment to the customer is in exchange for a distinct good or service (as described in paragraphs 26–30) that the customer transfers to the entity. If the consideration payable to a customer includes a variable amount, an entity shall estimate the transaction price (including assessing whether the estimate of variable consideration is constrained) in accordance with paragraphs 50–58.
71
If consideration payable to a customer is a payment for a distinct good or service from the customer, then an entity shall account for the purchase of the good or service in the same way that it accounts for other purchases from suppliers. If the amount of consideration payable to the customer exceeds the fair value of the distinct good or service that the entity receives from the customer, then the entity shall account for such an excess as a reduction of the transaction price. If the entity cannot reasonably estimate the fair value of the good or service received from the customer, it shall account for all of the consideration payable to the customer as a reduction of the transaction price.
72
Accordingly, if consideration payable to a customer is accounted for as a reduction of the transaction price, an entity shall recognise the reduction of revenue when (or as) the later of either of the following events occurs:
(a)
the entity recognises revenue for the transfer of the related goods or services to the customer; and
(b)
the entity pays or promises to pay the consideration (even if the payment is conditional on a future event). That promise might be implied by the entity's customary business practices.
Allocating the transaction price to performance obligations
73
The objective when allocating the transaction price is for an entity to allocate the transaction price to each performance obligation (or distinct good or service) in an amount that depicts the amount of consideration to which the entity expects to be entitled in exchange for transferring the promised goods or services to the customer.
74
To meet the allocation objective, an entity shall allocate the transaction price to each performance obligation identified in the contract on a relative stand-alone selling price basis in accordance with paragraphs 76–80, except as specified in paragraphs 81–83 (for allocating discounts) and paragraphs 84–86 (for allocating consideration that includes variable amounts).
75
Paragraphs 76–86 do not apply if a contract has only one performance obligation. However, paragraphs 84–86 may apply if an entity promises to transfer a series of distinct goods or services identified as a single performance obligation in accordance with paragraph 22(b) and the promised consideration includes variable amounts.
Allocation based on stand-alone selling prices
76
To allocate the transaction price to each performance obligation on a relative stand-alone selling price basis, an entity shall determine the stand-alone selling price at contract inception of the distinct good or service underlying each performance obligation in the contract and allocate the transaction price in proportion to those stand-alone selling prices.
77
The stand-alone selling price is the price at which an entity would sell a promised good or service separately to a customer. The best evidence of a stand-alone selling price is the observable price of a good or service when the entity sells that good or service separately in similar circumstances and to similar customers. A contractually stated price or a list price for a good or service may be (but shall not be presumed to be) the stand-alone selling price of that good or service.
78
If a stand-alone selling price is not directly observable, an entity shall estimate the stand-alone selling price at an amount that would result in the allocation of the transaction price meeting the allocation objective in paragraph 73. When estimating a stand-alone selling price, an entity shall consider all information (including market conditions, entity-specific factors and information about the customer or class of customer) that is reasonably available to the entity. In doing so, an entity shall maximise the use of observable inputs and apply estimation methods consistently in similar circumstances.
79
Suitable methods for estimating the stand-alone selling price of a good or service include, but are not limited to, the following:
(a)
Adjusted market assessment approach—an entity could evaluate the market in which it sells goods or services and estimate the price that a customer in that market would be willing to pay for those goods or services. That approach might also include referring to prices from the entity's competitors for similar goods or services and adjusting those prices as necessary to reflect the entity's costs and margins.
(b)
Expected cost plus a margin approach—an entity could forecast its expected costs of satisfying a performance obligation and then add an appropriate margin for that good or service.
(c)
Residual approach—an entity may estimate the stand-alone selling price by reference to the total transaction price less the sum of the observable stand-alone selling prices of other goods or services promised in the contract. However, an entity may use a residual approach to estimate, in accordance with paragraph 78, the stand-alone selling price of a good or service only if one of the following criteria is met:
(i)
the entity sells the same good or service to different customers (at or near the same time) for a broad range of amounts (ie the selling price is highly variable because a representative stand-alone selling price is not discernible from past transactions or other observable evidence); or
(ii)
the entity has not yet established a price for that good or service and the good or service has not previously been sold on a stand-alone basis (ie the selling price is uncertain).
80
A combination of methods may need to be used to estimate the stand-alone selling prices of the goods or services promised in the contract if two or more of those goods or services have highly variable or uncertain stand-alone selling prices. For example, an entity may use a residual approach to estimate the aggregate stand-alone selling price for those promised goods or services with highly variable or uncertain stand-alone selling prices and then use another method to estimate the stand-alone selling prices of the individual goods or services relative to that estimated aggregate stand-alone selling price determined by the residual approach. When an entity uses a combination of methods to estimate the stand-alone selling price of each promised good or service in the contract, the entity shall evaluate whether allocating the transaction price at those estimated stand-alone selling prices would be consistent with the allocation objective in paragraph 73 and the requirements for estimating stand-alone selling prices in paragraph 78.
Allocation of a discount
81
A customer receives a discount for purchasing a bundle of goods or services if the sum of the stand-alone selling prices of those promised goods or services in the contract exceeds the promised consideration in a contract. Except when an entity has observable evidence in accordance with paragraph 82 that the entire discount relates to only one or more, but not all, performance obligations in a contract, the entity shall allocate a discount proportionately to all performance obligations in the contract. The proportionate allocation of the discount in those circumstances is a consequence of the entity allocating the transaction price to each performance obligation on the basis of the relative stand-alone selling prices of the underlying distinct goods or services.
82
An entity shall allocate a discount entirely to one or more, but not all, performance obligations in the contract if all of the following criteria are met:
(a)
the entity regularly sells each distinct good or service (or each bundle of distinct goods or services) in the contract on a stand-alone basis;
(b)
the entity also regularly sells on a stand-alone basis a bundle (or bundles) of some of those distinct goods or services at a discount to the stand-alone selling prices of the goods or services in each bundle; and
(c)
the discount attributable to each bundle of goods or services described in paragraph 82(b) is substantially the same as the discount in the contract and an analysis of the goods or services in each bundle provides observable evidence of the performance obligation (or performance obligations) to which the entire discount in the contract belongs.
83
If a discount is allocated entirely to one or more performance obligations in the contract in accordance with paragraph 82, an entity shall allocate the discount before using the residual approach to estimate the stand-alone selling price of a good or service in accordance with paragraph 79(c).
Allocation of variable consideration
84
Variable consideration that is promised in a contract may be attributable to the entire contract or to a specific part of the contract, such as either of the following:
(a)
one or more, but not all, performance obligations in the contract (for example, a bonus may be contingent on an entity transferring a promised good or service within a specified period of time); or
(b)
one or more, but not all, distinct goods or services promised in a series of distinct goods or services that forms part of a single performance obligation in accordance with paragraph 22(b) (for example, the consideration promised for the second year of a two-year cleaning service contract will increase on the basis of movements in a specified inflation index).
85
An entity shall allocate a variable amount (and subsequent changes to that amount) entirely to a performance obligation or to a distinct good or service that forms part of a single performance obligation in accordance with paragraph 22(b) if both of the following criteria are met:
(a)
the terms of a variable payment relate specifically to the entity's efforts to satisfy the performance obligation or transfer the distinct good or service (or to a specific outcome from satisfying the performance obligation or transferring the distinct good or service); and
(b)
allocating the variable amount of consideration entirely to the performance obligation or the distinct good or service is consistent with the allocation objective in paragraph 73 when considering all of the performance obligations and payment terms in the contract.
86
The allocation requirements in paragraphs 73–83 shall be applied to allocate the remaining amount of the transaction price that does not meet the criteria in paragraph 85.
Changes in the transaction price
87
After contract inception, the transaction price can change for various reasons, including the resolution of uncertain events or other changes in circumstances that change the amount of consideration to which an entity expects to be entitled in exchange for the promised goods or services.
88
An entity shall allocate to the performance obligations in the contract any subsequent changes in the transaction price on the same basis as at contract inception. Consequently, an entity shall not reallocate the transaction price to reflect changes in stand-alone selling prices after contract inception. Amounts allocated to a satisfied performance obligation shall be recognised as revenue, or as a reduction of revenue, in the period in which the transaction price changes.
89
An entity shall allocate a change in the transaction price entirely to one or more, but not all, performance obligations or distinct goods or services promised in a series that forms part of a single performance obligation in accordance with paragraph 22(b) only if the criteria in paragraph 85 on allocating variable consideration are met.
90
An entity shall account for a change in the transaction price that arises as a result of a contract modification in accordance with paragraphs 18–21. However, for a change in the transaction price that occurs after a contract modification, an entity shall apply paragraphs 87–89 to allocate the change in the transaction price in whichever of the following ways is applicable:
(a)
An entity shall allocate the change in the transaction price to the performance obligations identified in the contract before the modification if, and to the extent that, the change in the transaction price is attributable to an amount of variable consideration promised before the modification and the modification is accounted for in accordance with paragraph 21(a).
(b)
In all other cases in which the modification was not accounted for as a separate contract in accordance with paragraph 20, an entity shall allocate the change in the transaction price to the performance obligations in the modified contract (ie the performance obligations that were unsatisfied or partially unsatisfied immediately after the modification).
CONTRACT COSTS
Incremental costs of obtaining a contract
91
An entity shall recognise as an asset the incremental costs of obtaining a contract with a customer if the entity expects to recover those costs.
92
The incremental costs of obtaining a contract are those costs that an entity incurs to obtain a contract with a customer that it would not have incurred if the contract had not been obtained (for example, a sales commission).
93
Costs to obtain a contract that would have been incurred regardless of whether the contract was obtained shall be recognised as an expense when incurred, unless those costs are explicitly chargeable to the customer regardless of whether the contract is obtained.
94
As a practical expedient, an entity may recognise the incremental costs of obtaining a contract as an expense when incurred if the amortisation period of the asset that the entity otherwise would have recognised is one year or less.
Costs to fulfil a contract
95
If the costs incurred in fulfilling a contract with a customer are not within the scope of another Standard (for example, IAS 2 
Inventories
, IAS 16 
Property, Plant and Equipment
 or IAS 38 
Intangible Assets
), an entity shall recognise an asset from the costs incurred to fulfil a contract only if those costs meet all of the following criteria:
(a)
the costs relate directly to a contract or to an anticipated contract that the entity can specifically identify (for example, costs relating to services to be provided under renewal of an existing contract or costs of designing an asset to be transferred under a specific contract that has not yet been approved);
(b)
the costs generate or enhance resources of the entity that will be used in satisfying (or in continuing to satisfy) performance obligations in the future; and
(c)
the costs are expected to be recovered.
96
For costs incurred in fulfilling a contract with a customer that are within the scope of another Standard, an entity shall account for those costs in accordance with those other Standards.
97
Costs that relate directly to a contract (or a specific anticipated contract) include any of the following:
(a)
direct labour (for example, salaries and wages of employees who provide the promised services directly to the customer);
(b)
direct materials (for example, supplies used in providing the promised services to a customer);
(c)
allocations of costs that relate directly to the contract or to contract activities (for example, costs of contract management and supervision, insurance and depreciation of tools, equipment and right-of-use assets used in fulfilling the contract);
(d)
costs that are explicitly chargeable to the customer under the contract; and
(e)
other costs that are incurred only because an entity entered into the contract (for example, payments to subcontractors).
98
An entity shall recognise the following costs as expenses when incurred:
(a)
general and administrative costs (unless those costs are explicitly chargeable to the customer under the contract, in which case an entity shall evaluate those costs in accordance with paragraph 97);
(b)
costs of wasted materials, labour or other resources to fulfil the contract that were not reflected in the price of the contract;
(c)
costs that relate to satisfied performance obligations (or partially satisfied performance obligations) in the contract (ie costs that relate to past performance); and
(d)
costs for which an entity cannot distinguish whether the costs relate to unsatisfied performance obligations or to satisfied performance obligations (or partially satisfied performance obligations).
Amortisation and impairment
99
An asset recognised in accordance with paragraph 91 or 95 shall be amortised on a systematic basis that is consistent with the transfer to the customer of the goods or services to which the asset relates. The asset may relate to goods or services to be transferred under a specific anticipated contract (as described in paragraph 95(a)).
100
An entity shall update the amortisation to reflect a significant change in the entity's expected timing of transfer to the customer of the goods or services to which the asset relates. Such a change shall be accounted for as a change in accounting estimate in accordance with IAS 8.
101
An entity shall recognise an impairment loss in profit or loss to the extent that the carrying amount of an asset recognised in accordance with paragraph 91 or 95 exceeds:
(a)
the remaining amount of consideration that the entity expects to receive in exchange for the goods or services to which the asset relates; less
(b)
the costs that relate directly to providing those goods or services and that have not been recognised as expenses (see paragraph 97).
102
For the purposes of applying paragraph 101 to determine the amount of consideration that an entity expects to receive, an entity shall use the principles for determining the transaction price (except for the requirements in paragraphs 56–58 on constraining estimates of variable consideration) and adjust that amount to reflect the effects of the customer's credit risk.
103
Before an entity recognises an impairment loss for an asset recognised in accordance with paragraph 91 or 95, the entity shall recognise any impairment loss for assets related to the contract that are recognised in accordance with another Standard (for example, IAS 2, IAS 16 and IAS 38). After applying the impairment test in paragraph 101, an entity shall include the resulting carrying amount of the asset recognised in accordance with paragraph 91 or 95 in the carrying amount of the cash-generating unit to which it belongs for the purpose of applying IAS 36 
Impairment of Assets
 to that cash-generating unit.
104
An entity shall recognise in profit or loss a reversal of some or all of an impairment loss previously recognised in accordance with paragraph 101 when the impairment conditions no longer exist or have improved. The increased carrying amount of the asset shall not exceed the amount that would have been determined (net of amortisation) if no impairment loss had been recognised previously.
PRESENTATION
105
When either party to a contract has performed, an entity shall present the contract in the statement of financial position as a contract asset or a contract liability, depending on the relationship between the entity's performance and the customer's payment. An entity shall present any unconditional rights to consideration separately as a receivable.
106
If a customer pays consideration, or an entity has a right to an amount of consideration that is unconditional (ie a receivable), before the entity transfers a good or service to the customer, the entity shall present the contract as a contract liability when the payment is made or the payment is due (whichever is earlier). A contract liability is an entity's obligation to transfer goods or services to a customer for which the entity has received consideration (or an amount of consideration is due) from the customer.
107
If an entity performs by transferring goods or services to a customer before the customer pays consideration or before payment is due, the entity shall present the contract as a contract asset, excluding any amounts presented as a receivable. A contract asset is an entity's right to consideration in exchange for goods or services that the entity has transferred to a customer. An entity shall assess a contract asset for impairment in accordance with IFRS 9. An impairment of a contract asset shall be measured, presented and disclosed on the same basis as a financial asset that is within the scope of IFRS 9 (see also paragraph 113(b)).
108
A receivable is an entity's right to consideration that is unconditional. A right to consideration is unconditional if only the passage of time is required before payment of that consideration is due. For example, an entity would recognise a receivable if it has a present right to payment even though that amount may be subject to refund in the future. An entity shall account for a receivable in accordance with IFRS 9. Upon initial recognition of a receivable from a contract with a customer, any difference between the measurement of the receivable in accordance with IFRS 9 and the corresponding amount of revenue recognised shall be presented as an expense (for example, as an impairment loss).
109
This Standard uses the terms ‘contract asset’ and ‘contract liability’ but does not prohibit an entity from using alternative descriptions in the statement of financial position for those items. If an entity uses an alternative description for a contract asset, the entity shall provide sufficient information for a user of the financial statements to distinguish between receivables and contract assets.
DISCLOSURE
110
The objective of the disclosure requirements is for an entity to disclose sufficient information to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. To achieve that objective, an entity shall disclose qualitative and quantitative information about all of the following:
(a)
its contracts with customers (see paragraphs 113–122);
(b)
the significant judgements, and changes in the judgements, made in applying this Standard to those contracts (see paragraphs 123–126); and
(c)
any assets recognised from the costs to obtain or fulfil a contract with a customer in accordance with paragraph 91 or 95 (see paragraphs 127–128).
111
An entity shall consider the level of detail necessary to satisfy the disclosure objective and how much emphasis to place on each of the various requirements. An entity shall aggregate or disaggregate disclosures so that useful information is not obscured by either the inclusion of a large amount of insignificant detail or the aggregation of items that have substantially different characteristics.
112
An entity need not disclose information in accordance with this Standard if it has provided the information in accordance with another Standard.
Contracts with customers
113
An entity shall disclose all of the following amounts for the reporting period unless those amounts are presented separately in the statement of comprehensive income in accordance with other Standards:
(a)
revenue recognised from contracts with customers, which the entity shall disclose separately from its other sources of revenue; and
(b)
any impairment losses recognised (in accordance with IFRS 9) on any receivables or contract assets arising from an entity's contracts with customers, which the entity shall disclose separately from impairment losses from other contracts.
Disaggregation of revenue
114
An entity shall disaggregate revenue recognised from contracts with customers into categories that depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. An entity shall apply the guidance in paragraphs B87–B89 when selecting the categories to use to disaggregate revenue.
115
In addition, an entity shall disclose sufficient information to enable users of financial statements to understand the relationship between the disclosure of disaggregated revenue (in accordance with paragraph 114) and revenue information that is disclosed for each reportable segment, if the entity applies IFRS 8 
Operating Segments
.
Contract balances
116
An entity shall disclose all of the following:
(a)
the opening and closing balances of receivables, contract assets and contract liabilities from contracts with customers, if not otherwise separately presented or disclosed;
(b)
revenue recognised in the reporting period that was included in the contract liability balance at the beginning of the period; and
(c)
revenue recognised in the reporting period from performance obligations satisfied (or partially satisfied) in previous periods (for example, changes in transaction price).
117
An entity shall explain how the timing of satisfaction of its performance obligations (see paragraph 119(a)) relates to the typical timing of payment (see paragraph 119(b)) and the effect that those factors have on the contract asset and the contract liability balances. The explanation provided may use qualitative information.
118
An entity shall provide an explanation of the significant changes in the contract asset and the contract liability balances during the reporting period. The explanation shall include qualitative and quantitative information. Examples of changes in the entity's balances of contract assets and contract liabilities include any of the following:
(a)
changes due to business combinations;
(b)
cumulative catch-up adjustments to revenue that affect the corresponding contract asset or contract liability, including adjustments arising from a change in the measure of progress, a change in an estimate of the transaction price (including any changes in the assessment of whether an estimate of variable consideration is constrained) or a contract modification;
(c)
impairment of a contract asset;
(d)
a change in the time frame for a right to consideration to become unconditional (ie for a contract asset to be reclassified to a receivable); and
(e)
a change in the time frame for a performance obligation to be satisfied (ie for the recognition of revenue arising from a contract liability).
Performance obligations
119
An entity shall disclose information about its performance obligations in contracts with customers, including a description of all of the following:
(a)
when the entity typically satisfies its performance obligations (for example, upon shipment, upon delivery, as services are rendered or upon completion of service), including when performance obligations are satisfied in a bill-and-hold arrangement;
(b)
the significant payment terms (for example, when payment is typically due, whether the contract has a significant financing component, whether the consideration amount is variable and whether the estimate of variable consideration is typically constrained in accordance with paragraphs 56–58);
(c)
the nature of the goods or services that the entity has promised to transfer, highlighting any performance obligations to arrange for another party to transfer goods or services (ie if the entity is acting as an agent);
(d)
obligations for returns, refunds and other similar obligations; and
(e)
types of warranties and related obligations.
Transaction price allocated to the remaining performance obligations
120
An entity shall disclose the following information about its remaining performance obligations:
(a)
the aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied (or partially unsatisfied) as of the end of the reporting period; and
(b)
an explanation of when the entity expects to recognise as revenue the amount disclosed in accordance with paragraph 120(a), which the entity shall disclose in either of the following ways:
(i)
on a quantitative basis using the time bands that would be most appropriate for the duration of the remaining performance obligations; or
(ii)
by using qualitative information.
121
As a practical expedient, an entity need not disclose the information in paragraph 120 for a performance obligation if either of the following conditions is met:
(a)
the performance obligation is part of a contract that has an original expected duration of one year or less; or
(b)
the entity recognises revenue from the satisfaction of the performance obligation in accordance with paragraph B16.
122
An entity shall explain qualitatively whether it is applying the practical expedient in paragraph 121 and whether any consideration from contracts with customers is not included in the transaction price and, therefore, not included in the information disclosed in accordance with paragraph 120. For example, an estimate of the transaction price would not include any estimated amounts of variable consideration that are constrained (see paragraphs 56–58).
Significant judgements in the application of this Standard
123
An entity shall disclose the judgements, and changes in the judgements, made in applying this Standard that significantly affect the determination of the amount and timing of revenue from contracts with customers. In particular, an entity shall explain the judgements, and changes in the judgements, used in determining both of the following:
(a)
the timing of satisfaction of performance obligations (see paragraphs 124–125); and
(b)
the transaction price and the amounts allocated to performance obligations (see paragraph 126).
Determining the timing of satisfaction of performance obligations
124
For performance obligations that an entity satisfies over time, an entity shall disclose both of the following:
(a)
the methods used to recognise revenue (for example, a description of the output methods or input methods used and how those methods are applied); and
(b)
an explanation of why the methods used provide a faithful depiction of the transfer of goods or services.
125
For performance obligations satisfied at a point in time, an entity shall disclose the significant judgements made in evaluating when a customer obtains control of promised goods or services.
Determining the transaction price and the amounts allocated to performance obligations
126
An entity shall disclose information about the methods, inputs and assumptions used for all of the following:
(a)
determining the transaction price, which includes, but is not limited to, estimating variable consideration, adjusting the consideration for the effects of the time value of money and measuring non-cash consideration;
(b)
assessing whether an estimate of variable consideration is constrained;
(c)
allocating the transaction price, including estimating stand-alone selling prices of promised goods or services and allocating discounts and variable consideration to a specific part of the contract (if applicable); and
(d)
measuring obligations for returns, refunds and other similar obligations.
Assets recognised from the costs to obtain or fulfil a contract with a customer
127
An entity shall describe both of the following:
(a)
the judgements made in determining the amount of the costs incurred to obtain or fulfil a contract with a customer (in accordance with paragraph 91 or 95); and
(b)
the method it uses to determine the amortisation for each reporting period.
128
An entity shall disclose all of the following:
(a)
the closing balances of assets recognised from the costs incurred to obtain or fulfil a contract with a customer (in accordance with paragraph 91 or 95), by main category of asset (for example, costs to obtain contracts with customers, pre-contract costs and setup costs); and
(b)
the amount of amortisation and any impairment losses recognised in the reporting period.
Practical expedients
129
If an entity elects to use the practical expedient in either paragraph 63 (about the existence of a significant financing component) or paragraph 94 (about the incremental costs of obtaining a contract), the entity shall disclose that fact.
Appendix A
Defined terms
This appendix is an integral part of the Standard.
contract
An agreement between two or more parties that creates enforceable rights and obligations.
contract asset
An entity's right to consideration in exchange for goods or services that the entity has transferred to a 
customer
 when that right is conditioned on something other than the passage of time (for example, the entity's future performance).
contract liability
An entity's obligation to transfer goods or services to a 
customer
 for which the entity has received consideration (or the amount is due) from the customer.
customer
A party that has contracted with an entity to obtain goods or services that are an output of the entity's ordinary activities in exchange for consideration.
income
Increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in an increase in equity, other than those relating to contributions from equity participants.
performance obligation
A promise in a 
contract
 with a 
customer
 to transfer to the customer either:
(a)
a good or service (or a bundle of goods or services) that is distinct; or
(b)
a series of distinct goods or services that are substantially the same and that have the same pattern of transfer to the customer.
revenue
Income
 arising in the course of an entity's ordinary activities.
stand-alone selling price (of a good or service)
The price at which an entity would sell a promised good or service separately to a 
customer
.
transaction price (for a contract with a customer)
The amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a 
customer
, excluding amounts collected on behalf of third parties.
Appendix B
Application Guidance
This appendix is an integral part of the Standard. It describes the application of paragraphs 1–129 and has the same authority as the other parts of the Standard.
B1
This application guidance is organised into the following categories:
(a)
performance obligations satisfied over time (paragraphs B2–B13);
(b)
methods for measuring progress towards complete satisfaction of a performance obligation (paragraphs B14–B19);
(c)
sale with a right of return (paragraphs B20–B27);
(d)
warranties (paragraphs B28–B33);
(e)
principal versus agent considerations (paragraphs B34–B38);
(f)
customer options for additional goods or services (paragraphs B39–B43);
(g)
customers' unexercised rights (paragraphs B44–B47);
(h)
non-refundable upfront fees (and some related costs) (paragraphs B48–B51);
(i)
licensing (paragraphs B52–B63B);
(j)
repurchase agreements (paragraphs B64–B76);
(k)
consignment arrangements (paragraphs B77–B78);
(l)
bill-and-hold arrangements (paragraphs B79–B82);
(m)
customer acceptance (paragraphs B83–B86); and
(n)
disclosure of disaggregated revenue (paragraphs B87–B89).
Performance obligations satisfied over time
B2
In accordance with paragraph 35, a performance obligation is satisfied over time if one of the following criteria is met:
(a)
the customer simultaneously receives and consumes the benefits provided by the entity's performance as the entity performs (see paragraphs B3–B4);
(b)
the entity's performance creates or enhances an asset (for example, work in progress) that the customer controls as the asset is created or enhanced (see paragraph B5); or
(c)
the entity's performance does not create an asset with an alternative use to the entity (see paragraphs B6–B8) and the entity has an enforceable right to payment for performance completed to date (see paragraphs B9–B13).
Simultaneous receipt and consumption of the benefits of the entity's performance (paragraph 35(a))
B3
For some types of performance obligations, the assessment of whether a customer receives the benefits of an entity's performance as the entity performs and simultaneously consumes those benefits as they are received will be straightforward. Examples include routine or recurring services (such as a cleaning service) in which the receipt and simultaneous consumption by the customer of the benefits of the entity's performance can be readily identified.
B4
For other types of performance obligations, an entity may not be able to readily identify whether a customer simultaneously receives and consumes the benefits from the entity's performance as the entity performs. In those circumstances, a performance obligation is satisfied over time if an entity determines that another entity would not need to substantially re-perform the work that the entity has completed to date if that other entity were to fulfil the remaining performance obligation to the customer. In determining whether another entity would not need to substantially re-perform the work the entity has completed to date, an entity shall make both of the following assumptions:
(a)
disregard potential contractual restrictions or practical limitations that otherwise would prevent the entity from transferring the remaining performance obligation to another entity; and
(b)
presume that another entity fulfilling the remainder of the performance obligation would not have the benefit of any asset that is presently controlled by the entity and that would remain controlled by the entity if the performance obligation were to transfer to another entity.
Customer controls the asset as it is created or enhanced (paragraph 35(b))
B5
In determining whether a customer controls an asset as it is created or enhanced in accordance with paragraph 35(b), an entity shall apply the requirements for control in paragraphs 31–34 and 38. The asset that is being created or enhanced (for example, a work-in-progress asset) could be either tangible or intangible.
Entity's performance does not create an asset with an alternative use (paragraph 35(c))
B6
In assessing whether an asset has an alternative use to an entity in accordance with paragraph 36, an entity shall consider the effects of contractual restrictions and practical limitations on the entity's ability to readily direct that asset for another use, such as selling it to a different customer. The possibility of the contract with the customer being terminated is not a relevant consideration in assessing whether the entity would be able to readily direct the asset for another use.
B7
A contractual restriction on an entity's ability to direct an asset for another use must be substantive for the asset not to have an alternative use to the entity. A contractual restriction is substantive if a customer could enforce its rights to the promised asset if the entity sought to direct the asset for another use. In contrast, a contractual restriction is not substantive if, for example, an asset is largely interchangeable with other assets that the entity could transfer to another customer without breaching the contract and without incurring significant costs that otherwise would not have been incurred in relation to that contract.
B8
A practical limitation on an entity's ability to direct an asset for another use exists if an entity would incur significant economic losses to direct the asset for another use. A significant economic loss could arise because the entity either would incur significant costs to rework the asset or would only be able to sell the asset at a significant loss. For example, an entity may be practically limited from redirecting assets that either have design specifications that are unique to a customer or are located in remote areas.
Right to payment for performance completed to date (paragraph 35(c))
B9
In accordance with paragraph 37, an entity has a right to payment for performance completed to date if the entity would be entitled to an amount that at least compensates the entity for its performance completed to date in the event that the customer or another party terminates the contract for reasons other than the entity's failure to perform as promised. An amount that would compensate an entity for performance completed to date would be an amount that approximates the selling price of the goods or services transferred to date (for example, recovery of the costs incurred by an entity in satisfying the performance obligation plus a reasonable profit margin) rather than compensation for only the entity's potential loss of profit if the contract were to be terminated. Compensation for a reasonable profit margin need not equal the profit margin expected if the contract was fulfilled as promised, but an entity should be entitled to compensation for either of the following amounts:
(a)
a proportion of the expected profit margin in the contract that reasonably reflects the extent of the entity's performance under the contract before termination by the customer (or another party); or
(b)
a reasonable return on the entity's cost of capital for similar contracts (or the entity's typical operating margin for similar contracts) if the contract-specific margin is higher than the return the entity usually generates from similar contracts.
B10
An entity's right to payment for performance completed to date need not be a present unconditional right to payment. In many cases, an entity will have an unconditional right to payment only at an agreed-upon milestone or upon complete satisfaction of the performance obligation. In assessing whether it has a right to payment for performance completed to date, an entity shall consider whether it would have an enforceable right to demand or retain payment for performance completed to date if the contract were to be terminated before completion for reasons other than the entity's failure to perform as promised.
B11
In some contracts, a customer may have a right to terminate the contract only at specified times during the life of the contract or the customer might not have any right to terminate the contract. If a customer acts to terminate a contract without having the right to terminate the contract at that time (including when a customer fails to perform its obligations as promised), the contract (or other laws) might entitle the entity to continue to transfer to the customer the goods or services promised in the contract and require the customer to pay the consideration promised in exchange for those goods or services. In those circumstances, an entity has a right to payment for performance completed to date because the entity has a right to continue to perform its obligations in accordance with the contract and to require the customer to perform its obligations (which include paying the promised consideration).
B12
In assessing the existence and enforceability of a right to payment for performance completed to date, an entity shall consider the contractual terms as well as any legislation or legal precedent that could supplement or override those contractual terms. This would include an assessment of whether:
(a)
legislation, administrative practice or legal precedent confers upon the entity a right to payment for performance to date even though that right is not specified in the contract with the customer;
(b)
relevant legal precedent indicates that similar rights to payment for performance completed to date in similar contracts have no binding legal effect; or
(c)
an entity's customary business practices of choosing not to enforce a right to payment has resulted in the right being rendered unenforceable in that legal environment. However, notwithstanding that an entity may choose to waive its right to payment in similar contracts, an entity would continue to have a right to payment to date if, in the contract with the customer, its right to payment for performance to date remains enforceable.
B13
The payment schedule specified in a contract does not necessarily indicate whether an entity has an enforceable right to payment for performance completed to date. Although the payment schedule in a contract specifies the timing and amount of consideration that is payable by a customer, the payment schedule might not necessarily provide evidence of the entity's right to payment for performance completed to date. This is because, for example, the contract could specify that the consideration received from the customer is refundable for reasons other than the entity failing to perform as promised in the contract.
Methods for measuring progress towards complete satisfaction of a performance obligation
B14
Methods that can be used to measure an entity's progress towards complete satisfaction of a performance obligation satisfied over time in accordance with paragraphs 35–37 include the following:
(a)
output methods (see paragraphs B15–B17); and
(b)
input methods (see paragraphs B18–B19).
Output methods
B15
Output methods recognise revenue on the basis of direct measurements of the value to the customer of the goods or services transferred to date relative to the remaining goods or services promised under the contract. Output methods include methods such as surveys of performance completed to date, appraisals of results achieved, milestones reached, time elapsed and units produced or units delivered. When an entity evaluates whether to apply an output method to measure its progress, the entity shall consider whether the output selected would faithfully depict the entity's performance towards complete satisfaction of the performance obligation. An output method would not provide a faithful depiction of the entity's performance if the output selected would fail to measure some of the goods or services for which control has transferred to the customer. For example, output methods based on units produced or units delivered would not faithfully depict an entity's performance in satisfying a performance obligation if, at the end of the reporting period, the entity's performance has produced work in progress or finished goods controlled by the customer that are not included in the measurement of the output.
B16
As a practical expedient, if an entity has a right to consideration from a customer in an amount that corresponds directly with the value to the customer of the entity's performance completed to date (for example, a service contract in which an entity bills a fixed amount for each hour of service provided), the entity may recognise revenue in the amount to which the entity has a right to invoice.
B17
The disadvantages of output methods are that the outputs used to measure progress may not be directly observable and the information required to apply them may not be available to an entity without undue cost. Therefore, an input method may be necessary.
Input methods
B18
Input methods recognise revenue on the basis of the entity's efforts or inputs to the satisfaction of a performance obligation (for example, resources consumed, labour hours expended, costs incurred, time elapsed or machine hours used) relative to the total expected inputs to the satisfaction of that performance obligation. If the entity's efforts or inputs are expended evenly throughout the performance period, it may be appropriate for the entity to recognise revenue on a straight-line basis.
B19
A shortcoming of input methods is that there may not be a direct relationship between an entity's inputs and the transfer of control of goods or services to a customer. Therefore, an entity shall exclude from an input method the effects of any inputs that, in accordance with the objective of measuring progress in paragraph 39, do not depict the entity's performance in transferring control of goods or services to the customer. For instance, when using a cost-based input method, an adjustment to the measure of progress may be required in the following circumstances:
(a)
When a cost incurred does not contribute to an entity's progress in satisfying the performance obligation. For example, an entity would not recognise revenue on the basis of costs incurred that are attributable to significant inefficiencies in the entity's performance that were not reflected in the price of the contract (for example, the costs of unexpected amounts of wasted materials, labour or other resources that were incurred to satisfy the performance obligation).
(b)
When a cost incurred is not proportionate to the entity's progress in satisfying the performance obligation. In those circumstances, the best depiction of the entity's performance may be to adjust the input method to recognise revenue only to the extent of that cost incurred. For example, a faithful depiction of an entity's performance might be to recognise revenue at an amount equal to the cost of a good used to satisfy a performance obligation if the entity expects at contract inception that all of the following conditions would be met:
(i)
the good is not distinct;
(ii)
the customer is expected to obtain control of the good significantly before receiving services related to the good;
(iii)
the cost of the transferred good is significant relative to the total expected costs to completely satisfy the performance obligation; and
(iv)
the entity procures the good from a third party and is not significantly involved in designing and manufacturing the good (but the entity is acting as a principal in accordance with paragraphs B34–B38).
Sale with a right of return
B20
In some contracts, an entity transfers control of a product to a customer and also grants the customer the right to return the product for various reasons (such as dissatisfaction with the product) and receive any combination of the following:
(a)
a full or partial refund of any consideration paid;
(b)
a credit that can be applied against amounts owed, or that will be owed, to the entity; and
(c)
another product in exchange.
B21
To account for the transfer of products with a right of return (and for some services that are provided subject to a refund), an entity shall recognise all of the following:
(a)
revenue for the transferred products in the amount of consideration to which the entity expects to be entitled (therefore, revenue would not be recognised for the products expected to be returned);
(b)
a refund liability; and
(c)
an asset (and corresponding adjustment to cost of sales) for its right to recover products from customers on settling the refund liability.
B22
An entity's promise to stand ready to accept a returned product during the return period shall not be accounted for as a performance obligation in addition to the obligation to provide a refund.
B23
An entity shall apply the requirements in paragraphs 47–72 (including the requirements for constraining estimates of variable consideration in paragraphs 56–58) to determine the amount of consideration to which the entity expects to be entitled (ie excluding the products expected to be returned). For any amounts received (or receivable) for which an entity does not expect to be entitled, the entity shall not recognise revenue when it transfers products to customers but shall recognise those amounts received (or receivable) as a refund liability. Subsequently, at the end of each reporting period, the entity shall update its assessment of amounts for which it expects to be entitled in exchange for the transferred products and make a corresponding change to the transaction price and, therefore, in the amount of revenue recognised.
B24
An entity shall update the measurement of the refund liability at the end of each reporting period for changes in expectations about the amount of refunds. An entity shall recognise corresponding adjustments as revenue (or reductions of revenue).
B25
An asset recognised for an entity's right to recover products from a customer on settling a refund liability shall initially be measured by reference to the former carrying amount of the product (for example, inventory) less any expected costs to recover those products (including potential decreases in the value to the entity of returned products). At the end of each reporting period, an entity shall update the measurement of the asset arising from changes in expectations about products to be returned. An entity shall present the asset separately from the refund liability.
B26
Exchanges by customers of one product for another of the same type, quality, condition and price (for example, one colour or size for another) are not considered returns for the purposes of applying this Standard.
B27
Contracts in which a customer may return a defective product in exchange for a functioning product shall be evaluated in accordance with the guidance on warranties in paragraphs B28–B33.
Warranties
B28
It is common for an entity to provide (in accordance with the contract, the law or the entity's customary business practices) a warranty in connection with the sale of a product (whether a good or service). The nature of a warranty can vary significantly across industries and contracts. Some warranties provide a customer with assurance that the related product will function as the parties intended because it complies with agreed-upon specifications. Other warranties provide the customer with a service in addition to the assurance that the product complies with agreed-upon specifications.
B29
If a customer has the option to purchase a warranty separately (for example, because the warranty is priced or negotiated separately), the warranty is a distinct service because the entity promises to provide the service to the customer in addition to the product that has the functionality described in the contract. In those circumstances, an entity shall account for the promised warranty as a performance obligation in accordance with paragraphs 22–30 and allocate a portion of the transaction price to that performance obligation in accordance with paragraphs 73–86.
B30
If a customer does not have the option to purchase a warranty separately, an entity shall account for the warranty in accordance with IAS 37 
Provisions, Contingent Liabilities and Contingent Assets
 unless the promised warranty, or a part of the promised warranty, provides the customer with a service in addition to the assurance that the product complies with agreed-upon specifications.
B31
In assessing whether a warranty provides a customer with a service in addition to the assurance that the product complies with agreed-upon specifications, an entity shall consider factors such as:
(a)
Whether the warranty is required by law—if the entity is required by law to provide a warranty, the existence of that law indicates that the promised warranty is not a performance obligation because such requirements typically exist to protect customers from the risk of purchasing defective products.
(b)
The length of the warranty coverage period—the longer the coverage period, the more likely it is that the promised warranty is a performance obligation because it is more likely to provide a service in addition to the assurance that the product complies with agreed-upon specifications.
(c)
The nature of the tasks that the entity promises to perform—if it is necessary for an entity to perform specified tasks to provide the assurance that a product complies with agreed-upon specifications (for example, a return shipping service for a defective product), then those tasks likely do not give rise to a performance obligation.
B32
If a warranty, or a part of a warranty, provides a customer with a service in addition to the assurance that the product complies with agreed-upon specifications, the promised service is a performance obligation. Therefore, an entity shall allocate the transaction price to the product and the service. If an entity promises both an assurance-type warranty and a service-type warranty but cannot reasonably account for them separately, the entity shall account for both of the warranties together as a single performance obligation.
B33
A law that requires an entity to pay compensation if its products cause harm or damage does not give rise to a performance obligation. For example, a manufacturer might sell products in a jurisdiction in which the law holds the manufacturer liable for any damages (for example, to personal property) that might be caused by a consumer using a product for its intended purpose. Similarly, an entity's promise to indemnify the customer for liabilities and damages arising from claims of patent, copyright, trademark or other infringement by the entity's products does not give rise to a performance obligation. The entity shall account for such obligations in accordance with IAS 37.
Principal versus agent considerations
B34
When another party is involved in providing goods or services to a customer, the entity shall determine whether the nature of its promise is a performance obligation to provide the specified goods or services itself (ie the entity is a principal) or to arrange for those goods or services to be provided by the other party (ie the entity is an agent). An entity determines whether it is a principal or an agent for each specified good or service promised to the customer. A specified good or service is a distinct good or service (or a distinct bundle of goods or services) to be provided to the customer (see paragraphs 27–30). If a contract with a customer includes more than one specified good or service, an entity could be a principal for some specified goods or services and an agent for others.
B34A
To determine the nature of its promise (as described in paragraph B34), the entity shall:
(a)
identify the specified goods or services to be provided to the customer (which, for example, could be a right to a good or service to be provided by another party (see paragraph 26)); and
(b)
assess whether it controls (as described in paragraph 33) each specified good or service before that good or service is transferred to the customer.
B35
An entity is a principal if it controls the specified good or service before that good or service is transferred to a customer. However, an entity does not necessarily control a specified good if the entity obtains legal title to that good only momentarily before legal title is transferred to a customer. An entity that is a principal may satisfy its performance obligation to provide the specified good or service itself or it may engage another party (for example, a subcontractor) to satisfy some or all of the performance obligation on its behalf.
B35A
When another party is involved in providing goods or services to a customer, an entity that is a principal obtains control of any one of the following:
(a)
a good or another asset from the other party that it then transfers to the customer.
(b)
a right to a service to be performed by the other party, which gives the entity the ability to direct that party to provide the service to the customer on the entity's behalf.
(c)
a good or service from the other party that it then combines with other goods or services in providing the specified good or service to the customer. For example, if an entity provides a significant service of integrating goods or services (see paragraph 29(a)) provided by another party into the specified good or service for which the customer has contracted, the entity controls the specified good or service before that good or service is transferred to the customer. This is because the entity first obtains control of the inputs to the specified good or service (which includes goods or services from other parties) and directs their use to create the combined output that is the specified good or service.
B35B
When (or as) an entity that is a principal satisfies a performance obligation, the entity recognises revenue in the gross amount of consideration to which it expects to be entitled in exchange for the specified good or service transferred.
B36
An entity is an agent if the entity's performance obligation is to arrange for the provision of the specified good or service by another party. An entity that is an agent does not control the specified good or service provided by another party before that good or service is transferred to the customer. When (or as) an entity that is an agent satisfies a performance obligation, the entity recognises revenue in the amount of any fee or commission to which it expects to be entitled in exchange for arranging for the specified goods or services to be provided by the other party. An entity's fee or commission might be the net amount of consideration that the entity retains after paying the other party the consideration received in exchange for the goods or services to be provided by that party.
B37
Indicators that an entity controls the specified good or service before it is transferred to the customer (and is therefore a principal (see paragraph B35)) include, but are not limited to, the following:
(a)
the entity is primarily responsible for fulfilling the promise to provide the specified good or service. This typically includes responsibility for the acceptability of the specified good or service (for example, primary responsibility for the good or service meeting customer specifications). If the entity is primarily responsible for fulfilling the promise to provide the specified good or service, this may indicate that the other party involved in providing the specified good or service is acting on the entity's behalf.
(b)
the entity has inventory risk before the specified good or service has been transferred to a customer or after transfer of control to the customer (for example, if the customer has a right of return). For example, if the entity obtains, or commits itself to obtain, the specified good or service before obtaining a contract with a customer, that may indicate that the entity has the ability to direct the use of, and obtain substantially all of the remaining benefits from, the good or service before it is transferred to the customer.
(c)
the entity has discretion in establishing the price for the specified good or service. Establishing the price that the customer pays for the specified good or service may indicate that the entity has the ability to direct the use of that good or service and obtain substantially all of the remaining benefits. However, an agent can have discretion in establishing prices in some cases. For example, an agent may have some flexibility in setting prices in order to generate additional revenue from its service of arranging for goods or services to be provided by other parties to customers.
B37A
The indicators in paragraph B37 may be more or less relevant to the assessment of control depending on the nature of the specified good or service and the terms and conditions of the contract. In addition, different indicators may provide more persuasive evidence in different contracts.
B38
If another entity assumes the entity's performance obligations and contractual rights in the contract so that the entity is no longer obliged to satisfy the performance obligation to transfer the specified good or service to the customer (ie the entity is no longer acting as the principal), the entity shall not recognise revenue for that performance obligation. Instead, the entity shall evaluate whether to recognise revenue for satisfying a performance obligation to obtain a contract for the other party (ie whether the entity is acting as an agent).
Customer options for additional goods or services
B39
Customer options to acquire additional goods or services for free or at a discount come in many forms, including sales incentives, customer award credits (or points), contract renewal options or other discounts on future goods or services.
B40
If, in a contract, an entity grants a customer the option to acquire additional goods or services, that option gives rise to a performance obligation in the contract only if the option provides a material right to the customer that it would not receive without entering into that contract (for example, a discount that is incremental to the range of discounts typically given for those goods or services to that class of customer in that geographical area or market). If the option provides a material right to the customer, the customer in effect pays the entity in advance for future goods or services and the entity recognises revenue when those future goods or services are transferred or when the option expires.
B41
If a customer has the option to acquire an additional good or service at a price that would reflect the stand-alone selling price for that good or service, that option does not provide the customer with a material right even if the option can be exercised only by entering into a previous contract. In those cases, the entity has made a marketing offer that it shall account for in accordance with this Standard only when the customer exercises the option to purchase the additional goods or services.
B42
Paragraph 74 requires an entity to allocate the transaction price to performance obligations on a relative stand-alone selling price basis. If the stand-alone selling price for a customer's option to acquire additional goods or services is not directly observable, an entity shall estimate it. That estimate shall reflect the discount that the customer would obtain when exercising the option, adjusted for both of the following:
(a)
any discount that the customer could receive without exercising the option; and
(b)
the likelihood that the option will be exercised.
B43
If a customer has a material right to acquire future goods or services and those goods or services are similar to the original goods or services in the contract and are provided in accordance with the terms of the original contract, then an entity may, as a practical alternative to estimating the stand-alone selling price of the option, allocate the transaction price to the optional goods or services by reference to the goods or services expected to be provided and the corresponding expected consideration. Typically, those types of options are for contract renewals.
Customers' unexercised rights
B44
In accordance with paragraph 106, upon receipt of a prepayment from a customer, an entity shall recognise a contract liability in the amount of the prepayment for its performance obligation to transfer, or to stand ready to transfer, goods or services in the future. An entity shall derecognise that contract liability (and recognise revenue) when it transfers those goods or services and, therefore, satisfies its performance obligation.
B45
A customer's non-refundable prepayment to an entity gives the customer a right to receive a good or service in the future (and obliges the entity to stand ready to transfer a good or service). However, customers may not exercise all of their contractual rights. Those unexercised rights are often referred to as breakage.
B46
If an entity expects to be entitled to a breakage amount in a contract liability, the entity shall recognise the expected breakage amount as revenue in proportion to the pattern of rights exercised by the customer. If an entity does not expect to be entitled to a breakage amount, the entity shall recognise the expected breakage amount as revenue when the likelihood of the customer exercising its remaining rights becomes remote. To determine whether an entity expects to be entitled to a breakage amount, the entity shall consider the requirements in paragraphs 56–58 on constraining estimates of variable consideration.
B47
An entity shall recognise a liability (and not revenue) for any consideration received that is attributable to a customer's unexercised rights for which the entity is required to remit to another party, for example, a government entity in accordance with applicable unclaimed property laws.
Non-refundable upfront fees (and some related costs)
B48
In some contracts, an entity charges a customer a non-refundable upfront fee at or near contract inception. Examples include joining fees in health club membership contracts, activation fees in telecommunication contracts, setup fees in some services contracts and initial fees in some supply contracts.
B49
To identify performance obligations in such contracts, an entity shall assess whether the fee relates to the transfer of a promised good or service. In many cases, even though a non-refundable upfront fee relates to an activity that the entity is required to undertake at or near contract inception to fulfil the contract, that activity does not result in the transfer of a promised good or service to the customer (see paragraph 25). Instead, the upfront fee is an advance payment for future goods or services and, therefore, would be recognised as revenue when those future goods or services are provided. The revenue recognition period would extend beyond the initial contractual period if the entity grants the customer the option to renew the contract and that option provides the customer with a material right as described in paragraph B40.
B50
If the non-refundable upfront fee relates to a good or service, the entity shall evaluate whether to account for the good or service as a separate performance obligation in accordance with paragraphs 22–30.
B51
An entity may charge a non-refundable fee in part as compensation for costs incurred in setting up a contract (or other administrative tasks as described in paragraph 25). If those setup activities do not satisfy a performance obligation, the entity shall disregard those activities (and related costs) when measuring progress in accordance with paragraph B19. That is because the costs of setup activities do not depict the transfer of services to the customer. The entity shall assess whether costs incurred in setting up a contract have resulted in an asset that shall be recognised in accordance with paragraph 95.
Licensing
B52
A licence establishes a customer's rights to the intellectual property of an entity. Licences of intellectual property may include, but are not limited to, licences of any of the following:
(a)
software and technology;
(b)
motion pictures, music and other forms of media and entertainment;
(c)
franchises; and
(d)
patents, trademarks and copyrights.
B53
In addition to a promise to grant a licence (or licences) to a customer, an entity may also promise to transfer other goods or services to the customer. Those promises may be explicitly stated in the contract or implied by an entity's customary business practices, published policies or specific statements (see paragraph 24). As with other types of contracts, when a contract with a customer includes a promise to grant a licence (or licences) in addition to other promised goods or services, an entity applies paragraphs 22–30 to identify each of the performance obligations in the contract.
B54
If the promise to grant a licence is not distinct from other promised goods or services in the contract in accordance with paragraphs 26–30, an entity shall account for the promise to grant a licence and those other promised goods or services together as a single performance obligation. Examples of licences that are not distinct from other goods or services promised in the contract include the following:
(a)
a licence that forms a component of a tangible good and that is integral to the functionality of the good; and
(b)
a licence that the customer can benefit from only in conjunction with a related service (such as an online service provided by the entity that enables, by granting a licence, the customer to access content).
B55
If the licence is not distinct, an entity shall apply paragraphs 31–38 to determine whether the performance obligation (which includes the promised licence) is a performance obligation that is satisfied over time or satisfied at a point in time.
B56
If the promise to grant the licence is distinct from the other promised goods or services in the contract and, therefore, the promise to grant the licence is a separate performance obligation, an entity shall determine whether the licence transfers to a customer either at a point in time or over time. In making this determination, an entity shall consider whether the nature of the entity's promise in granting the licence to a customer is to provide the customer with either:
(a)
a right to access the entity's intellectual property as it exists throughout the licence period; or
(b)
a right to use the entity's intellectual property as it exists at the point in time at which the licence is granted.
Determining the nature of the entity's promise
B57
[Deleted]
B58
The nature of an entity's promise in granting a licence is a promise to provide a right to access the entity's intellectual property if all of the following criteria are met:
(a)
the contract requires, or the customer reasonably expects, that the entity will undertake activities that significantly affect the intellectual property to which the customer has rights (see paragraphs B59 and B59A);
(b)
the rights granted by the licence directly expose the customer to any positive or negative effects of the entity's activities identified in paragraph B58(a); and
(c)
those activities do not result in the transfer of a good or a service to the customer as those activities occur (see paragraph 25).
B59
Factors that may indicate that a customer could reasonably expect that an entity will undertake activities that significantly affect the intellectual property include the entity's customary business practices, published policies or specific statements. Although not determinative, the existence of a shared economic interest (for example, a sales-based royalty) between the entity and the customer related to the intellectual property to which the customer has rights may also indicate that the customer could reasonably expect that the entity will undertake such activities.
B59A
An entity's activities significantly affect the intellectual property to which the customer has rights when either:
(a)
those activities are expected to significantly change the form (for example, the design or content) or the functionality (for example, the ability to perform a function or task) of the intellectual property; or
(b)
the ability of the customer to obtain benefit from the intellectual property is substantially derived from, or dependent upon, those activities. For example, the benefit from a brand is often derived from, or dependent upon, the entity's ongoing activities that support or maintain the value of the intellectual property.
Accordingly, if the intellectual property to which the customer has rights has significant stand-alone functionality, a substantial portion of the benefit of that intellectual property is derived from that functionality. Consequently, the ability of the customer to obtain benefit from that intellectual property would not be significantly affected by the entity's activities unless those activities significantly change its form or functionality. Types of intellectual property that often have significant stand-alone functionality include software, biological compounds or drug formulas, and completed media content (for example, films, television shows and music recordings).
B60
If the criteria in paragraph B58 are met, an entity shall account for the promise to grant a licence as a performance obligation satisfied over time because the customer will simultaneously receive and consume the benefit from the entity's performance of providing access to its intellectual property as the performance occurs (see paragraph 35(a)). An entity shall apply paragraphs 39–45 to select an appropriate method to measure its progress towards complete satisfaction of that performance obligation to provide access.
B61
If the criteria in paragraph B58 are not met, the nature of an entity's promise is to provide a right to use the entity's intellectual property as that intellectual property exists (in terms of form and functionality) at the point in time at which the licence is granted to the customer. This means that the customer can direct the use of, and obtain substantially all of the remaining benefits from, the licence at the point in time at which the licence transfers. An entity shall account for the promise to provide a right to use the entity's intellectual property as a performance obligation satisfied at a point in time. An entity shall apply paragraph 38 to determine the point in time at which the licence transfers to the customer. However, revenue cannot be recognised for a licence that provides a right to use the entity's intellectual property before the beginning of the period during which the customer is able to use and benefit from the licence. For example, if a software licence period begins before an entity provides (or otherwise makes available) to the customer a code that enables the customer to immediately use the software, the entity would not recognise revenue before that code has been provided (or otherwise made available).
B62
An entity shall disregard the following factors when determining whether a licence provides a right to access the entity's intellectual property or a right to use the entity's intellectual property:
(a)
Restrictions of time, geographical region or use—those restrictions define the attributes of the promised licence, rather than define whether the entity satisfies its performance obligation at a point in time or over time.
(b)
Guarantees provided by the entity that it has a valid patent to intellectual property and that it will defend that patent from unauthorised use—a promise to defend a patent right is not a performance obligation because the act of defending a patent protects the value of the entity's intellectual property assets and provides assurance to the customer that the licence transferred meets the specifications of the licence promised in the contract.
Sales-based or usage-based royalties
B63
Notwithstanding the requirements in paragraphs 56–59, an entity shall recognise revenue for a sales-based or usage-based royalty promised in exchange for a licence of intellectual property only when (or as) the later of the following events occurs:
(a)
the subsequent sale or usage occurs; and
(b)
the performance obligation to which some or all of the sales-based or usage-based royalty has been allocated has been satisfied (or partially satisfied).
B63A
The requirement for a sales-based or usage-based royalty in paragraph B63 applies when the royalty relates only to a licence of intellectual property or when a licence of intellectual property is the predominant item to which the royalty relates (for example, the licence of intellectual property may be the predominant item to which the royalty relates when the entity has a reasonable expectation that the customer would ascribe significantly more value to the licence than to the other goods or services to which the royalty relates).
B63B
When the requirement in paragraph B63A is met, revenue from a sales-based or usage-based royalty shall be recognised wholly in accordance with paragraph B63. When the requirement in paragraph B63A is not met, the requirements on variable consideration in paragraphs 50–59 apply to the sales-based or usage-based royalty.
Repurchase agreements
B64
A repurchase agreement is a contract in which an entity sells an asset and also promises or has the option (either in the same contract or in another contract) to repurchase the asset. The repurchased asset may be the asset that was originally sold to the customer, an asset that is substantially the same as that asset, or another asset of which the asset that was originally sold is a component.
B65
Repurchase agreements generally come in three forms:
(a)
an entity's obligation to repurchase the asset (a forward);
(b)
an entity's right to repurchase the asset (a call option); and
(c)
an entity's obligation to repurchase the asset at the customer's request (a put option).
A forward or a call option
B66
If an entity has an obligation or a right to repurchase the asset (a forward or a call option), a customer does not obtain control of the asset because the customer is limited in its ability to direct the use of, and obtain substantially all of the remaining benefits from, the asset even though the customer may have physical possession of the asset. Consequently, the entity shall account for the contract as either of the following:
(a)
a lease in accordance with IFRS 16 
Leases
 if the entity can or must repurchase the asset for an amount that is less than the original selling price of the asset, unless the contract is part of a sale and leaseback transaction. If the contract is part of a sale and leaseback transaction, the entity shall continue to recognise the asset and shall recognise a financial liability for any consideration received from the customer. The entity shall account for the financial liability in accordance with IFRS 9; or
(b)
a financing arrangement in accordance with paragraph B68 if the entity can or must repurchase the asset for an amount that is equal to or more than the original selling price of the asset.
B67
When comparing the repurchase price with the selling price, an entity shall consider the time value of money.
B68
If the repurchase agreement is a financing arrangement, the entity shall continue to recognise the asset and also recognise a financial liability for any consideration received from the customer. The entity shall recognise the difference between the amount of consideration received from the customer and the amount of consideration to be paid to the customer as interest and, if applicable, as processing or holding costs (for example, insurance).
B69
If the option lapses unexercised, an entity shall derecognise the liability and recognise revenue.
A put option
B70
If an entity has an obligation to repurchase the asset at the customer's request (a put option) at a price that is lower than the original selling price of the asset, the entity shall consider at contract inception whether the customer has a significant economic incentive to exercise that right. The customer's exercising of that right results in the customer effectively paying the entity consideration for the right to use a specified asset for a period of time. Therefore, if the customer has a significant economic incentive to exercise that right, the entity shall account for the agreement as a lease in accordance with IFRS 16, unless the contract is part of a sale and leaseback transaction. If the contract is part of a sale and leaseback transaction, the entity shall continue to recognise the asset and shall recognise a financial liability for any consideration received from the customer. The entity shall account for the financial liability in accordance with IFRS 9.
B71
To determine whether a customer has a significant economic incentive to exercise its right, an entity shall consider various factors, including the relationship of the repurchase price to the expected market value of the asset at the date of the repurchase and the amount of time until the right expires. For example, if the repurchase price is expected to significantly exceed the market value of the asset, this may indicate that the customer has a significant economic incentive to exercise the put option.
B72
If the customer does not have a significant economic incentive to exercise its right at a price that is lower than the original selling price of the asset, the entity shall account for the agreement as if it were the sale of a product with a right of return as described in paragraphs B20–B27.
B73
If the repurchase price of the asset is equal to or greater than the original selling price and is more than the expected market value of the asset, the contract is in effect a financing arrangement and, therefore, shall be accounted for as described in paragraph B68.
B74
If the repurchase price of the asset is equal to or greater than the original selling price and is less than or equal to the expected market value of the asset, and the customer does not have a significant economic incentive to exercise its right, then the entity shall account for the agreement as if it were the sale of a product with a right of return as described in paragraphs B20–B27.
B75
When comparing the repurchase price with the selling price, an entity shall consider the time value of money.
B76
If the option lapses unexercised, an entity shall derecognise the liability and recognise revenue.
Consignment arrangements
B77
When an entity delivers a product to another party (such as a dealer or a distributor) for sale to end customers, the entity shall evaluate whether that other party has obtained control of the product at that point in time. A product that has been delivered to another party may be held in a consignment arrangement if that other party has not obtained control of the product. Accordingly, an entity shall not recognise revenue upon delivery of a product to another party if the delivered product is held on consignment.
B78
Indicators that an arrangement is a consignment arrangement include, but are not limited to, the following:
(a)
the product is controlled by the entity until a specified event occurs, such as the sale of the product to a customer of the dealer or until a specified period expires;
(b)
the entity is able to require the return of the product or transfer the product to a third party (such as another dealer); and
(c)
the dealer does not have an unconditional obligation to pay for the product (although it might be required to pay a deposit).
Bill-and-hold arrangements
B79
A bill-and-hold arrangement is a contract under which an entity bills a customer for a product but the entity retains physical possession of the product until it is transferred to the customer at a point in time in the future. For example, a customer may request an entity to enter into such a contract because of the customer's lack of available space for the product or because of delays in the customer's production schedules.
B80
An entity shall determine when it has satisfied its performance obligation to transfer a product by evaluating when a customer obtains control of that product (see paragraph 38). For some contracts, control is transferred either when the product is delivered to the customer's site or when the product is shipped, depending on the terms of the contract (including delivery and shipping terms). However, for some contracts, a customer may obtain control of a product even though that product remains in an entity's physical possession. In that case, the customer has the ability to direct the use of, and obtain substantially all of the remaining benefits from, the product even though it has decided not to exercise its right to take physical possession of that product. Consequently, the entity does not control the product. Instead, the entity provides custodial services to the customer over the customer's asset.
B81
In addition to applying the requirements in paragraph 38, for a customer to have obtained control of a product in a bill-and-hold arrangement, all of the following criteria must be met:
(a)
the reason for the bill-and-hold arrangement must be substantive (for example, the customer has requested the arrangement);
(b)
the product must be identified separately as belonging to the customer;
(c)
the product currently must be ready for physical transfer to the customer; and
(d)
the entity cannot have the ability to use the product or to direct it to another customer.
B82
If an entity recognises revenue for the sale of a product on a bill-and-hold basis, the entity shall consider whether it has remaining performance obligations (for example, for custodial services) in accordance with paragraphs 22–30 to which the entity shall allocate a portion of the transaction price in accordance with paragraphs 73–86.
Customer acceptance
B83
In accordance with paragraph 38(e), a customer's acceptance of an asset may indicate that the customer has obtained control of the asset. Customer acceptance clauses allow a customer to cancel a contract or require an entity to take remedial action if a good or service does not meet agreed-upon specifications. An entity shall consider such clauses when evaluating when a customer obtains control of a good or service.
B84
If an entity can objectively determine that control of a good or service has been transferred to the customer in accordance with the agreed-upon specifications in the contract, then customer acceptance is a formality that would not affect the entity's determination of when the customer has obtained control of the good or service. For example, if the customer acceptance clause is based on meeting specified size and weight characteristics, an entity would be able to determine whether those criteria have been met before receiving confirmation of the customer's acceptance. The entity's experience with contracts for similar goods or services may provide evidence that a good or service provided to the customer is in accordance with the agreed-upon specifications in the contract. If revenue is recognised before customer acceptance, the entity still must consider whether there are any remaining performance obligations (for example, installation of equipment) and evaluate whether to account for them separately.
B85
However, if an entity cannot objectively determine that the good or service provided to the customer is in accordance with the agreed-upon specifications in the contract, then the entity would not be able to conclude that the customer has obtained control until the entity receives the customer's acceptance. That is because in that circumstance the entity cannot determine that the customer has the ability to direct the use of, and obtain substantially all of the remaining benefits from, the good or service.
B86
If an entity delivers products to a customer for trial or evaluation purposes and the customer is not committed to pay any consideration until the trial period lapses, control of the product is not transferred to the customer until either the customer accepts the product or the trial period lapses.
Disclosure of disaggregated revenue
B87
Paragraph 114 requires an entity to disaggregate revenue from contracts with customers into categories that depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Consequently, the extent to which an entity's revenue is disaggregated for the purposes of this disclosure depends on the facts and circumstances that pertain to the entity's contracts with customers. Some entities may need to use more than one type of category to meet the objective in paragraph 114 for disaggregating revenue. Other entities may meet the objective by using only one type of category to disaggregate revenue.
B88
When selecting the type of category (or categories) to use to disaggregate revenue, an entity shall consider how information about the entity's revenue has been presented for other purposes, including all of the following:
(a)
disclosures presented outside the financial statements (for example, in earnings releases, annual reports or investor presentations);
(b)
information regularly reviewed by the chief operating decision maker for evaluating the financial performance of operating segments; and
(c)
other information that is similar to the types of information identified in paragraph B88(a) and (b) and that is used by the entity or users of the entity's financial statements to evaluate the entity's financial performance or make resource allocation decisions.
B89
Examples of categories that might be appropriate include, but are not limited to, all of the following:
(a)
type of good or service (for example, major product lines);
(b)
geographical region (for example, country or region);
(c)
market or type of customer (for example, government and non-government customers);
(d)
type of contract (for example, fixed-price and time-and-materials contracts);
(e)
contract duration (for example, short-term and long-term contracts);
(f)
timing of transfer of goods or services (for example, revenue from goods or services transferred to customers at a point in time and revenue from goods or services transferred over time); and
(g)
sales channels (for example, goods sold directly to consumers and goods sold through intermediaries).
Appendix C
Effective date and transition
This appendix is an integral part of the Standard and has the same authority as the other parts of the Standard.
EFFECTIVE DATE
C1
An entity shall apply this Standard for annual reporting periods beginning on or after 1 January 2018. Earlier application is permitted. If an entity applies this Standard earlier, it shall disclose that fact.
C1A
IFRS 16 
Leases
, issued in January 2016, amended paragraphs 5, 97, B66 and B70. An entity shall apply those amendments when it applies IFRS 16.
C1B
Clarifications to IFRS 15
 Revenue from Contracts with Customers, issued in April 2016, amended paragraphs 26, 27, 29, B1, B34–B38, B52–B53, B58, C2, C5 and C7, deleted paragraph B57 and added paragraphs B34A, B35A, B35B, B37A, B59A, B63A, B63B, C7A and C8A. An entity shall apply those amendments for annual reporting periods beginning on or after 1 January 2018. Earlier application is permitted. If an entity applies those amendments for an earlier period, it shall disclose that fact.
C1C
IFRS 17, issued in May 2017, amended paragraph 5. An entity shall apply that amendment when it applies IFRS 17.
TRANSITION
C2
For the purposes of the transition requirements in paragraphs C3–C8A:
(a)
the date of initial application is the start of the reporting period in which an entity first applies this Standard; and
(b)
a completed contract is a contract for which the entity has transferred all of the goods or services identified in accordance with IAS 11 
Construction Contracts
, IAS 18 
Revenue
 and related Interpretations.
C3
An entity shall apply this Standard using one of the following two methods:
(a)
retrospectively to each prior reporting period presented in accordance with IAS 8 
Accounting Policies, Changes in Accounting Estimates and Errors
, subject to the expedients in paragraph C5; or
(b)
retrospectively with the cumulative effect of initially applying this Standard recognised at the date of initial application in accordance with paragraphs C7–C8.
C4
Notwithstanding the requirements of paragraph 28 of IAS 8, when this Standard is first applied, an entity need only present the quantitative information required by paragraph 28(f) of IAS 8 for the annual period immediately preceding the first annual period for which this Standard is applied (the ‘immediately preceding period’) and only if the entity applies this Standard retrospectively in accordance with paragraph C3(a). An entity may also present this information for the current period or for earlier comparative periods, but is not required to do so.
C5
An entity may use one or more of the following practical expedients when applying this Standard retrospectively in accordance with paragraph C3(a):
(a)
for completed contracts, an entity need not restate contracts that:
(i)
begin and end within the same annual reporting period; or
(ii)
are completed contracts at the beginning of the earliest period presented.
(b)
for completed contracts that have variable consideration, an entity may use the transaction price at the date the contract was completed rather than estimating variable consideration amounts in the comparative reporting periods.
(c)
for contracts that were modified before the beginning of the earliest period presented, an entity need not retrospectively restate the contract for those contract modifications in accordance with paragraphs 20–21. Instead, an entity shall reflect the aggregate effect of all of the modifications that occur before the beginning of the earliest period presented when:
(i)
identifying the satisfied and unsatisfied performance obligations;
(ii)
determining the transaction price; and
(iii)
allocating the transaction price to the satisfied and unsatisfied performance obligations.
(d)
for all reporting periods presented before the date of initial application, an entity need not disclose the amount of the transaction price allocated to the remaining performance obligations and an explanation of when the entity expects to recognise that amount as revenue (see paragraph 120).
C6
For any of the practical expedients in paragraph C5 that an entity uses, the entity shall apply that expedient consistently to all contracts within all reporting periods presented. In addition, the entity shall disclose all of the following information:
(a)
the expedients that have been used; and
(b)
to the extent reasonably possible, a qualitative assessment of the estimated effect of applying each of those expedients.
C7
If an entity elects to apply this Standard retrospectively in accordance with paragraph C3(b), the entity shall recognise the cumulative effect of initially applying this Standard as an adjustment to the opening balance of retained earnings (or other component of equity, as appropriate) of the annual reporting period that includes the date of initial application. Under this transition method, an entity may elect to apply this Standard retrospectively only to contracts that are not completed contracts at the date of initial application (for example, 1 January 2018 for an entity with a 31 December year-end).
C7A
An entity applying this Standard retrospectively in accordance with paragraph C3(b) may also use the practical expedient described in paragraph C5(c), either:
(a)
for all contract modifications that occur before the beginning of the earliest period presented; or
(b)
for all contract modifications that occur before the date of initial application.
If an entity uses this practical expedient, the entity shall apply the expedient consistently to all contracts and disclose the information required by paragraph C6.
C8
For reporting periods that include the date of initial application, an entity shall provide both of the following additional disclosures if this Standard is applied retrospectively in accordance with paragraph C3(b):
(a)
the amount by which each financial statement line item is affected in the current reporting period by the application of this Standard as compared to IAS 11, IAS 18 and related Interpretations that were in effect before the change; and
(b)
an explanation of the reasons for significant changes identified in C8(a).
C8A
An entity shall apply 
Clarifications to IFRS 15
 (see paragraph C1B) retrospectively in accordance with IAS 8. In applying the amendments retrospectively, an entity shall apply the amendments as if they had been included in IFRS 15 at the date of initial application. Consequently, an entity does not apply the amendments to reporting periods or to contracts to which the requirements of IFRS 15 are not applied in accordance with paragraphs C2–C8. For example, if an entity applies IFRS 15 in accordance with paragraph C3(b) only to contracts that are not completed contracts at the date of initial application, the entity does not restate the completed contracts at the date of initial application of IFRS 15 for the effects of these amendments.
References to IFRS 9
C9
If an entity applies this Standard but does not yet apply IFRS 9 
Financial Instruments
, any reference in this Standard to IFRS 9 shall be read as a reference to IAS 39 
Financial Instruments: Recognition and Measurement
.
WITHDRAWAL OF OTHER STANDARDS
C10
This Standard supersedes the following Standards:
(a)
IAS 11 
Construction Contracts
;
(b)
IAS 18 
Revenue
;
(c)
IFRIC 13 
Customer Loyalty Programmes
;
(d)
IFRIC 15 
Agreements for the Construction of Real Estate
;
(e)
IFRIC 18 
Transfers of Assets from Customers
; and
(f)
SIC-31 
Revenue—Barter Transactions Involving Advertising Services
.
INTERNATIONAL FINANCIAL REPORTING STANDARD 16
Leases
OBJECTIVE
1
This Standard sets out the principles for the recognition, measurement, presentation and disclosure of 
leases
. The objective is to ensure that 
lessees
 and 
lessors
 provide relevant information in a manner that faithfully represents those transactions. This information gives a basis for users of financial statements to assess the effect that leases have on the financial position, financial performance and cash flows of an entity.
2
An entity shall consider the terms and conditions of 
contracts
 and all relevant facts and circumstances when applying this Standard. An entity shall apply this Standard consistently to contracts with similar characteristics and in similar circumstances.
SCOPE
3
An entity shall apply this Standard to all leases, including leases of 
right-of-use assets
 in a 
sublease
, except for:
(a)
leases to explore for or use minerals, oil, natural gas and similar non-regenerative resources;
(b)
leases of biological assets within the scope of IAS 41 
Agriculture
 held by a lessee;
(c)
service concession arrangements within the scope of IFRIC 12 
Service Concession Arrangements
;
(d)
licences of intellectual property granted by a lessor within the scope of IFRS 15 
Revenue from Contracts with Customers
; and
(e)
rights held by a lessee under licensing agreements within the scope of IAS 38 
Intangible Assets
 for such items as motion picture films, video recordings, plays, manuscripts, patents and copyrights.
4
A lessee may, but is not required to, apply this Standard to leases of intangible assets other than those described in paragraph 3(e).
RECOGNITION EXEMPTIONS (PARAGRAPHS B3–B8)
5
A lessee may elect not to apply the requirements in paragraphs 22–49 to:
(a)
short-term leases
; and
(b)
leases for which the 
underlying asset
 is of low value (as described in paragraphs B3–B8).
6
If a lessee elects not to apply the requirements in paragraphs 22–49 to either short-term leases or leases for which the underlying asset is of low value, the lessee shall recognise the 
lease payments
 associated with those leases as an expense on either a straight-line basis over the 
lease term
 or another systematic basis. The lessee shall apply another systematic basis if that basis is more representative of the pattern of the lessee's benefit.
7
If a lessee accounts for short-term leases applying paragraph 6, the lessee shall consider the lease to be a new lease for the purposes of this Standard if:
(a)
there is a 
lease modification
; or
(b)
there is any change in the lease term (for example, the lessee exercises an option not previously included in its determination of the lease term).
8
The election for short-term leases shall be made by class of underlying asset to which the right of use relates. A class of underlying asset is a grouping of underlying assets of a similar nature and use in an entity's operations. The election for leases for which the underlying asset is of low value can be made on a lease-by-lease basis.
IDENTIFYING A LEASE (PARAGRAPHS B9–B33)
9
At inception of a contract, an entity shall assess whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Paragraphs B9–B31 set out guidance on the assessment of whether a contract is, or contains, a lease.
10
A period of time may be described in terms of the amount of use of an identified asset (for example, the number of production units that an item of equipment will be used to produce).
11
An entity shall reassess whether a contract is, or contains, a lease only if the terms and conditions of the contract are changed.
Separating components of a contract
12
For a contract that is, or contains, a lease, an entity shall account for each lease component within the contract as a lease separately from non-lease components of the contract, unless the entity applies the practical expedient in paragraph 15. Paragraphs B32–B33 set out guidance on separating components of a contract.
Lessee
13
For a contract that contains a lease component and one or more additional lease or non-lease components, a lessee shall allocate the consideration in the contract to each lease component on the basis of the relative stand-alone price of the lease component and the aggregate stand-alone price of the non-lease components.
14
The relative stand-alone price of lease and non-lease components shall be determined on the basis of the price the lessor, or a similar supplier, would charge an entity for that component, or a similar component, separately. If an observable stand-alone price is not readily available, the lessee shall estimate the stand-alone price, maximising the use of observable information.
15
As a practical expedient, a lessee may elect, by class of underlying asset, not to separate non-lease components from lease components, and instead account for each lease component and any associated non-lease components as a single lease component. A lessee shall not apply this practical expedient to embedded derivatives that meet the criteria in paragraph 4.3.3 of IFRS 9 
Financial Instruments
.
16
Unless the practical expedient in paragraph 15 is applied, a lessee shall account for non-lease components applying other applicable Standards.
Lessor
17
For a contract that contains a lease component and one or more additional lease or non-lease components, a lessor shall allocate the consideration in the contract applying paragraphs 73–90 of IFRS 15.
LEASE TERM (PARAGRAPHS B34–B41)
18
An entity shall determine the lease term as the non-cancellable period of a lease, together with both:
(a)
periods covered by an option to extend the lease if the lessee is reasonably certain to exercise that option; and
(b)
periods covered by an option to terminate the lease if the lessee is reasonably certain not to exercise that option.
19
In assessing whether a lessee is reasonably certain to exercise an option to extend a lease, or not to exercise an option to terminate a lease, an entity shall consider all relevant facts and circumstances that create an economic incentive for the lessee to exercise the option to extend the lease, or not to exercise the option to terminate the lease, as described in paragraphs B37–B40.
20
A lessee shall reassess whether it is reasonably certain to exercise an extension option, or not to exercise a termination option, upon the occurrence of either a significant event or a significant change in circumstances that:
(a)
is within the control of the lessee; and
(b)
affects whether the lessee is reasonably certain to exercise an option not previously included in its determination of the lease term, or not to exercise an option previously included in its determination of the lease term (as described in paragraph B41).
21
An entity shall revise the lease term if there is a change in the non-cancellable period of a lease. For example, the non-cancellable period of a lease will change if:
(a)
the lessee exercises an option not previously included in the entity's determination of the lease term;
(b)
the lessee does not exercise an option previously included in the entity's determination of the lease term;
(c)
an event occurs that contractually obliges the lessee to exercise an option not previously included in the entity's determination of the lease term; or
(d)
an event occurs that contractually prohibits the lessee from exercising an option previously included in the entity's determination of the lease term.
LESSEE
Recognition
22
At the 
commencement date
, a lessee shall recognise a right-of-use asset and a lease liability.
Measurement
Initial measurement
Initial measurement of the right-of-use asset
23
At the commencement date, a lessee shall measure the right-of-use asset at cost.
24
The cost of the right-of-use asset shall comprise:
(a)
the amount of the initial measurement of the lease liability, as described in paragraph 26;
(b)
any lease payments made at or before the commencement date, less any 
lease incentives
 received;
(c)
any 
initial direct costs
 incurred by the lessee; and
(d)
an estimate of costs to be incurred by the lessee in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease, unless those costs are incurred to produce inventories. The lessee incurs the obligation for those costs either at the commencement date or as a consequence of having used the underlying asset during a particular period.
25
A lessee shall recognise the costs described in paragraph 24(d) as part of the cost of the right-of-use asset when it incurs an obligation for those costs. A lessee applies IAS 2 
Inventories
 to costs that are incurred during a particular period as a consequence of having used the right-of-use asset to produce inventories during that period. The obligations for such costs accounted for applying this Standard or IAS 2 are recognised and measured applying IAS 37 
Provisions, Contingent Liabilities and Contingent Assets
.
Initial measurement of the lease liability
26
At the commencement date, a lessee shall measure the lease liability at the present value of the lease payments that are not paid at that date. The lease payments shall be discounted using the 
interest rate implicit in the lease
, if that rate can be readily determined. If that rate cannot be readily determined, the lessee shall use the 
lessee's incremental borrowing rate
.
27
At the commencement date, the lease payments included in the measurement of the lease liability comprise the following payments for the right to use the underlying asset during the lease term that are not paid at the commencement date:
(a)
fixed payments
 (including in-substance fixed payments as described in paragraph B42), less any lease incentives receivable;
(b)
variable lease payments
 that depend on an index or a rate, initially measured using the index or rate as at the commencement date (as described in paragraph 28);
(c)
amounts expected to be payable by the lessee under 
residual value guarantees
;
(d)
the exercise price of a purchase option if the lessee is reasonably certain to exercise that option (assessed considering the factors described in paragraphs B37–B40); and
(e)
payments of penalties for terminating the lease, if the lease term reflects the lessee exercising an option to terminate the lease.
28.
Variable lease payments that depend on an index or a rate described in paragraph 27(b) include, for example, payments linked to a consumer price index, payments linked to a benchmark interest rate (such as LIBOR) or payments that vary to reflect changes in market rental rates.
Subsequent measurement
Subsequent measurement of the right-of-use asset
29.
After the commencement date, a lessee shall measure the right-of-use asset applying a cost model, unless it applies either of the measurement models described in paragraphs 34 and 35.
Cost model
30
To apply a cost model, a lessee shall measure the right-of-use asset at cost:
(a)
less any accumulated depreciation and any accumulated impairment losses; and
(b)
adjusted for any remeasurement of the lease liability specified in paragraph 36(c).
31
A lessee shall apply the depreciation requirements in IAS 16 
Property, Plant and Equipment
 in depreciating the right-of-use asset, subject to the requirements in paragraph 32.
32
If the lease transfers ownership of the underlying asset to the lessee by the end of the lease term or if the cost of the right-of-use asset reflects that the lessee will exercise a purchase option, the lessee shall depreciate the right-of-use asset from the commencement date to the end of the 
useful life
 of the underlying asset. Otherwise, the lessee shall depreciate the right-of-use asset from the commencement date to the earlier of the end of the 
useful life
 of the right-of-use asset or the end of the lease term.
33
A lessee shall apply IAS 36 
Impairment of Assets
 to determine whether the right-of-use asset is impaired and to account for any impairment loss identified.
Other measurement models
34
If a lessee applies the fair value model in IAS 40 
Investment Property
 to its investment property, the lessee shall also apply that fair value model to right-of-use assets that meet the definition of investment property in IAS 40.
35
If right-of-use assets relate to a class of property, plant and equipment to which the lessee applies the revaluation model in IAS 16, a lessee may elect to apply that revaluation model to all of the right-of-use assets that relate to that class of property, plant and equipment.
Subsequent measurement of the lease liability
36
After the commencement date, a lessee shall measure the lease liability by:
(a)
increasing the carrying amount to reflect interest on the lease liability;
(b)
reducing the carrying amount to reflect the lease payments made; and
(c)
remeasuring the carrying amount to reflect any reassessment or lease modifications specified in paragraphs 39–46, or to reflect revised in-substance fixed lease payments (see paragraph B42).
37
Interest on the lease liability in each period during the lease term shall be the amount that produces a constant periodic rate of interest on the remaining balance of the lease liability. The periodic rate of interest is the discount rate described in paragraph 26, or if applicable the revised discount rate described in paragraph 41, paragraph 43 or paragraph 45(c).
38
After the commencement date, a lessee shall recognise in profit or loss, unless the costs are included in the carrying amount of another asset applying other applicable Standards, both:
(a)
interest on the lease liability; and
(b)
variable lease payments not included in the measurement of the lease liability in the period in which the event or condition that triggers those payments occurs.
Reassessment of the lease liability
39
After the commencement date, a lessee shall apply paragraphs 40–43 to remeasure the lease liability to reflect changes to the lease payments. A lessee shall recognise the amount of the remeasurement of the lease liability as an adjustment to the right-of-use asset. However, if the carrying amount of the right-of-use asset is reduced to zero and there is a further reduction in the measurement of the lease liability, a lessee shall recognise any remaining amount of the remeasurement in profit or loss.
40
A lessee shall remeasure the lease liability by discounting the revised lease payments using a revised discount rate, if either:
(a)
there is a change in the lease term, as described in paragraphs 20–21. A lessee shall determine the revised lease payments on the basis of the revised lease term; or
(b)
there is a change in the assessment of an option to purchase the underlying asset, assessed considering the events and circumstances described in paragraphs 20–21 in the context of a purchase option. A lessee shall determine the revised lease payments to reflect the change in amounts payable under the purchase option.
41
In applying paragraph 40, a lessee shall determine the revised discount rate as the interest rate implicit in the lease for the remainder of the lease term, if that rate can be readily determined, or the lessee's incremental borrowing rate at the date of reassessment, if the interest rate implicit in the lease cannot be readily determined.
42
A lessee shall remeasure the lease liability by discounting the revised lease payments, if either:
(a)
there is a change in the amounts expected to be payable under a residual value guarantee. A lessee shall determine the revised lease payments to reflect the change in amounts expected to be payable under the residual value guarantee.
(b)
there is a change in future lease payments resulting from a change in an index or a rate used to determine those payments, including for example a change to reflect changes in market rental rates following a market rent review. The lessee shall remeasure the lease liability to reflect those revised lease payments only when there is a change in the cash flows (ie when the adjustment to the lease payments takes effect). A lessee shall determine the revised lease payments for the remainder of the lease term based on the revised contractual payments.
43
In applying paragraph 42, a lessee shall use an unchanged discount rate, unless the change in lease payments results from a change in floating interest rates. In that case, the lessee shall use a revised discount rate that reflects changes in the interest rate.
Lease modifications
44
A lessee shall account for a lease modification as a separate lease if both:
(a)
the modification increases the scope of the lease by adding the right to use one or more underlying assets; and
(b)
the consideration for the lease increases by an amount commensurate with the stand-alone price for the increase in scope and any appropriate adjustments to that stand-alone price to reflect the circumstances of the particular contract.
45
For a lease modification that is not accounted for as a separate lease, at the 
effective date of the lease modification
 a lessee shall:
(a)
allocate the consideration in the modified contract applying paragraphs 13–16;
(b)
determine the lease term of the modified lease applying paragraphs 18–19; and
(c)
remeasure the lease liability by discounting the revised lease payments using a revised discount rate. The revised discount rate is determined as the interest rate implicit in the lease for the remainder of the lease term, if that rate can be readily determined, or the lessee's incremental borrowing rate at the effective date of the modification, if the interest rate implicit in the lease cannot be readily determined.
46
For a lease modification that is not accounted for as a separate lease, the lessee shall account for the remeasurement of the lease liability by:
(a)
decreasing the carrying amount of the right-of-use asset to reflect the partial or full termination of the lease for lease modifications that decrease the scope of the lease. The lessee shall recognise in profit or loss any gain or loss relating to the partial or full termination of the lease.
(b)
making a corresponding adjustment to the right-of-use asset for all other lease modifications.
46A
As a practical expedient, a lessee may elect not to assess whether a rent concession that meets the conditions in paragraph 46B is a lease modification. A lessee that makes this election shall account for any change in lease payments resulting from the rent concession the same way it would account for the change applying this Standard if the change were not a lease modification.
46B
The practical expedient in paragraph 46A applies only to rent concessions occurring as a direct consequence of the covid-19 pandemic and only if all of the following conditions are met:
(a)
the change in lease payments results in revised consideration for the lease that is substantially the same as, or less than, the consideration for the lease immediately preceding the change;
(b)
any reduction in lease payments affects only payments originally due on or before 30 June 2022 (for example, a rent concession would meet this condition if it results in reduced lease payments on or before 30 June 2022 and increased lease payments that extend beyond 30 June 2022); and
(c)
there is no substantive change to other terms and conditions of the lease.
Presentation
47
A lessee shall either present in the statement of financial position, or disclose in the notes:
(a)
right-of-use assets separately from other assets. If a lessee does not present right-of-use assets separately in the statement of financial position, the lessee shall:
(i)
include right-of-use assets within the same line item as that within which the corresponding underlying assets would be presented if they were owned; and
(ii)
disclose which line items in the statement of financial position include those right-of-use assets.
(b)
lease liabilities separately from other liabilities. If the lessee does not present lease liabilities separately in the statement of financial position, the lessee shall disclose which line items in the statement of financial position include those liabilities.
48
The requirement in paragraph 47(a) does not apply to right-of-use assets that meet the definition of investment property, which shall be presented in the statement of financial position as investment property.
49
In the statement of profit or loss and other comprehensive income, a lessee shall present interest expense on the lease liability separately from the depreciation charge for the right-of-use asset. Interest expense on the lease liability is a component of finance costs, which paragraph 82(b) of IAS 1 
Presentation of Financial Statements
 requires to be presented separately in the statement of profit or loss and other comprehensive income.
50
In the statement of cash flows, a lessee shall classify:
(a)
cash payments for the principal portion of the lease liability within financing activities;
(b)
cash payments for the interest portion of the lease liability applying the requirements in IAS 7 
Statement of Cash Flows
 for interest paid; and
(c)
short-term lease payments, payments for leases of low-value assets and variable lease payments not included in the measurement of the lease liability within operating activities.
Disclosure
51
The objective of the disclosures is for lessees to disclose information in the notes that, together with the information provided in the statement of financial position, statement of profit or loss and statement of cash flows, gives a basis for users of financial statements to assess the effect that leases have on the financial position, financial performance and cash flows of the lessee. Paragraphs 52–60 specify requirements on how to meet this objective.
52
A lessee shall disclose information about its leases for which it is a lessee in a single note or separate section in its financial statements. However, a lessee need not duplicate information that is already presented elsewhere in the financial statements, provided that the information is incorporated by cross-reference in the single note or separate section about leases.
53
A lessee shall disclose the following amounts for the reporting period:
(a)
depreciation charge for right-of-use assets by class of underlying asset;
(b)
interest expense on lease liabilities;
(c)
the expense relating to short-term leases accounted for applying paragraph 6. This expense need not include the expense relating to leases with a lease term of one month or less;
(d)
the expense relating to leases of low-value assets accounted for applying paragraph 6. This expense shall not include the expense relating to short-term leases of low-value assets included in paragraph 53(c);
(e)
the expense relating to variable lease payments not included in the measurement of lease liabilities;
(f)
income from subleasing right-of-use assets;
(g)
total cash outflow for leases;
(h)
additions to right-of-use assets;
(i)
gains or losses arising from sale and leaseback transactions; and
(j)
the carrying amount of right-of-use assets at the end of the reporting period by class of underlying asset.
54
A lessee shall provide the disclosures specified in paragraph 53 in a tabular format, unless another format is more appropriate. The amounts disclosed shall include costs that a lessee has included in the carrying amount of another asset during the reporting period.
55
A lessee shall disclose the amount of its lease commitments for short-term leases accounted for applying paragraph 6 if the portfolio of short-term leases to which it is committed at the end of the reporting period is dissimilar to the portfolio of short-term leases to which the short-term lease expense disclosed applying paragraph 53(c) relates.
56
If right-of-use assets meet the definition of investment property, a lessee shall apply the disclosure requirements in IAS 40. In that case, a lessee is not required to provide the disclosures in paragraph 53(a), (f), (h) or (j) for those right-of-use assets.
57
If a lessee measures right-of-use assets at revalued amounts applying IAS 16, the lessee shall disclose the information required by paragraph 77 of IAS 16 for those right-of-use assets.
58
A lessee shall disclose a maturity analysis of lease liabilities applying paragraphs 39 and B11 of IFRS 7 
Financial Instruments: Disclosures
 separately from the maturity analyses of other financial liabilities.
59
In addition to the disclosures required in paragraphs 53–58, a lessee shall disclose additional qualitative and quantitative information about its leasing activities necessary to meet the disclosure objective in paragraph 51 (as described in paragraph B48). This additional information may include, but is not limited to, information that helps users of financial statements to assess:
(a)
the nature of the lessee's leasing activities;
(b)
future cash outflows to which the lessee is potentially exposed that are not reflected in the measurement of lease liabilities. This includes exposure arising from:
(i)
variable lease payments (as described in paragraph B49);
(ii)
extension options and termination options (as described in paragraph B50);
(iii)
residual value guarantees (as described in paragraph B51); and
(iv)
leases not yet commenced to which the lessee is committed.
(c)
restrictions or covenants imposed by leases; and
(d)
sale and leaseback transactions (as described in paragraph B52).
60
A lessee that accounts for short-term leases or leases of low-value assets applying paragraph 6 shall disclose that fact.
60A
If a lessee applies the practical expedient in paragraph 46A, the lessee shall disclose:
(a)
that it has applied the practical expedient to all rent concessions that meet the conditions in paragraph 46B or, if not applied to all such rent concessions, information about the nature of the contracts to which it has applied the practical expedient (see paragraph 2); and
(b)
the amount recognised in profit or loss for the reporting period to reflect changes in lease payments that arise from rent concessions to which the lessee has applied the practical expedient in paragraph 46A.
LESSOR
Classification of leases (paragraphs B53–B58)
61
A lessor shall classify each of its leases as either an 
operating lease
 or a 
finance lease
.
62
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership of an underlying asset. A lease is classified as an operating lease if it does not transfer substantially all the risks and rewards incidental to ownership of an underlying asset.
63
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. 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 underlying asset to the lessee by the end of the lease term;
(b)
the lessee has the option to purchase the underlying 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 date
, that the option will be exercised;
(c)
the lease term is for the major part of the 
economic life
 of the underlying asset even if title is not transferred;
(d)
at the inception date, the present value of the lease payments amounts to at least substantially all of the fair value of the underlying asset; and
(e)
the underlying asset is of such a specialised nature that only the lessee can use it without major modifications.
64
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 equaling 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.
65
The examples and indicators in paragraphs 63–64 are not always conclusive. If it is clear from other features that the lease does not transfer substantially all the risks and rewards incidental to ownership of an underlying asset, the lease is classified as an operating lease. For example, this may be the case if ownership of the underlying asset transfers at the end of the lease for a variable payment equal to its then fair value, or if there are variable lease payments, as a result of which the lessor does not transfer substantially all such risks and rewards.
66
Lease classification is made at the inception date and is reassessed only if there is a lease modification. Changes in estimates (for example, changes in estimates of the economic life or of the residual value of the underlying asset), or changes in circumstances (for example, default by the lessee), do not give rise to a new classification of a lease for accounting purposes.
Finance leases
Recognition and measurement
67
At the commencement date, a lessor shall recognise assets held under a finance lease in its statement of financial position and present them as a receivable at an amount equal to the 
net investment in the lease
.
Initial measurement
68
The lessor shall use the interest rate implicit in the lease to measure the net investment in the lease. In the case of a sublease, if the interest rate implicit in the sublease cannot be readily determined, an intermediate lessor may use the discount rate used for the head lease (adjusted for any initial direct costs associated with the sublease) to measure the net investment in the sublease.
69
Initial direct costs, other than those incurred by manufacturer or dealer lessors, are included in the initial measurement of the net investment in the lease 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 net investment in the lease; there is no need to add them separately.
Initial measurement of the lease payments included in the net investment in the lease
70
At the commencement date, the lease payments included in the measurement of the net investment in the lease comprise the following payments for the right to use the underlying asset during the lease term that are not received at the commencement date:
(a)
fixed payments (including in-substance fixed payments as described in paragraph B42), less any lease incentives payable;
(b)
variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date;
(c)
any residual value guarantees provided to the lessor by the lessee, a party related to the lessee or a third party unrelated to the lessor that is financially capable of discharging the obligations under the guarantee;
(d)
the exercise price of a purchase option if the lessee is reasonably certain to exercise that option (assessed considering the factors described in paragraph B37); and
(e)
payments of penalties for terminating the lease, if the lease term reflects the lessee exercising an option to terminate the lease.
Manufacturer or dealer lessors
71
At the commencement date, a manufacturer or dealer lessor shall recognise the following for each of its finance leases:
(a)
revenue being the fair value of the underlying asset, or, if lower, the present value of the lease payments accruing to the lessor, discounted using a market rate of interest;
(b)
the cost of sale being the cost, or carrying amount if different, of the underlying asset less the present value of the 
unguaranteed residual value
; and
(c)
selling profit or loss (being the difference between revenue and the cost of sale) in accordance with its policy for outright sales to which IFRS 15 applies. A manufacturer or dealer lessor shall recognise selling profit or loss on a finance lease at the commencement date, regardless of whether the lessor transfers the underlying asset as described in IFRS 15.
72
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 profit or loss equivalent to the profit or loss resulting from an outright sale of the underlying asset, at normal selling prices, reflecting any applicable volume or trade discounts.
73
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 a lessor recognising an excessive portion of the total income from the transaction at the commencement date. If artificially low rates of interest are quoted, a manufacturer or dealer lessor shall restrict selling profit to that which would apply if a market rate of interest were charged.
74
A manufacturer or dealer lessor shall recognise as an expense costs incurred in connection with obtaining a finance lease at the commencement date because they are mainly related to earning the manufacturer or dealer's selling profit. Costs incurred by manufacturer or dealer lessors in connection with obtaining a finance lease are excluded from the definition of initial direct costs and, thus, are excluded from the net investment in the lease.
Subsequent measurement
75
A lessor shall recognise finance income over the lease term, based on a pattern reflecting a constant periodic rate of return on the lessor's net investment in the lease.
76
A lessor aims to allocate finance income over the lease term on a systematic and rational basis. A lessor shall apply the lease payments relating to the period against the 
gross investment in the lease
 to reduce both the principal and the 
unearned finance income
.
77
A lessor shall apply the derecognition and impairment requirements in IFRS 9 to the net investment in the lease. A lessor shall review regularly estimated unguaranteed residual values used in computing the gross investment in the lease. If there has been a reduction in the estimated unguaranteed residual value, the lessor shall revise the income allocation over the lease term and recognise immediately any reduction in respect of amounts accrued.
78
A lessor that classifies an asset under a finance lease as held for sale (or includes it in a disposal group that is classified as held for sale) applying IFRS 5 
Non-current Assets Held for Sale and Discontinued Operations
 shall account for the asset in accordance with that Standard.
Lease modifications
79
A lessor shall account for a modification to a finance lease as a separate lease if both:
(a)
the modification increases the scope of the lease by adding the right to use one or more underlying assets; and
(b)
the consideration for the lease increases by an amount commensurate with the stand-alone price for the increase in scope and any appropriate adjustments to that stand-alone price to reflect the circumstances of the particular contract.
80
For a modification to a finance lease that is not accounted for as a separate lease, a lessor shall account for the modification as follows:
(a)
if the lease would have been classified as an operating lease had the modification been in effect at the inception date, the lessor shall:
(i)
account for the lease modification as a new lease from the effective date of the modification; and
(ii)
measure the carrying amount of the underlying asset as the net investment in the lease immediately before the effective date of the lease modification.
(b)
otherwise, the lessor shall apply the requirements of IFRS 9.
Operating leases
Recognition and measurement
81
A lessor shall recognise lease payments from operating leases as income on either a straight-line basis or another systematic basis. The lessor shall apply another systematic basis if that basis is more representative of the pattern in which benefit from the use of the underlying asset is diminished.
82
A lessor shall recognise costs, including depreciation, incurred in earning the lease income as an expense.
83
A lessor shall add initial direct costs incurred in obtaining an operating lease to the carrying amount of the underlying asset and recognise those costs as an expense over the lease term on the same basis as the lease income.
84
The depreciation policy for depreciable underlying assets subject to operating leases shall be consistent with the lessor's normal depreciation policy for similar assets. A lessor shall calculate depreciation in accordance with IAS 16 and IAS 38.
85
A lessor shall apply IAS 36 to determine whether an underlying asset subject to an operating lease is impaired and to account for any impairment loss identified.
86
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.
Lease modifications
87
A lessor shall account for a modification to an operating lease as a new lease from the effective date of the modification, considering any prepaid or accrued lease payments relating to the original lease as part of the lease payments for the new lease.
Presentation
88
A lessor shall present underlying assets subject to operating leases in its statement of financial position according to the nature of the underlying asset.
Disclosure
89
The objective of the disclosures is for lessors to disclose information in the notes that, together with the information provided in the statement of financial position, statement of profit or loss and statement of cash flows, gives a basis for users of financial statements to assess the effect that leases have on the financial position, financial performance and cash flows of the lessor. Paragraphs 90–97 specify requirements on how to meet this objective.
90
A lessor shall disclose the following amounts for the reporting period:
(a)
for finance leases:
(i)
selling profit or loss;
(ii)
finance income on the net investment in the lease; and
(iii)
income relating to variable lease payments not included in the measurement of the net investment in the lease.
(b)
for operating leases, lease income, separately disclosing income relating to variable lease payments that do not depend on an index or a rate.
91
A lessor shall provide the disclosures specified in paragraph 90 in a tabular format, unless another format is more appropriate.
92
A lessor shall disclose additional qualitative and quantitative information about its leasing activities necessary to meet the disclosure objective in paragraph 89. This additional information includes, but is not limited to, information that helps users of financial statements to assess:
(a)
the nature of the lessor's leasing activities; and
(b)
how the lessor manages the risk associated with any rights it retains in underlying assets. In particular, a lessor shall disclose its risk management strategy for the rights it retains in underlying assets, including any means by which the lessor reduces that risk. Such means may include, for example, buy-back agreements, residual value guarantees or variable lease payments for use in excess of specified limits.
Finance leases
93
A lessor shall provide a qualitative and quantitative explanation of the significant changes in the carrying amount of the net investment in finance leases.
94
A lessor shall disclose a maturity analysis of the lease payments receivable, showing the undiscounted lease payments to be received on an annual basis for a minimum of each of the first five years and a total of the amounts for the remaining years. A lessor shall reconcile the undiscounted lease payments to the net investment in the lease. The reconciliation shall identify the unearned finance income relating to the lease payments receivable and any discounted unguaranteed residual value.
Operating leases
95
For items of property, plant and equipment subject to an operating lease, a lessor shall apply the disclosure requirements of IAS 16. In applying the disclosure requirements in IAS 16, a lessor shall disaggregate each class of property, plant and equipment into assets subject to operating leases and assets not subject to operating leases. Accordingly, a lessor shall provide the disclosures required by IAS 16 for assets subject to an operating lease (by class of underlying asset) separately from owned assets held and used by the lessor.
96
A lessor shall apply the disclosure requirements in IAS 36, IAS 38, IAS 40 and IAS 41 for assets subject to operating leases.
97
A lessor shall disclose a maturity analysis of lease payments, showing the undiscounted lease payments to be received on an annual basis for a minimum of each of the first five years and a total of the amounts for the remaining years.
SALE AND LEASEBACK TRANSACTIONS
98
If an entity (the seller-lessee) transfers an asset to another entity (the buyer-lessor) and leases that asset back from the buyer-lessor, both the seller-lessee and the buyer-lessor shall account for the transfer contract and the lease applying paragraphs 99–103.
Assessing whether the transfer of the asset is a sale
99
An entity shall apply the requirements for determining when a performance obligation is satisfied in IFRS 15 to determine whether the transfer of an asset is accounted for as a sale of that asset.
Transfer of the asset is a sale
100
If the transfer of an asset by the seller-lessee satisfies the requirements of IFRS 15 to be accounted for as a sale of the asset:
(a)
the seller-lessee shall measure the right-of-use asset arising from the leaseback at the proportion of the previous carrying amount of the asset that relates to the right of use retained by the seller-lessee. Accordingly, the seller-lessee shall recognise only the amount of any gain or loss that relates to the rights transferred to the buyer-lessor.
(b)
the buyer-lessor shall account for the purchase of the asset applying applicable Standards, and for the lease applying the lessor accounting requirements in this Standard.
101
If the fair value of the consideration for the sale of an asset does not equal the fair value of the asset, or if the payments for the lease are not at market rates, an entity shall make the following adjustments to measure the sale proceeds at fair value:
(a)
any below-market terms shall be accounted for as a prepayment of lease payments; and
(b)
any above-market terms shall be accounted for as additional financing provided by the buyer-lessor to the seller-lessee.
102
The entity shall measure any potential adjustment required by paragraph 101 on the basis of the more readily determinable of:
(a)
the difference between the fair value of the consideration for the sale and the fair value of the asset; and
(b)
the difference between the present value of the contractual payments for the lease and the present value of payments for the lease at market rates.
Transfer of the asset is not a sale
103
If the transfer of an asset by the seller-lessee does not satisfy the requirements of IFRS 15 to be accounted for as a sale of the asset:
(a)
the seller-lessee shall continue to recognise the transferred asset and shall recognise a financial liability equal to the transfer proceeds. It shall account for the financial liability applying IFRS 9.
(b)
the buyer-lessor shall not recognise the transferred asset and shall recognise a financial asset equal to the transfer proceeds. It shall account for the financial asset applying IFRS 9.
TEMPORARY EXCEPTION ARISING FROM INTEREST RATE BENCHMARK REFORM
104
A lessee shall apply paragraphs 105–106 to all lease modifications that change the basis for determining future lease payments as a result of interest rate benchmark reform (see paragraphs 5.4.6 and 5.4.8 of IFRS 9). These paragraphs apply only to such lease modifications. For this purpose, the term ‘interest rate benchmark reform’ refers to the market-wide reform of an interest rate benchmark as described in paragraph 6.8.2 of IFRS 9.
105
As a practical expedient, a lessee shall apply paragraph 42 to account for a lease modification required by interest rate benchmark reform. This practical expedient applies only to such modifications. For this purpose, a lease modification is required by interest rate benchmark reform if, and only if, both of these conditions are met:
(a)
the modification is necessary as a direct consequence of interest rate benchmark reform; and
(b)
the new basis for determining the lease payments is economically equivalent to the previous basis (i.e. the basis immediately preceding the modification).
106
However, if lease modifications are made in addition to those lease modifications required by interest rate benchmark reform, a lessee shall apply the applicable requirements in this Standard to account for all lease modifications made at the same time, including those required by interest rate benchmark reform.
Appendix A
Defined terms
This appendix is an integral part of the Standard.
commencement date of the lease (commencement date)
The date on which a 
lessor
 makes an 
underlying asset
 available for use by a 
lessee
.
economic life
Either the period over which an asset is expected to be economically usable by one or more users or the number of production or similar units expected to be obtained from an asset by one or more users.
effective date of the modification
The date when both parties agree to a 
lease modification
.
fair value
For the purpose of applying the 
lessor
 accounting requirements in this Standard, the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's length transaction.
finance lease
A 
lease
 that transfers substantially all the risks and rewards incidental to ownership of an 
underlying asset
.
fixed payments
Payments made by a 
lessee
 to a 
lessor
 for the right to use an 
underlying asset
 during the 
lease term
, excluding 
variable lease payments
.
gross investment in the lease
The sum of:
(a)
the 
lease payments
 receivable by a 
lessor
 under a 
finance lease
; and
(b)
any 
unguaranteed residual value
 accruing to the lessor.
inception date of the lease (inception date)
The earlier of the date of a 
lease
 agreement and the date of commitment by the parties to the principal terms and conditions of the lease.
initial direct costs
Incremental costs of obtaining a 
lease
 that would not have been incurred if the lease had not been obtained, except for such costs incurred by a manufacturer or dealer 
lessor
 in connection with a 
finance lease
.
interest rate implicit in the lease
The rate of interest that causes the present value of (a) the 
lease payments
 and (b) the 
unguaranteed residual value
 to equal the sum of (i) the 
fair value
 of the 
underlying asset
 and (ii) any 
initial direct costs
 of the lessor.
lease
A contract, or part of a contract, that conveys the right to use an asset (the 
underlying asset
) for a period of time in exchange for consideration.
lease incentives
Payments made by a 
lessor
 to a 
lessee
 associated with a 
lease
, or the reimbursement or assumption by a lessor of costs of a lessee.
lease modification
A change in the scope of a 
lease
, or the consideration for a lease, that was not part of the original terms and conditions of the lease (for example, adding or terminating the right to use one or more 
underlying assets
, or extending or shortening the contractual 
lease term
).
lease payments
Payments made by a 
lessee
 to a 
lessor
 relating to the right to use an 
underlying asset
 during the 
lease term
, comprising the following:
(a)
fixed payments
 (including in-substance fixed payments), less any 
lease incentives
;
(b)
variable lease payments
 that depend on an index or a rate;
(c)
the exercise price of a purchase option if the lessee is reasonably certain to exercise that option; and
(d)
payments of penalties for terminating the 
lease
, if the lease term reflects the lessee exercising an option to terminate the lease.
For the lessee, lease payments also include amounts expected to be payable by the lessee under 
residual value guarantees
. Lease payments do not include payments allocated to non-lease components of a contract, unless the lessee elects to combine non-lease components with a lease component and to account for them as a single lease component.
For the lessor, lease payments also include any residual value guarantees provided to the lessor by the lessee, a party related to the lessee or a third party unrelated to the lessor that is financially capable of discharging the obligations under the guarantee. Lease payments do not include payments allocated to non-lease components.
lease term
The non-cancellable period for which a 
lessee
 has the right to use an 
underlying asset
, together with both:
(a)
periods covered by an option to extend the 
lease
 if the lessee is reasonably certain to exercise that option; and
(b)
periods covered by an option to terminate the lease if the lessee is reasonably certain not to exercise that option.
lessee
An entity that obtains the right to use an 
underlying asset
 for a period of time in exchange for consideration.
lessee’s incremental borrowing rate
The rate of interest that a 
lessee
 would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the 
right-of-use asset
 in a similar economic environment.
lessor
An entity that provides the right to use an 
underlying asset
 for a period of time in exchange for consideration.
net investment in the lease
The 
gross investment in the lease
 discounted at the 
interest rate implicit in the lease
.
operating lease
A 
lease
 that does not transfer substantially all the risks and rewards incidental to ownership of an 
underlying asset
.
optional lease payments
Payments to be made by a 
lessee
 to a 
lessor
 for the right to use an 
underlying asset
 during periods covered by an option to extend or terminate a 
lease
 that are not included in the 
lease term
.
period of use
The total period of time that an asset is used to fulfil a contract with a customer (including any non-consecutive periods of time).
residual value guarantee
A guarantee made to a 
lessor
 by a party unrelated to the lessor that the value (or part of the value) of an 
underlying asset
 at the end of a 
lease
 will be at least a specified amount.
right-of-use asset
An asset that represents a 
lessee's
 right to use an 
underlying asset
 for the 
lease term
.
short-term lease
A 
lease
 that, at the 
commencement date
, has a 
lease term
 of 12 months or less. A lease that contains a purchase option is not a short-term lease.
sublease
A transaction for which an 
underlying asset
 is re-leased by a 
lessee
 (‘intermediate lessor’) to a third party, and the 
lease
 (‘head lease’) between the head lessor and lessee remains in effect.
underlying asset
An asset that is the subject of a 
lease
, for which the right to use that asset has been provided by a 
lessor
 to a 
lessee
.
unearned finance income
The difference between:
(a)
the 
gross investment in the lease
; and
(b)
the 
net investment in the lease
.
unguaranteed residual value
That portion of the residual value of the 
underlying asset
, the realisation of which by a 
lessor
 is not assured or is guaranteed solely by a party related to the lessor.
variable lease payments
The portion of payments made by a 
lessee
 to a 
lessor
 for the right to use an 
underlying asset
 during the 
lease term
 that varies because of changes in facts or circumstances occurring after the 
commencement date
, other than the passage of time.
Terms defined in other Standards and used in this Standard with the same meaning
contract
An agreement between two or more parties that creates enforceable rights and obligations.
useful life
The period over which an asset is expected to be available for use by an entity; or the number of production or similar units expected to be obtained from an asset by an entity.
Appendix B
Application guidance
This appendix is an integral part of the Standard. It describes the application of paragraphs 1–103 and has the same authority as the other parts of the Standard.
Portfolio application
B1
This Standard specifies the accounting for an individual lease. However, as a practical expedient, an entity may apply this Standard to a portfolio of leases with similar characteristics if the entity reasonably expects that the effects on the financial statements of applying this Standard to the portfolio would not differ materially from applying this Standard to the individual leases within that portfolio. If accounting for a portfolio, an entity shall use estimates and assumptions that reflect the size and composition of the portfolio.
Combination of contracts
B2
In applying this Standard, an entity shall combine two or more contracts entered into at or near the same time with the same counterparty (or related parties of the counterparty), and account for the contracts as a single contract if one or more of the following criteria are met:
(a)
the contracts are negotiated as a package with an overall commercial objective that cannot be understood without considering the contracts together;
(b)
the amount of consideration to be paid in one contract depends on the price or performance of the other contract; or
(c)
the rights to use underlying assets conveyed in the contracts (or some rights to use underlying assets conveyed in each of the contracts) form a single lease component as described in paragraph B32.
Recognition exemption: leases for which the underlying asset is of low value (paragraphs 5–8)
B3
Except as specified in paragraph B7, this Standard permits a lessee to apply paragraph 6 to account for leases for which the underlying asset is of low value. A lessee shall assess the value of an underlying asset based on the value of the asset when it is new, regardless of the age of the asset being leased.
B4
The assessment of whether an underlying asset is of low value is performed on an absolute basis. Leases of low-value assets qualify for the accounting treatment in paragraph 6 regardless of whether those leases are material to the lessee. The assessment is not affected by the size, nature or circumstances of the lessee. Accordingly, different lessees are expected to reach the same conclusions about whether a particular underlying asset is of low value.
B5
An underlying asset can be of low value only if:
(a)
the lessee can benefit from use of the underlying asset on its own or together with other resources that are readily available to the lessee; and
(b)
the underlying asset is not highly dependent on, or highly interrelated with, other assets.
B6
A lease of an underlying asset does not qualify as a lease of a low-value asset if the nature of the asset is such that, when new, the asset is typically not of low value. For example, leases of cars would not qualify as leases of low-value assets because a new car would typically not be of low value.
B7
If a lessee subleases an asset, or expects to sublease an asset, the head lease does not qualify as a lease of a low-value asset.
B8
Examples of low-value underlying assets can include tablet and personal computers, small items of office furniture and telephones.
Identifying a lease (paragraphs 9–11)
B9
To assess whether a contract conveys the right to control the use of an identified asset (see paragraphs B13–B20) for a period of time, an entity shall assess whether, throughout the 
period of use
, the customer has both of the following:
(a)
the right to obtain substantially all of the economic benefits from use of the identified asset (as described in paragraphs B21–B23); and
(b)
the right to direct the use of the identified asset (as described in paragraphs B24–B30).
B10
If the customer has the right to control the use of an identified asset for only a portion of the term of the contract, the contract contains a lease for that portion of the term.
B11
A contract to receive goods or services may be entered into by a joint arrangement, or on behalf of a joint arrangement, as defined in IFRS 11 
Joint Arrangements
. In this case, the joint arrangement is considered to be the customer in the contract. Accordingly, in assessing whether such a contract contains a lease, an entity shall assess whether the joint arrangement has the right to control the use of an identified asset throughout the period of use.
B12
An entity shall assess whether a contract contains a lease for each potential separate lease component. Refer to paragraph B32 for guidance on separate lease components.
Identified asset
B13
An asset is typically identified by being explicitly specified in a contract. However, an asset can also be identified by being implicitly specified at the time that the asset is made available for use by the customer.
Substantive substitution rights
B14
Even if an asset is specified, a customer does not have the right to use an identified asset if the supplier has the substantive right to substitute the asset throughout the period of use. A supplier's right to substitute an asset is substantive only if both of the following conditions exist:
(a)
the supplier has the practical ability to substitute alternative assets throughout the period of use (for example, the customer cannot prevent the supplier from substituting the asset and alternative assets are readily available to the supplier or could be sourced by the supplier within a reasonable period of time); and
(b)
the supplier would benefit economically from the exercise of its right to substitute the asset (ie the economic benefits associated with substituting the asset are expected to exceed the costs associated with substituting the asset).
B15
If the supplier has a right or an obligation to substitute the asset only on or after either a particular date or the occurrence of a specified event, the supplier's substitution right is not substantive because the supplier does not have the practical ability to substitute alternative assets throughout the period of use.
B16
An entity's evaluation of whether a supplier's substitution right is substantive is based on facts and circumstances at inception of the contract and shall exclude consideration of future events that, at inception of the contract, are not considered likely to occur. Examples of future events that, at inception of the contract, would not be considered likely to occur and, thus, should be excluded from the evaluation include:
(a)
an agreement by a future customer to pay an above market rate for use of the asset;
(b)
the introduction of new technology that is not substantially developed at inception of the contract;
(c)
a substantial difference between the customer's use of the asset, or the performance of the asset, and the use or performance considered likely at inception of the contract; and
(d)
a substantial difference between the market price of the asset during the period of use, and the market price considered likely at inception of the contract.
B17
If the asset is located at the customer's premises or elsewhere, the costs associated with substitution are generally higher than when located at the supplier's premises and, therefore, are more likely to exceed the benefits associated with substituting the asset.
B18
The supplier's right or obligation to substitute the asset for repairs and maintenance, if the asset is not operating properly or if a technical upgrade becomes available does not preclude the customer from having the right to use an identified asset.
B19
If the customer cannot readily determine whether the supplier has a substantive substitution right, the customer shall presume that any substitution right is not substantive.
Portions of assets
B20
A capacity portion of an asset is an identified asset if it is physically distinct (for example, a floor of a building). A capacity or other portion of an asset that is not physically distinct (for example, a capacity portion of a fibre optic cable) is not an identified asset, unless it represents substantially all of the capacity of the asset and thereby provides the customer with the right to obtain substantially all of the economic benefits from use of the asset.
Right to obtain economic benefits from use
B21
To control the use of an identified asset, a customer is required to have the right to obtain substantially all of the economic benefits from use of the asset throughout the period of use (for example, by having exclusive use of the asset throughout that period). A customer can obtain economic benefits from use of an asset directly or indirectly in many ways, such as by using, holding or sub-leasing the asset. The economic benefits from use of an asset include its primary output and by-products (including potential cash flows derived from these items), and other economic benefits from using the asset that could be realised from a commercial transaction with a third party.
B22
When assessing the right to obtain substantially all of the economic benefits from use of an asset, an entity shall consider the economic benefits that result from use of the asset within the defined scope of a customer's right to use the asset (see paragraph B30). For example:
(a)
if a contract limits the use of a motor vehicle to only one particular territory during the period of use, an entity shall consider only the economic benefits from use of the motor vehicle within that territory, and not beyond.
(b)
if a contract specifies that a customer can drive a motor vehicle only up to a particular number of miles during the period of use, an entity shall consider only the economic benefits from use of the motor vehicle for the permitted mileage, and not beyond.
B23
If a contract requires a customer to pay the supplier or another party a portion of the cash flows derived from use of an asset as consideration, those cash flows paid as consideration shall be considered to be part of the economic benefits that the customer obtains from use of the asset. For example, if the customer is required to pay the supplier a percentage of sales from use of retail space as consideration for that use, that requirement does not prevent the customer from having the right to obtain substantially all of the economic benefits from use of the retail space. This is because the cash flows arising from those sales are considered to be economic benefits that the customer obtains from use of the retail space, a portion of which it then pays to the supplier as consideration for the right to use that space.
Right to direct the use
B24
A customer has the right to direct the use of an identified asset throughout the period of use only if either:
(a)
the customer has the right to direct how and for what purpose the asset is used throughout the period of use (as described in paragraphs B25–B30); or
(b)
the relevant decisions about how and for what purpose the asset is used are predetermined and:
(i)
the customer has the right to operate the asset (or to direct others to operate the asset in a manner that it determines) throughout the period of use, without the supplier having the right to change those operating instructions; or
(ii)
the customer designed the asset (or specific aspects of the asset) in a way that predetermines how and for what purpose the asset will be used throughout the period of use.
How and for what purpose the asset is used
B25
A customer has the right to direct how and for what purpose the asset is used if, within the scope of its right of use defined in the contract, it can change how and for what purpose the asset is used throughout the period of use. In making this assessment, an entity considers the decision-making rights that are most relevant to changing how and for what purpose the asset is used throughout the period of use. Decision-making rights are relevant when they affect the economic benefits to be derived from use. The decision-making rights that are most relevant are likely to be different for different contracts, depending on the nature of the asset and the terms and conditions of the contract.
B26
Examples of decision-making rights that, depending on the circumstances, grant the right to change how and for what purpose the asset is used, within the defined scope of the customer's right of use, include:
(a)
rights to change the type of output that is produced by the asset (for example, to decide whether to use a shipping container to transport goods or for storage, or to decide upon the mix of products sold from retail space);
(b)
rights to change when the output is produced (for example, to decide when an item of machinery or a power plant will be used);
(c)
rights to change where the output is produced (for example, to decide upon the destination of a truck or a ship, or to decide where an item of equipment is used); and
(d)
rights to change whether the output is produced, and the quantity of that output (for example, to decide whether to produce energy from a power plant and how much energy to produce from that power plant).
B27
Examples of decision-making rights that do not grant the right to change how and for what purpose the asset is used include rights that are limited to operating or maintaining the asset. Such rights can be held by the customer or the supplier. Although rights such as those to operate or maintain an asset are often essential to the efficient use of an asset, they are not rights to direct how and for what purpose the asset is used and are often dependent on the decisions about how and for what purpose the asset is used. However, rights to operate an asset may grant the customer the right to direct the use of the asset if the relevant decisions about how and for what purpose the asset is used are predetermined (see paragraph B24(b)(i)).
Decisions determined during and before the period of use
B28
The relevant decisions about how and for what purpose the asset is used can be predetermined in a number of ways. For example, the relevant decisions can be predetermined by the design of the asset or by contractual restrictions on the use of the asset.
B29
In assessing whether a customer has the right to direct the use of an asset, an entity shall consider only rights to make decisions about the use of the asset during the period of use, unless the customer designed the asset (or specific aspects of the asset) as described in paragraph B24(b)(ii). Consequently, unless the conditions in paragraph B24(b)(ii) exist, an entity shall not consider decisions that are predetermined before the period of use. For example, if a customer is able only to specify the output of an asset before the period of use, the customer does not have the right to direct the use of that asset. The ability to specify the output in a contract before the period of use, without any other decision-making rights relating to the use of the asset, gives a customer the same rights as any customer that purchases goods or services.
Protective rights
B30
A contract may include terms and conditions designed to protect the supplier's interest in the asset or other assets, to protect its personnel, or to ensure the supplier's compliance with laws or regulations. These are examples of protective rights. For example, a contract may (i) specify the maximum amount of use of an asset or limit where or when the customer can use the asset, (ii) require a customer to follow particular operating practices, or (iii) require a customer to inform the supplier of changes in how an asset will be used. Protective rights typically define the scope of the customer's right of use but do not, in isolation, prevent the customer from having the right to direct the use of an asset.
B31
The following flowchart may assist entities in making the assessment of whether a contract is, or contains, a lease.
Separating components of a contract (paragraphs 12–17)
B32
The right to use an underlying asset is a separate lease component if both:
(a)
the lessee can benefit from use of the underlying asset either on its own or together with other resources that are readily available to the lessee. Readily available resources are goods or services that are sold or leased separately (by the lessor or other suppliers) or resources that the lessee has already obtained (from the lessor or from other transactions or events); and
(b)
the underlying asset is neither highly dependent on, nor highly interrelated with, the other underlying assets in the contract. For example, the fact that a lessee could decide not to lease the underlying asset without significantly affecting its rights to use other underlying assets in the contract might indicate that the underlying asset is not highly dependent on, or highly interrelated with, those other underlying assets.
B33
A contract may include an amount payable by the lessee for activities and costs that do not transfer a good or service to the lessee. For example, a lessor may include in the total amount payable a charge for administrative tasks, or other costs it incurs associated with the lease, that do not transfer a good or service to the lessee. Such amounts payable do not give rise to a separate component of the contract, but are considered to be part of the total consideration that is allocated to the separately identified components of the contract.
Lease term (paragraphs 18–21)
B34
In determining the lease term and assessing the length of the non-cancellable period of a lease, an entity shall apply the definition of a contract and determine the period for which the contract is enforceable. A lease is no longer enforceable when the lessee and the lessor each has the right to terminate the lease without permission from the other party with no more than an insignificant penalty.
B35
If only a lessee has the right to terminate a lease, that right is considered to be an option to terminate the lease available to the lessee that an entity considers when determining the lease term. If only a lessor has the right to terminate a lease, the non-cancellable period of the lease includes the period covered by the option to terminate the lease.
B36
The lease term begins at the commencement date and includes any rent-free periods provided to the lessee by the lessor.
B37
At the commencement date, an entity assesses whether the lessee is reasonably certain to exercise an option to extend the lease or to purchase the underlying asset, or not to exercise an option to terminate the lease. The entity considers all relevant facts and circumstances that create an economic incentive for the lessee to exercise, or not to exercise, the option, including any expected changes in facts and circumstances from the commencement date until the exercise date of the option. Examples of factors to consider include, but are not limited to:
(a)
contractual terms and conditions for the optional periods compared with market rates, such as:
(i)
the amount of payments for the lease in any optional period;
(ii)
the amount of any variable payments for the lease or other contingent payments, such as payments resulting from termination penalties and residual value guarantees; and
(iii)
the terms and conditions of any options that are exercisable after initial optional periods (for example, a purchase option that is exercisable at the end of an extension period at a rate that is currently below market rates).
(b)
significant leasehold improvements undertaken (or expected to be undertaken) over the term of the contract that are expected to have significant economic benefit for the lessee when the option to extend or terminate the lease, or to purchase the underlying asset, becomes exercisable;
(c)
costs relating to the termination of the lease, such as negotiation costs, relocation costs, costs of identifying another underlying asset suitable for the lessee's needs, costs of integrating a new asset into the lessee's operations, or termination penalties and similar costs, including costs associated with returning the underlying asset in a contractually specified condition or to a contractually specified location;
(d)
the importance of that underlying asset to the lessee's operations, considering, for example, whether the underlying asset is a specialised asset, the location of the underlying asset and the availability of suitable alternatives; and
(e)
conditionality associated with exercising the option (ie when the option can be exercised only if one or more conditions are met), and the likelihood that those conditions will exist.
B38
An option to extend or terminate a lease may be combined with one or more other contractual features (for example, a residual value guarantee) such that the lessee guarantees the lessor a minimum or fixed cash return that is substantially the same regardless of whether the option is exercised. In such cases, and notwithstanding the guidance on in-substance fixed payments in paragraph B42, an entity shall assume that the lessee is reasonably certain to exercise the option to extend the lease, or not to exercise the option to terminate the lease.
B39
The shorter the non-cancellable period of a lease, the more likely a lessee is to exercise an option to extend the lease or not to exercise an option to terminate the lease. This is because the costs associated with obtaining a replacement asset are likely to be proportionately higher the shorter the non-cancellable period.
B40
A lessee's past practice regarding the period over which it has typically used particular types of assets (whether leased or owned), and its economic reasons for doing so, may provide information that is helpful in assessing whether the lessee is reasonably certain to exercise, or not to exercise, an option. For example, if a lessee has typically used particular types of assets for a particular period of time or if the lessee has a practice of frequently exercising options on leases of particular types of underlying assets, the lessee shall consider the economic reasons for that past practice in assessing whether it is reasonably certain to exercise an option on leases of those assets.
B41
Paragraph 20 specifies that, after the commencement date, a lessee reassesses the lease term upon the occurrence of a significant event or a significant change in circumstances that is within the control of the lessee and affects whether the lessee is reasonably certain to exercise an option not previously included in its determination of the lease term, or not to exercise an option previously included in its determination of the lease term. Examples of significant events or changes in circumstances include:
(a)
significant leasehold improvements not anticipated at the commencement date that are expected to have significant economic benefit for the lessee when the option to extend or terminate the lease, or to purchase the underlying asset, becomes exercisable;
(b)
a significant modification to, or customisation of, the underlying asset that was not anticipated at the commencement date;
(c)
the inception of a sublease of the underlying asset for a period beyond the end of the previously determined lease term; and
(d)
a business decision of the lessee that is directly relevant to exercising, or not exercising, an option (for example, a decision to extend the lease of a complementary asset, to dispose of an alternative asset or to dispose of a business unit within which the right-of-use asset is employed).
In-substance fixed lease payments (paragraphs 27(a), 36(c) and 70(a))
B42
Lease payments include any in-substance fixed lease payments. In-substance fixed lease payments are payments that may, in form, contain variability but that, in substance, are unavoidable. In-substance fixed lease payments exist, for example, if:
(a)
payments are structured as variable lease payments, but there is no genuine variability in those payments. Those payments contain variable clauses that do not have real economic substance. Examples of those types of payments include:
(i)
payments that must be made only if an asset is proven to be capable of operating during the lease, or only if an event occurs that has no genuine possibility of not occurring; or
(ii)
payments that are initially structured as variable lease payments linked to the use of the underlying asset but for which the variability will be resolved at some point after the commencement date so that the payments become fixed for the remainder of the lease term. Those payments become in-substance fixed payments when the variability is resolved.
(b)
there is more than one set of payments that a lessee could make, but only one of those sets of payments is realistic. In this case, an entity shall consider the realistic set of payments to be lease payments.
(c)
there is more than one realistic set of payments that a lessee could make, but it must make at least one of those sets of payments. In this case, an entity shall consider the set of payments that aggregates to the lowest amount (on a discounted basis) to be lease payments.
Lessee involvement with the underlying asset before the commencement date
Costs of the lessee relating to the construction or design of the underlying asset
B43
An entity may negotiate a lease before the underlying asset is available for use by the lessee. For some leases, the underlying asset may need to be constructed or redesigned for use by the lessee. Depending on the terms and conditions of the contract, a lessee may be required to make payments relating to the construction or design of the asset.
B44
If a lessee incurs costs relating to the construction or design of an underlying asset, the lessee shall account for those costs applying other applicable Standards, such as IAS 16. Costs relating to the construction or design of an underlying asset do not include payments made by the lessee for the right to use the underlying asset. Payments for the right to use an underlying asset are payments for a lease, regardless of the timing of those payments.
Legal title to the underlying asset
B45
A lessee may obtain legal title to an underlying asset before that legal title is transferred to the lessor and the asset is leased to the lessee. Obtaining legal title does not in itself determine how to account for the transaction.
B46
If the lessee controls (or obtains control of) the underlying asset before that asset is transferred to the lessor, the transaction is a sale and leaseback transaction that is accounted for applying paragraphs 98–103.
B47
However, if the lessee does not obtain control of the underlying asset before the asset is transferred to the lessor, the transaction is not a sale and leaseback transaction. For example, this may be the case if a manufacturer, a lessor and a lessee negotiate a transaction for the purchase of an asset from the manufacturer by the lessor, which is in turn leased to the lessee. The lessee may obtain legal title to the underlying asset before legal title transfers to the lessor. In this case, if the lessee obtains legal title to the underlying asset but does not obtain control of the asset before it is transferred to the lessor, the transaction is not accounted for as a sale and leaseback transaction, but as a lease.
Lessee disclosures (paragraph 59)
B48
In determining whether additional information about leasing activities is necessary to meet the disclosure objective in paragraph 51, a lessee shall consider:
(a)
whether that information is relevant to users of financial statements. A lessee shall provide additional information specified in paragraph 59 only if that information is expected to be relevant to users of financial statements. In this context, this is likely to be the case if it helps those users to understand:
(i)
the flexibility provided by leases. Leases may provide flexibility if, for example, a lessee can reduce its exposure by exercising termination options or renewing leases with favourable terms and conditions.
(ii)
restrictions imposed by leases. Leases may impose restrictions, for example, by requiring the lessee to maintain particular financial ratios.
(iii)
sensitivity of reported information to key variables. Reported information may be sensitive to, for example, future variable lease payments.
(iv)
exposure to other risks arising from leases.
(v)
deviations from industry practice. Such deviations may include, for example, unusual or unique lease terms and conditions that affect a lessee's lease portfolio.
(b)
whether that information is apparent from information either presented in the primary financial statements or disclosed in the notes. A lessee need not duplicate information that is already presented elsewhere in the financial statements.
B49
Additional information relating to variable lease payments that, depending on the circumstances, may be needed to satisfy the disclosure objective in paragraph 51 could include information that helps users of financial statements to assess, for example:
(a)
the lessee's reasons for using variable lease payments and the prevalence of those payments;
(b)
the relative magnitude of variable lease payments to fixed payments;
(c)
key variables upon which variable lease payments depend and how payments are expected to vary in response to changes in those key variables; and
(d)
other operational and financial effects of variable lease payments.
B50
Additional information relating to extension options or termination options that, depending on the circumstances, may be needed to satisfy the disclosure objective in paragraph 51 could include information that helps users of financial statements to assess, for example:
(a)
the lessee's reasons for using extension options or termination options and the prevalence of those options;
(b)
the relative magnitude of 
optional lease payments
 to lease payments;
(c)
the prevalence of the exercise of options that were not included in the measurement of lease liabilities; and
(d)
other operational and financial effects of those options.
B51
Additional information relating to residual value guarantees that, depending on the circumstances, may be needed to satisfy the disclosure objective in paragraph 51 could include information that helps users of financial statements to assess, for example:
(a)
the lessee's reasons for providing residual value guarantees and the prevalence of those guarantees;
(b)
the magnitude of a lessee's exposure to residual value risk;
(c)
the nature of underlying assets for which those guarantees are provided; and
(d)
other operational and financial effects of those guarantees.
B52
Additional information relating to sale and leaseback transactions that, depending on the circumstances, may be needed to satisfy the disclosure objective in paragraph 51 could include information that helps users of financial statements to assess, for example:
(a)
the lessee's reasons for sale and leaseback transactions and the prevalence of those transactions;
(b)
key terms and conditions of individual sale and leaseback transactions;
(c)
payments not included in the measurement of lease liabilities; and
(d)
the cash flow effect of sale and leaseback transactions in the reporting period.
Lessor lease classification (paragraphs 61–66)
B53
The classification of leases for lessors in this Standard is based on the extent to which the lease transfers the risks and rewards incidental to ownership of an underlying asset. 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 underlying asset's economic life and of gain from appreciation in value or realisation of a residual value.
B54
A lease contract may include terms and conditions to adjust the lease payments for particular changes that occur between the inception date and the commencement date (such as a change in the lessor's cost of the underlying asset or a change in the lessor's cost of financing the lease). In that case, for the purposes of classifying the lease, the effect of any such changes shall be deemed to have taken place at the inception date.
B55
When a lease includes both land and buildings elements, a lessor shall assess the classification of each element as a finance lease or an operating lease separately applying paragraphs 62–66 and B53–B54. In determining whether the land element is an operating lease or a finance lease, an important consideration is that land normally has an indefinite economic life.
B56
Whenever necessary in order to classify and account for a lease of land and buildings, a lessor shall allocate lease payments (including any lump-sum upfront payments) 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 date. 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.
B57
For a lease of land and buildings in which the amount for the land element is immaterial to the lease, a lessor may treat the land and buildings as a single unit for the purpose of lease classification and classify it as a finance lease or an operating lease applying paragraphs 62–66 and B53–B54. In such a case, a lessor shall regard the economic life of the buildings as the economic life of the entire underlying asset.
Sublease classification
B58
In classifying a sublease, an intermediate lessor shall classify the sublease as a finance lease or an operating lease as follows:
(a)
if the head lease is a short-term lease that the entity, as a lessee, has accounted for applying paragraph 6, the sublease shall be classified as an operating lease.
(b)
otherwise, the sublease shall be classified by reference to the right-of-use asset arising from the head lease, rather than by reference to the underlying asset (for example, the item of property, plant or equipment that is the subject of the lease).
Appendix C
Effective date and transition
This appendix is an integral part of the Standard and has the same authority as the other parts of the Standard.
EFFECTIVE DATE
C1
An entity shall apply this Standard for annual reporting periods beginning on or after 1 January 2019. Earlier application is permitted for entities that apply IFRS 15 
Revenue from Contracts with Customers
 at or before the date of initial application of this Standard. If an entity applies this Standard earlier, it shall disclose that fact.
C1A
Covid-19-Related Rent Concessions
, issued in May 2020, added paragraphs 46A, 46B, 60A, C20A and C20B. A lessee shall apply that amendment for annual reporting periods beginning on or after 1 June 2020. Earlier application is permitted, including in financial statements not authorised for issue at 28 May 2020.
C1B
Interest Rate Benchmark Reform – Phase 2
, which amended IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16, issued in August 2020, added paragraphs 104–106 and C20C–C20D. An entity shall apply these amendments for annual reporting periods beginning on or after 1 January 2021. Earlier application is permitted. If an entity applies these amendments for an earlier period, it shall disclose that fact.
C1C
Covid-19-Related Rent Concessions beyond 30 June 2021
                                 
, issued in March 2021, amended paragraph 46B and added paragraphs C20BA–C20BC. A lessee shall apply that amendment for annual reporting periods beginning on or after 1 April 2021. Earlier application is permitted, including in financial statements not authorised for issue at 31 March 2021.
TRANSITION
C2
For the purposes of the requirements in paragraphs C1–C19, the date of initial application is the beginning of the annual reporting period in which an entity first applies this Standard.
Definition of a lease
C3
As a practical expedient, an entity is not required to reassess whether a contract is, or contains, a lease at the date of initial application. Instead, the entity is permitted:
(a)
to apply this Standard to contracts that were previously identified as leases applying IAS 17 
Leases
 and IFRIC 4 
Determining whether an Arrangement contains a Lease
. The entity shall apply the transition requirements in paragraphs C5–C18 to those leases.
(b)
not to apply this Standard to contracts that were not previously identified as containing a lease applying IAS 17 and IFRIC 4.
C4
If an entity chooses the practical expedient in paragraph C3, it shall disclose that fact and apply the practical expedient to all of its contracts. As a result, the entity shall apply the requirements in paragraphs 9–11 only to contracts entered into (or changed) on or after the date of initial application.
Lessees
C5
A lessee shall apply this Standard to its leases either:
(a)
retrospectively to each prior reporting period presented applying IAS 8 
Accounting Policies, Changes in Accounting Estimates and Errors
; or
(b)
retrospectively with the cumulative effect of initially applying the Standard recognised at the date of initial application in accordance with paragraphs C7–C13.
C6
A lessee shall apply the election described in paragraph C5 consistently to all of its leases in which it is a lessee.
C7
If a lessee elects to apply this Standard in accordance with paragraph C5(b), the lessee shall not restate comparative information. Instead, the lessee shall recognise the cumulative effect of initially applying this Standard as an adjustment to the opening balance of retained earnings (or other component of equity, as appropriate) at the date of initial application.
Leases previously classified as operating leases
C8
If a lessee elects to apply this Standard in accordance with paragraph C5(b), the lessee shall:
(a)
recognise a lease liability at the date of initial application for leases previously classified as an operating lease applying IAS 17. The lessee shall measure that lease liability at the present value of the remaining lease payments, discounted using the lessee's incremental borrowing rate at the date of initial application.
(b)
recognise a right-of-use asset at the date of initial application for leases previously classified as an operating lease applying IAS 17. The lessee shall choose, on a lease-by-lease basis, to measure that right-of-use asset at either:
(i)
its carrying amount as if the Standard had been applied since the commencement date, but discounted using the lessee's incremental borrowing rate at the date of initial application; or
(ii)
an amount equal to the lease liability, adjusted by the amount of any prepaid or accrued lease payments relating to that lease recognised in the statement of financial position immediately before the date of initial application.
(c)
apply IAS 36 
Impairment of Assets
 to right-of-use assets at the date of initial application, unless the lessee applies the practical expedient in paragraph C10(b).
C9
Notwithstanding the requirements in paragraph C8, for leases previously classified as operating leases applying IAS 17, a lessee:
(a)
is not required to make any adjustments on transition for leases for which the underlying asset is of low value (as described in paragraphs B3–B8) that will be accounted for applying paragraph 6. The lessee shall account for those leases applying this Standard from the date of initial application.
(b)
is not required to make any adjustments on transition for leases previously accounted for as investment property using the fair value model in IAS 40 
Investment Property
. The lessee shall account for the right-of-use asset and the lease liability arising from those leases applying IAS 40 and this Standard from the date of initial application.
(c)
shall measure the right-of-use asset at fair value at the date of initial application for leases previously accounted for as operating leases applying IAS 17 and that will be accounted for as investment property using the fair value model in IAS 40 from the date of initial application. The lessee shall account for the right-of-use asset and the lease liability arising from those leases applying IAS 40 and this Standard from the date of initial application.
C10
A lessee may use one or more of the following practical expedients when applying this Standard retrospectively in accordance with paragraph C5(b) to leases previously classified as operating leases applying IAS 17. A lessee is permitted to apply these practical expedients on a lease-by-lease basis:
(a)
a lessee may apply a single discount rate to a portfolio of leases with reasonably similar characteristics (such as leases with a similar remaining lease term for a similar class of underlying asset in a similar economic environment).
(b)
a lessee may rely on its assessment of whether leases are onerous applying IAS 37 
Provisions, Contingent Liabilities and Contingent Assets
 immediately before the date of initial application as an alternative to performing an impairment review. If a lessee chooses this practical expedient, the lessee shall adjust the right-of-use asset at the date of initial application by the amount of any provision for onerous leases recognised in the statement of financial position immediately before the date of initial application.
(c)
a lessee may elect not to apply the requirements in paragraph C8 to leases for which the lease term ends within 12 months of the date of initial application. In this case, a lessee shall:
(i)
account for those leases in the same way as short-term leases as described in paragraph 6; and
(ii)
include the cost associated with those leases within the disclosure of short-term lease expense in the annual reporting period that includes the date of initial application.
(d)
a lessee may exclude initial direct costs from the measurement of the right-of-use asset at the date of initial application.
(e)
a lessee may use hindsight, such as in determining the lease term if the contract contains options to extend or terminate the lease.
Leases previously classified as finance leases
C11
If a lessee elects to apply this Standard in accordance with paragraph C5(b), for leases that were classified as finance leases applying IAS 17, the carrying amount of the right-of-use asset and the lease liability at the date of initial application shall be the carrying amount of the lease asset and lease liability immediately before that date measured applying IAS 17. For those leases, a lessee shall account for the right-of-use asset and the lease liability applying this Standard from the date of initial application.
Disclosure
C12
If a lessee elects to apply this Standard in accordance with paragraph C5(b), the lessee shall disclose information about initial application required by paragraph 28 of IAS 8, except for the information specified in paragraph 28(f) of IAS 8. Instead of the information specified in paragraph 28(f) of IAS 8, the lessee shall disclose:
(a)
the weighted average lessee's incremental borrowing rate applied to lease liabilities recognised in the statement of financial position at the date of initial application; and
(b)
an explanation of any difference between:
(i)
operating lease commitments disclosed applying IAS 17 at the end of the annual reporting period immediately preceding the date of initial application, discounted using the incremental borrowing rate at the date of initial application as described in paragraph C8(a); and
(ii)
lease liabilities recognised in the statement of financial position at the date of initial application.
C13
If a lessee uses one or more of the specified practical expedients in paragraph C10, it shall disclose that fact.
Lessors
C14
Except as described in paragraph C15, a lessor is not required to make any adjustments on transition for leases in which it is a lessor and shall account for those leases applying this Standard from the date of initial application.
C15
An intermediate lessor shall:
(a)
reassess subleases that were classified as operating leases applying IAS 17 and are ongoing at the date of initial application, to determine whether each sublease should be classified as an operating lease or a finance lease applying this Standard. The intermediate lessor shall perform this assessment at the date of initial application on the basis of the remaining contractual terms and conditions of the head lease and sublease at that date.
(b)
for subleases that were classified as operating leases applying IAS 17 but finance leases applying this Standard, account for the sublease as a new finance lease entered into at the date of initial application.
Sale and leaseback transactions before the date of initial application
C16
An entity shall not reassess sale and leaseback transactions entered into before the date of initial application to determine whether the transfer of the underlying asset satisfies the requirements in IFRS 15 to be accounted for as a sale.
C17
If a sale and leaseback transaction was accounted for as a sale and a finance lease applying IAS 17, the seller-lessee shall:
(a)
account for the leaseback in the same way as it accounts for any other finance lease that exists at the date of initial application; and
(b)
continue to amortise any gain on sale over the lease term.
C18
If a sale and leaseback transaction was accounted for as a sale and operating lease applying IAS 17, the seller-lessee shall:
(a)
account for the leaseback in the same way as it accounts for any other operating lease that exists at the date of initial application; and
(b)
adjust the leaseback right-of-use asset for any deferred gains or losses that relate to off-market terms recognised in the statement of financial position immediately before the date of initial application.
Amounts previously recognised in respect of business combinations
C19
If a lessee previously recognised an asset or a liability applying IFRS 3 
Business Combinations
 relating to favourable or unfavourable terms of an operating lease acquired as part of a business combination, the lessee shall derecognise that asset or liability and adjust the carrying amount of the right-of-use asset by a corresponding amount at the date of initial application.
References to IFRS 9
C20
If an entity applies this Standard but does not yet apply IFRS 9 
Financial Instruments
, any reference in this Standard to IFRS 9 shall be read as a reference to IAS 39 
Financial Instruments: Recognition and Measurement
.
Covid-19-related rent concessions for lessees
C20A
A lessee shall apply 
Covid-19-Related Rent Concessions
 (see paragraph C1A) retrospectively, recognising the cumulative effect of initially applying that amendment as an adjustment to the opening balance of retained earnings (or other component of equity, as appropriate) at the beginning of the annual reporting period in which the lessee first applies the amendment.
C20B
In the reporting period in which a lessee first applies 
Covid-19- Related Rent Concessions
, a lessee is not required to disclose the information required by paragraph 28(f) of IAS 8.
C20BA
A lessee shall apply 
Covid-19-Related Rent Concessions beyond 30 June 2021
                                    
 (see paragraph C1C) retrospectively, recognising the cumulative effect of initially applying that amendment as an adjustment to the opening balance of retained earnings (or other component of equity, as appropriate) at the beginning of the annual reporting period in which the lessee first applies the amendment.
C20BB
In the reporting period in which a lessee first applies 
Covid-19-Related Rent Concessions beyond 30 June 2021
                                    
, a lessee is not required to disclose the information required by paragraph 28(f) of IAS 8.
C20BC
Applying paragraph 2 of this Standard, a lessee shall apply the practical expedient in paragraph 46A consistently to eligible contracts with similar characteristics and in similar circumstances, irrespective of whether the contract became eligible for the practical expedient as a result of the lessee applying 
Covid-19-Related Rent Concessions
 (see paragraph C1A) or 
Covid-19-Related Rent Concessions beyond 30 June 2021
                                    
 (see paragraph C1C).
Interest Rate Benchmark Reform – Phase 2
C20C
An entity shall apply these amendments retrospectively in accordance with IAS 8, except as specified in paragraph C20D.
C20D
An entity is not required to restate prior periods to reflect the application of these amendments. The entity may restate prior periods if, and only if, it is possible without the use of hindsight. If an entity does not restate prior periods, the entity shall recognise any difference between the previous carrying amount and the carrying amount at the beginning of the annual reporting period that includes the date of initial application of these amendments in the opening retained earnings (or other component of equity, as appropriate) of the annual reporting period that includes the date of initial application of these amendments.
WITHDRAWAL OF OTHER STANDARDS
C21
This Standard supersedes the following Standards and Interpretations:
(a)
IAS 17 
Leases
;
(b)
IFRIC 4 
Determining whether an Arrangement contains a Lease
;
(c)
SIC-15 
Operating Leases—Incentives
; and
(d)
SIC-27 
Evaluating the Substance of Transactions Involving the Legal Form of a Lease
.
Appendix D
Amendments to other Standards
This appendix sets out the amendments to other Standards that are a consequence of the IASB issuing this Standard. An entity shall apply the amendments for annual periods beginning on or after 1 January 2019. If an entity applies this Standard for an earlier period, it shall also apply these amendments for that earlier period.
An entity is not permitted to apply IFRS 16 before applying IFRS 15
 Revenue from Contracts with Customers 
(see paragraph C1)
.
Consequently, for Standards that were effective on 1 January 2016, the amendments in this appendix are presented based on the text of those Standards that was effective on 1 January 2016, as amended by IFRS 15. The text of those Standards in this appendix does not include any other amendments that were not effective at 1 January 2016.
For Standards that were not effective on 1 January 2016, the amendments in this appendix are presented based on the text of the initial publication of that Standard, as amended by IFRS 15. The text of those Standards in this appendix does not include any other amendments that were not effective at 1 January 2016.
INTERNATIONAL FINANCIAL REPORTING STANDARD 17
Insurance Contracts
OBJECTIVE
1
IFRS 17 
Insurance Contracts
 establishes principles for the recognition, measurement, presentation and disclosure of 
insurance contracts
 within the scope of the Standard. The objective of IFRS 17 is to ensure that an entity provides relevant information that faithfully represents those contracts. This information gives a basis for users of financial statements to assess the effect that insurance contracts have on the entity’s financial position, financial performance and cash flows.
2
An entity shall consider its substantive rights and obligations, whether they arise from a contract, law or regulation, when applying IFRS 17. A contract is an agreement between two or more parties that creates enforceable rights and obligations. Enforceability of the rights and obligations in a contract is a matter of law. Contracts can be written, oral or implied by an entity’s customary business practices. Contractual terms include all terms in a contract, explicit or implied, but an entity shall disregard terms that have no commercial substance (ie no discernible effect on the economics of the contract). Implied terms in a contract include those imposed by law or regulation. The practices and processes for establishing contracts with customers vary across legal jurisdictions, industries and entities. In addition, they may vary within an entity (for example, they may depend on the class of customer or the nature of the promised goods or services).
SCOPE
3
An entity shall apply IFRS 17 to:
(a)
insurance contracts, including 
reinsurance contracts
, it issues;
(b)
reinsurance contracts it holds; and
(c)
investment contracts with discretionary participation features
 it issues, provided the entity also issues insurance contracts.
4
All references in IFRS 17 to insurance contracts also apply to:
(a)
reinsurance contracts held, except:
(i)
for references to insurance contracts issued; and
(ii)
as described in paragraphs 60–70A.
(b)
investment contracts with discretionary participation features as set out in paragraph 3(c), except for the reference to insurance contracts in paragraph 3(c) and as described in paragraph 71.
5
All references in IFRS 17 to insurance contracts issued also apply to insurance contracts acquired by the entity in a transfer of insurance contracts or a business combination other than reinsurance contracts held.
6
Appendix A defines an insurance contract and paragraphs B2–B30 of Appendix B provide guidance on the definition of an insurance contract.
7
An entity shall not apply IFRS 17 to:
(a)
warranties provided by a manufacturer, dealer or retailer in connection with the sale of its goods or services to a customer (see IFRS 15 
Revenue from Contracts with Customers
).
(b)
employers’ assets and liabilities from 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 contingent on the future use of, or the right to use, a non-financial item (for example, some licence fees, royalties, variable and other contingent lease payments and similar items: see IFRS 15, IAS 38 
Intangible Assets
 and IFRS 16 
Leases
).
(d)
residual value guarantees provided by a manufacturer, dealer or retailer and a lessee’s residual value guarantees when they are embedded in a lease (see IFRS 15 and IFRS 16).
(e)
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. The issuer shall choose to apply either IFRS 17 or IAS 32 
Financial Instruments: Presentation
, IFRS 7 
Financial Instruments: Disclosures
 and IFRS 9 
Financial Instruments
 to such financial guarantee contracts. The issuer may make that choice contract by contract, but the choice for each contract is irrevocable.
(f)
contingent consideration payable or receivable in a business combination (see IFRS 3 
Business Combinations
).
(g)
insurance contracts in which the entity is the 
policyholder
, unless those contracts are reinsurance contracts held (see paragraph 3(b)).
(h)
credit card contracts, or similar contracts that provide credit or payment arrangements, that meet the definition of an insurance contract if, and only if, the entity does not reflect an assessment of the 
insurance risk
 associated with an individual customer in setting the price of the contract with that customer (see IFRS 9 and other applicable IFRS Standards). However, if, and only if, IFRS 9 requires an entity to separate an insurance coverage component (see paragraph 2.1(e)(iv) of IFRS 9) that is embedded in such a contract, the entity shall apply IFRS 17 to that component.
8
Some contracts meet the definition of an insurance contract but have as their primary purpose the provision of services for a fixed fee. An entity may choose to apply IFRS 15 instead of IFRS 17 to such contracts that it issues if, and only if, specified conditions are met. The entity may make that choice contract by contract, but the choice for each contract is irrevocable. The conditions are:
(a)
the entity does not reflect an assessment of the risk associated with an individual customer in setting the price of the contract with that customer;
(b)
the contract compensates the customer by providing services, rather than by making cash payments to the customer; and
(c)
the insurance risk transferred by the contract arises primarily from the customer’s use of services rather than from uncertainty over the cost of those services.
8A
Some contracts meet the definition of an insurance contract but limit the compensation for 
insured events
 to the amount otherwise required to settle the policyholder's obligation created by the contract (for example, loans with death waivers). An entity shall choose to apply either IFRS 17 or IFRS 9 to such contracts that it issues unless such contracts are excluded from the scope of IFRS 17 by paragraph 7. The entity shall make that choice for each 
portfolio of insurance contracts
, and the choice for each portfolio is irrevocable.
Combination of insurance contracts
9
A set or series of insurance contracts with the same or a related counterparty may achieve, or be designed to achieve, an overall commercial effect. In order to report the substance of such contracts, it may be necessary to treat the set or series of contracts as a whole. For example, if the rights or obligations in one contract do nothing other than entirely negate the rights or obligations in another contract entered into at the same time with the same counterparty, the combined effect is that no rights or obligations exist.
Separating components from an insurance contract (paragraphs B31–B35)
10
An insurance contract may contain one or more components that would be within the scope of another Standard if they were separate contracts. For example, an insurance contract may include an 
investment component
 or a component for services other than 
insurance contract services
 (or both). An entity shall apply paragraphs 11–13 to identify and account for the components of the contract.
11
An entity shall:
(a)
apply IFRS 9 to determine whether there is an embedded derivative to be separated and, if there is, how to account for that derivative.
(b)
separate from a host insurance contract an investment component if, and only if, that investment component is distinct (see paragraphs B31–B32). The entity shall apply IFRS 9 to account for the separated investment component unless it is an investment contract with discretionary participation features within the scope of IFRS 17 (see paragraph 3(c)).
12
After applying paragraph 11 to separate any cash flows related to embedded derivatives and distinct investment components, an entity shall separate from the host insurance contract any promise to transfer to a policyholder distinct goods or services other than insurance contract services, applying paragraph 7 of IFRS 15. The entity shall account for such promises applying IFRS 15. In applying paragraph 7 of IFRS 15 to separate the promise, the entity shall apply paragraphs B33–B35 of IFRS 17 and, on initial recognition, shall:
(a)
apply IFRS 15 to attribute the cash inflows between the insurance component and any promises to provide distinct goods or services other than insurance contract services; and
(b)
attribute the cash outflows between the insurance component and any promised goods or services other than insurance contract services, accounted for applying IFRS 15 so that:
(i)
cash outflows that relate directly to each component are attributed to that component; and
(ii)
any remaining cash outflows are attributed on a systematic and rational basis, reflecting the cash outflows the entity would expect to arise if that component were a separate contract.
13
After applying paragraphs 11–12, an entity shall apply IFRS 17 to all remaining components of the host insurance contract. Hereafter, all references in IFRS 17 to embedded derivatives refer to derivatives that have not been separated from the host insurance contract and all references to investment components refer to investment components that have not been separated from the host insurance contract (except those references in paragraphs B31–B32).
LEVEL OF AGGREGATION ON INSURANCE CONTRACTS
14
An entity shall identify portfolios of insurance contracts. A portfolio comprises contracts subject to similar risks and managed together. Contracts within a product line would be expected to have similar risks and hence would be expected to be in the same portfolio if they are managed together. Contracts in different product lines (for example single premium fixed annuities compared with regular term life assurance) would not be expected to have similar risks and hence would be expected to be in different portfolios.
15
Paragraphs 16–24 apply to insurance contracts issued. The requirements for the level of aggregation of reinsurance contracts held are set out in paragraph 61.
16
An entity shall divide a portfolio of insurance contracts issued into a minimum of:
(a)
a group of contracts that are onerous at initial recognition, if any;
(b)
a group of contracts that at initial recognition have no significant possibility of becoming onerous subsequently, if any; and
(c)
a group of the remaining contracts in the portfolio, if any.
17
If an entity has reasonable and supportable information to conclude that a set of contracts will all be in the same group applying paragraph 16, it may measure the set of contracts to determine if the contracts are onerous (see paragraph 47) and assess the set of contracts to determine if the contracts have no significant possibility of becoming onerous subsequently (see paragraph 19). If the entity does not have reasonable and supportable information to conclude that a set of contracts will all be in the same group, it shall determine the group to which contracts belong by considering individual contracts.
18
For contracts issued to which an entity applies the premium allocation approach (see paragraphs 53–59), the entity shall assume no contracts in the portfolio are onerous at initial recognition, unless facts and circumstances indicate otherwise. An entity shall assess whether contracts that are not onerous at initial recognition have no significant possibility of becoming onerous subsequently by assessing the likelihood of changes in applicable facts and circumstances.
19
For contracts issued to which an entity does not apply the premium allocation approach (see paragraphs 53–54), an entity shall assess whether contracts that are not onerous at initial recognition have no significant possibility of becoming onerous:
(a)
based on the likelihood of changes in assumptions which, if they occurred, would result in the contracts becoming onerous;
(b)
using information about estimates provided by the entity’s internal reporting. Hence, in assessing whether contracts that are not onerous at initial recognition have no significant possibility of becoming onerous:
(i)
an entity shall not disregard information provided by its internal reporting about the effect of changes in assumptions on different contracts on the possibility of their becoming onerous; but
(ii)
an entity is not required to gather additional information beyond that provided by the entity’s internal reporting about the effect of changes in assumptions on different contracts.
20
If, applying paragraphs 14–19, contracts within a portfolio would fall into different groups only because law or regulation specifically constrains the entity’s practical ability to set a different price or level of benefits for policyholders with different characteristics, the entity may include those contracts in the same group. The entity shall not apply this paragraph by analogy to other items.
21
An entity is permitted to subdivide the groups described in paragraph 16. For example, an entity may choose to divide the portfolios into:
(a)
more groups that are not onerous at initial recognition—if the entity’s internal reporting provides information that distinguishes:
(i)
different levels of profitability; or
(ii)
different possibilities of contracts becoming onerous after initial recognition; and
(b)
more than one group of contracts that are onerous at initial recognition—if the entity’s internal reporting provides information at a more detailed level about the extent to which the contracts are onerous.
22
An entity shall not include contracts issued more than one year apart in the same group. To achieve this the entity shall, if necessary, further divide the groups described in paragraphs 16–21.
23
A 
group of insurance contracts
 shall comprise a single contract if that is the result of applying paragraphs 14–22.
24
An entity shall apply the recognition and measurement requirements of IFRS 17 to the groups of contracts determined by applying paragraphs 14–23. An entity shall establish the groups at initial recognition and add contracts to the groups applying paragraph 28. The entity shall not reassess the composition of the groups subsequently. To measure a group of contracts, an entity may estimate the 
fulfilment cash flows
 at a higher level of aggregation than the group or portfolio, provided the entity is able to include the appropriate fulfilment cash flows in the measurement of the group, applying paragraphs 32(a), 40(a)(i) and 40(b), by allocating such estimates to groups of contracts.
RECOGNITION
25
An entity shall recognise a group of insurance contracts it issues from the earliest of the following:
(a)
the beginning of the 
coverage period
 of the group of contracts;
(b)
the date when the first payment from a policyholder in the group becomes due; and
(c)
for a group of onerous contracts, when the group becomes onerous.
26
If there is no contractual due date, the first payment from the policyholder is deemed to be due when it is received. An entity is required to determine whether any contracts form a group of onerous contracts applying paragraph 16 before the earlier of the dates set out in paragraphs 25(a) and 25(b) if facts and circumstances indicate there is such a group.
27
[Deleted]
28
In recognising a group of insurance contracts in a reporting period, an entity shall include only contracts that individually meet one of the criteria set out in paragraph 25 and shall make estimates for the discount rates at the date of initial recognition (see paragraph B73) and the coverage units provided in the reporting period (see paragraph B119). An entity may include more contracts in the group after the end of a reporting period, subject to paragraphs 14–22. An entity shall add a contract to the group in the reporting period in which that contract meets one of the criteria set out in paragraph 25. This may result in a change to the determination of the discount rates at the date of initial recognition applying paragraph B73. An entity shall apply the revised rates from the start of the reporting period in which the new contracts are added to the group.
Insurance acquisition cash flows (paragraphs B35A–B35D)
28A
An entity shall allocate 
insurance acquisition cash flows
 to groups of insurance contracts using a systematic and rational method applying paragraphs B35A–B35B, unless it chooses to recognise them as expenses applying paragraph 59(a).
28B
An entity not applying paragraph 59(a) shall recognise as an asset insurance acquisition cash flows paid (or insurance acquisition cash flows for which a liability has been recognised applying another IFRS Standard) before the related group of insurance contracts is recognised. An entity shall recognise such an asset for each related group of insurance contracts.
28C
An entity shall derecognise an asset for insurance acquisition cash flows when the insurance acquisition cash flows are included in the measurement of the related group of insurance contracts applying paragraph 38(c)(i) or paragraph 55(a)(iii).
28D
If paragraph 28 applies, an entity shall apply paragraphs 28B–28C in accordance with paragraph B35C.
28E
At the end of each reporting period, an entity shall assess the recoverability of an asset for insurance acquisition cash flows if facts and circumstances indicate the asset may be impaired (see paragraph B35D). If an entity identifies an impairment loss, the entity shall adjust the carrying amount of the asset and recognise the impairment loss in profit or loss.
28F
An entity shall recognise in profit or loss a reversal of some or all of an impairment loss previously recognised applying paragraph 28E and increase the carrying amount of the asset, to the extent that the impairment conditions no longer exist or have improved.
MEASUREMENT (PARAGRAPHS B36–B119F)
29
An entity shall apply paragraphs 30–52 to all groups of insurance contracts within the scope of IFRS 17, with the following exceptions:
(a)
for groups of insurance contracts meeting either of the criteria specified in paragraph 53, an entity may simplify the measurement of the group using the premium allocation approach in paragraphs 55–59;
(b)
for groups of reinsurance contracts held, an entity shall apply paragraphs 32–46 as required by paragraphs 63–70A. Paragraph 45 (on 
insurance contracts with direct participation features
) and paragraphs 47–52 (on onerous contracts) do not apply to groups of reinsurance contracts held;
(c)
for groups of investment contracts with discretionary participation features, an entity shall apply paragraphs 32–52 as modified by paragraph 71.
30
When applying IAS 21 
The Effects of Changes in Foreign Exchange Rates
 to a group of insurance contracts that generate cash flows in a foreign currency, an entity shall treat the group of contracts, including the 
contractual service margin
, as a monetary item.
31
In the financial statements of an entity that issues insurance contracts, the fulfilment cash flows shall not reflect the non-performance risk of that entity (non-performance risk is defined in IFRS 13 
Fair Value Measurement
).
Measurement on initial recognition (paragraphs B36–B95F)
32
On initial recognition, an entity shall measure a group of insurance contracts at the total of:
(a)
the fulfilment cash flows, which comprise:
(i)
estimates of future cash flows (paragraphs 33–35);
(ii)
an adjustment to reflect the time value of money and the 
financial risks
 related to the future cash flows, to the extent that the financial risks are not included in the estimates of the future cash flows (paragraph 36); and
(iii)
a 
risk adjustment for non-financial risk
 (paragraph 37).
(b)
the contractual service margin, measured applying paragraphs 38–39.
Estimates of future cash flows (paragraphs B36–B71)
33
An entity shall include in the measurement of a group of insurance contracts all the future cash flows within the boundary of each contract in the group (see paragraph 34). Applying paragraph 24, an entity may estimate the future cash flows at a higher level of aggregation and then allocate the resulting fulfilment cash flows to individual groups of contracts. The estimates of future cash flows shall:
(a)
incorporate, in an unbiased way, all reasonable and supportable information available without undue cost or effort about the amount, timing and uncertainty of those future cash flows (see paragraphs B37–B41). To do this, an entity shall estimate the expected value (ie the probability-weighted mean) of the full range of possible outcomes;
(b)
reflect the perspective of the entity, provided that the estimates of any relevant market variables are consistent with observable market prices for those variables (see paragraphs B42–B53);
(c)
be current—the estimates shall reflect conditions existing at the measurement date, including assumptions at that date about the future (see paragraphs B54–B60);
(d)
be explicit—the entity shall estimate the adjustment for non-financial risk separately from the other estimates (see paragraph B90). The entity also shall estimate the cash flows separately from the adjustment for the time value of money and financial risk, unless the most appropriate measurement technique combines these estimates (see paragraph B46).
34
Cash flows are within the boundary of an insurance contract if they arise from substantive rights and obligations that exist during the reporting period in which the entity can compel the policyholder to pay the premiums or in which the entity has a substantive obligation to provide the policyholder with insurance contract services (see paragraphs B61–B71). A substantive obligation to provide insurance contract services ends when:
(a)
the entity has the practical ability to reassess the risks of the particular policyholder and, as a result, can set a price or level of benefits that fully reflects those risks; or
(b)
both of the following criteria are satisfied:
(i)
the entity has the practical ability to reassess the risks of the portfolio of insurance contracts that contains the contract and, as a result, can set a price or level of benefits that fully reflects the risk of that portfolio; and
(ii)
the pricing of the premiums up to the date when the risks are reassessed does not take into account the risks that relate to periods after the reassessment date.
35
An entity shall not recognise as a liability or as an asset any amounts relating to expected premiums or expected claims outside the boundary of the insurance contract. Such amounts relate to future insurance contracts.
Discount rates (paragraphs B72–B85)
36
An entity shall adjust the estimates of future cash flows to reflect the time value of money and the financial risks related to those cash flows, to the extent that the financial risks are not included in the estimates of cash flows. The discount rates applied to the estimates of the future cash flows described in paragraph 33 shall:
(a)
reflect the time value of money, the characteristics of the cash flows and the liquidity characteristics of the insurance contracts;
(b)
be consistent with observable current market prices (if any) for financial instruments with cash flows whose characteristics are consistent with those of the insurance contracts, in terms of, for example, timing, currency and liquidity; and
(c)
exclude the effect of factors that influence such observable market prices but do not affect the future cash flows of the insurance contracts.
Risk adjustment for non-financial risk (paragraphs B86–B92)
37
An entity shall adjust the estimate of the present value of the future cash flows to reflect the compensation that the entity requires for bearing the uncertainty about the amount and timing of the cash flows that arises from non-financial risk.
Contractual service margin
38
The contractual service margin is a component of the asset or liability for the group of insurance contracts that represents the unearned profit the entity will recognise as it provides insurance contract services in the future. An entity shall measure the contractual service margin on initial recognition of a group of insurance contracts at an amount that, unless paragraph 47 (on onerous contracts) or paragraph B123A (on insurance revenue relating to paragraph 38(c)(ii)) applies, results in no income or expenses arising from:
(a)
the initial recognition of an amount for the fulfilment cash flows, measured by applying paragraphs 32–37;
(b)
any cash flows arising from the contracts in the group at that date;
(c)
the derecognition at the date of initial recognition of:
(i)
any asset for insurance acquisition cash flows applying paragraph 28C; and
(ii)
any other asset or liability previously recognised for cash flows related to the group of contracts as specified in paragraph B66A.
39
For insurance contracts acquired in a transfer of insurance contracts or in a business combination within the scope of IFRS 3, an entity shall apply paragraph 38 in accordance with paragraphs B93–B95F.
Subsequent measurement
40
The carrying amount of a group of insurance contracts at the end of each reporting period shall be the sum of:
(a)
the 
liability for remaining coverage
 comprising:
(i)
the fulfilment cash flows related to future service allocated to the group at that date, measured applying paragraphs 33–37 and B36–B92;
(ii)
the contractual service margin of the group at that date, measured applying paragraphs 43–46; and
(b)
the 
liability for incurred claims
, comprising the fulfilment cash flows related to past service allocated to the group at that date, measured applying paragraphs 33–37 and B36–B92.
41
An entity shall recognise income and expenses for the following changes in the carrying amount of the liability for remaining coverage:
(a)
insurance revenue—for the reduction in the liability for remaining coverage because of services provided in the period, measured applying paragraphs B120–B124;
(b)
insurance service expenses—for losses on groups of onerous contracts, and reversals of such losses (see paragraphs 47–52); and
(c)
insurance finance income or expenses—for the effect of the time value of money and the effect of financial risk as specified in paragraph 87.
42
An entity shall recognise income and expenses for the following changes in the carrying amount of the liability for incurred claims:
(a)
insurance service expenses—for the increase in the liability because of claims and expenses incurred in the period, excluding any investment components;
(b)
insurance service expenses—for any subsequent changes in fulfilment cash flows relating to incurred claims and incurred expenses; and
(c)
insurance finance income or expenses—for the effect of the time value of money and the effect of financial risk as specified in paragraph 87.
Contractual service margin (paragraphs B96–B119B)
43
The contractual service margin at the end of the reporting period represents the profit in the group of insurance contracts that has not yet been recognised in profit or loss because it relates to the future service to be provided under the contracts in the group.
44
For 
insurance contracts without direct participation features
, the carrying amount of the contractual service margin of a group of contracts at the end of the reporting period equals the carrying amount at the start of the reporting period adjusted for:
(a)
the effect of any new contracts added to the group (see paragraph 28);
(b)
interest accreted on the carrying amount of the contractual service margin during the reporting period, measured at the discount rates specified in paragraph B72(b);
(c)
the changes in fulfilment cash flows relating to future service as specified in paragraphs B96–B100, except to the extent that:
(i)
such increases in the fulfilment cash flows exceed the carrying amount of the contractual service margin, giving rise to a loss (see paragraph 48(a)); or
(ii)
such decreases in the fulfilment cash flows are allocated to the loss component of the liability for remaining coverage applying paragraph 50(b);
(d)
the effect of any currency exchange differences on the contractual service margin; and
(e)
the amount recognised as insurance revenue because of the transfer of insurance contract services in the period, determined by the allocation of the contractual service margin remaining at the end of the reporting period (before any allocation) over the current and remaining coverage period applying paragraph B119.
45
For insurance contracts with direct participation features (see paragraphs B101–B118), the carrying amount of the contractual service margin of a group of contracts at the end of the reporting period equals the carrying amount at the start of the reporting period adjusted for the amounts specified in subparagraphs (a)–(e) below. An entity is not required to identify these adjustments separately. Instead, a combined amount may be determined for some, or all, of the adjustments. The adjustments are:
(a)
the effect of any new contracts added to the group (see paragraph 28);
(b)
the change in the amount of the entity’s share of the fair value of the 
underlying items
 (see paragraph B104(b)(i)), except to the extent that:
(i)
paragraph B115 (on risk mitigation) applies;
(ii)
the decrease in the amount of the entity’s share of the fair value of the underlying items exceeds the carrying amount of the contractual service margin, giving rise to a loss (see paragraph 48); or
(iii)
the increase in the amount of the entity’s share of the fair value of the underlying items reverses the amount in (ii).
(c)
the changes in fulfilment cash flows relating to future service, as specified in paragraphs B101–B118, except to the extent that:
(i)
paragraph B115 (on risk mitigation) applies;
(ii)
such increases in the fulfilment cash flows exceed the carrying amount of the contractual service margin, giving rise to a loss (see paragraph 48); or
(iii)
such decreases in the fulfilment cash flows are allocated to the loss component of the liability for remaining coverage applying paragraph 50(b).
(d)
the effect of any currency exchange differences arising on the contractual service margin; and
(e)
the amount recognised as insurance revenue because of the transfer of insurance contract services in the period, determined by the allocation of the contractual service margin remaining at the end of the reporting period (before any allocation) over the current and remaining coverage period applying paragraph B119.
46
Some changes in the contractual service margin offset changes in the fulfilment cash flows for the liability for remaining coverage, resulting in no change in the total carrying amount of the liability for remaining coverage. To the extent that changes in the contractual service margin do not offset changes in the fulfilment cash flows for the liability for remaining coverage, an entity shall recognise income and expenses for the changes, applying paragraph 41.
Onerous contracts
47
An insurance contract is onerous at the date of initial recognition if the fulfilment cash flows allocated to the contract, any previously recognised insurance acquisition cash flows and any cash flows arising from the contract at the date of initial recognition in total are a net outflow. Applying paragraph 16(a), an entity shall group such contracts separately from contracts that are not onerous. To the extent that paragraph 17 applies, an entity may identify the group of onerous contracts by measuring a set of contracts rather than individual contracts. An entity shall recognise a loss in profit or loss for the net outflow for the group of onerous contracts, resulting in the carrying amount of the liability for the group being equal to the fulfilment cash flows and the contractual service margin of the group being zero.
48
A group of insurance contracts becomes onerous (or more onerous) on subsequent measurement if the following amounts exceed the carrying amount of the contractual service margin:
(a)
unfavourable changes relating to future service in the fulfilment cash flows allocated to the group arising from changes in estimates of future cash flows and the risk adjustment for non-financial risk; and
(b)
for a group of insurance contracts with direct participation features, the decrease in the amount of the entity’s share of the fair value of the underlying items.
Applying paragraphs 44(c)(i), 45(b)(ii) and 45(c)(ii), an entity shall recognise a loss in profit or loss to the extent of that excess.
49
An entity shall establish (or increase) a loss component of the liability for remaining coverage for an onerous group depicting the losses recognised applying paragraphs 47–48. The loss component determines the amounts that are presented in profit or loss as reversals of losses on onerous groups and are consequently excluded from the determination of insurance revenue.
50
After an entity has recognised a loss on an onerous group of insurance contracts, it shall allocate:
(a)
the subsequent changes in fulfilment cash flows of the liability for remaining coverage specified in paragraph 51 on a systematic basis between:
(i)
the loss component of the liability for remaining coverage; and
(ii)
the liability for remaining coverage, excluding the loss component.
(b)
solely to the loss component until that component is reduced to zero:
(i)
any subsequent decrease relating to future service in fulfilment cash flows allocated to the group arising from changes in estimates of future cash flows and the risk adjustment for non-financial risk; and
(ii)
any subsequent increases in the amount of the entity’s share of the fair value of the underlying items.
Applying paragraphs 44(c)(ii), 45(b)(iii) and 45(c)(iii), an entity shall adjust the contractual service margin only for the excess of the decrease over the amount allocated to the loss component.
51
The subsequent changes in the fulfilment cash flows of the liability for remaining coverage to be allocated applying paragraph 50(a) are:
(a)
estimates of the present value of future cash flows for claims and expenses released from the liability for remaining coverage because of incurred insurance service expenses;
(b)
changes in the risk adjustment for non-financial risk recognised in profit or loss because of the release from risk; and
(c)
insurance finance income or expenses.
52
The systematic allocation required by paragraph 50(a) shall result in the total amounts allocated to the loss component in accordance with paragraphs 48–50 being equal to zero by the end of the coverage period of a group of contracts.
Premium allocation approach
53
An entity may simplify the measurement of a group of insurance contracts using the premium allocation approach set out in paragraphs 55–59 if, and only if, at the inception of the group:
(a)
the entity reasonably expects that such simplification would produce a measurement of the liability for remaining coverage for the group that would not differ materially from the one that would be produced applying the requirements in paragraphs 32–52; or
(b)
the coverage period of each contract in the group (including insurance contract services arising from all premiums within the contract boundary determined at that date applying paragraph 34) is one year or less.
54
The criterion in paragraph 53(a) is not met if at the inception of the group an entity expects significant variability in the fulfilment cash flows that would affect the measurement of the liability for remaining coverage during the period before a claim is incurred. Variability in the fulfilment cash flows increases with, for example:
(a)
the extent of future cash flows relating to any derivatives embedded in the contracts; and
(b)
the length of the coverage period of the group of contracts.
55
Using the premium allocation approach, an entity shall measure the liability for remaining coverage as follows:
(a)
on initial recognition, the carrying amount of the liability is:
(i)
the premiums, if any, received at initial recognition;
(ii)
minus any insurance acquisition cash flows at that date, unless the entity chooses to recognise the payments as an expense applying paragraph 59(a); and
(iii)
plus or minus any amount arising from the derecognition at that date of:
1.
any asset for insurance acquisition cash flows applying paragraph 28C; and
2.
any other asset or liability previously recognised for cash flows related to the group of contracts as specified in paragraph B66A.
(b)
at the end of each subsequent reporting period, the carrying amount of the liability is the carrying amount at the start of the reporting period:
(i)
plus the premiums received in the period;
(ii)
minus insurance acquisition cash flows; unless the entity chooses to recognise the payments as an expense applying paragraph 59(a);
(iii)
plus any amounts relating to the amortisation of insurance acquisition cash flows recognised as an expense in the reporting period; unless the entity chooses to recognise insurance acquisition cash flows as an expense applying paragraph 59(a);
(iv)
plus any adjustment to a financing component, applying paragraph 56;
(v)
minus the amount recognised as insurance revenue for services provided in that period (see paragraph B126); and
(vi)
minus any investment component paid or transferred to the liability for incurred claims.
56
If insurance contracts in the group have a significant financing component, an entity shall adjust the carrying amount of the liability for remaining coverage to reflect the time value of money and the effect of financial risk using the discount rates specified in paragraph 36, as determined on initial recognition. The entity is not required to adjust the carrying amount of the liability for remaining coverage to reflect the time value of money and the effect of financial risk if, at initial recognition, the entity expects that the time between providing each part of the services and the related premium due date is no more than a year.
57
If at any time during the coverage period, facts and circumstances indicate that a group of insurance contracts is onerous, an entity shall calculate the difference between:
(a)
the carrying amount of the liability for remaining coverage determined applying paragraph 55; and
(b)
the fulfilment cash flows that relate to remaining coverage of the group, applying paragraphs 33–37 and B36–B92. However, if, in applying paragraph 59(b), the entity does not adjust the liability for incurred claims for the time value of money and the effect of financial risk, it shall not include in the fulfilment cash flows any such adjustment.
58
To the extent that the fulfilment cash flows described in paragraph 57(b) exceed the carrying amount described in paragraph 57(a), the entity shall recognise a loss in profit or loss and increase the liability for remaining coverage.
59
In applying the premium allocation approach, an entity:
(a)
may choose to recognise any insurance acquisition cash flows as expenses when it incurs those costs, provided that the coverage period of each contract in the group at initial recognition is no more than one year;
(b)
shall measure the liability for incurred claims for the group of insurance contracts at the fulfilment cash flows relating to incurred claims, applying paragraphs 33–37 and B36–B92. However, the entity is not required to adjust future cash flows for the time value of money and the effect of financial risk if those cash flows are expected to be paid or received in one year or less from the date the claims are incurred.
Reinsurance contracts held
60
The requirements in IFRS 17 are modified for reinsurance contracts held, as set out in paragraphs 61–70A.
61
An entity shall divide portfolios of reinsurance contracts held applying paragraphs 14–24, except that the references to onerous contracts in those paragraphs shall be replaced with a reference to contracts on which there is a net gain on initial recognition. For some reinsurance contracts held, applying paragraphs 14–24 will result in a group that comprises a single contract.
Recognition
62
Instead of applying paragraph 25, an entity shall recognise a group of reinsurance contracts held from the earlier of the following:
(a)
the beginning of the coverage period of the group of reinsurance contracts held; and
(b)
the date the entity recognises an onerous group of underlying insurance contracts applying paragraph 25(c), if the entity entered into the related reinsurance contract held in the group of reinsurance contracts held at or before that date.
62A
Notwithstanding paragraph 62(a), an entity shall delay the recognition of a group of reinsurance contracts held that provide proportionate coverage until the date that any underlying insurance contract is initially recognised, if that date is later than the beginning of the coverage period of the group of reinsurance contracts held.
Measurement
63
In applying the measurement requirements of paragraphs 32–36 to reinsurance contracts held, to the extent that the underlying contracts are also measured applying those paragraphs, the entity shall use consistent assumptions to measure the estimates of the present value of the future cash flows for the group of reinsurance contracts held and the estimates of the present value of the future cash flows for the group(s) of underlying insurance contracts. In addition, the entity shall include in the estimates of the present value of the future cash flows for the group of reinsurance contracts held the effect of any risk of non-performance by the issuer of the reinsurance contract, including the effects of collateral and losses from disputes.
64
Instead of applying paragraph 37, an entity shall determine the risk adjustment for non-financial risk so that it represents the amount of risk being transferred by the holder of the group of reinsurance contracts to the issuer of those contracts.
65
The requirements of paragraph 38 that relate to determining the contractual service margin on initial recognition are modified to reflect the fact that for a group of reinsurance contracts held there is no unearned profit but instead a net cost or net gain on purchasing the reinsurance. Hence, unless paragraph 65A applies, on initial recognition the entity shall recognise any net cost or net gain on purchasing the group of reinsurance contracts held as a contractual service margin measured at an amount equal to the sum of:
(a)
the fulfilment cash flows;
(b)
the amount derecognised at that date of any asset or liability previously recognised for cash flows related to the group of reinsurance contracts held;
(c)
any cash flows arising at that date; and
(d)
any income recognised in profit or loss applying paragraph 66A.
65A
If the net cost of purchasing reinsurance coverage relates to events that occurred before the purchase of the group of reinsurance contracts held, notwithstanding the requirements of paragraph B5, the entity shall recognise such a cost immediately in profit or loss as an expense.
66
Instead of applying paragraph 44, an entity shall measure the contractual service margin at the end of the reporting period for a group of reinsurance contracts held as the carrying amount determined at the start of the reporting period, adjusted for:
(a)
the effect of any new contracts added to the group (see paragraph 28);
(b)
interest accreted on the carrying amount of the contractual service margin, measured at the discount rates specified in paragraph B72(b);
(ba)
income recognised in profit or loss in the reporting period applying paragraph 66A;
(bb)
reversals of a loss-recovery component recognised applying paragraph 66B (see paragraph B119F) to the extent those reversals are not changes in the fulfilment cash flows of the group of reinsurance contracts held;
(c)
changes in the fulfilment cash flows, measured at the discount rates specified in paragraph B72(c), to the extent that the change relates to future service, unless:
(i)
the change results from a change in fulfilment cash flows allocated to a group of underlying insurance contracts that does not adjust the contractual service margin for the group of underlying insurance contracts; or
(ii)
the change results from applying paragraphs 57–58 (on onerous contracts), if the entity measures a group of underlying insurance contracts applying the premium allocation approach.
(d)
the effect of any currency exchange differences arising on the contractual service margin; and
(e)
the amount recognised in profit or loss because of services received in the period, determined by the allocation of the contractual service margin remaining at the end of the reporting period (before any allocation) over the current and remaining coverage period of the group of reinsurance contracts held, applying paragraph B119.
66A
An entity shall adjust the contractual service margin of a group of reinsurance contracts held, and as a result recognise income, when the entity recognises a loss on initial recognition of an onerous group of underlying insurance contracts or on addition of onerous underlying insurance contracts to a group (see paragraphs B119C– B119E).
66B
An entity shall establish (or adjust) a loss-recovery component of the asset for remaining coverage for a group of reinsurance contracts held depicting the recovery of losses recognised applying paragraphs 66(c)(i)–(ii) and 66A. The loss-recovery component determines the amounts that are presented in profit or loss as reversals of recoveries of losses from reinsurance contracts held and are consequently excluded from the allocation of premiums paid to the reinsurer (see paragraph B119F).
67
Changes in the fulfilment cash flows that result from changes in the risk of non-performance by the issuer of a reinsurance contract held do not relate to future service and shall not adjust the contractual service margin.
68
Reinsurance contracts held cannot be onerous. Accordingly, the requirements of paragraphs 47–52 do not apply.
Premium allocation approach for reinsurance contracts held
69
An entity may use the premium allocation approach set out in paragraphs 55–56 and 59 (adapted to reflect the features of reinsurance contracts held that differ from insurance contracts issued, for example the generation of expenses or reduction in expenses rather than revenue) to simplify the measurement of a group of reinsurance contracts held, if at the inception of the group:
(a)
the entity reasonably expects the resulting measurement would not differ materially from the result of applying the requirements in paragraphs 63–68; or
(b)
the coverage period of each contract in the group of reinsurance contracts held (including insurance coverage from all premiums within the contract boundary determined at that date applying paragraph 34) is one year or less.
70
An entity cannot meet the condition in paragraph 69(a) if, at the inception of the group, an entity expects significant variability in the fulfilment cash flows that would affect the measurement of the asset for remaining coverage during the period before a claim is incurred. Variability in the fulfilment cash flows increases with, for example:
(a)
the extent of future cash flows relating to any derivatives embedded in the contracts; and
(b)
the length of the coverage period of the group of reinsurance contracts held.
70A
If an entity measures a group of reinsurance contracts held applying the premium allocation approach, the entity shall apply paragraph 66A by adjusting the carrying amount of the asset for remaining coverage instead of adjusting the contractual service margin.
Investment contracts with discretionary participation features
71
An investment contract with discretionary participation features does not include a transfer of significant insurance risk. Consequently, the requirements in IFRS 17 for insurance contracts are modified for investment contracts with discretionary participation features as follows:
(a)
the date of initial recognition (see paragraphs 25 and 28) is the date the entity becomes party to the contract;
(b)
the contract boundary (see paragraph 34) is modified so that cash flows are within the contract boundary if they result from a substantive obligation of the entity to deliver cash at a present or future date. The entity has no substantive obligation to deliver cash if it has the practical ability to set a price for the promise to deliver the cash that fully reflects the amount of cash promised and related risks;
(c)
the allocation of the contractual service margin (see paragraphs 44(e) and 45(e)) is modified so that the entity shall recognise the contractual service margin over the duration of the group of contracts in a systematic way that reflects the transfer of investment services under the contract.
MODIFICATION AND DERECOGNITION
Modification of an insurance contract
72
If the terms of an insurance contract are modified, for example by agreement between the parties to the contract or by a change in regulation, an entity shall derecognise the original contract and recognise the modified contract as a new contract, applying IFRS 17 or other applicable Standards if, and only if, any of the conditions in (a)–(c) are satisfied. The exercise of a right included in the terms of a contract is not a modification. The conditions are that:
(a)
if the modified terms had been included at contract inception:
(i)
the modified contract would have been excluded from the scope of IFRS 17, applying paragraphs 3–8A;
(ii)
an entity would have separated different components from the host insurance contract applying paragraphs 10–13, resulting in a different insurance contract to which IFRS 17 would have applied;
(iii)
the modified contract would have had a substantially different contract boundary applying paragraph 34; or
(iv)
the modified contract would have been included in a different group of contracts applying paragraphs 14–24.
(b)
the original contract met the definition of an 
insurance contract with direct participation features
, but the modified contract no longer meets that definition, or vice versa; or
(c)
the entity applied the premium allocation approach in paragraphs 53–59 or paragraphs 69–70 to the original contract, but the modifications mean that the contract no longer meets the eligibility criteria for that approach in paragraph 53 or paragraph 69.
73
If a contract modification meets none of the conditions in paragraph 72, the entity shall treat changes in cash flows caused by the modification as changes in estimates of fulfilment cash flows by applying paragraphs 40–52.
Derecognition
74
An entity shall derecognise an insurance contract when, and only when:
(a)
it is extinguished, ie when the obligation specified in the insurance contract expires or is discharged or cancelled; or
(b)
any of the conditions in paragraph 72 are met.
75
When an insurance contract is extinguished, the entity is no longer at risk and is therefore no longer required to transfer any economic resources to satisfy the insurance contract. For example, when an entity buys reinsurance, it shall derecognise the underlying insurance contract(s) when, and only when, the underlying insurance contract(s) is or are extinguished.
76
An entity derecognises an insurance contract from within a group of contracts by applying the following requirements in IFRS 17:
(a)
the fulfilment cash flows allocated to the group are adjusted to eliminate the present value of the future cash flows and risk adjustment for non-financial risk relating to the rights and obligations that have been derecognised from the group, applying paragraphs 40(a)(i) and 40(b);
(b)
the contractual service margin of the group is adjusted for the change in fulfilment cash flows described in (a), to the extent required by paragraphs 44(c) and 45(c), unless paragraph 77 applies; and
(c)
the number of coverage units for expected remaining insurance contract services is adjusted to reflect the coverage units derecognised from the group, and the amount of the contractual service margin recognised in profit or loss in the period is based on that adjusted number applying paragraph B119.
77
When an entity derecognises an insurance contract because it transfers the contract to a third party or derecognises an insurance contract and recognises a new contract applying paragraph 72, the entity shall instead of applying paragraph 76(b):
(a)
adjust the contractual service margin of the group from which the contract has been derecognised, to the extent required by paragraphs 44(c) and 45(c), for the difference between (i) and either (ii) for contracts transferred to a third party or (iii) for contracts derecognised applying paragraph 72:
(i)
the change in the carrying amount of the group of insurance contracts resulting from the derecognition of the contract, applying paragraph 76(a);
(ii)
the premium charged by the third party;
(iii)
the premium the entity would have charged had it entered into a contract with equivalent terms as the new contract at the date of the contract modification, less any additional premium charged for the modification.
(b)
measure the new contract recognised applying paragraph 72 assuming that the entity received the premium described in (a)(iii) at the date of the modification.
PRESENTATION IN THE STATEMENT OF FINANCIAL POSITION
78
An entity shall present separately in the statement of financial position the carrying amount of portfolios of:
(a)
insurance contracts issued that are assets;
(b)
insurance contracts issued that are liabilities;
(c)
reinsurance contracts held that are assets; and
(d)
reinsurance contracts held that are liabilities.
79
An entity shall include any assets for insurance acquisition cash flows recognised applying paragraph 28B in the carrying amount of the related portfolios of insurance contracts issued, and any assets or liabilities for cash flows related to portfolios of reinsurance contracts held (see paragraph 65(b)) in the carrying amount of the portfolios of reinsurance contracts held.
RECOGNITION AND PRESENTATION IN THE STATEMENT(S) OF FINANCIAL PERFORMANCE (PARAGRAPHS B120–B136)
80
Applying paragraphs 41 and 42, an entity shall disaggregate the amounts recognised in the statement(s) of profit or loss and other comprehensive income (hereafter referred to as the statement(s) of financial performance) into:
(a)
an insurance service result (paragraphs 83–86), comprising insurance revenue and insurance service expenses; and
(b)
insurance finance income or expenses (paragraphs 87–92).
81
An entity is not required to disaggregate the change in the risk adjustment for non-financial risk between the insurance service result and insurance finance income or expenses. If an entity does not make such a disaggregation, it shall include the entire change in the risk adjustment for non-financial risk as part of the insurance service result.
82
An entity shall present income or expenses from reinsurance contracts held separately from the expenses or income from insurance contracts issued.
Insurance service result
83
An entity shall present in profit or loss insurance revenue arising from the groups of insurance contracts issued. Insurance revenue shall depict the provision of services arising from the group of insurance contracts at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those services. Paragraphs B120–B127 specify how an entity measures insurance revenue.
84
An entity shall present in profit or loss insurance service expenses arising from a group of insurance contracts issued, comprising incurred claims (excluding repayments of investment components), other incurred insurance service expenses and other amounts as described in paragraph 103(b).
85
Insurance revenue and insurance service expenses presented in profit or loss shall exclude any investment components. An entity shall not present premium information in profit or loss if that information is inconsistent with paragraph 83.
86
An entity may present the income or expenses from a group of reinsurance contracts held (see paragraphs 60–70A), other than insurance finance income or expenses, as a single amount; or the entity may present separately the amounts recovered from the reinsurer and an allocation of the premiums paid that together give a net amount equal to that single amount. If an entity presents separately the amounts recovered from the reinsurer and an allocation of the premiums paid, it shall:
(a)
treat reinsurance cash flows that are contingent on claims on the underlying contracts as part of the claims that are expected to be reimbursed under the reinsurance contract held;
(b)
treat amounts from the reinsurer that it expects to receive that are not contingent on claims of the underlying contracts (for example, some types of ceding commissions) as a reduction in the premiums to be paid to the reinsurer;
(ba)
treat amounts recognised relating to recovery of losses applying paragraphs 66(c)(i)–(ii) and 66A–66B as amounts recovered from the reinsurer; and
(c)
not present the allocation of premiums paid as a reduction in revenue.
Insurance finance income or expenses (see paragraphs B128–B136)
87
Insurance finance income or expenses comprises the change in the carrying amount of the group of insurance contracts arising from:
(a)
the effect of the time value of money and changes in the time value of money; and
(b)
the effect of financial risk and changes in financial risk; but
(c)
excluding any such changes for groups of insurance contracts with direct participation features that would adjust the contractual service margin but do not do so when applying paragraphs 45(b)(ii), 45(b)(iii), 45(c)(ii) or 45(c)(iii). These are included in insurance service expenses.
87A
An entity shall apply:
(a)
paragraph B117A to insurance finance income or expenses arising from the application of paragraph B115 (risk mitigation); and
(b)
paragraphs 88 and 89 to all other insurance finance income or expenses.
88
In applying paragraph 87A(b), unless paragraph 89 applies, an entity shall make an accounting policy choice between:
(a)
including insurance finance income or expenses for the period in profit or loss; or
(b)
disaggregating insurance finance income or expenses for the period to include in profit or loss an amount determined by a systematic allocation of the expected total insurance finance income or expenses over the duration of the group of contracts, applying paragraphs B130–B133.
89
In applying paragraph 87A(b), for insurance contracts with direct participation features, for which the entity holds the underlying items, an entity shall make an accounting policy choice between:
(a)
including insurance finance income or expenses for the period in profit or loss; or
(b)
disaggregating insurance finance income or expenses for the period to include in profit or loss an amount that eliminates accounting mismatches with income or expenses included in profit or loss on the underlying items held, applying paragraphs B134–B136.
90
If an entity chooses the accounting policy set out in paragraph 88(b) or in paragraph 89(b), it shall include in other comprehensive income the difference between the insurance finance income or expenses measured on the basis set out in those paragraphs and the total insurance finance income or expenses for the period.
91
If an entity transfers a group of insurance contracts or derecognises an insurance contract applying paragraph 77:
(a)
it shall reclassify to profit or loss as a reclassification adjustment (see IAS 1 
Presentation of Financial Statements
) any remaining amounts for the group (or contract) that were previously recognised in other comprehensive income because the entity chose the accounting policy set out in paragraph 88(b);
(b)
it shall not reclassify to profit or loss as a reclassification adjustment (see IAS 1) any remaining amounts for the group (or contract) that were previously recognised in other comprehensive income because the entity chose the accounting policy set out in paragraph 89(b).
92
Paragraph 30 requires an entity to treat an insurance contract as a monetary item under IAS 21 for the purpose of translating foreign exchange items into the entity’s functional currency. An entity includes exchange differences on changes in the carrying amount of groups of insurance contracts in the statement of profit or loss, unless they relate to changes in the carrying amount of groups of insurance contracts included in other comprehensive income applying paragraph 90, in which case they shall be included in other comprehensive income.
DISCLOSURE
93
The objective of the disclosure requirements is for an entity to disclose information in the notes that, together with the information provided in the statement of financial position, statement(s) of financial performance and statement of cash flows, gives a basis for users of financial statements to assess the effect that contracts within the scope of IFRS 17 have on the entity’s financial position, financial performance and cash flows. To achieve that objective, an entity shall disclose qualitative and quantitative information about:
(a)
the amounts recognised in its financial statements for contracts within the scope of IFRS 17 (see paragraphs 97–116);
(b)
the significant judgements, and changes in those judgements, made when applying IFRS 17 (see paragraphs 117–120); and
(c)
the nature and extent of the risks from contracts within the scope of IFRS 17 (see paragraphs 121–132).
94
An entity shall consider the level of detail necessary to satisfy the disclosure objective and how much emphasis to place on each of the various requirements. If the disclosures provided, applying paragraphs 97–132, are not enough to meet the objective in paragraph 93, an entity shall disclose additional information necessary to meet that objective.
95
An entity shall aggregate or disaggregate information so that useful information is not obscured either by the inclusion of a large amount of insignificant detail or by the aggregation of items that have different characteristics.
96
Paragraphs 29–31 of IAS 1 set out requirements relating to materiality and aggregation of information. Examples of aggregation bases that might be appropriate for information disclosed about insurance contracts are:
(a)
type of contract (for example, major product lines);
(b)
geographical area (for example, country or region); or
(c)
reportable segment, as defined in IFRS 8 
Operating Segments
.
Explanation of recognised amounts
97
Of the disclosures required by paragraphs 98–109A, only those in paragraphs 98–100, 102–103, 105–105B and 109A apply to contracts to which the premium allocation approach has been applied. If an entity uses the premium allocation approach, it shall also disclose:
(a)
which of the criteria in paragraphs 53 and 69 it has satisfied;
(b)
whether it makes an adjustment for the time value of money and the effect of financial risk applying paragraphs 56, 57(b) and 59(b); and
(c)
the method it has chosen to recognise insurance acquisition cash flows applying paragraph 59(a).
98
An entity shall disclose reconciliations that show how the net carrying amounts of contracts within the scope of IFRS 17 changed during the period because of cash flows and income and expenses recognised in the statement(s) of financial performance. Separate reconciliations shall be disclosed for insurance contracts issued and reinsurance contracts held. An entity shall adapt the requirements of paragraphs 100–109 to reflect the features of reinsurance contracts held that differ from insurance contracts issued; for example, the generation of expenses or reduction in expenses rather than revenue.
99
An entity shall provide enough information in the reconciliations to enable users of financial statements to identify changes from cash flows and amounts that are recognised in the statement(s) of financial performance. To comply with this requirement, an entity shall:
(a)
disclose, in a table, the reconciliations set out in paragraphs 100–105B; and
(b)
for each reconciliation, present the net carrying amounts at the beginning and at the end of the period, disaggregated into a total for portfolios of contracts that are assets and a total for portfolios of contracts that are liabilities, that equal the amounts presented in the statement of financial position applying paragraph 78.
100
An entity shall disclose reconciliations from the opening to the closing balances separately for each of:
(a)
the net liabilities (or assets) for the remaining coverage component, excluding any loss component;
(b)
any loss component (see paragraphs 47–52 and 57–58);
(c)
the liabilities for incurred claims. For insurance contracts to which the premium allocation approach described in paragraphs 53–59 or 69–70A has been applied, an entity shall disclose separate reconciliations for:
(i)
the estimates of the present value of the future cash flows; and
(ii)
the risk adjustment for non-financial risk.
101
For insurance contracts other than those to which the premium allocation approach described in paragraphs 53–59 or 69–70A has been applied, an entity shall also disclose reconciliations from the opening to the closing balances separately for each of:
(a)
the estimates of the present value of the future cash flows;
(b)
the risk adjustment for non-financial risk; and
(c)
the contractual service margin.
102
The objective of the reconciliations in paragraphs 100–101 is to provide different types of information about the insurance service result.
103
An entity shall separately disclose in the reconciliations required in paragraph 100 each of the following amounts related to services, if applicable:
(a)
insurance revenue;
(b)
insurance service expenses, showing separately:
(i)
incurred claims (excluding investment components) and other incurred insurance service expenses;
(ii)
amortisation of insurance acquisition cash flows;
(iii)
changes that relate to past service, ie changes in fulfilment cash flows relating to the liability for incurred claims; and
(iv)
changes that relate to future service, ie losses on onerous groups of contracts and reversals of such losses.
(c)
investment components excluded from insurance revenue and insurance service expenses (combined with refunds of premiums unless refunds of premiums are presented as part of the cash flows in the period described in paragraph 105(a)(i)).
104
An entity shall separately disclose in the reconciliations required in paragraph 101 each of the following amounts related to services, if applicable:
(a)
changes that relate to future service, applying paragraphs B96–B118, showing separately:
(i)
changes in estimates that adjust the contractual service margin;
(ii)
changes in estimates that do not adjust the contractual service margin, ie losses on groups of onerous contracts and reversals of such losses; and
(iii)
the effects of contracts initially recognised in the period.
(b)
changes that relate to current service, ie:
(i)
the amount of the contractual service margin recognised in profit or loss to reflect the transfer of services;
(ii)
the change in the risk adjustment for non-financial risk that does not relate to future service or past service; and
(iii)
experience adjustments
 (see paragraphs B97(c) and B113(a)), excluding amounts relating to the risk adjustment for non-financial risk included in (ii).
(c)
changes that relate to past service, ie changes in fulfilment cash flows relating to incurred claims (see paragraphs B97(b) and B113(a)).
105
To complete the reconciliations in paragraphs 100–101, an entity shall also disclose separately each of the following amounts not related to services provided in the period, if applicable:
(a)
cash flows in the period, including:
(i)
premiums received for insurance contracts issued (or paid for reinsurance contracts held);
(ii)
insurance acquisition cash flows; and
(iii)
incurred claims paid and other insurance service expenses paid for insurance contracts issued (or recovered under reinsurance contracts held), excluding insurance acquisition cash flows.
(b)
the effect of changes in the risk of non-performance by the issuer of reinsurance contracts held;
(c)
insurance finance income or expenses; and
(d)
any additional line items that may be necessary to understand the change in the net carrying amount of the insurance contracts.
105A
An entity shall disclose a reconciliation from the opening to the closing balance of assets for insurance acquisition cash flows recognised applying paragraph 28B. An entity shall aggregate information for the reconciliation at a level that is consistent with that for the reconciliation of insurance contracts, applying paragraph 98.
105B
An entity shall separately disclose in the reconciliation required by paragraph 105A any impairment losses and reversals of impairment losses recognised applying paragraph 28E–28F.
106
For insurance contracts issued other than those to which the premium allocation approach described in paragraphs 53–59 has been applied, an entity shall disclose an analysis of the insurance revenue recognised in the period comprising:
(a)
the amounts relating to the changes in the liability for remaining coverage as specified in paragraph B124, separately disclosing:
(i)
the insurance service expenses incurred during the period as specified in paragraph B124(a);
(ii)
the change in the risk adjustment for non-financial risk, as specified in paragraph B124(b);
(iii)
the amount of the contractual service margin recognised in profit or loss because of the transfer of insurance contract services in the period, as specified in paragraph B124(c); and
(iv)
other amounts, if any, for example, experience adjustments for premium receipts other than those that relate to future service as specified in paragraph B124(d).
(b)
the allocation of the portion of the premiums that relate to the recovery of insurance acquisition cash flows (see paragraph B125).
107
For insurance contracts other than those to which the premium allocation approach described in paragraphs 53–59 or 69–70A has been applied, an entity shall disclose the effect on the statement of financial position separately for insurance contracts issued and reinsurance contracts held that are initially recognised in the period, showing their effect at initial recognition on:
(a)
the estimates of the present value of future cash outflows, showing separately the amount of the insurance acquisition cash flows;
(b)
the estimates of the present value of future cash inflows;
(c)
the risk adjustment for non-financial risk; and
(d)
the contractual service margin.
108
In the disclosures required by paragraph 107, an entity shall separately disclose amounts resulting from:
(a)
contracts acquired from other entities in transfers of insurance contracts or business combinations; and
(b)
groups of contracts that are onerous.
109
For insurance contracts other than those to which the premium allocation approach described in paragraphs 53–59 or 69–70A has been applied, an entity shall disclose when it expects to recognise the contractual service margin remaining at the end of the reporting period in profit or loss quantitatively, in appropriate time bands. Such information shall be provided separately for insurance contracts issued and reinsurance contracts held.
109A
An entity shall disclose quantitatively, in appropriate time bands, when it expects to derecognise an asset for insurance acquisition cash flows applying paragraph 28C.
Insurance finance income or expenses
110
An entity shall disclose and explain the total amount of insurance finance income or expenses in the reporting period. In particular, an entity shall explain the relationship between insurance finance income or expenses and the investment return on its assets, to enable users of its financial statements to evaluate the sources of finance income or expenses recognised in profit or loss and other comprehensive income.
111
For contracts with direct participation features, the entity shall describe the composition of the underlying items and disclose their fair value.
112
For contracts with direct participation features, if an entity chooses not to adjust the contractual service margin for some changes in the fulfilment cash flows, applying paragraph B115, it shall disclose the effect of that choice on the adjustment to the contractual service margin in the current period.
113
For contracts with direct participation features, if an entity changes the basis of disaggregation of insurance finance income or expenses between profit or loss and other comprehensive income, applying paragraph B135, it shall disclose, in the period when the change in approach occurred:
(a)
the reason why the entity was required to change the basis of disaggregation;
(b)
the amount of any adjustment for each financial statement line item affected; and
(c)
the carrying amount of the group of insurance contracts to which the change applied at the date of the change.
Transition amounts
114
An entity shall provide disclosures that enable users of financial statements to identify the effect of groups of insurance contracts measured at the transition date applying the modified retrospective approach (see paragraphs C6–C19A) or the fair value approach (see paragraphs C20–C24B) on the contractual service margin and insurance revenue in subsequent periods. Hence an entity shall disclose the reconciliation of the contractual service margin applying paragraph 101(c), and the amount of insurance revenue applying paragraph 103(a), separately for:
(a)
insurance contracts that existed at the transition date to which the entity has applied the modified retrospective approach;
(b)
insurance contracts that existed at the transition date to which the entity has applied the fair value approach; and
(c)
all other insurance contracts.
115
For all periods in which disclosures are made applying paragraphs 114(a) or 114(b), to enable users of financial statements to understand the nature and significance of the methods used and judgements applied in determining the transition amounts, an entity shall explain how it determined the measurement of insurance contracts at the transition date.
116
An entity that chooses to disaggregate insurance finance income or expenses between profit or loss and other comprehensive income applies paragraphs C18(b), C19(b), C24(b) and C24(c) to determine the cumulative difference between the insurance finance income or expenses that would have been recognised in profit or loss and the total insurance finance income or expenses at the transition date for the groups of insurance contracts to which the disaggregation applies. For all periods in which amounts determined applying these paragraphs exist, the entity shall disclose a reconciliation from the opening to the closing balance of the cumulative amounts included in other comprehensive income for financial assets measured at fair value through other comprehensive income related to the groups of insurance contracts. The reconciliation shall include, for example, gains or losses recognised in other comprehensive income in the period and gains or losses previously recognised in other comprehensive income in previous periods reclassified in the period to profit or loss.
Significant judgements in applying IFRS 17
117
An entity shall disclose the significant judgements and changes in judgements made in applying IFRS 17. Specifically, an entity shall disclose the inputs, assumptions and estimation techniques used, including:
(a)
the methods used to measure insurance contracts within the scope of IFRS 17 and the processes for estimating the inputs to those methods. Unless impracticable, an entity shall also provide quantitative information about those inputs;
(b)
any changes in the methods and processes for estimating inputs used to measure contracts, the reason for each change, and the type of contracts affected;
(c)
to the extent not covered in (a), the approach used:
(i)
to distinguish changes in estimates of future cash flows arising from the exercise of discretion from other changes in estimates of future cash flows for contracts without direct participation features (see paragraph B98);
(ii)
to determine the risk adjustment for non-financial risk, including whether changes in the risk adjustment for non-financial risk are disaggregated into an insurance service component and an insurance finance component or are presented in full in the insurance service result;
(iii)
to determine discount rates;
(iv)
to determine investment components; and
(v)
to determine the relative weighting of the benefits provided by insurance coverage and investment-return service or by insurance coverage and investment-related service (see paragraphs B119–B119B).
118
If, applying paragraph 88(b) or paragraph 89(b), an entity chooses to disaggregate insurance finance income or expenses into amounts presented in profit or loss and amounts presented in other comprehensive income, the entity shall disclose an explanation of the methods used to determine the insurance finance income or expenses recognised in profit or loss.
119
An entity shall disclose the confidence level used to determine the risk adjustment for non-financial risk. If the entity uses a technique other than the confidence level technique for determining the risk adjustment for non-financial risk, it shall disclose the technique used and the confidence level corresponding to the results of that technique.
120
An entity shall disclose the yield curve (or range of yield curves) used to discount cash flows that do not vary based on the returns on underlying items, applying paragraph 36. When an entity provides this disclosure in aggregate for a number of groups of insurance contracts, it shall provide such disclosures in the form of weighted averages, or relatively narrow ranges.
Nature and extent of risks that arise from contracts within the scope of IFRS 17
121
An entity shall disclose information that enables users of its financial statements to evaluate the nature, amount, timing and uncertainty of future cash flows that arise from contracts within the scope of IFRS 17. Paragraphs 122–132 contain requirements for disclosures that would normally be necessary to meet this requirement.
122
These disclosures focus on the insurance and financial risks that arise from insurance contracts and how they have been managed. Financial risks typically include, but are not limited to, credit risk, liquidity risk and market risk.
123
If the information disclosed about an entity’s exposure to risk at the end of the reporting period is not representative of its exposure to risk during the period, the entity shall disclose that fact, the reason why the period-end exposure is not representative, and further information that is representative of its risk exposure during the period.
124
For each type of risk arising from contracts within the scope of IFRS 17, an entity shall disclose:
(a)
the exposures to risks and how they arise;
(b)
the entity’s objectives, policies and processes for managing the risks and the methods used to measure the risks; and
(c)
any changes in (a) or (b) from the previous period.
125
For each type of risk arising from contracts within the scope of IFRS 17, an entity shall disclose:
(a)
summary quantitative information about its exposure to that risk at the end of the reporting period. This disclosure shall be based on the information provided internally to the entity’s key management personnel;
(b)
the disclosures required by paragraphs 127–132, to the extent not provided applying (a) of this paragraph.
126
An entity shall disclose information about the effect of the regulatory frameworks in which it operates; for example, minimum capital requirements or required interest-rate guarantees. If an entity applies paragraph 20 in determining the groups of insurance contracts to which it applies the recognition and measurement requirements of IFRS 17, it shall disclose that fact.
All types of risk—concentrations of risk
127
An entity shall disclose information about concentrations of risk arising from contracts within the scope of IFRS 17, including a description of how the entity determines the concentrations, and a description of the shared characteristic that identifies each concentration (for example, the type of insured event, industry, geographical area, or currency). Concentrations of financial risk might arise, for example, from interest-rate guarantees that come into effect at the same level for a large number of contracts. Concentrations of financial risk might also arise from concentrations of non-financial risk; for example, if an entity provides product liability protection to pharmaceutical companies and also holds investments in those companies.
Insurance and market risks—sensitivity analysis
128
An entity shall disclose information about sensitivities to changes in risk variables arising from contracts within the scope of IFRS 17. To comply with this requirement, an entity shall disclose:
(a)
a sensitivity analysis that shows how profit or loss and equity would have been affected by changes in risk variables that were reasonably possible at the end of the reporting period:
(i)
for insurance risk—showing the effect for insurance contracts issued, before and after risk mitigation by reinsurance contracts held; and
(ii)
for each type of market risk—in a way that explains the relationship between the sensitivities to changes in risk variables arising from insurance contracts and those arising from financial assets held by the entity.
(b)
the methods and assumptions used in preparing the sensitivity analysis; and
(c)
changes from the previous period in the methods and assumptions used in preparing the sensitivity analysis, and the reasons for such changes.
129
If an entity prepares a sensitivity analysis that shows how amounts different from those specified in paragraph 128(a) are affected by changes in risk variables and uses that sensitivity analysis to manage risks arising from contracts within the scope of IFRS 17, it may use that sensitivity analysis in place of the analysis specified in paragraph 128(a). 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 information provided; and
(b)
an explanation of the objective of the method used and of any limitations that may result in the information provided.
Insurance risk—claims development
130
An entity shall disclose actual claims compared with previous estimates of the undiscounted amount of the claims (ie claims development). The disclosure about claims development shall start with the period when the earliest material claim(s) arose and for which there is still uncertainty about the amount and timing of the claims payments at the end of the reporting period; but the disclosure is not required to start more than 10 years before the end of the reporting period. The entity is not required to disclose information about the development of claims for which uncertainty about the amount and timing of the claims payments is typically resolved within one year. An entity shall reconcile the disclosure about claims development with the aggregate carrying amount of the groups of insurance contracts, which the entity discloses applying paragraph 100(c).
Credit risk—other information
131
For credit risk that arises from contracts within the scope of IFRS 17, an entity shall disclose:
(a)
the amount that best represents its maximum exposure to credit risk at the end of the reporting period, separately for insurance contracts issued and reinsurance contracts held; and
(b)
information about the credit quality of reinsurance contracts held that are assets.
Liquidity risk—other information
132
For liquidity risk arising from contracts within the scope of IFRS 17, an entity shall disclose:
(a)
a description of how it manages the liquidity risk;
(b)
separate maturity analyses for portfolios of insurance contracts issued that are liabilities and portfolios of reinsurance contracts held that are liabilities that show, as a minimum, net cash flows of the portfolios for each of the first five years after the reporting date and in aggregate beyond the first five years. An entity is not required to include in these analyses liabilities for remaining coverage measured applying paragraphs 55–59 and paragraphs 69–70A. The analyses may take the form of:
(i)
an analysis, by estimated timing, of the remaining contractual undiscounted net cash flows; or
(ii)
an analysis, by estimated timing, of the estimates of the present value of the future cash flows.
(c)
the amounts that are payable on demand, explaining the relationship between such amounts and the carrying amount of the related portfolios of contracts, if not disclosed applying (b) of this paragraph.
Appendix A
Defined terms
This appendix is an integral part of IFRS 17
 Insurance Contracts.
contractual service margin
A component of the carrying amount of the asset or liability for a 
group of insurance contracts
 representing the unearned profit the entity will recognise as it provides 
insurance contract services
 under the 
insurance contracts
 in the group.
coverage period
The period during which the entity provides 
insurance contract services
. This period includes the 
insurance contract services
 that relate to all premiums within the boundary of the 
insurance contract
.
experience adjustment
A difference between:
(a)
for premium receipts (and any related cash flows such as 
insurance acquisition cash flows
 and insurance premium taxes)—the estimate at the beginning of the period of the amounts expected in the period and the actual cash flows in the period; or
(b)
for insurance service expenses (excluding insurance acquisition expenses)—the estimate at the beginning of the period of the amounts expected to be incurred in the period and the actual amounts incurred in the period.
financial risk
The risk of a possible future change in one or more of a specified interest rate, financial instrument price, commodity price, currency 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.
fulfilment cash flows
An explicit, unbiased and probability-weighted estimate (ie expected value) of the present value of the future cash outflows minus the present value of the future cash inflows that will arise as the entity fulfils 
insurance contracts
, including a 
risk adjustment for non- financial risk
.
group of insurance contracts
A set of 
insurance contracts
 resulting from the division of a 
portfolio of insurance contracts
 into, at a minimum, contracts issued within a period of no longer than one year and that, at initial recognition:
(a)
are onerous, if any;
(b)
have no significant possibility of becoming onerous subsequently, if any; or
(c)
do not fall into either (a) or (b), if any.
insurance acquisition cash flows
Cash flows arising from the costs of selling, underwriting and starting a 
group of insurance contracts
 (issued or expected to be issued) that are directly attributable to the 
portfolio of insurance contracts
 to which the group belongs. Such cash flows include cash flows that are not directly attributable to individual contracts or 
groups of insurance contracts
 within the portfolio.
insurance contract
A contract under which one party (the issuer) 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
.
insurance contract services
The following services that an entity provides to a 
policyholder
 of an 
insurance contract
:
(a)
coverage for an 
insured event
 (insurance coverage);
(b)
for 
insurance contracts without direct participation features
, the generation of an investment return for the policyholder, if applicable (investment-return service); and
(c)
for 
insurance contracts with direct participation features
, the management of underlying items on behalf of the 
policyholder
 (investment-related service).
insurance contract with direct participation features
An 
insurance contract
 for which, at inception:
(a)
the contractual terms specify that the 
policyholder
 participates in a share of a clearly identified pool of 
underlying items
;
(b)
the entity expects to pay to the 
policyholder
 an amount equal to a substantial share of the fair value returns on the 
underlying items
; and
(c)
the entity expects a substantial proportion of any change in the amounts to be paid to the 
policyholder
 to vary with the change in fair value of the 
underlying items
.
insurance contract without direct participation features
An 
insurance contract
 that is not an 
insurance contract with direct participation features
.
insurance risk
Risk, other than 
financial risk
, transferred from the holder of a contract to the issuer.
insured event
An uncertain future event covered by an 
insurance contract
 that creates 
insurance risk
.
investment component
The amounts that an 
insurance contract
 requires the entity to repay to a 
policyholder
 in all circumstances, regardless of whether an 
insured event
 occurs.
investment contract with discretionary participation features
A financial instrument that provides a particular investor with the contractual right to receive, as a supplement to an amount not subject to the discretion of the issuer, additional amounts:
(a)
that are expected to be a significant portion of the total contractual benefits;
(b)
the timing or amount of which are contractually at the discretion of the issuer; and
(c)
that are contractually based on:
(i)
the returns on 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 entity or fund that issues the contract.
liability for incurred claims
An entity’s obligation to:
(a)
investigate and pay valid claims for 
insured events
 that have already occurred, including events that have occurred but for which claims have not been reported, and other incurred insurance expenses; and
(b)
pay amounts that are not included in (a) and that relate to:
(i)
insurance contract services
 that have already been provided; or
(ii)
any 
investment components
 or other amounts that are not related to the provision of 
insurance contract services
 and that are not in the 
liability for remaining coverage
.
liability for remaining coverage
An entity’s obligation to:
(a)
investigate and pay valid claims under existing 
insurance contracts
 for 
insured events
 that have not yet occurred (ie the obligation that relates to the unexpired portion of the insurance coverage); and
(b)
pay amounts under existing 
insurance contracts
 that are not included in (a) and that relate to:
(i)
insurance contract services
 not yet provided (ie the obligations that relate to future provision of 
insurance contract services
); or
(ii)
any 
investment components
 or other amounts that are not related to the provision of 
insurance contract services
 and that have not been transferred to the 
liability for incurred claims
.
policyholder
A party that has a right to compensation under an 
insurance contract
 if an 
insured event
 occurs.
portfolio of insurance contracts
Insurance contracts
 subject to similar risks and managed together.
reinsurance contract
An 
insurance contract
 issued by one entity (the reinsurer) to compensate another entity for claims arising from one or more 
insurance contracts
 issued by that other entity (underlying contracts).
risk adjustment for non- financial risk
The compensation an entity requires for bearing the uncertainty about the amount and timing of the cash flows that arises from non-financial risk as the entity fulfils 
insurance contracts
.
underlying items
Items that determine some of the amounts payable to a 
policyholder
. 
Underlying items
 can comprise any items; for example, a reference portfolio of assets, the net assets of the entity, or a specified subset of the net assets of the entity.
Appendix B
Application guidance
This appendix is an integral part of IFRS 17
 Insurance Contracts.
B1
This appendix provides guidance on the following:
(a)
definition of an insurance contract (see paragraphs B2–B30);
(b)
separation of components from an insurance contract (see paragraphs B31–B35);
(ba)
asset for insurance acquisition cash flows (see paragraphs B35A–B35D);
(c)
measurement (see paragraphs B36–B119F);
(d)
insurance revenue (see paragraphs B120–B127);
(e)
insurance finance income or expenses (see paragraphs B128–B136); and
(f)
interim financial statements (see paragraph B137).
DEFINITION OF AN INSURANCE CONTRACT (APPENDIX A)
B2
This section provides guidance on the definition of an insurance contract as specified in Appendix A. It addresses the following:
(a)
uncertain future event (see paragraphs B3–B5);
(b)
payments in kind (see paragraph B6);
(c)
the distinction between insurance risk and other risks (see paragraphs B7–B16);
(d)
significant insurance risk (see paragraphs B17–B23);
(e)
changes in the level of insurance risk (see paragraphs B24–B25); and
(f)
examples of insurance contracts (see paragraphs B26–B30).
Uncertain future event
B3
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)
the probability of an insured event occurring;
(b)
when the insured event will occur; or
(c)
how much the entity will need to pay if the insured event occurs.
B4
In some insurance contracts, the insured event is the discovery of a loss during the term of the contract, even if that 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.
B5
Some insurance contracts cover events that have already occurred but the financial effect of which is still uncertain. An example is an insurance contract that provides insurance coverage against an adverse development of an event that has already occurred. In such contracts, the insured event is the determination of the ultimate cost of those claims.
Payments in kind
B6
Some insurance contracts require or permit payments to be made in kind. In such cases, the entity provides goods or services to the policyholder to settle the entity’s obligation to compensate the policyholder for insured events. An example is when the entity replaces a stolen article instead of reimbursing the policyholder for the amount of its loss. Another example is when an entity uses its own hospitals and medical staff to provide medical services covered by the insurance contract. Such contracts are insurance contracts, even though the claims are settled in kind. Fixed-fee service contracts that meet the conditions specified in paragraph 8 are also insurance contracts, but applying paragraph 8, an entity may choose to account for them applying either IFRS 17 or IFRS 15 
Revenue from Contracts with Customers
.
The distinction between insurance risk and other risks
B7
The definition of an insurance contract requires that one party accepts significant insurance risk from another party. IFRS 17 defines insurance risk 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.
B8
The definition of financial risk in Appendix A refers to financial and non-financial variables. Examples of non- financial variables not specific to a party to the contract include an index of earthquake losses in a particular region or temperatures in a particular city. Financial risk excludes risk from 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 changes in the market prices for such assets (ie a financial variable) and the condition of a specific non-financial asset held by a party to a contract (ie a non-financial variable). For example, if a guarantee of the residual value of a specific car in which the policyholder has an insurable interest exposes the guarantor to the risk of changes in the car’s physical condition, that risk is insurance risk, not financial risk.
B9
Some contracts expose the issuer to financial risk in addition to significant insurance risk. For example, many life insurance contracts guarantee a minimum rate of return to policyholders, creating financial risk, and at the same time promise death benefits that may significantly exceed the policyholder’s account balance, creating insurance risk in the form of mortality risk. Such contracts are insurance contracts.
B10
Under some contracts, an insured event triggers the payment of an amount linked to a price index. Such contracts are insurance contracts, provided that the payment contingent on the insured event could be significant. For example, a life-contingent annuity linked to a cost-of-living index transfers insurance risk because the payment is triggered by an uncertain future event—the survival of the person who receives the annuity. The link to the price index is a derivative, but it also transfers insurance risk because the number of payments to which the index applies depends on the survival of the annuitant. If the resulting transfer of insurance risk is significant, the derivative meets the definition of an insurance contract, in which case it shall not be separated from the host contract (see paragraph 11(a)).
B11
Insurance risk is the risk the entity accepts from the policyholder. This means the entity must accept, from the policyholder, a risk to which the policyholder was already exposed. Any new risk created by the contract for the entity or the policyholder is not insurance risk.
B12
The definition of an insurance contract refers to an adverse effect on the policyholder. This definition does not limit the payment by the entity to an amount equal to the financial effect of the adverse event. For example, the definition includes ‘new for old’ insurance coverage that pays the policyholder an amount that permits the replacement of a used and damaged asset with a new one. Similarly, the definition does not limit the payment under a life insurance contract to the financial loss suffered by the deceased’s dependants, nor does it exclude contracts that specify the payment of predetermined amounts to quantify the loss caused by death or an accident.
B13
Some contracts require a payment if a specified uncertain future event occurs, but do not require an adverse effect on the policyholder as a precondition for the payment. This type of contract is not an insurance contract even if the holder uses it to mitigate an underlying risk exposure. For example, if the holder uses a derivative to hedge an underlying financial or non-financial variable correlated with the cash flows from an asset of the entity, the derivative is not an insurance contract because the payment is not conditional on whether the holder is adversely affected by a reduction in the cash flows from the asset. The definition of an insurance contract refers to an uncertain future event for which an adverse effect on the policyholder is a contractual precondition for payment. A contractual precondition does not require the entity to investigate whether the event actually caused an adverse effect, but it does permit the entity to deny the payment if it is not satisfied that the event did cause an adverse effect.
B14
Lapse or persistency risk (the risk that the policyholder will cancel the contract earlier or later than the issuer had expected when pricing the contract) is not insurance risk because the resulting variability in the payment to the policyholder is not contingent on an uncertain future event that adversely affects the policyholder. Similarly, expense risk (ie the risk of unexpected increases in the administrative costs associated with the servicing of a contract, rather than in the costs associated with insured events) is not insurance risk because an unexpected increase in such expenses does not adversely affect the policyholder.
B15
Consequently, a contract that exposes the entity to lapse risk, persistency risk or expense risk is not an insurance contract unless it also exposes the entity to significant insurance risk. However, if the entity mitigates its risk by using a second contract to transfer part of the non-insurance risk to another party, the second contract exposes the other party to insurance risk.
B16
An entity can accept significant insurance risk from the policyholder only if the entity is separate from the policyholder. In the case of a mutual entity, the mutual entity accepts risk from each policyholder and pools that risk. Although policyholders bear that pooled risk collectively because they hold the residual interest in the entity, the mutual entity is a separate entity that has accepted the risk.
Significant insurance risk
B17
A contract is an insurance contract only if it transfers significant insurance risk. Paragraphs B7–B16 discuss insurance risk. Paragraphs B18–B23 discuss the assessment of whether the insurance risk is significant.
B18
Insurance risk is significant if, and only if, an insured event could cause the issuer to pay additional amounts that are significant in any single scenario, excluding scenarios that have no commercial substance (ie no discernible effect on the economics of the transaction). If an insured event could mean significant additional amounts would be payable in any scenario that has commercial substance, the condition in the previous sentence can be met even if the insured event is extremely unlikely, or even if the expected (ie probability-weighted) present value of the contingent cash flows is a small proportion of the expected present value of the remaining cash flows from the insurance contract.
B19
In addition, a contract transfers significant insurance risk only if there is a scenario that has commercial substance in which the issuer has a possibility of a loss on a present value basis. However, even if a reinsurance contract does not expose the issuer to the possibility of a significant loss, that contract is deemed to transfer significant insurance risk if it transfers to the reinsurer substantially all the insurance risk relating to the reinsured portions of the underlying insurance contracts.
B20
The additional amounts described in paragraph B18 are determined on a present-value basis. If an insurance contract requires payment when an event with uncertain timing occurs and if the payment is not adjusted for the time value of money, there may be scenarios in which the present value of the payment increases, even if its nominal value is fixed. An example is insurance that provides a fixed death benefit when the policyholder dies, with no expiry date for the cover (often referred to as whole-life insurance for a fixed amount). It is certain that the policyholder will die, but the date of death is uncertain. Payments may be made when an individual policyholder dies earlier than expected. Because those payments are not adjusted for the time value of money, significant insurance risk could exist even if there is no overall loss on the portfolio of contracts. Similarly, contractual terms that delay timely reimbursement to the policyholder can eliminate significant insurance risk. An entity shall use the discount rates required in paragraph 36 to determine the present value of the additional amounts.
B21
The additional amounts described in paragraph B18 refer to the present value of amounts that exceed those that would be payable if no insured event had occurred (excluding scenarios that lack commercial substance). Those additional amounts include claims handling and assessment costs, but exclude:
(a)
the loss of the ability to charge the policyholder for future service. For example, in an investment-linked life insurance contract, the death of the policyholder means that the entity can no longer perform investment management services and collect a fee for doing so. However, this economic loss for the entity does not result from insurance risk, just as a mutual fund manager does not take on insurance risk in relation to the possible death of a client. Consequently, the potential loss of future investment management fees is not relevant when assessing how much insurance risk is transferred by a contract;
(b)
a waiver, on death, of charges that would be made on cancellation or surrender. Because the contract brought those charges into existence, their waiver does not compensate the policyholder for a pre-existing risk. Consequently, they are not relevant when 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 CU1 million 
(
58
)
 if an asset suffers physical damage that causes an insignificant economic loss of CU1 to the holder. In this contract, the holder transfers the insignificant risk of losing CU1 to the issuer. At the same time, the contract creates a non-insurance risk that the issuer will need to pay CU999,999 if the specified event occurs. Because there is no scenario in which an insured event causes a significant loss to the holder of the contract, the issuer does not accept significant insurance risk from the holder and this contract is not an insurance contract;
(d)
possible reinsurance recoveries. The entity accounts for these separately.
B22
An entity shall assess the significance of insurance risk contract by contract. Consequently, the insurance risk can be significant even if there is minimal probability of significant losses for a portfolio or group of contracts.
B23
It follows from paragraphs B18–B22 that, if a contract pays a death benefit that exceeds the amount payable on survival, the contract is an insurance contract unless the additional death benefit is not significant (judged by reference to the contract itself rather than to an entire portfolio of contracts). As noted in paragraph B21(b), the waiver on death of cancellation or surrender charges is not included in this assessment if that 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.
Changes in the level of insurance risk
B24
For some contracts, the transfer of insurance risk to the issuer occurs after a period of 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 same rates the entity charges other new annuitants at the time the policyholder exercises that option. Such a contract transfers insurance risk to the issuer only after the option is exercised, because the entity remains free to price the annuity on a basis that reflects the insurance risk that will be transferred to the entity at that time. Consequently, the cash flows that would occur on the exercise of the option fall outside the boundary of the contract, and before exercise there are no insurance cash flows within the boundary of the contract. However, if the contract specifies the annuity rates (or a basis other than market rates for setting the annuity rates), the contract transfers insurance risk to the issuer because the issuer is exposed to the risk that the annuity rates will be unfavourable to the issuer when the policyholder exercises the option. In that case, the cash flows that would occur when the option is exercised are within the boundary of the contract.
B25
A contract that meets the definition of an insurance contract remains an insurance contract until all rights and obligations are extinguished (ie discharged, cancelled or expired), unless the contract is derecognised applying paragraphs 74–77, because of a contract modification.
Examples of insurance contracts
B26
The following are examples of contracts that are insurance contracts if the transfer of insurance risk is significant:
(a)
insurance against theft or damage;
(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, ie contracts that provide compensation for the uncertain future event —the survival of the annuitant or pensioner—to provide the annuitant or pensioner with a level of income that would otherwise be adversely affected by his or her survival. (Employers’ liabilities that arise from employee benefit plans and retirement benefit obligations reported by defined benefit retirement plans are outside the scope of IFRS 17, applying paragraph 7(b));
(e)
insurance against disability and medical costs;
(f)
surety bonds, fidelity bonds, performance bonds and bid bonds, ie contracts that compensate the holder if another party fails to perform a contractual obligation; for example, an obligation to construct a building;
(g)
product warranties. Product warranties issued by another party for goods sold by a manufacturer, dealer or retailer are within the scope of IFRS 17. However, product warranties issued directly by a manufacturer, dealer or retailer are outside the scope of IFRS 17 applying paragraph 7(a), and are instead within the scope of IFRS 15 or IAS 37 
Provisions, Contingent Liabilities and Contingent Assets
;
(h)
title insurance (insurance against the discovery of defects in the title to land or buildings that were not apparent when the insurance contract was issued). In this case, the insured event is the discovery of a defect in the title, not the defect itself;
(i)
travel insurance (compensation in cash or in kind to policyholders for losses suffered in advance of, or during, travel);
(j)
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 a foreign exchange rate);
(k)
insurance swaps and other contracts that require a payment depending on changes in climatic, geological or other physical variables that are specific to a party to the contract.
B27
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 transfer significant insurance risk to the issuer. For example, life insurance contracts in which the entity bears no significant mortality or morbidity risk are not insurance contracts; such contracts are financial instruments or service contracts—see paragraph B28. Investment contracts with discretionary participation features do not meet the definition of an insurance contract; however, they are within the scope of IFRS 17 provided they are issued by an entity that also issues insurance contracts, applying paragraph 3(c);
(b)
contracts that have the legal form of insurance, but return all significant insurance risk to the policyholder through non-cancellable and enforceable mechanisms that adjust future payments by the policyholder to the issuer as a direct result of insured losses. For example, some financial reinsurance contracts or some group contracts return all significant insurance risk to the policyholders; such contracts are normally financial instruments or service contracts (see paragraph B28);
(c)
self-insurance (ie retaining a risk that could have been covered by insurance). In such situations, there is no insurance contract because there is no agreement with another party. Thus, if an entity issues an insurance contract to its parent, subsidiary or fellow subsidiary, there is no insurance contract in the consolidated financial statements because there is no contract with another party. However, for the individual or separate financial statements of the issuer or holder, there is an insurance contract;
(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, the event to adversely affect the policyholder. However, this does not exclude from the definition of an insurance contract contracts that specify a predetermined payout to quantify the loss caused by a specified event such as a death or an accident (see paragraph B12);
(e)
derivatives that expose a party to financial risk but not insurance risk, because the derivatives require that party to make (or give them the right to receive) payment solely based on the changes in one or more of a specified interest rate, a financial instrument price, a commodity price, a foreign exchange rate, an index of prices or rates, a credit rating or a credit index or any other variable, provided that, in the case of a non- financial variable, the variable is not specific to a party to the contract;
(f)
credit-related guarantees that require payments even if the holder has not incurred a loss on the failure of the debtor to make payments when due; such contracts are accounted for applying IFRS 9 
Financial Instruments
 (see paragraph B29);
(g)
contracts that require a payment that depends on a climatic, geological or any other physical variable not specific to a party to the contract (commonly described as weather derivatives);
(h)
contracts that provide for reduced payments of principal, interest or both, that depend on a climatic, geological or any other physical variable, the effect of which is not specific to a party to the contract (commonly referred to as catastrophe bonds).
B28
An entity shall apply other applicable Standards, such as IFRS 9 and IFRS 15, to the contracts described in paragraph B27.
B29
The credit-related guarantees and credit insurance contracts discussed in paragraph B27(f) can have various legal forms, such as that of a guarantee, some types of letters of credit, a credit default contract or an insurance contract. Those contracts are insurance contracts if they require the issuer to make specified payments to reimburse the holder for a loss that the holder incurs because a specified debtor fails to make payment when due to the policyholder applying the original or modified terms of a debt instrument. However, such insurance contracts are excluded from the scope of IFRS 17 unless the issuer has previously asserted explicitly that it regards the contracts as insurance contracts and has used accounting applicable to insurance contracts (see paragraph 7(e)).
B30
Credit-related guarantees and credit insurance contracts that require payment, even if the policyholder has not incurred a loss on the failure of the debtor to make payments when due, are outside the scope of IFRS 17 because they do not transfer significant insurance risk. Such contracts include those that require payment:
(a)
regardless of whether the counterparty holds the underlying debt instrument; or
(b)
on a change in the credit rating or the credit index, rather than on the failure of a specified debtor to make payments when due.
SEPARATING COMPONENTS FROM AN INSURANCE CONTRACT (PARAGRAPHS 10–13)
Investment components (paragraph 11(b))
B31
Paragraph 11(b) requires an entity to separate a distinct investment component from the host insurance contract. An investment component is distinct if, and only if, both the following conditions are met:
(a)
the investment component and the insurance component are not highly interrelated;
(b)
a contract with equivalent terms is sold, or could be sold, separately in the same market or the same jurisdiction, either by entities that issue insurance contracts or by other parties. The entity shall take into account all information reasonably available in making this determination. The entity is not required to undertake an exhaustive search to identify whether an investment component is sold separately.
B32
An investment component and an insurance component are highly interrelated if, and only if:
(a)
the entity is unable to measure one component without considering the other. Thus, if the value of one component varies according to the value of the other, an entity shall apply IFRS 17 to account for the combined investment and insurance component; or
(b)
the policyholder is unable to benefit from one component unless the other is also present. Thus, if the lapse or maturity of one component in a contract causes the lapse or maturity of the other, the entity shall apply IFRS 17 to account for the combined investment component and insurance component.
Promises to transfer distinct goods or services other than insurance contract services (paragraph 12)
B33
Paragraph 12 requires an entity to separate from an insurance contract a promise to transfer distinct goods or services other than insurance contract services to a policyholder. For the purpose of separation, an entity shall not consider activities that an entity must undertake to fulfil a contract unless the entity transfers a good or service other than insurance contract services to the policyholder as those activities occur. For example, an entity may need to perform various administrative tasks to set up a contract. The performance of those tasks does not transfer a service to the policyholder as the tasks are performed.
B34
A good or service other than an insurance contract service promised to a policyholder is distinct if the policyholder can benefit from the good or service either on its own or together with other resources readily available to the policyholder. Readily available resources are goods or services that are sold separately (by the entity or by another entity), or resources that the policyholder has already got (from the entity or from other transactions or events).
B35
A good or service other than an insurance contract service that is promised to the policyholder is not distinct if:
(a)
the cash flows and risks associated with the good or service are highly interrelated with the cash flows and risks associated with the insurance components in the contract; and
(b)
the entity provides a significant service in integrating the good or service with the insurance components.
INSURANCE ACQUISITION CASH FLOWS (PARAGRAPHS 28A–28F)
B35A
To apply paragraph 28A, an entity shall use a systematic and rational method to allocate:
(a)
insurance acquisition cash flows directly attributable to a group of insurance contracts:
(i)
to that group; and
(ii)
to groups that will include insurance contracts that are expected to arise from renewals of the insurance contracts in that group.
(b)
insurance acquisition cash flows directly attributable to a portfolio of insurance contracts, other than those in (a), to groups of contracts in the portfolio.
B35B
At the end of each reporting period, an entity shall revise amounts allocated as specified in paragraph B35A to reflect any changes in assumptions that determine the inputs to the method of allocation used. An entity shall not change amounts allocated to a group of insurance contracts after all contracts have been added to the group (see paragraph B35C).
B35C
An entity might add insurance contracts to a group of insurance contracts across more than one reporting period (see paragraph 28). In those circumstances, an entity shall derecognise the portion of an asset for insurance acquisition cash flows that relates to insurance contracts added to the group in that period and continue to recognise an asset for insurance acquisition cash flows to the extent that the asset relates to insurance contracts expected to be added to the group in a future reporting period.
B35D
To apply paragraph 28E:
(a)
an entity shall recognise an impairment loss in profit or loss and reduce the carrying amount of an asset for insurance acquisition cash flows so that the carrying amount of the asset does not exceed the expected net cash inflow for the related group of insurance contracts, determined applying paragraph 32(a);
(b)
when an entity allocates insurance acquisition cash flows to groups of insurance contracts applying paragraph B35A(a)(ii), the entity shall recognise an impairment loss in profit or loss and reduce the carrying amount of the related assets for insurance acquisition cash flows to the extent that:
(i)
the entity expects those insurance acquisition cash flows to exceed the net cash inflow for the expected renewals, determined applying paragraph 32(a); and
(ii)
the excess determined applying (b)(i) has not already been recognised as an impairment loss applying (a).
MEASUREMENT (PARAGRAPHS 29–71)
Estimates of future cash flows (paragraphs 33–35)
B36
This section addresses:
(a)
unbiased use of all reasonable and supportable information available without undue cost or effort (see paragraphs B37–B41);
(b)
market variables and non-market variables (see paragraphs B42–B53);
(c)
using current estimates (see paragraphs B54–B60); and
(d)
cash flows within the contract boundary (see paragraphs B61–B71).
Unbiased use of all reasonable and supportable information available without undue cost or effort (paragraph 33(a))
B37
The objective of estimating future cash flows is to determine the expected value, or probability-weighted mean, of the full range of possible outcomes, considering all reasonable and supportable information available at the reporting date without undue cost or effort. Reasonable and supportable information available at the reporting date without undue cost or effort includes information about past events and current conditions, and forecasts of future conditions (see paragraph B41). Information available from an entity’s own information systems is considered to be available without undue cost or effort.
B38
The starting point for an estimate of the cash flows is a range of scenarios that reflects the full range of possible outcomes. Each scenario specifies the amount and timing of the cash flows for a particular outcome, and the estimated probability of that outcome. The cash flows from each scenario are discounted and weighted by the estimated probability of that outcome to derive an expected present value. Consequently, the objective is not to develop a most likely outcome, or a more-likely-than-not outcome, for future cash flows.
B39
When considering the full range of possible outcomes, the objective is to incorporate all reasonable and supportable information available without undue cost or effort in an unbiased way, rather than to identify every possible scenario. In practice, developing explicit scenarios is unnecessary if the resulting estimate is consistent with the measurement objective of considering all reasonable and supportable information available without undue cost or effort when determining the mean. For example, if an entity estimates that the probability distribution of outcomes is broadly consistent with a probability distribution that can be described completely with a small number of parameters, it will be sufficient to estimate the smaller number of parameters. Similarly, in some cases, relatively simple modelling may give an answer within an acceptable range of precision, without the need for many detailed simulations. However, in some cases, the cash flows may be driven by complex underlying factors and may respond in a non-linear fashion to changes in economic conditions. This may happen if, for example, the cash flows reflect a series of interrelated options that are implicit or explicit. In such cases, more sophisticated stochastic modelling is likely to be necessary to satisfy the measurement objective.
B40
The scenarios developed shall include unbiased estimates of the probability of catastrophic losses under existing contracts. Those scenarios exclude possible claims under possible future contracts.
B41
An entity shall estimate the probabilities and amounts of future payments under existing contracts on the basis of information obtained including:
(a)
information about claims already reported by policyholders;
(b)
other information about the known or estimated characteristics of the insurance contracts;
(c)
historical data about the entity’s own experience, supplemented when necessary with historical data from other sources. Historical data is adjusted to reflect current conditions, for example, if:
(i)
the characteristics of the insured population differ (or will differ, for example, because of adverse selection) from those of the population that has been used as a basis for the historical data;
(ii)
there are indications that historical trends will not continue, that new trends will emerge or that economic, demographic and other changes may affect the cash flows that arise from the existing insurance contracts; or
(iii)
there have been changes in items such as underwriting procedures and claims management procedures that may affect the relevance of historical data to the insurance contracts.
(d)
current price information, if available, for reinsurance contracts and other financial instruments (if any) covering similar risks, such as catastrophe bonds and weather derivatives, and recent market prices for transfers of insurance contracts. This information shall be adjusted to reflect the differences between the cash flows that arise from those reinsurance contracts or other financial instruments, and the cash flows that would arise as the entity fulfils the underlying contracts with the policyholder.
Market variables and non-market variables
B42
IFRS 17 identifies two types of variables:
(a)
market variables—variables that can be observed in, or derived directly from, markets (for example, prices of publicly traded securities and interest rates); and
(b)
non-market variables—all other variables (for example, the frequency and severity of insurance claims and mortality).
B43
Market variables will generally give rise to financial risk (for example, observable interest rates) and non-market variables will generally give rise to non-financial risk (for example, mortality rates). However, this will not always be the case. For example, there may be assumptions that relate to financial risks for which variables cannot be observed in, or derived directly from, markets (for example, interest rates that cannot be observed in, or derived directly from, markets).
Market variables (paragraph 33(b))
B44
Estimates of market variables shall be consistent with observable market prices at the measurement date. An entity shall maximise the use of observable inputs and shall not substitute its own estimates for observable market data except as described in paragraph 79 of IFRS 13 
Fair Value Measurement
. Consistent with IFRS 13, if variables need to be derived (for example, because no observable market variables exist) they shall be as consistent as possible with observable market variables.
B45
Market prices blend a range of views about possible future outcomes and also reflect the risk preferences of market participants. Consequently, they are not a single-point forecast of the future outcome. If the actual outcome differs from the previous market price, this does not mean that the market price was ‘wrong’.
B46
An important application of market variables is the notion of a replicating asset or a replicating portfolio of assets. A replicating asset is one whose cash flows 
exactly
 match, in all scenarios, the contractual cash flows of a group of insurance contracts in amount, timing and uncertainty. In some cases, a replicating asset may exist for some of the cash flows that arise from a group of insurance contracts. The fair value of that asset reflects both the expected present value of the cash flows from the asset and the risk associated with those cash flows. If a replicating portfolio of assets exists for some of the cash flows that arise from a group of insurance contracts, the entity can use the fair value of those assets to measure the relevant fulfilment cash flows instead of explicitly estimating the cash flows and discount rate.
B47
IFRS 17 does not require an entity to use a replicating portfolio technique. However, if a replicating asset or portfolio does exist for some of the cash flows that arise from insurance contracts and an entity chooses to use a different technique, the entity shall satisfy itself that a replicating portfolio technique would be unlikely to lead to a materially different measurement of those cash flows.
B48
Techniques other than a replicating portfolio technique, such as stochastic modelling techniques, may be more robust or easier to implement if there are significant interdependencies between cash flows that vary based on returns on assets and other cash flows. Judgement is required to determine the technique that best meets the objective of consistency with observable market variables in specific circumstances. In particular, the technique used must result in the measurement of any options and guarantees included in the insurance contracts being consistent with observable market prices (if any) for such options and guarantees.
Non – market variables
B49
Estimates of non-market variables shall reflect all reasonable and supportable evidence available without undue cost or effort, both external and internal.
B50
Non-market external data (for example, national mortality statistics) may have more or less relevance than internal data (for example, internally developed mortality statistics), depending on the circumstances. For example, an entity that issues life insurance contracts shall not rely solely on national mortality statistics, but shall consider all other reasonable and supportable internal and external sources of information available without undue cost or effort when developing unbiased estimates of probabilities for mortality scenarios for its insurance contracts. In developing those probabilities, an entity shall give more weight to the more persuasive information. For example:
(a)
internal mortality statistics may be more persuasive than national mortality data if national data is derived from a large population that is not representative of the insured population. This might be because, for example, the demographic characteristics of the insured population could significantly differ from those of the national population, meaning that an entity would need to place more weight on the internal data and less weight on the national statistics;
(b)
conversely, if the internal statistics are derived from a small population with characteristics that are believed to be close to those of the national population, and the national statistics are current, an entity shall place more weight on the national statistics.
B51
Estimated probabilities for non-market variables shall not contradict observable market variables. For example, estimated probabilities for future inflation rate scenarios shall be as consistent as possible with probabilities implied by market interest rates.
B52
In some cases, an entity may conclude that market variables vary independently of non-market variables. If so, the entity shall consider scenarios that reflect the range of outcomes for the non-market variables, with each scenario using the same observed value of the market variable.
B53
In other cases, market variables and non-market variables may be correlated. For example, there may be evidence that lapse rates (a non-market variable) are correlated with interest rates (a market variable). Similarly, there may be evidence that claim levels for house or car insurance are correlated with economic cycles and therefore with interest rates and expense amounts. The entity shall ensure that the probabilities for the scenarios and the risk adjustments for the non-financial risk that relates to the market variables are consistent with the observed market prices that depend on those market variables.
Using current estimates (paragraph 33(c))
B54
In estimating each cash flow scenario and its probability, an entity shall use all reasonable and supportable information available without undue cost or effort. An entity shall review the estimates that it made at the end of the previous reporting period and update them. In doing so, an entity shall consider whether:
(a)
the updated estimates faithfully represent the conditions at the end of the reporting period;
(b)
the changes in estimates faithfully represent the changes in conditions during the period. For example, suppose that estimates were at one end of a reasonable range at the beginning of the period. If the conditions have not changed, shifting the estimates to the other end of the range at the end of the period would not faithfully represent what has happened during the period. If an entity’s most recent estimates are different from its previous estimates, but conditions have not changed, it shall assess whether the new probabilities assigned to each scenario are justified. In updating its estimates of those probabilities, the entity shall consider both the evidence that supported its previous estimates and all newly available evidence, giving more weight to the more persuasive evidence.
B55
The probability assigned to each scenario shall reflect the conditions at the end of the reporting period. Consequently, applying IAS 10 
Events after the Reporting Period
, an event occurring after the end of the reporting period that resolves an uncertainty that existed at the end of the reporting period does not provide evidence of the conditions that existed at that date. For example, there may be a 20 per cent probability at the end of the reporting period that a major storm will strike during the remaining six months of an insurance contract. After the end of the reporting period but before the financial statements are authorised for issue, a major storm strikes. The fulfilment cash flows under that contract shall not reflect the storm that, with hindsight, is known to have occurred. Instead, the cash flows included in the measurement include the 20 per cent probability apparent at the end of the reporting period (with disclosure applying IAS 10 that a non-adjusting event occurred after the end of the reporting period).
B56
Current estimates of expected cash flows are not necessarily identical to the most recent actual experience. For example, suppose that mortality experience in the reporting period was 20 per cent worse than the previous mortality experience and previous expectations of mortality experience. Several factors could have caused the sudden change in experience, including:
(a)
lasting changes in mortality;
(b)
changes in the characteristics of the insured population (for example, changes in underwriting or distribution, or selective lapses by policyholders in unusually good health);
(c)
random fluctuations; or
(d)
identifiable non-recurring causes.
B57
An entity shall investigate the reasons for the change in experience and develop new estimates of cash flows and probabilities in the light of the most recent experience, the earlier experience and other information. The result for the example in paragraph B56 would typically be that the expected present value of death benefits changes, but not by as much as 20 per cent. In the example in paragraph B56, if mortality rates continue to be significantly higher than the previous estimates for reasons that are expected to continue, the estimated probability assigned to the high-mortality scenarios will increase.
B58
Estimates of non-market variables shall include information about the current level of insured events and information about trends. For example, mortality rates have consistently declined over long periods in many countries. The determination of the fulfilment cash flows reflects the probabilities that would be assigned to each possible trend scenario, taking account of all reasonable and supportable information available without undue cost or effort.
B59
Similarly, if cash flows allocated to a group of insurance contracts are sensitive to inflation, the determination of the fulfilment cash flows shall reflect current estimates of possible future inflation rates. Because inflation rates are likely to be correlated with interest rates, the measurement of fulfilment cash flows shall reflect the probabilities for each inflation scenario in a way that is consistent with the probabilities implied by the market interest rates used in estimating the discount rate (see paragraph B51).
B60
When estimating the cash flows, an entity shall take into account current expectations of future events that might affect those cash flows. The entity shall develop cash flow scenarios that reflect those future events, as well as unbiased estimates of the probability of each scenario. However, an entity shall not take into account current expectations of future changes in legislation that would change or discharge the present obligation or create new obligations under the existing insurance contract until the change in legislation is substantively enacted.
Cash flows within the contract boundary (paragraph 34)
B61
Estimates of cash flows in a scenario shall include all cash flows within the boundary of an existing contract and no other cash flows. An entity shall apply paragraph 2 in determining the boundary of an existing contract.
B62
Many insurance contracts have features that enable policyholders to take actions that change the amount, timing, nature or uncertainty of the amounts they will receive. Such features include renewal options, surrender options, conversion options and options to stop paying premiums while still receiving benefits under the contracts. The measurement of a group of insurance contracts shall reflect, on an expected value basis, the entity’s current estimates of how the policyholders in the group will exercise the options available, and the risk adjustment for non-financial risk shall reflect the entity’s current estimates of how the actual behaviour of the policyholders may differ from the expected behaviour. This requirement to determine the expected value applies regardless of the number of contracts in a group; for example it applies even if the group comprises a single contract. Thus, the measurement of a group of insurance contracts shall not assume a 100 per cent probability that policyholders will:
(a)
surrender their contracts, if there is some probability that some of the policyholders will not; or
(b)
continue their contracts, if there is some probability that some of the policyholders will not.
B63
When an issuer of an insurance contract is required by the contract to renew or otherwise continue the contract, it shall apply paragraph 34 to assess whether premiums and related cash flows that arise from the renewed contract are within the boundary of the original contract.
B64
Paragraph 34 refers to an entity’s practical ability to set a price at a future date (a renewal date) that fully reflects the risks in the contract from that date. An entity has that practical ability in the absence of constraints that prevent the entity from setting the same price it would for a new contract with the same characteristics as the existing contract issued on that date, or if it can amend the benefits to be consistent with the price it will charge. Similarly, an entity has that practical ability to set a price when it can reprice an existing contract so that the price reflects overall changes in the risks in a portfolio of insurance contracts, even if the price set for each individual policyholder does not reflect the change in risk for that specific policyholder. When assessing whether the entity has the practical ability to set a price that fully reflects the risks in the contract or portfolio, it shall consider all the risks that it would consider when underwriting equivalent contracts on the renewal date for the remaining service. In determining the estimates of future cash flows at the end of a reporting period, an entity shall reassess the boundary of an insurance contract to include the effect of changes in circumstances on the entity’s substantive rights and obligations.
B65
Cash flows within the boundary of an insurance contract are those that relate directly to the fulfilment of the contract, including cash flows for which the entity has discretion over the amount or timing. The cash flows within the boundary include:
(a)
premiums (including premium adjustments and instalment premiums) from a policyholder and any additional cash flows that result from those premiums;
(b)
payments to (or on behalf of) a policyholder, including claims that have already been reported but have not yet been paid (ie reported claims), incurred claims for events that have occurred but for which claims have not been reported and all future claims for which the entity has a substantive obligation (see paragraph 34);
(c)
payments to (or on behalf of) a policyholder that vary depending on returns on underlying items;
(d)
payments to (or on behalf of) a policyholder resulting from derivatives, for example, options and guarantees embedded in the contract, to the extent that those options and guarantees are not separated from the insurance contract (see paragraph 11(a));
(e)
an allocation of insurance acquisition cash flows attributable to the portfolio to which the contract belongs;
(f)
claim handling costs (ie the costs the entity will incur in investigating, processing and resolving claims under existing insurance contracts, including legal and loss-adjusters’ fees and internal costs of investigating claims and processing claim payments);
(g)
costs the entity will incur in providing contractual benefits paid in kind;
(h)
policy administration and maintenance costs, such as costs of premium billing and handling policy changes (for example, conversions and reinstatements). Such costs also include recurring commissions that are expected to be paid to intermediaries if a particular policyholder continues to pay the premiums within the boundary of the insurance contract;
(i)
transaction-based taxes (such as premium taxes, value added taxes and goods and services taxes) and levies (such as fire service levies and guarantee fund assessments) that arise directly from existing insurance contracts, or that can be attributed to them on a reasonable and consistent basis;
(j)
payments by the insurer in a fiduciary capacity to meet tax obligations incurred by the policyholder, and related receipts;
(k)
potential cash inflows from recoveries (such as salvage and subrogation) on future claims covered by existing insurance contracts and, to the extent that they do not qualify for recognition as separate assets, potential cash inflows from recoveries on past claims;
(ka)
costs the entity will incur:
(i)
performing investment activity, to the extent the entity performs that activity to enhance benefits from insurance coverage for policyholders. Investment activities enhance benefits from insurance coverage if the entity performs those activities expecting to generate an investment return from which policyholders will benefit if an insured event occurs;
(ii)
providing investment-return service to policyholders of insurance contracts without direct participation features (see paragraph B119B);
(iii)
providing investment-related service to policyholders of insurance contracts with direct participation features.
(l)
an allocation of fixed and variable overheads (such as the costs of accounting, human resources, information technology and support, building depreciation, rent, and maintenance and utilities) directly attributable to fulfilling insurance contracts. Such overheads are allocated to groups of contracts using methods that are systematic and rational, and are consistently applied to all costs that have similar characteristics;
(m)
any other costs specifically chargeable to the policyholder under the terms of the contract.
B66
The following cash flows shall not be included when estimating the cash flows that will arise as the entity fulfils an existing insurance contract:
(a)
investment returns. Investments are recognised, measured and presented separately;
(b)
cash flows (payments or receipts) that arise under reinsurance contracts held. Reinsurance contracts held are recognised, measured and presented separately;
(c)
cash flows that may arise from future insurance contracts, ie cash flows outside the boundary of existing contracts (see paragraphs 34–35);
(d)
cash flows relating to costs that cannot be directly attributed to the portfolio of insurance contracts that contain the contract, such as some product development and training costs. Such costs are recognised in profit or loss when incurred;
(e)
cash flows that arise from abnormal amounts of wasted labour or other resources that are used to fulfil the contract. Such costs are recognised in profit or loss when incurred;
(f)
income tax payments and receipts the insurer does not pay or receive in a fiduciary capacity or that are not specifically chargeable to the policyholder under the terms of the contract;
(g)
cash flows between different components of the reporting entity, such as policyholder funds and shareholder funds, if those cash flows do not change the amount that will be paid to the policyholders;
(h)
cash flows arising from components separated from the insurance contract and accounted for using other applicable Standards (see paragraphs 10–13).
B66A
Before the recognition of a group of insurance contracts, an entity might be required to recognise an asset or liability for cash flows related to the group of insurance contracts other than insurance acquisition cash flows either because of the occurrence of the cash flows or because of the requirements of another IFRS Standard. Cash flows are related to the group of insurance contracts if those cash flows would have been included in the fulfilment cash flows at the date of initial recognition of the group had they been paid or received after that date. To apply paragraph 38(c)(ii) an entity shall derecognise such an asset or liability to the extent that the asset or liability would not be recognised separately from the group of insurance contracts if the cash flow or the application of the IFRS Standard occurred at the date of initial recognition of the group of insurance contracts.
Contracts with cash flows that affect or are affected by cash flows to polIcy holders of other contracts
B67
Some insurance contracts affect the cash flows to policyholders of other contracts by requiring:
(a)
the policyholder to share with policyholders of other contracts the returns on the same specified pool of underlying items; and
(b)
either:
(i)
the policyholder to bear a reduction in their share of the returns on the underlying items because of payments to policyholders of other contracts that share in that pool, including payments arising under guarantees made to policyholders of those other contracts; or
(ii)
policyholders of other contracts to bear a reduction in their share of returns on the underlying items because of payments to the policyholder, including payments arising from guarantees made to the policyholder.
B68
Sometimes, such contracts will affect the cash flows to policyholders of contracts in other groups. The fulfilment cash flows of each group reflect the extent to which the contracts in the group cause the entity to be affected by expected cash flows, whether to policyholders in that group or to policyholders in another group. Hence the fulfilment cash flows for a group:
(a)
include payments arising from the terms of existing contracts to policyholders of contracts in other groups, regardless of whether those payments are expected to be made to current or future policyholders; and
(b)
exclude payments to policyholders in the group that, applying (a), have been included in the fulfilment cash flows of another group.
B69
For example, to the extent that payments to policyholders in one group are reduced from a share in the returns on underlying items of CU350 to CU250 because of payments of a guaranteed amount to policyholders in another group, the fulfilment cash flows of the first group would include the payments of CU100 (ie would be CU350) and the fulfilment cash flows of the second group would exclude CU100 of the guaranteed amount.
B70
Different practical approaches can be used to determine the fulfilment cash flows of groups of contracts that affect or are affected by cash flows to policyholders of contracts in other groups. In some cases, an entity might be able to identify the change in the underlying items and resulting change in the cash flows only at a higher level of aggregation than the groups. In such cases, the entity shall allocate the effect of the change in the underlying items to each group on a systematic and rational basis.
B71
After all insurance contract services have been provided to the contracts in a group, the fulfilment cash flows may still include payments expected to be made to current policyholders in other groups or future policyholders. An entity is not required to continue to allocate such fulfilment cash flows to specific groups but can instead recognise and measure a liability for such fulfilment cash flows arising from all groups.
Discount rates (paragraph 36)
B72
An entity shall use the following discount rates in applying IFRS 17:
(a)
to measure the fulfilment cash flows—current discount rates applying paragraph 36;
(b)
to determine the interest to accrete on the contractual service margin applying paragraph 44(b) for insurance contracts without direct participation features—discount rates determined at the date of initial recognition of a group of contracts, applying paragraph 36 to nominal cash flows that do not vary based on the returns on any underlying items;
(c)
to measure the changes to the contractual service margin applying paragraphs B96(a)–B96(b) and B96(d) for insurance contracts without direct participation features—discount rates applying paragraph 36 determined on initial recognition;
(d)
for groups of contracts applying the premium allocation approach that have a significant financing component, to adjust the carrying amount of the liability for remaining coverage applying paragraph 56 —discount rates applying paragraph 36 determined on initial recognition;
(e)
if an entity chooses to disaggregate insurance finance income or expenses between profit or loss and other comprehensive income (see paragraph 88), to determine the amount of the insurance finance income or expenses included in profit or loss:
(i)
for groups of insurance contracts for which changes in assumptions that relate to financial risk do not have a substantial effect on the amounts paid to policyholders, applying paragraph B131—discount rates determined at the date of initial recognition of a group of contracts, applying paragraph 36 to nominal cash flows that do not vary based on the returns on any underlying items;
(ii)
for groups of insurance contracts for which changes in assumptions that relate to financial risk have a substantial effect on the amounts paid to policyholders, applying paragraph B132(a)(i)—discount rates that allocate the remaining revised expected finance income or expenses over the remaining duration of the group of contracts at a constant rate; and
(iii)
for groups of contracts applying the premium allocation approach applying paragraphs 59(b) and B133 —discount rates determined at the date of the incurred claim, applying paragraph 36 to nominal cash flows that do not vary based on the returns on any underlying items.
B73
To determine the discount rates at the date of initial recognition of a group of contracts described in paragraphs B72(b)–B72(e), an entity may use weighted-average discount rates over the period that contracts in the group are issued, which applying paragraph 22 cannot exceed one year.
B74
Estimates of discount rates shall be consistent with other estimates used to measure insurance contracts to avoid double counting or omissions; for example:
(a)
cash flows that do not vary based on the returns on any underlying items shall be discounted at rates that do not reflect any such variability;
(b)
cash flows that vary based on the returns on any financial underlying items shall be:
(i)
discounted using rates that reflect that variability; or
(ii)
adjusted for the effect of that variability and discounted at a rate that reflects the adjustment made.
(c)
nominal cash flows (ie those that include the effect of inflation) shall be discounted at rates that include the effect of inflation; and
(d)
real cash flows (ie those that exclude the effect of inflation) shall be discounted at rates that exclude the effect of inflation.
B75
Paragraph B74(b) requires cash flows that vary based on the returns on underlying items to be discounted using rates that reflect that variability, or to be adjusted for the effect of that variability and discounted at a rate that reflects the adjustment made. The variability is a relevant factor regardless of whether it arises because of contractual terms or because the entity exercises discretion, and regardless of whether the entity holds the underlying items.
B76
Cash flows that vary with returns on underlying items with variable returns, but that are subject to a guarantee of a minimum return, do not vary solely based on the returns on the underlying items, even when the guaranteed amount is lower than the expected return on the underlying items. Hence, an entity shall adjust the rate that reflects the variability of the returns on the underlying items for the effect of the guarantee, even when the guaranteed amount is lower than the expected return on the underlying items.
B77
IFRS 17 does not require an entity to divide estimated cash flows into those that vary based on the returns on underlying items and those that do not. If an entity does not divide the estimated cash flows in this way, the entity shall apply discount rates appropriate for the estimated cash flows as a whole; for example, using stochastic modelling techniques or risk-neutral measurement techniques.
B78
Discount rates shall include only relevant factors, ie factors that arise from the time value of money, the characteristics of the cash flows and the liquidity characteristics of the insurance contracts. Such discount rates may not be directly observable in the market. Hence, when observable market rates for an instrument with the same characteristics are not available, or observable market rates for similar instruments are available but do not separately identify the factors that distinguish the instrument from the insurance contracts, an entity shall estimate the appropriate rates. IFRS 17 does not require a particular estimation technique for determining discount rates. In applying an estimation technique, an entity shall:
(a)
maximise the use of observable inputs (see paragraph B44) and reflect all reasonable and supportable information on non-market variables available without undue cost or effort, both external and internal (see paragraph B49). In particular, the discount rates used shall not contradict any available and relevant market data, and any non-market variables used shall not contradict observable market variables;
(b)
reflect current market conditions from the perspective of a market participant;
(c)
exercise judgement to assess the degree of similarity between the features of the insurance contracts being measured and the features of the instrument for which observable market prices are available and adjust those prices to reflect the differences between them.
B79
For cash flows of insurance contracts that do not vary based on the returns on underlying items, the discount rate reflects the yield curve in the appropriate currency for instruments that expose the holder to no or negligible credit risk, adjusted to reflect the liquidity characteristics of the group of insurance contracts. That adjustment shall reflect the difference between the liquidity characteristics of the group of insurance contracts and the liquidity characteristics of the assets used to determine the yield curve. Yield curves reflect assets traded in active markets that the holder can typically sell readily at any time without incurring significant costs. In contrast, under some insurance contracts the entity cannot be forced to make payments earlier than the occurrence of insured events, or dates specified in the contracts.
B80
Hence, for cash flows of insurance contracts that do not vary based on the returns on underlying items, an entity may determine discount rates by adjusting a liquid risk-free yield curve to reflect the differences between the liquidity characteristics of the financial instruments that underlie the rates observed in the market and the liquidity characteristics of the insurance contracts (a bottom-up approach).
B81
Alternatively, an entity may determine the appropriate discount rates for insurance contracts based on a yield curve that reflects the current market rates of return implicit in a fair value measurement of a reference portfolio of assets (a top-down approach). An entity shall adjust that yield curve to eliminate any factors that are not relevant to the insurance contracts, but is not required to adjust the yield curve for differences in liquidity characteristics of the insurance contracts and the reference portfolio.
B82
In estimating the yield curve described in paragraph B81:
(a)
if there are observable market prices in active markets for assets in the reference portfolio, an entity shall use those prices (consistent with paragraph 69 of IFRS 13);
(b)
if a market is not active, an entity shall adjust observable market prices for similar assets to make them comparable to market prices for the assets being measured (consistent with paragraph 83 of IFRS 13);
(c)
if there is no market for assets in the reference portfolio, an entity shall apply an estimation technique. For such assets (consistent with paragraph 89 of IFRS 13) an entity shall:
(i)
develop unobservable inputs using the best information available in the circumstances. Such inputs might include the entity’s own data and, in the context of IFRS 17, the entity might place more weight on long- term estimates than on short-term fluctuations; and
(ii)
adjust those data to reflect all information about market participant assumptions that is reasonably available.
B83
In adjusting the yield curve, an entity shall adjust market rates observed in recent transactions in instruments with similar characteristics for movements in market factors since the transaction date, and shall adjust observed market rates to reflect the degree of dissimilarity between the instrument being measured and the instrument for which transaction prices are observable. For cash flows of insurance contracts that do not vary based on the returns on the assets in the reference portfolio, such adjustments include:
(a)
adjusting for differences between the amount, timing and uncertainty of the cash flows of the assets in the portfolio and the amount, timing and uncertainty of the cash flows of the insurance contracts; and
(b)
excluding market risk premiums for credit risk, which are relevant only to the assets included in the reference portfolio.
B84
In principle, for cash flows of insurance contracts that do not vary based on the returns of the assets in the reference portfolio, there should be a single illiquid risk-free yield curve that eliminates all uncertainty about the amount and timing of cash flows. However, in practice the top-down approach and the bottom-up approach may result in different yield curves, even in the same currency. This is because of the inherent limitations in estimating the adjustments made under each approach, and the possible lack of an adjustment for different liquidity characteristics in the top-down approach. An entity is not required to reconcile the discount rate determined under its chosen approach with the discount rate that would have been determined under the other approach.
B85
IFRS 17 does not specify restrictions on the reference portfolio of assets used in applying paragraph B81. However, fewer adjustments would be required to eliminate factors that are not relevant to the insurance contracts when the reference portfolio of assets has similar characteristics. For example, if the cash flows from the insurance contracts do not vary based on the returns on underlying items, fewer adjustments would be required if an entity used debt instruments as a starting point rather than equity instruments. For debt instruments, the objective would be to eliminate from the total bond yield the effect of credit risk and other factors that are not relevant to the insurance contracts. One way to estimate the effect of credit risk is to use the market price of a credit derivative as a reference point.
Risk adjustment for non-financial risk (paragraph 37)
B86
The risk adjustment for non-financial risk relates to risk arising from insurance contracts other than financial risk. Financial risk is included in the estimates of the future cash flows or the discount rate used to adjust the cash flows. The risks covered by the risk adjustment for non-financial risk are insurance risk and other non-financial risks such as lapse risk and expense risk (see paragraph B14).
B87
The risk adjustment for non-financial risk for insurance contracts measures the compensation that the entity would require to make the entity indifferent between:
(a)
fulfilling a liability that has a range of possible outcomes arising from non-financial risk; and
(b)
fulfilling a liability that will generate fixed cash flows with the same expected present value as the insurance contracts.
For example, the risk adjustment for non-financial risk would measure the compensation the entity would require to make it indifferent between fulfilling a liability that—because of non-financial risk—has a 50 per cent probability of being CU90 and a 50 per cent probability of being CU110, and fulfilling a liability that is fixed at CU100. As a result, the risk adjustment for non-financial risk conveys information to users of financial statements about the amount charged by the entity for the uncertainty arising from non-financial risk about the amount and timing of cash flows.
B88
Because the risk adjustment for non-financial risk reflects the compensation the entity would require for bearing the non-financial risk arising from the uncertain amount and timing of the cash flows, the risk adjustment for non-financial risk also reflects:
(a)
the degree of diversification benefit the entity includes when determining the compensation it requires for bearing that risk; and
(b)
both favourable and unfavourable outcomes, in a way that reflects the entity’s degree of risk aversion.
B89
The purpose of the risk adjustment for non-financial risk is to measure the effect of uncertainty in the cash flows that arise from insurance contracts, other than uncertainty arising from financial risk. Consequently, the risk adjustment for non-financial risk shall reflect all non-financial risks associated with the insurance contracts. It shall not reflect the risks that do not arise from the insurance contracts, such as general operational risk.
B90
The risk adjustment for non-financial risk shall be included in the measurement in an explicit way. The risk adjustment for non-financial risk is conceptually separate from the estimates of future cash flows and the discount rates that adjust those cash flows. The entity shall not double-count the risk adjustment for non- financial risk by, for example, also including the risk adjustment for non-financial risk implicitly when determining the estimates of future cash flows or the discount rates. The discount rates that are disclosed to comply with paragraph 120 shall not include any implicit adjustments for non-financial risk.
B91
IFRS 17 does not specify the estimation technique(s) used to determine the risk adjustment for non-financial risk. However, to reflect the compensation the entity would require for bearing the non-financial risk, the risk adjustment for non-financial risk shall have the following characteristics:
(a)
risks with low frequency and high severity will result in higher risk adjustments for non-financial risk than risks with high frequency and low severity;
(b)
for similar risks, contracts with a longer duration will result in higher risk adjustments for non-financial risk than contracts with a shorter duration;
(c)
risks with a wider probability distribution will result in higher risk adjustments for non-financial risk than risks with a narrower distribution;
(d)
the less that is known about the current estimate and its trend, the higher will be the risk adjustment for non- financial risk; and
(e)
to the extent that emerging experience reduces uncertainty about the amount and timing of cash flows, risk adjustments for non-financial risk will decrease and vice versa.
B92
An entity shall apply judgement when determining an appropriate estimation technique for the risk adjustment for non-financial risk. When applying that judgement, an entity shall also consider whether the technique provides concise and informative disclosure so that users of financial statements can benchmark the entity’s performance against the performance of other entities. Paragraph 119 requires an entity that uses a technique other than the confidence level technique for determining the risk adjustment for non-financial risk to disclose the technique used and the confidence level corresponding to the results of that technique.
Initial recognition of transfers of insurance contracts and business combinations (paragraph 39)
B93
When an entity acquires insurance contracts issued or reinsurance contracts held in a transfer of insurance contracts that do not form a business or in a business combination within the scope of IFRS 3, the entity shall apply paragraphs 14–24 to identify the groups of contracts acquired, as if it had entered into the contracts on the date of the transaction.
B94
An entity shall use the consideration received or paid for the contracts as a proxy for the premiums received. The consideration received or paid for the contracts excludes the consideration received or paid for any other assets and liabilities acquired in the same transaction. In a business combination within the scope of IFRS 3, the consideration received or paid is the fair value of the contracts at that date. In determining that fair value, an entity shall not apply paragraph 47 of IFRS 13 (relating to demand features).
B95
Unless the premium allocation approach for the liability for remaining coverage in paragraphs 55–59 and 69–70A applies, on initial recognition the contractual service margin is calculated applying paragraph 38 for acquired insurance contracts issued and paragraph 65 for acquired reinsurance contracts held using the consideration received or paid for the contracts as a proxy for the premiums received or paid at the date of initial recognition.
B95A
If acquired insurance contracts issued are onerous, applying paragraph 47, the entity shall recognise the excess of the fulfilment cash flows over the consideration paid or received as part of goodwill or gain on a bargain purchase for contracts acquired in a business combination within the scope of IFRS 3, or as a loss in profit or loss for contracts acquired in a transfer. The entity shall establish a loss component of the liability for remaining coverage for that excess, and apply paragraphs 49–52 to allocate subsequent changes in fulfilment cash flows to that loss component.
B95B
For a group of reinsurance contracts held to which paragraphs 66A–66B apply, an entity shall determine the loss- recovery component of the asset for remaining coverage at the date of the transaction by multiplying:
(a)
the loss component of the liability for remaining coverage of the underlying insurance contracts at the date of the transaction; and
(b)
the percentage of claims on the underlying insurance contracts the entity expects at the date of the transaction to recover from the group of reinsurance contracts held.
B95C
The entity shall recognise the amount of the loss-recovery component determined applying paragraph B95B as part of goodwill or gain on a bargain purchase for reinsurance contracts held acquired in a business combination within the scope of IFRS 3, or as income in profit or loss for contracts acquired in a transfer.
B95D
Applying paragraphs 14–22, at the date of the transaction an entity might include in an onerous group of insurance contracts both onerous insurance contracts covered by a group of reinsurance contracts held and onerous contracts not covered by the group of reinsurance contracts held. To apply paragraph B95B in such cases, an entity shall use a systematic and rational basis of allocation to determine the portion of the loss component of the group of insurance contracts that relates to insurance contracts covered by the group of reinsurance contracts held.
Asset for insurance acquisition cash flows
B95E
When an entity acquires insurance contracts issued in a transfer of insurance contracts that do not form a business or in a business combination within the scope of IFRS 3, the entity shall recognise an asset for insurance acquisition cash flows at fair value at the date of the transaction for the rights to obtain:
(a)
future insurance contracts that are renewals of insurance contracts recognised at the date of the transaction; and
(b)
future insurance contracts, other than those in (a), after the date of the transaction without paying again insurance acquisition cash flows the acquiree has already paid that are directly attributable to the related portfolio of insurance contracts.
B95F
At the date of the transaction, the amount of any asset for insurance acquisition cash flows shall not be included in the measurement of the acquired group of insurance contracts applying paragraphs B93–B95A.
Changes in the carrying amount of the contractual service margin for insurance contracts without direct participation features (paragraph 44)
B96
For insurance contracts without direct participation features, paragraph 44(c) requires an adjustment to the contractual service margin of a group of insurance contracts for changes in fulfilment cash flows that relate to future service. These changes comprise:
(a)
experience adjustments arising from premiums received in the period that relate to future service, and related cash flows such as insurance acquisition cash flows and premium-based taxes, measured at the discount rates specified in paragraph B72(c);
(b)
changes in estimates of the present value of the future cash flows in the liability for remaining coverage, except those described in paragraph B97(a), measured at the discount rates specified in paragraph B72(c);
(c)
differences between any investment component expected to become payable in the period and the actual investment component that becomes payable in the period. Those differences are determined by comparing (i) the actual investment component that becomes payable in the period with (ii) the payment in the period that was expected at the start of the period plus any insurance finance income or expenses related to that expected payment before it becomes payable;
(ca)
differences between any loan to a policyholder expected to become repayable in the period and the actual loan to a policyholder that becomes repayable in the period. Those differences are determined by comparing (i) the actual loan to a policyholder that becomes repayable in the period with (ii) the repayment in the period that was expected at the start of the period plus any insurance finance income or expenses related to that expected repayment before it becomes repayable;
(d)
changes in the risk adjustment for non-financial risk that relate to future service. An entity is not required to disaggregate the change in the risk adjustment for non-financial risk between (i) a change related to non- financial risk and (ii) the effect of the time value of money and changes in the time value of money. If an entity makes such a disaggregation, it shall adjust the contractual service margin for the change related to non-financial risk, measured at the discount rates specified in paragraph B72(c).
B97
An entity shall not adjust the contractual service margin for a group of insurance contracts without direct participation features for the following changes in fulfilment cash flows because they do not relate to future service:
(a)
the effect of the time value of money and changes in the time value of money and the effect of financial risk and changes in financial risk. These effects comprise:
(i)
the effect, if any, on estimated future cash flows;
(ii)
the effect, if disaggregated, on the risk adjustment for non-financial risk; and
(iii)
the effect of a change in discount rate.
(b)
changes in estimates of fulfilment cash flows in the liability for incurred claims;
(c)
experience adjustments, except those described in paragraph B96(a).
B98
The terms of some insurance contracts without direct participation features give an entity discretion over the cash flows to be paid to policyholders. A change in the discretionary cash flows is regarded as relating to future service, and accordingly adjusts the contractual service margin. To determine how to identify a change in discretionary cash flows, an entity shall specify at inception of the contract the basis on which it expects to determine its commitment under the contract; for example, based on a fixed interest rate, or on returns that vary based on specified asset returns.
B99
An entity shall use that specification to distinguish between the effect of changes in assumptions that relate to financial risk on that commitment (which do not adjust the contractual service margin) and the effect of discretionary changes to that commitment (which adjust the contractual service margin).
B100
If an entity cannot specify at inception of the contract what it regards as its commitment under the contract and what it regards as discretionary, it shall regard its commitment to be the return implicit in the estimate of the fulfilment cash flows at inception of the contract, updated to reflect current assumptions that relate to financial risk.
Changes in the carrying amount of the contractual service margin for insurance contracts with direct participation features (paragraph 45)
B101
Insurance contracts with direct participation features are insurance contracts that are substantially investment- related service contracts under which an entity promises an investment return based on underlying items. Hence, they are defined as insurance contracts for which:
(a)
the contractual terms specify that the policyholder participates in a share of a clearly identified pool of underlying items (see paragraphs B105–B106);
(b)
the entity expects to pay to the policyholder an amount equal to a substantial share of the fair value returns on the underlying items (see paragraph B107); and
(c)
the entity expects a substantial proportion of any change in the amounts to be paid to the policyholder to vary with the change in fair value of the underlying items (see paragraph B107).
B102
An entity shall assess whether the conditions in paragraph B101 are met using its expectations at inception of the contract and shall not reassess the conditions afterwards, unless the contract is modified, applying paragraph 72.
B103
To the extent that insurance contracts in a group affect the cash flows to policyholders of contracts in other groups (see paragraphs B67–B71), an entity shall assess whether the conditions in paragraph B101 are met by considering the cash flows that the entity expects to pay the policyholders determined applying paragraphs B68–B70.
B104
The conditions in paragraph B101 ensure that insurance contracts with direct participation features are contracts under which the entity’s obligation to the policyholder is the net of:
(a)
the obligation to pay the policyholder an amount equal to the fair value of the underlying items; and
(b)
a variable fee (see paragraphs B110–B118) that the entity will deduct from (a) in exchange for the future service provided by the insurance contract, comprising:
(i)
the amount of the entity’s share of the fair value of the underlying items; less
(ii)
fulfilment cash flows that do not vary based on the returns on underlying items.
B105
A share referred to in paragraph B101(a) does not preclude the existence of the entity’s discretion to vary the amounts paid to the policyholder. However, the link to the underlying items must be enforceable (see paragraph 2).
B106
The pool of underlying items referred to in paragraph B101(a) can comprise any items, for example a reference portfolio of assets, the net assets of the entity, or a specified subset of the net assets of the entity, as long as they are clearly identified by the contract. An entity need not hold the identified pool of underlying items. However, a clearly identified pool of underlying items does not exist when:
(a)
an entity can change the underlying items that determine the amount of the entity’s obligation with retrospective effect; or
(b)
there are no underlying items identified, even if the policyholder could be provided with a return that generally reflects the entity’s overall performance and expectations, or the performance and expectations of a subset of assets the entity holds. An example of such a return is a crediting rate or dividend payment set at the end of the period to which it relates. In this case, the obligation to the policyholder reflects the crediting rate or dividend amounts the entity has set, and does not reflect identified underlying items.
B107
Paragraph B101(b) requires that the entity expects a substantial share of the fair value returns on the underlying items will be paid to the policyholder and paragraph B101(c) requires that the entity expects a substantial proportion of any change in the amounts to be paid to the policyholder to vary with the change in fair value of the underlying items. An entity shall:
(a)
interpret the term ‘substantial’ in both paragraphs in the context of the objective of insurance contracts with direct participation features being contracts under which the entity provides investment-related services and is compensated for the services by a fee that is determined by reference to the underlying items; and
(b)
assess the variability in the amounts in paragraphs B101(b) and B101(c):
(i)
over the duration of the insurance contract; and
(ii)
on a present value probability-weighted average basis, not a best or worst outcome basis (see paragraphs B37–B38).
B108
For example, if the entity expects to pay a substantial share of the fair value returns on underlying items, subject to a guarantee of a minimum return, there will be scenarios in which:
(a)
the cash flows that the entity expects to pay to the policyholder vary with the changes in the fair value of the underlying items because the guaranteed return and other cash flows that do not vary based on the returns on underlying items do not exceed the fair value return on the underlying items; and
(b)
the cash flows that the entity expects to pay to the policyholder do not vary with the changes in the fair value of the underlying items because the guaranteed return and other cash flows that do not vary based on the returns on underlying items exceed the fair value return on the underlying items.
The entity’s assessment of the variability in paragraph B101(c) for this example will reflect a present value probability-weighted average of all these scenarios.
B109
Reinsurance contracts issued and reinsurance contracts held cannot be insurance contracts with direct participation features for the purposes of IFRS 17.
B110
For insurance contracts with direct participation features, the contractual service margin is adjusted to reflect the variable nature of the fee. Hence, changes in the amounts set out in paragraph B104 are treated as set out in paragraphs B111–B114.
B111
Changes in the obligation to pay the policyholder an amount equal to the fair value of the underlying items (paragraph B104(a)) do not relate to future service and do not adjust the contractual service margin.
B112
Changes in the amount of the entity’s share of the fair value of the underlying items (paragraph B104(b)(i)) relate to future service and adjust the contractual service margin, applying paragraph 45(b).
B113
Changes in the fulfilment cash flows that do not vary based on the returns on underlying items (paragraph B104(b)(ii)) comprise:
(a)
changes in the fulfilment cash flows other than those specified in (b). An entity shall apply paragraphs B96–B97, consistent with insurance contracts without direct participation features, to determine to what extent they relate to future service and, applying paragraph 45(c), adjust the contractual service margin. All the adjustments are measured using current discount rates;
(b)
the change in the effect of the time value of money and financial risks not arising from the underlying items; for example, the effect of financial guarantees. These relate to future service and, applying paragraph 45(c), adjust the contractual service margin, except to the extent that paragraph B115 applies.
B114
An entity is not required to identify the adjustments to the contractual service margin required by paragraphs B112 and B113 separately. Instead, a combined amount may be determined for some or all of the adjustments.
Risk mitigation
B115
To the extent that an entity meets the conditions in paragraph B116, it may choose not to recognise a change in the contractual service margin to reflect some or all of the changes in the effect of the time value of money and financial risk on:
(a)
the amount of the entity’s share of the underlying items (see paragraph B112) if the entity mitigates the effect of financial risk on that amount using derivatives or reinsurance contracts held; and
(b)
the fulfilment cash flows set out in paragraph B113(b) if the entity mitigates the effect of financial risk on those fulfilment cash flows using derivatives, non-derivative financial instruments measured at fair value through profit or loss, or reinsurance contracts held.
B116
To apply paragraph B115, an entity must have a previously documented risk-management objective and strategy for mitigating financial risk as described in paragraph B115. In applying that objective and strategy:
(a)
an economic offset exists between the insurance contracts and the derivative, non-derivative financial instrument measured at fair value through profit or loss, or reinsurance contract held (ie the values of the insurance contracts and those risk mitigating items generally move in opposite directions because they respond in a similar way to the changes in the risk being mitigated). An entity shall not consider accounting measurement differences in assessing the economic offset;
(b)
credit risk does not dominate the economic offset.
B117
The entity shall determine the fulfilment cash flows in a group to which paragraph B115 applies in a consistent manner in each reporting period.
B117A
If the entity mitigates the effect of financial risk using derivatives or non-derivative financial instruments measured at fair value through profit or loss, it shall include insurance finance income or expenses for the period arising from the application of paragraph B115 in profit or loss. If the entity mitigates the effect of financial risk using reinsurance contracts held, it shall apply the same accounting policy for the presentation of insurance finance income or expenses arising from the application of paragraph B115 as the entity applies to the reinsurance contracts held applying paragraphs 88 and 90.
B118
If, and only if, any of the conditions in paragraph B116 cease to be met an entity shall cease to apply paragraph B115 from that date. An entity shall not make any adjustment for changes previously recognised in profit or loss.
Recognition of the contractual service margin in profit or loss
B119
An amount of the contractual service margin for a group of insurance contracts is recognised in profit or loss in each period to reflect the insurance contract services provided under the group of insurance contracts in that period (see paragraphs 44(e), 45(e) and 66(e)). The amount is determined by:
(a)
identifying the coverage units in the group. The number of coverage units in a group is the quantity of insurance contract services provided by the contracts in the group, determined by considering for each contract the quantity of the benefits provided under a contract and its expected coverage period;
(b)
allocating the contractual service margin at the end of the period (before recognising any amounts in profit or loss to reflect the insurance contract services provided in the period) equally to each coverage unit provided in the current period and expected to be provided in the future;
(c)
recognising in profit or loss the amount allocated to coverage units provided in the period.
B119A
To apply paragraph B119, the period of investment-return service or investment-related service ends at or before the date that all amounts due to current policyholders relating to those services have been paid, without considering payments to future policyholders included in the fulfilment cash flows applying paragraph B68.
B119B
Insurance contracts without direct participation features may provide an investment-return service if, and only if:
(a)
an investment component exists, or the policyholder has a right to withdraw an amount;
(b)
the entity expects the investment component or amount the policyholder has a right to withdraw to include an investment return (an investment return could be below zero, for example, in a negative interest rate environment); and
(c)
the entity expects to perform investment activity to generate that investment return.
Reinsurance contracts held—recognition of recovery of losses on underlying insurance contracts (paragraphs 66A – 66B)
B119C
Paragraph 66A applies if, and only if, the reinsurance contract held is entered into before or at the same time as the onerous underlying insurance contracts are recognised.
B119D
To apply paragraph 66A, an entity shall determine the adjustment to the contractual service margin of a group of reinsurance contracts held and the resulting income by multiplying:
(a)
the loss recognised on the underlying insurance contracts; and
(b)
the percentage of claims on the underlying insurance contracts the entity expects to recover from the group of reinsurance contracts held.
B119E
Applying paragraphs 14–22, an entity might include in an onerous group of insurance contracts both onerous insurance contracts covered by a group of reinsurance contracts held and onerous insurance contracts not covered by the group of reinsurance contracts held. To apply paragraphs 66(c)(i)–(ii) and paragraph 66A in such cases, the entity shall apply a systematic and rational method of allocation to determine the portion of losses recognised on the group of insurance contracts that relates to insurance contracts covered by the group of reinsurance contracts held.
B119F
After an entity has established a loss-recovery component applying paragraph 66B, the entity shall adjust the loss- recovery component to reflect changes in the loss component of an onerous group of underlying insurance contracts (see paragraphs 50–52). The carrying amount of the loss-recovery component shall not exceed the portion of the carrying amount of the loss component of the onerous group of underlying insurance contracts that the entity expects to recover from the group of reinsurance contracts held.
INSURANCE REVENUE (PARAGRAPHS 83 AND 85)
B120
The total insurance revenue for a group of insurance contracts is the consideration for the contracts, ie the amount of premiums paid to the entity:
(a)
adjusted for a financing effect; and
(b)
excluding any investment components.
B121
Paragraph 83 requires the amount of insurance revenue recognised in a period to depict the transfer of promised services at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those services. The total consideration for a group of contracts covers the following amounts:
(a)
amounts related to the provision of services, comprising:
(i)
insurance service expenses, excluding any amounts relating to the risk adjustment for non-financial risk included in (ii) and any amounts allocated to the loss component of the liability for remaining coverage;
(ia)
amounts related to income tax that are specifically chargeable to the policyholder;
(ii)
the risk adjustment for non-financial risk, excluding any amounts allocated to the loss component of the liability for remaining coverage; and
(iii)
the contractual service margin.
(b)
amounts related to insurance acquisition cash flows.
B122
Insurance revenue for a period relating to the amounts described in paragraph B121(a) is determined as set out in paragraphs B123–B124. Insurance revenue for a period relating to the amounts described in paragraph B121(b) is determined as set out in paragraph B125.
B123
Applying IFRS 15, when an entity provides services, it derecognises the performance obligation for those services and recognises revenue. Consistently, applying IFRS 17, when an entity provides services in a period, it reduces the liability for remaining coverage for the services provided and recognises insurance revenue. The reduction in the liability for remaining coverage that gives rise to insurance revenue excludes changes in the liability that do not relate to services expected to be covered by the consideration received by the entity. Those changes are:
(a)
changes that do not relate to services provided in the period, for example:
(i)
changes resulting from cash inflows from premiums received;
(ii)
changes that relate to investment components in the period;
(iia)
changes resulting from cash flows from loans to policyholders;
(iii)
changes that relate to transaction-based taxes collected on behalf of third parties (such as premium taxes, value added taxes and goods and services taxes) (see paragraph B65(i));
(iv)
insurance finance income or expenses;
(v)
insurance acquisition cash flows (see paragraph B125); and
(vi)
derecognition of liabilities transferred to a third party.
(b)
changes that relate to services, but for which the entity does not expect consideration, ie increases and decreases in the loss component of the liability for remaining coverage (see paragraphs 47–52).
B123A
To the extent that an entity derecognises an asset for cash flows other than insurance acquisition cash flows at the date of initial recognition of a group of insurance contracts (see paragraphs 38(c)(ii) and B66A), it shall recognise insurance revenue and expenses for the amount derecognised at that date.
B124
Consequently, insurance revenue for the period can also be analysed as the total of the changes in the liability for remaining coverage in the period that relates to services for which the entity expects to receive consideration. Those changes are:
(a)
insurance service expenses incurred in the period (measured at the amounts expected at the beginning of the period), excluding:
(i)
amounts allocated to the loss component of the liability for remaining coverage applying paragraph 51(a);
(ii)
repayments of investment components;
(iii)
amounts that relate to transaction-based taxes collected on behalf of third parties (such as premium taxes, value added taxes and goods and services taxes) (see paragraph B65(i));
(iv)
insurance acquisition expenses (see paragraph B125); and
(v)
the amount related to the risk adjustment for non-financial risk (see (b)).
(b)
the change in the risk adjustment for non-financial risk, excluding:
(i)
changes included in insurance finance income or expenses applying paragraph 87;
(ii)
changes that adjust the contractual service margin because they relate to future service applying paragraphs 44(c) and 45(c); and
(iii)
amounts allocated to the loss component of the liability for remaining coverage applying paragraph 51(b).
(c)
the amount of the contractual service margin recognised in profit or loss in the period, applying paragraphs 44(e) and 45(e);
(d)
other amounts, if any, for example, experience adjustments for premium receipts other than those that relate to future service (see paragraph B96(a)).
B125
An entity shall determine insurance revenue related to insurance acquisition cash flows by allocating the portion of the premiums that relate to recovering those cash flows to each reporting period in a systematic way on the basis of the passage of time. An entity shall recognise the same amount as insurance service expenses.
B126
When an entity applies the premium allocation approach in paragraphs 55–58, insurance revenue for the period is the amount of expected premium receipts (excluding any investment component and adjusted to reflect the time value of money and the effect of financial risk, if applicable, applying paragraph 56) allocated to the period. The entity shall allocate the expected premium receipts to each period of insurance contract services:
(a)
on the basis of the passage of time; but
(b)
if the expected pattern of release of risk during the coverage period differs significantly from the passage of time, then on the basis of the expected timing of incurred insurance service expenses.
B127
An entity shall change the basis of allocation between paragraphs B126(a) and B126(b) as necessary if facts and circumstances change.
INSURANCE FINANCE INCOME OR EXPENSES (PARAGRAPHS 87–92)
B128
Paragraph 87 requires an entity to include in insurance finance income or expenses the effect of the time value of money and financial risk and changes therein. For the purposes of IFRS 17:
(a)
assumptions about inflation based on an index of prices or rates or on prices of assets with inflation-linked returns are assumptions that relate to financial risk;
(b)
assumptions about inflation based on an entity’s expectation of specific price changes are not assumptions that relate to financial risk; and
(c)
changes in the measurement of a group of insurance contracts caused by changes in the value of underlying items (excluding additions and withdrawals) are changes arising from the effect of the time value of money and financial risk and changes therein.
B129
Paragraphs 88–89 require an entity to make an accounting policy choice as to whether to disaggregate insurance finance income or expenses for the period between profit or loss and other comprehensive income. An entity shall apply its choice of accounting policy to portfolios of insurance contracts. In assessing the appropriate accounting policy for a portfolio of insurance contracts, applying paragraph 13 of IAS 8 
Accounting Policies, Changes in Accounting Estimates and Errors
, the entity shall consider for each portfolio the assets that the entity holds and how it accounts for those assets.
B130
If paragraph 88(b) applies, an entity shall include in profit or loss an amount determined by a systematic allocation of the expected total finance income or expenses over the duration of the group of insurance contracts. In this context, a systematic allocation is an allocation of the total expected finance income or expenses of a group of insurance contracts over the duration of the group that:
(a)
is based on characteristics of the contracts, without reference to factors that do not affect the cash flows expected to arise under the contracts. For example, the allocation of the finance income or expenses shall not be based on expected recognised returns on assets if those expected recognised returns do not affect the cash flows of the contracts in the group;
(b)
results in the amounts recognised in other comprehensive income over the duration of the group of contracts totalling zero. The cumulative amount recognised in other comprehensive income at any date is the difference between the carrying amount of the group of contracts and the amount that the group would be measured at when applying the systematic allocation.
B131
For groups of insurance contracts for which changes in assumptions that relate to financial risk do not have a substantial effect on the amounts paid to the policyholder, the systematic allocation is determined using the discount rates specified in paragraph B72(e)(i).
B132
For groups of insurance contracts for which changes in assumptions that relate to financial risk have a substantial effect on the amounts paid to the policyholders:
(a)
a systematic allocation for the finance income or expenses arising from the estimates of future cash flows can be determined in one of the following ways:
(i)
using a rate that allocates the remaining revised expected finance income or expenses over the remaining duration of the group of contracts at a constant rate; or
(ii)
for contracts that use a crediting rate to determine amounts due to the policyholders—using an allocation that is based on the amounts credited in the period and expected to be credited in future periods.
(b)
a systematic allocation for the finance income or expenses arising from the risk adjustment for non-financial risk, if separately disaggregated from other changes in the risk adjustment for non-financial risk applying paragraph 81, is determined using an allocation consistent with that used for the allocation for the finance income or expenses arising from the future cash flows;
(c)
a systematic allocation for the finance income or expenses arising from the contractual service margin is determined:
(i)
for insurance contracts that do not have direct participation features, using the discount rates specified in paragraph B72(b); and
(ii)
for insurance contracts with direct participation features, using an allocation consistent with that used for the allocation for the finance income or expenses arising from the future cash flows.
B133
In applying the premium allocation approach to insurance contracts described in paragraphs 53–59, an entity may be required, or may choose, to discount the liability for incurred claims. In such cases, it may choose to disaggregate the insurance finance income or expenses applying paragraph 88(b). If the entity makes this choice, it shall determine the insurance finance income or expenses in profit or loss using the discount rate specified in paragraph B72(e)(iii).
B134
Paragraph 89 applies if an entity, either by choice or because it is required to, holds the underlying items for insurance contracts with direct participation features. If an entity chooses to disaggregate insurance finance income or expenses applying paragraph 89(b), it shall include in profit or loss expenses or income that exactly match the income or expenses included in profit or loss for the underlying items, resulting in the net of the separately presented items being nil.
B135
An entity may qualify for the accounting policy choice in paragraph 89 in some periods but not in others because of a change in whether it holds the underlying items. If such a change occurs, the accounting policy choice available to the entity changes from that set out in paragraph 88 to that set out in paragraph 89, or vice versa. Hence, an entity might change its accounting policy between that set out in paragraph 88(b) and that set out in paragraph 89(b). In making such a change an entity shall:
(a)
include the accumulated amount previously included in other comprehensive income by the date of the change as a reclassification adjustment in profit or loss in the period of change and in future periods, as follows:
(i)
if the entity had previously applied paragraph 88(b)—the entity shall include in profit or loss the accumulated amount included in other comprehensive income before the change as if the entity were continuing the approach in paragraph 88(b) based on the assumptions that applied immediately before the change; and
(ii)
if the entity had previously applied paragraph 89(b)—the entity shall include in profit or loss the accumulated amount included in other comprehensive income before the change as if the entity were continuing the approach in paragraph 89(b) based on the assumptions that applied immediately before the change.
(b)
not restate prior period comparative information.
B136
When applying paragraph B135(a), an entity shall not recalculate the accumulated amount previously included in other comprehensive income as if the new disaggregation had always applied; and the assumptions used for the reclassification in future periods shall not be updated after the date of the change.
THE EFFECT OF ACCOUNTING ESTIMATES MADE IN INTERIM FINANCIAL STATEMENTS
B137
If an entity prepares interim financial statements applying IAS 34 
Interim Financial Reporting
, the entity shall make an accounting policy choice as to whether to change the treatment of accounting estimates made in previous interim financial statements when applying IFRS 17 in subsequent interim financial statements and in the annual reporting period. The entity shall apply its choice of accounting policy to all groups of insurance contracts it issues and groups of reinsurance contracts it holds.
Appendix C
Effective date and transition
This appendix is an integral part of IFRS 17
 Insurance Contracts.
EFFECTIVE DATE
C1
An entity shall apply IFRS 17 for annual reporting periods beginning on or after 1 January 2023. If an entity applies IFRS 17 earlier, it shall disclose that fact. Early application is permitted for entities that apply IFRS 9 
Financial Instruments
 on or before the date of initial application of IFRS 17.
C2
For the purposes of the transition requirements in paragraphs C1 and C3–C33:
(a)
the date of initial application is the beginning of the annual reporting period in which an entity first applies IFRS 17; and
(b)
the transition date is the beginning of the annual reporting period immediately preceding the date of initial application.
C2A
Initial Application of IFRS 17 and IFRS 9—Comparative Information
, issued in December 2021, added paragraphs C28A–C28E and C33A. An entity that chooses to apply paragraphs C28A–C28E and C33A shall apply them on initial application of IFRS 17.
TRANSITION
C3
Unless it is impracticable to do so, or paragraph C5A applies, an entity shall apply IFRS 17 retrospectively, except that:
(a)
an entity is not required to present the quantitative information required by paragraph 28(f) of IAS 8 
Accounting Policies, Changes in Accounting Estimates and Errors
; and
(b)
an entity shall not apply the option in paragraph B115 for periods before the transition date. An entity may apply the option in paragraph B115 prospectively on or after the transition date if, and only if, the entity designates risk mitigation relationships at or before the date it applies the option.
C4
To apply IFRS 17 retrospectively, an entity shall at the transition date:
(a)
identify, recognise and measure each group of insurance contracts as if IFRS 17 had always applied;
(aa)
identify, recognise and measure any assets for insurance acquisition cash flows as if IFRS 17 had always applied (except that an entity is not required to apply the recoverability assessment in paragraph 28E before the transition date);
(b)
derecognise any existing balances that would not exist had IFRS 17 always applied; and
(c)
recognise any resulting net difference in equity.
C5
If, and only if, it is impracticable for an entity to apply paragraph C3 for a group of insurance contracts, an entity shall apply the following approaches instead of applying paragraph C4(a):
(a)
the modified retrospective approach in paragraphs C6–C19A, subject to paragraph C6(a); or
(b)
the fair value approach in paragraphs C20–C24B.
C5A
Notwithstanding paragraph C5, an entity may choose to apply the fair value approach in paragraphs C20–C24B for a group of insurance contracts with direct participation features to which it could apply IFRS 17 retrospectively if, and only if:
(a)
the entity chooses to apply the risk mitigation option in paragraph B115 to the group of insurance contracts prospectively from the transition date; and
(b)
the entity has used derivatives, non-derivative financial instruments measured at fair value through profit or loss, or reinsurance contracts held to mitigate financial risk arising from the group of insurance contracts, as specified in paragraph B115, before the transition date.
C5B
If, and only if, it is impracticable for an entity to apply paragraph C4(aa) for an asset for insurance acquisition cash flows, the entity shall apply the following approaches to measure the asset for insurance acquisition cash flows:
(a)
the modified retrospective approach in paragraphs C14B–C14D and C17A, subject to paragraph C6(a); or
(b)
the fair value approach in paragraphs C24A–C24B.
Modified retrospective approach
C6
The objective of the modified retrospective approach is to achieve the closest outcome to retrospective application possible using reasonable and supportable information available without undue cost or effort. Accordingly, in applying this approach, an entity shall:
(a)
use reasonable and supportable information. If the entity cannot obtain reasonable and supportable information necessary to apply the modified retrospective approach, it shall apply the fair value approach;
(b)
maximise the use of information that would have been used to apply a fully retrospective approach, but need only use information available without undue cost or effort.
C7
Paragraphs C9–C19A set out permitted modifications to retrospective application in the following areas:
(a)
assessments of insurance contracts or groups of insurance contracts that would have been made at the date of inception or initial recognition;
(b)
amounts related to the contractual service margin or loss component for insurance contracts without direct participation features;
(c)
amounts related to the contractual service margin or loss component for insurance contracts with direct participation features; and
(d)
insurance finance income or expenses.
C8
To achieve the objective of the modified retrospective approach, an entity is permitted to use each modification in paragraphs C9–C19A only to the extent that an entity does not have reasonable and supportable information to apply a retrospective approach.
Assessments at inception or initial recognition
C9
To the extent permitted by paragraph C8, an entity shall determine the following matters using information available at the transition date:
(a)
how to identify groups of insurance contracts, applying paragraphs 14–24;
(b)
whether an insurance contract meets the definition of an insurance contract with direct participation features, applying paragraphs B101–B109;
(c)
how to identify discretionary cash flows for insurance contracts without direct participation features, applying paragraphs B98–B100; and
(d)
whether an investment contract meets the definition of an investment contract with discretionary participation features within the scope of IFRS 17, applying paragraph 71.
C9A
To the extent permitted by paragraph C8, an entity shall classify as a liability for incurred claims a liability for settlement of claims incurred before an insurance contract was acquired in a transfer of insurance contracts that do not form a business or in a business combination within the scope of IFRS 3.
C10
To the extent permitted by paragraph C8, an entity shall not apply paragraph 22 to divide groups into those that do not include contracts issued more than one year apart.
Determining the contractual service margin or loss component for groups of insurance contracts without direct participation features
C11
To the extent permitted by paragraph C8, for contracts without direct participation features, an entity shall determine the contractual service margin or loss component of the liability for remaining coverage (see paragraphs 49–52) at the transition date by applying paragraphs C12–C16C.
C12
To the extent permitted by paragraph C8, an entity shall estimate the future cash flows at the date of initial recognition of a group of insurance contracts as the amount of the future cash flows at the transition date (or earlier date, if the future cash flows at that earlier date can be determined retrospectively, applying paragraph C4(a)), adjusted by the cash flows that are known to have occurred between the date of initial recognition of a group of insurance contracts and the transition date (or earlier date). The cash flows that are known to have occurred include cash flows resulting from contracts that ceased to exist before the transition date.
C13
To the extent permitted by paragraph C8, an entity shall determine the discount rates that applied at the date of initial recognition of a group of insurance contracts (or subsequently):
(a)
using an observable yield curve that, for at least three years immediately before the transition date, approximates the yield curve estimated applying paragraphs 36 and B72–B85, if such an observable yield curve exists;
(b)
if the observable yield curve in paragraph (a) does not exist, estimate the discount rates that applied at the date of initial recognition (or subsequently) by determining an average spread between an observable yield curve and the yield curve estimated applying paragraphs 36 and B72–B85, and applying that spread to that observable yield curve. That spread shall be an average over at least three years immediately before the transition date.
C14
To the extent permitted by paragraph C8, an entity shall determine the risk adjustment for non-financial risk at the date of initial recognition of a group of insurance contracts (or subsequently) by adjusting the risk adjustment for non-financial risk at the transition date by the expected release of risk before the transition date. The expected release of risk shall be determined by reference to the release of risk for similar insurance contracts that the entity issues at the transition date.
C14A
Applying paragraph B137, an entity may choose not to change the treatment of accounting estimates made in previous interim financial statements. To the extent permitted by paragraph C8, such an entity shall determine the contractual service margin or loss component at the transition date as if the entity had not prepared interim financial statements before the transition date.
C14B
To the extent permitted by paragraph C8, an entity shall use the same systematic and rational method the entity expects to use after the transition date when applying paragraph 28A to allocate any insurance acquisition cash flows paid (or for which a liability has been recognised applying another IFRS Standard) before the transition date (excluding any amount relating to insurance contracts that ceased to exist before the transition date) to:
(a)
groups of insurance contracts that are recognised at the transition date; and
(b)
groups of insurance contracts that are expected to be recognised after the transition date.
C14C
Insurance acquisition cash flows paid before the transition date that are allocated to a group of insurance contracts recognised at the transition date adjust the contractual service margin of that group, to the extent insurance contracts expected to be in the group have been recognised at that date (see paragraphs 28C and B35C). Other insurance acquisition cash flows paid before the transition date, including those allocated to a group of insurance contracts expected to be recognised after the transition date, are recognised as an asset, applying paragraph 28B.
C14D
If an entity does not have reasonable and supportable information to apply paragraph C14B, the entity shall determine the following amounts to be nil at the transition date:
(a)
the adjustment to the contractual service margin of a group of insurance contracts recognised at the transition date and any asset for insurance acquisition cash flows relating to that group; and
(b)
the asset for insurance acquisition cash flows for groups of insurance contracts expected to be recognised after the transition date.
C15
If applying paragraphs C12–C14D results in a contractual service margin at the date of initial recognition, to determine the contractual service margin at the date of transition an entity shall:
(a)
if the entity applies C13 to estimate the discount rates that apply on initial recognition, use those rates to accrete interest on the contractual service margin; and
(b)
to the extent permitted by paragraph C8, determine the amount of the contractual service margin recognised in profit or loss because of the transfer of services before the transition date, by comparing the remaining coverage units at that date with the coverage units provided under the group of contracts before the transition date (see paragraph B119).
C16
If applying paragraphs C12–C14D results in a loss component of the liability for remaining coverage at the date of initial recognition, an entity shall determine any amounts allocated to the loss component before the transition date applying paragraphs C12–C14D and using a systematic basis of allocation.
C16A
For a group of reinsurance contracts held that provides coverage for an onerous group of insurance contracts and was entered into before or at the same time that the insurance contracts were issued, an entity shall establish a loss- recovery component of the asset for remaining coverage at the transition date (see paragraphs 66A–66B). To the extent permitted by paragraph C8, an entity shall determine the loss-recovery component by multiplying:
(a)
the loss component of the liability for remaining coverage for the underlying insurance contracts at the transition date (see paragraphs C16 and C20); and
(b)
the percentage of claims for the underlying insurance contracts the entity expects to recover from the group of reinsurance contracts held.
C16B
Applying paragraphs 14–22, at the transition date an entity might include in an onerous group of insurance contracts both onerous insurance contracts covered by a group of reinsurance contracts held and onerous insurance contracts not covered by the group of reinsurance contracts held. To apply paragraph C16A in such cases, an entity shall use a systematic and rational basis of allocation to determine the portion of the loss component of the group of insurance contracts that relates to insurance contracts covered by the group of reinsurance contracts held.
C16C
If an entity does not have reasonable and supportable information to apply paragraph C16A, the entity shall not identify a loss-recovery component for the group of reinsurance contracts held.
Determining the contractual service margin or loss component for groups of insurance contracts with direct participation features
C17
To the extent permitted by paragraph C8, for contracts with direct participation features an entity shall determine the contractual service margin or loss component of the liability for remaining coverage at the transition date as:
(a)
the total fair value of the underlying items at that date; minus
(b)
the fulfilment cash flows at that date; plus or minus
(c)
an adjustment for:
(i)
amounts charged by the entity to the policyholders (including amounts deducted from the underlying items) before that date;
(ii)
amounts paid before that date that would not have varied based on the underlying items;
(iii)
the change in the risk adjustment for non-financial risk caused by the release from risk before that date. The entity shall estimate this amount by reference to the release of risk for similar insurance contracts that the entity issues at the transition date;
(iv)
insurance acquisition cash flows paid (or for which a liability has been recognised applying another IFRS Standard) before the transition date that are allocated to the group (see paragraph C17A).
(d)
if (a)–(c) result in a contractual service margin—minus the amount of the contractual service margin that relates to services provided before that date. The total of (a)–(c) is a proxy for the total contractual service margin for all services to be provided under the group of contracts, ie before any amounts that would have been recognised in profit or loss for services provided. The entity shall estimate the amounts that would have been recognised in profit or loss for services provided by comparing the remaining coverage units at the transition date with the coverage units provided under the group of contracts before the transition date; or
(e)
if (a)–(c) result in a loss component—adjust the loss component to nil and increase the liability for remaining coverage excluding the loss component by the same amount.
C17A
To the extent permitted by paragraph C8, an entity shall apply paragraphs C14B–C14D to recognise an asset for insurance acquisition cash flows, and any adjustment to the contractual service margin of a group of insurance contracts with direct participation features for insurance acquisition cash flows (see paragraph C17(c)(iv)).
Insurance finance income or expenses
C18
For groups of insurance contracts that, applying paragraph C10, include contracts issued more than one year apart:
(a)
an entity is permitted to determine the discount rates at the date of initial recognition of a group specified in paragraphs B72(b)–B72(e)(ii) and the discount rates at the date of the incurred claim specified in paragraph B72(e)(iii) at the transition date instead of at the date of initial recognition or incurred claim
(b)
if an entity chooses to disaggregate insurance finance income or expenses between amounts included in profit or loss and amounts included in other comprehensive income applying paragraphs 88(b) or 89(b), the entity needs to determine the cumulative amount of insurance finance income or expenses recognised in other comprehensive income at the transition date to apply paragraph 91(a) in future periods. The entity is permitted to determine that cumulative amount either by applying paragraph C19(b) or:
(i)
as nil, unless (ii) applies; and
(ii)
for insurance contracts with direct participation features to which paragraph B134 applies, as equal to the cumulative amount recognised in other comprehensive income on the underlying items.
C19
For groups of insurance contracts that do not include contracts issued more than one year apart:
(a)
if an entity applies paragraph C13 to estimate the discount rates that applied at initial recognition (or subsequently), it shall also determine the discount rates specified in paragraphs B72(b)–B72(e) applying paragraph C13; and
(b)
if an entity chooses to disaggregate insurance finance income or expenses between amounts included in profit or loss and amounts included in other comprehensive income, applying paragraphs 88(b) or 89(b), the entity needs to determine the cumulative amount of insurance finance income or expenses recognised in other comprehensive income at the transition date to apply paragraph 91(a) in future periods. The entity shall determine that cumulative amount:
(i)
for insurance contracts for which an entity will apply the methods of systematic allocation set out in paragraph B131—if the entity applies paragraph C13 to estimate the discount rates at initial recognition —using the discount rates that applied at the date of initial recognition, also applying paragraph C13;
(ii)
for insurance contracts for which an entity will apply the methods of systematic allocation set out in paragraph B132—on the basis that the assumptions that relate to financial risk that applied at the date of initial recognition are those that apply on the transition date, ie as nil;
(iii)
for insurance contracts for which an entity will apply the methods of systematic allocation set out in paragraph B133—if the entity applies paragraph C13 to estimate the discount rates at initial recognition (or subsequently)—using the discount rates that applied at the date of the incurred claim, also applying paragraph C13; and
(iv)
for insurance contracts with direct participation features to which paragraph B134 applies—as equal to the cumulative amount recognised in other comprehensive income on the underlying items.
C19A
Applying paragraph B137, an entity may choose not to change the treatment of accounting estimates made in previous interim financial statements. To the extent permitted by paragraph C8, such an entity shall determine amounts related to insurance finance income or expenses at the transition date as if it had not prepared interim financial statements before the transition date.
Fair value approach
C20
To apply the fair value approach, an entity shall determine the contractual service margin or loss component of the liability for remaining coverage at the transition date as the difference between the fair value of a group of insurance contracts at that date and the fulfilment cash flows measured at that date. In determining that fair value, an entity shall not apply paragraph 47 of IFRS 13 
Fair Value Measurement
 (relating to demand features).
C20A
For a group of reinsurance contracts held to which paragraphs 66A–66B apply (without the need to meet the condition set out in paragraph B119C), an entity shall determine the loss-recovery component of the asset for remaining coverage at the transition date by multiplying:
(a)
the loss component of the liability for remaining coverage for the underlying insurance contracts at the transition date (see paragraphs C16 and C20); and
(b)
the percentage of claims for the underlying insurance contracts the entity expects to recover from the group of reinsurance contracts held.
C20B
Applying paragraphs 14–22, at the transition date an entity might include in an onerous group of insurance contracts both onerous insurance contracts covered by a group of reinsurance contracts held and onerous insurance contracts not covered by the group of reinsurance contracts held. To apply paragraph C20A in such cases, an entity shall use a systematic and rational basis of allocation to determine the portion of the loss component of the group of insurance contracts that relates to insurance contracts covered by the group of reinsurance contracts held.
C21
In applying the fair value approach, an entity may apply paragraph C22 to determine:
(a)
how to identify groups of insurance contracts, applying paragraphs 14–24;
(b)
whether an insurance contract meets the definition of an insurance contract with direct participation features, applying paragraphs B101–B109;
(c)
how to identify discretionary cash flows for insurance contracts without direct participation features, applying paragraphs B98–B100; and
(d)
whether an investment contract meets the definition of an investment contract with discretionary participation features within the scope of IFRS 17, applying paragraph 71.
C22
An entity may choose to determine the matters in paragraph C21 using:
(a)
reasonable and supportable information for what the entity would have determined given the terms of the contract and the market conditions at the date of inception or initial recognition, as appropriate; or
(b)
reasonable and supportable information available at the transition date.
C22A
In applying the fair value approach, an entity may choose to classify as a liability for incurred claims a liability for settlement of claims incurred before an insurance contract was acquired in a transfer of insurance contracts that do not form a business or in a business combination within the scope of IFRS 3.
C23
In applying the fair value approach, an entity is not required to apply paragraph 22, and may include in a group contracts issued more than one year apart. An entity shall only divide groups into those including only contracts issued within a year (or less) if it has reasonable and supportable information to make the division. Whether or not an entity applies paragraph 22, it is permitted to determine the discount rates at the date of initial recognition of a group specified in paragraphs B72(b)–B72(e)(ii) and the discount rates at the date of the incurred claim specified in paragraph B72(e)(iii) at the transition date instead of at the date of initial recognition or incurred claim.
C24
In applying the fair value approach, if an entity chooses to disaggregate insurance finance income or expenses between profit or loss and other comprehensive income, it is permitted to determine the cumulative amount of insurance finance income or expenses recognised in other comprehensive income at the transition date:
(a)
retrospectively—but only if it has reasonable and supportable information to do so; or
(b)
as nil—unless (c) applies; and
(c)
for insurance contracts with direct participation features to which paragraph B134 applies—as equal to the cumulative amount recognised in other comprehensive income from the underlying items.
Asset for insurance acquisition cash flows
C24A
In applying the fair value approach for an asset for insurance acquisition cash flows (see paragraph C5B(b)), at the transition date, an entity shall determine an asset for insurance acquisition cash flows at an amount equal to the insurance acquisition cash flows the entity would incur at the transition date for the rights to obtain:
(a)
recoveries of insurance acquisition cash flows from premiums of insurance contracts issued before the transition date but not recognised at the transition date;
(b)
future insurance contracts that are renewals of insurance contracts recognised at the transition date and insurance contracts described in (a); and
(c)
future insurance contracts, other than those in (b), after the transition date without paying again insurance acquisition cash flows the entity has already paid that are directly attributable to the related portfolio of insurance contracts.
C24B
At the transition date, the entity shall exclude from the measurement of any groups of insurance contracts the amount of any asset for insurance acquisition cash flows.
Comparative information
C25
Notwithstanding the reference to the annual reporting period immediately preceding the date of initial application in paragraph C2(b), an entity may also present adjusted comparative information applying IFRS 17 for any earlier periods presented, but is not required to do so. If an entity does present adjusted comparative information for any earlier periods, the reference to ‘the beginning of the annual reporting period immediately preceding the date of initial application’ in paragraph C2(b) shall be read as ‘the beginning of the earliest adjusted comparative period presented’.
C26
An entity is not required to provide the disclosures specified in paragraphs 93–132 for any period presented before the beginning of the annual reporting period immediately preceding the date of initial application.
C27
If an entity presents unadjusted comparative information and disclosures for any earlier periods, it shall clearly identify the information that has not been adjusted, disclose that it has been prepared on a different basis, and explain that basis.
C28
An entity need not disclose previously unpublished information about claims development that occurred earlier than five years before the end of the annual reporting period in which it first applies IFRS 17. However, if an entity does not disclose that information, it shall disclose that fact.
Entities that first apply IFRS 17 and IFRS 9 at the same time
C28A
An entity that first applies IFRS 17 and IFRS 9 at the same time is permitted to apply paragraphs C28B–C28E (classification overlay) for the purpose of presenting comparative information about a financial asset if the comparative information for that financial asset has not been restated for IFRS 9. Comparative information for a financial asset will not be restated for IFRS 9 if either the entity chooses not to restate prior periods (see paragraph 7.2.15 of IFRS 9), or the entity restates prior periods but the financial asset has been derecognised during those prior periods (see paragraph 7.2.1 of IFRS 9).
C28B
An entity applying the classification overlay to a financial asset shall present comparative information as if the classification and measurement requirements of IFRS 9 had been applied to that financial asset. The entity shall use reasonable and supportable information available at the transition date (see paragraph C2(b)) to determine how the entity expects the financial asset would be classified and measured on initial application of IFRS 9 (for example, an entity might use preliminary assessments performed to prepare for the initial application of IFRS 9).
C28C
In applying the classification overlay to a financial asset, an entity is not required to apply the impairment requirements in Section 5.5 of IFRS 9. If, based on the classification determined applying paragraph C28B, the financial asset would be subject to the impairment requirements in Section 5.5 of IFRS 9 but the entity does not apply those requirements in applying the classification overlay, the entity shall continue to present any amount recognised in respect of impairment in the prior period in accordance with IAS 39 
Financial Instruments: Recognition and Measurement
. Otherwise, any such amounts shall be reversed.
C28D
Any difference between the previous carrying amount of a financial asset and the carrying amount at the transition date that results from applying paragraphs C28B–C28C shall be recognised in opening retained earnings (or other component of equity, as appropriate) at the transition date.
C28E
An entity that applies paragraphs C28B–C28D shall:
(a)
disclose qualitative information that enables users of financial statements to understand:
(i)
the extent to which the classification overlay has been applied (for example, whether it has been applied to all financial assets derecognised in the comparative period);
(ii)
whether and to what extent the impairment requirements in Section 5.5 of IFRS 9 have been applied (see paragraph C28C);
(b)
only apply those paragraphs to comparative information for reporting periods between the transition date to IFRS 17 and the date of initial application of IFRS 17 (see paragraphs C2 and C25); and
(c)
at the date of initial application of IFRS 9, apply the transition requirements in IFRS 9 (see Section 7.2 of IFRS 9).
Redesignation of financial assets
C29
At the date of initial application of IFRS 17, an entity that had applied IFRS 9 to annual reporting periods before the initial application of IFRS 17:
(a)
may reassess whether an eligible financial asset meets the condition in paragraph 4.1.2(a) or paragraph 4.1.2 A(a) of IFRS 9. A financial asset is eligible only if the financial asset is not held in respect of an activity that is unconnected with contracts within the scope of IFRS 17. Examples of financial assets that would not be eligible for reassessment are financial assets held in respect of banking activities or financial assets held in funds relating to investment contracts that are outside the scope of IFRS 17;
(b)
shall revoke its previous designation of a financial asset as measured at fair value through profit or loss if the condition in paragraph 4.1.5 of IFRS 9 is no longer met because of the application of IFRS 17;
(c)
may designate a financial asset as measured at fair value through profit or loss if the condition in paragraph 4.1.5 of IFRS 9 is met;
(d)
may designate an investment in an equity instrument as at fair value through other comprehensive income applying paragraph 5.7.5 of IFRS 9;
(e)
may revoke its previous designation of an investment in an equity instrument as at fair value through other comprehensive income applying paragraph 5.7.5 of IFRS 9.
C30
An entity shall apply paragraph C29 on the basis of the facts and circumstances that exist at the date of initial application of IFRS 17. An entity shall apply those designations and classifications retrospectively. In doing so, the entity shall apply the relevant transition requirements in IFRS 9. The date of initial application for that purpose shall be deemed to be the date of initial application of IFRS 17.
C31
An entity that applies paragraph C29 is not required to restate prior periods to reflect such changes in designations or classifications. The entity may restate prior periods only if it is possible without the use of hindsight. If an entity restates prior periods, the restated financial statements must reflect all the requirements of IFRS 9 for those affected financial assets. If an entity does not restate prior periods, the entity shall recognise, in the opening retained earnings (or other component of equity, as appropriate) at the date of initial application, any difference between:
(a)
the previous carrying amount of those financial assets; and
(b)
the carrying amount of those financial assets at the date of initial application.
C32
When an entity applies paragraph C29, it shall disclose in that annual reporting period for those financial assets by class:
(a)
if paragraph C29(a) applies—its basis for determining eligible financial assets;
(b)
if any of paragraphs C29(a)–C29(e) apply:
(i)
the measurement category and carrying amount of the affected financial assets determined immediately before the date of initial application of IFRS 17; and
(ii)
the new measurement category and carrying amount of the affected financial assets determined after applying paragraph C29.
(c)
if paragraph C29(b) applies—the carrying amount of financial assets in the statement of financial position that were previously designated as measured at fair value through profit or loss applying paragraph 4.1.5 of IFRS 9 that are no longer so designated.
C33
When an entity applies paragraph C29, the entity shall disclose in that annual reporting period qualitative information that would enable users of financial statements to understand:
(a)
how it applied paragraph C29 to financial assets the classification of which has changed on initially applying IFRS 17;
(b)
the reasons for any designation or de-designation of financial assets as measured at fair value through profit or loss applying paragraph 4.1.5 of IFRS 9; and
(c)
why the entity came to any different conclusions in the new assessment applying paragraphs 4.1.2(a) or 4.1.2 A(a) of IFRS 9.
C33A
For a financial asset derecognised between the transition date and date of initial application of IFRS 17, an entity may apply paragraphs C28B–C28E (classification overlay) for the purpose of presenting comparative information as if paragraph C29 had been applied to that asset. Such an entity shall adapt the requirements of paragraphs C28B–C28E so that the classification overlay is based on how the entity expects the financial asset would be designated applying paragraph C29 at the date of initial application of IFRS 17.
WITHDRAWAL OF OTHER IFRS STANDARDS
C34
IFRS 17 supersedes IFRS 4 
Insurance Contracts
, as amended in 2020.
IFRIC INTERPRETATION 1
Changes in Existing Decommissioning, Restoration and Similar Liabilities
REFERENCES
—
IFRS 16 
Leases
—
IAS 1 
Presentation of Financial Statements
 (as revised in 2007)
—
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 or as part of the cost of a right-of-use asset in accordance with IFRS 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 recognised in other comprehensive income and increase the revaluation surplus within 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 recognised in other comprehensive income and reduce the revaluation surplus within 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 end of the reporting period. Any such revaluation shall be taken into account in determining the amounts to be recognised in profit or loss or in other comprehensive income under (a). If a revaluation is necessary, all assets of that class shall be revalued;
(d)
IAS 1 requires disclosure in the statement of comprehensive income of each component of other comprehensive income or expense. 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. 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.
9A
IAS 1 (as revised in 2007) amended the terminology used throughout IFRSs. In addition it amended paragraph 6. An entity shall apply those amendments for annual periods beginning on or after 1 January 2009. If an entity applies IAS 1 (revised 2007) for an earlier period, the amendments shall be applied for that earlier period.
9B
IFRS 16, issued in January 2016, amended paragraph 2. An entity shall apply that amendment when it applies IFRS 16.
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
 
(
59
)
.
IFRIC INTERPRETATION 2
Members' Shares in Cooperative Entities and Similar Instruments
REFERENCES
—
IFRS 9 
Financial Instruments
—
IFRS 13 
Fair Value Measurement
—
IAS 32 
Financial instruments: Disclosure and Presentation
 (as revised in 2003) 
(
60
)
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 or the members’ shares have all the features and meet the conditions in paragraphs 16A and 16B or paragraphs 16C and 16D of IAS 32. 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 or the members’ shares have all the features and meet the conditions in paragraphs 16A and 16B or paragraphs 16C and 16D of IAS 32. 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. 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.
14A
An entity shall apply the amendments in paragraphs 6, 9, A1 and A12 for annual periods beginning on or after 1 January 2009. If an entity applies 
Puttable Financial Instruments and Obligations Arising on Liquidation
 (Amendments to IAS 32 and IAS 1), issued in February 2008, for an earlier period, the amendments in paragraphs 6, 9, A1 and A12 shall be applied for that earlier period.
15
[Deleted]
16
IFRS 13, issued in May 2011, amended paragraph A8. An entity shall apply that amendment when it applies IFRS 13.
17
Annual Improvements 2009–2011 Cycle
, issued in May 2012, amended paragraph 11. An entity shall apply that amendment retrospectively in accordance with IAS 8 
Accounting Policies, Changes in Accounting Estimates and Errors
 for annual periods beginning on or after 1 January 2013. If an entity applies that amendment to IAS 32 as a part of the 
Annual Improvements 2009–2011 Cycle
 (issued in May 2012) for an earlier period, the amendment in paragraph 11 shall be applied for that earlier period.
18
[Deleted]
19
IFRS 9, as issued in July 2014, amended paragraphs A8 and A10 and deleted paragraphs 15 and 18. An entity shall apply those amendments when it applies IFRS 9.
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 and that the financial instrument does not have all the features or does not meet the conditions in paragraphs 16A and 16B or paragraphs 16C and 16D of IAS 32.
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 (CU 1 000 000);
(b)
1 January 20X2 100 000 shares at CU20 each (a further CU 2 000 000, so that the total for shares issued is CU 3 000 000).
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 measures the fair value of such financial liabilities in accordance with paragraph 47 of IFRS 13: ‘The fair value of a financial liability with a demand feature (eg 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 CU 200 000 as financial liability and CU 800 000 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 40000 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 CU 800 000. This requires recognition of an additional liability of CU 600 000. In this example no gain or loss is recognised. Accordingly the entity now classifies CU 800 000 as financial liabilities and CU 2 200 000 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 CU 1 000 000 being the maximum amount payable on demand under the redemption provisions, as determined in accordance with paragraph 47 of IFRS 13. It therefore transfers on 1 January 20X3 from equity to financial liabilities an amount of CU 200 000, leaving CU 2 000 000 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 CU 1 000 000. At the end of the reporting period the balance of paid-in capital is CU 900 000.
Classification
A12
In this case, CU 750 000 would be classified as equity and CU 150 000 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, except for those instruments classified as equity instruments in accordance with paragraphs 16A and 16B or paragraphs 16C and 16D. The financial instrument is a financial liability 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. 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, except for those instruments classified as equity instruments in accordance with paragraphs 16A and 16B or paragraphs 16C and 16D.
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 end of the reporting period, 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 end of the reporting period is that the entity cannot pay more than CU50000 to redeem the members' shares.
Classification
A15
As in example 4, the entity classifies CU750000 as equity and CU150000 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 CU12000 and no member's shares have been redeemed.
Classification
A17
The entity classifies CU12000 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 CU200000, of which CU125000 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 (CU125000) if it repaid all of its other liabilities (CU75000). 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 5
Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds
REFERENCES
—
IFRS 9 
Financial Instruments
—
IFRS 10 
Consolidated Financial Statements
—
IFRS 11 
Joint Arrangements
—
IAS 8 
Accounting policies, Changes in Accounting Estimates and Errors
—
IAS 28 
Investments in Associates and Joint Ventures
—
IAS 37 
Provisions, Contingent Liabilities and Contingent Assets
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 IFRS 9 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 or joint control of, or significant influence over the fund by reference to IFRS 10, IFRS 11 and IAS 28. 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 or joint control of, or significance 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.
14A
[Deleted]
14B
IFRS 10 and IFRS 11, issued in May 2011, amended paragraphs 8 and 9. An entity shall apply those amendments when it applies IFRS 10 and IFRS 11.
14C
[Deleted]
14D
IFRS 9, as issued in July 2014, amended paragraph 5 and deleted paragraphs 14A and 14C. An entity shall apply those amendments when it applies IFRS 9.
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 
(
61
)
 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 end of the reporting period’ 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 statement of financial position 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 end of the reporting period. For non-monetary items carried in the opening statement of financial position 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 end of the reporting period.
4
At the end of the reporting period, deferred tax items are recognised and measured in accordance with IAS 12. However, the deferred tax figures in the opening statement of financial position 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 statement of financial position 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 statement of financial position of the reporting period to the end of that reporting period.
The entity applies the approach in (a) and (b) in restating the deferred tax items in the opening statement of financial position 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.
IFRIC INTERPRETATION 10
Interim Financial Reporting and Impairment
REFERENCES
—
IFRS 9 
Financial Instruments
—
IAS 34 
Interim Financial Reporting
—
IAS 36 
Impairment of Assets
BACKGROUND
1
An entity is required to assess goodwill for impairment at the end of each reporting period, and, if required, to recognise an impairment loss at that date in accordance with IAS 36. However, at the end of a subsequent reporting period, 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 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
[Deleted]
6
[Deleted]
7
The Interpretation addresses the following issue:
Should an entity reverse impairment losses recognised in an interim period on goodwill if a loss would not have been recognised, or a smaller loss would have been recognised, had an impairment assessment been made only at the end of a subsequent reporting period?
CONSENSUS
8
An entity shall not reverse an impairment loss recognised in a previous interim period in respect of goodwill.
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.
11
[Deleted]
12
[Deleted]
13
[Deleted]
14
IFRS 9, as issued in July 2014, amended paragraphs 1, 2, 7 and 8 and deleted paragraphs 5, 6, 11–13. An entity shall apply those amendments when it applies IFRS 9.
IFRIC INTERPRETATION 12
Service Concession Arrangements
REFERENCES
—
Framework for the Preparation and Presentation of Financial Statements
(
62
)
—
IFRS 1 
First-time Adoption of International Financial Reporting Standards
—
IFRS 7 
Financial Instruments: Disclosures
—
IFRS 9 
Financial Instruments
—
IFRS 15 
Revenue from Contracts with Customers
—
IFRS 16 
Leases
—
IAS 8 
Accounting Policies, Changes in Accounting Estimates and Errors
—
IAS 16 
Property, Plant and Equipment
—
IAS 20 
Accounting for Government Grants and Disclosure of Government Assistance
—
IAS 23 
Borrowing Costs
—
IAS 32 
Financial Instruments: Presentation
—
IAS 36 
Impairment of Assets
—
IAS 37 
Provisions, Contingent Liabilities and Contingent Assets
—
IAS 38 
Intangible Assets
—
SIC-29 
Service Concession Arrangements: Disclosure
(
63
)
BACKGROUND
1
In many countries, infrastructure for public services — such as roads, bridges, tunnels, prisons, hospitals, airports, water distribution facilities, energy supply and telecommunication networks — has traditionally been constructed, operated and maintained by the public sector and financed through public budget appropriation.
2
In some countries, governments have introduced contractual service arrangements to attract private sector participation in the development, financing, operation and maintenance of such infrastructure. The infrastructure may already exist, or may be constructed during the period of the service arrangement. An arrangement within the scope of this Interpretation typically involves a private sector entity (an operator) constructing the infrastructure used to provide the public service or upgrading it (for example, by increasing its capacity) and operating and maintaining that infrastructure for a specified period of time. The operator is paid for its services over the period of the arrangement. The arrangement is governed by a contract that sets out performance standards, mechanisms for adjusting prices, and arrangements for arbitrating disputes. Such an arrangement is often described as a ‘build-operate-transfer’, a ‘rehabilitate-operate-transfer’ or a ‘public-to-private’ service concession arrangement.
3
A feature of these service arrangements is the public service nature of the obligation undertaken by the operator. Public policy is for the services related to the infrastructure to be provided to the public, irrespective of the identity of the party that operates the services. The service arrangement contractually obliges the operator to provide the services to the public on behalf of the public sector entity. Other common features are:
(a)
the party that grants the service arrangement (the grantor) is a public sector entity, including a governmental body, or a private sector entity to which the responsibility for the service has been devolved.
(b)
the operator is responsible for at least some of the management of the infrastructure and related services and does not merely act as an agent on behalf of the grantor.
(c)
the contract sets the initial prices to be levied by the operator and regulates price revisions over the period of the service arrangement.
(d)
the operator is obliged to hand over the infrastructure to the grantor in a specified condition at the end of the period of the arrangement, for little or no incremental consideration, irrespective of which party initially financed it.
SCOPE
4
This Interpretation gives guidance on the accounting by operators for public-to-private service concession arrangements.
5
This Interpretation applies to public-to-private service concession arrangements if:
(a)
the grantor controls or regulates what services the operator must provide with the infrastructure, to whom it must provide them, and at what price; and
(b)
the grantor controls — through ownership, beneficial entitlement or otherwise — any significant residual interest in the infrastructure at the end of the term of the arrangement.
6
Infrastructure used in a public-to-private service concession arrangement for its entire useful life (whole of life assets) is within the scope of this Interpretation if the conditions in paragraph 5(a) are met. Paragraphs AG1–AG8 provide guidance on determining whether, and to what extent, public-to-private service concession arrangements are within the scope of this Interpretation.
7
This Interpretation applies to both:
(a)
infrastructure that the operator constructs or acquires from a third party for the purpose of the service arrangement; and
(b)
existing infrastructure to which the grantor gives the operator access for the purpose of the service arrangement.
8
This Interpretation does not specify the accounting for infrastructure that was held and recognised as property, plant and equipment by the operator before entering the service arrangement. The derecognition requirements of IFRSs (set out in IAS 16) apply to such infrastructure.
9
This Interpretation does not specify the accounting by grantors.
ISSUES
10
This Interpretation sets out general principles on recognising and measuring the obligations and related rights in service concession arrangements. Requirements for disclosing information about service concession arrangements are in SIC-29. The issues addressed in this Interpretation are:
(a)
treatment of the operator’s rights over the infrastructure;
(b)
recognition and measurement of arrangement consideration;
(c)
construction or upgrade services;
(d)
operation services;
(e)
borrowing costs;
(f)
subsequent accounting treatment of a financial asset and an intangible asset; and
(g)
items provided to the operator by the grantor.
CONSENSUS
Treatment of the operator’s rights over the infrastructure
11
Infrastructure within the scope of this Interpretation shall not be recognised as property, plant and equipment of the operator because the contractual service arrangement does not convey the right to control the use of the public service infrastructure to the operator. The operator has access to operate the infrastructure to provide the public service on behalf of the grantor in accordance with the terms specified in the contract.
Recognition and measurement of arrangement consideration
12
Under the terms of contractual arrangements within the scope of this Interpretation, the operator acts as a service provider. The operator constructs or upgrades infrastructure (construction or upgrade services) used to provide a public service and operates and maintains that infrastructure (operation services) for a specified period of time.
13
The operator shall recognise and measure revenue in accordance with IFRS 15 for the services it performs. The nature of the consideration determines its subsequent accounting treatment. The subsequent accounting for consideration received as a financial asset and as an intangible asset is detailed in paragraphs 23–26 below.
Construction or upgrade services
14
The operator shall account for construction or upgrade services in accordance with IFRS 15.
Consideration given by the grantor to the operator
15
If the operator provides construction or upgrade services the consideration received or receivable by the operator shall be recognised in accordance with IFRS 15. The consideration may be rights to:
(a)
a financial asset, or
(b)
an intangible asset.
16
The operator shall recognise a financial asset to the extent that it has an unconditional contractual right to receive cash or another financial asset from or at the direction of the grantor for the construction services; the grantor has little, if any, discretion to avoid payment, usually because the agreement is enforceable by law. The operator has an unconditional right to receive cash if the grantor contractually guarantees to pay the operator (a) specified or determinable amounts or (b) the shortfall, if any, between amounts received from users of the public service and specified or determinable amounts, even if payment is contingent on the operator ensuring that the infrastructure meets specified quality or efficiency requirements.
17
The operator shall recognise an intangible asset to the extent that it receives a right (a licence) to charge users of the public service. A right to charge users of the public service is not an unconditional right to receive cash because the amounts are contingent on the extent that the public uses the service.
18
If the operator is paid for the construction services partly by a financial asset and partly by an intangible asset it is necessary to account separately for each component of the operator's consideration. The consideration received or receivable for both components shall be recognised initially in accordance with IFRS 15.
19
The nature of the consideration given by the grantor to the operator shall be determined by reference to the contract terms and, when it exists, relevant contract law. The nature of the consideration determines the subsequent accounting as described in paragraphs 23–26. However, both types of consideration are classified as a contract asset during the construction or upgrade period in accordance with IFRS 15.
Operation services
20
The operator shall account for operation services in accordance with IFRS 15.
Contractual obligations to restore the infrastructure to a specified level of serviceability
21
The operator may have contractual obligations it must fulfil as a condition of its licence (a) to maintain the infrastructure to a specified level of serviceability or (b) to restore the infrastructure to a specified condition before it is handed over to the grantor at the end of the service arrangement. These contractual obligations to maintain or restore infrastructure, except for any upgrade element (see paragraph 14), shall be recognised and measured in accordance with IAS 37, i.e. at the best estimate of the expenditure that would be required to settle the present obligation at the end of the reporting period.
Borrowing costs incurred by the operator
22
In accordance with IAS 23, borrowing costs attributable to the arrangement shall be recognised as an expense in the period in which they are incurred unless the operator has a contractual right to receive an intangible asset (a right to charge users of the public service). In this case borrowing costs attributable to the arrangement shall be capitalised during the construction phase of the arrangement in accordance with that Standard.
Financial asset
23
IAS 32 and IFRSs 7 and 9 apply to the financial asset recognised under paragraphs 16 and 18.
24
The amount due from or at the direction of the grantor is accounted for in accordance with IFRS 9 as measured at:
(a)
amortised cost;
(b)
fair value through other comprehensive income; or
(c)
fair value through profit or loss.
25
If the amount due from the grantor is measured at amortised cost or fair value through other comprehensive income, IFRS 9 requires interest calculated using the effective interest method to be recognised in profit or loss.
Intangible asset
26
IAS 38 applies to the intangible asset recognised in accordance with paragraphs 17 and 18. Paragraphs 45–47 of IAS 38 provide guidance on measuring intangible assets acquired in exchange for a non-monetary asset or assets or a combination of monetary and non-monetary assets.
Items provided to the operator by the grantor
27
In accordance with paragraph 11, infrastructure items to which the operator is given access by the grantor for the purposes of the service arrangement are not recognised as property, plant and equipment of the operator. The grantor may also provide other items to the operator that the operator can keep or deal with as it wishes. If such assets form part of the consideration payable by the grantor for the services, they are not government grants as defined in IAS 20. Instead, they are accounted for as part of the transaction price as defined in IFRS 15.
EFFECTIVE DATE
28
An entity shall apply this Interpretation for annual periods beginning on or after 1 January 2008. Earlier application is permitted. If an entity applies this Interpretation for a period beginning before 1 January 2008, it shall disclose that fact.
28D
IFRS 15 
Revenue from Contracts with Customers
, issued in May 2014, amended the ‘References’ section and paragraphs 13–15, 18–20 and 27. An entity shall apply those amendments when it applies IFRS 15.
28E
IFRS 9, as issued in July 2014, amended paragraphs 23–25 and deleted paragraphs 28A–28C. An entity shall apply those amendments when it applies IFRS 9.
28F
IFRS 16, issued in January 2016, amended paragraph AG8. An entity shall apply that amendment when it applies IFRS 16.
TRANSITION
29
Subject to paragraph 30, changes in accounting policies are accounted for in accordance with IAS 8, i.e. retrospectively.
30
If, for any particular service arrangement, it is impracticable for an operator to apply this Interpretation retrospectively at the start of the earliest period presented, it shall:
(a)
recognise financial assets and intangible assets that existed at the start of the earliest period presented;
(b)
use the previous carrying amounts of those financial and intangible assets (however previously classified) as their carrying amounts as at that date; and
(c)
test financial and intangible assets recognised at that date for impairment, unless this is not practicable, in which case the amounts shall be tested for impairment as at the start of the current period.
Appendix A
Application Guidance
This appendix is an integral part of the Interpretation.
SCOPE (paragraph 5)
AG1
Paragraph 5 of this Interpretation specifies that infrastructure is within the scope of the Interpretation when the following conditions apply:
(a)
the grantor controls or regulates what services the operator must provide with the infrastructure, to whom it must provide them, and at what price; and
(b)
the grantor controls — through ownership, beneficial entitlement or otherwise — any significant residual interest in the infrastructure at the end of the term of the arrangement.
AG2
The control or regulation referred to in condition (a) could be by contract or otherwise (such as through a regulator), and includes circumstances in which the grantor buys all of the output as well as those in which some or all of the output is bought by other users. In applying this condition, the grantor and any related parties shall be considered together. If the grantor is a public sector entity, the public sector as a whole, together with any regulators acting in the public interest, shall be regarded as related to the grantor for the purposes of this Interpretation.
AG3
For the purpose of condition (a), the grantor does not need to have complete control of the price: it is sufficient for the price to be regulated by the grantor, contract or regulator, for example by a capping mechanism. However, the condition shall be applied to the substance of the agreement. Non-substantive features, such as a cap that will apply only in remote circumstances, shall be ignored. Conversely, if for example, a contract purports to give the operator freedom to set prices, but any excess profit is returned to the grantor, the operator’s return is capped and the price element of the control test is met.
AG4
For the purpose of condition (b), the grantor’s control over any significant residual interest should both restrict the operator’s practical ability to sell or pledge the infrastructure and give the grantor a continuing right of use throughout the period of the arrangement. The residual interest in the infrastructure is the estimated current value of the infrastructure as if it were already of the age and in the condition expected at the end of the period of the arrangement.
AG5
Control should be distinguished from management. If the grantor retains both the degree of control described in paragraph 5(a) and any significant residual interest in the infrastructure, the operator is only managing the infrastructure on the grantor’s behalf — even though, in many cases, it may have wide managerial discretion.
AG6
Conditions (a) and (b) together identify when the infrastructure, including any replacements required (see paragraph 21), is controlled by the grantor for the whole of its economic life. For example, if the operator has to replace part of an item of infrastructure during the period of the arrangement (e.g. the top layer of a road or the roof of a building), the item of infrastructure shall be considered as a whole. Thus condition (b) is met for the whole of the infrastructure, including the part that is replaced, if the grantor controls any significant residual interest in the final replacement of that part.
AG7
Sometimes the use of infrastructure is partly regulated in the manner described in paragraph 5(a) and partly unregulated. However, these arrangements take a variety of forms:
(a)
any infrastructure that is physically separable and capable of being operated independently and meets the definition of a cash-generating unit as defined in IAS 36 shall be analysed separately if it is used wholly for unregulated purposes. For example, this might apply to a private wing of a hospital, where the remainder of the hospital is used by the grantor to treat public patients.
(b)
when purely ancillary activities (such as a hospital shop) are unregulated, the control tests shall be applied as if those services did not exist, because in cases in which the grantor controls the services in the manner described in paragraph 5, the existence of ancillary activities does not detract from the grantor’s control of the infrastructure.
AG8
The operator may have a right to use the separable infrastructure described in paragraph AG7(a), or the facilities used to provide ancillary unregulated services described in paragraph AG7(b). In either case, there may in substance be a lease from the grantor to the operator; if so, it shall be accounted for in accordance with IFRS 16.
IFRIC INTERPRETATION 14
IAS 19 — The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction
REFERENCES
—
IAS 1 
Presentation of Financial Statements
—
IAS 8 
Accounting Policies, Changes in Accounting Estimates and Errors
—
IAS 19 
Employee Benefits
 (as amended in 2011)
—
IAS 37 
Provisions, Contingent Liabilities and Contingent Assets
BACKGROUND
1
Paragraph 64 of IAS 19 limits the measurement of a net defined benefit asset to the lower of the surplus in the defined benefit plan and the asset ceiling. Paragraph 8 of IAS 19 defines the asset ceiling as ‘the present value of any economic benefits available in the form of refunds from the plan or reductions in future contributions to the plan’. Questions have arisen about when refunds or reductions in future contributions should be regarded as available, particularly when a minimum funding requirement exists.
2
Minimum funding requirements exist in many countries to improve the security of the post-employment benefit promise made to members of an employee benefit plan. Such requirements normally stipulate a minimum amount or level of contributions that must be made to a plan over a given period. Therefore, a minimum funding requirement may limit the ability of the entity to reduce future contributions.
3
Further, the limit on the measurement of a defined benefit asset may cause a minimum funding requirement to be onerous. Normally, a requirement to make contributions to a plan would not affect the measurement of the defined benefit asset or liability. This is because the contributions, once paid, will become plan assets and so the additional net liability is nil. However, a minimum funding requirement may give rise to a liability if the required contributions will not be available to the entity once they have been paid.
3A
In November 2009 the International Accounting Standards Board amended IFRIC 14 to remove an unintended consequence arising from the treatment of prepayments of future contributions in some circumstances when there is a minimum funding requirement.
SCOPE
4
This Interpretation applies to all post-employment defined benefits and other long-term employee defined benefits.
5
For the purpose of this Interpretation, minimum funding requirements are any requirements to fund a post-employment or other long-term defined benefit plan.
ISSUES
6
The issues addressed in this Interpretation are:
(a)
when refunds or reductions in future contributions should be regarded as available in accordance with the definition of the asset ceiling in paragraph 8 of IAS 19;
(b)
how a minimum funding requirement might affect the availability of reductions in future contributions;
(c)
when a minimum funding requirement might give rise to a liability.
CONSENSUS
Availability of a refund or reduction in future contributions
7
An entity shall determine the availability of a refund or a reduction in future contributions in accordance with the terms and conditions of the plan and any statutory requirements in the jurisdiction of the plan.
8
An economic benefit, in the form of a refund or a reduction in future contributions, is available if the entity can realise it at some point during the life of the plan or when the plan liabilities are settled. In particular, such an economic benefit may be available even if it is not realisable immediately at the end of the reporting period.
9
The economic benefit available does not depend on how the entity intends to use the surplus. An entity shall determine the maximum economic benefit that is available from refunds, reductions in future contributions or a combination of both. An entity shall not recognise economic benefits from a combination of refunds and reductions in future contributions based on assumptions that are mutually exclusive.
10
In accordance with IAS 1, the entity shall disclose information about the key sources of estimation uncertainty at the end of the reporting period that have a significant risk of causing a material adjustment to the carrying amount of the net asset or liability recognised in the statement of financial position. This might include disclosure of any restrictions on the current realisability of the surplus or disclosure of the basis used to determine the amount of the economic benefit available.
The economic benefit available as a refund
The right to a refund
11
A refund is available to an entity only if the entity has an unconditional right to a refund:
(a)
during the life of the plan, without assuming that the plan liabilities must be settled in order to obtain the refund (e.g. in some jurisdictions, the entity may have a right to a refund during the life of the plan, irrespective of whether the plan liabilities are settled); or
(b)
assuming the gradual settlement of the plan liabilities over time until all members have left the plan; or
(c)
assuming the full settlement of the plan liabilities in a single event (i.e. as a plan wind-up).
An unconditional right to a refund can exist whatever the funding level of a plan at the end of the reporting period.
12
If the entity’s right to a refund of a surplus depends on the occurrence or non-occurrence of one or more uncertain future events not wholly within its control, the entity does not have an unconditional right and shall not recognise an asset.
Measurement of the economic benefit
13
An entity shall measure the economic benefit available as a refund as the amount of the surplus at the end of the reporting period (being the fair value of the plan assets less the present value of the defined benefit obligation) that the entity has a right to receive as a refund, less any associated costs. For instance, if a refund would be subject to a tax other than income tax, an entity shall measure the amount of the refund net of the tax.
14
In measuring the amount of a refund available when the plan is wound up (paragraph 11(c)), an entity shall include the costs to the plan of settling the plan liabilities and making the refund. For example, an entity shall deduct professional fees if these are paid by the plan rather than the entity, and the costs of any insurance premiums that may be required to secure the liability on wind-up.
15
If the amount of a refund is determined as the full amount or a proportion of the surplus, rather than a fixed amount, an entity shall make no adjustment for the time value of money, even if the refund is realisable only at a future date.
The economic benefit available as a contribution reduction
16
If there is no minimum funding requirement for contributions relating to future service, the economic benefit available as a reduction in future contributions is the future service cost to the entity for each period over the shorter of the expected life of the plan and the expected life of the entity. The future service cost to the entity excludes amounts that will be borne by employees.
17
An entity shall determine the future service costs using assumptions consistent with those used to determine the defined benefit obligation and with the situation that exists at the end of the reporting period as determined by IAS 19. Therefore, an entity shall assume no change to the benefits to be provided by a plan in the future until the plan is amended and shall assume a stable workforce in the future unless the entity makes a reduction in the number of employees covered by the plan. In the latter case, the assumption about the future workforce shall include the reduction.
The effect of a minimum funding requirement on the economic benefit available as a reduction in future contributions
18
An entity shall analyse any minimum funding requirement at a given date into contributions that are required to cover (a) any existing shortfall for past service on the minimum funding basis and (b) future service.
19
Contributions to cover any existing shortfall on the minimum funding basis in respect of services already received do not affect future contributions for future service. They may give rise to a liability in accordance with paragraphs 23–26.
20
If there is a minimum funding requirement for contributions relating to future service, the economic benefit available as a reduction in future contributions is the sum of:
(a)
any amount that reduces future minimum funding requirement contributions for future service because the entity made a prepayment (ie paid the amount before being required to do so); and
(b)
the estimated future service cost in each period in accordance with paragraphs 16 and 17, less the estimated minimum funding requirement contributions that would be required for future service in those periods if there were no prepayment as described in (a).
21
An entity shall estimate the future minimum funding requirement contributions for future service taking into account the effect of any existing surplus determined using the minimum funding basis but excluding the prepayment described in paragraph 20(a). An entity shall use assumptions consistent with the minimum funding basis and, for any factors not specified by that basis, assumptions consistent with those used to determine the defined benefit obligation and with the situation that exists at the end of the reporting period as determined by IAS 19. The estimate shall include any changes expected as a result of the entity paying the minimum contributions when they are due. However, the estimate shall not include the effect of expected changes in the terms and conditions of the minimum funding basis that are not substantively enacted or contractually agreed at the end of the reporting period.
22
When an entity determines the amount described in paragraph 20(b), if the future minimum funding requirement contributions for future service exceed the future IAS 19 service cost in any given period, that excess reduces the amount of the economic benefit available as a reduction in future contributions However, the amount described in paragraph 20(b) can never be less than zero.
When a minimum funding requirement may give rise to a liability
23
If an entity has an obligation under a minimum funding requirement to pay contributions to cover an existing shortfall on the minimum funding basis in respect of services already received, the entity shall determine whether the contributions payable will be available as a refund or reduction in future contributions after they are paid into the plan.
24
To the extent that the contributions payable will not be available after they are paid into the plan, the entity shall recognise a liability when the obligation arises. The liability shall reduce the net defined benefit asset or increase the net defined benefit liability so that no gain or loss is expected to result from applying paragraph 64 of IAS 19 when the contributions are paid.
EFFECTIVE DATE
27
An entity shall apply this Interpretation for annual periods beginning on or after 1 January 2008. Earlier application is permitted.
27A
IAS 1 (as revised in 2007) amended the terminology used throughout IFRSs. In addition it amended paragraph 26. An entity shall apply those amendments for annual periods beginning on or after 1 January 2009. If an entity applies IAS 1 (revised 2007) for an earlier period, the amendments shall be applied for that earlier period.
27B
Prepayments of a Minimum Funding Requirement
 added paragraph 3A and amended paragraphs 16-18 and 20-22. An entity shall apply those amendments for annual periods beginning on or after 1 January 2011. Earlier application is permitted. If an entity applies the amendments for an earlier period, it shall disclose that fact.
27C
IAS 19 (as amended in 2011) amended paragraphs 1, 6, 17 and 24 and deleted paragraphs 25 and 26. An entity shall apply those amendments when it applies IAS 19 (as amended in 2011).
TRANSITION
28
An entity shall apply this Interpretation from the beginning of the first period presented in the first financial statements to which the Interpretation applies. An entity shall recognise any initial adjustment arising from the application of this Interpretation in retained earnings at the beginning of that period.
29
An entity shall apply the amendments in paragraphs 3A, 16–18 and 20–22 from the beginning of the earliest comparative period presented in the first financial statements in which the entity applies this Interpretation. If the entity had previously applied this Interpretation before it applies the amendments, it shall recognise the adjustment resulting from the application of the amendments in retained earnings at the beginning of the earliest comparative period presented.
IFRIC INTERPRETATION 16
Hedges of a Net Investment in a Foreign Operation
REFERENCES
—
IFRS 9 
Financial Instruments
—
IAS 8 
Accounting Policies, Changes in Accounting Estimates and Errors
—
IAS 21 
The Effects of Changes in Foreign Exchange Rates
BACKGROUND
1
Many reporting entities have investments in foreign operations (as defined in IAS 21 paragraph 8). Such foreign operations may be subsidiaries, associates, joint ventures or branches. IAS 21 requires an entity to determine the functional currency of each of its foreign operations as the currency of the primary economic environment of that operation. When translating the results and financial position of a foreign operation into a presentation currency, the entity is required to recognise foreign exchange differences in other comprehensive income until it disposes of the foreign operation.
2
Hedge accounting of the foreign currency risk arising from a net investment in a foreign operation will apply only when the net assets of that foreign operation are included in the financial statements 
(
64
)
. The item being hedged with respect to the foreign currency risk arising from the net investment in a foreign operation may be an amount of net assets equal to or less than the carrying amount of the net assets of the foreign operation.
3
IFRS 9 requires the designation of an eligible hedged item and eligible hedging instruments in a hedge accounting relationship. If there is a designated hedging relationship, in the case of a net investment hedge, the gain or loss on the hedging instrument that is determined to be an effective hedge of the net investment is recognised in other comprehensive income and is included with the foreign exchange differences arising on translation of the results and financial position of the foreign operation.
4
An entity with many foreign operations may be exposed to a number of foreign currency risks. This Interpretation provides guidance on identifying the foreign currency risks that qualify as a hedged risk in the hedge of a net investment in a foreign operation.
5
IFRS 9 allows an entity to designate either a derivative or a non-derivative financial instrument (or a combination of derivative and non-derivative financial instruments) as hedging instruments for foreign currency risk. This Interpretation provides guidance on where, within a group, hedging instruments that are hedges of a net investment in a foreign operation can be held to qualify for hedge accounting.
6
IAS 21 and IFRS 9 require cumulative amounts recognised in other comprehensive income relating to both the foreign exchange differences arising on translation of the results and financial position of the foreign operation and the gain or loss on the hedging instrument that is determined to be an effective hedge of the net investment to be reclassified from equity to profit or loss as a reclassification adjustment when the parent disposes of the foreign operation. This Interpretation provides guidance on how an entity should determine the amounts to be reclassified from equity to profit or loss for both the hedging instrument and the hedged item.
SCOPE
7
This Interpretation applies to an entity that hedges the foreign currency risk arising from its net investments in foreign operations and wishes to qualify for hedge accounting in accordance with IFRS 9. For convenience this Interpretation refers to such an entity as a parent entity and to the financial statements in which the net assets of foreign operations are included as consolidated financial statements. All references to a parent entity apply equally to an entity that has a net investment in a foreign operation that is a joint venture, an associate or a branch.
8
This Interpretation applies only to hedges of net investments in foreign operations; it should not be applied by analogy to other types of hedge accounting.
ISSUES
9
Investments in foreign operations may be held directly by a parent entity or indirectly by its subsidiary or subsidiaries. The issues addressed in this Interpretation are:
(a)
the nature of the hedged risk and the amount of the hedged item for which a hedging relationship may be designated:
(i)
whether the parent entity may designate as a hedged risk only the foreign exchange differences arising from a difference between the functional currencies of the parent entity and its foreign operation, or whether it may also designate as the hedged risk the foreign exchange differences arising from the difference between the presentation currency of the parent entity’s consolidated financial statements and the functional currency of the foreign operation;
(ii)
if the parent entity holds the foreign operation indirectly, whether the hedged risk may include only the foreign exchange differences arising from differences in functional currencies between the foreign operation and its immediate parent entity, or whether the hedged risk may also include any foreign exchange differences between the functional currency of the foreign operation and any intermediate or ultimate parent entity (i.e. whether the fact that the net investment in the foreign operation is held through an intermediate parent affects the economic risk to the ultimate parent);
(b)
where in a group the hedging instrument can be held:
(i)
whether a qualifying hedge accounting relationship can be established only if the entity hedging its net investment is a party to the hedging instrument or whether any entity in the group, regardless of its functional currency, can hold the hedging instrument;
(ii)
whether the nature of the hedging instrument (derivative or non-derivative) or the method of consolidation affects the assessment of hedge effectiveness;
(c)
what amounts should be reclassified from equity to profit or loss as reclassification adjustments on disposal of the foreign operation:
(i)
when a foreign operation that was hedged is disposed of, what amounts from the parent entity’s foreign currency translation reserve in respect of the hedging instrument and in respect of that foreign operation should be reclassified from equity to profit or loss in the parent entity’s consolidated financial statements;
(ii)
whether the method of consolidation affects the determination of the amounts to be reclassified from equity to profit or loss.
CONSENSUS
Nature of the hedged risk and amount of the hedged item for which a hedging relationship may be designated
10
Hedge accounting may be applied only to the foreign exchange differences arising between the functional currency of the foreign operation and the parent entity’s functional currency.
11
In a hedge of the foreign currency risks arising from a net investment in a foreign operation, the hedged item can be an amount of net assets equal to or less than the carrying amount of the net assets of the foreign operation in the consolidated financial statements of the parent entity. The carrying amount of the net assets of a foreign operation that may be designated as the hedged item in the consolidated financial statements of a parent depends on whether any lower level parent of the foreign operation has applied hedge accounting for all or part of the net assets of that foreign operation and that accounting has been maintained in the parent’s consolidated financial statements.
12
The hedged risk may be designated as the foreign currency exposure arising between the functional currency of the foreign operation and the functional currency of any parent entity (the immediate, intermediate or ultimate parent entity) of that foreign operation. The fact that the net investment is held through an intermediate parent does not affect the nature of the economic risk arising from the foreign currency exposure to the ultimate parent entity.
13
An exposure to foreign currency risk arising from a net investment in a foreign operation may qualify for hedge accounting only once in the consolidated financial statements. Therefore, if the same net assets of a foreign operation are hedged by more than one parent entity within the group (for example, both a direct and an indirect parent entity) for the same risk, only one hedging relationship will qualify for hedge accounting in the consolidated financial statements of the ultimate parent. A hedging relationship designated by one parent entity in its consolidated financial statements need not be maintained by another higher level parent entity. However, if it is not maintained by the higher level parent entity, the hedge accounting applied by the lower level parent must be reversed before the higher level parent’s hedge accounting is recognised.
Where the hedging instrument can be held
14
A derivative or a non-derivative instrument (or a combination of derivative and non-derivative instruments) may be designated as a hedging instrument in a hedge of a net investment in a foreign operation. The hedging instrument(s) may be held by any entity or entities within the group, as long as the designation, documentation and effectiveness requirements of IFRS 9 paragraph 6.4.1 that relate to a net investment hedge are satisfied. In particular, the hedging strategy of the group should be clearly documented because of the possibility of different designations at different levels of the group.
15
For the purpose of assessing effectiveness, the change in value of the hedging instrument in respect of foreign exchange risk is computed by reference to the functional currency of the parent entity against whose functional currency the hedged risk is measured, in accordance with the hedge accounting documentation. Depending on where the hedging instrument is held, in the absence of hedge accounting the total change in value might be recognised in profit or loss, in other comprehensive income, or both. However, the assessment of effectiveness is not affected by whether the change in value of the hedging instrument is recognised in profit or loss or in other comprehensive income. As part of the application of hedge accounting, the total effective portion of the change is included in other comprehensive income. The assessment of effectiveness is not affected by whether the hedging instrument is a derivative or a non-derivative instrument or by the method of consolidation.
Disposal of a hedged foreign operation
16
When a foreign operation that was hedged is disposed of, the amount reclassified to profit or loss as a reclassification adjustment from the foreign currency translation reserve in the consolidated financial statements of the parent in respect of the hedging instrument is the amount that IFRS 9 paragraph 6.5.14 requires to be identified. That amount is the cumulative gain or loss on the hedging instrument that was determined to be an effective hedge.
17
The amount reclassified to profit or loss from the foreign currency translation reserve in the consolidated financial statements of a parent in respect of the net investment in that foreign operation in accordance with IAS 21 paragraph 48 is the amount included in that parent’s foreign currency translation reserve in respect of that foreign operation. In the ultimate parent’s consolidated financial statements, the aggregate net amount recognised in the foreign currency translation reserve in respect of all foreign operations is not affected by the consolidation method. However, whether the ultimate parent uses the direct or the step-by-step method of consolidation 
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 may affect the amount included in its foreign currency translation reserve in respect of an individual foreign operation. The use of the step-by-step method of consolidation may result in the reclassification to profit or loss of an amount different from that used to determine hedge effectiveness. This difference may be eliminated by determining the amount relating to that foreign operation that would have arisen if the direct method of consolidation had been used. Making this adjustment is not required by IAS 21. However, it is an accounting policy choice that should be followed consistently for all net investments.
EFFECTIVE DATE
18
An entity shall apply this Interpretation for annual periods beginning on or after 1 October 2008. An entity shall apply the amendment to paragraph 14 made by 
Improvements to IFRSs
 issued in April 2009 for annual periods beginning on or after 1 July 2009. Earlier application of both is permitted. If an entity applies this Interpretation for a period beginning before 1 October 2008, or the amendment to paragraph 14 before 1 July 2009, it shall disclose that fact.
18B
IFRS 9, as issued in July 2014, amended paragraphs 3, 5–7, 14, 16, AG1 and AG8 and deleted paragraph 18A. An entity shall apply those amendments when it applies IFRS 9.
TRANSITION
19
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 the Interpretation. If an entity had designated a hedging instrument as a hedge of a net investment but the hedge does not meet the conditions for hedge accounting in this Interpretation, the entity shall apply IAS 39 to discontinue that hedge accounting prospectively.
Appendix
Application guidance
This appendix is an integral part of the Interpretation.
AG1
This appendix illustrates the application of the Interpretation using the corporate structure illustrated below. In all cases the hedging relationships described would be tested for effectiveness in accordance with IFRS 9, although this testing is not discussed in this appendix. Parent, being the ultimate parent entity, presents its consolidated financial statements in its functional currency of euro (EUR). Each of the subsidiaries is wholly owned. Parent's £500 million net investment in Subsidiary B (functional currency pounds sterling (GBP)) includes the £159 million equivalent of Subsidiary B's US$300 million net investment in Subsidiary C (functional currency US dollars (USD)). In other words, Subsidiary B's net assets other than its investment in Subsidiary C are £341 million.
Nature of hedged risk for which a hedging relationship may be designated (paragraphs 10-13)
AG2
Parent can hedge its net investment in each of Subsidiaries A, B and C for the foreign exchange risk between their respective functional currencies (Japanese yen (JPY), pounds sterling and US dollars) and euro. In addition, Parent can hedge the USD/GBP foreign exchange risk between the functional currencies of Subsidiary B and Subsidiary C. In its consolidated financial statements, Subsidiary B can hedge its net investment in Subsidiary C for the foreign exchange risk between their functional currencies of US dollars and pounds sterling. In the following examples the designated risk is the spot foreign exchange risk because the hedging instruments are not derivatives. If the hedging instruments were forward contracts, Parent could designate the forward foreign exchange risk.
Amount of hedged item for which a hedging relationship may be designated (paragraphs 10-13)
AG3
Parent wishes to hedge the foreign exchange risk from its net investment in Subsidiary C. Assume that Subsidiary A has an external borrowing of US$300 million. The net assets of Subsidiary A at the start of the reporting period are JPY 400 000 million including the proceeds of the external borrowing of US$300 million.
AG4
The hedged item can be an amount of net assets equal to or less than the carrying amount of Parent’s net investment in Subsidiary C (US$300 million) in its consolidated financial statements. In its consolidated financial statements Parent can designate the US$300 million external borrowing in Subsidiary A as a hedge of the EUR/USD spot foreign exchange risk associated with its net investment in the US$300 million net assets of Subsidiary C. In this case, both the EUR/USD foreign exchange difference on the US$300 million external borrowing in Subsidiary A and the EUR/USD foreign exchange difference on the US$300 million net investment in Subsidiary C are included in the foreign currency translation reserve in Parent’s consolidated financial statements after the application of hedge accounting.
AG5
In the absence of hedge accounting, the total USD/EUR foreign exchange difference on the US$300 million external borrowing in Subsidiary A would be recognised in Parent’s consolidated financial statements as follows:
—
USD/JPY spot foreign exchange rate change, translated to euro, in profit or loss, and
—
JPY/EUR spot foreign exchange rate change in other comprehensive income.
Instead of the designation in paragraph AG4, in its consolidated financial statements Parent can designate the US$300 million external borrowing in Subsidiary A as a hedge of the GBP/USD spot foreign exchange risk between Subsidiary C and Subsidiary B. In this case, the total USD/EUR foreign exchange difference on the US$300 million external borrowing in Subsidiary A would instead be recognised in Parent’s consolidated financial statements as follows:
—
the GBP/USD spot foreign exchange rate change in the foreign currency translation reserve relating to Subsidiary C,
—
GBP/JPY spot foreign exchange rate change, translated to euro, in profit or loss, and
—
JPY/EUR spot foreign exchange rate change in other comprehensive income.
AG6
Parent cannot designate the US$300 million external borrowing in Subsidiary A as a hedge of both the EUR/USD spot foreign exchange risk and the GBP/USD spot foreign exchange risk in its consolidated financial statements. A single hedging instrument can hedge the same designated risk only once. Subsidiary B cannot apply hedge accounting in its consolidated financial statements because the hedging instrument is held outside the group comprising Subsidiary B and Subsidiary C.
Where in a group can the hedging instrument be held (paragraphs 14 and 15)?
AG7
As noted in paragraph AG5, the total change in value in respect of foreign exchange risk of the US$300 million external borrowing in Subsidiary A would be recorded in both profit or loss (USD/JPY spot risk) and other comprehensive income (EUR/JPY spot risk) in Parent’s consolidated financial statements in the absence of hedge accounting. Both amounts are included for the purpose of assessing the effectiveness of the hedge designated in paragraph AG4 because the change in value of both the hedging instrument and the hedged item are computed by reference to the euro functional currency of Parent against the US dollar functional currency of Subsidiary C, in accordance with the hedge documentation. The method of consolidation (i.e. direct method or step-by-step method) does not affect the assessment of the effectiveness of the hedge.
Amounts reclassified to profit or loss on disposal of a foreign operation (paragraphs 16 and 17)
AG8
When Subsidiary C is disposed of, the amounts reclassified to profit or loss in Parent's consolidated financial statements from its foreign currency translation reserve (FCTR) are:
(a)
in respect of the US$300 million external borrowing of Subsidiary A, the amount that IFRS 9 requires to be identified, ie the total change in value in respect of foreign exchange risk that was recognised in other comprehensive income as the effective portion of the hedge; and
(b)
in respect of the US$300 million net investment in Subsidiary C, the amount determined by the entity’s consolidation method. If Parent uses the direct method, its FCTR in respect of Subsidiary C will be determined directly by the EUR/USD foreign exchange rate. If Parent uses the step-by-step method, its FCTR in respect of Subsidiary C will be determined by the FCTR recognised by Subsidiary B reflecting the GBP/USD foreign exchange rate, translated to Parent’s functional currency using the EUR/GBP foreign exchange rate. Parent’s use of the step-by-step method of consolidation in prior periods does not require it to or preclude it from determining the amount of FCTR to be reclassified when it disposes of Subsidiary C to be the amount that it would have recognised if it had always used the direct method, depending on its accounting policy.
Hedging more than one foreign operation (paragraphs 11, 13 and 15)
AG9
The following examples illustrate that in the consolidated financial statements of Parent, the risk that can be hedged is always the risk between its functional currency (euro) and the functional currencies of Subsidiaries B and C. No matter how the hedges are designated, the maximum amounts that can be effective hedges to be included in the foreign currency translation reserve in Parent’s consolidated financial statements when both foreign operations are hedged are US$300 million for EUR/USD risk and £341 million for EUR/GBP risk. Other changes in value due to changes in foreign exchange rates are included in Parent’s consolidated profit or loss. Of course, it would be possible for Parent to designate US$300 million only for changes in the USD/GBP spot foreign exchange rate or £500 million only for changes in the GBP/EUR spot foreign exchange rate.
Parent holds both USD and GBP hedging instruments
AG10
Parent may wish to hedge the foreign exchange risk in relation to its net investment in Subsidiary B as well as that in relation to Subsidiary C. Assume that Parent holds suitable hedging instruments denominated in US dollars and pounds sterling that it could designate as hedges of its net investments in Subsidiary B and Subsidiary C. The designations Parent can make in its consolidated financial statements include, but are not limited to, the following:
(a)
US$300 million hedging instrument designated as a hedge of the US$300 million of net investment in Subsidiary C with the risk being the spot foreign exchange exposure (EUR/USD) between Parent and Subsidiary C and up to £341 million hedging instrument designated as a hedge of £341 million of the net investment in Subsidiary B with the risk being the spot foreign exchange exposure (EUR/GBP) between Parent and Subsidiary B.
(b)
US$300 million hedging instrument designated as a hedge of the US$300 million of net investment in Subsidiary C with the risk being the spot foreign exchange exposure (GBP/USD) between Subsidiary B and Subsidiary C and up to £500 million hedging instrument designated as a hedge of £500 million of the net investment in Subsidiary B with the risk being the spot foreign exchange exposure (EUR/GBP) between Parent and Subsidiary B.
AG11
The EUR/USD risk from Parent’s net investment in Subsidiary C is a different risk from the EUR/GBP risk from Parent’s net investment in Subsidiary B. However, in the case described in paragraph AG10(a), by its designation of the USD hedging instrument it holds, Parent has already fully hedged the EUR/USD risk from its net investment in Subsidiary C. If Parent also designated a GBP instrument it holds as a hedge of its £500 million net investment in Subsidiary B, £159 million of that net investment, representing the GBP equivalent of its USD net investment in Subsidiary C, would be hedged twice for GBP/EUR risk in Parent’s consolidated financial statements.
AG12
In the case described in paragraph AG10(b), if Parent designates the hedged risk as the spot foreign exchange exposure (GBP/USD) between Subsidiary B and Subsidiary C, only the GBP/USD part of the change in the value of its US$300 million hedging instrument is included in Parent’s foreign currency translation reserve relating to Subsidiary C. The remainder of the change (equivalent to the GBP/EUR change on £159 million) is included in Parent’s consolidated profit or loss, as in paragraph AG5. Because the designation of the USD/GBP risk between Subsidiaries B and C does not include the GBP/EUR risk, Parent is also able to designate up to £500 million of its net investment in Subsidiary B with the risk being the spot foreign exchange exposure (GBP/EUR) between Parent and Subsidiary B.
Subsidiary B holds the USD hedging instrument
AG13
Assume that Subsidiary B holds US$300 million of external debt the proceeds of which were transferred to Parent by an inter-company loan denominated in pounds sterling. Because both its assets and liabilities increased by £159 million, Subsidiary B’s net assets are unchanged. Subsidiary B could designate the external debt as a hedge of the GBP/USD risk of its net investment in Subsidiary C in its consolidated financial statements. Parent could maintain Subsidiary B’s designation of that hedging instrument as a hedge of its US$300 million net investment in Subsidiary C for the GBP/USD risk (see paragraph 13) and Parent could designate the GBP hedging instrument it holds as a hedge of its entire £500 million net investment in Subsidiary B. The first hedge, designated by Subsidiary B, would be assessed by reference to Subsidiary B’s functional currency (pounds sterling) and the second hedge, designated by Parent, would be assessed by reference to Parent’s functional currency (euro). In this case, only the GBP/USD risk from Parent’s net investment in Subsidiary C has been hedged in Parent’s consolidated financial statements by the USD hedging instrument, not the entire EUR/USD risk. Therefore, the entire EUR/GBP risk from Parent’s £500 million net investment in Subsidiary B may be hedged in the consolidated financial statements of Parent.
AG14
However, the accounting for Parent’s £159 million loan payable to Subsidiary B must also be considered. If Parent’s loan payable is not considered part of its net investment in Subsidiary B because it does not satisfy the conditions in IAS 21 paragraph 15, the GBP/EUR foreign exchange difference arising on translating it would be included in Parent’s consolidated profit or loss. If the £159 million loan payable to Subsidiary B is considered part of Parent’s net investment, that net investment would be only £341 million and the amount Parent could designate as the hedged item for GBP/EUR risk would be reduced from £500 million to £341 million accordingly.
AG15
If Parent reversed the hedging relationship designated by Subsidiary B, Parent could designate the US$300 million external borrowing held by Subsidiary B as a hedge of its US$300 million net investment in Subsidiary C for the EUR/USD risk and designate the GBP hedging instrument it holds itself as a hedge of only up to £341 million of the net investment in Subsidiary B. In this case the effectiveness of both hedges would be computed by reference to Parent’s functional currency (euro). Consequently, both the USD/GBP change in value of the external borrowing held by Subsidiary B and the GBP/EUR change in value of Parent’s loan payable to Subsidiary B (equivalent to USD/EUR in total) would be included in the foreign currency translation reserve in Parent’s consolidated financial statements. Because Parent has already fully hedged the EUR/USD risk from its net investment in Subsidiary C, it can hedge only up to £341 million for the EUR/GBP risk of its net investment in Subsidiary B.
IFRIC INTERPRETATION 17
Distributions of Non-cash Assets to Owners
REFERENCES
—
IFRS 3 
Business Combinations
 (as revised in 2008)
—
IFRS 5 
Non-current Assets Held for Sale and Discontinued Operations
—
IFRS 7 
Financial Instruments: Disclosures
—
IFRS 10 
Consolidated Financial Statements
—
IFRS 13 
Fair Value Measurement
—
IAS 1 
Presentation of Financial Statements
 (as revised in 2007)
—
IAS 10 
Events after the Reporting Period
BACKGROUND
1
Sometimes an entity distributes assets other than cash (non-cash assets) as dividends to its owners 
(
66
)
 acting in their capacity as owners. In those situations, an entity may also give its owners a choice of receiving either non-cash assets or a cash alternative. The IFRIC received requests for guidance on how an entity should account for such distributions.
2
International Financial Reporting Standards (IFRSs) do not provide guidance on how an entity should measure distributions to its owners (commonly referred to as dividends). IAS 1 requires an entity to present details of dividends recognised as distributions to owners either in the statement of changes in equity or in the notes to the financial statements.
SCOPE
3
This Interpretation applies to the following types of non-reciprocal distributions of assets by an entity to its owners acting in their capacity as owners:
(a)
distributions of non-cash assets (eg items of property, plant and equipment, businesses as defined in IFRS 3, ownership interests in another entity or disposal groups as defined in IFRS 5); and
(b)
distributions that give owners a choice of receiving either non-cash assets or a cash alternative.
4
This Interpretation applies only to distributions in which all owners of the same class of equity instruments are treated equally.
5
This Interpretation does not apply to a distribution of a non-cash asset that is ultimately controlled by the same party or parties before and after the distribution. This exclusion applies to the separate, individual and consolidated financial statements of an entity that makes the distribution.
6
In accordance with paragraph 5, this Interpretation does not apply when the non-cash asset is ultimately controlled by the same parties both before and after the distribution. Paragraph B2 of IFRS 3 states that ‘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, for a distribution to be outside the scope of this Interpretation on the basis that the same parties control the asset both before and after the distribution, a group of individual shareholders receiving the distribution must have, as a result of contractual arrangements, such ultimate collective power over the entity making the distribution.
7
In accordance with paragraph 5, this Interpretation does not apply when an entity distributes some of its ownership interests in a subsidiary but retains control of the subsidiary. The entity making a distribution that results in the entity recognising a non-controlling interest in its subsidiary accounts for the distribution in accordance with IFRS 10.
8
This Interpretation addresses only the accounting by an entity that makes a non-cash asset distribution. It does not address the accounting by shareholders who receive such a distribution.
ISSUES
9
When an entity declares a distribution and has an obligation to distribute the assets concerned to its owners, it must recognise a liability for the dividend payable. Consequently, this Interpretation addresses the following issues:
(a)
When should the entity recognise the dividend payable?
(b)
How should an entity measure the dividend payable?
(c)
When an entity settles the dividend payable, how should it account for any difference between the carrying amount of the assets distributed and the carrying amount of the dividend payable?
CONSENSUS
When to recognise a dividend payable
10
The liability to pay a dividend shall be recognised when the dividend is appropriately authorised and is no longer at the discretion of the entity, which is the date:
(a)
when declaration of the dividend, eg by management or the board of directors, is approved by the relevant authority, eg the shareholders, if the jurisdiction requires such approval, or
(b)
when the dividend is declared, eg by management or the board of directors, if the jurisdiction does not require further approval.
Measurement of a dividend payable
11
An entity shall measure a liability to distribute non-cash assets as a dividend to its owners at the fair value of the assets to be distributed.
12
If an entity gives its owners a choice of receiving either a non-cash asset or a cash alternative, the entity shall estimate the dividend payable by considering both the fair value of each alternative and the associated probability of owners selecting each alternative.
13
At the end of each reporting period and at the date of settlement, the entity shall review and adjust the carrying amount of the dividend payable, with any changes in the carrying amount of the dividend payable recognised in equity as adjustments to the amount of the distribution.
Accounting for any difference between the carrying amount of the assets distributed and the carrying amount of the dividend payable when an entity settles the dividend payable
14
When an entity settles the dividend payable, it shall recognise the difference, if any, between the carrying amount of the assets distributed and the carrying amount of the dividend payable in profit or loss.
Presentation and disclosures
15
An entity shall present the difference described in paragraph 14 as a separate line item in profit or loss.
16
An entity shall disclose the following information, if applicable:
(a)
the carrying amount of the dividend payable at the beginning and end of the period; and
(b)
the increase or decrease in the carrying amount recognised in the period in accordance with paragraph 13 as result of a change in the fair value of the assets to be distributed.
17
If, after the end of a reporting period but before the financial statements are authorised for issue, an entity declares a dividend to distribute a non-cash asset, it shall disclose:
(a)
the nature of the asset to be distributed;
(b)
the carrying amount of the asset to be distributed as of the end of the reporting period; and
(c)
the fair value of the asset to be distributed as of the end of the reporting period, if it is different from its carrying amount, and the information about the method(s) used to measure that fair value required by paragraphs 93(b), (d), (g) and (i) and 99 of IFRS 13.
EFFECTIVE DATE
18
An entity shall apply this Interpretation prospectively for annual periods beginning on or after 1 July 2009. Retrospective application is not permitted. Earlier application is permitted. If an entity applies this Interpretation for a period beginning before 1 July 2009, it shall disclose that fact and also apply IFRS 3 (as revised in 2008), IAS 27 (as amended in May 2008) and IFRS 5 (as amended by this Interpretation).
19
IFRS 10, issued in May 2011, amended paragraph 7. An entity shall apply that amendment when it applies IFRS 10.
20
IFRS 13, issued in May 2011, amended paragraph 17. An entity shall apply that amendment when it applies IFRS 13.
IFRIC INTERPRETATION 19
Extinguishing Financial Liabilities with Equity Instruments
REFERENCES
—
Framework for the Preparation and Presentation of Financial Statements
(
67
)
—
IFRS 2 
Share-based Payment
—
IFRS 3 
Business Combinations
—
IFRS 9 
Financial Instruments
—
IFRS 13 
Fair Value Measurement
—
IAS 1 
Presentation of Financial Statements
—
IAS 8 
Accounting Policies, Changes in Accounting Estimates and Errors
—
IAS 32 
Financial Instruments: Presentation
BACKGROUND
1
A debtor and creditor might renegotiate the terms of a financial liability with the result that the debtor extinguishes the liability fully or partially by issuing equity instruments to the creditor. These transactions are sometimes referred to as ‘debt for equity swaps’. The IFRIC has received requests for guidance on the accounting for such transactions.
SCOPE
2
This Interpretation addresses the accounting by an entity when the terms of a financial liability are renegotiated and result in the entity issuing equity instruments to a creditor of the entity to extinguish all or part of the financial liability. It does not address the accounting by the creditor.
3
An entity shall not apply this Interpretation to transactions in situations where:
(a)
the creditor is also a direct or indirect shareholder and is acting in its capacity as a direct or indirect existing shareholder.
(b)
the creditor and the entity are controlled by the same party or parties before and after the transaction and the substance of the transaction includes an equity distribution by, or contribution to, the entity.
(c)
extinguishing the financial liability by issuing equity shares is in accordance with the original terms of the financial liability.
ISSUES
4
This Interpretation addresses the following issues:
(a)
Are an entity's equity instruments issued to extinguish all or part of a financial liability ‘consideration paid’ in accordance with paragraph 3.3.3 of IFRS 9?
(b)
How should an entity initially measure the equity instruments issued to extinguish such a financial liability?
(c)
How should an entity account for any difference between the carrying amount of the financial liability extinguished and the initial measurement amount of the equity instruments issued?
CONSENSUS
5
The issue of an entity's equity instruments to a creditor to extinguish all or part of a financial liability is consideration paid in accordance with paragraph 3.3.3 of IFRS 9. An entity shall remove a financial liability (or part of a financial liability) from its statement of financial position when, and only when, it is extinguished in accordance with paragraph 3.3.1 of IFRS 9.
6
When equity instruments issued to a creditor to extinguish all or part of a financial liability are recognised initially, an entity shall measure them at the fair value of the equity instruments issued, unless that fair value cannot be reliably measured.
7
If the fair value of the equity instruments issued cannot be reliably measured then the equity instruments shall be measured to reflect the fair value of the financial liability extinguished. In measuring the fair value of a financial liability extinguished that includes a demand feature (eg a demand deposit), paragraph 47 of IFRS 13 is not applied.
8
If only part of the financial liability is extinguished, the entity shall assess whether some of the consideration paid relates to a modification of the terms of the liability that remains outstanding. If part of the consideration paid does relate to a modification of the terms of the remaining part of the liability, the entity shall allocate the consideration paid between the part of the liability extinguished and the part of the liability that remains outstanding. The entity shall consider all relevant facts and circumstances relating to the transaction in making this allocation.
9
The difference between the carrying amount of the financial liability (or part of a financial liability) extinguished, and the consideration paid, shall be recognised in profit or loss, in accordance with paragraph 3.3.3 of IFRS 9. The equity instruments issued shall be recognised initially and measured at the date the financial liability (or part of that liability) is extinguished.
10
When only part of the financial liability is extinguished, consideration shall be allocated in accordance with paragraph 8. The consideration allocated to the remaining liability shall form part of the assessment of whether the terms of that remaining liability have been substantially modified. If the remaining liability has been substantially modified, the entity shall account for the modification as the extinguishment of the original liability and the recognition of a new liability as required by paragraph 3.3.2 of IFRS 9.
11
An entity shall disclose a gain or loss recognised in accordance with paragraphs 9 and 10 as a separate line item in profit or loss or in the notes.
EFFECTIVE DATE AND TRANSITION
12
An entity shall apply this Interpretation for annual periods beginning on or after 1 July 2010. Earlier application is permitted. If an entity applies this Interpretation for a period beginning before 1 July 2010, it shall disclose that fact.
13
An entity shall apply a change in accounting policy in accordance with IAS 8 from the beginning of the earliest comparative period presented.
14
[Deleted]
15
IFRS 13, issued in May 2011, amended paragraph 7. An entity shall apply that amendment when it applies IFRS 13.
16
[Deleted]
17
IFRS 9, as issued in July 2014, amended paragraphs 4, 5, 7, 9 and 10 and deleted paragraphs 14 and 16. An entity shall apply those amendments when it applies IFRS 9.
IFRIC INTERPRETATION 20
Stripping Costs in the Production Phase of a Surface Mine
REFERENCES
—
Conceptual Framework for Financial Reporting
(
68
)
—
IAS 1 
Presentation of Financial Statements
—
IAS 2 
Inventories
—
IAS 16 
Property, Plant and Equipment
—
IAS 38 
Intangible Assets
BACKGROUND
1
In surface mining operations, entities may find it necessary to remove mine waste materials (‘overburden’) to gain access to mineral ore deposits. This waste removal activity is known as ‘stripping’.
2
During the development phase of the mine (before production begins), stripping costs are usually capitalised as part of the depreciable cost of building, developing and constructing the mine. Those capitalised costs are depreciated or amortised on a systematic basis, usually by using the units of production method, once production begins.
3
A mining entity may continue to remove overburden and to incur stripping costs during the production phase of the mine.
4
The material removed when stripping in the production phase will not necessarily be 100 per cent waste; often it will be a combination of ore and waste. The ratio of ore to waste can range from uneconomic low grade to profitable high grade. Removal of material with a low ratio of ore to waste may produce some usable material, which can be used to produce inventory. This removal might also provide access to deeper levels of material that have a higher ratio of ore to waste. There can therefore be two benefits accruing to the entity from the stripping activity: usable ore that can be used to produce inventory and improved access to further quantities of material that will be mined in future periods.
5
This Interpretation considers when and how to account separately for these two benefits arising from the stripping activity, as well as how to measure these benefits both initially and subsequently.
SCOPE
6
This Interpretation applies to waste removal costs that are incurred in surface mining activity during the production phase of the mine (‘production stripping costs’).
ISSUES
7
This Interpretation addresses the following issues:
(a)
recognition of production stripping costs as an asset;
(b)
initial measurement of the stripping activity asset; and
(c)
subsequent measurement of the stripping activity asset.
CONSENSUS
Recognition of production stripping costs as an asset
8
To the extent that the benefit from the stripping activity is realised in the form of inventory produced, the entity shall account for the costs of that stripping activity in accordance with the principles of IAS 2 
Inventories
. To the extent the benefit is improved access to ore, the entity shall recognise these costs as a non-current asset, if the criteria in paragraph 9 below are met. This Interpretation refers to the non-current asset as the ‘stripping activity asset’.
9
An entity shall recognise a stripping activity asset if, and only if, all of the following are met:
(a)
it is probable that the future economic benefit (improved access to the ore body) associated with the stripping activity will flow to the entity;
(b)
the entity can identify the component of the ore body for which access has been improved; and
(c)
the costs relating to the stripping activity associated with that component can be measured reliably.
10
The stripping activity asset shall be accounted for as an addition to, or as an enhancement of, an existing asset. In other words, the stripping activity asset will be accounted for as 
part
 of an existing asset.
11
The stripping activity asset’s classification as a tangible or intangible asset is the same as the existing asset. In other words, the nature of this existing asset will determine whether the entity shall classify the stripping activity asset as tangible or intangible.
Initial measurement of the stripping activity asset
12
The entity shall initially measure the stripping activity asset at cost, this being the accumulation of costs directly incurred to perform the stripping activity that improves access to the identified component of ore, plus an allocation of directly attributable overhead costs. Some incidental operations may take place at the same time as the production stripping activity, but which are not necessary for the production stripping activity to continue as planned. The costs associated with these incidental operations shall not be included in the cost of the stripping activity asset.
13
When the costs of the stripping activity asset and the inventory produced are not separately identifiable, the entity shall allocate the production stripping costs between the inventory produced and the stripping activity asset by using an allocation basis that is based on a relevant production measure. This production measure shall be calculated for the identified component of the ore body, and shall be used as a benchmark to identify the extent to which the additional activity of creating a future benefit has taken place. Examples of such measures include:
(a)
cost of inventory produced compared with expected cost;
(b)
volume of waste extracted compared with expected volume, for a given volume of ore production; and
(c)
mineral content of the ore extracted compared with expected mineral content to be extracted, for a given quantity of ore produced.
Subsequent measurement of the stripping activity asset
14
After initial recognition, the stripping activity asset shall be carried at either its cost or its revalued amount less depreciation or amortisation and less impairment losses, in the same way as the existing asset of which it is a part.
15
The stripping activity asset shall be depreciated or amortised on a systematic basis, over the expected useful life of the identified component of the ore body that becomes more accessible as a result of the stripping activity. The units of production method shall be applied unless another method is more appropriate.
16
The expected useful life of the identified component of the ore body that is used to depreciate or amortise the stripping activity asset will differ from the expected useful life that is used to depreciate or amortise the mine itself and the related life-of-mine assets. The exception to this are those limited circumstances when the stripping activity provides improved access to the whole of the remaining ore body. For example, this might occur towards the end of a mine’s useful life when the identified component represents the final part of the ore body to be extracted.
Appendix A
Effective date and transition
This appendix is an integral part of the Interpretation and has the same authority as the other parts of the Interpretation.
A1
An entity shall apply this Interpretation for annual periods beginning on or after 1 January 2013. Earlier application is permitted. If an entity applies this Interpretation for an earlier period, it shall disclose that fact.
A2
An entity shall apply this Interpretation to production stripping costs incurred on or after the beginning of the earliest period presented.
A3
As at the beginning of the earliest period presented, any previously recognised asset balance that resulted from stripping activity undertaken during the production phase (‘predecessor stripping asset’) shall be reclassified as a part of an existing asset to which the stripping activity related, to the extent that there remains an identifiable component of the ore body with which the predecessor stripping asset can be associated. Such balances shall be depreciated or amortised over the remaining expected useful life of the identified component of the ore body to which each predecessor stripping asset balance relates.
A4
If there is no identifiable component of the ore body to which that predecessor stripping asset relates, it shall be recognised in opening retained earnings at the beginning of the earliest period presented.
IFRIC INTERPRETATION 21
Levies
REFERENCES
—
IAS 1 Presentation of Financial Statements
—
IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
—
IAS 12 Income Taxes
—
IAS 20 Accounting for Governments Grants and Disclosures of Government Assistance
—
IAS 24 Related Party Disclosures
—
IAS 34 Interim Financial Reporting
—
IAS 37 Provisions, Contingent Liabilities and Contingent Assets
—
IFRIC 6 Liabilities arising from Participating in a Specific Market—Waste Electrical and Electronic Equipment
BACKGROUND
1.
A government may impose a levy on an entity. The IFRS Interpretations Committee received requests for guidance on the accounting for levies in the financial statements of the entity that is paying the levy. The question relates to when to recognise a liability to pay a levy that is accounted for in accordance with IAS 37 
Provisions, Contingent Liabilities and Contingent Assets
.
SCOPE
2.
This Interpretation addresses the accounting for a liability to pay a levy if that liability is within the scope of IAS 37. It also addresses the accounting for a liability to pay a levy whose timing and amount is certain.
3.
This Interpretation does not address the accounting for the costs that arise from recognising a liability to pay a levy. Entities should apply other Standards to decide whether the recognition of a liability to pay a levy gives rise to an asset or an expense.
4.
For the purposes of this Interpretation, a levy is an outflow of resources embodying economic benefits that is imposed by governments on entities in accordance with legislation (i.e. laws and/or regulations), other than:
(a)
those outflows of resources that are within the scope of other Standards (such as income taxes that are within the scope of IAS 12 
Income Taxes
); and
(b)
fines or other penalties that are imposed for breaches of the legislation.
‘Government’ refers to government, government agencies and similar bodies whether local, national or international.
5.
A payment made by an entity for the acquisition of an asset, or for the rendering of services under a contractual agreement with a government, does not meet the definition of a levy.
6.
An entity is not required to apply this Interpretation to liabilities that arise from emissions trading schemes.
ISSUES
7.
To clarify the accounting for a liability to pay a levy, this Interpretation addresses the following issues:
(a)
what is the obligating event that gives rise to the recognition of a liability to pay a levy?
(b)
does economic compulsion to continue to operate in a future period create a constructive obligation to pay a levy that will be triggered by operating in that future period?
(c)
does the going concern assumption imply that an entity has a present obligation to pay a levy that will be triggered by operating in a future period?
(d)
does the recognition of a liability to pay a levy arise at a point in time or does it, in some circumstances, arise progressively over time?
(e)
what is the obligating event that gives rise to the recognition of a liability to pay a levy that is triggered if a minimum threshold is reached?
(f)
are the principles for recognising in the annual financial statements and in the interim financial report a liability to pay a levy the same?
CONSENSUS
8.
The obligating event that gives rise to a liability to pay a levy is the activity that triggers the payment of the levy, as identified by the legislation. For example, if the activity that triggers the payment of the levy is the generation of revenue in the current period and the calculation of that levy is based on the revenue that was generated in a previous period, the obligating event for that levy is the generation of revenue in the current period. The generation of revenue in the previous period is necessary, but not sufficient, to create a present obligation.
9.
An entity does not have a constructive obligation to pay a levy that will be triggered by operating in a future period as a result of the entity being economically compelled to continue to operate in that future period.
10.
The preparation of financial statements under the going concern assumption does not imply that an entity has a present obligation to pay a levy that will be triggered by operating in a future period.
11.
The liability to pay a levy is recognised progressively if the obligating event occurs over a period of time (i.e. if the activity that triggers the payment of the levy, as identified by the legislation, occurs over a period of time). For example, if the obligating event is the generation of revenue over a period of time, the corresponding liability is recognised as the entity generates that revenue.
12.
If an obligation to pay a levy is triggered when a minimum threshold is reached, the accounting for the liability that arises from that obligation shall be consistent with the principles established in paragraphs 8-14 of this Interpretation (in particular, paragraphs 8 and 11). For example, if the obligating event is the reaching of a minimum activity threshold (such as a minimum amount of revenue or sales generated or outputs produced), the corresponding liability is recognised when that minimum activity threshold is reached.
13.
An entity shall apply the same recognition principles in the interim financial report that it applies in the annual financial statements. As a result, in the interim financial report, a liability to pay a levy:
(a)
shall not be recognised if there is no present obligation to pay the levy at the end of the interim reporting period; and
(b)
shall be recognised if a present obligation to pay the levy exists at the end of the interim reporting period.
14.
An entity shall recognise an asset if it has prepaid a levy but does not yet have a present obligation to pay that levy.
Appendix A
Effective date and transition
This appendix is an integral part of the Interpretation and has the same authority as the other parts of the Interpretation.
A1
An entity shall apply this Interpretation for annual periods beginning on or after 1 January 2014. Earlier application is permitted. If an entity applies this Interpretation for an earlier period, it shall disclose that fact.
A2
Changes in accounting policies resulting from the initial application of this Interpretation shall be accounted for retrospectively in accordance with IAS 8 
Accounting Policies, Changes in Accounting Estimates and Errors
.
IFRIC INTERPRETATION 22
Foreign Currency Transactions and Advance Consideration
REFERENCES
—
The Conceptual Framework for Financial Reporting
(
69
)
—
IAS 8 
Accounting Policies, Changes in Accounting Estimates and Errors
—
IAS 21 
The Effects of Changes in Foreign Exchange Rates
BACKGROUND
1.
Paragraph 21 of IAS 21 
The Effects of Changes in Foreign Exchange Rates
 requires an entity to record a foreign currency transaction, on initial recognition in its functional currency, by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency (the exchange rate) at the date of the transaction. Paragraph 22 of IAS 21 states that the date of the transaction is the date on which the transaction first qualifies for recognition in accordance with IFRS Standards (Standards).
2.
When an entity pays or receives consideration in advance in a foreign currency, it generally recognises a non-monetary asset or non-monetary liability 
(
70
)
 before the recognition of the related asset, expense or income. The related asset, expense or income (or part of it) is the amount recognised applying relevant Standards, which results in the derecognition of the non-monetary asset or non-monetary liability arising from the advance consideration.
3.
The IFRS Interpretations Committee (the Interpretations Committee) initially received a question asking how to determine ‘the date of the transaction’ applying paragraphs 21–22 of IAS 21 when recognising revenue. The question specifically addressed circumstances in which an entity recognises a non-monetary liability arising from the receipt of advance consideration before it recognises the related revenue. In discussing the issue, the Interpretations Committee noted that the receipt or payment of advance consideration in a foreign currency is not restricted to revenue transactions. Accordingly, the Interpretations Committee decided to clarify the date of the transaction for the purpose of determining the exchange rate to use on initial recognition of the related asset, expense or income when an entity has received or paid advance consideration in a foreign currency.
SCOPE
4.
This Interpretation applies to a foreign currency transaction (or part of it) when an entity recognises a non-monetary asset or non-monetary liability arising from the payment or receipt of advance consideration before the entity recognises the related asset, expense or income (or part of it).
5.
This Interpretation does not apply when an entity measures the related asset, expense or income on initial recognition:
(a)
at fair value; or
(b)
at the fair value of the consideration paid or received at a date other than the date of initial recognition of the non-monetary asset or non-monetary liability arising from advance consideration (for example, the measurement of goodwill applying IFRS 3 
Business Combinations
).
6.
An entity is not required to apply this Interpretation to:
(a)
income taxes; or
(b)
insurance contracts (including reinsurance contracts) that it issues or reinsurance contracts that it holds.
ISSUE
7.
This Interpretation addresses how to determine the date of the transaction for the purpose of determining the exchange rate to use on initial recognition of the related asset, expense or income (or part of it) on the derecognition of a non-monetary asset or non-monetary liability arising from the payment or receipt of advance consideration in a foreign currency.
CONSENSUS
8.
Applying paragraphs 21–22 of IAS 21, the date of the transaction for the purpose of determining the exchange rate to use on initial recognition of the related asset, expense or income (or part of it) is the date on which an entity initially recognises the non-monetary asset or non-monetary liability arising from the payment or receipt of advance consideration.
9.
If there are multiple payments or receipts in advance, the entity shall determine a date of the transaction for each payment or receipt of advance consideration.
Appendix A
Effective date and transition
This Appendix is an integral part of IFRIC 22 and has the same authority as the other parts of IFRIC 22.
EFFECTIVE DATE
A1
An entity shall apply this Interpretation for annual reporting periods beginning on or after 1 January 2018. Earlier application is permitted. If an entity applies this Interpretation for an earlier period, it shall disclose that fact.
TRANSITION
A2
On initial application, an entity shall apply this Interpretation either:
(a)
retrospectively applying IAS 8 
Accounting Policies, Changes in Accounting Estimates and Errors
; or
(b)
prospectively to all assets, expenses and income in the scope of the Interpretation initially recognised on or after:
(i)
the beginning of the reporting period in which the entity first applies the Interpretation; or
(ii)
the beginning of a prior reporting period presented as comparative information in the financial statements of the reporting period in which the entity first applies the Interpretation.
A3
An entity that applies paragraph A2(b) shall, on initial application, apply the Interpretation to assets, expenses and income initially recognised on or after the beginning of the reporting period in paragraph A2(b)(i) or (ii) for which the entity has recognised non-monetary assets or non-monetary liabilities arising from advance consideration before that date.
Appendix B
The amendment in this Appendix shall be applied for annual reporting periods beginning on or after 1 January 2018. If an entity applies this Interpretation for an earlier period this amendment shall be applied for that earlier period.
IFRIC INTERPRETATION 23
Uncertainty over Income Tax Treatments
REFERENCES
—
IAS 1 
Presentation of Financial Statements
—
IAS 8 
Accounting Policies, Changes in Accounting Estimates and Errors
—
IAS 10 
Events after the Reporting Period
—
IAS 12 
Income Taxes
BACKGROUND
1.
IAS 12 
Income Taxes
 specifies requirements for current and deferred tax assets and liabilities. An entity applies the requirements in IAS 12 based on applicable tax laws.
2.
It may be unclear how tax law applies to a particular transaction or circumstance. The acceptability of a particular tax treatment under tax law may not be known until the relevant taxation authority or a court takes a decision in the future. Consequently, a dispute or examination of a particular tax treatment by the taxation authority may affect an entity's accounting for a current or deferred tax asset or liability.
3.
In this Interpretation:
(a)
‘tax treatments’ refers to the treatments used by an entity or that it plans to use in its income tax filings.
(b)
‘taxation authority’ refers to the body or bodies that decide whether tax treatments are acceptable under tax law. This might include a court.
(c)
an ‘uncertain tax treatment’ is a tax treatment for which there is uncertainty over whether the relevant taxation authority will accept the tax treatment under tax law. For example, an entity's decision not to submit any income tax filing in a tax jurisdiction, or not to include particular income in taxable profit, is an uncertain tax treatment if its acceptability is uncertain under tax law.
SCOPE
4.
This Interpretation clarifies how to apply the recognition and measurement requirements in IAS 12 when there is uncertainty over income tax treatments. In such a circumstance, an entity shall recognise and measure its current or deferred tax asset or liability applying the requirements in IAS 12 based on taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates determined applying this Interpretation.
ISSUES
5.
When there is uncertainty over income tax treatments, this Interpretation addresses:
(a)
whether an entity considers uncertain tax treatments separately;
(b)
the assumptions an entity makes about the examination of tax treatments by taxation authorities;
(c)
how an entity determines taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates; and
(d)
how an entity considers changes in facts and circumstances.
CONSENSUS
Whether an entity considers uncertain tax treatments separately
6.
An entity shall determine whether to consider each uncertain tax treatment separately or together with one or more other uncertain tax treatments based on which approach better predicts the resolution of the uncertainty. In determining the approach that better predicts the resolution of the uncertainty, an entity might consider, for example, (a) how it prepares its income tax filings and supports tax treatments; or (b) how the entity expects the taxation authority to make its examination and resolve issues that might arise from that examination.
7.
If, applying paragraph 6, an entity considers more than one uncertain tax treatment together, the entity shall read references to an ‘uncertain tax treatment’ in this Interpretation as referring to the group of uncertain tax treatments considered together.
Examination by taxation authorities
8.
In assessing whether and how an uncertain tax treatment affects the determination of taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates, an entity shall assume that a taxation authority will examine amounts it has a right to examine and have full knowledge of all related information when making those examinations.
Determination of taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates
9.
An entity shall consider whether it is probable that a taxation authority will accept an uncertain tax treatment.
10.
If an entity concludes it is probable that the taxation authority will accept an uncertain tax treatment, the entity shall determine the taxable profit (tax loss), tax bases, unused tax losses, unused tax credits or tax rates consistently with the tax treatment used or planned to be used in its income tax filings.
11.
If an entity concludes it is not probable that the taxation authority will accept an uncertain tax treatment, the entity shall reflect the effect of uncertainty in determining the related taxable profit (tax loss), tax bases, unused tax losses, unused tax credits or tax rates. An entity shall reflect the effect of uncertainty for each uncertain tax treatment by using either of the following methods, depending on which method the entity expects to better predict the resolution of the uncertainty:
(a)
the most likely amount—the single most likely amount in a range of possible outcomes. The most likely amount may better predict the resolution of the uncertainty if the possible outcomes are binary or are concentrated on one value.
(b)
the expected value—the sum of the probability-weighted amounts in a range of possible outcomes. The expected value may better predict the resolution of the uncertainty if there is a range of possible outcomes that are neither binary nor concentrated on one value.
12.
If an uncertain tax treatment affects current tax and deferred tax (for example, if it affects both taxable profit used to determine current tax and tax bases used to determine deferred tax), an entity shall make consistent judgements and estimates for both current tax and deferred tax.
Changes in facts and circumstances
13.
An entity shall reassess a judgement or estimate required by this Interpretation if the facts and circumstances on which the judgement or estimate was based change or as a result of new information that affects the judgement or estimate. For example, a change in facts and circumstances might change an entity's conclusions about the acceptability of a tax treatment or the entity's estimate of the effect of uncertainty, or both. Paragraphs A1–A3 set out guidance on changes in facts and circumstances.
14.
An entity shall reflect the effect of a change in facts and circumstances or of new information as a change in accounting estimate applying IAS 8 
Accounting Policies, Changes in Accounting Estimates and Errors
. An entity shall apply IAS 10 
Events after the Reporting Period
 to determine whether a change that occurs after the reporting period is an adjusting or non-adjusting event.
Appendix A
Application Guidance
This appendix is an integral part of IFRIC 23 and has the same authority as the other parts of IFRIC 23.
CHANGES IN FACTS AND CIRCUMSTANCES (PARAGRAPH 13)
A1
In applying paragraph 13 of this Interpretation, an entity shall assess the relevance and effect of a change in facts and circumstances or of new information in the context of applicable tax laws. For example, a particular event might result in the reassessment of a judgement or estimate made for one tax treatment but not another, if those tax treatments are subject to different tax laws.
A2
Examples of changes in facts and circumstances or new information that, depending on the circumstances, can result in the reassessment of a judgement or estimate required by this Interpretation include, but are not limited to, the following:
(a)
examinations or actions by a taxation authority. For example:
(i)
agreement or disagreement by the taxation authority with the tax treatment or a similar tax treatment used by the entity;
(ii)
information that the taxation authority has agreed or disagreed with a similar tax treatment used by another entity; and
(iii)
information about the amount received or paid to settle a similar tax treatment.
(b)
changes in rules established by a taxation authority.
(c)
the expiry of a taxation authority's right to examine or re-examine a tax treatment.
A3
The absence of agreement or disagreement by a taxation authority with a tax treatment, in isolation, is unlikely to constitute a change in facts and circumstances or new information that affects the judgements and estimates required by this Interpretation.
DISCLOSURE
A4
When there is uncertainty over income tax treatments, an entity shall determine whether to disclose:
(a)
judgements made in determining taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates applying paragraph 122 of IAS 1 
Presentation of Financial Statements
; and
(b)
information about the assumptions and estimates made in determining taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates applying paragraphs 125–129 of IAS 1.
A5
If an entity concludes it is probable that a taxation authority will accept an uncertain tax treatment, the entity shall determine whether to disclose the potential effect of the uncertainty as a tax-related contingency applying paragraph 88 of IAS 12.
Appendix B
Effective date and transition
This appendix is an integral part of IFRIC 23 and has the same authority as the other parts of IFRIC 23.
EFFECTIVE DATE
B1
An entity shall apply this Interpretation for annual reporting periods beginning on or after 1 January 2019. Earlier application is permitted. If an entity applies this Interpretation for an earlier period, it shall disclose that fact.
TRANSITION
B2
On initial application, an entity shall apply this Interpretation either:
(a)
retrospectively applying IAS 8, if that is possible without the use of hindsight; or
(b)
retrospectively with the cumulative effect of initially applying the Interpretation recognised at the date of initial application. If an entity selects this transition approach, it shall not restate comparative information. Instead, the entity shall recognise the cumulative effect of initially applying the Interpretation as an adjustment to the opening balance of retained earnings (or other component of equity, as appropriate). The date of initial application is the beginning of the annual reporting period in which an entity first applies this Interpretation.
SIC INTERPRETATION 7
Introduction of the Euro
REFERENCES
—
IAS 1 
Presentation of Financial Statements
 (as revised in 2007)
—
IAS 8 
Accounting Policies, Changes in Accounting Estimates and Errors
—
IAS 10 
Events after the Reporting Period
—
IAS 21 
The Effects of Changes in Foreign Exchange Rates
 (as revised in 2003)
—
IAS 27 
Consolidated and Separate Financial Statements
 (as amended in 2008)
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, recognised in other comprehensive income, shall be accumulated in equity and shall be reclassified from equity to profit or loss only on the disposal or partial 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.
IAS 1 (as revised in 2007) amended the terminology used throughout IFRSs. In addition it amended paragraph 4. An entity shall apply those amendments for annual periods beginning on or after 1 January 2009. If an entity applies IAS 1 (revised 2007) for an earlier period, the amendments shall be applied for that earlier period.
IAS 27 (as amended in 2008) amended paragraph 4(b). An entity shall apply that amendment for annual periods beginning on or after 1 July 2009. If an entity applies IAS 27 (amended 2008) for an earlier period, the amendment shall be applied for that earlier period.
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 shareholders’ interests.
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 25
Income Taxes — Changes in the Tax Status of an Entity or its Shareholders
REFERENCES
—
IAS 1 
Presentation of Financial Statements
 (as revised in 2007)
—
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 outside profit or loss. 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 or in amounts recognised in other comprehensive income. 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. Those tax consequences that relate to amounts recognised in other comprehensive income shall be recognised in other comprehensive income.
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.
IAS 1 (as revised in 2007) amended the terminology used throughout IFRSs. In addition it amended paragraph 4. An entity shall apply those amendments for annual periods beginning on or after 1 January 2009. If an entity applies IAS 1 (revised 2007) for an earlier period, the amendments shall be applied for that earlier period.
SIC INTERPRETATION 29
Service Concession Arrangements: Disclosures
REFERENCES
—
IFRS 16 
Leases
—
IAS 1 
Presentation of Financial Statements
 (as revised in 2007)
—
IAS 16 
Property, Plant and Equipment
 (as revised in 2003)
—
IAS 37 
Provisions, Contingent Liabilities and Contingent Assets
—
IAS 38 
Intangible Assets
 (as revised in 2004)
—
IFRIC 12 
Service Concession Arrangements
ISSUE
1
An entity (the operator) may enter into an arrangement with another entity (the grantor) to provide services that give the public access to major economic and social facilities. The grantor 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 grantor conveying for the period of the concession to the 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 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 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 an operator and a grantor.
5
Certain aspects and disclosures relating to some service concession arrangements are already addressed by existing International Financial Reporting Standards (eg IAS 16 applies to acquisitions of items of property, plant and equipment, IFRS 16 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. An operator and a grantor 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; and
(e)
how the service arrangement has been classified.
6A
An operator shall disclose the amount of revenue and profits or losses recognised in the period on exchanging construction services for a financial asset or an intangible asset.
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.
An entity shall apply the amendment in paragraphs 6(e) and 6A for annual periods beginning on or after 1 January 2008. If an entity applies IFRIC 12 for an earlier period, the amendment shall be applied for that earlier period.
IFRS 16, issued in January 2016, amended paragraph 5. An entity shall apply that amendment when it applies IFRS 16.
SIC INTERPRETATION 32
Intangible Assets — Web Site Costs
REFERENCES
—
IFRS 3 
Business combinations
—
IFRS 15 
Revenue from Contracts with Customers
—
IFRS 16 
Leases
—
IAS 1 
Presentation of Financial Statements
 (as revised in 2007)
—
IAS 2 
Inventories
 (as revised in 2003)
—
IAS 16 
Property, Plant and Equipment
 (as revised in 2003)
—
IAS 36 
Impairment of Assets
 (as revised in 2004)
—
IAS 38 
Intangible Assets
 (as revised in 2004)
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 (eg web servers, staging servers, production servers and internet connections) of a web site. Such expenditure is accounted for under IAS 16. Additionally, when an entity incurs expenditure on an internet service provider hosting the entity’s web site, the expenditure is recognised as an expense under IAS 1.88 and the 
Conceptual Framework for Financial Reporting
 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 IFRS 15) or leases of intangible assets accounted for in accordance with IFRS 16. Accordingly, this Interpretation does not apply to expenditure on the development or operation of a web site (or web site software) for sale to another entity or that is accounted for in accordance with IFRS 16.
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 illustrative example accompanying 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.
IAS 1 (as revised in 2007) amended the terminology used throughout IFRSs. In addition it amended paragraph 5. An entity shall apply those amendments for annual periods beginning on or after 1 January 2009. If an entity applies IAS 1 (revised 2007) for an earlier period, the amendments shall be applied for that earlier period.
IFRS 15 
Revenue from Contracts with Customers
, issued in May 2014, amended the ‘References’ section and paragraph 6. An entity shall apply that amendment when it applies IFRS 15.
IFRS 16, issued in January 2016, amended paragraph 6. An entity shall apply that amendment when it applies IFRS 16.
Amendments to References to the Conceptual Framework in IFRS Standards
, issued in 2018, amended paragraph 5. An entity shall apply that amendment for annual periods beginning on or after 1 January 2020. Earlier application is permitted if at the same time an entity also applies all other amendments made by 
Amendments to References to the Conceptual Framework in IFRS Standards
. An entity shall apply the amendment to SIC-32 retrospectively in accordance with IAS 8 
Accounting Policies, Changes in Accounting Estimates and Errors
. However, if an entity determines that retrospective application would be impracticable or would involve undue cost or effort, it shall apply the amendment to SIC-32 by reference to paragraphs 23–28, 50–53 and 54F of IAS 8.
(
1
)
  Definition of IFRSs amended after the name changes introduced by the revised Constitution of the IFRS Foundation in 2010.
(
2
)
  In September 2007 the IASB amended the title of IAS 7 from 
Cash Flow Statements
 to 
Statement of Cash Flows
 as a consequence of the revision of IAS 1 
Presentation of Financial Statements
 in 2007.
(
3
)
  Definition of IFRSs amended after the name changes introduced by the revised 
Constitution of the IFRS Foundation
 in 2010.
(
4
)
  Paragraph 54G explains how this requirement is amended for regulatory account balances.
(
5
)
  The reference is to the IASC’s 
Framework for the Preparation and Presentation of Financial Statements
 adopted by the Board in 2001.
[Editor’s note: An extract from the IASC’s 
Framework for the Preparation and Presentation of Financial Statements
, adopted by the Board in 2001, is available on the IAS 8 page of the ‘Supporting Implementation’ area of the Foundation’s website, under ‘Supporting Implementation by IFRS Standard’.]
(
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.
(
6
)
  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’.
(
7
)
  A qualifying insurance policy is not necessarily an insurance contract, as defined in IFRS 17 
Insurance Contracts
.
(
8
)
  In this Standard monetary amounts are denominated in ‘currency units (CU)’.
(
9
)
  As part of 
Improvements to IFRSs
 issued in May 2008 the Board amended terminology used in this Standard to be consistent with other IFRSs as follows:
(a)
‘taxable income’ was amended to ‘taxable profit or tax loss’;
(b)
‘recognised as income/expense’ was amended to ‘recognised in profit or loss’;
(c)
‘credited directly to shareholders’ interests/equity' was amended to ‘recognised outside profit or loss’; and
(d)
‘revision to an accounting estimate’ was amended to ‘change in accounting estimate’.
(
10
)
  See also SIC-10 
Government assistance — no specific relation to operating activities
.
(
11
)
  See also SIC-7 
Introduction of the Euro.
(
12
)
  IAS 37 
Provisions, Contingent Liabilities and Contingent Assets
 defines executory contracts as contracts under which neither party has performed any of its obligations or both parties have partially performed their obligations to an equal extent.
(
13
)
  As part of 
Improvements to IFRSs
 issued in May 2008, the Board changed terms used in IAS 29 to be consistent with other IFRSs as follows: (a) ‘market value’ was amended to ‘fair value’, and (b) ‘results of operations’ and ‘net income’ were amended to ‘profit or loss’.
(
14
)
  In this standard, monetary amounts are denominated in ‘currency units’ (CU).
(
15
)
  In August 2005 the IASB relocated all disclosures relating to financial instruments to IFRS 7 
Financial Instruments: Disclosures
.
(
16
)
  In this guidance, monetary amounts are denominated in ‘currency units’ (CU).
(
17
)
  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).
(
18
)
  In this guidance, monetary amounts are denominated in ‘currency units’ (CU).
(
19
)
  The International Accounting Standards Committee was succeeded by the International Accounting Standards Board, which began operations in 2001.
(
20
)
  This paragraph was amended by 
Improvements to IFRSs
 issued in May 2008 to clarify the scope of IAS 34.
(
21
)
  In the case of an intangible asset, the term ‘amortisation’ is generally used instead of ‘depreciation’. The two terms have the same meaning.
(
22
)
  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
.
(
3
)
  In this standard, monetary amounts are denominated in ‘currency units’ (CU).
(
23
)
  The definition of a liability in this Standard was not revised following the revision of the definition of a liability in the 
Conceptual Framework for Financial Reporting
 issued in 2018.
(
24
)
  The interpretation of ‘probable’ in this standard as ‘more likely than not’ does not necessarily apply in other standards.
(
25
)
  The definition of an asset in this Standard was not revised following the revision of the definition of an asset in the 
Conceptual Framework for Financial Reporting
 issued in 2018.
(
4
)
  In this standard, monetary amounts are denominated in ‘currency units (CU)’.
(
26
)
  The report, ‘Reforming Major Interest Rate Benchmarks’, is available at http://www.fsb.org/wp-content/uploads/r_140722.pdf.
(
27
)
  The same materiality considerations apply in this context as apply throughout IFRSs.
(
28
)
  See paragraphs 77 and AG94.
(
29
)
  See paragraph 75.
(
30
)
  The same materiality considerations apply in this context as apply throughout IFRSs.
(
31
)
  Definition of IFRSs amended after the name changes introduced by the revised Constitution of the IFRS Foundation in 2010.
(
32
)
  Such changes include reclassifications from or to intangible assets if goodwill was not recognised in accordance with previous GAAP as an asset. This arises if, in accordance with previous GAAP, the entity (a) deducted goodwill directly from equity or (b) did not treat the business combination as an acquisition.
(
33
)
  The title of IAS 32 was amended in 2005.
(
34
)
  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.
(
35
)
  In the remainder of this IFRS, all references to employees also include others providing similar services.
(
36
)
  In paragraphs 35-43, all references to cash also include other assets of the entity.
(
37
)
  The 
Conceptual Framework for Financial Reporting
 issued in 2018 defines a liability as a present obligation of the entity to transfer an economic resource as a result of past events.
(
38
)
  In this appendix, monetary amounts are denominated in ‘currency units’ (CU).
(
39
)
  A ‘group’ is defined in Appendix A of IFRS 10 
Consolidated Financial Statements
 as ‘a parent and all its subsidiaries’ from the perspective of the reporting entity’s ultimate parent.
(
40
)
  In paragraphs B56–B62 the term ‘share-based payment awards’ refers to vested or unvested share-based payment transactions.
(
41
)
  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 reporting period. Paragraph 3 applies to the classification of such assets.
(
42
)
  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.
(
43
)
  Other than paragraphs 18 and 19, which require the assets in question to be measured in accordance with other applicable IFRSs.
(
44
)
  Costs to distribute are the incremental costs directly attributable to the distribution, excluding finance costs and income tax expense.
(
45
)
  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.
(
46
)
  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.
(
47
)
  Paragraph 44G was amended as a consequence of 
Limited Exemption from Comparative IFRS 7 Disclosures for First-time Adopters
 (Amendment to IFRS 1) issued in January 2010. The Board amended paragraph 44G to clarify its conclusions and intended transition for 
Improving Disclosures about Financial Instruments
 (Amendments to IFRS 7).
(
48
)
  For assets classified according to a liquidity presentation, non-current assets are assets that include amounts expected to be recovered more than twelve months after the reporting period.
(
49
)
  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 reporting period.
(
50
)
  In accordance with paragraph 7.2.21, an entity may choose as its accounting policy to continue to apply the hedge accounting requirements in IAS 39 instead of the requirements in Chapter 6 of this Standard. If an entity has made this election, the references in this Standard to particular hedge accounting requirements in Chapter 6 are not relevant. Instead the entity applies the relevant hedge accounting requirements in IAS 39.
(
51
)
  The report, ‘Reforming Major Interest Rate Benchmarks’, is available at http://www.fsb.org/wp-content/uploads/r_140722.pdf
(
52
)
  This term (as defined in IFRS 7) is used in the requirements for presenting the effects of changes in credit risk on liabilities designated as at fair value through profit or loss (see paragraph 5.7.7).
(
53
)
  IFRS 3 addresses the acquisition of contracts with embedded derivatives in a business combination.
(
54
)
  In this Standard monetary amounts are denominated in ‘currency units’ (CU) and ‘foreign currency units’ (FC).
(
55
)
  Paragraph C7 of IFRS 10 
Consolidated Financial Statements
 states ‘If an entity applies this IFRS but does not yet apply IFRS 9, any reference in this IFRS to IFRS 9 shall be read as a reference to IAS 39 
Financial Instruments: Recognition and Measurement
.’
(
56
)
  If an entity applies these amendments but does not yet apply IFRS 9, the reference in these amendments to IFRS 9 shall be read as a reference to IAS 39 
Financial Instruments: Recognition and Measurement
.
(
57
)
  In this IFRS monetary amounts are denominated in ‘currency units (CU)’.
(
58
)
  CU denotes currency unit.
(
59
)
  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.
(
60
)
  In August 2005, IAS 32 was amended as IAS 32 
Financial Instruments: Presentation
. In February 2008 the IASB amended IAS 32 by requiring instruments to be classified as equity if those instruments have all the features and meet the conditions in paragraphs 16A and 16B or paragraphs 16C and 16D of IAS 32.
(
61
)
  The identification of hyperinflation is based on the entity's judgement of the criteria in paragraph 3 of IAS 29.
(
62
)
  The reference is to the IASC’s 
Framework for the Preparation and Presentation of Financial Statements
, adopted by the Board in 2001 and in effect when the Interpretation was developed.
(
63
)
  The title of SIC-29, formerly 
Disclosure—Service Concession Arrangements
, was amended by IFRIC 12.
(
64
)
  This will be the case for consolidated financial statements, financial statements in which investments such as associates or joint ventures are accounted for using the equity method and financial statements that include a branch or a joint operation as defined in IFRS 11 
Joint Arrangements.
(
65
)
  The direct method is the method of consolidation in which the financial statements of the foreign operation are translated directly into the functional currency of the ultimate parent. The step-by-step method is the method of consolidation in which the financial statements of the foreign operation are first translated into the functional currency of any intermediate parent(s) and then translated into the functional currency of the ultimate parent (or the presentation currency if different).
(
66
)
  Paragraph 7 of IAS 1 defines owners as holders of instruments classified as equity.
(
67
)
  The reference is to the IASC’s 
Framework for the Preparation and Presentation of Financial Statements
, adopted by the Board in 2001 and in effect when the Interpretation was developed.
(
68
)
  The reference is to the 
Conceptual Framework for Financial Reporting
, issued in 2010 and in effect when the Interpretation was developed.
(
69
)
  The reference is to the 
Conceptual Framework for Financial Reporting
, issued in 2010 and in effect when the Interpretation was developed.
(
70
)
  For example, paragraph 106 of IFRS 15 
Revenue from Contracts with Customers
 requires that if a customer pays consideration, or an entity has a right to an amount of consideration that is unconditional (i.e. a receivable), before the entity transfers a good or service to the customer, the entity shall present the contract as a contract liability when the payment is made or the payment is due (whichever is earlier).

Summary:
International financial reporting standards (IFRS) adopted by the European Union
SUMMARY OF:
Regulation (EU) 2023/1803 adopting certain international accounting standards in accordance with Regulation (EC) 
No 1606/2002
WHAT IS THE AIM OF THE REGULATION?
It lays down all the international accounting standards and related interpretations issued by the International Accounting Standards Board that the 
European Commission
 had adopted by 
8 September 2022
.
KEY POINTS
Publicly traded companies in the EU have to prepare their consolidated accounts each financial year on the basis of international accounting standards (Article 4 of Regulation (EC) 
No 
1606/2002
) (see 
summary
).
The 
regulation
:
consolidates in its Annex the 60 international accounting standards and related interpretations that the EU had adopted until 
8 September 2022
;
repeals Regulation (EC) 
No 
1126/2008
, with effect from 
16 October 2023
.
FROM WHEN DOES THE REGULATION APPLY?
It has applied since 
16 October 2023
.
BACKGROUND
For further information, see:
Financial reporting
 (European Commission).
MAIN DOCUMENT
Commission Regulation (EU) 
2023/1803
 of 
13 September 2023
 adopting certain international accounting standards in accordance with Regulation (EC) 
No 1606/2002
 of the European Parliament and of the Council (OJ L 237, 
26.9.2023
, 
pp. 1–992
).
Successive amendments to Regulation (EU) 2023/1803 have been incorporated into the original text. 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 (EU) 
2023/2468
 of 
8 November 2023
 amending Regulation (EU) 2023/1803 as regards International Accounting Standard 12 (OJ L, 2023/2468, 
9.11.2023
).
Commission Regulation (EU) 
2023/2579
 of 
20 November 2023
 amending Regulation (EU) 2023/1803 as regards International Financial Reporting Standard 16 (OJ L, 2023/2579, 
21.11.2023
).
Commission Regulation (EU) 
2023/2822
 of 
19 December 2023
 amending Regulation (EU) 2023/1803 as regards International Accounting Standard 1 (OJ L, 2023/2822, 
20.12.2023
).
last update 
15.12.2023

--- DANISH ---

Document:
26.9.2023
DA
Den Europæiske Unions Tidende
L 237/1
KOMMISSIONENS FORORDNING (EU) 2023/1803
af 13. august 2023
om vedtagelse af visse internationale regnskabsstandarder i overensstemmelse med Europa-Parlamentets og Rådets forordning (EF) nr. 1606/2002
(EØS-relevant tekst)
EUROPA-KOMMISSIONEN HAR —
under henvisning til traktaten om Den Europæiske Unions funktionsmåde,
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)
Artikel 4 i 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, udarbejder deres koncernregnskaber i overensstemmelse med de internationale regnskabsstandarder, som defineret i artikel 2 i nævnte forordning, der skal vedtages i medfør af en kommissionsforordning.
(2)
Ved Kommissionens forordning (EF) nr. 1126/2008 
(
2
)
 blev der vedtaget internationale regnskabsstandarder og dertil knyttede fortolkninger, som er udstedt eller vedtaget af International Accounting Standards Board (IASB) indtil den 15. oktober 2008. Nævnte forordning blev ændret for at medtage de standarder og dertil knyttede fortolkninger, der er udstedt eller vedtaget af IASB og vedtaget af Kommissionen indtil den 8. september 2022 i overensstemmelse med forordning (EF) nr. 1606/2002.
(3)
Den 18. maj 2017 offentliggjorde IASB den internationale regnskabsstandard (IFRS) 17 
Forsikringskontrakter
 (»IFRS 17«) og den 25. juni 2020 ændringer til denne IFRS 17.
(4)
IFRS 17 indeholder en samlet tilgang til den regnskabsmæssige behandling af forsikringskontrakter. Formålet med IFRS 17 er at sikre, at en virksomhed afgiver relevante oplysninger i sine årsregnskaber, der på troværdig vis repræsenterer forsikringskontrakterne. Disse oplysninger giver regnskabsbrugere et solidt grundlag for at vurdere, hvilken virkning forsikringskontrakter har på en virksomheds finansielle stilling, indtjening og pengestrømme.
(5)
IFRS 17 finder anvendelse på forsikringskontrakter, genforsikringskontrakter og investeringskontrakter med elementer af diskretionær deltagelse. Inden for Unionen findes der mange forskellige livsforsikrings- og pensionsopsparingskontrakter svarende til en anslået samlet forpligtelse på 5,9 bio. EUR (eksklusive unit-linked kontrakter). I flere medlemsstater har nogle af disse kontrakter elementer af direkte deltagelse og elementer af diskretionær deltagelse, hvilket gør det muligt at dele risici og pengestrømme mellem forskellige generationer af forsikringstagere.
(6)
I en række medlemsstater forvaltes livsforsikringskontrakter også på tværs af generationer for at formindske eksponeringen mod risici i forbindelse med renter og levetid, ligesom der ligger en særlig pulje af aktiver til grund for forsikringsforpligtelsen, men disse kontrakter har ikke elementer af direkte deltagelse som defineret i IFRS 17. Hvis kravene i Europa-Parlamentets og Rådets direktiv 2009/138/EF 
(
3
)
 opfyldes, og efter at forsikringstilsynsmyndighederne har godkendt dem, kan nogle af disse kontrakter anvende matchtilpasningen til beregningen af deres solvenskvote i henhold til Solvens II.
(7)
Godkendelsesudtalelsen fra Den Europæiske Rådgivende Regnskabsgruppe (EFRAG) konkluderede, at IFRS 17 opfylder kriterierne for vedtagelse som omhandlet i artikel 3, stk. 2, i forordning (EF) nr. 1606/2002. EFRAG nåede imidlertid ikke til enighed om, hvorvidt grupperingen af intergenerationelt mutualiserede og pengestrømsafstemte kontrakter i årlige kohorter opfylder de tekniske godkendelseskriterier eller er i den europæiske offentligheds interesse. Dette er i overensstemmelse med interessenternes synspunkter om EFRAG's godkendelsesudtalelse og synspunkterne fra medlemsstaternes eksperter i Regnskabskontroludvalget.
(8)
EU-virksomheder bør kunne anvende IFRS 17 som udstedt af IASB med henblik på at lette en børsnotering i tredjelande eller opfylde globale investorers forventninger.
(9)
Kravet i forbindelse med de årlige kohorter som regningsenhed for grupper af forsikrings- og investeringskontrakter afspejler imidlertid ikke altid forretningsmodellen eller de juridiske og kontraktlige karakteristika ved intergenerationelt mutualiserede og pengestrømsafstemte kontrakter, jf. betragtning 5 og 6. Disse kontrakttyper udgør mere end 70 % af de samlede livsforsikringsforpligtelser i Unionen. Kravet i forbindelse med de årlige kohorter, der gælder for sådanne kontrakter, har ikke altid en positiv cost-benefit-balance.
(10)
På grundlag af den globale kapitalmarkedssammenhæng for IFRS bør afvigelser fra IFRS begrænses til ekstraordinære omstændigheder og have et snævert anvendelsesområde.
(11)
Uanset definitionen af en gruppe af forsikringskontrakter i appendiks A til IFRS 17 i bilaget til denne forordning bør EU-virksomheder derfor have mulighed for at fritage intergenerationelt mutualiserede og pengestrømsafstemte kontrakter fra kravet i forbindelse med de årlige kohorter i IFRS 17.
(12)
Det skal være klart for investorer, om en virksomhed har anvendt fritagelsen fra kravet i forbindelse med de årlige kohorter for grupper af kontrakter. En virksomhed bør derfor i overensstemmelse med IAS 1 
Præsentation af årsregnskaber
 i noterne til årsregnskabet oplyse om fritagelsen som en væsentlig anvendt regnskabspraksis og give andre forklarende informationer, f.eks. for hvilke porteføljer fritagelsen er anvendt. Dette bør ikke indebære en kvantitativ vurdering af virkningen af anvendelsen af den valgfrie fritagelse fra kravet i forbindelse med de årlige kohorter.
(13)
Kommissionen bør senest den 31. december 2027 revidere fritagelsen fra kravet i forbindelse med de årlige kohorter for de intergenerationelt mutualiserede og pengestrømsafstemte kontrakter under hensyntagen til IASB's revision efter gennemførelsen af IFRS 17.
(14)
Copyright, databaserettigheder og andre intellektuelle ejendomsrettigheder i IFRS og dertil knyttede fortolkninger udstedt af IFRIC (International Financial Reporting Interpretations Committee) ejes af IFRS Foundation. Der bør derfor indsættes en meddelelse om copyright i bilaget til denne forordning.
(15)
Forordning (EF) nr. 1126/2008 er blevet ændret talrige gange. For at forenkle EU-lovgivningen om internationale regnskabsstandarder er det af hensyn til klarheden og gennemsigtigheden hensigtsmæssigt at erstatte nævnte forordning. Forordning (EF) nr. 1126/2008 bør derfor ophæves.
(16)
Foranstaltningerne i denne forordning er i overensstemmelse med Regnskabskontroludvalgets udtalelse —
VEDTAGET DENNE FORORDNING:
Artikel 1
De i dette bilag anførte internationale regnskabsstandarder vedtages hermed.
Artikel 2
En virksomhed kan vælge ikke at anvende kravet i afsnit 22 i IFRS 17 Forsikringskontrakter (»IFRS 17«) i bilaget til denne forordning på:
a)
grupper af forsikringskontrakter med elementer af direkte deltagelse og grupper af investeringskontrakter med elementer af diskretionær deltagelse som defineret i appendiks A til IFRS 17 i bilaget til denne forordning og med pengestrømme, der påvirker eller påvirkes af pengestrømme til forsikringstagere i andre kontrakter, jf. afsnit B67 og B68 i appendiks B i IFRS 17 i nævnte bilag til denne forordning.
b)
grupper af forsikringskontrakter, der forvaltes på tværs af generationer af kontrakter og opfylder betingelserne i artikel 77b i direktiv 2009/138/EF, og som er godkendt af tilsynsmyndighederne med henblik på anvendelse af matchtilpasningen.
Hvis en virksomhed ikke anvender kravet i afsnit 22 i IFRS 17 i bilaget til denne forordning i overensstemmelse med litra a) eller litra b), angiver den dette i overensstemmelse med IAS 1 
Præsentation af årsregnskaber
 i noterne som en væsentlig anvendt regnskabspraksis og anfører andre forklarende informationer, f.eks. for hvilke porteføljer virksomheden har anvendt denne fritagelse.
Artikel 3
Kommissionen tager valgmuligheden i artikel 2 op til revision senest den 31. december 2027 og foreslår, hvor det er relevant, at ændre eller ophæve den.
Artikel 4
Forordning (EF) nr. 1126/2008 ophæves.
Henvisninger til den ophævede forordning gælder som henvisninger til nærværende forordning.
Artikel 5
Denne forordning træder i kraft på tyvendedagen efter offentliggørelsen i 
Den Europæiske Unions Tidende
.
Denne forordning er bindende i alle enkeltheder og gælder umiddelbart i hver medlemsstat.
Udfærdiget i Bruxelles, den 13. august 2023.
På Kommissionens vegne
Ursula VON DER LEYEN
Formand
(
1
)
  
            
EFT L 243 af 11.9.2002, s. 1
.
(
2
)
  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
).
(
3
)
  Europa-Parlamentets og Rådets direktiv 2009/138/EF af 25. november 2009 om adgang til og udøvelse af forsikrings- og genforsikringsvirksomhed (Solvens II) (
EUT L 335 af 17.12.2009, s. 1
).
BILAG
INTERNATIONALE REGNSKABSSTANDARDER
IAS 1
Præsentation af årsregnskaber
IAS 2
Varebeholdninger
IAS 7
Pengestrømsopgørelsen
IAS 8
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fej
IAS 10
Begivenheder efter regnskabsårets afslutning
IAS 12
Indkomstskatter
IAS 16
Materielle anlægsaktiver
IAS 19
Personaleydelser
IAS 20
Regnskabsmæssig behandling af offentlige tilskud og oplysning om andre former for offentlig støtte
IAS 21
Valutaomregning
IAS 23
Låneomkostninger
IAS 24
Oplysning om nærtstående parter
IAS 26
Regnskabsmæssig behandling og præsentation af fratrædelsesordninger
IAS 27
Separate årsregnskaber
IAS 28
Investeringer i associerede virksomheder og joint ventures
IAS 29
Regnskabsaflæggelse i hyperinflationsøkonomier
IAS 32
Finansielle instrumenter: Præsentation
IAS 33
Indtjening pr. aktie
IAS 34
Præsentation af delårsregnskaber
IAS 36
Værdiforringelse af aktiver
IAS 37
Hensatte forpligtelser, eventualforpligtelser og eventualaktiver
IAS 38
Immaterielle aktiver
IAS 39
Finansielle instrumenter: Indregning og måling
IAS 40
Investeringsejendomme
IAS 41
Landbrug
IFRS 1
Førstegangsanvendelse af IFRS
IFRS 2
Aktiebaseret vederlæggelse
IFRS 3
Virksomhedssammenslutninger
IFRS 5
Anlægsaktiver, som besiddes med henblik på salg og ophørte aktiviteter
IFRS 6
Efterforskning og vurdering af mineralressourcer
IFRS 7
Finansielle instrumenter: Oplysninger
IFRS 8
Driftssegmenter
IFRS 9
Finansielle instrumenter
IFRS 10
Koncernregnskaber
IFRS 11
Fælles ordninger
IFRS 12
Oplysninger om kapitalandele i andre virksomheder
IFRS 13
Måling af dagsværdi
IFRS 15
Omsætning fra kontrakter med kunder
IFRS 16
Leasingkontrakter
IFRS 17
Forsikringskontrakter
IFRIC 1
Ændringer i eksisterende forpligtelser i forbindelse med at tage anlæg ud af drift, retablering og tilsvarende forpligtelser
IFRIC 2
Andele i andelsvirksomheder og lignende instrumenter
IFRIC 5
Rettigheder til kapitalandele hidrørende fra fonde til dækning af omkostninger forbundet med afvikling, retablering og miljøgenopretning
IFRIC 6
Forpligtelser opstået som følge af deltagelse på et særskilt marked — Affald af elektrisk og elektronisk udstyr
IFRIC 7
Om anvendelse af omregningsmetoden i IAS 29 Regnskabsaflæggelse i hyperinflationsøkonomier
IFRIC 10
Præsentation af delårsregnskaber og værdiforringelse
IFRIC 12
Koncessionsaftaler
IFRIC 14
IAS 19 — Begrænsning på et ydelsesbaseret pensionsaktiv, minimumskrav til afdækning og disses indbyrdes samspil
IFRIC 16
Sikring af nettoinvesteringer i en udenlandsk virksomhed
IFRIC 17
Udlodninger af ikke-kontante aktiver til ejerne
IFRIC 19
Opfyldelse af finansielle forpligtelser med egenkapitalinstrumenter
IFRIC 20
Strippingomkostninger i produktionsfasen i åbne miner
IFRIC 21
Afgifter
IFRIC 22
Transaktioner i fremmed valuta og forudbetaling
IFRIC 23
Usikkerhed om Behandlingerne af Indkomstskat
SIC-7
Indførelse af euroen
SIC-10
Offentlig støtte — Ingen konkret forbindelse til driftsaktiviteter
SIC-25
Indkomstskatter — Ændringer i virksomhedens eller dens aktionærers skattemæssige stilling
SIC-29
Koncessionsaftaler: Oplysninger
SIC-32
Immaterielt aktiv — Omkostninger ved udvikling af websider
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 fair dealing. Yderligere oplysninger fås hos IASB på internetadressen www.iasb.org
IAS 1
Præsentation af årsregnskaber
FORMÅL
1
Denne standard foreskriver 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. Standarden opstiller generelle krav til præsentationen af årsregnskaber, retningslinjer for struktureringen af disse samt minimumskrav til deres indhold.
ANVENDELSESOMRÅDE
2
Virksomheder skal anvende denne standard på udarbejdelse og præsentation af alle årsregnskaber til brug for offentligheden, der aflægges i overensstemmelse med IFRS-standarderne.
3
Andre IFRS-standarder opstiller krav til indregning og måling af samt oplysning om specifikke transaktioner og andre begivenheder.
4
Denne standard finder ikke anvendelse på struktureringen og indholdet af et sammendraget delårsregnskab udarbejdet i overensstemmelse med IAS 34 
Præsentation af delårsregnskaber
. Afsnit 15-35 finder dog anvendelse på sådanne regnskaber. Denne standard finder anvendelse på samme måde på alle virksomheder, herunder dem, der fremlægger koncernregnskaber i overensstemmelse med IFRS 10 
Koncernregnskaber
, og dem, der fremlægger separate årsregnskaber i overensstemmelse med IAS 27 
Separate årsregnskaber
.
5
Den i standarden anvendte terminologi er anvendelig for profit-orienterede virksomheder, herunder erhvervsdrivende virksomheder inden for den offentlige sektor. Hvis virksomheder med not-for-profit-aktiviteter i den private eller den offentlige sektor anvender standarden, vil disse 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.
DEFINITIONER
7
Nedenstående udtryk anvendes i denne standard med følgende betydning:
Anvendt regnskabspraksis
 er defineret i afsnit 5 i IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
, og udtrykket anvendes i denne standard med samme betydning.
Årsregnskaber præsenteret til brug for offentligheden
 (herefter benævnt "årsregnskaber") er regnskaber, der retter sig mod regnskabsbrugere, som ikke er i stand til at kræve, at virksomheden udarbejder årsregnskaber særligt tilrettet til deres særlige informationsbehov.
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, der er udstedt af International Accounting Standards Board (IASB). Disse omfatter følgende:
a)
IFRS
b)
IAS
c)
IFRIC-fortolkningsbidrag og
d)
SIC-fortolkningsbidrag
 
(
1
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.
Væsentlig:
Oplysninger er væsentlige, hvis udeladelse, fejlangivelse eller sløring af oplysningerne med rimelighed kan forventes at påvirke de beslutninger, som de primære brugere af årsregnskaber præsenteret til brug for offentligheden træffer på grundlag af disse regnskaber, som giver finansielle oplysninger om en bestemt regnskabsaflæggende virksomhed.
Væsentlighed afhænger af oplysningernes art eller omfang eller begge dele. En virksomhed vurderer, om oplysninger, enten hver for sig eller sammen med andre oplysninger, er væsentlige i forbindelse med dens årsregnskab som helhed.
Oplysninger sløres, hvis oplysningerne meddeles på en sådan måde, at de har samme virkning for primære brugere af årsregnskaber, som hvis oplysningerne udelades eller angives fejlagtigt. Følgende er eksempler på omstændigheder, der kan medføre, at væsentlige oplysninger sløres:
a)
oplysninger om en væsentlig post, transaktion eller anden begivenhed anføres i årsregnskabet, men den anvendte sprogbrug er vag eller uklar
b)
oplysninger om en væsentlig post, transaktion eller anden begivenhed er spredt ud over hele årsregnskabet
c)
poster, transaktioner eller andre begivenheder af forskellig art er uhensigtsmæssigt sammendraget
d)
ensartede poster, transaktioner eller andre begivenheder er uhensigtsmæssigt opdelt, og
e)
forståeligheden af årsregnskaberne reduceres som følge af, at væsentlige oplysninger skjules af uvæsentlige oplysninger, således at en primær regnskabsbruger ikke er i stand til at afgøre, hvilke oplysninger der er væsentlige.
En vurdering af, om oplysninger med rimelighed kan forventes at påvirke de beslutninger, der er truffet af de primære regnskabsbrugere af en specifik regnskabsaflæggende virksomheds årsregnskab præsenteret til brug for offentligheden, kræver, at virksomheden tager disse regnskabsbrugeres karakteristika i betragtning samtidig med virksomhedens egne forhold.
Mange eksisterende og potentielle investorer, långivere og andre kreditorer kan ikke kræve, at de regnskabsaflæggende virksomheder formidler oplysninger direkte til dem og er nødt til at henholde sig til årsregnskaber præsenteret til brug for offentligheden for en stor del af de finansielle oplysninger, som de har brug for. Som følge heraf er de de primære regnskabsbrugere, til hvem årsregnskaber præsenteret til brug for offentligheden er rettet. Årsregnskaber udarbejdes for regnskabsbrugere, der har et rimeligt kendskab til forretningsmæssige og økonomiske forhold, og som gennemgår og analyserer oplysningerne omhyggeligt. Også velinformerede og omhyggelige regnskabsbrugere kan undertiden søge hjælp hos en rådgiver for at forstå oplysninger om komplekse økonomiske fænomener.
Noter
: Indeholder oplysninger ud over dem, der præsenteres i balancen, resultatopgørelsen og opgørelsen af anden totalindkomst, egenkapitalopgørelsen og pengestrømsopgørelsen. Noterne indeholder beskrivende information eller udskilning af poster, som er præsenteret i de nævnte opgørelser, samt information om disse poster, som ikke opfylder kriterierne for indregning i opgørelserne.
Anden totalindkomst
 omfatter indtægter og omkostninger (herunder omklassifikationsreguleringer), der ikke er indregnet i resultatet, som dette kræves eller tillades i andre IFRS-standarder.
Elementerne af anden totalindkomst omfatter:
a)
ændringer i reserver for opskrivninger (jf. IAS 16 
Materielle anlægsaktiver
 og IAS 38 
Immaterielle aktiver
)
b)
omvurderinger af ydelsesbaserede pensionsordninger (jf. IAS 19 
Personaleydelser
)
c)
gevinster og tab opstået i forbindelse med omregning af en udenlandsk virksomheds årsregnskab (jf. IAS 21 
Valutaomregning
)
d)
gevinster og tab hidrørende fra investeringer i egenkapitalinstrumenter, der er klassificeret til dagsværdi gennem anden totalindkomst i overensstemmelse med afsnit 5.7.5 i IFRS 9 
Finansielle instrumenter
da)
gevinster og tab på finansielle aktiver målt til dagsværdi gennem anden totalindkomst i overensstemmelse med afsnit 4.1.2A i IFRS 9
e)
den effektive del af gevinster og tab på sikringsinstrumenter anvendt til sikring af pengestrømme og gevinster og tab på sikringsinstrumenter, der sikrer investeringer i egenkapitalinstrumenter, der er klassificeret til dagsværdi gennem anden totalindkomst i overensstemmelse med afsnit 5.7.5 i IFRS 9 (jf. kapitel 6 i IFRS 9)
f)
for bestemte forpligtelser, der er klassificeret som til dagsværdi gennem resultatet, den beløbsmæssige størrelse af ændringen i dagsværdien, der hidrører fra ændringer i forpligtelsens kreditrisiko (jf. afsnit 5.7.7 i IFRS 9)
g)
ændringer i værdien af den tidsmæssige værdi af optioner i forbindelse med opdeling af en options indre og tidsmæssige værdi, hvor kun ændringen i den indre værdi klassificeres som sikringsinstrumentet (jf. kapitel 6 i IFRS 9)
h)
ændringer i værdien af terminsdelene af terminskontrakter i forbindelse med opdeling af terminsdelen og spotdelen af en terminskontrakt, hvor kun ændringen i spotdelen klassificeres som sikringsinstrumentet, og ændringer i værdien af valutaspændet for et finansielt instrument i forbindelse med udelukkelse fra klassificeringen af det finansielle instrument som sikringsinstrumentet (jf. kapitel 6 i IFRS 9)
i)
finansielle forsikringsindtægter og -udgifter fra udstedte kontrakter, som er omfattet af IFRS 17 
Forsikringskontrakter
, indregnes ikke i resultatet, hvis de samlede finansielle forsikringsindtægter eller -udgifter opdeles for at medtage et beløb i resultatet, der fastsættes ved en systematisk allokering ved anvendelse af afsnit 88, litra b), i IFRS 17 eller ved et beløb, som fjerner den regnskabsmæssige uoverensstemmelse med de finansielle indtægter eller -udgifter, der hidrører fra de underliggende poster, ved anvendelse af afsnit 89, litra b), i IFRS 17, og
j)
finansielle indtægter eller -udgifter fra indgåede genforsikringskontrakter indregnes ikke i resultatet, hvis de samlede finansielle forsikringsindtægter eller -udgifter fra genforsikring opdeles for at medtage et beløb i resultatet, der er fastsat ved en systematisk allokering ved anvendelse af afsnit 88, litra b), i IFRS 17.
Ejere
 er indehavere af instrumenter, der klassificeres som egenkapital.
Resultatet
 er den samlede indtægt med fradrag af omkostninger, bortset fra elementerne af anden totalindkomst.
Omklassifikationsreguleringer
 er beløb, der omklassificeres til resultatet i det aktuelle regnskabsår, som blev indregnet i anden totalindkomst i det aktuelle eller tidligere regnskabsår.
Samlet totalindkomst
 er egenkapitalbevægelser i et regnskabsår som følge af transaktioner og andre begivenheder, bortset fra bevægelser, der hidrører fra transaktioner med ejere i deres egenskab af ejere.
Den samlede totalindkomst omfatter alle elementer af "resultatet" og af "anden totalindkomst".
8
Denne standard anvender udtrykkene "anden totalindkomst", "resultat" og "samlet totalindkomst", men virksomheden kan anvende andre udtryk til at beskrive totalbeløbene, så længe betydningen er klar. Virksomheden kan eksempelvis anvende begrebet "nettoindtægter" til at betegne resultatet.
8A
Nedenstående udtryk beskrives i IAS 32 
Finansielle instrumenter: Præsentation
 og anvendes i denne standard med den i IAS 32 anførte betydning:
a)
et indløseligt finansielt instrument, der klassificeres som et egenkapitalinstrument (beskrevet i afsnit 16A og 16B i IAS 32)
b)
et instrument, som forpligter virksomheden til at overdrage en pro rata-andel af virksomhedens nettoaktiver til en anden part i tilfælde af likvidation, og som klassificeres som et egenkapitalinstrument (beskrevet i afsnit 16C og 16D i IAS 32).
ÅRSREGNSKABER
Årsregnskabets målsætning
9
Årsregnskabet er en struktureret fremstilling af en virksomheds finansielle stilling og indtjening. Formålet med årsregnskaber 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)
bidrag fra og udlodninger til ejere i deres egenskab af ejere 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.
Fuldstændigt årsregnskab
10
Et fuldstændigt årsregnskab indeholder:
a)
en balance ved regnskabsårets afslutning
b)
en resultatopgørelse og opgørelse af anden totalindkomst for regnskabsåret
c)
en egenkapitalopgørelse for regnskabsåret
d)
en pengestrømsopgørelse for regnskabsåret
e)
noter indeholdende væsentlige informationer om anvendt regnskabspraksis samt andre forklarende informationer
ea)
sammenligningstal for det foregående regnskabsår som angivet i afsnit 38 og 38A og og
f)
en balance ved begyndelsen af det foregående regnskabsår, fra hvilket virksomheden ændrer den anvendte regnskabspraksis med tilbagevirkende kraft, eller fra hvilket virksomheden foretager tilpasning af poster i årsregnskabet med tilbagevirkende kraft eller omklassificerer poster i årsregnskabet i overensstemmelse med afsnit 40A-40D.
En virksomhed kan anvende andre betegnelser for posterne end de i denne standard anvendte. Eksempelvis kan en virksomhed anvende betegnelsen "totalindkomstopgørelse" i stedet for "resultatopgørelse og opgørelse af anden totalindkomst".
10A
En virksomhed kan præsentere en enkelt resultatopgørelse og opgørelse af anden totalindkomst, hvorved resultatet og anden totalindkomst præsenteres i to afsnit. Afsnittene skal præsenteres sammen, idet resultatafsnittet præsenteres først direkte efterfulgt af afsnittet indeholdende anden totalindkomst. En virksomhed kan præsentere resultatafsnittet i form af en særskilt resultatopgørelse. Hvis der gøres brug af denne mulighed, skal den særskilte resultatopgørelse komme umiddelbart før opgørelsen af totalindkomst, der skal begynde med resultatet.
11
En virksomhed skal præsentere alle finansielle oplysninger i et fuldstændigt årsregnskab med lige stor vægtning.
12
[Ophævet]
13
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.
14
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.
Overordnede træk
Retvisende billede og overensstemmelse med IFRS-standarder
15
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 for årsregnskaber (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.
16
En virksomhed, hvis årsregnskab er i overensstemmelse med IFRS, skal afgive en udtrykkelig og uforbeholden erklæring herom i noterne. En virksomhed må ikke angive, at årsregnskabet er i overensstemmelse med IFRS, hvis det ikke er i overensstemmelse med alle kravene i IFRS-standarderne.
17
I stort set alle tilfælde opnår virksomheden 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 angiver officiel vejledning i en hierarkisk opstilling, som ledelsen skal tage i betragtning, hvor der ikke foreligger en IFRS, 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.
18
En virksomhed kan ikke afhjælpe en anvendt regnskabspraksis, der er uhensigtsmæssig, ved at oplyse om den anvendte regnskabspraksis eller ved noteoplysning eller forklaringer i øvrigt.
19
I de ekstremt sjældne tilfælde, hvor ledelsen konkluderer, at overholdelse af et krav i en IFRS 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 20, hvis de relevante lovmæssige rammer kræver, eller på anden måde tillader, en sådan afvigelse.
20
Når en virksomhed afviger fra et krav i en IFRS i overensstemmelse med afsnit 19, 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 IFRS-standarder, bortset fra at virksomheden er afveget fra et bestemt krav for at opnå et retvisende billede
c)
navnet på den IFRS, virksomheden er afveget fra, angivelse af hvori afvigelsen består, herunder hvilken regnskabsmæssig behandling IFRS-standarden 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 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.
21
Hvis en virksomhed i et tidligere regnskabsår er afveget fra et krav i en IFRS, og denne afvigelse påvirker de beløb, der er indregnet i årsregnskabet for det aktuelle regnskabsår, skal virksomheden oplyse dette som angivet i afsnit 20, litra c) og d).
22
Afsnit 21 finder eksempelvis anvendelse, hvis en virksomhed i et tidligere regnskabsår er afveget fra et krav i en IFRS 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.
23
I de ekstremt sjældne tilfælde, hvor ledelsen konkluderer, at overholdelse af et krav i en IFRS 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 IFRS-standarden, 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.
24
Ifølge afsnit 19-23 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 IFRS 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
25
Ved udarbejdelsen af årsregnskaber skal ledelsen foretage en vurdering af virksomhedens evne til at fortsætte som en going concern. En virksomhed skal udarbejde årsregnskabet på en going concern-basis, medmindre ledelsen har til hensigt enten at lade virksomheden 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 fortsætte som en going concern, skal virksomheden give oplysning om denne usikkerhed. Hvis en virksomhed ikke udarbejder årsregnskabet på en going concern-basis, skal der gives oplysning om dette samt om, på hvilket grundlag den har udarbejdet årsregnskabet, og årsagen til, at virksomheden ikke anses for at være en going concern.
26
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 regnskabsårets afslutning, 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 virksomheden uden detaljeret analyse afgøre, at regnskabsprincippet om going concern 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
27
Virksomheder skal udarbejde årsregnskaber, bortset fra information om pengestrømme, på grundlag af periodiseringsprincippet.
28
Ved anvendelse af periodiseringsprincippet indregner virksomheden poster som aktiver, forpligtelser, egenkapital, indtægter og omkostninger (årsregnskabets elementer), når de opfylder definitionerne og indregningskriterierne for de pågældende elementer i 
Begrebsrammen
.
Væsentlighed og sammendrag af poster
29
En virksomhed skal præsentere alle væsentlige kategorier af ensartede poster separat i årsregnskabet. En virksomhed skal præsentere poster af en anden art eller med en anden funktion 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 poster i årsregnskabet. 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 tilstrækkelig væsentlig til, at det berettiger til separat præsentation i regnskabsopstillingerne, kan godt være berettiget til separat præsentation i noterne.
30A
Ved anvendelsen af denne og andre IFRS-standarder skal en virksomhed under hensyntagen til alle relevante kendsgerninger og omstændigheder afgøre, hvordan den sammenfatter oplysningerne i årsregnskaberne, herunder noterne. En virksomhed må ikke begrænse forståeligheden af sine årsregnskaber ved at sløre væsentlige oplysninger gennem uvæsentlige oplysninger eller ved at sammendrage væsentlige poster af forskellig karakter eller med forskellig funktion.
31
Nogle IFRS-standarder angiver oplysninger, som skal være indeholdt i årsregnskaberne, herunder noterne. En virksomhed behøver ikke give en specifik oplysning i henhold til krav i en IFRS-standard, hvis oplysningen ikke er væsentlig. Det gælder også, selv om IFRS-standarden indeholder en liste over specifikke krav eller beskriver dem som mindstekrav. En virksomhed skal også overveje, om den skal give supplerende oplysninger, når overholdelsen af de specifikke krav i IFRS-standarderne ikke er tilstrækkeligt dækkende til at sikre, at årsregnskabsbrugerne forstår virkningen af bestemte transaktioner og andre begivenheder og forhold på virksomhedens finansielle stilling og indtjening.
Modregning
32
En virksomhed skal ikke modregne aktiver og forpligtelser samt indtægter og omkostninger, medmindre dette kræves eller tillades i en IFRS.
33
En virksomhed præsenterer både aktiver og forpligtelser samt indtægter og omkostninger separat. Modregning i resultatopgørelsen, totalindkomstopgørelsen 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
I henhold til IFRS 15 
Omsætning fra kontrakter med kunder
 skal en virksomhed måle omsætning fra kontrakter med kunder til et beløb svarende til det vederlag, som virksomheden forventer at være berettiget til som modydelse for at overdrage aftalte varer eller tjenesteydelser. F.eks. afspejler den indregnede omsætning eventuelle forhandler- og mængderabatter, som virksomheden yder. Gennem den ordinære drift foretager virksomheden andre transaktioner, som ikke i sig selv frembringer omsætning, men som er tilknyttet den primære omsætningsskabende aktivitet. En virksomhed præsenterer resultatet af sådanne transaktioner, hvis en sådan præsentation afspejler indholdet af den pågældende transaktion eller anden begivenhed, ved i indtægterne at modregne tilknyttede omkostninger, som opstår fra den samme transaktion. Eksempelvis:
a)
præsenterer virksomheden gevinster og tab ved afhændelse af anlægsaktiver, herunder investeringer og driftsaktiver, ved at trække aktivets regnskabsmæssige værdi og tilknyttede salgsomkostninger fra vederlaget ved afhændelsen, og
b)
virksomheden kan fratrække 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), den tilknyttede godtgørelse.
35
Endvidere præsenterer en virksomhed 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. En virksomhed skal imidlertid præsentere sådanne gevinster og tab separat, såfremt de er væsentlige.
Regnskabsaflæggelseshyppighed
36
En virksomhed skal præsentere et fuldstændigt regnskab (herunder sammenligningstal) mindst en gang om året. Hvis en virksomhed ændrer tidspunktet for regnskabsårets afslutning og præsenterer årsregnskabet for en periode, der er længere eller kortere end et år, skal virksomheden, ud over at præsentere den regnskabsperiode, som regnskabet dækker, oplyse:
a)
årsagen til, at der anvendes en længere eller kortere periode, og
b)
at beløb, der præsenteres i årsregnskabet, ikke er fuldt ud sammenlignelige.
37
En virksomhed udarbejder normalt årsregnskaber kontinuerligt for en etårig periode på et år. Af praktiske årsager foretrækker nogle virksomheder imidlertid at aflægge deres årsregnskab for en periode på eksempelvis 52 uger. Denne standard udelukker ikke en sådan praksis.
Sammenligningstal
Sammenligningstal, der mindst skal præsenteres
38
Medmindre andet tillades eller kræves af en IFRS, skal en virksomhed præsentere sammenligningstal for det foregående regnskabsår for alle beløb, der præsenteres i årsregnskabet for det aktuelle regnskabsår. En virksomhed skal medtage sammenligningstal for beskrivende oplysninger, hvis dette er relevant for forståelsen af regnskabet for det aktuelle regnskabsår.
38A
En virksomhed skal mindst præsentere to opgørelser af finansiel stilling, to resultatopgørelser og opgørelser af anden totalindkomst, to særskilte resultatopgørelser (hvis præsenteret), to pengestrømsopgørelser og to egenkapitalopgørelser samt tilhørende noter.
38B
I nogle tilfælde er beskrivende oplysninger, som er inkluderet i årsregnskabet for det eller de foregående regnskabsår, stadig relevante for det aktuelle regnskabsår. En virksomhed kan eksempelvis oplyse om enkeltheder om en retssag i det aktuelle regnskabsår, hvis udfald var usikkert ved afslutningen af det foregående regnskabsår og stadig ikke er afgjort. Regnskabsbrugere drager fordel af information om, at usikkerheden var til stede ved det foregående regnskabsårs afslutning, og om de tiltag, som er blevet iværksat i løbet af regnskabsåret til afklaring af usikkerheden.
Supplerende sammenligningstal
38C
En virksomhed kan præsentere andre sammenligningstal i tilgift til det sammenligningsregnskab, der som minimum skal præsenteres i henhold til IFRS, så længe de pågældende oplysninger er udarbejdet i overensstemmelse med IFRS. Disse sammenligningstal kan bestå af en eller flere af de opgørelser, der er nævnt i afsnit 10, men behøver ikke at omfatte et fuldstændigt årsregnskab. Når dette er tilfældet, skal virksomheden præsentere tilhørende noteoplysninger til disse supplerende opgørelser.
38D
En virksomhed kan eksempelvis præsentere en tredje resultatopgørelse eller opgørelse af anden totalindkomst (og derved præsentere det aktuelle regnskabsår, det foregående regnskabsår og et ekstra sammenligningsår). Virksomheden er dog ikke forpligtet til at præsentere en tredje balance, en tredje pengestrømsopgørelse eller en tredje egenkapitalopgørelse (dvs. et supplerende sammenligningsregnskab). Virksomheden skal i noterne til årsregnskabet præsentere sammenligningstal vedrørende denne supplerende resultatopgørelse og opgørelse af anden totalindkomst.
39-40
[Ophævet]
Ændring i regnskabspraksis, tilpasning eller omklassifikation af poster i årsregnskabet med tilbagevirkende kraft
40A
En virksomhed skal præsentere en tredje balancen ved begyndelsen af det foregående regnskabsår foruden det sammenligningsregnskab, der som minimum skal præsenteres i henhold til afsnit 38A, hvis:
a)
den anvender en regnskabspraksis med tilbagevirkende kraft, foretager en tilpasning af poster i årsregnskabet med tilbagevirkende kraft eller omklassificerer poster i årsregnskabet, og
b)
anvendelsen med tilbagevirkende kraft, tilpasningen med tilbagevirkende kraft eller omklassifikationen har væsentlig indvirkning på oplysningerne i balancen ved begyndelsen af det foregående regnskabsår.
40B
Under de omstændigheder, der er beskrevet i afsnit 40A, skal en virksomhed præsentere tre opgørelser af finansiel stilling pr.:
a)
ved afslutningen af det aktuelle regnskabsår
b)
ved afslutningen af det foregående regnskabsår og
c)
ved begyndelsen af det foregående regnskabsår.
40C
Når en virksomhed skal præsentere en supplerende balance i overensstemmelse med afsnit 40A, skal den give de oplysninger, der kræves i henhold til afsnit 41-44 og IAS 8. Den behøver dog ikke at præsentere de tilhørende noter til åbningsbalancen ved begyndelsen af det foregående regnskabsår.
40D
Datoen for denne åbningsbalance skal være pr. begyndelsen af det foregående regnskabsår, uanset om der i en virksomheds årsregnskab præsenteres sammenligningstal for tidligere regnskabsår (som tilladt i henhold til afsnit 38C).
41
Hvis en virksomhed ændrer præsentationen eller klassifikationen af poster i årsregnskabet, skal den omklassificere sammenligningstallene, medmindre dette er praktisk umuligt. Når virksomheden omklassificerer sammenligningstal, skal den give oplysning om følgende (inklusive fra begyndelsen af den foregående regnskabsperiode):
a)
arten af omklassifikationen
b)
beløbet for hver post eller kategori, der omklassificeres, og
c)
årsagen til omklassifikationen.
42
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.
43
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 har en virksomhed måske ikke indsamlet informationer i det eller de tidligere regnskabsår på en måde, som muliggør omklassifikation, og det er måske ikke praktisk muligt at genskabe denne information.
44
IAS 8 angiver de reguleringer af sammenligningstal, der kræves, når en virksomhed foretager en ændring af anvendt regnskabspraksis eller korrigerer en fejl.
Ensartethed
45
En virksomhed skal foretage ensartet præsentation og klassifikation af poster i årsregnskabet 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 IFRS kræver en ændring i præsentationsformen.
46
I visse tilfælde kan væsentlige anskaffelser eller afhændelser eller en gennemgang af præsentationen af årsregnskabet eksempelvis 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 41 og 42.
STRUKTUR OG INDHOLD
Indledning
47
Denne standard kræver særlige oplysninger i balancen eller i resultatopgørelsen eller opgørelsen af anden totalindkomst eller i egenkapitalopgørelsen og kræver oplysninger af andre regnskabsposter enten i disse opgørelser eller i noterne. IAS 7 
Pengestrømsopgørelsen
 opstiller krav for præsentation af oplysninger om pengestrømme.
48
Denne standard anvender nogle gange udtrykket "oplysning" i en bred forstand, der omfatter poster præsenteret i årsregnskabet. Der stilles også krav om oplysninger i andre IFRS-standarder. Medmindre denne standard eller en anden IFRS angiver andre krav, kan sådanne oplysninger gives i årsregnskabet.
Identifikation af årsregnskabet
49
En virksomhed skal identificere årsregnskabet klart og adskille det fra anden information i det samme offentliggjorte dokument.
50
IFRS finder kun anvendelse på årsregnskaber og ikke nødvendigvis på anden information, som præsenteres i en årsrapport, i oplysninger til myndigheder eller i et andet dokument. Det er derfor vigtigt, at regnskabsbrugerne er i stand til at skelne information, som er udarbejdet i henhold til IFRS-standarder, fra anden information, som kan være nyttig for regnskabsbrugere, men som ikke er omfattet af disse krav.
51
En virksomhed skal klart identificere hvert årsregnskab og noterne. Herudover skal virksomheden give følgende informationer på en klar og forståelig måde og gentage dem, 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 det foregående regnskabsårs afslutning
b)
hvorvidt årsregnskabet vedrører den enkelte virksomhed eller en gruppe af virksomheder
c)
datoen for afslutningen af regnskabsåret eller den periode, der dækkes af et årsregnskab eller noter
d)
præsentationsvalutaen som defineret i IAS 21 og
e)
graden af afrunding ved præsentationen af beløb i årsregnskabet.
52
En virksomhed opfylder kravene i afsnit 51 ved at præsentere passende overskrifter på sider, opstillinger, noter, kolonner og tilsvarende. Der kræves en vurdering af, på hvilken måde sådan information bedst præsenteres. Hvis en virksomhed eksempelvis præsenterer sit årsregnskab elektronisk, anvendes der ikke altid separate sider. Virksomheden skal da præsentere de ovennævnte poster på en sådan måde, at der sikres en korrekt forståelse af den information, der er omfattet af årsregnskabet.
53
En virksomhed gør ofte årsregnskaber mere forståelige ved at præsentere informationer i hele tusinde eller millioner i præsentationsvalutaen. Dette er acceptabelt, så længe virksomheden oplyser graden af afrunding og ikke udelader væsentlige informationer.
Balancen
Oplysninger, der skal fremgå af balancen
54
Balancen skal indeholde regnskabsposter, der præsenterer følgende beløb:
a)
materielle anlægsaktiver
b)
investeringsejendomme
c)
immaterielle aktiver
d)
finansielle aktiver (med undtagelse af beløb vist under e), h) og i))
da)
sådanne porteføljer af kontrakter, som er omfattet af IFRS 17, og som er aktiver, opdelt som påkrævet i afsnit 78 i IFRS 17
e)
investeringer behandlet regnskabsmæssigt efter den indre værdis metode
f)
biologiske aktiver, der er omfattet af IAS 41 
Landbrug
g)
varebeholdninger
h)
tilgodehavender fra salg og tjenesteydelser og andre tilgodehavender
i)
likvide beholdninger og tilsvarende likvide midler
j)
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
k)
leverandørforpligtelser og andre forpligtelser
l)
hensatte forpligtelser
m)
finansielle forpligtelser (med undtagelse af beløb vist under k) og l))
ma)
sådanne porteføljer af kontrakter, som er omfattet af IFRS 17, og som er forpligtelser, opdelt som påkrævet i afsnit 78 i IFRS 17
n)
aktuelle skatteaktiver og skatteforpligtelser som defineret i IAS 12 
Indkomstskatter
o)
udskudte skatteaktiver og udskudte skatteforpligtelser som defineret i IAS 12
p)
forpligtelser, der er medtaget i afståelsesgrupper, der er klassificeret som besiddelse med henblik på salg i overensstemmelse med IFRS 5
q)
minoritetsinteresser præsenteret inden for egenkapital og
r)
udstedt selskabskapital og reserver, der kan henføres til ejerne i modervirksomheden.
55
En virksomhed skal præsentere yderligere regnskabsposter (herunder gennem opdeling af regnskabsposterne i afsnit 54), overskrifter og subtotaler i sin balance, hvis dette er relevant for forståelsen af virksomhedens finansielle stilling.
55A
Hvis en virksomhed præsenterer subtotaler i overensstemmelse med afsnit 55, skal disse subtotaler:
a)
bestå af regnskabsposter, der består af beløb, som er indregnet og målt i overensstemmelse med IFRS
b)
præsenteres og mærkes på en måde, der gør de regnskabsposter, der udgør subtotalen, klare og forståelige
c)
være konsistente fra periode til periode i overensstemmelse med afsnit 45, og
d)
de må ikke præsenteres på en mere fremtrædende måde end de subtotaler og totalbeløb, der kræves for balancen i henhold til IFRS.
56
Når virksomheden præsenterer omsætnings- og anlægsaktiver og kortfristede og langfristede forpligtelser som separate klassifikationer i sin balance, skal den ikke klassificere udskudte skatteaktiver (udskudte skatteforpligtelser) som omsætningsaktiver (kortfristede forpligtelser).
57
Denne standard indeholder ikke bestemmelser om rækkefølgen eller præsentationsformen for en virksomheds præsentation af regnskabsposter. I afsnit 54 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.
58
En virksomhed vurderer, hvorvidt yderligere poster skal præsenteres separat, på grundlag af:
a)
aktivernes art og likviditet
b)
aktivernes funktion inden for virksomheden og
c)
forpligtelsernes størrelse, art og afviklingstidspunkt.
59
Anvendelsen af forskellige målingsgrundlag for forskellige kategorier af aktiver indikerer, at de er forskellige af art eller funktion, og at virksomheden derfor skal præsentere dem som separate regnskabsposter. Eksempelvis kan forskellige kategorier af materielle anlægsaktiver indregnes til kostpris eller til en omvurderet værdi i overensstemmelse med IAS 16.
Sondring mellem omsætningsaktiver og anlægsaktiver og kortfristede forpligtelser og langfristede forpligtelser
60
En virksomhed skal præsentere omsætningsaktiver og anlægsaktiver og kortfristede forpligtelser og langfristede forpligtelser som separate klassifikationer i sin balance i overensstemmelse med afsnit 66-76, undtagen når en præsentation baseret på likviditet giver information, som er pålidelig og mere relevant. Når der foreligger en sådan undtagelse, skal virksomheden præsentere alle aktiver og forpligtelser efter likviditet.
61
Uanset hvilken præsentationsform der vælges, skal virksomheden oplyse det beløb, der forventes genindvundet eller indfriet efter mere end 12 måneder for hvert aktiv og hver forpligtelse i årsregnskabet, som sammendrager beløb, der forventes genindvundet eller indfriet:
a)
højst 12 måneder efter regnskabsårets afslutning og
b)
mere end 12 måneder efter regnskabsårets afslutning.
62
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.
63
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.
64
Ved anvendelse af afsnit 60 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.
65
Oplysninger om forventede realiseringsdatoer for aktiver og forpligtelser er nyttige ved vurderingen af virksomhedens likviditet og solvens. IFRS 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 genindvindingstidspunkt for ikke-monetære aktiver, så som varebeholdninger, og forventet indfrielsestidspunkt for forpligtelser, så som 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 regnskabsårets afslutning.
Omsætningsaktiver
66
En virksomhed skal klassificere et aktiv som et omsætningsaktiv, hvis:
a)
den forventer at realisere aktivet eller har til hensigt at sælge eller forbruge det som led i den normale driftscyklus
b)
den primært besidder aktivet med handel for øje
c)
den forventer at realisere aktivet inden for 12 måneder efter regnskabsårets afslutning, eller
d)
aktivet er i form af likvide beholdninger og tilsvarende likvide midler (som defineret i IAS 7), medmindre aktivet er underlagt en begrænsning, som gør, at det ikke kan omsættes eller anvendes til at indfri en forpligtelse i mindst 12 måneder efter regnskabsårets afslutning.
En virksomhed skal klassificere alle øvrige aktiver som anlægsaktiver.
67
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.
68
En virksomheds driftscyklus angiver tiden fra anskaffelsen af aktiver, der skal bearbejdes, og indtil de realiseres i likvide beholdninger og tilsvarende likvide midler. Hvis en virksomheds normale driftscyklus ikke er klart defineret, antages den at være 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 regnskabsperiodens afslutning. Omsætningsaktiver omfatter desuden aktiver, der primært besiddes med henblik på handel (f.eks. visse finansielle aktiver, der opfylder definitionen af "som besiddes med henblik på handel" i IFRS 9), samt den kortfristede del af langfristede finansielle aktiver.
Kortfristede forpligtelser
69
En virksomhed skal klassificere en forpligtelse som kortfristet, hvis:
a)
den forventer at indfri forpligtelsen som led i den normale driftscyklus,
b)
den primært besidder forpligtelsen med henblik på handel,
c)
forpligtelsen skal indfries inden for 12 måneder efter regnskabsårets afslutning, eller
d)
den ikke har en ubetinget ret til at udskyde indfrielsen af forpligtelsen i mindst 12 måneder efter regnskabsårets afslutning (jf. afsnit 73). Vilkår, som indebærer, at modparten kan vælge, at forpligtelsen skal afregnes ved udstedelse af egenkapitalinstrumenter, påvirker ikke forpligtelsens klassifikation.
En virksomhed skal klassificere alle øvrige forpligtelser som langfristede.
70
Nogle former for kortfristede forpligtelser, eksempelvis leverandørforpligtelser og visse hensættelser til personale- og andre driftsomkostninger, indgår i driftskapitalen i virksomhedens normale driftscyklus. En virksomhed skal klassificere sådanne driftsposter som kortfristede forpligtelser, uanset om de forfalder til betaling mere end 12 måneder efter regnskabsårets afslutning. 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 være 12 måneder.
71
Andre former for kortfristede forpligtelser indfries ikke som led i virksomhedens normale driftscyklus, men forfalder til betaling inden 12 måneder efter regnskabsperiodens afslutning eller besiddes primært med henblik på handel. Eksempler herpå er finansielle forpligtelser, der opfylder definitionen af "som besiddes med henblik på handel" i IFRS 9, 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 regnskabsperiodens afslutning, er langfristede forpligtelser i henhold til afsnit 74 og 75.
72
En virksomhed skal klassificere sine finansielle forpligtelser som kortfristede, når de skal indfries inden for 12 måneder efter regnskabsårets afslutning, 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 regnskabsårets afslutning, og inden årsregnskabet godkendes til offentliggørelse.
73
Hvis en virksomhed forventer, og har mulighed for, at refinansiere eller forlænge en forpligtelse i mindst 12 måneder efter regnskabsårets afslutning i henhold til en eksisterende lånefacilitet, skal virksomheden klassificere forpligtelsen som langfristet, selv om 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 virksomheden ikke tage muligheden for at refinansiere forpligtelsen i betragtning, men klassificere forpligtelsen som kortfristet.
74
Hvis en virksomhed ved regnskabsårets afslutning eller tidligere overtræder et vilkår i en langfristet låneaftale, og forpligtelsen af denne grund kræves indfriet på anfordring, skal den klassificere forpligtelsen som kortfristet, selv om långiver efter regnskabsårets afslutning og inden godkendelsen af årsregnskabets offentliggørelse har indvilliget i ikke at kræve betaling som følge af misligholdelsen. En virksomhed skal klassificere forpligtelsen som kortfristet, fordi virksomheden ved regnskabsårets afslutning ikke har nogen ubetinget ret til at udskyde indfrielsen af forpligtelsen i mindst 12 måneder efter dette tidspunkt.
75
En virksomhed skal imidlertid klassificere forpligtelsen som langfristet, hvis långiver ved regnskabsårets afslutning indvilligede i at give fristforlængelse med udløb mindst 12 måneder efter regnskabsårets afslutning. Inden for denne periode kan virksomheden udbedre misligholdelsen, og långiver kan ikke kræve øjeblikkelig tilbagebetaling.
76
For så vidt angår lån, der klassificeres som kortfristede forpligtelser, gælder det, at hvis følgende begivenheder opstår mellem tidspunktet for regnskabsårets afslutning og det tidspunkt, hvor årsregnskabet godkendes til offentliggørelse, skal disse begivenheder oplyses som ikke-regulerende begivenheder i overensstemmelse med IAS 10 
Begivenheder efter regnskabsårets afslutning:
a)
langfristet refinansiering
b)
udbedring af misligholdelse af en langfristet låneaftale og
c)
fristforlængelse fra långiver med udløb mindst 12 måneder efter regnskabsårets afslutning med henblik på udbedring af misligholdelsen af en langfristet låneaftale.
Oplysninger, der skal fremgå enten af balancen eller af noterne
77
En virksomhed skal, enten i sin balance eller i noterne, yderligere underklassificere regnskabsposter på en for virksomhedens aktiviteter hensigtsmæssig måde.
78
Hvor detaljeret underklassifikationen skal være, afhænger af kravene i IFRS-standarderne samt af beløbenes størrelse, art og funktion. En virksomhed skal ligeledes lægge de i afsnit 58 nævnte faktorer til grund ved vurderingen 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 opdeles 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)
egenkapital og reserver opdeles i forskellige kategorier så som indskudskapital, overkurs ved emission og reserver.
79
En virksomhed skal give følgende oplysninger i enten balancen, egenkapitalopgørelsen eller 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 afslutning
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.
80
Virksomheder uden selskabskapital, eksempelvis interessentskaber eller fonde, skal give oplysninger svarende til de krav, der er opstillet i afsnit 79(a), om regnskabsårets bevægelser i hver kategori af egenkapitalinteresser og de til hver kategori af egenkapitalinteresser hørende rettigheder, præferencer og begrænsninger.
80A
Hvis en virksomhed har omklassificeret
a)
et indløseligt finansielt instrument, der klassificeres som et egenkapitalinstrument, eller
b)
et instrument, som forpligter virksomheden til at overdrage en pro rata-andel af virksomhedens nettoaktiver til en anden part i tilfælde af likvidation, og som klassificeres som et egenkapitalinstrument,
fra finansielle forpligtelser til egenkapital, skal den oplyse det omklassificerede beløb til og fra hver kategori (finansielle forpligtelser og egenkapital) samt tidspunktet for og årsagen til omklassifikationen.
Resultatopgørelse og opgørelse af anden totalindkomst
81A
Resultatopgørelsen og opgørelsen af anden totalindkomst (opgørelse af totalindkomst) skal foruden resultatafsnittet og afsnittet indeholdende anden totalindkomst præsentere følgende:
a)
resultat
b)
samlet anden totalindkomst
c)
totalindkomst for regnskabsåret, der udgør summen af resultat og anden totalindkomst.
Hvis en virksomhed præsenterer en særskilt resultatopgørelse, skal den ikke præsentere resultatafsnittet i opgørelsen af totalindkomst.
81B
Foruden resultatafsnittet og afsnittet indeholdende anden totalindkomst skal en virksomhed præsentere følgende poster som en allokering af resultatet og anden totalindkomst for perioden:
a)
årets resultat, som kan henføres til:
i)
minoritetsinteresser og
ii)
ejerne af modervirksomheden
b)
årets totalindkomst, som kan henføres til:
i)
minoritetsinteresser og
ii)
ejerne af modervirksomheden
Hvis en virksomhed præsenterer resultatet i en særskilt opgørelse, skal a) fremgå af denne opgørelse.
Oplysninger, der skal fremgå af resultatafsnittet eller resultatopgørelsen
81
[Ophævet]
82
Foruden de poster, der kræves i henhold til andre IFRS-standarder, skal resultatafsnittet eller resultatopgørelsen indeholde regnskabsposter, der præsenterer følgende beløb for perioden:
a)
omsætning, med separat præsentation af:
i)
renteindtægter beregnet ved hjælp af den effektive rentes metode og
ii)
forsikringsindtægter (jf. IFRS 17)
aa)
gevinster og tab hidrørende fra ophør af indregning af finansielle aktiver målt til amortiseret kostpris
ab)
udgifter til forsikringsservice fra udstedte kontrakter, der er omfattet af IFRS 17 (jf. IFRS 17),
ac)
indtægter eller udgifter fra indgåede genforsikringskontrakter (jf. IFRS 17)
b)
finansieringsomkostninger
ba)
tab ved værdiforringelse (herunder tilbageførsel af tab eller gevinster ved værdiforringelse) fastlagt i overensstemmelse med afsnit 5.5 i IFRS 9
bb)
finansielle forsikringsindtægter eller -udgifter fra udstedte kontrakter, som er omfattet af IFRS 17 (jf. IFRS 17)
bc)
finansielle forsikringsindtægter eller -udgifter fra indgåede genforsikringskontrakter (jf. IFRS 17)
c)
andel af resultatet i associerede virksomheder og joint ventures, som regnskabsmæssigt er behandlet efter den indre værdis metode
ca)
hvis et finansielt aktiv omklassificeres fra kategorien måling til amortiseret kostpris, så det måles til dagsværdi gennem resultatet, eventuelle gevinster og tab hidrørende fra en forskel mellem det finansielle aktivs tidligere amortiserede kostpris og dagsværdien på omklassificeringsdatoen (som defineret i IFRS 9)
cb)
hvis et finansielt aktiv omklassificeres fra kategorien måling til dagsværdi gennem anden totalindkomst, så det måles til dagsværdi gennem resultatet, eventuelle akkumulerede gevinster og tab, der tidligere er indregnet i anden totalindkomst, og som omklassificeres til resultatet
d)
skatteomkostninger
e)
[ophævet]
ea)
et enkelt samlet beløb for ophørte aktiviteter (se IFRS 5).
f)–i)
[ophævet]
Oplysninger, der skal fremgå af afsnittet indeholdende anden totalindkomst
82A
Afsnittet indeholdende anden totalindkomst skal præsentere regnskabsposter for beløbene i perioden for:
a)
poster vedrørende anden totalindkomst (med undtagelse af beløb under litra b)), klassificeret efter art og grupperet i regnskabsposter, der i henhold til andre IFRS-standarder:
i)
ikke efterfølgende vil blive omklassificeret til resultatet og
ii)
efterfølgende vil blive omklassificeret til resultatet, når bestemte betingelser er opfyldt
b)
den andel af anden totalindkomst i associerede virksomheder og joint ventures, som regnskabsmæssigt er behandlet efter den indre værdis metode, opdelt efter andelen af poster, der i henhold til andre IFRS-standarder:
i)
ikke efterfølgende vil blive omklassificeret til resultatet og
ii)
efterfølgende vil blive omklassificeret til resultatet, når bestemte betingelser er opfyldt
83-84
[Ophævet]
85
En virksomhed skal præsentere yderligere regnskabsposter (herunder gennem opdeling af regnskabsposterne i afsnit 82), overskrifter og subtotaler i resultatopgørelsen og opgørelsen af anden totalindkomst, hvis dette er relevant for forståelsen af virksomhedens finansielle indtjening.
85A
Hvis en virksomhed præsenterer subtotaler i overensstemmelse med afsnit 85, skal disse subtotaler:
a)
bestå af regnskabsposter, der består af beløb, som er indregnet og målt i overensstemmelse med IFRS
b)
præsenteres og mærkes på en måde, der gør de regnskabsposter, der udgør subtotalen, klare og forståelige
c)
være konsistente fra periode til periode i overensstemmelse med afsnit 45, og
d)
de må ikke præsenteres på en mere fremtrædende måde end de subtotaler og totalbeløb, der kræves for resultatopgørelsen og opgørelsen af anden totalindkomst i henhold til IFRS.
85B
En virksomhed skal præsentere regnskabsposterne i resultatopgørelsen og opgørelsen af anden totalindkomst, hvor der foretages afstemning af eventuelle subtotaler, der præsenteres i overensstemmelse med afsnit 85, med de subtotaler eller de totalbeløb, der kræves for sådanne opgørelser i henhold til IFRS.
86
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. En virksomhed kan indregne yderligere poster i resultatopgørelsen og opgørelsen af anden totalindkomst og ændre beskrivelserne og posternes rækkefølge, når dette er nødvendigt for at forklare indtjeningselementerne. Virksomheden skal tage hensyn til faktorer som væsentlighed og indtægter og omkostningers art og funktion. En finansiel institution kan eksempelvis tilpasse beskrivelserne for at give informationer, der er relevante for en finansiel institutions aktiviteter. En virksomhed modregner kun indtægts- og omkostningsposter, når kriterierne i afsnit 32 er opfyldt.
87
En virksomhed skal ikke præsentere nogen indtægts- eller omkostningsposter som ekstraordinære poster, hverken i resultatopgørelsen eller i opgørelsen af anden totalindkomst eller i noterne.
Årets resultat
88
En virksomhed skal indregne indtægts- og omkostningsposter for et regnskabsår i resultatet, medmindre andet kræves eller tillades i henhold til enIFRS.
89
Nogle IFRS-standarder angiver tilfælde, hvor en virksomhed skal indregne bestemte poster uden for resultatet i det aktuelle regnskabsår. IAS 8 angiver to sådanne tilfælde: korrektion af fejl og virkningen af ændringer i anvendt regnskabspraksis. Andre IFRS-standarder kræver eller tillader, at elementer af anden totalindkomst, der opfylder definitionen i 
Begrebsrammen
 på indtægter og omkostninger, udelades fra resultatet (jf. afsnit 7).
Anden totalindkomst i regnskabsåret
90
En virksomhed skal enten i resultatopgørelsen og opgørelsen af anden totalindkomst eller i noterne oplyse de skattebeløb, der vedrører hver enkelt af posterne indregnet i anden totalindkomst, herunder omklassifikationsreguleringer.
91
En virksomhed kan præsentere posterne indregnet i anden totalindkomst enten:
a)
med fradrag af de dermed forbundne skattemæssige virkninger eller
b)
før tilknyttede skattemæssige virkninger med et samlet beløb for summen af skat vedrørende disse poster.
Hvis en virksomhed vælger alternativ b), skal den fordele skatten mellem de poster, der efterfølgende måske omklassificeres til resultatafsnittet, og dem, der ikke efterfølgende vil blive omklassificeret til resultatafsnittet.
92
En virksomhed skal give oplysning om omklassifikationsreguleringer, der vedrører elementerne af anden totalindkomst.
93
Det fremgår af andre IFRS-standarder, hvorvidt og hvornår beløb, der tidligere er indregnet i anden totalindkomst, skal omklassificeres til resultatet. Sådanne omklassifikationer betegnes som omklassifikationsreguleringer i denne standard. En omklassifikationsregulering medtages i det tilknyttede element af anden totalindkomst i den periode, hvor reguleringen omklassificeres til resultatet. Disse beløb kan have været indregnet i anden totalindkomst som urealiserede gevinster i den aktuelle eller tidligere perioder. Disse urealiserede gevinster skal fratrækkes anden totalindkomst i den periode, hvor de realiserede gevinster omklassificeres til resultatet, for at undgå at medtage dem dobbelt i den samlede totalindkomst.
94
En virksomhed kan præsentere omklassifikationsreguleringer i resultatopgørelsen og opgørelsen af anden totalindkomst eller i noterne. En virksomhed, der præsenterer omklassifikationsreguleringer i noterne, skal præsentere posterne indregnet i anden totalindkomst efter eventuelle tilknyttede omklassifikationsreguleringer.
95
Omklassifikationsreguleringer opstår eksempelvis ved afhændelse af en udenlandsk virksomhed (jf. IAS 21), og når en sikret forventet pengestrøm påvirker resultatet (jf. afsnit 6.5.11, litra d), i IFRS 9 vedrørende sikring af pengestrømme).
96
Omklassifikationsreguleringer opstår ikke vedrørende ændringer i reserver for opskrivninger, som er indregnet i overensstemmelse med IAS 16 eller IAS 38 eller på omvurderinger af ydelsesbaserede pensionsordninger indregnet i overensstemmelse med IAS 19. Disse elementer er indregnet i anden totalindkomst og er ikke omklassificeret til resultatet i efterfølgende perioder. Ændringer i reserver for opskrivning kan overføres til overført resultat i senere perioder, efterhånden som aktivet anvendes, eller når der sker ophør af indregning (jf. IAS 16 og IAS 38). I henhold til IFRS 9 opstår omklassifikationsreguleringer ikke, hvis en sikring af pengestrømme eller den regnskabsmæssige behandling af den tidsmæssige værdi af en option (eller terminsdelen af en terminskontrakt eller valutaspændet for et finansielt instrument) resulterer i beløb, som fjernes fra henholdsvis reserven vedrørende sikring af pengestrømme eller et separat egenkapitalelement, og medtages direkte i aktivets eller forpligtelsens oprindelige kostpris eller anden regnskabsmæssige værdi. Disse beløb overføres direkte til aktiver eller forpligtelser.
Oplysninger, der skal fremgå enten af resultatopgørelsen og opgørelsen af anden totalindkomst eller af noterne
97
Hvis indtægts- eller omkostningsposter er væsentlige, skal en virksomhed give separat oplysning om deres art og størrelse.
98
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.
99
En virksomhed skal præsentere en opgørelse af omkostninger, der er indregnet i resultatet, klassificeret enten på grundlag af art eller funktion inden for virksomheden, alt efter hvilken type information der er pålidelig og mest relevant.
100
Virksomheder tilskyndes til at præsentere analysen i afsnit 99 i resultatopgørelsen og opgørelsen af anden totalindkomst.
101
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.
102
Den første opgørelsesmetode er "artsopdeling af omkostninger". En virksomhed skal sammendrage omkostninger i resultatet på baggrund af art (eksempelvis afskrivninger, materialekøb, transportomkostninger, personaleydelser og reklameomkostninger) og skal ikke allokere dem 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)
Resultat før skat
X
103
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)
Resultat før skat
X
104
En virksomhed, som klassificerer omkostninger efter funktion, skal give supplerende oplysninger om omkostningernes art, herunder afskrivninger og omkostninger til personaleydelser.
105
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 præsentationsmetode, der er pålidelig og mest relevant. Da information om omkostningernes art er nyttig til at forudsige fremtidige pengestrømme, skal supplerende oplysninger dog gives, hvis der anvendes funktionsopdeling. I afsnit 104 har "personaleydelser" samme betydning som i IAS 19.
Egenkapitalopgørelse
Oplysninger, der skal fremgå af egenkapitalopgørelsen
106
Virksomheden skal udarbejde en egenkapitalopgørelse som krævet i afsnit 10. Egenkapitalopgørelsen indeholder følgende oplysninger:
a)
den samlede totalindkomst for regnskabsåret med særskilt angivelse af de samlede beløb, der kan henføres til ejere af modervirksomheden og til minoritetsinteresser
b)
virkningerne for hvert egenkapitalelement af ændringer i anvendt regnskabspraksis eller tilpasning med tilbagevirkende kraft indregnet i overensstemmelse med IAS 8, og
c)
[ophævet]
d)
afstemning mellem den regnskabsmæssige værdi af hvert egenkapitalelement ved regnskabsperiodens begyndelse og afslutning med (som minimum) separat oplysning om ændringer, der hidrører fra:
i)
resultat
ii)
anden totalindkomst og
iii)
transaktioner med ejere i deres egenskab af ejere med separat præsentation af bidrag fra og udlodninger til ejere samt ændringer i ejerandele i dattervirksomheder, der ikke medfører tab af bestemmende indflydelse.
Oplysninger, der skal fremgå af egenkapitalopgørelsen eller af noterne
106A
For hvert egenkapitalelement skal virksomheden, enten i egenkapitalopgørelsen eller i noterne, præsentere en analyse af anden totalindkomst pr. post (jf. afsnit 106, litra d), nr. ii)).
107
En virksomhed skal, enten i egenkapitalopgørelsen eller i noterne, oplyse den beløbsmæssige størrelse af udbytte indregnet som udlodninger til ejerne i løbet af regnskabsåret og det dermed forbundne beløb pr. aktie.
108
I afsnit 106 omfatter egenkapitalelementerne eksempelvis hver kategori af kapitalindskud, den akkumulerede saldo for hver kategori af anden totalindkomst og overført resultat.
109
Ændringer i virksomhedens egenkapital mellem regnskabsårets begyndelse og afslutning afspejler stigninger eller fald i virksomhedens nettoaktiver i løbet af regnskabsåret. Bortset fra ændringer, der opstår som følge af transaktioner med ejere i deres egenskab af ejere (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.
110
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 IFRS 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 udgør ikke egenkapitalbevægelser, men er reguleringer primo i overført resultat, bortset fra når en IFRS stiller krav om regulering med tilbagevirkende kraft af et andet element af egenkapitalen. Det kræves i afsnit 106, litra b), at egenkapitalopgørelsen oplyser særskilt om henholdsvis 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.
Pengestrømsopgørelse
111
Informationer om pengestrømme giver regnskabsbrugerne et grundlag for at vurdere virksomhedens evne til at frembringe likvide beholdninger og tilsvarende likvide midler og virksomhedens behov for at anvende disse pengestrømme. IAS 7 opstiller krav for præsentation af og oplysning om informationer om pengestrømme.
Noter
Struktur
112
Noterne skal:
a)
oplyse om grundlaget for udarbejdelsen af årsregnskabet og den regnskabspraksis, der er anvendt i overensstemmelse med afsnit 117-124
b)
give de af IFRS-standarderne krævede oplysninger, som ikke præsenteres andetsteds i årsregnskabet, og
c)
give oplysninger, der ikke præsenteres andre steder i årsregnskabet, men som er relevante for at forstå årsregnskabet.
113
En virksomhed skal, i det omfang det er praktisk muligt, opstille noterne på en systematisk måde. Ved fastlæggelsen af en systematisk måde skal virksomheden tage hensyn til indvirkningen på årsregnskabernes forståelighed og sammenlignelighed. En virksomhed skal foretage en krydshenvisning af hver post i opgørelserne af finansiel stilling og i resultatopgørelsen og opgørelsen af anden totalindkomst og i egenkapitalopgørelsen og opgørelsen af pengestrømme til eventuelle tilknyttede oplysninger i noterne.
114
Eksempler på systematisk opstilling eller gruppering af noterne:
a)
fremhævelse af de aktivitetsområder, som virksomheden anser for at være mest relevante for forståelsen af virksomhedens indtjening og finansielle stilling, så som gruppering af oplysninger om bestemte driftsaktiviteter
b)
gruppering af oplysninger om poster, der måles på samme måde, herunder f.eks. aktiver målt til dagsværdi, eller
c)
samme rækkefølge af regnskabsposter som i opgørelsen/opgørelserne af resultatet og opgørelsen af anden totalindkomst og opgørelsen af finansiel stilling, herunder f.eks.:
i)
erklæring om overensstemmelse med IFRS-standarder (jf. afsnit 16)
ii)
væsentlige informationer om anvendt regnskabspraksis (jf. afsnit 117)
iii)
supplerende information vedrørende poster, som præsenteres i balancen og resultatopgørelsen og opgørelsen af anden totalindkomst og i egenkapitalopgørelsen og opgørelsen af pengestrømme i samme rækkefølge, i hvilken hver opgørelse og hver regnskabspost præsenteres, og
iv)
andre oplysninger, herunder
1)
eventualforpligtelser (jf. IAS 37) og ikke-indregnede kontraktlige forpligtelser og
2)
ikke-økonomiske oplysninger, eksempelvis virksomhedens formål med og politikker for finansiel risikostyring (jf. IFRS 7).
115
[Ophævet]
116
En virksomhed kan præsentere noter, som giver information om grundlaget for udarbejdelsen af årsregnskabet og den anvendte regnskabspraksis, som en separat del af årsregnskabet.
Oplysning om anvendt regnskabspraksis
117
En virksomhed skal oplyse væsentlige informationer om anvendt regnskabspraksis (jf. afsnit 7) Informationer om anvendt regnskabspraksis er væsentlige, hvis de sammen med andre informationer i virksomhedens årsregnskab med rimelighed kan forventes at påvirke de beslutninger, som de primære brugere af årsregnskaber præsenteret til brug for offentligheden træffer på grundlag af disse årsregnskaber.
117A
Informationer om anvendt regnskabspraksis, som vedrører ikkevæsentlige transaktioner, andre begivenheder eller forhold, er ikkevæsentlige og behøver ikke at blive offentliggjort. Informationer om anvendt regnskabspraksis kan dog være væsentlige på grund af arten af de tilknyttede transaktioner, andre begivenheder eller forhold, selv om beløbene er ubetydelige. Det er imidlertid ikke alle informationer om anvendt regnskabspraksis vedrørende væsentlige transaktioner, andre begivenheder eller forhold, der i sig selv er væsentlige.
117B
Informationer om anvendt regnskabspraksis forventes at være væsentlige, hvis brugerne af en virksomheds årsregnskab ville have brug for dem til at forstå andre væsentlige informationer i årsregnskabet. Eksempelvis vil en virksomhed sandsynligvis tage hensyn til informationer om anvendt regnskabspraksis, som er væsentlige for dens årsregnskab, hvis disse informationer vedrører væsentlige transaktioner, andre begivenheder eller forhold, og:
a)
virksomheden ændrede sin regnskabspraksis i løbet af regnskabsåret, og denne ændring medførte en væsentlig ændring af oplysningerne i årsregnskabet
b)
virksomheden valgte regnskabspraksis blandt en eller flere muligheder, der er tilladt i henhold til IFRS. En sådan situation kan opstå, hvis virksomheden valgte at måle investeringsejendomme til historisk kostpris i stedet for dagsværdi
c)
regnskabspraksis blev udviklet i overensstemmelse med IAS 8 i mangel af en IFRS, der specifikt finder anvendelse
d)
regnskabspraksis vedrører et område, hvor en virksomhed skal foretage væsentlige vurderinger eller antagelser i forbindelse med anvendelsen af en regnskabspraksis, og virksomheden oplyser disse vurderinger eller antagelser i overensstemmelse med afsnit 122 og 125 eller
e)
den regnskabsmæssige behandling, der kræves for dem, er kompleks, og brugere af virksomhedens årsregnskab ville ellers ikke kunne forstå disse væsentlige transaktioner, andre begivenheder eller betingelser. En sådan situation kan opstå, hvis en virksomhed anvender mere end én IFRS på en kategori af væsentlige transaktioner.
117C
Informationer om anvendt regnskabspraksis, der fokuserer på, hvordan en virksomhed har anvendt IFRS-kravene på sine egne forhold, giver virksomhedsspecifikke informationer, der er mere anvendelige for regnskabsbrugere end standardiserede informationer, eller informationer, der kun duplikerer eller sammenfatter kravene i IFRS-standarderne.
117D
Hvis en virksomhed giver uvæsentlige informationer om regnskabspraksis, må sådanne informationer ikke skjule væsentlige informationer om anvendt regnskabspraksis.
117E
En virksomheds konklusion om, at informationer om anvendt regnskabspraksis er uvæsentlige, påvirker ikke de tilknyttede oplysningskrav i andre IFRS-standarder.
118
[Ophævet]
119
[Ophævet]
120
[Ophævet]
121
[Ophævet]
122
Virksomheder skal sammen med væsentlige informationer om anvendt regnskabspraksis eller andre noter oplyse om de vurderinger, ud over skønsmæssige vurderinger (jf. afsnit 125), som ledelsen har foretaget som led i anvendelsen af virksomhedens regnskabspraksis, og som har den væsentligste indvirkning på de i årsregnskabet indregnede beløb.
123
Som led i anvendelsen af virksomhedens regnskabspraksis foretager ledelsen forskellige vurderinger, ud over skønsmæssige vurderinger, som kan have væsentlig indvirkning på de beløb, som ledelsen har indregnet i årsregnskabet. Ledelsen foretager eksempelvis vurderinger i sin afgørelse af:
a)
[ophævet]
b)
hvornår alle væsentlige risici og afkast tilknyttet ejendomsretten til finansielle aktiver og, for leasinggivere, aktiver, der er genstand for leasingkontrakter, overdrages til andre virksomheder,
c)
hvorvidt visse salg af varer i realiteten er finansieringsordninger og derfor ikke medfører omsætning, og
d)
hvorvidt et finansielt aktivs kontraktlige vilkår på bestemte tidspunkter medfører pengestrømme, som alene består af betaling af afdrag og renter på hovedstolen.
124
Nogle af de oplysninger, der skal gives i overensstemmelse med afsnit 122, kræves i andre IFRS-standarder. Eksempelvis kræves det i IFRS 12 
Oplysninger om kapitalandele i andre virksomheder
, at en virksomhed skal oplyse om den bedømmelse, den har foretaget i forbindelse med fastlæggelsen af, hvorvidt den har bestemmende indflydelse på en anden virksomhed. I IAS 40 
Investeringsejendomme
 kræves oplysning om de kriterier, virksomheden har opstillet for at skelne investeringsejendomme fra domicilejendomme og ejendomme, som besiddes med henblik på videresalg som led i det normale forretningsforløb, når klassifikation af ejendommen er vanskelig.
Kilder til skønsmæssig usikkerhed
125
En virksomhed skal oplyse om forudsætninger, der er lagt til grund for fremtiden, samt andre væsentlige kilder til skønsmæssig usikkerhed ved årsregnskabets afslutning, som indebærer en betydelig risiko for at medføre 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 ved regnskabsårets afslutning.
126
Ved opgørelsen af den regnskabsmæssige værdi af visse aktiver og forpligtelser kræves et skøn over, hvordan usikre fremtidige begivenheder påvirker disse aktiver og forpligtelser ved regnskabsårets afslutning. Hvor der eksempelvis ikke findes aktuelle oplysninger om markedspriser, 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, så som pensionsforpligtelser. Disse skøn indebærer forudsætninger vedrørende forhold som regulering for risiko i pengestrømme eller diskonteringssatser, fremtidige ændringer i lønninger og fremtidige ændringer i priser, som påvirker andre omkostninger.
127
De forudsætninger og andre kilder til skønsmæssig usikkerhed, som skal oplyses i overensstemmelse med afsnit 125, 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.
128
De oplysninger, der kræves i henhold til afsnit 125, 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 ved regnskabsårets afslutning måles til dagsværdi på grundlag af en officiel markedskurs på et aktivt marked for et aktiv eller en forpligtelse af samme type. En sådan 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 ved regnskabsårets afslutning.
129
En virksomhed skal præsentere oplysningerne i afsnit 125 på en måde, som hjælper regnskabsbrugerne til en forståelse af ledelsens vurderinger vedrørende fremtiden samt andre kilder til skønsmæssig usikkerhed. Arten og omfanget af oplysningerne afhænger af arten af forudsætningerne og andre forhold. Som eksempler på de oplysninger, en virksomhed giver, 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.
130
Denne standard stiller ikke noget krav om, at en virksomhed skal give oplysning om budgetter eller fremskrivninger i forbindelse med de i afsnit 125 krævede oplysninger.
131
Det er undertiden praktisk umuligt at oplyse omfanget af de mulige virkninger af en forudsætning eller andre kilder til skønsmæssig usikkerhed ved regnskabsårets afslutning. I sådanne tilfælde 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 af 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.
132
De i afsnit 122 anførte oplysninger om visse vurderinger foretaget af ledelsen som led i anvendelsen af virksomhedens regnskabspraksis vedrører ikke de oplysninger om kilder til skønsmæssig usikkerhed, der er anført i afsnit 125.
133
Andre IFRS-standarder indeholder krav om oplysning af visse af de forudsætninger, der ellers ville kræves i overensstemmelse med afsnit 125. IAS 37 kræver eksempelvis i visse tilfælde oplysning om væsentlige forudsætninger vedrørende fremtidige begivenheder, som påvirker kategorier af hensatte forpligtelser. IFRS 13 
Måling af dagsværdi
 kræver oplysning om væsentlige forudsætninger (herunder værdiansættelsesmetode(r) og inputs), som virksomheden lægger til grund ved måling af dagsværdien af aktiver og forpligtelser, som er indregnet til dagsværdi.
Kapital
134
En virksomhed skal give oplysninger, som gør det muligt for brugere af virksomhedens årsregnskab at vurdere virksomhedens mål med, politikker og procedurer for kapitalstyring.
135
For at overholde afsnit 134 skal virksomheden oplyse følgende:
a)
kvalitative informationer om dens mål med, politikker og procedurer for kapitalstyring, herunder
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.
Virksomheden baserer disse oplysninger på de informationer, der gives internt til nøglepersoner i ledelsen.
136
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 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.
Indløselige finansielle instrumenter, der klassificeres som egenkapital
136A
I forbindelse med indløselige finansielle instrumenter, der klassificeres som egenkapitalinstrumenter, skal virksomheden (for så vidt dette ikke er sket andetsteds) oplyse følgende:
a)
kvantitative data i oversigtsform om det beløb, der er klassificeret som egenkapital
b)
de mål, politikker og procedurer, den har fastlagt for at opfylde sin forpligtelse til at tilbagekøbe eller indløse instrumenterne, når indehaverne af disse instrumenter forlanger det, herunder eventuelle ændringer i forhold til det foregående regnskabsår
c)
den forventede udgående pengestrøm ved indløsning eller tilbagekøb af den pågældende kategori af finansielle instrumenter og
d)
hvordan den forventede udgående pengestrøm ved indløsning eller tilbagekøb er beregnet.
Andre oplysninger
137
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 ejere i løbet af regnskabsåret, samt det dermed forbundne beløb pr. aktie og
b)
den beløbsmæssige størrelse af eventuelt kumulativt præferenceudbytte, som ikke er indregnet.
138
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 hovedforretningssted, hvis dette ikke er hjemstedet)
b)
en beskrivelse af virksomhedens drift og primære aktiviteter
c)
navnet på modervirksomheden og koncernens øverste modervirksomhed og
d)
virksomhedens levetid, hvis der er tale om en tidsbegrænset virksomhed.
OVERGANG OG IKRAFTTRÆDELSESTIDSPUNKT
139
Virksomheder skal anvende denne standard for regnskabsår, som begynder den 1. januar 2009 eller derefter. Det er tilladt at anvende standarden før dette tidspunkt. Hvis en virksomhed anvender denne standard for et tidligere regnskabsår, skal den oplyse herom.
139A
IFRS 27 (som ændret i juli 2008) medførte ændring af afsnit 106. Virksomheder skal anvende denne ændring på regnskabsår, som begynder den 1. juli 2009 eller derefter. Hvis en virksomhed anvender IAS 27 (ajourført 2008) på en tidligere regnskabsperiode, skal ændringen anvendes på denne tidligere regnskabsperiode. Ændringen skal anvendes med tilbagevirkende kraft.
139B
Indløselige finansielle instrumenter og forpligtelser, der opstår ved likvidation
 (ændringer til IAS 32 og IAS 1), der udkom i februar 2008, ændrede afsnit 138 og indsatte afsnit 8A, 80A og 136A. Virksomheder skal anvende disse ændringer på regnskabsår, der begynder den 1. januar 2009 eller derefter. Det er tilladt at anvende standarden før dette tidspunkt. Hvis en virksomhed anvender ændringerne på et tidligere regnskabsår, skal den give oplysning om dette og anvende de tilsvarende ændringer til IAS 32, IFRS 39, IAS 7 og IFRIC 2 
Andele i andelsvirksomheder og lignende instrumenter
 på samme tidspunkt.
139C
Afsnit 68 og 71 blev ændret ved 
Forbedringer af IFRS-standarder
, der udkom i maj 2008. Virksomheder skal anvende disse ændringer på regnskabsår, der begynder den 1. januar 2009 eller derefter. Det er tilladt at anvende standarden før dette tidspunkt. Hvis en virksomhed anvender ændringerne på en tidligere regnskabsperiode, skal den oplyse herom.
139D
Forbedringer af IFRS-standarder
, udstedt i april 2009, medførte ændring af afsnit 69. Virksomheder skal anvende denne ændring på regnskabsår, som begynder den 1. januar 2010 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender ændringerne på en tidligere regnskabsperiode, skal den oplyse herom.
139E
[Ophævet]
139F
Afsnit 106 og 107 blev ændret, og afsnit 106A blev tilføjet med 
Forbedringer af IFRS-standarder
 udstedt i maj 2010. Virksomheder skal anvende disse ændringer på regnskabsår, der begynder den 1. januar 2011 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt.
139G
[Ophævet]
139H
IFRS 10 og IFRS 12, der blev udstedt i maj 2011, vedrørte ændringer af afsnit 4, 119, 123 og 124. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 10 og IFRS 12.
139I
IFRS 13, der blev udstedt i maj 2011, medførte ændring af afsnit 128 og 133. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 13.
139J
Præsentation af posterne indregnet i anden totalindkomst
 (ændringer til IAS1), der blev udsendt i juni 2011, medførte ændring af afsnit 7, 10, 82, 85–87, 90, 91, 94, 100 og 115, tilføjelse af afsnit 10A, 81A, 81B og 82A og ophævelse af afsnit 12, 81, 83 og 84. Virksomheder skal anvende disse ændringer på regnskabsår, der begynder den 1. juli 2012 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender ændringerne på en tidligere regnskabsperiode, skal den oplyse herom.
139K
IAS 19 
Personaleydelser
 (som ændret i juni 2011) medførte ændring af definitionen af "anden totalindkomst" i afsnit 7 og afsnit 96. Virksomheder skal anvende disse ændringer ved anvendelse af IAS 19 (som ændret i juni 2011).
139L
Afsnit 10, 38 og 41 blev ændret, afsnit 39 og 40 blev ophævet, og afsnit 38A-38D og 40A-40D blev tilføjet i maj 2012 som led i 
Det årlige forbedringsprojekt for perioden 2009-2011
. Virksomheder skal anvende den ændring med tilbagevirkende kraft i overensstemmelse med IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
 for regnskabsperioder, der begynder den 1. januar 2013 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender ændringen på en tidligere regnskabsperiode, skal den oplyse herom.
139M
[Ophævet]
139N
IFRS 15 
Omsætning fra kontrakter med kunder
, udstedt i maj 2014, medførte ændring af afsnit 34. Virksomheder skal anvende denne ændring ved anvendelse af IFRS 15.
139O
IFRS 9, der blev udstedt i juli 2014, medførte ændring af afsnit 7, 68, 71, 82, 93, 95, 96, 106 og 123 og ophævelse af afsnit 139E, 139G og 139M. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 9.
139P
Initiativ vedrørende oplysning
 (ændringer til IAS 1), udstedt i december 2014, ændrede afsnit 10, 31, 54-55, 82A, 85, 113-114, 117, 119 og 122, tilføjede afsnit 30A, 55A og 85A-85B og ophævede afsnit 115 og 120. Virksomheder skal anvende disse ændringer på regnskabsår, som begynder den 1. januar 2016 eller derefter. Det er tilladt at anvende standarden før dette tidspunkt. Virksomheder behøver ikke at offentliggøre de oplysninger, der kræves i henhold til afsnit 28-30 i IAS 8 i forbindelse med disse ændringer.
139Q
IFRS 16 
Leasingkontrakter
, udstedt i januar 2016, medførte ændring af afsnit 123. Virksomheder skal anvende denne ændring ved anvendelse af IFRS 16.
139R
IFRS 17, der blev udstedt i maj 2017, medførte en ændring af afsnit 7, 54 og 82. 
Ændringer til IFRS 17
, der er udstedt i juni 2020, medførte en yderligere ændring af afsnit 54. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 17.
139S
Afsnit 7, 15, 19-20, 23-24, 28 og 89 blev ændret i medfør af 
Ændringerne af henvisningerne til begrebsrammen i IFRS-standarderne
, der er udstedt i 2018. Virksomheder skal anvende disse ændringer på regnskabsår, der begynder den 1. januar 2020 eller derefter. Tidligere anvendelse er tilladt, hvis en virksomhed samtidigt også anvender alle andre ændringer, der foretages ved 
Ændringerne af henvisningerne til begrebsrammen i IFRS-standarderne
. En virksomhed skal anvende ændringerne til IAS 1 med tilbagevirkende kraft i overensstemmelse med IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
. Hvis en virksomhed imidlertid fastslår, at anvendelse med tilbagevirkende kraft ville være praktisk umuligt eller ville indebære en urimelig udgift eller indsats, skal den anvende ændringerne til IAS 1 ved at henvise til afsnit 23-28, 50-53 og 54F i IAS 8.
139T
Definition af væsentlig
 (ændringer til IAS 1 og IAS 8), udstedt i oktober 2018, medførte ændring af afsnit 7 i IAS 1 og afsnit 5 i IAS 8 og ophævelse af afsnit 6 i IAS 8. Virksomheder skal anvende disse ændringer fremadrettet for regnskabsår, som begynder den 1. januar 2020 eller derefter. Det er tilladt at anvende standarden før dette tidspunkt. Hvis en virksomhed anvender disse ændringer for et tidligere regnskabsår, skal den give oplysning herom.
139V
Oplysning om anvendt regnskabspraksis
, udstedt i februar 2021, medførte ændring af afsnit 7, 10, 114, 117 og 122, tilføjelse af afsnit 117A-117E og ophævelse af afsnit 118, 119 og 121. Den ændrede også IFRS's redegørelse for praksis nr. 2 
Væsentlighedsvurderinger
. Virksomheder skal anvende ændringerne til IAS 1 på regnskabsår, som begynder den 1. januar 2023 eller derefter. Det er tilladt at anvende ændringerne tidligere. Hvis en virksomhed anvender disse ændringer for et tidligere regnskabsår, skal den give oplysning herom.
OPHÆVELSE AF IAS 1 (AJOURFØRT 2003)
140
Denne standard erstatter IAS 1 
Præsentation af årsregnskaber
 ajourført i 2003, med ændringer i 2005.
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)
[ophævet]
b)
finansielle instrumenter (jf. IAS 32 
Finansielle instrumenter: Præsentation
 og IFRS 9 
Finansielle instrumenter
) 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 3, a) 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 udelukkes kun fra målingskravene i denne standard.
5
Varemæglere køber eller sælger varer for egen eller andres regning. De i afsnit 3, litra b), 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 med henblik på 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 leveringen 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.
Dagsværdien
 er den pris, der kunne opnås ved at sælge et aktiv, eller der skulle betales for at overdrage en forpligtelse i en velordnet transaktion mellem markedsdeltagere på målingstidspunktet. (Jf. IFRS 13 
Måling af dagsværdi
).
7
Nettorealisationsværdi vedrører det nettobeløb, som en virksomhed forventer at realisere ved salg af varebeholdninger som led i det normale forretningsforløb. Dagsværdien afspejler den pris, til hvilken en velordnet transaktion med henblik på at sælge den samme varebeholdning på det primære (eller mest fordelagtige) marked for denne varebeholdning ville finde sted mellem markedsdeltagere på målingstidspunktet. 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 besiddelse med henblik på videresalg, herunder eksempelvis varer, der er købt af en detailhandler med henblik på videresalg, eller grunde og anden fast ejendom i besiddelse med henblik på videresalg. Varebeholdninger omfatter ligeledes egenproducerede færdigvarer eller varer under fremstilling, herunder råvarer og hjælpematerialer, som endnu ikke er anvendt i produktionsprocessen. Omkostninger forbundet med opfyldelse af en kontrakt med en kunde, som ikke resulterer i varebeholdninger (eller aktiver omfattet af en anden standard), behandles regnskabsmæssigt i henhold til IFRS 15 
Omsætning fra kontrakter med kunder
.
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 kostprisen for købte varer.
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 i forbindelse med forarbejdningen af råvarer til færdigvarer. Faste indirekte produktionsomkostninger er indirekte produktionsomkostninger, der er relativt upåvirkede af ændringer i produktionsomfang, såsom afskrivninger på og vedligeholdelse af fabriksbygninger, driftsmidler og brugsretsaktiver anvendt i produktionsprocessen samt 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 indirekte 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 indirekte 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 råvarer, 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.
19
[Ophævet]
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 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 avance, hvor det ville være praktisk umuligt at anvende andre beregningsmetoder. Varebeholdningens kostpris opgøres ved at reducere salgsværdien med den relevante bruttoavance. 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 i varebeholdningen, 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 af kostprisen 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 metoden for den vejede gennemsnitlige kostpris. 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 afslutning består af de senest indkøbte eller producerede. Efter metoden for den vejede gennemsnitlige kostpris 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 til under 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 endelige anvendelse, som produceres og markedsføres i det samme geografiske område, 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.
30
Skøn over nettorealisationsværdien baseres på den mest pålidelige information, der foreligger på det tidspunkt, hvor skønnet udøves, om det beløb, varebeholdningerne forventes at realisere. Ved et sådant skøn tages højde for udsving i priser og omkostninger, der er direkte tilknyttet begivenheder indtruffet efter regnskabsårets afslutning, i det omfang disse begivenheder bekræfter forhold, der var til stede ved regnskabsårets afslutning.
31
Ved skøn over nettorealisationsværdien tages ligeledes højde for formålet med besiddelse af varebeholdningen. Eksempelvis baseres nettorealisationsværdien for den varebeholdning, der besiddes for at opfylde bindende salgs- eller servicekontrakter, på kontraktprisen. Hvis salgskontrakterne omfatter mindre end den varebeholdning, der besiddes, 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 under kostprisen, hvis de færdigvarer, i hvilke de skal indgå, forventes solgt til kostpris eller derover. Hvis et fald i råvarepriserne 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.
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 den varebeholdning, som nu er solgt, samt af ikke-allokerede indirekte produktionsomkostninger og af unormalt høje produktionsomkostninger i forbindelse med varebeholdninger. 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 den 1. januar 2005 eller derefter. Der tilskyndes til tidligere anvendelse. Hvis en virksomhed anvender denne standard på regnskabsperioder, som begynder før den 1. januar 2005, skal den oplyse herom.
40A
[Ophævet]
40B
[Ophævet]
40C
IFRS 13, udstedt i maj 2011, medførte en ændring af definitionen af dagsværdi i afsnit 6 og af afsnit 7. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 13.
40D
[Ophævet]
40E
IFRS 15 
Omsætning fra kontrakter med kunder
, udstedt i maj 2014, medførte ændring af afsnit 2, 8, 29 og 37 og ophævelse af afsnit 19. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 15.
40F
IFRS 9, der blev udstedt i juli 2014, medførte ændring af afsnit 2 og ophævelse af afsnit 40A, 40B og 40D. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 9.
40G
IFRS 16 
Leasingkontrakter
, udstedt i januar 2016, medførte ændring af afsnit 12. Virksomheder skal anvende denne ændring ved anvendelse af IFRS 16.
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
(
2
)
FORMÅL
Information om virksomhedens pengestrømme giver regnskabsbrugeren et grundlag for vurdering af virksomhedens evne til at frembringe likvide beholdninger og tilsvarende likvide midler og virksomhedens behov for at udnytte disse pengestrømme. De økonomiske beslutninger, der træffes af regnskabsbrugere, kræver en vurdering af virksomhedens evne til at frembringe likvide beholdninger og tilsvarende likvide midler samt tidspunktet og sikkerheden for deres frembringelse.
Formålet med denne standard er at opstille krav om information vedrørende historiske ændringer af en virksomheds likvide beholdninger og tilsvarende likvide midler 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 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 likvide beholdninger og tilsvarende likvide midler. 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 likvide beholdninger og tilsvarende likvide midler 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.
Tilsvarende likvide midler
 er kortfristede, meget likvide investeringer, 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 fra likvide beholdninger og tilsvarende likvide midler.
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 tilsvarende likvide midler.
Finansieringsaktivitet
 er aktiviteter, der medfører ændringer i størrelsen og sammensætningen af virksomhedens kapitalindskud og lån.
Likvide beholdninger og tilsvarende likvide midler
7
Formålet med at have tilsvarende likvide midler er at indfri kortfristede betalingsforpligtelser snarere end at foretage investeringer eller lignende. Hvis en investering skal indregnes som tilsvarende likvide midler, skal denne umiddelbart kunne omsættes til et kendt beløb i likvide beholdninger og have en ubetydelig risiko for værdiændring. Derfor vil en investering normalt kun kunne indregnes som som tilsvarende likvide midler, hvis den har en kort restløbetid, eksempelvis 3 måneder eller mindre fra anskaffelsestidspunktet. Kapitalandele inkluderes ikke som tilsvarende likvide midler, medmindre de reelt er tilsvarende likvide midler, 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 en del af likvide beholdninger og tilsvarende likvide midler. 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 tilsvarende likvide midler, idet disse dele indgår i virksomhedens likviditetsstyring snarere end i dens drifts-, investerings- og finansieringsaktivitet. Likviditetsstyring omfatter investering af overskydende likvide beholdninger i tilsvarende likvide midler.
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 likvide beholdninger og tilsvarende likvide midler. 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)
[ophævet]
f)
udbetalinger eller tilbagebetalinger af indkomstskatter, medmindre disse kan henføres direkte til finansierings- eller investeringsaktivitet, og
g)
ind- og udbetalinger vedrørende kontrakter indgået med henblik på handel.
Transaktioner, som f.eks. salg af produktionsudstyr, kan medføre en gevinst eller et tab, som indgår i det indregnede resultat. Pengestrømme vedrørende sådanne transaktioner indgår i pengestrømme fra investeringsaktiviteter. Udbetalinger til fremstilling eller anskaffelse af aktiver, der besiddes med henblik på udlejning og efterfølgende salg som beskrevet i afsnit 68A i IAS 16 
Materielle anlægsaktiver
, er pengestrømme fra driftsaktiviteter. Indbetalinger fra udlejning og efterfølgende salg af sådanne aktiver indgår også i pengestrømme fra driftsaktiviteter.
15
Virksomheden kan have en beholdning af værdipapirer og lån med henblik på handel, som i så fald kan sidestilles med varebeholdninger anskaffet med henblik på videresalg. Derfor klassificeres pengestrømme fra køb og salg af sådanne værdipapirer som driftsaktivitet. Ligeledes klassificeres finansielle institutioners kontante forskud og 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. Kun omkostninger, der medfører indregning af et aktiv i balancen, opfylder kriterierne for klassifikation som investeringsaktiviteter. 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 tilsvarende likvide midler eller instrumenter, der besiddes med henblik på handel)
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 tilsvarende likvide midler eller instrumenter, der besiddes med handel for øje)
e)
kontante forskud og udlån til andre (bortset fra forskud og 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 henblik på handel, 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 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 regnskabsmæssige 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 totalindkomstopgørelsen 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 og ikke-udloddet overskud fra associerede virksomheder, og
c)
alle andre poster, hvis ind- og udbetalinger indgår under investerings- eller finansieringspengestrømme.
Alternativt kan nettopengestrømme fra driftsaktivitet præsenteres indirekte ved at vise indtægter og omkostninger indregnet i totalindkomstopgørelsen 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 22, a) 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.
23A
De i afsnit 22, litra b), 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)
kontante forskud og 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 regnskabsårets afslutningskurs til omregning af pengestrømme i udenlandske dattervirksomheder.
28
Urealiserede kursgevinster og -tab vedrørende valutakursændringer er ikke pengestrømme. Virkningen af valutakursændringer på likvide beholdninger og tilsvarende likvide midler, der besiddes eller er forfaldne i fremmed valuta, skal dog præsenteres i pengestrømsopgørelsen til brug ved afstemning af likvide beholdninger og tilsvarende likvide midler ved regnskabsårets begyndelse og afslutning. Beløbet skal præsenteres separat fra pengestrømme fra drifts-, investerings- og finansieringsaktivitet og inkluderer en eventuel forskel, hvis pengestrømmene var blevet præsenteret til regnskabsårets afslutningskurser.
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 resultatet eller aktiveret i overensstemmelse med 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 regnskabsbrugere 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 en associeret virksomhed, et joint venture eller en dattervirksomhed 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
En virksomhed, der foretager opgørelsen af sin kapitalandel i en associeret virksomhed eller et joint venture ved anvendelse af den indre værdis metode, medtager i sin pengestrømsopgørelse de pengestrømme, som vedrører virksomhedens investeringer i den pågældende associerede virksomhed eller det pågældende joint venture samt udlodninger og øvrige betalinger eller modtagne beløb mellem virksomheden og den associerede virksomhed eller joint venture.
ÆNDRINGER I EJERANDELE I DATTERVIRKSOMHEDER OG ANDRE VIRKSOMHEDER
39
De samlede pengestrømme fra opnåelse eller tab af bestemmende indflydelse på dattervirksomheder eller andre virksomheder skal præsenteres separat og klassificeres som investeringsaktivitet.
40
For henholdsvis regnskabsårets samlede opnåelse og tab af bestemmende indflydelse på dattervirksomheder eller andre virksomheder skal virksomheden oplyse følgende:
a)
det samlede betalte eller modtagne vederlag
b)
andelen af vederlaget, der består af likvide beholdninger og tilsvarende likvide midler
c)
likvide beholdninger og tilsvarende likvide midler i de dattervirksomheder eller andre virksomheder, hvor der er opnået eller mistet bestemmende indflydelse, og
d)
andre aktiver og forpligtelser end likvide beholdninger og tilsvarende likvide midler i de dattervirksomheder eller andre virksomheder, hvor der er opnået eller mistet bestemmende indflydelse, specificeret i hovedgrupper.
40A
En investeringsvirksomhed, som defineret i IFRS 10 
Koncernregnskaber
, behøver ikke at anvende afsnit 40, litra c) eller d), på en investering i en dattervirksomhed, som skal måles til dagsværdi gennem resultatet.
41
Præsentation af virkningen af pengestrømme ved opnåelse eller tab af bestemmende indflydelse på dattervirksomheder eller andre virksomheder 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 tab af bestemmende indflydelse fratrækkes ikke virkningen af pengestrømme fra opnåelse af bestemmende indflydelse.
42
De samlede ind- eller udbetalinger for opnåelse eller tab af bestemmende indflydelse på dattervirksomheder eller andre virksomheder præsenteres i pengestrømsopgørelsen med fradrag af overtagne eller afhændede likvide beholdninger og tilsvarende likvide midler som led i sådanne transaktioner, begivenheder eller ændrede forhold.
42A
Pengestrømme hidrørende fra ændringer i ejerandelen i en dattervirksomhed, som ikke medfører, at den bestemmende indflydelse mistes, skal klassificeres som pengestrømme fra finansieringsaktiviteter, medmindre dattervirksomheden ejes af en investeringsvirksomhed, som defineret i IFRS 10, og skal måles til dagsværdi gennem resultatet.
42B
Ændringer i ejerandelen i en dattervirksomhed, som ikke medfører, at den bestemmende indflydelse mistes, som eksempelvis en modervirksomheds efterfølgende køb eller salg af en dattervirksomheds egenkapitalinstrumenter, behandles regnskabsmæssigt som egenkapitaltransaktioner (jf. IFRS 10), medmindre dattervirksomheden ejes af en investeringsvirksomhed og skal måles til dagsværdi gennem resultatet. Derfor klassificeres dermed forbundne pengestrømme på samme måde som andre transaktioner med ejere, som beskrevet i afsnit 17.
IKKE-LIKVIDE TRANSAKTIONER
43
Investerings- og finansieringstransaktioner, der ikke kræver anvendelse af likvide beholdninger og tilsvarende likvide midler, 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 leasingkontrakt
b)
overtagelse af en virksomhed ved kapitaludvidelse og
c)
konvertering af gæld til egenkapital.
ÆNDRINGER I FORPLIGTELSER HIDRØRENDE FRA FINANSIERINGSAKTIVITETER
44A
En virksomhed skal forelægge oplysninger, der gør det muligt for regnskabsbrugerne at vurdere ændringer i forpligtelser hidrørende fra finansieringsaktiviteter, herunder både ændringer som følge af pengestrømme og andre ændringer.
44B
I det omfang, det er nødvendigt for at opfylde kravet i afsnit 44A, skal en virksomhed oplyse om følgende ændringer i forpligtelser hidrørende fra finansieringsaktiviteter:
a)
ændringer som følge af finansieringspengestrømme
b)
ændringer som følge af opnåelse eller tab af bestemmende indflydelse på dattervirksomheder eller andre virksomheder
c)
virkningerne af valutakursændringer
d)
ændringer i dagsværdi og
e)
andre ændringer.
44C
Forpligtelser hidrørende fra finansieringsaktiviteter er forpligtelser, for hvilke pengestrømme blev eller fremtidige pengestrømme vil blive klassificeret som pengestrømme fra finansieringsaktiviteter i pengestrømsopgørelsen. Desuden finder oplysningskravet i afsnit 44A også anvendelse på ændringer i finansielle aktiver (f.eks. aktiver, som afdækker forpligtelser hidrørende fra finansieringsaktiviteter), hvis pengestrømme fra disse finansielle aktiver blev eller fremtidige pengestrømme vil blive medregnet i pengestrømme fra finansieringsaktiviteter.
44D
Oplysningskravet i afsnit 44A kan f.eks. opfyldes ved i balancen at foretage en afstemning af primo- og ultimosaldo for forpligtelser hidrørende fra finansieringsaktiviteter, herunder de i afsnit 44B omhandlede ændringer. Når en virksomhed oplyser om en sådan afstemning, skal den give tilstrækkelige oplysninger til at gøre det muligt for regnskabsbrugere at knytte posterne i afstemningen til balancen og pengestrømsopgørelsen.
44E
Hvis en virksomhed afgiver de oplysninger, der kræves i afsnit 44A, i kombination med offentliggørelse af ændringer i andre aktiver og forpligtelser, skal den oplyse om ændringerne i forpligtelser hidrørende fra finansieringsaktiviteter separat og ikke sammen med ændringer i sådanne andre aktiver og forpligtelser.
DE ENKELTE DELE AF LIKVIDE BEHOLDNINGER OG TILSVARENDE LIKVIDE MIDLER
45
Virksomheder skal give oplysning om de enkelte dele af likvide beholdninger og tilsvarende likvide midler og præsentere en afstemning af beløbene i pengestrømsopgørelsen i forhold til de tilsvarende poster i balancen.
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 de enkelte dele af likvide beholdninger og tilsvarende likvide midler.
47
Virkningen af ændringer i anvendt regnskabspraksis ved opgørelsen af de enkelte dele af likvide beholdninger og tilsvarende likvide midler, 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 likvide beholdninger og tilsvarende likvide midler, der besiddes af virksomheden, men ikke er til rådighed for koncernen.
49
Under forskellige omstændigheder vil en virksomheds likvide beholdninger og tilsvarende likvide midler ikke være til rådighed for koncernen. Eksempler herpå kan være likvide beholdninger og tilsvarende likvide midler i en dattervirksomhed med aktiviteter i et land, hvor valutarestriktioner eller andre lovmæssige restriktioner er gældende, når likvide beholdninger og tilsvarende likvide midler ikke er til fri disposition for modervirksomheden eller andre dattervirksomheder.
50
Supplerende oplysninger kan være relevante for regnskabsbrugeres 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
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 regnskabsperioder, som begynder den 1. januar 1994 eller derefter.
54
IAS 27 (ajourført i 2008) medførte ændring af afsnit 39-42 og tilføjelse af afsnit 42A og 42B. Virksomheder skal anvende disse ændringer på regnskabsår, der begynder den 1. juli 2009 eller derefter. Hvis en virksomhed anvender IAS 27 (ajourført 2008) på en tidligere regnskabsperiode, skal ændringerne anvendes på denne tidligere regnskabsperiode. Ændringerne skal anvendes med tilbagevirkende kraft.
55
Forbedringer af IFRS-standarder
, udstedt i maj 2008, medførte ændring af afsnit 14. Virksomheder skal anvende denne ændring på regnskabsår, som begynder den 1. januar 2009 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender ændringen på et tidligere regnskabsår, skal den give oplysning om dette og anvende afsnit 68A i IAS 16.
56
Forbedringer af IFRS-standarder
, udstedt i april 2009, medførte ændring af afsnit 16. Virksomheder skal anvende denne ændring på regnskabsår, som begynder den 1. januar 2010 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender ændringerne på en tidligere regnskabsperiode, skal den oplyse herom.
57
IFRS 10 og IFRS 11 
Fælles ordninger
, der blev udstedt i maj 2011, medførte ændring af afsnit 37, 38 og 42B, og ophævelse af afsnit 50, litra b). Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 10 og IFRS 11.
58
Investeringsvirksomheder
 (ændringer til IFRS 10, IFRS 12 og IAS 27), udstedt i oktober 2012, vedrørte ændring af afsnit 42A og 42B og tilføjelse af afsnit 40A. Virksomheder skal anvende disse ændringer på regnskabsår, der begynder den 1. januar 2014 eller derefter. Det er tilladt at anvende 
Investeringsvirksomheder
 tidligere. Hvis en virksomhed anvender disse ændringer tidligere, skal den også samtidigt anvende alle ændringerne i 
Investeringsvirksomheder
.
59
IFRS 16 
Leasingkontrakter
, udstedt i januar 2016, medførte ændring af afsnit 17 og 44. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 16.
60
Initiativ vedrørende oplysning
 (Ændringer til IAS 7), udstedt i januar 2016, tilføjede afsnit 44A-44E. Virksomheder skal anvende disse ændringer på regnskabsår, der begynder den 1. januar 2017 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Når virksomheden for første gang anvender disse ændringer, er det ikke nødvendigt at forelægge sammenligningstal for de foregående regnskabsår.
61
IFRS 17 
Forsikringskontrakter
, der er udstedt i maj 2017, medførte en ændring af afsnit 14. Virksomheder skal anvende denne ændring ved anvendelse af IFRS 17.
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.
Regnskabsmæssige skøn
 er pengebeløb i årsregnskaber, som er behæftet med måleusikkerhed.
Internationale regnskabsstandarder (IFRS)
 er standarder og fortolkningsbidrag, der er udstedt af International Accounting Standards Board (IASB). Disse omfatter følgende:
a)
IFRS
b)
IAS
c)
IFRIC-fortolkningsbidrag og
d)
SIC-fortolkningsbidrag
 
(
3
)
.
Væsentlig
 er defineret i afsnit 7 i IAS 1 og anvendes i denne standard med samme betydning.
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
[Ophævet]
REGNSKABSPRAKSIS
Valg og anvendelse af regnskabspraksis
7
Når en IFRS-standard finder specifik anvendelse på bestemte transaktioner eller andre begivenheder eller forhold, skal det afgøres på baggrund af denne standard, 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
IFRS-standarder er ledsaget af en vejledning, der skal hjælpe virksomhederne med at opfylde kravene i dem. Det fremgår af vejledningen, om den er en integreret del af den pågældende IFRS-standard. Hvis vejledningen er en integreret del af IFRS-standarden, er den bindende. Vejledninger, der ikke er en integreret del af IFRS-standarder, indeholder ikke krav vedrørende årsregnskaber.
10
Hvor der ikke findes en IFRS, 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)
er i al væsentlighed 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 i IFRS-standarder, der omhandler lignende forhold, og
b)
definitioner, indregningskriterier og målebegreber for aktiver, forpligtelser, indtægter og omkostninger i 
Begrebsrammen for årsregnskaber
 (
Begrebsrammen
)
 
(
4
)
.
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 IFRS specifikt kræver eller tillader kategorisering af poster, hvor det kan være hensigtsmæssigt at anvende forskellig regnskabspraksis. Hvis en IFRS 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 IFRS 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 IFRS, være i overensstemmelse med eventuelle specifikke overgangsbestemmelser i den pågældende IFRS
, 
og
b)
skal en virksomhed, når den ændrer en anvendt regnskabspraksis efter førstegangsanvendelse af en IFRS, 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 FRS ikke for en frivillig ændring i anvendt regnskabspraksis.
21
Hvor der ikke findes en IFRS, 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 19, litra a) 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 19, litra a) 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 IFRS). 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, selv om 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.
Oplysninger
28
Når førstegangsanvendelse af en IFRS 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)
IFRS-standardens navn
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 heraf, 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 19, litra a) 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 regnskabsperioder 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 heraf, 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 regnskabsperioder skal ikke nødvendigvis gentage disse oplysninger.
30
Når en virksomhed ikke har anvendt en ny IFRS, 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 IFRS 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 IFRS
b)
arten af den eller de forestående ændring(er) i anvendt regnskabspraksis
c)
det tidspunkt, hvor anvendelse af en IFRS kræves påbegyndt
d)
det tidspunkt, hvor virksomheden planlægger at anvende en IFRS for første gang, og
e)
enten:
i)
en drøftelse af den virkning førstegangsanvendelse af IFRS 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.
REGNSKABSMÆSSIGE SKØN
32
En regnskabspraksis kan kræve, at poster i årsregnskabet måles på en måde, der indebærer måleusikkerhed, dvs. at det i henhold til anvendt regnskabspraksis kan kræves, at sådanne poster måles til pengebeløb, som ikke kan observeres direkte, og som i stedet skal skønnes. I så fald udarbejder virksomheden et regnskabsmæssigt skøn for at opfylde det mål, der er fastsat i regnskabspraksis. Udarbejdelse af regnskabsmæssige skøn indebærer anvendelse af vurderinger eller antagelser baseret på de senest tilgængelige, pålidelige oplysninger. Følgende er eksempler på regnskabsmæssige skøn:
a)
hensættelse til tab for forventede kredittab ved anvendelse af IFRS 9 
Finansielle instrumenter
b)
nettorealisationsværdien af en vareenhed i henhold til IAS 2 
Varebeholdninger
c)
et aktivs eller en forpligtelses dagsværdi ved anvendelse af IFRS 13 
Måling af dagsværdi
d)
afskrivningsomkostningerne for et materielt anlægsaktiv ved anvendelse af IAS 16 og
e)
en hensættelse til garantiforpligtelser ved anvendelse af IAS 37 
Hensatte forpligtelser, eventualforpligtelser og eventualaktiver
.
32A
En virksomhed anvender måleteknikker og input til at udarbejde et regnskabsmæssigt skøn. Måleteknikker omfatter skønsmetoder (f.eks. teknikker, der anvendes til at måle hensættelsen til tab for forventede kredittab ved anvendelse af IFRS 9) og værdiansættelsesteknikker (f.eks. teknikker, der anvendes til at måle dagsværdien af et aktiv eller en forpligtelse ved anvendelse af IFRS 13).
32B
Udtrykket "skøn" i IFRS-standarder henviser undertiden til et skøn, der ikke er et regnskabsmæssigt skøn som defineret i denne standard. Det henviser f.eks. undertiden til et input, der anvendes ved udarbejdelsen af regnskabsmæssige skøn.
33
Anvendelse af rimelige skøn er en vigtig del af udarbejdelsen af årsregnskaber og påvirker ikke disses pålidelighed.
Ændringer i regnskabsmæssige skøn
34
En virksomhed kan være nødt til at ændre et regnskabsmæssigt skøn, hvis der sker ændringer i de omstændigheder, som det regnskabsmæssige skøn var baseret på, eller som følge af nye oplysninger, nye udviklinger eller mere erfaring. I kraft af sin natur vedrører en ændring af et regnskabsmæssigt skøn ikke tidligere regnskabsår og anses ikke for korrektion af fejl.
34A
Virkningen på et regnskabsmæssigt skøn af en ændring i et input eller en ændring i en måleteknik er ændringer i regnskabsmæssige skøn, medmindre de skyldes korrektion af fejl i tidligere regnskabsår.
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.
Anvendelse af ændringer i regnskabsmæssige 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 tidspunktet for den pågældende ændring. 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 hensættelsen til forventede kredittab kun det aktuelle regnskabsårs resultat 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 heraf, 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 regnskabsperioder 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 regnskabsårets afslutning. 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 er baseret på ikke-observerede 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 en tidligere regnskabsperiode, hverken ved opstilling af forudsætninger om, hvad der ville have været ledelsens hensigt i en tidligere regnskabsperiode, eller ved udarbejdelse af skøn over beløb, som er indregnet, målt eller oplyst i en tidligere regnskabsperiode. En virksomhed skal eksempelvis, hvis den korrigerer en fejl vedrørende en tidligere regnskabsperiode 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 den tidligere regnskabsperiode var blevet godkendt til offentliggørelse. Selv om der ofte kræves væsentlige skøn i forbindelse med ændring af sammenligningstal for tidligere regnskabsperioder, er dette ingen hindring for pålidelig regulering eller korrektion af sammenligningstallene.
IKRAFTTRÆDELSESTIDSPUNKT OG OVERGANG
54
Virksomheder skal anvende denne standard for årsregnskaber, der dækker regnskabsår, som begynder den 1. januar 2005 eller derefter. Der tilskyndes til tidligere anvendelse. Hvis en virksomhed anvender denne standard på regnskabsperioder, som begynder før den 1. januar 2005, skal den oplyse herom.
54A
[Ophævet]
54B
[Ophævet]
54C
IFRS 13 
Måling af dagsværdi
, der er udstedt i maj 2011, medførte ændring af afsnit 52. Virksomheder skal anvende denne ændring ved anvendelse af IFRS 13.
54D
[Ophævet]
54E
IFRS 9 
Finansielle instrumenter
, der blev udstedt i juli 2014, medførte ændring af afsnit 53 og ophævelse af afsnit 54A, 54B og 54D. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 9.
54F
Afsnit 6 og afsnit 11, litra b), blev ændret i medfør af 
Ændringerne af henvisningerne til begrebsrammen i IFRS-standarderne
, der er udstedt i 2018. Virksomheder skal anvende disse ændringer på regnskabsår, der begynder den 1. januar 2020 eller derefter. Tidligere anvendelse er tilladt, hvis en virksomhed samtidigt også anvender alle andre ændringer, der foretages ved 
Ændringerne af henvisningerne til begrebsrammen i IFRS-standarderne
. En virksomhed skal anvende ændringerne til afsnit 6 og afsnit 11, litra b), med tilbagevirkende kraft i overensstemmelse med denne standard. Hvis en virksomhed imidlertid fastslår, at anvendelse med tilbagevirkende kraft ville være praktisk umuligt eller ville indebære en urimelig udgift eller indsats, skal den anvende ændringerne til afsnit 6 og afsnit 11, litra b), ved at henvise til afsnit 23-28 i denne standard. Hvis anvendelse med tilbagevirkende kraft af en given ændring i 
Ændringerne af henvisningerne til begrebsrammen i IFRS-standarderne
, ville indebære en urimelig udgift eller indsats, skal en virksomhed ved anvendelsen af afsnit 23-28 i denne standard læse enhver henvisning, undtagen i afsnit 27, sidste punktum, til "er praktisk umulig" som "indebærer en urimelig udgift eller indsats" og enhver henvisning til "praktisk muligt" som "muligt uden en urimelig udgift eller indsats".
54G
Hvis en virksomhed ikke anvender IFRS 14 
Regulatory Deferral Accounts (Regulatoriske aktiver og forpligtelser)
, skal den ved anvendelse af afsnit 11, litra b), på lovpligtige kontosaldi fortsat henvise til og overveje anvendeligheden af definitionerne, indregningskriterierne og målebegreberne i 
Begrebsrammen for udarbejdelse og præsentation af årsregnskaber
 
(
5
)
 i stedet for definitionerne, kriterierne og begreberne i 
Begrebsrammen
. En lovpligtig saldo er saldoen på alle omkostningskonti (eller indtægtskonti), som ikke indregnes som et aktiv eller en forpligtelse i overensstemmelse med andre gældende IFRS-standarder, men indgår, eller af den regulerende myndighed forventes at indgå, ved fastlæggelsen af de(n) takst(er), som kan opkræves hos kunderne. En takstmyndighed er et bemyndiget organ, der ved lov eller anden forskrift er bemyndiget til at fastsætte taksten eller en række takster, der binder en virksomhed. Takstmyndigheden kan være et tredjepartsorgan eller en nærtstående part i virksomheden, herunder virksomhedens egen bestyrelse, hvis dette organ ved lov eller anden forskrift er forpligtet til at fastsætte takster både i kundernes interesse og for at sikre virksomhedens overordnede finansielle levedygtighed.
54H
Definition af væsentlig
 (ændringer til IAS 1 og IAS 8), udstedt i oktober 2018, medførte ændring af afsnit 7 i IAS 1 og afsnit 5 i IAS 8 og ophævelse af afsnit 6 i IAS 8. Virksomheder skal anvende disse ændringer fremadrettet for regnskabsår, som begynder den 1. januar 2020 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender disse ændringer for et tidligere regnskabsår, skal den give oplysning herom.
54I
Definition af regnskabsmæssige skøn
, udstedt i februar 2021, medførte ændring af afsnit 5, 32, 34, 38 og 48 og tilføjelse af afsnit 32A, 32B og 34A. Virksomheder skal anvende disse ændringer på regnskabsår, som begynder den 1. januar 2023 eller derefter. Det er tilladt at anvende ændringerne tidligere. En virksomhed skal anvende de ændringer i regnskabsmæssige skøn og ændringer i regnskabspraksis, der indtræffer ved eller efter begyndelsen af det første regnskabsår, hvor den anvender ændringerne.
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 regnskabsårets afslutning
FORMÅL
1
Formålet med denne standard er at foreskrive:
a)
hvornår en virksomhed skal regulere sine årsregnskaber grundet begivenheder efter regnskabsårets afslutning, og
b)
hvilke oplysninger en virksomhed skal give om tidspunktet for årsregnskabets godkendelse til offentliggørelse og om begivenheder efter regnskabsårets afslutning.
Denne standard kræver også, at en virksomhed ikke udarbejder sine årsregnskaber på en going concern-basis, såfremt begivenheder efter regnskabsårets afslutning indikerer, at going concern-forudsætningen ikke er hensigtsmæssig.
ANVENDELSESOMRÅDE
2
Denne 
standard finder anvendelse på den regnskabsmæssige behandling af og oplysning om begivenheder efter regnskabsårets afslutning.
DEFINITIONER
3
Nedenstående udtryk anvendes i denne standard med følgende betydning:
Begivenheder efter regnskabsårets afslutning
 er sådanne begivenheder, gunstige og ugunstige, som opstår mellem regnskabsårets afslutning og det tidspunkt, hvor årsregnskabet godkendes til offentliggørelse. Disse begivenheder kan inddeles i to typer:
a)
begivenheder, der yderligere bekræfter forhold, der eksisterede ved regnskabsårets afslutning
 (
regulerende begivenheder efter regnskabsårets afslutning
), og
b)
begivenheder, som begrunder sig i forhold, der opstod efter regnskabsårets afslutning 
(ikke-regulerende begivenheder efter regnskabsårets afslutning).
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 regnskabsårets afslutning 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 regnskabsårets afslutning
8
En virksomhed skal regulere de beløb, der er indregnet i årsregnskabet for at afspejle regulerende begivenheder efter regnskabsårets afslutning.
9
Følgende er eksempler på regulerende begivenheder efter regnskabsperioden, 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 regnskabsårets afslutning , som bekræfter, at virksomheden havde en aktuel forpligtelse ved regnskabsårets afslutning. 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 regnskabsperioden, der indikerer, at et aktivs værdi var blevet forringet ved regnskabsperiodens afslutning, eller at beløbet for et tidligere indregnet tab ved værdiforringelse for dette aktiv skal reguleres. Eksempelvis:
i)
en kundes konkurs opstået efter regnskabsperioden bekræfter sædvanligvis, at kunden var værdiforringet ved udgangen af regnskabsperioden og
ii)
salg af varebeholdninger efter regnskabsårets afslutning kan give en indikation af deres nettorealisationsværdi ved regnskabsårets afslutning
c)
opgørelsen efter regnskabsårets afslutning af kostprisen for købte aktiver eller indtægter fra solgte aktiver før regnskabsårets afslutning
d)
opgørelsen efter regnskabsårets afslutning af den beløbsmæssige størrelse af overskudsdeling eller bonusudbetalinger, såfremt virksomheden havde en aktuel juridisk eller faktisk forpligtelse ved regnskabsårets afslutning til at foretage betalinger som følge af begivenheder før regnskabsårets afslutning (jf. IAS 19 
Personaleydelser
)
e)
opdagelsen af bedrageri eller fejl, som afslører, at årsregnskabet ikke er korrekt.
Ikke-regulerende begivenheder efter regnskabsårets afslutning
10
En virksomhed skal ikke regulere de beløb, der er indregnet i årsregnskabet for at afspejle ikke-regulerende begivenheder efter regnskabsårets afslutning.
11
Som eksempel på en ikke-regulerende begivenhed efter slutningen af regnskabsåret kan nævnes fald i markedsværdien af en investering mellem slutningen af regnskabsåret og det tidspunkt, hvor årsregnskabet godkendes til offentliggørelse. Faldet i dagsværdi er normalt ikke knyttet til investeringens beskaffenhed efter slutningen af regnskabsåret, 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. regnskabsårets afslutning. Der kan dog være behov for, at virksomheden giver supplerende oplysninger, jf. afsnit 21.
Udbytte
12
Hvis en virksomhed uddeler udbytte til ejere af egenkapitalinstrumenter (som defineret i IAS 32 
Finansielle instrumenter: Præsentation)
 efter regnskabsårets afslutning, skal virksomheden ikke indregne et sådant udbytte som en forpligtelse ved regnskabsårets afslutning.
13
Hvis udbytte er uddelt efter regnskabsårets afslutning, men før årsregnskabet er godkendt til offentliggørelse, skal udbyttet ikke indregnes som en forpligtelse ved regnskabsårets afslutning, eftersom der ikke eksisterer en forpligtelse på dette tidspunkt. 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 regnskabsårets afslutning 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 regnskabsårets afslutning 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 regnskabsårets afslutning.
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 ved regnskabsårets afslutning
19
Modtager en virksomhed oplysninger efter regnskabsårets afslutning om forhold, der eksisterede ved regnskabsårets afslutning, 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 regnskabsårets afslutning, 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 regnskabsårets afslutning om en eventualforpligtelse, der eksisterede ved regnskabsårets afslutning. 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 regnskabsårets afslutning
21
Hvis ikke-regulerende begivenheder efter regnskabsårets afslutning er væsentlige, kan udeladelse af oplysning herom med rimelighed forventes at have indflydelse på de beslutninger, som de primære brugere af årsregnskaber præsenteret til brug for offentligheden træffer på grundlag af disse årsregnskaber, som giver finansielle oplysninger om en bestemt regnskabsaflæggende virksomhed. Derfor skal en virksomhed give følgende oplysninger for hver væsentlig kategori af ikke-regulerende begivenheder efter regnskabsårets afslutning:
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 regnskabsårets afslutning, der som hovedregel skal oplyses:
a)
en større virksomhedssammenslutning foretaget efter regnskabsårets afslutning (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 regnskabsårets afslutning
e)
bekendtgørelse eller påbegyndelse af en større omstrukturering (jf. IAS 37)
f)
større ordinære aktietransaktioner og mulige ordinære aktietransaktioner efter regnskabsårets afslutning (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 reguleres i henhold til IAS 33)
g)
unormalt store ændringer i aktivers værdi eller valutakurser efter regnskabsårets afslutning
h)
ændringer i skattesatser eller skattelovgivning vedtaget eller bekendtgjort efter regnskabsårets afslutning, 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 regnskabsårets afslutning.
IKRAFTTRÆDELSESTIDSPUNKT
23
Virksomheder skal anvende denne standard for årsregnskaber, der dækker regnskabsår, som begynder den 1. januar 2005 eller derefter. Der tilskyndes til tidligere anvendelse. Hvis en virksomhed anvender denne standard på regnskabsperioder, som begynder før den 1. januar 2005, skal den oplyse herom.
23A
IFRS 13 
Måling af dagsværdi
, der er udstedt i maj 2011, medførte ændring af afsnit 11. Virksomheder skal anvende denne ændring ved anvendelse af IFRS 13.
23B
IFRS 9 
Finansielle instrumenter
, der blev udstedt i juli 2014, medførte en ændring af afsnit 9. Virksomheder skal anvende denne ændring ved anvendelse af IFRS 9.
23C
Definition af væsentlig
 (ændringer til IAS 1 og IAS 8), udstedt i oktober 2018, medførte ændring af afsnit 21. Virksomheder skal anvende disse ændringer fremadrettet for regnskabsår, som begynder den 1. januar 2020 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender disse ændringer for et tidligere regnskabsår, skal den give oplysning herom. Virksomheden skal anvende disse ændringer, når den anvender ændringerne af definitionen af væsentlig i afsnit 7 i IAS 1 og afsnit 5 og 6 i IAS 8.
OPHÆVELSE AF IAS 10 (AJOURFØRT 1999)
24
Denne standard erstatter IAS 10 
Begivenheder efter balancedagen
 (ajourført i 1999).
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 balancen, 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 direkte i resultatet, bliver en eventuel forbunden skattemæssige virkning ligeledes indregnet i resultatet. For transaktioner og andre begivenheder, der er indregnet uden for resultatet (enten i anden totalindkomst eller direkte på egenkapitalen), skal en eventuel tilknyttet skattemæssig virkning også indregnes uden for resultatet (henholdsvis i anden totalindkomst eller direkte i egenkapitalen). Ligeledes påvirker indregningen af udskudte skatteaktiver og skatteforpligtelser i en virksomhedssammenslutning beløbet for goodwill, som opstår ved virksomhedssammenslutningen, eller beløbet for den indregnede gevinst ved et tilbudskøb.
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 som kildeskat, der skal betales af en dattervirksomhed, en associeret virksomhed eller en fælles ordning 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 den skattemæssige værdi heraf. 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 afhændelse af aktivet. Indtægter, der frembringes ved brug af maskinen, er skattepligtige, en eventuel gevinst ved afhændelse 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 
(
1
)
.
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 indeholder 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
 
(
2
)
.
5.
Et lån har en regnskabsmæssig værdi på 100. Tilbagebetalingen af lånet vil ikke have 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 51A, 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)
den første indregning af goodwill eller
b)
den første indregning af et aktiv eller en forpligtelse i en transaktion som:
i)
ikke er en virksomhedssammenslutning
ii)
på transaktionstidspunktet hverken påvirker regnskabsmæssigt overskud eller skattepligtig indkomst (skattemæssigt underskud). samt
iii)
på transaktionstidspunktet ikke giver skattepligtige og fradragsberettigede midlertidige forskelle af samme størrelse.
Hvad angår skattepligtige midlertidige forskelle, der relaterer til investeringer i dattervirksomheder, filialer eller associerede virksomheder samt kapitalandele i fælles ordninger, 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 indtægt på 100, men vil udelukkende kunne foretage en skattemæssig afskrivning på 60. Således skal virksomheden betale indkomstskat på 10 (25 % skat af 40), 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)
de overtagne identificerbare aktiver og forpligtelser i en virksomhedssammenslutning indregnes til dagsværdi i overensstemmelse med IFRS 3 
Virksomhedssammenslutninger
, 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 fælles ordninger bliver forskellig fra den skattemæssige værdi af investeringen eller kapitalandelen (jf. afsnit 38-45).
Virksomhedssammenslutninger
19
Med enkelte undtagelser skal de overtagne identificerbare aktiver og forpligtelser i en virksomhedssammenslutning indregnes 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-standarder tillader eller kræver, at visse aktiver indregnes til dagsværdi, eller at værdien omvurderes (jf. eksempelvis IAS 16 
Materielle anlægsaktiver
, IAS 38 
Immaterielle aktiver
, IAS 40 
Investeringsejendomme
, IFRS 9 
Finansielle instrumenter
 og IFRS 16 
Leasingkontrakter
). 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 indtægt 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, der opstår ved en virksomhedssammenslutning, måles som det beløb, hvormed a) overstiger b) nedenfor:
a)
det samlede beløb af:
i)
det erlagte vederlag målt i overensstemmelse med IFRS 3, hvilket generelt kræver dagsværdi på overtagelsestidspunktet
ii)
en eventuel minoritetsinteresse i den overtagne virksomhed indregnet i overensstemmelse med IFRS 3 og
iii)
ved en virksomhedssammenslutning, der gennemføres i flere faser, dagsværdien på overtagelsestidspunktet af den overtagende virksomheds tidligere egenkapitalinteresse i den overtagne virksomhed
b)
nettobeløbet af de overtagne identificerbare aktiver og forpligtelser målt på overtagelsestidspunktet i overensstemmelse med IFRS 3.
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 15, litra a). Hvis en virksomhed eksempelvis ved en virksomhedssammenslutning indregner goodwill på CU100, der har en skattemæssig værdi på nul, forbyder afsnit 15, litra a), at virksomheden indregner den deraf følgende udskudte skatteforpligtelse. Hvis virksomheden efterfølgende indregner et tab ved værdiforringelse på CU20 for denne goodwill, reduceres den skattepligtige midlertidige forskel, som er knyttet til denne goodwill, fra CU100 til CU80, 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 15, litra a).
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 en virksomhed eksempelvis i en virksomhedssammenslutning indregner goodwill på CU100, 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 CU100 ved den første indregning og CU80 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 CU100, vil der opstå en skattepligtig midlertidig forskel på CU20 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)
i en virksomhedssammenslutning indregner en virksomhed enhver udskudt skatteforpligtelse eller ethvert udskudt skatteaktiv, og dette påvirker beløbet for goodwill eller gevinsten ved et tilbudskøb, der indregnes (jf. afsnit 19)
b)
hvis transaktionen påvirker enten regnskabsmæssigt overskud eller skattepligtig indkomst eller giver anledning til skattepligtige og fradragsberettigede midlertidige forskelle af samme størrelse, indregner virksomheden enhver udskudt skatteforpligtelse eller ethvert udskudt skatteaktiv, og indregner den deraf følgende udskudte skatteomkostning eller skatteindtægt i resultatet (jf. afsnit 59),
c)
hvis transaktionen ikke er en virksomhedssammenslutning, og den hverken påvirker regnskabsmæssigt overskud eller skattepligtig indkomst, og ikke giver anledning til skattepligtige og fradragsberettigede midlertidige forskelle af samme størrelse, ville en virksomhed, hvis undtagelserne i afsnit 15 og 24 ikke finder anvendelse, indregne den deraf følgende udskudte skatteforpligtelse eller det udskudte skatteaktiv 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 det ikke-indregnede udskudte aktiv, i takt med at aktivet afskrives.
Eksempel til illustration af afsnit 22, litra c)
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 indtægt på 1 000 og vil 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 indtægt 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.
22A
En transaktion, der ikke er en virksomhedssammenslutning, kan føre til den første indregning af et aktiv og en forpligtelse og på transaktionstidspunktet hverken påvirke regnskabsmæssigt overskud eller skattepligtig indkomst. På en leasingkontrakts begyndelsestidspunktet indregner leasingtager f.eks. typisk en leasingforpligtelse og det tilsvarende beløb som en del af omkostningen i forbindelse med et brugsretsaktiv. Afhængigt af den gældende skattelovgivning vil der kunne opstå skattepligtige og fradragsberettigede midlertidige forskelle af samme størrelse ved den første indregning af et aktiv eller en forpligtelse i en sådan transaktion. Undtagelsen i afsnit 15 og 24 finder ikke anvendelse på sådanne midlertidige forskelle, og en virksomhed indregner den deraf følgende udskudte skatteforpligtelse eller det udskudte aktiv.
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 15, litra b), ikke anvendelse, og derfor indregner virksomheden den deraf følgende udskudte skat. I overensstemmelse med afsnit 61A indregnes den udskudte skat direkte i den regnskabsmæssige værdi af egenkapitalelementet. I overensstemmelse med afsnit 58 indregnes efterfølgende ændringer i den udskudte skatteforpligtelse i resultatet 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
b)
på transaktionstidspunktet hverken påvirker regnskabsmæssigt overskud eller skattepligtig indkomst (skattemæssigt underskud) og
c)
på transaktionstidspunktet ikke giver anledning til skattepligtige og fradragsberettigede midlertidige forskelle af samme størrelse.
Ved fradragsberettigede midlertidige forskelle, der vedrører investeringer i dattervirksomheder, filialer og associerede virksomheder samt kapitalandele i fælles ordninger, 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, førend virksomheden udbetaler erstatning. Skattesatsen er på 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 tilstrækkelig 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)
med enkelte undtagelser indregner en virksomhed de overtagne identificerbare aktiver og forpligtelser i en virksomhedssammenslutning 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.
Eksempel til illustration af afsnit 26, litra d)
Udpegning af en fradragsberettiget midlertidig forskel ved udgangen af år 2:
Virksomhed A køber i begyndelsen af år 1 for 1000 CU et gældsinstrument med en nominel værdi på 1000 CU, der forfalder til betaling ved udløb efter 5 år, og en rentesats på 2 %, der betales ved udgangen af hvert år. Den effektive rente er på 2 %. Gældsinstrumentet måles til dagsværdi.
Ved udgangen af år 2 er dagsværdien af gældsinstrumentet faldet til 918 CU som følge af en stigning i markedsrenten til 5 %. Det er sandsynligt, at virksomhed A vil inddrive alle de kontraktlige pengestrømme, hvis den beholder gældsinstrumentet.
Enhver gevinst (ethvert tab) på gældsinstrumentet er først skattepligtig(t) (fradragsberettiget), når den/det er realiseret. De gevinster (tab), der opstår ved salg eller udløb af gældinstrumentet, beregnes skattemæssigt som forskellen mellem de inddrevne beløb og de oprindelige omkostninger ved gældsinstrumentet.
Den skattemæssige værdi af gældsinstrumentet er således de oprindelige omkostninger.
Forskellen mellem den regnskabsmæssige værdi af gældsinstrumentet i virksomhed A's balance på 918 CU og dets skattemæssige værdi på 1000 CU medfører en fradragsberettiget midlertidig forskel på 82 CU ved slutningen af år 2 (jf. afsnit 20 og afsnit 26, litra d)), uanset om virksomhed A forventer at genindvinde gældsinstrumentets regnskabsmæssige værdi ved salg eller brug, dvs. ved at beholde det og inddrive kontraktlige pengestrømme, eller en kombination heraf.
Dette skyldes, at fradragsberettigede midlertidige forskelle er forskelle mellem et aktivs eller en forpligtelses regnskabsmæssige værdi i balancen og den skattemæssige værdi, der vil resultere i fradragsberettigede beløb ved opgørelsen af skattepligtig indkomst (skattemæssigt underskud) for fremtidige regnskabsår, når aktivets eller forpligtelsens regnskabsmæssige værdi genindvindes eller afvikles (jf. afsnit 5). Virksomhed A får et fradrag svarende til den skattemæssige værdi af aktivet på 1000 CU ved opgørelsen af skattepligtig indkomst (skattemæssigt underskud) enten ved salg eller udløb.
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.
27A
Når en virksomhed vurderer, om der vil være skattepligtig indkomst til rådighed, hvori den kan udnytte en fradragsberettiget midlertidig forskel, vurderer den, om skattelovgivningen begrænser de kilder til skattepligtig indkomst, hvori den kan foretage fradrag til udligning af den pågældende fradragsberettigede midlertidige forskel. Hvis skattelovgivningen ikke indeholder sådanne begrænsninger, vurderer en virksomhed en fradragsberettiget midlertidig forskel i kombination med alle sine andre fradragsberettigede midlertidige forskelle. Hvis skattelovgivningen begrænser udnyttelsen af underskud til fradrag i indkomst af en bestemt type, vurderes en fradragsberettiget midlertidig forskel imidlertid kun i kombination med andre fradragsberettigede midlertidige forskelle af den pågældende type.
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:
i)
sammenligner den fradragsberettigede midlertidige forskelle med fremtidig skattepligtig indkomst eksklusive skattefradrag som følge af udligning af disse fradragsberettigede midlertidige forskelle. Denne sammenligning viser, i hvilket omfang den fremtidige skattepligtige indkomst er tilstrækkelig til, at virksomheden kan fratrække de beløb, der hidrører fra udligning af disse fradragsberettigede midlertidige forskelle og
ii)
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.
29A
Skønnet over den forventede fremtidige skattepligtige indkomst kan omfatte genindvinding af en del af en virksomheds aktiver til en værdi, der overstiger deres regnskabsmæssige værdi, hvis der foreligger tilstrækkelig dokumentation for, at det er sandsynligt, at virksomheden vil opnå dette. Når et aktiv måles til dagsværdi, skal virksomheden eksempelvis vurdere, hvorvidt der foreligger tilstrækkelig dokumentation til at konkludere, at det er sandsynligt, at virksomheden vil genindvinde aktivet til en værdi, der overstiger dets regnskabsmæssige værdi. Dette kan eksempelvis være tilfældet, hvis en virksomhed forventer at beholde et fastforrentet gældsinstrument og inddrive de kontraktlige pengestrømme.
30
Skatteplanlægningsmuligheder er handlinger, som virksomheden vil kunne foretage for at skabe eller forøge den skattepligtige indtægt 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 indtægt (som f.eks. i visse jurisdiktioner en statsobligation), for at købe en anden investering, der frembringer skattepligtig indtægt.
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]
Goodwill
32A
Hvis den regnskabsmæssige værdi af goodwill, der opstår ved en virksomhedssammenslutning, er mindre end den skattemæssige værdi, medfører denne forskel et udskudt skatteaktiv. Det udskudte skatteaktiv, der opstår ved den første indregning af goodwill, skal indregnes som en del af den regnskabsmæssige behandling af en virksomhedssammenslutning i det omfang, det er sandsynligt, at der vil være en skattepligtig indkomst til rådighed, hvori den fradragsberettigede midlertidige forskel kan udnyttes.
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
Ved hvert regnskabsårs afslutning 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 fælles ordninger
38
Midlertidige forskelle opstår, når den regnskabsmæssige værdi af investeringer i dattervirksomheder, filialer og associerede virksomheder eller kapitalandele i fælles ordninger (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 fælles ordninger 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
En virksomhed skal indregne en udskudt skatteforpligtelse for alle skattepligtige midlertidige forskelle i forbindelse med investeringer i dattervirksomheder, filialer og associerede virksomheder eller kapitalandele i fælles ordninger, medmindre begge de følgende betingelser er opfyldt:
a)
modervirksomheden, investoren, joint venture-partneren eller driftsfællesskabspartneren 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
Den indbyrdes ordning mellem parterne i en fælles ordning omhandler almindeligvis fordelingen af fortjenesten og en kortlægning af, hvorvidt beslutninger vedrørende disse spørgsmål forudsætter samtykke fra alle parterne eller en gruppe af parterne. Hvis partneren i et joint venture eller driftsfællesskabspartneren er i stand til at styre tidspunktet for fordelingen af fortjenesten i den fælles ordning, og hvis det er sandsynligt, at den pågældende partners andel af fortjenesten ikke vil blive fordelt i den nærmeste 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 fælles ordninger, i det omfang det er sandsynligt, at:
a)
den midlertidige forskel vil blive udlignet inden for en overskuelig 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 fælles ordninger, 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 ved regnskabsårets afslutning.
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 ved regnskabsårets afslutning.
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 indtægtsniveauer, 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 ved regnskabsårets afslutning forventer at genindvinde eller afvikle den regnskabsmæssige værdi af sine aktiver og forpligtelser.
51A
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 materielt anlægsaktiv 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 materielt anlægsaktiv 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 indtægt, 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 indtægt 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
nul
—
I alt
80
9
(Bemærk: I overensstemmelse med afsnit 61A indregnes den yderligere udskudte skat, der opstår ved omvurderingen, direkte i anden totalindkomst)
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 indtægt (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 indtægt 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 indtægt 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 61A indregnes den yderligere udskudte skat, der opstår ved omvurderingen, direkte i anden totalindkomst)
51B
Hvis en udskudt skatteforpligtelse eller et udskudt skatteaktiv kan henføres til et ikke-afskrivningsberettiget aktiv, der måles i overensstemmelse med omvurderingsmodellen i IAS 16, skal målingen af den udskudte skatteforpligtelse eller det udskudte skatteaktiv afspejle de skattemæssige konsekvenser af genindvindingen af den regnskabsmæssige værdi af det ikke-afskrivningsberettigede 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.
51C
Hvis en udskudt skatteforpligtelse eller et udskudt skatteaktiv kan henføres til investeringsejendomme, der måles til dagsværdi i overensstemmelse med IAS 40, er der en afkræftelig formodning om, at den regnskabsmæssige værdi af investeringsejendommen vil blive genindvundet ved salg. Medmindre formodningen afkræftes, betyder det, at målingen af den udskudte skatteforpligtelse eller det udskudte skatteaktiv helt skal afspejle de skattemæssige konsekvenser af genindvindingen af den regnskabsmæssige værdi af investeringsejendommen ved salg. Denne formodning afkræftes, hvis investeringsejendommen er afskrivningsberettiget og indehaves som led i en forretningsmodel, hvis mål består i i alt væsentligt at forbruge alle de økonomiske fordele tilknyttet investeringsejendommen over tid snarere end ved salg. Hvis formodningen afkræftes, skal kravene i afsnit 51 og 51A overholdes.
Eksempel til illustration af afsnit 51C
En investeringsejendom har en kostpris på 100 og en dagsværdi på 150. Den måles efter dagsværdimodellen i IAS 40. Den omfatter en grund til en kostpris på 40 og en dagsværdi på 60 samt en bygning til en kostpris på 60 og en dagsværdi på 90. Grunden har en ubegrænset brugstid.
De akkumulerede skattemæssige afskrivninger er 30 for bygningen. Urealiserede ændringer i dagsværdien af investeringsejendommen påvirker ikke den skattepligtige indkomst. Hvis investeringsejendommen sælges for mere end kostprisen, vil udligningen af de akkumulerede skattemæssige afskrivninger på 30 blive inkluderet i den skattepligtige indkomst og beskattet med 30 %. Hvis salgsprisen overstiger kostprisen, anfører skattelovgivningen skattesatser på 25 % for aktiver, der har været besiddet i under to år, og 20 % for aktiver, der har været besiddet i to år eller mere.
Eftersom investeringsejendommen måles efter dagsværdimodellen i IAS 40, er der en afkræftelig formodning om, at virksomheden helt vil genindvinde den regnskabsmæssige værdi af investeringsejendommen ved salg. Hvis denne formodning ikke afkræftes, afspejler den udskudte skatteforpligtelse de skattemæssige konsekvenser af genindvindingen af den regnskabsmæssige værdi ved salg, selv om virksomheden forventer at opnå lejeindtægter fra ejendommen før salg.
Den skattemæssige værdi af grunden, hvis den sælges, er 40, og der er en skattepligtig midlertidig forskel på 20 (60 – 40). Den skattemæssige værdi af bygningen, hvis den sælges, er 30 (60 – 30), og der er en skattepligtig midlertidig forskel på 60 (90 – 30). Dette giver en samlet skattepligtig midlertidig forskel knyttet til investeringsejendommen på 80 (20 + 60).
I henhold til afsnit 47 er skattesatsen den sats, der forventes at gælde for det regnskabsår, hvor investeringsejendommen realiseres. Hvis virksomheden forventer at sælge ejendommen efter at have besiddet den i over to år, opgøres den deraf følgende udskudte skatteforpligtelse som følger:
Skattepligtig midlertidig forskel
Skattesats
Udskudt skatteforpligtelse
Akkumulerede skattemæssige afskrivninger
30
30 %
9
Avance ud over kostpris
50
20 %
10
I alt
80
19
Hvis virksomheden forventer at sælge ejendommen efter at have besiddet den i mindre end to år, ændres ovenstående opgørelse for at beskatte avancen ud over kostprisen med 25 % i stedet for 20 %.
Hvis virksomheden i stedet besidder bygningen som led i en forretningsmodel, hvis mål består i i alt væsentligt at forbruge alle de økonomiske fordele tilknyttet bygningen over tid snarere end ved salg, afkræftes denne formodning for bygningens vedkommende. Jorden er imidlertid ikke afskrivningsberettiget. Formodningen om genindvinding ved salg vil derfor ikke blive afkræftet for jordens vedkommende. Det følger heraf, at den udskudte skatteforpligtelse vil afspejle de skattemæssige konsekvenser af genindvindingen af den regnskabsmæssige værdi af bygningen ved brug og den regnskabsværdi af jorden ved salg.
Den skattemæssige værdi af bygningen, hvis den bruges, er 30 (60 – 30), og der er en skattepligtig midlertidig forskel på 60 (90 – 30), og det giver en udskudt skatteforpligtelse på 18 (30 % af 60).
Den skattemæssige værdi af jorden, hvis den sælges, er 40, og der er en skattepligtig midlertidig forskel på 20 (60 – 40), og det giver en udskudt skatteforpligtelse på 4 (20 % af 20).
Det betyder, at hvis formodningen om genindvinding ved salg afkræftes for bygningens vedkommende, bliver den udskudte skatteforpligtelse tilknyttet investeringsejendommen 22 (18 + 4).
51D
Den afkræftelige formodning i afsnit 51C finder også anvendelse, når en udskudt skatteforpligtelse eller et udskudt skatteaktiv opstår som følge af måling af en investeringsejendom i en virksomhedssammenslutning, hvis virksomheden agter at bruge dagsværdimodellen ved efterfølgende målinger af investeringsejendommen.
51E
Afsnit 51B–51D ændrer ikke ved kravene om at anvende principperne i afsnit 24–33 (fradragsberettigede midlertidige forskelle) og afsnit 34–36 (uudnyttede skattemæssige underskud og uudnyttede skattemæssige fradrag) i denne standard ved indregning og måling af udskudte skatteaktiver.
52
[flyttet og omnummereret til 51A]
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
[Ophævet]
Eksempel til illustration af afsnit 52A og 57A
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 %. Ved regnskabsårets afslutning, den 31. december 20X1, indregner virksomheden ikke en forpligtelse for udbytte, som foreslås eller uddeles efter regnskabsårets afslutning. Som følge heraf indregnes intet udbytte i år 20X1. Den skattepligtige indtægt for 20X1 er på 100 000. Den skattepligtige midlertidige nettoforskel for år 20X1 er 40000.
Virksomheden indregner en aktuel skatteforpligtelse og en aktuel skatteomkostning på 50000. 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 20000 (50 % af 40000) 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 10000 fra tidligere driftsresultat som en forpligtelse.
Den 15. marts 20X2 indregner virksomheden genindvundne indkomstskatter på 1500 (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 ville 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 ved regnskabsårs afslutning. 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.
57A
En virksomhed skal indregne de skattemæssige konsekvenser af udbytte som defineret i IFRS 9, når den indregner en forpligtelse til at betale udbytte. De skattemæssige konsekvenser af udbytte er knyttet mere direkte til tidligere transaktioner eller begivenheder, som genererede overskud til udlodning, end til udlodninger til ejere. Derfor skal en virksomhed indregne de skattemæssige konsekvenser af udbytte i resultatet, anden totalindkomst eller egenkapitalen, afhængigt af hvor virksomheden oprindeligt havde indregnet disse tidligere transaktioner eller begivenheder.
Poster indregnet i resultatet
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 uden for resultatet, enten i anden totalindkomst eller direkte på egenkapitalen (jf. afsnit 61A-65) eller
b)
en virksomhedssammenslutning (bortset fra en investeringsvirksomheds, som defineret i IFRS 10 
Koncernregnskaber
, erhvervelse af en dattervirksomhed, som skal måles til dagsværdi gennem resultatet) (se 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 resultatet. Dette sker i følgende tilfælde:
a)
renter, royalty eller udbytte modtages bagud og indgår i regnskabsmæssigt overskud i overensstemmelse med IFRS 15 
Omsætning fra kontrakter med kunder
, IAS 39 
Finansielle instrumenter: Indregning og måling
 eller IFRS 9 
Finansielle instrumenter
, alt efter det enkelte tilfælde, 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 resultatet, 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 resultatet, undtagen i det omfang den kan henføre til poster, der tidligere er indregnet uden for resultatet (jf. afsnit 63).
Poster indregnet uden for resultatet
61
[Ophævet]
61A
Aktuel og udskudt skat skal indregnes uden for resultatet, hvis skatten vedrører poster, som i det samme eller et andet regnskabsår er indregnet uden for resultatet. Således skal aktuel og udskudt skat, der vedrører poster, som i det samme eller et andet regnskabsår er indregnet:
a)
i anden totalindkomst, indregnes i anden totalindkomst (jf. afsnit 62)
b)
direkte på egenkapitalen, indregnes direkte på egenkapitalen (jf. afsnit 62A).
62
De internationale regnskabsstandarder (IFRS) kræver eller tillader, at bestemte poster indregnes direkte i anden totalindkomst. Eksempler på sådanne poster er:
a)
en ændring i regnskabsmæssig værdi, der opstår som følge af omvurdering af materielle anlægsaktiver (jf. IAS 16) og
b)
[ophævet]
c)
valutakursforskelle, hidrørende fra omregningen af en selvstændig udenlandsk virksomheds årsregnskab (jf. IAS 21)
d)
[ophævet]
62A
De internationale regnskabsstandarder (IFRS) kræver eller tillader, at bestemte poster indregnes direkte på egenkapitalen. Eksempler på sådanne poster er:
a)
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
) og
b)
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 uden for resultatet (enten i anden totalindkomst eller direkte 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 uden for resultatet, eller
c)
en virksomhed 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 uden for resultatet.
I sådanne tilfælde baseres den aktuelle og udskudte skat, der vedrører poster, som er indregnet uden for resultatet, på en rimelig pro rata-allokering af den aktuelle og udskudte skat for virksomheden 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 afhændelse 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 i anden totalindkomst 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 resultatet.
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. I mange jurisdiktioner omtales dette beløb som kildeskat. 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 26, litra c), kan der opstå midlertidige forskelle ved en virksomhedssammenslutning. I overensstemmelse med IFRS 3 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 gevinsten ved tilbudskøbet, som virksomheden indregner. I overensstemmelse med afsnit 15, litra a), skal en virksomhed imidlertid ikke indregne udskudte skatteforpligtelser, som hidrører fra den første indregning af goodwill.
67
Som følge af virksomhedssammenslutningen kan sandsynligheden for at realisere et udskudt skatteaktiv for den overtagende virksomhed fra før sammenslutningen ændre sig. En overtagende virksomhed kan 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. Alternativt er det som følge af virksomhedssammenslutningen måske ikke længere sandsynligt, at fremtidig skattepligtig indkomst vil gøre det muligt at genindvinde det udskudte skatteaktiv. I sådanne tilfælde skal den overtagende virksomhed indregne en ændring i det udskudte skatteaktiv i det regnskabsår, hvor virksomhedssammenslutningen finder sted, men ikke medtage ændringen i den regnskabsmæssige behandling af virksomhedssammenslutningen. Derfor tager den overtagende virksomhed ikke ændringen i betragtning ved målingen af goodwill eller gevinsten ved tilbudskøbet, som den indregner ved virksomhedssammenslutningen.
68
Den potentielle fordel ved den overtagne virksomheds fremførte indkomstskattemæssige underskud eller andre udskudte skatteaktiver opfylder måske ikke kriterierne for separat indregning ved den første regnskabsmæssige behandling af en virksomhedssammenslutning, men kan måske realiseres efterfølgende.
Virksomheden skal indregne overtagne udskudte skattefordele, som den realiserer efter virksomhedssammenslutningen, som følger:
a)
Overtagne udskudte skatteaktiver, der er indregnet inden for målingsperioden, der er opstået som følge af nye oplysninger om forhold og omstændigheder, der eksisterede på overtagelsestidspunktet, skal anvendes til at nedbringe den regnskabsmæssige værdi af eventuel goodwill, der er knyttet til overtagelsen. Hvis den regnskabsmæssige værdi af den pågældende goodwill er nul, skal eventuelle resterende udskudte skatteaktiver indregnes i resultatet.
b)
Alle øvrige overtagne udskudte skattefordele, der realiseres, skal indregnes i resultatet (eller, hvis denne standard kræver dette, uden for 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 26, litra b), 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 virksomhedens 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. I henhold til standardens afsnit 58 skal aktuel og udskudt skat 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 uden for resultatet, eller b) som følge af en virksomhedssammenslutning (bortset fra en investeringsvirksomheds erhvervelse af en dattervirksomhed, som skal måles til dagsværdi over resultatet). 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 også til 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, men kun 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 resultatet af ordinær drift, skal præsenteres som en del af resultatet i resultatopgørelsen og opgørelsen af anden totalindkomst.
77A
[Ophævet]
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 totalindkomstopgørelsen. Hvor valutakursforskelle ved omregning af udskudte udenlandske skatteforpligtelser eller skatteaktiver indregnes i totalindkomstopgørelsen, 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 direkte på egenkapitalen (jf. afsnit 62A)
ab)
skattebeløbet for hvert element af anden totalindkomst (jf. afsnit 62 og IAS 1 (ajourført i 2007))
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 anvendt(e) 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 fælles ordninger, 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 resultatet, 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
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
j)
hvis en virksomhedssammenslutning, hvor virksomheden optræder som den overtagende virksomhed, medfører en ændring i det indregnede beløb for virksomhedens udskudte skatteaktiv før overtagelsen (jf. afsnit 67), beløbet af denne ændring og
k)
hvis de udskudte skattefordele, der er overtaget ved en virksomhedssammenslutning, ikke er indregnet på overtagelsestidspunktet, men indregnes efter overtagelsestidspunktet (jf. afsnit 68), en beskrivelse af den begivenhed eller ændring i forholdene, der medførte, at de udskudte skatteaktiver skulle indregnes.
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 81, litra c), 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 hver 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 sin egen jurisdiktion (land A) på 1500 (19X1: 2000) og i land B på 1500 (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
2500
3000
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 81, litra d).
Regnskabsmæssigt overskud
2500
3000
Skat opgjort ud fra den nationale 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 fælles ordninger (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 fælles ordninger. 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 regnskabsårets afslutning, hvilke væsentlige påvirkninger sådanne ændringer måtte få på dens aktuelle og udskudte skatteaktiver og skatteforpligtelser (jf. IAS 10 
Begivenheder efter regnskabsårets afslutning
).
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 den 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 ophævelsen af afsnit 3 og 50 træder i kraft for årsregnskaber, der dækker regnskabsår 
(
6
)
, som begynder den 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.
92
IAS 1 (ajourført i 2007) ændrede den terminologi, der anvendes i IFRS-standarderne. Desuden blev afsnit 23, 52, 58, 60, 62, 63, 65, 68C, 77 og 81 ændret, afsnit 61 blev ophævet, og afsnit 61A, 62A og 77A blev tilføjet. Virksomheder skal anvende disse ændringer på regnskabsår, der begynder den 1. januar 2009 eller derefter. Hvis en virksomhed anvender IAS 1 (ajourført 2007) på en tidligere regnskabsperiode, skal ændringerne anvendes på denne tidligere regnskabsperiode.
93
Afsnit 68 skal anvendes fremadrettet fra ikrafttrædelsestidspunktet for IFRS 3 (ajourført i 2008) på indregning af udskudte skatteaktiver, der er erhvervet ved en virksomhedssammenslutning.
94
Derfor skal virksomheder ikke regulere den regnskabsmæssige behandling af tidligere virksomhedssammenslutninger, hvis skattefordelene ikke opfyldte kriterierne for separat indregning på overtagelsestidspunktet og indregnes efter overtagelsestidspunktet, medmindre fordelene indregnes inden for målingsperioden og opstår som følge af nye oplysninger om forhold og omstændigheder, der eksisterede på overtagelsestidspunktet. Øvrige indregnede skattefordele skal indregnes i resultatet (eller, hvis denne standard kræver dette, uden for resultatet).
95
IFRS 3 (ajourført i 2008) medførte ændring af afsnit 21 og 67 og tilføjelse af afsnit 32A og 81, litra j) og k). Virksomheder skal anvende disse ændringer på regnskabsår, der begynder den 1. januar 2009 eller derefter. Hvis en virksomhed anvender IFRS 3 (ajourført 2008) på en tidligere regnskabsperiode, skal ændringerne også anvendes på denne tidligere regnskabsperiode.
96
[Ophævet]
97
[Ophævet]
98
Afsnit 52 blev omnummereret til 51A, afsnit 10 og eksemplerne efter afsnit 51A blev ændret, og afsnit 51B og 51C og det efterfølgende eksempel samt afsnit 51D, 51E og 99 blev ændret ved 
Udskudt skat: genindvinding af underliggende aktiver
, der blev udstedt i december 2010. Virksomheder skal anvende disse ændringer på regnskabsår, der begynder den 1. januar 2012 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender ændringerne for et tidligere regnskabsår, skal den give oplysning om dette.
98A
IFRS 11 
Fælles ordninger
, der er udstedt i maj 2011, medførte ændring af afsnit 2, 15, 18, litra e), 24, 38, 39, 43-45, 81, litra f), 87 og 87C. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 11.
98B
Præsentation af posterne indregnet i anden totalindkomst
 (ændringer til IAS 1), der blev udstedt i juni 2011, medførte ændring af afsnit 77 og ophævelse af afsnit 77A. Virksomheder skal anvende disse ændringer ved anvendelse af IAS 1 som ændret i juni 2011.
98C
Investeringsvirksomheder
 (ændringer til IFRS 10, IFRS 12 og IAS 27), udstedt i oktober 2012, medførte ændring af afsnit 58 og 68C. Virksomheder skal anvende disse ændringer på regnskabsår, der begynder den 1. januar 2014 eller derefter. Det er tilladt at anvende 
Investeringsvirksomheder
 tidligere. Hvis en virksomhed anvender disse ændringer tidligere, skal den også samtidigt anvende alle ændringerne i 
Investeringsvirksomheder
.
98D
[Ophævet]
98E
IFRS 15 
Omsætning fra kontrakter med kunder
, udstedt i maj 2014, medførte ændring af afsnit 59. Virksomheder skal anvende denne ændring ved anvendelse af IFRS 15.
98F
IFRS 9, der blev udstedt i juli 2014, medførte ændring af afsnit 20 samt ophævelse af afsnit 96, 97 og 98D. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 9.
98G
IFRS 16, udstedt i januar 2016, medførte ændring af afsnit 20. Virksomheder skal anvende denne ændring ved anvendelse af IFRS 16.
98H
Indregning af udskudte skatteaktiver på urealiserede tab
 (Ændringer til IAS 12), udstedt i januar 2016, medførte ændring af afsnit 29 og tilføjelse af afsnit 27A, 29A og eksemplet efter afsnit 26. Virksomheder skal anvende disse ændringer på regnskabsår, der begynder den 1. januar 2017 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender disse ændringer for et tidligere regnskabsår, skal den give oplysning herom. Virksomheder skal anvende disse ændringer med tilbagevirkende kraft i overensstemmelse med IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
. Ved den første anvendelse af ændringerne kan ændringen i primoegenkapitalen i det første regnskabsår, der kan sammenlignes, indregnes i det overførte resultat (eller et andet egenkapitalelement, alt efter hvad der er relevant) uden at allokere ændringen til henholdsvis det overførte resultat og andre egenkapitalelementer. Hvis en virksomhed udnytter denne lempelse, skal den give oplysning om dette.
98I
Det årlige forbedringsprojekt vedrørende IFRS-standarder for perioden 2015-2017
, som blev udstedt i december 2017, vedrørte tilføjelse af afsnit 57A og ophævelse af afsnit 52B. Virksomheder skal anvende disse ændringer på regnskabsperioder, som begynder den 1. januar 2019 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender disse ændringer tidligere, skal den oplyse herom. Når en virksomhed første gang anvender disse ændringer, skal den anvende dem på de skattemæssige konsekvenser af udbytte indregnet på eller efter begyndelsen af den tidligst sammenlignelige periode.
98J
Ved 
Udskudt skat i forbindelse med aktiver eller forpligtelser, der hidrører fra en enkelt transaktion
 udstedt i maj 2021 ændredes afsnit 15, 22 og 24, og afsnit 22A tilføjedes. Virksomheder skal anvende disse ændringer i overensstemmelse med afsnit 98K—98L på regnskabsår, som begynder den 1. januar 2023 eller derefter. Det er tilladt at anvende ændringerne tidligere. Hvis en virksomhed anvender ændringerne for et tidligere regnskabsår, skal den give oplysning om dette.
98K
En virksomhed skal anvende 
Udskudt skat i forbindelse med aktiver eller forpligtelser, der hidrører fra en enkelt transaktion
 på transaktioner, der finder sted ved eller efter begyndelsen af det tidligst sammenlignelige regnskabsår, som præsenteres
98L
En virksomhed, der anvender 
Udskudt skat i forbindelse med aktiver eller forpligtelser, der hidrører fra en enkelt transaktion
 skal også ved begyndelsen af det tidligst sammenlignelige regnskabsår, som præsenteres,:
a)
indregne et udskudt skatteaktiv, i det omfang det er sandsynligt, at der vil være en skattepligtig indkomst til rådighed, hvori den fradragsberettigede midlertidige forskel kan udnyttes - og en udskudt skatteforpligtelse for alle fradragsberettigede og skattepligtige midlertidige forskelle i forbindelse med:
i)
brugsretsaktiver og leasingforpligtelser og
ii)
afvikling, retablering og lignende forpligtelser og det tilsvarende beløb indregnet som en del af omkostningen i forbindelse med dette aktiv samt
b)
indregne den akkumulerede virkning af førstegangsanvendelsen af disse ændringer som en regulering primo i overført resultat (eller et andet egenkapitalelement, alt efter tilfældet) på det pågældende tidspunkt.
OPHÆVELSE AF SIC-21
99
De ændringer, der blev gennemført ved 
Udskudt skat: genindvinding af underliggende aktiver
, der blev udstedt i december 2010, erstatter SIC-fortolkningsbidrag 21 
Indkomstskatter — Genindvinding af omvurderede ikke-afskrivningsberettigede aktiver
.
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 bortset fra produktionsafgrøder (jf. IAS 41 
Landbrug
). Denne standard finder anvendelse på produktionsafgrøder, men ikke på produkter på produktionsafgrøder
c)
indregning og måling af efterforsknings- og vurderingsaktiver (jf. IFRS 6 
Efterforskning og vurdering af mineralressourcer
)
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 litra b)–d) omhandlede aktiver.
4
[Ophævet]
5
Virksomheder, som anvender kostprismodellen for investeringsejendomme i overensstemmelse med IAS 40 
Investeringsejendomme
, skal anvende kostprismodellen i denne standard i forbindelse med ejede investeringsejendomme.
DEFINITIONER
6
Nedenstående udtryk anvendes i denne standard med følgende betydning:
En 
produktionsafgrøde
 er en levende plante, som
a)
anvendes i produktionen eller leveringen af landbrugsprodukter
b)
forventes at bære produkter i mere end én periode, og
c)
med stor sandsynlighed ikke vil blive solgt som et landbrugsprodukt eller kun som produktionsaffald.
(I afsnit 5A-5B i IAS 41 findes en nærmere definition af en produktionsafgrøde.)
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 form af likvide beholdninger og tilsvarende likvide midler, 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-standarder, 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.
Dagsværdien
 er den pris, der kunne opnås ved at sælge et aktiv, eller der skulle betales for at overdrage en forpligtelse i en velordnet transaktion mellem markedsdeltagere på målingstidspunktet. (Jf. IFRS 13 
Måling af dagsværdi
)
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 dagsværdi med fradrag af salgsomkostninger og dets 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
Poster såsom reservedele, standby-udstyr og serviceudstyr indregnes i overensstemmelse med denne IFRS, når de opfylder definitionen på materielle anlægsaktiver. Ellers klassificeres sådanne poster som varebeholdning.
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. Kostprisen for et materielt anlægsaktiv kan omfatte omkostninger afholdt i forbindelse med leasingkontrakter vedrørende aktiver, som bruges til at opføre, udvide, udskifte en del af eller vedligeholde et materielt anlægsaktiv, såsom afskrivninger på brugsretsaktiver.
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 den lokalitet 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 (dvs. vurdering af, om aktivets tekniske og fysiske ydeevne er af en sådan art, at det kan anvendes til produktion eller levering af varer eller tjenesteydelser, til leje til andre eller til administrative formål) 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.
20A
Aktiver kan fremstilles, når et materielt anlægsaktiv bringes til den lokalitet og i den stand, der er nødvendig for at sikre den af ledelsen planlagte anvendelse (f.eks. prøver fremstillet ved prøvning af, om aktivet fungerer korrekt). Virksomheden indregner provenuet fra salget af sådanne aktiver og omkostningerne ved disse aktiver i resultatet i overensstemmelse med de gældende standarder. Virksomheden måler omkostningerne ved disse varer under anvendelse af målingskravene i IAS 2.
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 henblik på salg (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.
22A
Produktionsafgrøder behandles regnskabsmæssigt på samme måde som egenproducerede materielle anlægsaktiver, før de befinder sig på den lokalitet og i den stand, som er nødvendig for at sikre den af ledelsen planlagte anvendelse. Følgelig bør henvisninger til "opførelse" i denne standard fortolkes således, at de dækker aktiviteter, som er nødvendige for at dyrke produktionsafgrøderne, før de befinder sig på den lokalitet og i den stand, som er nødvendig for at sikre den af ledelsen planlagte anvendelse.
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 aktiveres i overensstemmelse med 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 selv om 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
Virksomheden 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
Dagsværdien af et aktiv kan 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 inden for intervallet 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
[Ophævet]
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.
29A
Nogle virksomheder driver en investeringsfond enten internt eller eksternt, som giver investorerne fordele, der fastsættes ved hjælp af andele i fonden. På samme måde udsteder nogle virksomheder grupper af forsikringskontrakter med elementer af direkte deltagelse og er i besiddelse af de underliggende poster. Nogle af disse fonde eller underliggende poster omfatter domicilejendomme. Virksomheden anvender IAS 16 på domicilejendomme, der indgår i en sådan fond, eller som er underliggende poster. Uanset afsnit 29, kan virksomheden vælge at måle disse ejendomme ved at anvende dagsværdimodellen i overensstemmelse med IAS 40. Med henblik på dette valg omfatter forsikringskontrakter investeringskontrakter med elementer af diskretionær deltagelse. (jf. IFRS 17 
Forsikringskontrakter
 for udtryk, som anvendes i dette afsnit, og som er defineret i denne standard).
29B
Virksomheden skal behandle domicilejendomme, der måles ved hjælp af dagsværdimodellen på investeringsejendomme i henhold til afsnit 29A, som en særskilt 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 ved regnskabsårets afslutning.
32
[Ophævet]
33
[Ophævet]
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, tilpasses det pågældende aktivs regnskabsmæssige værdi til den omvurderede værdi. På datoen for omvurderingen behandles aktivet på en af følgende måder:
a)
den regnskabsmæssige bruttoværdi justeres på en måde, der er forenelig med omvurderingen af aktivets regnskabsmæssige værdi. Den regnskabsmæssige bruttoværdi kan eksempelvis tilpasses på grundlag af observerede markedsdata, eller den kan tilpasses proportionelt med ændringen i den regnskabsmæssige værdi. De akkumulerede afskrivninger på omvurderingstidspunktet justeres for at udligne forskellen mellem den regnskabsmæssige bruttoværdi og aktivets regnskabsmæssige værdi efter hensyntagen til akkumulerede tab ved værdiforringelse, eller
b)
de akkumulerede afskrivninger elimineres i aktivets regnskabsmæssige værdi.
Reguleringsbeløbet hidrørende fra 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
h)
kontorudstyr og
i)
produktionsafgrøder.
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 i anden totalindkomst og akkumuleres i 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 i anden totalindkomst, i det omfang der for det pågældende aktiv er en kreditbalance i reserverne for opskrivninger. Den reduktion, der indregnes i anden totalindkomst, reducerer det beløb, der er akkumuleret i egenkapitalen under reserver 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. Tilsvarende kan det være hensigtsmæssigt, hvis en virksomhed erhverver materielle anlægsaktiver i henhold til en operationel leasingkontrakt, hvor den optræder som leasinggiver, at foretage separat afskrivning af beløb, der er indeholdt i kostprisen for aktivet, som kan henføres til gunstige eller ugunstige leasingvilkår i forhold til markedsvilkårene.
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. Forventede fremtidige reduktioner i salgsprisen af et aktiv, der er fremstillet ved anvendelse af et andet aktiv, kan tyde på en forventning om teknisk eller handelsmæssig forældelse af sidstnævnte aktiv, hvilket således kan afspejle en reduktion af de fremtidige økonomiske fordele knyttet til dette aktiv
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 afslutningen 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.
62A
Det er uhensigtsmæssigt at anvende en afskrivningsmetode, der er baseret på indtægter hidrørende fra en aktivitet, som omfatter anvendelse af et aktiv. Indtægter hidrørende fra en aktivitet, der omfatter anvendelse af et aktiv, afspejler som regel faktorer, som ikke er knyttet til forbrug af aktivets økonomiske fordele. Eksempelvis påvirkes indtægter af andre input og processer, salgsaktiviteter og ændringer i salgsvolumen og -priser. Indtægternes priskomponent kan påvirkes af inflation, som ikke har nogen indvirkning på, hvordan et aktiv forbruges.
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 sine 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 fremtidig økonomisk fordel 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 IFRS 16 
Leasingkontrakter
 ved sale-and-leaseback). Gevinster skal ikke klassificeres som omsætning.
68A
En virksomhed, som i forbindelse med den almindelige drift rutinemæssigt sælger materielle anlægsaktiver, som den besidder med henblik på udlejning, skal henføre disse aktiver til lagerbeholdninger til deres regnskabsmæssige værdi, når de ikke længere udlejes, men besiddes med henblik på salg. Provenuet fra salget af sådanne aktiver indregnes som omsætning i henhold til IAS 15 
Omsætning fra kontrakter med kunder
. IFRS 5 finder ikke anvendelse, når aktiver, der besiddes med henblik på salg, henføres til lagerbeholdninger i forbindelse med den almindelige drift.
69
Et materielt anlægsaktiv kan afhændes på en række forskellige måder (f.eks. ved salg, indgåelse af en finansiel leasingkontrakt eller som gave). Tidspunktet for afhændelse af et materielt anlægsaktiv er den dato, hvor modtageren opnår kontrollen over det pågældende aktiv i overensstemmelse med kravene til fastsættelse af, hvornår en leveringsforpligtelse er opfyldt, jf. IFRS 15. IFRS 16 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
Størrelsen af det vederlag, der skal indgå i gevinst eller tab hidrørende fra ophør af indregning af et materielt anlægsaktiv, fastsættes i overensstemmelse med kravene vedrørende fastsættelse af transaktionsprisen i afsnit 47–72 i IFRS 15. Efterfølgende ændringer af den skønnede størrelse af det vederlag, der indgår i gevinst eller tab, behandles regnskabsmæssigt i overensstemmelse med kravene vedrørende ændringer i transaktionsprisen i IFRS 15.
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 afslutning og
e)
en afstemning af den regnskabsmæssige værdi ved regnskabsårets begyndelse og afslutning, 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 i anden totalindkomst 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 og
c)
den beløbsmæssige størrelse af kontraktlige forpligtelser vedrørende anskaffelse af materielle anlægsaktiver.
74A
Hvis de ikke præsenteres særskilt i totalindkomstopgørelsen, skal der i årsregnskabet også oplyses følgende:
a)
den beløbsmæssige størrelse af godtgørelse fra en tredjepart for materielle anlægsaktiver, som er værdiforringet, tabt eller afgivet, og som er medtaget i resultatet og
b)
den beløbsmæssige størrelse af provenu og omkostninger, der er medtaget i resultatet i overensstemmelse med afsnit 20A, og som vedrører producerede aktiver, der ikke er et resultat af virksomhedens almindelige aktiviteter, og hvis aktivpost(er) i totalindkomstopgørelsen omfatter et sådant provenu og sådanne omkostninger.
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 som supplement til de i IFRS 13 krævede oplysninger:
a)
omvurderingens ikrafttrædelsestidspunkt
b)
hvorvidt en uvildig vurderingsmand blev benyttet
c)
[ophævet]
d)
[ophævet]
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 73, litra e), nr. 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.
80A
Det årlige forbedringsprojekt vedrørende IFRS-standarder for perioden 2010-2012
 medførte ændring af afsnit 35. En virksomhed skal anvende denne ændring på alle omvurderinger, som er indregnet i regnskabsår, der begynder på eller efter tidspunktet for den første anvendelse af den pågældende ændring og i det umiddelbart foregående regnskabsår. En virksomhed kan også forelægge justerede sammenligningstal for en tidligere forelagt periode, men er ikke forpligtet til at gøre det. Hvis en virksomhed forelægger ikke-justerede sammenlignelige oplysninger for en tidligere periode, skal den klart udpege de oplysninger, der ikke er blevet justeret, anføre, at de er forelagt på et andet grundlag, og redegøre for dette grundlag.
80B
I regnskabsperioden, når 
Landbrug: Produktionsafgrøder
 (ændringer til IAS 16 og IAS 41) for første gang anvendes, er en virksomhed ikke forpligtet til at oplyse de sammenligningstal, der kræves i henhold til afsnit 28, litra f), i IAS 8 for den indeværende periode. Virksomheden skal dog oplyse de sammenligningstal, der kræves i henhold til afsnit 28, litra f), i IAS 8 for enhver tidligere forelagt periode.
80C
En virksomhed kan vælge at måle en post under produktionsafgrøder til dagsværdien ved begyndelsen af den tidligste periode, der er præsenteret i årsregnskaberne for det regnskabsår, hvor virksomheden for første gang anvender 
Landbrug: Produktionsafgrøder
 (Ændringer til IAS 16 og IAS 41), og anvende denne dagsværdi som dens fastsatte kostpris på det pågældende tidspunkt. En eventuel forskel mellem den tidligere regnskabsmæssige værdi og dagsværdien indregnes i det overførte resultat ved begyndelsen af det tidligst præsenterede regnskabsår.
80D
Materielle anlægsaktiver — Provenu før tilsigtet anvendelse
, udstedt i maj 2020, medførte ændring af afsnit 17 og 74 og tilføjelse af afsnit 20A og 74A. Virksomheder skal anvende disse ændringer med tilbagevirkende kraft, men kun på materielle anlægsaktiver, der bringes til den lokalitet og i den stand, der er nødvendig for at sikre den af ledelsen planlagte anvendelse, samtidigt med eller efter begyndelsen af den tidligste periode, der er præsenteret i de årsregnskaber, hvor virksomheden for første gang anvender ændringerne. Virksomheden skal indregne den samlede virkning af førstegangsanvendelsen af ændringerne som en regulering primo i overført resultat (eller et andet element af egenkapitalen, alt efter hvad der er hensigtsmæssigt) ved begyndelsen af den tidligste periode, som præsenteres.
IKRAFTTRÆDELSESTIDSPUNKT
81
Virksomheder skal anvende denne standard for årsregnskaber, der dækker regnskabsår, som begynder den 1. januar 2005 eller derefter. Der tilskyndes til tidligere anvendelse. Hvis en virksomhed anvender denne standard på regnskabsperioder, som begynder før den 1. januar 2005, skal den oplyse herom.
81A
Virksomheder skal anvende ændringerne i afsnit 3 på regnskabsår, som begynder den 1. januar 2006 eller derefter. Hvis en virksomhed anvender IFRS 6 i et tidligere regnskabsår, finder ændringerne anvendelse på det tidligere regnskabsår.
81B
IAS 1 
Præsentation af årsregnskaber
 (ajourført i 2007) ændrede den terminologi, der anvendes i IFRS-standarderne. Desuden blev afsnit 39, 40 og 73, litra e), nr. iv), ændret. Virksomheder skal anvende disse ændringer på regnskabsår, der begynder den 1. januar 2009 eller derefter. Hvis en virksomhed anvender IAS 1 (ajourført 2007) på en tidligere regnskabsperiode, skal ændringerne anvendes på denne tidligere regnskabsperiode.
81C
IFRS 3 
Virksomhedssammenslutninger
 (ajourført i 2008) medførte ændring af afsnit 44. Virksomheder skal anvende denne ændring på regnskabsår, som begynder den 1. juli 2009 eller derefter. Hvis en virksomhed anvender IFRS 3 (ajourført 2008) på en tidligere regnskabsperiode, skal ændringen også anvendes på denne tidligere regnskabsperiode.
81D
Afsnit 6 og 69 blev ændret, og afsnit 68 A blev tilføjet med 
Forbedringer af IFRS-standarder
 udstedt i maj 2008. Virksomheder skal anvende disse ændringer på regnskabsår, der begynder den 1. januar 2009 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender ændringerne på et tidligere regnskabsår, skal den give oplysning om dette og samtidig anvende de tilsvarende ændringer til IAS 7 
Pengestrømsopgørelsen
.
81E
Forbedringer af IFRS-standarder
, udstedt i maj 2008, medførte ændring af afsnit 5. Virksomheder skal anvende denne ændring fremadrettet på regnskabsår, der begynder den 1. januar 2009 eller derefter. Det er tilladt at anvende den før dette tidspunkt, hvis virksomheden også samtidig anvender ændringerne i afsnit 8, 9, 22, 48, 53, 53A, 53B, 54, 57 og 85B i IAS 40. Hvis en virksomhed anvender ændringerne på en tidligere regnskabsperiode, skal den oplyse herom.
81F
IFRS 13, der er udstedt i maj 2011, medførte en ændring af definitionen af genindvindingsværdien i afsnit 6 og en ændring af afsnit 26, 35 og 77 samt en ophævelse af afsnit 32 og 33. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 13.
81G
Det årlige forbedringsprojekt for perioden 2009-2011
, udstedt i maj 2012, medførte ændring af afsnit 8. Virksomheder skal anvende den ændring med tilbagevirkende kraft i overensstemmelse med IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
 for regnskabsperioder, der begynder den 1. januar 2013 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender ændringen på en tidligere regnskabsperiode, skal den oplyse herom.
81H
Det årlige forbedringsprojekt vedrørende IFRS-standarder for perioden 2010-2012
, udstedt i december 2013, medførte ændring af afsnit 35 og tilføjelse af 80B. Virksomheder skal anvende denne ændring for regnskabsår, som begynder den 1. juli 2014 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender ændringen på en tidligere regnskabsperiode, skal den oplyse herom.
81I
Præcisering af acceptable afskrivningsmetoder
 (Ændringer af IAS 16 og IAS 38), udstedt i maj 2014, medførte ændring af afsnit 56 og tilføjelse af afsnit 62A. Virksomheder skal anvende disse ændringer fremadrettet for regnskabsår, som begynder 1. januar 2016 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender disse ændringer på en tidligere regnskabsperiode, skal den oplyse herom.
81J
IFRS 15 
Omsætning fra kontrakter med kunder
, udstedt i maj 2014, medførte ændring af afsnit 68A, 69 og 72. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 15.
81K
Landbrug: Produktionsafgrøder
 (Ændringer til IAS 16 og IAS 41), udstedt i juni 2014, medførte ændring af afsnit 3, 6 og 37 og tilføjelse af afsnit 22A og 80L-80M. Virksomheder skal anvende disse ændringer på regnskabsår, som begynder den 1. januar 2016 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender disse ændringer for et tidligere regnskabsår, skal den give oplysning herom. Virksomheder skal anvende disse ændringer med tilbagevirkende kraft i overensstemmelse med IAS 8, undtagen som anført i afsnit 80C.
81L
IFRS 16, udstedt i januar 2016, medførte ophævelse af afsnit 4 og 27 og ændring af afsnit 5, 10, 44 og 68-69. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 16.
81M
IFRS 17, der blev udstedt i maj 2017, tilføjede afsnit 29A og 29B. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 17.
81N
Materielle anlægsaktiver — Provenu før tilsigtet anvendelse
, udstedt i maj 2020, medførte ændring af afsnit 17 og 74 og tilføjelse af afsnit 20A, 74A og 80D. Virksomheder skal anvende disse ændringer på regnskabsperioder, som begynder den 1. januar 2022 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender disse ændringer for et tidligere regnskabsår, skal den give oplysning herom.
OPHÆVELSE AF ANDRE UDTALELSER
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 19
Personaleydelser
FORMÅL
1
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
2
Denne standard skal anvendes af arbejdsgiver ved den regnskabsmæssige behandling af alle personaleydelser, som ikke er omfattet af IFRS 2 
Aktiebaseret vederlæggelse
.
3
Denne standard omhandler ikke præsentation af pensionsordninger (jf. IAS 26 
Regnskabsmæssig behandling og præsentation af fratrædelsesordninger
).
4
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.
5
Personaleydelser omfatter:
a)
kortsigtede personaleydelser, såsom følgende, hvis de forventes at skulle betales fuldt ud inden tolv måneder efter det regnskabsår, hvor de ansatte har udført de tilknyttede arbejdsydelser:
i)
lønninger og bidrag til social sikring
ii)
betalt fravær og sygefravær
iii)
overskudsdeling og bonus og
iv)
ikke-monetære ydelser (eksempelvis sygesikring, tjenestebolig, bil og varer eller tjenesteydelser, som er gratis eller støttede) til nuværende ansatte
b)
pensionsydelser, f.eks. følgende:
i)
fratrædelsesydelser (f.eks. pensioner og engangsbeløb ved pensionering) og
ii)
andre pensionsydelser, eksempelvis livsforsikring og sygesikring efter fratrædelse
c)
andre langsigtede personaleydelser, f.eks. følgende:
i)
langfristet betalt fravær, eksempelvis anciennitets- eller sabbatorlov
ii)
jubilæums- eller andre anciennitetsydelser og
iii)
langsigtede invaliditetsydelser og
d)
fratrædelsesgodtgørelser.
6
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.
7
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
8
Nedenstående udtryk anvendes i denne standard med følgende betydning:
Definitioner af personaleydelser
Personaleydelser
 er alle former for vederlag, som virksomheden giver for ansattes arbejdsydelser eller for ansættelsesforholdets ophør.
Kortsigtede personaleydelser
 er personaleydelser (bortset fra fratrædelsesgodtgørelser), som forfalder inden for tolv måneder efter det regnskabsår, hvor de ansatte har udført den tilknyttede arbejdsydelse.
Pensionsydelser
 er personaleydelser (bortset fra fratrædelsesgodtgørelser og kortsigtede personaleydelser), som forfalder efter ansættelsens ophør.
Andre langsigtede personaleydelser
 er alle personaleydelser bortset fra kortsigtede personaleydelser, pensionsydelser og fratrædelsesgodtgørelser.
Fratrædelsesgodtgørelser
 er personaleydelser, der gives til gengæld for ansættelsesforholdets ophør som følge af enten:
a)
virksomhedens beslutning om at afskedige en ansat før den normale pensionsalder eller
b)
en ansats beslutning om at acceptere et tilbud om ydelser til gengæld for ansættelsesforholdets ophør.
Definitioner vedrørende klassificering af ordninger
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 én virksomhed, således at størrelsen af bidrag og ydelser bestemmes uden hensyn til, hvilken virksomhed der beskæftiger de pågældende ansatte.
Definitioner vedrørende den ydelsesbaserede nettopensionsforpligtelse (aktiv)
Den ydelsesbaserede nettopensionsforpligtelse
 (aktiv) er underskuddet eller overskuddet justeret for en eventuel virkning af en begrænsning af et ydelsesbaseret nettopensionsaktiv til aktivets loft.
Underskuddet eller overskuddet
 er:
a)
nutidsværdien af den ydelsesbaserede pensionsforpligtelse med fradrag af
b)
dagsværdien af ordningens aktiver (hvis relevant).
Aktivets loft
 er nutidsværdien af eventuelle økonomiske fordele i form af tilbagebetalinger fra pensionsordningen eller reduktioner i fremtidige bidrag til pensionsordningen.
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.
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 personaleforpligtelser, der er 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
(
7
)
, 
som er udstedt af en regnskabsaflæggende virksomheds 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.
Dagsværdien er den pris, der kunne opnås ved at sælge et aktiv, eller der skulle betales for at overdrage en forpligtelse i en velordnet transaktion mellem markedsdeltagere på målingstidspunktet. (Jf. IFRS 13 Måling af dagsværdi)
Definitioner vedrørende ydelsesbaserede pensionsomkostninger
Pensionsomkostninger
omfatter:
a)
Pensionsomkostninger vedrørende det aktuelle regnskabsår
, som er stigningen i nutidsværdien af en ydelsesbaseret pensionsforpligtelse hidrørende fra arbejdsydelser i det aktuelle regnskabsår
b)
Pensionsomkostninger vedrørende tidligere regnskabsår
, som er ændringer i nutidsværdien af den ydelsesbaserede pensionsforpligtelse for arbejdsydelser i tidligere perioder, som stammer fra ændring af en ordning (indførelse eller ændring eller tilbagekaldelse af en ydelsesbaseret pensionsordning) eller en nedskæring (en betydelig reduktion af virksomheden i antallet af ansatte, som er omfattet af en ordning), og
c)
eventuelle gevinster eller tab ved indfrielse.
Nettorenter på den ydelsesbaserede nettopensionsforpligtelse (aktiv)
 er ændringen i løbet af perioden i den ydelsesbaserede pensionsforpligtelse (aktiv), som opstår som følge af tidsforløbet.
Omvurderinger af den ydelsesbaserede nettopensionsforpligtelse (aktiv)
 omfatter:
a)
aktuarmæssige gevinster og tab
b)
afkast af ordningens aktiver, bortset fra de beløb, der indgår i nettorenter på den ydelsesbaserede nettopensionsforpligtelse (aktiv)
, 
og
c)
enhver ændring i virkningen af aktivets loft, bortset fra de beløb, der indgår i nettorenter på den ydelsesbaserede nettopensionsforpligtelse (aktiv).
Aktuarmæssige gevinster og tab
 er ændringer i nutidsværdien af den ydelsesbaserede pensionsforpligtelse som følge af:
a)
erfaringsbaserede reguleringer (virkningen af forskelle mellem tidligere aktuarmæssige forudsætninger og de faktiske begivenheder) og
b)
virkningerne af ændringer i aktuarmæssige forudsætninger.
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:
a)
eventuelle administrationsomkostninger vedrørende ordningens aktiver og
b)
enhver skat, der skal betales af selve ordningen, bortset fra skat medtaget i de aktuarmæssige forudsætninger, der er anvendt til at måle nutidsværdien af den ydelsesbaserede pensionsforpligtelse.
En 
indfrielse
 er en transaktion, som fjerner alle yderligere retlige eller faktiske forpligtelser for alle eller en del af de ydelser i henhold til en ydelsesbaseret pensionsordning, bortset fra betaling af ydelser til eller på vegne af de ansatte, der er fastsat i ordningen, og som var medtaget i de aktuarmæssige forudsætninger.
KORTSIGTEDE PERSONALEYDELSER
9
Kortsigtede personaleydelser, såsom følgende, hvis de forventes at skulle betales fuldt ud inden tolv måneder efter afslutningen af det regnskabsår, hvor de ansatte har udført de tilknyttede tjenesteydelser:
a)
lønninger og bidrag til social sikring
b)
betalt fravær og sygefravær
c)
overskudsdeling og bonus og
d)
ikke-monetære ydelser (eksempelvis sygesikring, tjenestebolig, bil og varer eller tjenesteydelser, som er gratis eller støttede) for nuværende ansatte.
10
En virksomhed skal ikke omklassificere en kortsigtet personaleydelse, hvis virksomhedens forventninger om tidspunktet for indfrielse ændres midlertidigt. Hvis egenskaberne af ydelsen ændres (f.eks. en ændring fra en ikke-akkumuleret ydelse til en akkumuleret ydelse), eller hvis en ændring af forventningerne om tidsplanen for indfrielse ikke er midlertidig, skal virksomheden vurdere, hvorvidt ydelsen stadig opfylder definitionen af kortsigtede personaleydelser.
Indregning og måling
Alle kortsigtede personaleydelser
11
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 ydelserne, 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
b)
som en omkostning, medmindre en anden IFRS-standard kræver eller tillader optagelse af ydelserne i et aktivs kostpris (jf. eksempelvis IAS 2 
Varebeholdninger
 og IAS 16 
Materielle anlægsaktiver
).
12
Afsnit 13, 16 og 19 forklarer, hvordan virksomheden skal anvende afsnit 11 på kortsigtede personaleydelser i form af betalt fravær, overskudsdelings- og bonusordninger.
Kortfristet betalt fravær
13
Virksomheden skal indregne de forventede omkostninger til kortsigtede personaleydelser i form af betalt fravær i henhold til afsnit 11 som følger:
a)
i tilfælde af akkumulering af betalt fravær, når de ansatte udfører arbejdsydelser, som øger deres ret til fremtidigt betalt fravær
b)
når fraværet opstår, med hensyn til ikke-akkumuleret ret til betalt fravær.
14
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.
15
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 kontant betaling 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.
16
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 ved regnskabsårets afslutning.
17
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 16 og 17
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. 31. 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.
18
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 betaling 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
19
Virksomheden skal udelukkende indregne den forventede omkostning til overskudsdeling og bonusbetaling i henhold til afsnit 11, når, og kun 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.
20
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 20
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.
21
Virksomheder har ingen retlig forpligtelse til at betale bonus. Men i nogle tilfælde kan en virksomhed have en praksis for at betale bonus. I sådanne tilfælde har virksomheden en faktisk forpligtelse, idet den ikke har andet realistisk alternativ end at betale bonussen. Målingen af den faktiske forpligtelse afspejler muligheden for, at nogle ansatte vil forlade virksomheden uden modtagelse af bonus.
22
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.
23
En forpligtelse i henhold til en overskudsdelings- eller bonusordning opstår i forbindelse med arbejdsydelser og ikke af en transaktion med virksomhedens ejere. Derfor indregner virksomheden ikke omkostninger til overskudsdelings- og bonusordninger som udlodning af overskud, men som en omkostning.
24
Hvis overskudsdeling og bonusbetaling ikke forventes at skulle betales fuldt ud inden tolv måneder efter det regnskabsår, hvor de ansatte har udført den tilknyttede arbejdsydelse, udgør disse betalinger andre langsigtede personaleydelser (jf. afsnit 153-158).
Oplysninger
25
Selv om denne standard ikke kræver specifikke oplysninger om kortsigtede personaleydelser, kan andre IFRS-standarder kræve sådanne oplysninger. Eksempelvis kræver IAS 24 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
26
Pensionsydelser omfatter eksempelvis:
a)
fratrædelsesydelser (f.eks. pensioner og engangsbeløb ved pensionering) 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.
27
Pensionsordninger klassificeres enten som bidragsbaserede eller ydelsesbaserede pensionsordninger, afhængig af ordningens økonomiske indhold i henhold til dens hovedvilkår.
28
I bidragsbaserede pensionsordninger 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 også fra den ansatte) til en pensionsordning eller et forsikringsselskab, med tillæg af investeringsafkastet fra bidragene. Derfor bærer den ansatte 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).
29
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 og kræver, at virksomheden giver yderligere bidrag, hvis aktiverne ikke er tilstrækkelige til at opfylde fordelene i pensionsordningens ydelsessammensætning
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.
30
I henhold til ydelsesbaserede pensionsordninger:
a)
er det virksomhedens forpligtelse at stille de aftalte ydelser til rådighed for nuværende og tidligere ansatte, og
b)
den aktuarmæssige risiko (for at ydelserne vil koste mere end forventet) og investeringsrisikoen bæres i realiteten af virksomheden. Hvis det aktuarmæssige eller investeringsmæssige forløb er værre end forventet, kan virksomhedens forpligtelse blive forøget.
31
Afsnit 32-49 forklarer sondringen mellem bidragsbaserede og ydelsesbaserede pensionsordninger i forbindelse med pensionsordninger med flere virksomheder, ydelsesbaserede pensionsordninger, som deler risici mellem forskellige virksomheder under samme bestemmende indflydelse, lovpligtige offentlige pensionsordninger og forsikrede ydelser.
Pensionsordninger med flere virksomheder
32
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).
33
Hvis en virksomhed deltager i en ydelsesbaseret pensionsordning med flere virksomheder, medmindre afsnit 34 finder anvendelse, skal den:
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 135-148 krævede oplysninger (undtagen afsnit 148, litra d)).
34
Når der ikke er tilstrækkelige oplysninger til rådighed til regnskabsmæssigt at behandle en ydelsesbaseret pensionsordning med flere virksomheder, skal virksomheden:
a)
regnskabsmæssigt behandle pensionsordningen i henhold til afsnit 51 og 52, som om det var en bidragsbaseret pensionsordning, og
b)
give de i afsnit 148 krævede oplysninger.
35
Et eksempel på en ydelsesbaseret pensionsordning med flere virksomheder er tilfælde, hvor:
a)
pensionsordningen finansieres på et løbende grundlag: 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, og
b)
personaleydelserne bestemmes af ansættelsens længde, og de deltagende virksomheder har ikke nogen realistisk mulighed for at udtræde 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 ved regnskabsårets afslutning, er højere end forventet, vil virksomheden enten øge sit bidrag eller overtale de ansatte til at godkende en reduktion af ydelserne. Derfor er en sådan pensionsordning en ydelsesbaseret pensionsordning.
36
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)
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, eller
b)
virksomheden ikke har adgang til tilstrækkelige oplysninger om ordningen for at opfylde kravene i denne standard.
I disse tilfælde behandler virksomheden regnskabsmæssigt pensionsordningen, som om den var en bidragsbaseret pensionsordning, og giver de i afsnit 148 krævede supplerende oplysninger.
37
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 34, 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 37
En virksomhed deltager i en ydelsesbaseret pensionsordning med flere virksomheder, som ikke udarbejder en værdiansættelse af ordningen baseret på IAS 19. Den behandler således regnskabsmæssigt ordningen som en bidragsbaseret pensionsordning. En værdiansættelse af finansieringen, som ikke er baseret på IAS 19, viser et underskud på 100 mio. CU 
(
8
)
 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 mio. CU.
Virksomheden indregner en forpligtelse vedrørende bidragene reguleret for den tidsmæssige værdi af penge og en tilsvarende omkostning i resultatet.
38
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).
39
Ved fastsættelsen af, hvornår man skal indregne, og hvordan man skal måle en forpligtelse vedrørende afvikling af en ydelsesbaseret pensionsordning med flere virksomheder, eller virksomhedens tilbagetrækning fra en ydelsesbaseret pensionsordning med flere virksomheder, skal virksomheden anvende IAS 37 
Hensatte forpligtelser, eventualforpligtelser og eventualaktiver
.
Ydelsesbaserede pensionsordninger, som deler risici mellem forskellige virksomheder under samme bestemmende indflydelse
40
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.
41
En virksomhed, som deltager i en sådan ordning, skal indhente oplysninger om ordningen som helhed målt i overensstemmelse med denne standard 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 denne standard, 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.
42
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 de oplysninger, der kræves i afsnit 149.
Lovpligtige offentlige pensionsordninger
43
Virksomheden skal regnskabsmæssigt behandle en lovpligtig offentlig pensionsordning på samme måde som en pensionsordning med flere virksomheder (jf. afsnit 32-39).
44
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.
45
Lovpligtige offentlige pensionsordninger karakteriseres som ydelsesbaserede eller bidragsbaserede afhængigt af virksomhedens forpligtelser i henhold til pensionsordningen. Mange lovpligtige offentlige pensionsordninger finansieres på et løbende grundlag: bidragene fastsættes på et niveau, som forventes at være tilstrækkeligt til at betale de krævede ydelser, som forfalder i det samme regnskabsår, 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. Når en lovpligtig offentlig pensionsordning er ydelsesbaseret, anvender en virksomhed afsnit 32-39.
Forsikrede ydelser
46
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 i de tidligere regnskabsår.
Hvis virksomheden har en sådan retlig eller faktisk forpligtelse, skal virksomheden behandle pensionsordningen som en ydelsesbaseret pensionsordning.
47
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.
48
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 8) og
b)
indregner andre forsikringspolicer som en godtgørelsesret (hvis policerne opfylder kriterierne i afsnit 116).
49
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.
PENSIONSYDELSER: BIDRAGSBASEREDE PENSIONSORDNINGER
50
Regnskabsmæssig behandling af bidragsbaserede pensionsordninger er ligetil, idet den regnskabsaflæggende virksomheds forpligtelse i hvert regnskabsår bestemmes af de beløb, der skal bidrages for det pågældende regnskabsår. Derfor kræves der ingen aktuarmæssige forudsætninger for at måle 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 tolv måneder efter det regnskabsår, hvor de ansatte har udført den tilknyttede arbejdsydelse.
Indregning og måling
51
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 skyldige bidrag for drift inden afslutningen af regnskabsåret, 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
b)
som en omkostning, medmindre en anden standard kræver eller tillader optagelse af bidragene i et aktivs kostpris (jf. eksempelvis IAS 2 og IAS 16).
52
Når bidrag til en bidragsbaseret pensionsordning ikke forventes at blive løst fuldt ud inden tolv måneder efter det regnskabsår, hvor de ansatte har udført den tilknyttede arbejdsydelse, skal de diskonteres ved anvendelse af den diskonteringssats, der er anført i afsnit 83.
Oplysninger
53
Virksomheden skal oplyse det beløb, der er indregnet som omkostning for bidragsbaserede pensionsordninger.
54
Når det kræves af IAS 24, skal virksomheden give oplysninger om bidrag til bidragsbaserede pensionsordninger for nøglepersoner i ledelsen.
PENSIONSYDELSER: YDELSESBASEREDE PENSIONSORDNINGER
55
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
56
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 at finansiere underdækning i fondens aktiver. Derfor yder virksomheden i realiteten garanti for de aktuarmæssige og investeringsmæssige risici tilknyttet pensionsordningen. Følgelig er den indregnede omkostning for en ydelsesbaseret pensionsordning ikke nødvendigvis lig den beløbsmæssige størrelse af forfaldne bidrag for regnskabsåret.
57
Virksomhedens regnskabsmæssige behandling af ydelsesbaserede pensionsordninger sker efter følgende procedurer:
a)
opgørelse af underskud og overskud. Dette indebærer:
i)
anvendelse af en aktuarmæssig metode, projected unit credit-metoden, til at foretage et pålideligt skøn over de samlede omkostninger for virksomheden af ydelser, som ansatte har optjent til gengæld for arbejdsydelser i det aktuelle og tidligere regnskabsår (jf. afsnit 67-69). Dette kræver, at virksomheden opgør, hvor stor en ydelse der kan henføres til det aktuelle og tidligere regnskabsår (jf. afsnit 70-74), 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 75-98)
ii)
diskontering af ydelsen for at opgøre nutidsværdien af den ydelsesbaserede pensionsforpligtelse og pensionsomkostningerne vedrørende det aktuelle regnskabsår (jf. afsnit 67-69 og 83-86)
iii)
fradrag af dagsværdien af ordningens aktiver (jf. afsnit 113-115) fra nutidsværdien af den ydelsesbaserede pensionsforpligtelse
b)
opgørelse af den ydelsesbaserede nettopensionsforpligtelse (aktiv) som det underskud eller overskud, der er fastsat i a), justeret for en eventuel virkning af en begrænsning af et ydelsesbaseret nettopensionsaktiv til aktivets loft (jf. afsnit 64)
c)
opgørelse af beløb, der skal indregnes i resultatet:
i)
pensionsomkostninger vedrørende det aktuelle regnskabsår (jf. afsnit 70-74 og afsnit 122A)
ii)
eventuelle pensionsomkostninger vedrørende tidligere regnskabsår og gevinster eller tab ved indfrielse (jf. afsnit 99-112)
iii)
nettorenter på den ydelsesbaserede nettopensionsforpligtelse (aktiv) (jf. afsnit 123-126)
d)
opgørelse af omvurderinger af den ydelsesbaserede nettopensionsforpligtelse (aktiv), som vil blive indregnet i anden totalindkomst, bestående af:
i)
aktuarmæssige gevinster og tab (jf. afsnit 128 og 129)
ii)
afkast af ordningens aktiver, bortset fra de beløb, der indgår i nettorenter på den ydelsesbaserede nettopensionsforpligtelse (aktiv) (jf. afsnit 130), og
iii)
enhver ændring i virkningen på aktivets loft (jf. afsnit 64), bortset fra de beløb, der indgår i nettorenter på den ydelsesbaserede nettopensionsforpligtelse (aktiv).
Når virksomheden har mere end én ydelsesbaseret pensionsordning, skal den anvende disse procedurer separat for hver pensionsordning.
58
Virksomheden skal opgøre den ydelsesbaserede nettopensionsforpligtelse (aktiv) med tilstrækkelig regelmæssighed til, at de i årsregnskabet indregnede beløb ikke afviger væsentligt fra de beløb, som vil blive opgjort ved regnskabsårets afslutning.
59
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 regnskabsårets afslutning. Dog ajourføres resultatet af denne værdiansættelse, hvis der opstår væsentlige transaktioner og andre væsentlige ændringer i forholdene (herunder ændringer i markedsværdi og rentesatser), indtil afslutningen af regnskabsåret.
60
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
61
Virksomheden skal ikke kun indregne sin retlige forpligtelse i henhold til de formelle vilkår i en ydelsesbaseret 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.
62
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 sin forpligtelse i henhold til en ordning (uden betaling), 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 i de ansattes resterende arbejdsliv.
Balancen
63
Virksomheden skal indregne den ydelsesbaserede nettopensionsforpligtelse (aktiv) i balancen.
64
Når en virksomhed har overskud i en ydelsesbaseret pensionsordning, skal den måle det ydelsesbaserede nettopensionsaktiv til det laveste beløb af:
a)
overskuddet i den ydelsesbaserede pensionsordning og
b)
aktivets loft, som bestemmes efter den specificerede diskonteringssats i afsnit 83.
65
Et ydelsesbaseret nettopensionsaktiv kan opstå, når en ydelsesbaseret pensionsordning er blevet overdækket, eller hvis der er opnået aktuarmæssige gevinster. Virksomheden indregner et ydelsesbaseret nettopensionsaktiv i sådanne tilfælde, fordi:
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. Aktivets loft er nutidsværdien af disse fremtidige ydelser.
Indregning og måling: Nutidsværdien af ydelsesbaserede pensionsforpligtelser og pensionsomkostninger vedrørende det aktuelle regnskabsår
66
De samlede omkostninger til en ydelsesbaseret pensionsordning kan påvirkes af mange variabler, eksempelvis slutløn, personaleudskiftning og dødelighed, lønmodtagerbidrag og udviklingstendenser i sygesikringsomkostninger. 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 67-69)
b)
henføre ydelser til arbejdsår (jf. afsnit 70-74) og
c)
opstille aktuarmæssige forudsætninger (jf. afsnit 75-98).
Aktuarmæssig værdiansættelsesmetode
67
Virksomheden skal anvende den såkaldte projected unit credit-metode 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.
68
Den såkaldte projected unit credit-metode (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 70-74), og hver enhed måles separat med henblik på at opbygge den samlede forpligtelse (jf. afsnit 75-98).
Eksempel til illustration af afsnit 68
En engangsydelse betales ved ansættelsens ophør svarende til 1 % af slutlønnen for hvert arbejdsår. Løn i år 1 er 10000 valutaenheder (CU) og antages at stige med 7 % (sammenlagt) hvert år. Diskonteringssatsen er på 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
CU
CU
CU
CU
CU
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.
69
Virksomheden diskonterer hele pensionsforpligtelsen, selv om dele af forpligtelsen forfalder inden for tolv måneder efter regnskabsårets afslutning.
Henføring af ydelser til arbejdsår
70
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.
71
Den såkaldte projected unit credit-metode 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.
Eksempler til illustration af afsnit 71
1
En ydelsesbaseret pensionsordning giver ved pension en engangsydelse på 100 CU for hvert arbejdsår.
En ydelse på 100 CU henføres til hvert år. Pensionsomkostninger vedrørende det aktuelle regnskabsår er nutidsværdien af 100 CU. Nutidsværdien af den ydelsesbaserede pensionsforpligtelse er nutidsværdien af 100 CU ganget med antallet af arbejdsår ved regnskabsårets afslutning.
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 virkningen af diskonteringen er de derfor mindre end de beløb, der ville være opgjort, hvis den ansatte havde forladt virksomheden ved regnskabsårets afslutning.
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 ved 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 ved regnskabsårets afslutning. Pensionsomkostningerne vedrørende det aktuelle regnskabsår og nutidsværdien af den ydelsesbaserede pensionsforpligtelse diskonteres, idet pensionsudbetalingen begynder ved 65 år.
72
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 ved afslutningen af hvert efterfølgende regnskabsår. 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.
Eksempler til illustration af afsnit 72
1
En pensionsordning betaler en ydelse på 100 CU for hvert arbejdsår. Ydelserne bliver sikret efter ti arbejdsår.
En ydelse på 100 CU 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 CU 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 CU henføres til hvert af de efterfølgende år.
73
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. Hvis medarbejderens arbejdsydelser i senere arbejdsår vil medføre et væsentligt højere ydelsesniveau end i tidligere regnskabsår, skal virksomheden henføre ydelser lineært indtil det tidspunkt, hvor yderligere arbejdsydelser ikke vil medføre væsentlige yderligere ydelser. Dette sker, fordi arbejdsydelsen i hele perioden i sidste ende vil føre til ydelser på et højere niveau.
Eksempler til illustration af afsnit 73
1
En pensionsordning betaler en engangsydelse på 1000 CU, som bliver sikret efter ti års ansættelse. Pensionsordningen giver ingen yderligere ydelser for efterfølgende arbejdsydelser.
En ydelse på 100 CU (1000 CU divideret med 10) henføres til hvert at de første 10 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 de efterfølgende år.
2
En pensionsordning betaler en engangsfratrædelsesydelse på 2000 CU 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 (2000 CU 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 (2000 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 CU (2000 CU 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 efter fratrædelse, 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.
Efter ordningens 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 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 efter fratrædelse, 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 71. Arbejdsydelser ud over 20 år vil ikke medføre væsentlige yderligere ydelser. Derfor er de henførte ydelser til hvert af de første 20 år på 2,5 % af nutidsværdien af de forventede sygesikringsomkostninger (50 % divideret med 20).
For ansatte, som forventes at forlade virksomheden efter 10-20 år, er de henførte ydelser til hvert af de første 10 år, 1 % af nutidsværdien af de forventede sygesikringsomkostninger.
For disse ansatte henføres der ingen ydelser 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.
74
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 afslutningen af regnskabsåret, men medfører ingen yderligere forpligtelse. Derfor:
a)
medfører lønstigninger ikke yderligere ydelser for så vidt angår afsnit 70, litra b), 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 74
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:
75
Aktuarmæssige forudsætninger skal være objektive og indbyrdes forenelige.
76
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 (jf. afsnit 81 og 82)
ii)
niveauet af personaleudskiftningshastighed, invaliditet og førtidspension
iii)
andelen af deltagere i pensionsordningen med pårørende, som vil være berettiget til ydelser
iv)
andelen af deltagere i pensionsordningen, som vælger den enkelte betalingsmulighed i henhold til ordningens vilkår, og
v)
hyppigheden af krav i henhold til sygesikringsordninger
b)
økonomiske forudsætninger, som eksempelvis omhandler:
i)
diskonteringssatsen (jf. afsnit 83-86)
ii)
ydelsesniveauer, undtagen alle ydelser til ansatte, og fremtidige lønstigninger (jf. afsnit 87-95)
iii)
i tilfælde af lægelige ydelser, fremtidige sygesikringsomkostninger, herunder omkostninger til behandling af udbetalinger i forbindelse med krav og ydelser (dvs. de omkostninger, der vil påløbe i forbindelse med behandling og løsning af krav, herunder advokatsalær og taksatorhonorar) (jf. afsnit 96-98), og
iv)
skatter, der skal betales af den ordning for bidrag i forbindelse med arbejdsydelsen før balancedagen eller af ydelser som følge af denne arbejdsydelse.
77
Aktuarmæssige forudsætninger er objektive, hvis de hverken er uforsigtige eller overdrevent forsigtige.
78
Aktuarmæssige forudsætninger er indbyrdes forenelige, hvis de afspejler det økonomiske forhold mellem faktorer som inflation, lønstigninger 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.
79
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.
80
Økonomiske forudsætninger skal baseres på markedsforventninger ved regnskabsårets afslutning til den periode, som forpligtelserne skal indfries over.
Aktuarmæssige forudsætninger: Dødelighed
81
Virksomheden skal opgøre sine antagelser vedrørende dødelighed under henvisning til sit bedste skøn over dødeligheden blandt deltagere i pensionsordningen både under og efter ansættelsen.
82
For at beregne de endelige omkostninger til ydelsen tager virksomheden hensyn til forventede ændringer i dødeligheden, f.eks. ved at ændre standard dødelighedstabeller med skøn over forbedringer af dødeligheden.
Aktuarmæssige forudsætninger: Diskonteringssats
83
Den sats, der anvendes til diskontering af pensionsforpligtelser (både afdækkede og uafdækkede), skal opgøres med udgangspunkt i markedsafkastet ved regnskabsårets afslutning af erhvervsobligationer af høj kvalitet. For valutaer, hvor der ikke er noget omfattende marked for sådanne erhvervsobligationer af høj kvalitet, skal markedsafkastet (ved regnskabsårets afslutning) af statsobligationer i den pågældende valuta anvendes. Valuta og løbetid for erhvervs- eller statsobligationer skal stemme overens med valutaen og den skønnede løbetid for pensionsforpligtelserne.
84
Diskonteringssatsen er en aktuarmæssig forudsætning, som har en væsentlig virkning. Diskonteringssatsen afspejler den tidsmæssige værdi af penge, men ikke aktuarmæssig risiko eller investeringsrisiko. Desuden 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.
85
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.
86
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.
Aktuarmæssige forudsætninger: Lønninger, ydelser og sygesikringsomkostninger
87
Virksomheden skal måle sine ydelsesbaserede forpligtelser på et grundlag, der afspejler:
a)
ydelserne i henhold til pensionsordningens vilkår (eller hidrørende fra en faktisk forpligtelse, som ligger uden for disse vilkår) ved regnskabsårets afslutning
b)
alle skønnede fremtidige lønstigninger, der påvirker ydelserne
c)
virkningen af enhver begrænsning af arbejdsgiverens andel af omkostningerne i forbindelse med de fremtidige ydelser
d)
bidrag fra ansatte eller tredjeparter, der reducerer virksomhedens samlede omkostninger til disse ydelser, og
e)
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 regnskabsårets afslutning, 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 prisniveau eller generelle lønniveau.
88
Aktuarmæssige forudsætninger afspejler fremtidige ændringer i ydelser, som er anført i en pensionsordnings formelle vilkår (eller en faktisk forpligtelse, som ligger uden for disse vilkår) ved regnskabsårets afslutning. 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
b)
virksomheden er forpligtet i henhold til enten pensionsordningens formelle vilkår (eller en faktisk forpligtelse, som ligger uden for disse vilkår) eller lovgivningen til at anvende eventuel overdækning af pensionsordningen til fordel for deltagerne i pensionsordningen (jf. afsnit 108, litra c)), eller
c)
udbyttet varierer efter et præstationsmål eller andre kriterier. F.eks. kan vilkårene i ordningen angive, at der betales reducerede ydelser, eller at der kræves yderligere bidrag fra de ansatte, hvis ordningens aktiver er utilstrækkelige. Målingen af forpligtelsen afspejler det bedste skøn over virkningerne af præstationsmål eller andre kriterier.
89
De aktuarmæssige forudsætninger afspejler ikke fremtidige ændringer i ydelser, som ikke er i overensstemmelse med pensionsordningens formelle vilkår (eller en faktisk forpligtelse) ved regnskabsårets afslutning. 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.
90
Ved skøn over fremtidige lønstigninger tages inflation, anciennitet, forfremmelser og andre relevante forhold som udbud og efterspørgsel på arbejdsmarkedet i betragtning.
91
Nogle ydelsesbaserede pensionsordninger begrænser det bidrag, virksomheden skal betale. De endelige omkostninger til ydelsen tager højde for virkningen af en begrænsning af bidrag. Virkningen af en begrænsning af bidrag bestemmes over den korteste periode af:
a)
virksomhedens anslåede levetid og
b)
ordningens anslåede levetid.
92
Nogle ydelsesbaserede pensionsordninger kræver, at ansatte eller tredjeparter bidrager til ordningens omkostninger. Bidrag fra arbejdstagere mindsker ydelsesomkostningerne for virksomheden. En virksomhed vurderer, hvorvidt tredjeparters bidrag mindsker ydelsesomkostningerne for virksomheden, eller er en godtgørelsesret som beskrevet i afsnit 116. Bidrag fra ansatte eller tredjeparter er enten fastsat i henhold til pensionsordningens formelle vilkår (eller hidrører fra en faktisk forpligtelse, som ligger uden for disse vilkår), eller er skøn. Skønsmæssige bidrag fra ansatte eller tredjeparter reducerer pensionsomkostninger ved indbetaling af disse bidrag til ordningen.
93
Bidrag fra ansatte eller tredjeparter som fastsat i ordningens formelle vilkår reducerer enten pensionsomkostningerne (hvis de er tilknyttet arbejdsydelser), eller påvirker omvurderinger af den ydelsesbaserede nettopensionsforpligtelse (aktiv), (hvis de ikke er tilknyttet arbejdsydelser). Bidrag, som er nødvendige for at mindske underskuddet som følge af tab på ordningens aktiver eller aktuarmæssige tab, er eksempler på bidrag, som ikke er tilknyttet arbejdsydelser. Hvis bidrag fra arbejdstagere eller tredjeparter er tilknyttet arbejdsydelser, reducerer bidragene pensionsomkostningerne på følgende måde:
a)
hvis bidragenes størrelse afhænger af antallet af arbejdsår, skal en virksomhed henføre bidragene til arbejdsperioder ved hjælp af samme fordelingsprincip, som kræves i afsnit 70 for bruttoydelsen (dvs. enten pensionsordningens bidragssammensætning eller lineært), eller
b)
hvis bidragenes størrelse ikke afhænger af antallet af arbejdsår, kan virksomheden anerkende sådanne bidrag som en reduktion af pensionsomkostningerne i den periode, som de tilknyttede arbejdsydelser vedrører. Bidrag, som udgør en bestemt procentdel af arbejdstagerens løn, et fast beløb i hele arbejdsperioden eller et beløb, der afhænger af arbejdstagerens alder, er eksempler på bidrag, som ikke afhænger af antallet af arbejdsår.
Afsnit A1 indeholder anvendelsesvejledning i denne forbindelse.
94
For bidrag fra arbejdstagere eller tredjeparter, som henføres til arbejdsperioder i overensstemmelse med afsnit 93, litra a), medfører ændringer i bidragene:
a)
aktuelle pensionsomkostninger og pensionsomkostninger vedrørende tidligere regnskabsår (hvis ændringerne ikke er fastsat i en pensionsordnings formelle vilkår og ikke hidrører fra en faktisk forpligtelse), eller
b)
aktuarmæssige gevinster og tab (hvis ændringerne er fastsat i en pensionsordnings formelle vilkår eller hidrører fra en faktisk forpligtelse).
95
Visse pensionsydelser er knyttet til variabler som niveauet af offentlige fratrædelsesydelser eller offentlig sygesikring. Målingen af sådanne ydelser afspejler det bedste skøn over disse variabler baseret på historiske data og andre pålidelige informationer.
96
Forudsætninger om sygesikringsomkostninger skal tage skønnede fremtidige ændringer i sygesikringsomkostninger hidrørende både fra inflation eller specifikke ændringer i omkostninger til sygesikringsordninger i betragtning.
97
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.
98
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.
Pensionsomkostninger vedrørende tidligere regnskabsår og gevinster og tab ved indfrielse
99
Ved opgørelsen af pensionsomkostninger vedrørende tidligere regnskabsår eller gevinster eller tab ved indfrielse skal en virksomhed foretage en omvurdering af den ydelsesbaserede nettopensionsforpligtelse (aktiv) ved at anvende den nuværende dagsværdi af ordningens aktiver samt de aktuelle aktuarmæssige forudsætninger (herunder aktuelle markedsrenter og andre aktuelle markedsværdier), der afspejler:
a)
ydelserne under ordningen og ordningens aktiver inden ændring, nedskæring eller indfrielse af ordningen og
b)
ydelserne under ordningen og ordningens aktiver efter ændring, nedskæring eller indfrielse af ordningen.
100
En virksomhed behøver ikke skelne mellem pensionsomkostninger vedrørende tidligere regnskabsår som følge af ændringer i pensionsordningen, pensionsomkostninger vedrørende tidligere regnskabsår, som hidrører fra en nedskæring af ordningen, og gevinster eller tab ved indfrielse, hvis disse transaktioner finder sted sammen. I nogle tilfælde sker en ændring af ordningen før en indfrielse, f.eks. når virksomheden ændrer ydelserne under pensionsordningen og afregner de ændrede ydelser senere. I disse tilfælde skal en virksomhed indregne pensionsomkostninger vedrørende tidligere regnskabsår før gevinster eller tab ved indfrielse.
101
En indfrielse sker sammen med en ændring og nedskæring af ordningen, hvis en pensionsordning bringes til ophør, således at forpligtelsen indfries og pensionsordningen ophører med at eksistere. Dog er ophøret af en pensionsordning ikke en indfrielse, hvis pensionsordningen erstattes af en ny pensionsordning, hvis ydelser i realiteten er identiske.
101A
Hvis der indtræffer en ændring, nedskæring eller indfrielse, skal en virksomhed indregne og måle eventuelle pensionsomkostninger vedrørende tidligere regnskabsår eller gevinster eller tab ved indfrielse i overensstemmelse med afsnit 99-101 og afsnit 102-112. I den forbindelse skal en virksomhed ikke tage hensyn til virkningen af aktivets loft. En virksomhed skal i givet fald opgøre virkningen af aktivets loft efter ændringen af ordningen, nedskæringen eller indfrielsen og skal indregne eventuelle ændringer i den virkning i overensstemmelse med afsnit 57, litra d).
Pensionsomkostninger vedrørende tidligere regnskabsår
102
Pensionsomkostninger vedrørende tidligere regnskabsår er ændringer i nutidsværdien af den ydelsesbaserede pensionsforpligtelse som følge af en ændring eller nedskæring heraf.
103
Virksomheden skal indregne pensionsomkostninger vedrørende tidligere regnskabsår som en omkostning på den førstkommende af følgende datoer:
a)
når ændringen eller nedskæringen af ordningen finder sted, og
b)
når virksomheden indregner tilknyttet omstrukturering (jf. IAS 37) eller fratrædelsesgodtgørelser (jf. afsnit 165).
104
En ændring af ordningen opstår, når virksomheden indfører en ydelsesbaseret pensionsordning eller tilbagekalder eller ændrer ydelserne i henhold til en eksisterende ydelsesbaseret pensionsordning.
105
En nedskæring finder sted, når virksomheden væsentligt reducerer antallet af medarbejdere, der er omfattet af en pensionsordning. 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.
106
Pensionsomkostninger vedrørende tidligere regnskabsår kan være enten positive (hvor ydelser indføres eller ændres, således at nutidsværdien af den ydelsesbaserede pensionsforpligtelse stiger) eller negative (hvor eksisterende ydelser tilbagekaldes eller ændres, således at nutidsværdien af den ydelsesbaserede pensionsforpligtelse reduceres).
107
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.
108
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)
overvurdering 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 eller fra afkastet af ordningens aktiver, 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 88, og
d)
stigningen i sikrede ydelser (dvs. fordele, der ikke er betinget af fremtidig ansættelse, jf. afsnit 72), når ansatte i mangel af nye eller forbedrede ydelser opfylder retserhvervelseskrav (der foreligger ingen pensionsomkostninger vedrørende tidligere regnskabsår, idet virksomheden har indregnet de skønnede omkostninger til ydelser som pensionsomkostninger vedrørende det aktuelle regnskabsår i takt med, at arbejdsydelserne er udført).
Gevinster og tab ved indfrielse
109
Gevinsten eller tabet ved en indfrielse er forskellen mellem:
a)
nutidsværdien af den ydelsesbaserede pensionsforpligtelse, der fastlægges på indfrielsestidspunktet, og
b)
afregningsprisen, herunder ordningens eventuelle overførte aktiver og eventuelle betalinger, der er foretaget direkte af virksomheden i forbindelse med indfrielsen.
110
En virksomhed skal indregne en gevinst eller tab ved indfrielse af en ydelsesbaseret pensionsordning, når indfrielsen finder sted.
111
Indfrielse finder sted, når en virksomhed påbegynder en transaktion, hvorved alle yderligere retlige eller faktiske forpligtelser for alle eller en del af ydelserne i henhold til en ydelsesbaseret pensionsordning fjernes (bortset fra betaling af ydelser til eller på vegne af ansatte i henhold til pensionsordningens vilkår og medtaget i de aktuarmæssige forudsætninger). F.eks. er en engangsoverførsel af væsentlige arbejdsgiverforpligtelser under ordningen til et forsikringsselskab gennem køb af en forsikringspolice en indfrielse, hvorimod en kontant engangsudbetaling i henhold til ordningens vilkår til deltagere i pensionsordningen til gengæld for deres ret til at modtage specifikke pensionsydelser ikke er det.
112
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 46) til at betale yderligere beløb, hvis forsikringsgiveren ikke betaler de i forsikringspolicen specificerede personaleydelser. Afsnit 116-119 omhandler indregning og måling af godtgørelsesrettigheder i henhold til forsikringspolicer, som ikke er ordningens aktiver.
Indregning og måling: Ordningens aktiver
Dagsværdien af ordningens aktiver
113
Dagsværdien af ordningens aktiver fratrækkes nutidsværdien af den ydelsesbaserede pensionsforpligtelse ved opgørelsen af underskud eller overskud.
114
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.
115
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 forsikringspolicer at være nutidsværdien af tilknyttede forpligtelser (med eventuel reduktion, hvis de tilgodehavende beløb i henhold til forsikringspolicen ikke kan genindvindes fuldt ud).
Godtgørelser
116
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:
a)
indregne sin godtgørelsesret som et separat aktiv. Virksomheden skal måle aktivet til dagsværdi.
b)
opsplitte og anerkende ændringer i dagsværdien af sin godtgørelsesret på samme måde som for ændringer i dagsværdien for ordningens aktiver (jf. afsnit 124 og 125). Elementer af ydelsesbaserede nettopensionsomkostninger indregnet i overensstemmelse med afsnit 120 kan anerkendes efter fradrag af beløb vedrørende ændringer i den regnskabsmæssige værdi af retten til godtgørelse.
117
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 8, indgår i ordningens aktiver. Virksomheden behandler anvendelige forsikringspolicer regnskabsmæssigt på samme måde som alle ordningens andre aktiver, og afsnit 116 finder ikke anvendelse herpå (jf. afsnit 46-49 og 115).
118
Hvis en forsikringspolice, som besiddes af virksomheden, ikke er en anvendelig forsikringspolice, indgår den ikke i en ordnings aktiv. Afsnit 116 er relevant for sådanne tilfælde: Virksomheden indregner sin godtgørelsesret i henhold til forsikringspolicen som et separat aktiv frem for som en reduktion, når den opgør det ydelsesbaserede overskud eller underskud. Afsnit 140, litra b), kræver, at virksomheden giver en kort beskrivelse af forholdet mellem godtgørelsesretten og den tilknyttede forpligtelse.
119
Hvis godtgørelsesretten hidrører fra en forsikringspolice, som præcist 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 (med eventuel reduktion, hvis godtgørelsen ikke kan genindvindes fuldt ud).
Elementer af den ydelsesbaserede pensionsomkostning
120
Virksomheden skal indregne elementerne af den ydelsesbaserede pensionsomkostning, medmindre en anden IFRS-standard kræver eller tillader, at disse beløb optages i et aktivs kostpris som følger:
a)
pensionsomkostninger (jf. afsnit 66-112 og afsnit 122A) i resultatet,
b)
nettorenter af den ydelsesbaserede nettopensionsforpligtelse (aktiv) (se afsnit 123-126) i resultatet og
c)
omvurderinger af den ydelsesbaserede nettopensionsforpligtelse (aktiv) (jf. afsnit 127-130) i anden totalindkomst.
121
Andre IFRS-standarder kræver medtagelse af visse omkostninger vedrørende personaleydelser i kostprisen af aktiver, eksempelvis varebeholdninger eller materielle anlægsaktiver (jf. IAS 2 og IAS 16). Omkostninger vedrørende pensionsydelser medtaget i sådanne aktivers kostpris omfatter den relevante andel af de i afsnit 120 nævnte elementer.
122
Omvurderinger af den ydelsesbaserede nettopensionsforpligtelse (aktiv), indregnet i anden totalindkomst, skal ikke omklassificeres til resultatet i et efterfølgende regnskabsår. Men virksomheden kan overføre de beløb, der er indregnet i anden totalindkomst, til egenkapitalen.
Pensionsomkostninger vedrørende det aktuelle regnskabsår
122A
En virksomhed skal opgøre pensionsomkostninger vedrørende det aktuelle regnskabsår ved at anvende de aktuelle aktuarmæssige forudsætninger ved begyndelsen af regnskabsåret. Hvis en virksomhed imidlertid foretager en omvurdering af den ydelsesbaserede nettopensionsforpligtelse (aktiv) i overensstemmelse med afsnit 99, skal den opgøre pensionsomkostninger vedrørende den resterende del af det aktuelle regnskabsår efter ændringen af ordningen, nedskæringen eller indfrielsen ved at anvende de aktuarmæssige forudsætninger, der blev anvendt til at foretage omvurderingen af den ydelsesbaserede nettopensionsforpligtelse (aktiv) i overensstemmelse med afsnit 99, litra b).
Nettorenter af den ydelsesbaserede nettopensionsforpligtelse (aktiv)
123
En virksomhed skal bestemme nettorenter af den ydelsesbaserede nettopensionsforpligtelse (aktiv) ved at multiplicere den ydelsesbaserede pensionsforpligtelse (aktiv) med den diskonteringssats, der er fastsat i afsnit 83.
123A
Med henblik på at bestemme nettorenter i overensstemmelse med afsnit 123 skal en virksomhed anvende den ydelsesbaserede nettopensionsforpligtelse (aktiv) og diskonteringssatsen ved begyndelsen af regnskabsåret. Hvis en virksomhed imidlertid foretager en omvurdering af den ydelsesbaserede nettopensionsforpligtelse (aktiv) i overensstemmelse med afsnit 99, skal virksomheden bestemme nettorenter for den resterende del af regnskabsåret efter ændringen af ordningen, nedskæringen eller indfrielsen ved hjælp af:
a)
den ydelsesbaserede nettopensionsforpligtelse (aktiv) fastsat i overensstemmelse med afsnit 99, litra b) og
b)
den diskonteringssats, der anvendes til at foretage en omvurdering af den ydelsesbaserede nettopensionsforpligtelse (aktiv) i overensstemmelse med afsnit 99, litra b).
Ved anvendelse af afsnit 123A skal virksomheden også tage hensyn til ændringer i den ydelsesbaserede nettopensionsforpligtelse (aktiv) i perioden som følge af bidrag eller udbetaling af ydelser.
124
Nettorenter af den ydelsesbaserede nettopensionsforpligtelse (aktiv) kan betragtes som bestående af renteindtægter fra ordningens aktiver, renteomkostninger på den ydelsesbaserede pensionsforpligtelse og renter på virkningen af aktivets loft, der er nævnt i afsnit 64.
125
Renteindtægter på ordningens aktiver er et element af afkastet på ordningens aktiver og bestemmes ved at multiplicere dagsværdien af ordningens aktiver med den diskonteringssats, der er fastsat i afsnit 123A. En virksomhed skal bestemme dagsværdien af ordningens aktiver ved begyndelsen af regnskabsåret. Hvis en virksomhed imidlertid foretager en omvurdering af den ydelsesbaserede nettopensionsforpligtelse (aktiv) i overensstemmelse med afsnit 99, skal den bestemme renteindtægten for den resterende del af det aktuelle regnskabsår efter ændringen af ordningen, nedskæringen eller indfrielsen ved at anvende ordningens aktiver, der blev anvendt til at foretage omvurderingen af den ydelsesbaserede nettopensionsforpligtelse (aktiv) i overensstemmelse med afsnit 99, litra b). Ved anvendelse af afsnit 125 skal virksomheden også tage hensyn til ændringer i ordningens aktiver, der besiddes i regnskabsåret, som følge af bidrag eller udbetaling af ydelser. Forskellen mellem renteindtægter på ordningens aktiver og afkastet af ordningens aktiver er medtaget i omvurderingen af den ydelsesbaserede nettopensionsforpligtelse (aktiv).
126
Renter på virkningen af aktivets loft er en del af den samlede ændring i virkningen af aktivets loft og bestemmes ved at multiplicere virkningen af aktivets loft med den diskonteringssats, der er fastsat i afsnit 123A. En virksomhed skal bestemme virkningen af aktivets loft ved begyndelsen af regnskabsåret. Hvis en virksomhed imidlertid foretager en omvurdering af den ydelsesbaserede nettopensionsforpligtelse (aktiv) i overensstemmelse med afsnit 99, skal den bestemme renten på virkningen af aktivets loft for den resterende del af det aktuelle regnskabsår efter ændringen af ordningen, nedskæringen eller indfrielsen ved at tage højde for enhver ændring i virkningen af aktivets loft, der er fastsat i overensstemmelse med afsnit 101A. Forskellen mellem renten på virkningen af aktivets loft og den samlede ændring i virkningen af aktivets loft er medtaget i omvurderingen af den ydelsesbaserede nettopensionsforpligtelse (aktiv).
Omvurderinger af den ydelsesbaserede nettopensionsforpligtelse (aktiv)
127
Omvurderinger af den ydelsesbaserede nettopensionsforpligtelse (aktiv) omfatter:
a)
aktuarmæssige gevinster og tab (jf. afsnit 128 og 129)
b)
afkast af ordningens aktiver (jf. afsnit 130), bortset fra de beløb, der indgår i nettorenter af den ydelsesbaserede nettopensionsforpligtelse (aktiv) (jf. afsnit 125), og
c)
enhver ændring i virkningen af aktivets loft, bortset fra de beløb, der indgår i nettorenter på den ydelsesbaserede nettopensionsforpligtelse (aktiv) (jf. afsnit 126).
128
Aktuarmæssige gevinster og tab opstår som følge af stigninger eller fald i nutidsværdien af den ydelsesbaserede pensionsforpligtelse som følge af ændringer i aktuarmæssige forudsætninger og erfaringsbaserede justeringer. 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 antagelserne vedrørende mulighederne for ydelsesbetalinger
c)
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, og
d)
virkningen af ændringer i diskonteringssatsen.
129
Aktuarmæssige gevinster og tab omfatter ikke ændringer i nutidsværdien af den ydelsesbaserede pensionsforpligtelse som følge af indførelse, ændring, nedskæring eller indfrielse af en ydelsesbaseret pensionsordning eller ændringer af ydelserne i henhold til de ydelsesbaserede pensionsordninger. Sådanne ændringer medfører pensionsomkostninger vedrørende tidligere regnskabsår eller gevinster eller tab på indfrielse.
130
For afkast af ordningens aktiver fratrækker virksomheden de omkostninger til administration af ordningens aktiver, og enhver skat, der skal betales af selve ordningen, bortset fra skat medtaget i de aktuarmæssige forudsætninger, der er anvendt til målingen af den ydelsesbaserede pensionsforpligtelse (afsnit 76). Andre administrationsomkostninger er ikke fratrukket i afkastet af ordningens aktiver.
Præsentation
Modregning
131
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.
132
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
133
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.
Elementer af den ydelsesbaserede pensionsomkostning
134
Afsnit 120 kræver, at virksomheden indregner pensionsomkostninger og nettorenter på den ydelsesbaserede nettopensionsforpligtelse (aktiv) i resultatet. Denne standard angiver ikke, hvordan virksomheden skal præsentere pensionsomkostninger og nettorenter i forbindelse med den ydelsesbaserede nettopensionsforpligtelse (aktiv). Virksomheden skal præsentere disse elementer i henhold til IAS 1.
Oplysninger
135
Virksomheden skal give oplysninger, der:
a)
forklarer karakteristika for virksomhedens ydelsesbaserede pensionsordninger og dermed forbundne risici (jf. afsnit 139)
b)
identificerer og redegør for beløb i årsregnskabet, som hidrører fra sine ydelsesbaserede pensionsordninger (se afsnit 140-144), og
c)
beskriver, hvordan virksomhedens ydelsesbaserede pensionsordninger kan påvirke den beløbsmæssige størrelse, tidspunkterne for og usikkerheden forbundet med virksomhedens fremtidige pengestrømme (jf. afsnit 145-147).
136
En virksomhed skal overveje alle følgende forhold for at opfylde målene i afsnit 135:
a)
den detaljeringsgrad, der er nødvendig for at opfylde oplysningskravene
b)
hvor meget vægt, der skal lægges på de enkelte krav
c)
hvor meget samling eller opdeling der skal foretages, og
d)
hvorvidt brugere af årsregnskabet har behov for yderligere oplysninger for at vurdere de kvantitative oplysninger, der afgives.
137
Hvis oplysningerne afgivet i henhold til denne IFRS-standard og andre IFRS-standarder er utilstrækkelige til at opfylde målene i afsnit 135, skal en virksomhed afgive yderligere oplysninger, der er nødvendige for at opfylde disse mål. F.eks. kan en virksomhed præsentere en analyse af nutidsværdien af den ydelsesbaserede pensionsforpligtelse, der opdeler art, karakteristika og risici forbundet med forpligtelsen. I forbindelse med sådanne oplysninger kan der sondres:
a)
mellem beløb som følge af aktive medlemmer, medlemmer med opsat pensionsret samt pensionsmodtagere
b)
mellem sikrede ydelser og påløbne, men ikke sikrede ydelser
c)
mellem betingede ydelser samt beløb, som kan henføres til fremtidige lønforhøjelser, og andre ydelser.
138
En virksomhed skal vurdere, hvorvidt alle eller nogle oplysninger bør opdeles med henblik på at kunne skelne ordninger eller grupper af ordninger fra væsentligt forskellige risici. Eksempelvis kan virksomheden opdele oplysninger vedrørende ordninger, der viser en eller flere af følgende egenskaber:
a)
forskellige geografiske steder
b)
forskellige karakteristika såsom pensionsordninger beregnet ud fra en fast løn og pensionsordninger beregnet ud fra slutlønnen og sygesikringsordninger efter fratrædelse
c)
forskellige reguleringsmiljøer
d)
forskellige regnskabssegmenter
e)
forskellige finansieringsordninger (f.eks. helt uafdækkede, helt eller delvist finansierede).
Karakteristika for ydelsesbaserede pensionsordninger og dermed forbundne risici
139
En virksomhed skal oplyse følgende:
a)
oplysninger om karakteristika ved sine ydelsesbaserede pensionsordninger, herunder:
i)
arten af de ydelser, der indgår i ordningen (eksempelvis ydelsesbaseret pensionsordning beregnet ud fra slutlønnen eller bidragsbaseret ordning med garanti)
ii)
en beskrivelse af de retlige rammer, inden for hvilke ordningen opererer, f.eks. eventuelle mindstekapitalkrav, og enhver virkning af regelsættet på ordningen, f.eks. aktivets loft (jf. afsnit 64)
iii)
en beskrivelse af enhver anden virksomheds ansvar for styring af ordningen, f.eks. ansvar for trustees eller bestyrelsesmedlemmer
b)
en beskrivelse af, hvilke risici pensionsordningen indebærer for virksomheden, hvor der fokuseres på alle usædvanlige, virksomhedsspecifikke eller ordningsspecifikke risici, og af eventuelle væsentlige koncentrationer af risici. Hvis ordningens aktiver eksempelvis hovedsageligt investeres i én kategori af investeringer, f.eks. fast ejendom, kan ordningen udsætte virksomheden for en koncentration af risici, der er relateret til ejendomsmarkedet
c)
en beskrivelse af ordningens ændringer, nedskæringer og indfrielser.
Forklaring af beløb i årsregnskabet
140
Virksomheden skal præsentere en afstemning fra primo- til ultimostatus for hver af følgende, hvor det er relevant:
a)
den ydelsesbaserede nettopensionsforpligtelse (aktiv) med separate afstemninger for:
i)
ordningens aktiver
ii)
nutidsværdien af den ydelsesbaserede pensionsforpligtelse
iii)
virkningen af aktivets loft
b)
en eventuel godtgørelsesret. En virksomhed skal også beskrive forholdet mellem godtgørelsesretten og den tilknyttede forpligtelse.
141
Hver afstemning, der er anført i afsnit 140, skal vise hver af følgende, hvor det er relevant:
a)
pensionsomkostninger vedrørende det aktuelle regnskabsår
b)
renteindtægter eller -omkostninger
c)
omvurderinger af den ydelsesbaserede nettopensionsforpligtelse (aktiv), som separat viser:
i)
afkastet på ordningens aktiver, bortset fra de beløb, der indgår i renter i litra b)
ii)
aktuarmæssige gevinster og tab fra ændringer i de demografiske forudsætninger (jf. afsnit 76, litra a))
iii)
aktuarmæssige gevinster og tab fra ændringer i de demografiske forudsætninger (jf. afsnit 76. litra b))
iv)
ændringer i virkningen af en begrænsning af et ydelsesbaseret nettopensionsaktiv til aktivets loft, bortset fra de beløb, der indgår i renter i litra b). En virksomhed skal også oplyse, hvordan den fastsatte de maksimale økonomiske fordele, der er tilgængelige, f.eks. om disse fordele ville blive i form af eksportrestitutioner, reduktioner i fremtidige bidrag eller en kombination af begge
d)
pensionsomkostninger vedrørende tidligere regnskabsår og gevinster og tab fra indfrielser. Som tilladt i henhold til afsnit 100 behøver pensionsomkostninger vedrørende tidligere regnskabsår og gevinster og tab fra indfrielser ikke at være adskilt, hvis de optræder sammen
e)
valutaomregning
f)
bidrag til pensionsordningen med særskilt angivelse af de bidrag, som hhv. arbejdsgiveren og deltagerne i en pensionsordning indbetaler til ordningen
g)
betalinger fra ordningen med særskilt angivelse af det beløb, der er betalt i forbindelse med indfrielser
h)
virkningerne af virksomhedssammenslutninger og afhændelser.
142
Virksomheden skal opdele dagsværdien af ordningens aktiver i kategorier, hvor der sondres mellem arten af og risiciene ved disse aktiver, og hvor hver kategori af aktiver underinddeles i dem, der har en officiel markedskurs på et aktivt marked (som defineret i IFRS 13 
Måling til dagsværdi
), og dem, der ikke har. Eksempelvis og i betragtning af oplysningsniveauet i afsnit 136 skal en virksomhed kunne skelne mellem:
a)
likvide beholdninger og tilsvarende likvide midler
b)
egenkapitalinstrumenter (opdelt efter erhvervstype, virksomhedsstørrelse, geografisk tilhørsforhold osv.)
c)
gældsinstrumenter (opdelt efter typen af udsteder, kreditkvalitet, geografisk tilhørsforhold osv.)
d)
fast ejendom (fordelt efter geografisk tilhørsforhold osv.)
e)
afledte finansielle instrumenter (opdelt efter type af underliggende risiko i kontrakten, f.eks. rentekontrakter, valutakontrakter, egenkapitalkontrakter, kreditaftaler, swaps med lang løbetid osv.)
f)
investeringsfonde (opdelt efter type)
g)
værdipapirer med sikkerhed i aktiver og
h)
struktureret gæld.
143
Virksomheden skal oplyse dagsværdien af virksomhedens egne omsættelige finansielle instrumenter, der besiddes som ordningens aktiver, og dagsværdien af ordningens aktiver, der er ejendomme eller andre aktiver, som anvendes af virksomheden.
144
Virksomheden skal oplyse de væsentlige aktuarmæssige forudsætninger, der er anvendt til at opgøre nutidsværdien af den ydelsesbaserede pensionsforpligtelse (jf. afsnit 76). En sådan oplysning skal angives i absolutte tal (eksempelvis en absolut procentsats og ikke kun som en margin mellem forskellige procentsatser eller andre variabler). Når virksomheden præsenterer oplysninger samlet for en gruppering af ordninger, skal den give sådanne oplysninger i form af vægtede gennemsnit eller forholdsvist snævre spænd.
Beløbsmæssig størrelse, tidspunkt og usikkerhed forbundet med fremtidige pengestrømme
145
En virksomhed skal oplyse følgende:
a)
en følsomhedsanalyse for hver væsentlig aktuarmæssig forudsætning (som angivet under afsnit 144) ved regnskabsårets afslutning med angivelse af, hvordan den ydelsesbaserede pensionsforpligtelse ville være blevet påvirket af ændringer i den relevante aktuarmæssige forudsætning, som var rimeligt sandsynlig på det tidspunkt
b)
de metoder og forudsætninger, der er anvendt ved udarbejdelsen af følsomhedsanalyser, der er fastsat i litra a), samt begrænsningerne ved disse metoder
c)
ændringer fra den foregående periode i de metoder og forudsætninger, der er anvendt ved udarbejdelsen af følsomhedsanalyser, og årsagerne til sådanne ændringer.
146
Virksomheden skal give en beskrivelse af eventuelle matchende strategier for aktiv-passiv sammenhæng, der anvendes af ordningen eller virksomheden, herunder anvendelse af annuiteter og andre metoder, såsom swaps med lang løbetid, med henblik på risikostyring.
147
For at give en indikation af virkningen af den ydelsesbaserede pensionsordning på virksomhedens fremtidige pengestrømme skal virksomheden oplyse:
a)
en beskrivelse af eventuelle finansieringsordninger og støttepolitik, der påvirker fremtidige bidrag
b)
de forventede bidrag til ordningen for næste regnskabsår
c)
oplysninger om forfaldsprofil for den ydelsesbaserede pensionsforpligtelse. Dette vil omfatte den vægtede gennemsnitlige varighed af den ydelsesbaserede pensionsforpligtelse og kan omfatte andre oplysninger om fordelingen af timingen af ydelser, f.eks. en løbetidsanalyse af ydelserne.
Pensionsordninger med flere virksomheder
148
Hvis en virksomhed deltager i en ydelsesbaseret pensionsordning med flere virksomheder, skal den oplyse:
a)
en beskrivelse af de finansieringsordninger, herunder den metode, der anvendes til at fastlægge virksomhedens sats for bidrag og ethvert mindstekapitalkrav
b)
en beskrivelse af, i hvilket omfang virksomheden kan pålægges ordningen for andre virksomheders forpligtelser i henhold til vilkår og betingelser for pensionsordning med flere virksomheder
c)
en beskrivelse af en eventuel aftalt fordeling af et underskud eller overskud på:
i)
ordningens afvikling eller
ii)
virksomhedens udtræden af ordningen
d)
hvis virksomheden regnskabsmæssigt behandler ordningen som en bidragsbaseret pensionsordning i overensstemmelse med afsnit 34, skal den oplyse følgende, ud over de oplysninger, der kræves i henhold til litra a)-c), og i stedet for de oplysninger, der kræves i afsnit 139-147:
i)
at pensionsordningen er en ydelsesbaseret pensionsordning
ii)
grunden til, at der ikke er tilstrækkelige oplysninger til rådighed til, at virksomheden er i stand til regnskabsmæssigt at behandle pensionsordningen som en ydelsesbaseret pensionsordning
iii)
de forventede bidrag til ordningen for næste regnskabsår
iv)
oplysninger om eventuelle underskud eller overskud i ordningen, som kan påvirke den beløbsmæssige størrelse af fremtidige bidrag, herunder det anvendte grundlag for opgørelsen af det pågældende underskud og overskud, og eventuelle konsekvenser for virksomheden
v)
en angivelse af graden af deltagelse i virksomheden i ordningen sammenlignet med andre deltagende virksomheder. Eksempler på foranstaltninger, som kan sikre en sådan angivelse, omfatter virksomhedens andel af de samlede bidrag til ordningen eller virksomhedens andel af det samlede antal aktive medarbejdere, pensionerede medarbejdere og tidligere medarbejderes ret til ydelser, hvis disse oplysninger foreligger.
Ydelsesbaserede pensionsordninger, som deler risici mellem forskellige virksomheder under samme bestemmende indflydelse
149
Hvis en virksomhed deltager i en ydelsesbaseret pensionsordning, hvor risikoen deles mellem virksomheder under samme bestemmende indflydelse, skal den oplyse:
a)
den kontrakt eller konkrete politik, ifølge hvilken den ydelsesbaserede nettopensionsomkostning pålægges, eller oplysning om, at en sådan politik ikke foreligger
b)
den politik, som afgør størrelsen af det bidrag, virksomheden skal betale
c)
hvis virksomheden regnskabsmæssigt behandler en allokering af den ydelsesbaserede nettopensionsomkostning som anført i afsnit 41, alle oplysninger vedrørende ordningen som helhed, der kræves i punkt 135-147
d)
hvis virksomheden regnskabsmæssigt behandler det forfaldne bidrag for regnskabsåret som anført i afsnit 41, de oplysninger om ordningen som helhed, der kræves i afsnit 135-137, 139, 142-144 og 147, litra a) og b).
150
De oplysninger, som kræves i afsnit 149, litra c) og d), kan videregives ved krydshenvisning til oplysninger i en anden koncernvirksomheds årsregnskab, hvis:
a)
denne koncernvirksomheds årsregnskab særskilt identificerer og oplyser om de krævede oplysninger om ordningen, og
b)
denne koncernvirksomheds årsregnskab er tilgængeligt for regnskabsbrugere på samme vilkår som virksomhedens årsregnskab og samtidig med eller før virksomhedens årsregnskab.
Oplysningskrav i andre IFRS-standarder
151
Når det kræves af IAS 24, skal virksomheden oplyse følgende:
a)
transaktioner med nærtstående parter vedrørende pensionsordninger og
b)
pensionsydelser til nøglepersoner i ledelsen.
152
Når det kræves af IAS 37, skal virksomheden give oplysning om eventualforpligtelser hidrørende fra pensionsforpligtelser.
ANDRE LANGSIGTEDE PERSONALEYDELSER
153
Andre langsigtede personaleydelser omfatter følgende, hvis de ikke forventes at skulle betales fuldt ud inden tolv måneder efter det regnskabsår, hvor de ansatte har udført de tilknyttede arbejdsydelser:
a)
langfristet betalt fravær, eksempelvis anciennitets- eller sabbatorlov
b)
jubilæums- eller andre anciennitetsydelser
c)
langsigtede invaliditetsydelser
d)
overskudsdeling og bonus og
e)
udskudt honorar.
154
Målingen af andre langsigtede personaleydelser er normalt ikke forbundet med den samme grad af usikkerhed som målingen af pensionsydelser. Denne standard kræver derfor en forenklet metode til den regnskabsmæssige behandling af andre langsigtede personaleydelser. Til forskel fra den krævede regnskabsmæssige behandling af pensionsydelser anerkender denne metode ikke omvurderinger i anden totalindkomst.
Indregning og måling
155
Ved indregning og måling af over- eller underskud i
 andre 
langsigtede personaleydelsesordninger skal virksomheden anvende afsnit 56-98 og 113-115. Virksomheden skal anvende afsnit 116-119 ved indregning og måling af en eventuel godtgørelsesret.
156
For andre langsigtede personaleydelser skal virksomheden indregne følgende nettobeløb i resultatet, medmindre en anden IFRS-standard kræver eller tillader, at disse beløb optages i et aktivs kostpris:
a)
pensionsomkostninger (jf. afsnit 66-112 og afsnit 122A)
b)
nettorenter af den ydelsesbaserede nettopensionsforpligtelse (aktiv) (jf. afsnit 123-126) og
c)
omvurderinger af den ydelsesbaserede nettopensionsforpligtelse (aktiv) (jf. afsnit 127-130).
157
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
158
Selv om denne standard ikke kræver specifikke oplysninger om langsigtede personaleydelser, kan andre IFRS-standarder kræve sådanne oplysninger. Eksempelvis kræver IAS 24 oplysning om personaleydelser til nøglepersoner i ledelsen. IAS 1 kræver oplysning om omkostninger til personaleydelser.
FRATRÆDELSESGODTGØRELSER
159
Denne standard omhandler fratrædelsesgodtgørelser separat fra andre personaleydelser, idet den begivenhed, der medfører en forpligtelse, er ansættelsesforholdets ophør frem for arbejdsydelser. Fratrædelsesgodtgørelser skyldes enten en virksomheds beslutning om at opsige ansættelsesforholdet eller medarbejderens beslutning om at acceptere en virksomheds tilbud om ydelser til gengæld for ophævelsen af beskæftigelsen.
160
Fratrædelsesgodtgørelser omfatter ikke personaleydelser som følge af ansættelsesforholdets ophør på den ansattes anmodning uden en virksomheds tilbud, eller som følge af obligatoriske pensionsalderskrav, fordi disse ydelser er 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. Forskellen mellem ydelsen ved ansættelsesforholdets ophør på den ansattes anmodning og en højere ydelse på foranledning af virksomheden er en fratrædelsesgodtgørelse.
161
Formen af personaleydelsen bestemmer ikke, hvorvidt den er leveret til gengæld for en arbejdsydelse eller til gengæld for ansættelsesforholdets ophør. Fratrædelsesgodtgørelser er typisk engangsudbetalinger, men de kan undertiden også omfatte:
a)
forbedring af pensionsydelser, enten indirekte gennem en pensionsordning eller direkte
b)
løn indtil udgangen af en specificeret opsigelsesperiode, hvis den ansatte ikke udfører yderligere arbejdsydelser, som tilfører virksomheden økonomiske fordele.
162
Indikatorer af, at en personaleydelse gives til gengæld for arbejdsydelser, omfatter følgende:
a)
ydelsen er betinget af fremtidige arbejdsydelser (herunder ydelser, der øges, hvis der ydes yderligere arbejdsydelser)
b)
ydelsen ydes i overensstemmelse med vilkårene i en pensionsordning.
163
Nogle fratrædelsesgodtgørelser er fastsat i overensstemmelse med vilkårene for en eksisterende pensionsordning. F.eks. kan de specificeres ved lov, ansættelseskontrakt eller fagforeningsaftale, eller kan være implicitte som følge af arbejdsgiverens tidligere praksis med at give lignende fordele. Et andet eksempel er, hvis en virksomhed fremsætter et tilbud om ydelser i mere end en kort periode, eller hvis der er mere end en kortvarig periode mellem tilbuddet og den forventede dato for ansættelsesforholdets faktiske ophør. I så tilfælde skal virksomheden vurdere, hvorvidt den har etableret en ny pensionsordning, og dermed hvorvidt ydelserne i henhold til denne ordning er fratrædelsesgodtgørelser eller pensionsydelser. Personaleydelser i henhold til en pensionsordning er fratrædelsesgodtgørelser, hvis de begge er resultatet af en virksomheds beslutning om at bringe en medarbejders ansættelsesforhold til ophør og ikke er betinget af fremtidige arbejdsydelser.
164
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.
Indregning
165
Virksomheden skal indregne en forpligtelse og omkostninger til fratrædelsesydelser på den førstkommende af følgende datoer:
a)
når virksomheden ikke længere kan tilbagekalde tilbuddet om disse ydelser, og
b)
når virksomheden indregner omkostninger for en omstrukturering, der falder inden for anvendelsesområdet for IAS 37, og som indebærer betaling af fratrædelsesgodtgørelser.
166
For fratrædelsesgodtgørelser, der skal betales som følge af en medarbejders beslutning om at acceptere tilbuddet om ydelser til gengæld for ansættelsesforholdets ophør, er det tidspunkt, hvor en virksomhed ikke længere kan tilbagekalde tilbuddet om fratrædelsesgodtgørelser, det førstkommende af:
a)
tidspunktet for arbejdstagerens accept af tilbuddet og
b)
tidspunktet for, hvornår en begrænsning (f.eks. et juridisk, lovgivningsmæssigt eller kontraktmæssigt krav eller andre restriktioner) vedrørende virksomhedens evne til at tilbagekalde tilbuddet får virkning. Dette ville være, når tilbuddet er fremsat, hvis begrænsningen bestod på tidspunktet for afgivelsen af tilbuddet.
167
For fratrædelsesgodtgørelser, der skal betales som følge af virksomhedens beslutning om at afskedige en ansat, kan virksomheden ikke længere tilbagekalde tilbuddet, når virksomheden har meddelt de berørte arbejdstagere en plan for opsigelsen, der opfylder samtlige af følgende kriterier:
a)
Foranstaltninger, der er nødvendige for at gennemføre planen viser, at det er usandsynligt, at der vil blive foretaget væsentlige ændringer af planen.
b)
Planen identificerer antallet af ansatte, hvis ansættelse ophører, jobklassifikationer eller funktioner og deres placering (men planen behøver ikke at identificere hver enkelt ansat) og den forventede afslutningsdato.
c)
Planen fastlægger fratrædelsesgodtgørelser, som arbejdstagerne vil modtage i tilstrækkelige detaljer, således at arbejdstagerne kan fastslå typen og omfanget af de ydelser, de vil modtage, når deres ansættelsesforhold er bragt til ophør.
168
Når virksomheden indregner fratrædelsesgodtgørelser, må virksomheden eventuelt også tage højde for en ændring eller en nedskæring af andre personaleydelser (jf. afsnit 103).
Måling
169
Virksomheden skal måle fratrædelsesgodtgørelser ved første indregning, og den skal måle og anerkende senere ændringer i overensstemmelse med arten af personaleydelsen under forudsætning af, at hvis fratrædelsesgodtgørelserne er en forbedring af pensionsydelser, skal virksomheden anvende kravene til pensionsydelser. I andre tilfælde gælder det, at:
a)
hvis fratrædelsesgodtgørelser forventes indfriet fuldt ud inden tolv måneder efter det regnskabsår, hvor fratrædelsesgodtgørelsen er indregnet, skal virksomheden anvende kravene til kortsigtede personaleydelser
b)
hvis fratrædelsesgodtgørelserne ikke forventes at blive indfriet fuldt ud inden tolv måneder efter afslutningen af regnskabsåret, skal virksomheden anvende kravene for andre langsigtede personaleydelser.
170
Da fratrædelsesgodtgørelser ikke ydes til gengæld for arbejdsydelser, er afsnit 70-74 vedrørende tildeling af ydelsen i forhold til antallet af arbejdsår ikke relevante.
Eksempel til illustration af afsnit 159-170
Baggrund:
Som følge af en nylig erhvervelse planlægger en virksomhed at lukke en fabrik i ti måneder og på dette tidspunkt at afskedige alle de resterende ansatte på fabrikken. Da virksomheden behøver de ansattes ekspertise på fabrikken for at kunne færdiggøre nogle kontrakter, fremlægger den nedenstående plan for opsigelse.
Hver enkelt ansat, der bliver i virksomheden og udfører arbejdsydelser, indtil fabrikken lukker, modtager et kontant beløb på 30000 CU på fratrædelsesdagen. Ansatte, der forlader virksomheden, inden fabrikken lukker, modtager 10000 CU.
Der er 120 ansatte på fabrikken. På tidspunktet for offentliggørelsen af planen forventer virksomheden, at 20 ansatte vil forlade virksomheden inden lukningen af fabrikken. Derfor forventes de samlede udgående pengestrømme i henhold til planen at udgøre 3200000 CU (dvs. 20 × 10000 CU + 100 × 30000 CU). Som foreskrevet i afsnit 160 skal virksomheden regnskabsmæssigt fordele ydelser til gengæld for ansættelsesforholdets ophør som fratrædelsesgodtgørelser, og den skal regnskabsmæssigt fordele ydelser til gengæld for arbejdsydelser som kortsigtede personaleydelser.
Fratrædelsesgodtgørelser
Den ydelse, der udbetales til gengæld for ansættelsesforholdets ophør, er på 10000 CU. Det er dette beløb, som virksomheden ville skulle betale for at bringe ansættelsesforholdet til ophør, uanset om de ansatte bliver og udfører arbejdsydelser, indtil fabrikken lukker, eller om de forlader virksomheden før lukningen. Selv om de ansatte kan forlade virksomheden, inden fabrikken lukker, er afskedigelsen af alle ansatte et resultat af virksomhedens beslutning om at lukke fabrikken og bringe deres ansættelsesforhold til ophør (dvs., at alle ansatte forlader virksomheden, når fabrikken lukker). Derfor indregner virksomheden en forpligtelse på 1200000 CU (dvs. 120 x 10000 CU) til fratrædelsesgodtgørelser, der ydes i overensstemmelse med personaleydelsesplanen på det førstkommende tidspunkt for, hvornår planen for opsigelse offentliggøres, og for, hvornår virksomheden indregner de omstruktureringsomkostninger, der er forbundet med lukningen af fabrikken.
Ydelser, der udbetales til gengæld for arbejdsydelser
De merydelser, som de ansatte vil modtage, hvis de udfører arbejdsydelser i den fulde ti måneders periode, sker til gengæld for de arbejdsydelser, der udføres i denne periode. Virksomheden behandler dem regnskabsmæssigt som kortsigtede personaleydelser, fordi virksomheden forventer at indfri dem inden tolv måneder efter regnskabsårets afslutning. I dette eksempel er der ikke noget krav om tilbagediskontering, således at en udgift på 200000 CU (dvs. 2000000 CU ÷ 10) er indregnet i den enkelte måned i arbejdsperioden på ti måneder med en tilsvarende forøgelse af forpligtelsens regnskabsmæssige værdi.
Oplysninger
171
Selv om denne standard ikke kræver specifikke oplysninger om fratrædelsesgodtgørelser, kan andre IFRS-standarder kræve oplysninger. Eksempelvis kræver IAS 24 oplysning om personaleydelser til nøglepersoner i ledelsen. IAS 1 kræver oplysning om omkostninger til personaleydelser.
OVERGANG OG IKRAFTTRÆDELSESTIDSPUNKT
172
Virksomheder skal anvende denne standard for regnskabsår, som begynder den 1. januar 2013 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender denne standard for et tidligere regnskabsår, skal den oplyse herom.
173
Virksomheder skal anvende denne standard med tilbagevirkende kraft i overensstemmelse med IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
, bortset fra at:
a)
en virksomhed ikke skal regulere den regnskabsmæssige værdi af aktiver uden for denne standards anvendelsesområde for ændringer i omkostninger vedrørende personaleydelser, som var medtaget i den regnskabsmæssige værdi før tidspunktet for den oprindelige anvendelse. Tidspunktet for den oprindelige ansøgning er begyndelsen af det første regnskabsår, der præsenteres i det første årsregnskab, hvor virksomheden anvender denne standard
b)
en virksomhed ikke behøver at præsentere sammenligningstal vedrørende de oplysninger, der kræves i afsnit 145 om følsomheden af den ydelsesbaserede pensionsforpligtelse i årsregnskaber for regnskabsår, som begynder før den 1. januar 2014.
174
IFRS 13, udstedt i maj 2011, medførte en ændring af definitionen af dagsværdi i afsnit 8 og af afsnit 113. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 13.
175
Ydelsesbaserede pensionsordninger: Arbejdstagerbidrag
 (Ændringer af IAS 19), udstedt i november 2013, medførte ændring af afsnit 93-94. En virksomhed skal anvende disse ændringer med tilbagevirkende kraft i overensstemmelse med IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
 for regnskabsår, der begynder den 1. juli 2014 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender disse ændringer for et tidligere regnskabsår, skal den give oplysning herom.
176
Det årlige forbedringsprojekt vedrørende IFRS-standarder for perioden 2012-2014
, udstedt i september 2014, medførte ændring af afsnit 83 og tilføjelse af afsnit 177. Virksomheder skal anvende denne ændring for regnskabsår, som begynder den 1. januar 2016 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender ændringen på en tidligere regnskabsperiode, skal den oplyse herom.
177
Virksomheder skal anvende ændringen i afsnit 176 fra begyndelsen af det første sammenlignelige regnskabsår, der præsenteres i det første årsregnskab, hvor virksomheden anvender denne ændring. En eventuel første justering som følge af anvendelsen af ændringen indregnes i det overførte resultat ved begyndelsen af det pågældende regnskabsår.
178
IFRS 17, der er udstedt i maj 2017, medførte en ændring af fodnoten til afsnit 8. Virksomheder skal anvende denne ændring ved anvendelse af IFRS 17.
179
Ændring af en ordning, nedskæring eller indfrielse
 (Ændringer til IAS 19), udstedt i februar 2018, medførte tilføjelse af afsnit 101A, 122A og 123A og ændring af afsnit 57, 99, 120, 123, 125, 126 og 156. En virksomhed skal anvende disse ændringer på ændringer af ordningen, nedskæringer eller indfrielser, som indtræffer på eller efter begyndelsen af det første regnskabsår, der begynder den 1. januar 2019 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender disse ændringer tidligere, skal den oplyse herom.
Appendiks A
Anvendelsesvejledning
Dette appendiks er en integreret del af standarden. Det indeholder en beskrivelse af anvendelsen af afsnit 92-93 og har samme gyldighed som de øvrige dele af standarden.
A1
Regnskabskravene for bidrag fra arbejdstagere eller tredjeparter vises i diagrammet nedenfor.
IAS 20
Regnskabsmæssig behandling af offentlige tilskud og oplysning om andre former for offentlig støtte
(
9
)
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 indkomstskattetilsvar (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
(
10
)
.
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.
Dagsværdien
 er den pris, der kunne opnås ved at sælge et aktiv, eller der skulle betales for at overdrage en forpligtelse i en velordnet transaktion mellem markedsdeltagere på målingstidspunktet. (Jf. IFRS 13 
Måling af dagsværdi
.)
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.
10A
Fordelen ved et offentligt lån, som ydes til en rentesats, der er under markedsrenten, behandles som et offentligt tilskud. Lånet indregnes og måles i overensstemmelse med IFRS 9 
Finansielle instrumenter
. Fordelen ved den rentesats, der er under markedsrenten, måles som forskellen mellem lånets oprindelige regnskabsmæssige værdi, som beregnes i overensstemmelse med IFRS 9, og det modtagne provenu. Fordelen behandles regnskabsmæssigt i overensstemmelse med denne standard. Virksomheden skal tage hensyn til de betingelser og forpligtelser, der er opfyldt eller skal opfyldes, ved angivelsen af de omkostninger, som fordelen ved lånet skal dække.
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 i resultatet på et systematisk grundlag over de regnskabsår, hvor virksomheden indregner de tilknyttede omkostninger, som tilskuddene skal kompensere for, som omkostninger.
13
Der findes to fremgangsmåder for den regnskabsmæssige behandling af offentlige tilskud: kapitalmetoden, hvor tilskuddet indregnes uden for resultatet, og indtægtsmetoden, hvor tilskuddet indregnes i resultatet over et eller flere regnskabsår.
14
Følgende argumenter anføres for anvendelse af kapitalmetoden:
a)
offentlige tilskud er en finansieringskilde og skal behandles som sådan i balancen og ikke indregnes i resultatet til modregning af de omkostningsposter, som tilskuddene finansierer. Fordi tilskuddene ikke forventes tilbagebetalt, skal de indregnes uden for resultatet, og
b)
det er uhensigtsmæssigt at indregne offentlige tilskud i resultatet, fordi 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 i resultatet i de relevante regnskabsår
b)
offentlige tilskud er sjældent vederlagsfrie. Virksomheden opnår tilskuddene ved at imødekomme betingelserne forbundet med dem og indfri de forudsete forpligtelser. De skal derfor indregnes i resultatet over de regnskabsår, hvor virksomheden indregner de tilknyttede omkostninger, som tilskuddene skal kompensere for, som omkostninger
c)
da indkomstskat og andre skatter er omkostninger, er det logisk også at indregne offentlige tilskud, der ydes i forlængelse af finanspolitik, i resultatet.
16
Det er et grundlæggende træk ved indtægtsmetoden, at offentlige tilskud skal indregnes i resultatet på en systematisk måde over de regnskabsår, hvor virksomheden indregner de tilknyttede omkostninger, som tilskuddene skal kompensere for, som omkostninger. Indregning af offentlige tilskud i resultatet 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. Tilskud modtaget på grundlag af specifikke omkostninger indregnes derfor i resultatet i samme regnskabsår som de tilknyttede omkostninger. Ligeledes bliver tilskud, der vedrører afskrivningsberettigede aktiver, sædvanligvis indregnet i resultatet 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 i resultatet 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 tilskuddet i resultatet 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 i resultatet i det regnskabsår, hvori tilskuddet tildeles.
21
I stedet for at yde tilskud som tilskyndelse til at påtage sig konkrete omkostninger gives tilskuddet i visse 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 i resultatet 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 i resultatet 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 arealer 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 som en periodeafgrænsningspost, der indregnes i resultatet på en systematisk måde over aktivets brugstid.
27
Ifølge den anden metode fratrækkes tilskuddet ved beregningen af aktivets regnskabsmæssige værdi. Tilskuddet indregnes herved i resultatet over et afskrivningsberettiget aktivs brugstid i form af en 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 indtægter præsenteres som en del af resultatet, enten separat eller under en generel overskrift som eksempelvis "Anden indtægt". Alternativt kan tilskuddene fratrækkes ved indregning af de dertil knyttede omkostninger.
29A
[Ophævet]
30
Tilhængere af førstnævnte metode hævder, at det er uhensigtsmæssigt at modregne indtægter og omkostninger, og 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 ændring i 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 straks i resultatet. 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 i resultatet til dato, hvis virksomheden ikke havde modtaget tilskuddet, indregnes straks i resultatet.
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
[Ophævet]
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 derefter.
42
IAS 1 (ajourført i 2007) ændrede den terminologi, der anvendes i IFRS-standarderne. Desuden blev afsnit 29A tilføjet. Virksomheder skal anvende disse ændringer på regnskabsår, der begynder den 1. januar 2009 eller derefter. Hvis en virksomhed anvender IAS 1 (ajourført 2007) på en tidligere regnskabsperiode, skal ændringerne anvendes på denne tidligere regnskabsperiode.
43
Afsnit 37 blev ophævet, og afsnit 10A blev tilføjet ved 
Forbedringer af IFRS-standarder
, der udkom i maj 2008. Virksomheder skal anvende disse ændringer fremadrettet på offentlige lån, som modtages i regnskabsår, der begynder 1. januar 2009 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender ændringerne på en tidligere regnskabsperiode, skal den oplyse herom.
44
[Ophævet]
45
IFRS 13, der blev udstedt i maj 2011, medførte en ændring af definitionen af dagsværdi i afsnit 3. Virksomheder skal anvende denne ændring ved anvendelse af IFRS 13.
46
Præsentation af posterne indregnet i anden totalindkomst
 (ændringer til IAS 1), der blev udstedt i juni 2011, medførte ændring af afsnit 29 og ophævelse af afsnit 29 A. Virksomheder skal anvende disse ændringer ved anvendelse af IAS 1 som ændret i juni 2011.
47
[Ophævet]
48
IFRS 9, der blev udstedt i juli 2014, medførte en ændring af afsnit 10A samt ophævelse af afsnit 44 og 47. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 9.
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
 
(
11
)
:
a)
regnskabsmæssig behandling af transaktioner og mellemværender i fremmed valuta, bortset fra transaktioner og mellemværender vedrørende afledte finansielle instrumenter, som er omfattet af IFRS 9 
Finansielle instrumenter
b)
omregning af resultater og finansiel stilling for udenlandske virksomheder, som er medtaget i virksomhedens årsregnskab ved konsolidering, eller efter den indre værdis metode, og
c)
omregning af en virksomheds resultater og finansielle stilling til en præsentationsvaluta.
4
IFRS 9 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 IFRS 9 (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. IFRS 9 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-standarder). 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:
Regnskabsårets afslutningskurs
 er spotkursen mellem to valutaer ved regnskabsårets afslutning.
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.
Dagsværdien
 er den pris, der kunne opnås ved at sælge et aktiv, eller der skulle betales for at overdrage en forpligtelse i en velordnet transaktion mellem markedsdeltagere på målingstidspunktet. (Jf. IFRS 13 
Måling af dagsværdi
.)
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 en fælles ordning 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 eller associeret virksomhed, eller som indgår i en fælles ordning med den udenlandske virksomhed):
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. Som eksempler herpå kan nævnes: pensioner og andre personaleydelser, som skal betales kontant, hensatte forpligtelser, som skal indfris kontant, leasingforpligtelser 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. Som eksempler herpå kan nævnes: forudbetalte beløb for varer og tjenesteydelser, goodwill, immaterielle aktiver, varebeholdninger, materielle anlægsaktiver, brugsretsaktiver 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 fælles ordninger. 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 
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 IFRS-standarderne. 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 ved afslutning af efterfølgende regnskabsår
23
Ved hver indberetningsperiodes udløb:
a)
monetære poster i fremmed valuta omregnes ved anvendelse af regnskabsårets afslutningskurs
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. regnskabsårets afslutningskurs).
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, litra a), og afsnit 5, finder IFRS 9 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 IFRS 9, at valutakursforskelle ved monetære poster, som kan betegnes som sikringsinstrumenter ved sikring af pengestrømme, ved første indregning indregnes i anden totalindkomst, 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 i anden totalindkomst, skal hvert valutakurselement forbundet med denne gevinst eller dette tab indregnes i anden totalindkomst. 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 IFRS-standarder kræves det, at visse gevinster eller tab indregnes i anden totalindkomst. Eksempelvis kræver IAS 16, at visse gevinster eller tab hidrørende fra en omvurdering af materielle anlægsaktiver indregnes i anden totalindkomst. Når et sådant aktiv måles i en fremmed valuta, kræves det i henhold til afsnit 23, litra c), 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 i anden totalindkomst.
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 i anden totalindkomst og omklassificeres fra egenkapitalen til 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 indregnes i anden totalindkomst i det årsregnskab, som omfatter både den udenlandske virksomhed og den regnskabsaflæggende virksomhed (dvs. det årsregnskab, hvor den udenlandske virksomhed 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 regnskabsårets afslutningskurs, 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 indregnet i anden totalindkomst i overensstemmelse med afsnit 32 og afsnit 39, litra c), omklassificeres ikke til 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 resultatet 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 dato for regnskabsårets afslutning
b)
indtægter og omkostninger i hver resultatopgørelse og opgørelse af anden totalindkomst (herunder også sammenligningstal) skal omregnes til kurserne på transaktionsdagene, og
c)
alle deraf følgende valutakursforskelle skal indregnes i anden totalindkomst.
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 regnskabsårets afslutningskurs
b)
omregning af nettoaktiver primo til en kurs ved regnskabsårets afslutning, som afviger fra kurser fra tidligere regnskabsårsafslutninger.
Disse valutakursforskelle indregnes ikke i resultatet, idet valutakursændringerne ingen eller ringe direkte virkning har på aktuelle og fremtidige pengestrømme fra driften. De akkumulerede valutakursforskelle skal præsenteres som en separat del af egenkapitalen indtil afhændelsen af den udenlandske virksomhed. Når valutakursforskellene vedrører en udenlandsk virksomhed, som er en del af koncernen, men ikke er 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 datoen for det seneste regnskabsårs afslutning 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, eller efter den indre værdis metode.
45
Indarbejdelsen af en udenlandsk virksomheds resultat 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. IFRS 10 
Koncernregnskaber
). 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 indregnes i resultatet eller, hvis de opstår som følge af de i afsnit 32 beskrevne omstændigheder, indregnes i anden totalindkomst og akkumuleres i et separat element af egenkapitalen 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 IFRS 10, at der anvendes en anden dato, 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 tidspunktet for afslutningen af regnskabsperioden for den udenlandske virksomhed gældende kurs. Der korrigeres for væsentlige ændringer i valutakurser frem til udgangen af regnskabsperioden i den regnskabsaflæggende virksomhed i overensstemmelse med IFRS 10. Samme fremgangsmåde benyttes ved anvendelse af den indre værdis metode på associerede virksomheder og joint ventures i henhold til IAS 28 (som ændret i 2011).
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 regnskabsårets afslutningskurs i overensstemmelse med afsnit 39 og 42.
Hel eller delvis afhændelse af en udenlandsk virksomhed
48
Ved afhændelsen af en udenlandsk virksomhed skal akkumulerede valutakursforskelle vedrørende den udenlandske virksomhed, der er indregnet i anden totalindkomst og akkumuleret i et separat egenkapitalelement, omklassificeres fra egenkapitalen til resultatet (som en omklassifikationsregulering), når gevinsten eller tabet ved afhændelsen er indregnet (jf. IAS 1 
Præsentation af årsregnskaber
 (ajourført i 2007)).
48A
Ud over afståelsen af en virksomheds totale kapitalandel i en udenlandsk virksomhed behandles følgende delvise afståelser regnskabsmæssigt som afståelser:
a)
hvis den delvise afståelse omfatter mistet bestemmende indflydelse på en dattervirksomhed, der omfatter en udenlandsk virksomhed, uanset om virksomheden bevarer en ikkebestemmende indflydelse på sin tidligere dattervirksomhed efter den delvise afståelse, og
b)
hvis den bevarede kapitalandel efter den delvise afståelse af en kapitalandel i en fælles ordning eller en delvis afståelse af en kapitalandel i en associeret virksomhed, der omfatter en udenlandsk virksomhed, er et finansielt aktiv, der omfatter en udenlandsk virksomhed.
48B
Ved afhændelse af en dattervirksomhed, der omfatter en udenlandsk virksomhed, skal der ske ophør med indregning af de akkumulerede valutakursforskelle, som vedrører den udenlandske aktivitet, og som er henført til minoritetsinteressen, men uden at foretage omklassifikation til resultatet.
48C
Ved delvis afhændelse af en dattervirksomhed, der omfatter en udenlandsk virksomhed, skal virksomheden igen henføre den forholdsmæssige del af de akkumulerede valutakursforskelle, der er indregnet i anden totalindkomst, til minoritetsinteressen i den udenlandske virksomhed. Ved alle andre delvise afhændelser af en udenlandsk virksomhed skal virksomheden udelukkende foretage omklassifikation til resultatet af den forholdsmæssige del af de akkumulerede valutakursforskelle, der er indregnet i anden totalindkomst.
48D
En delvis afhændelse af en virksomheds andel i en udenlandsk virksomhed er enhver reduktion af virksomhedens ejerandel i en udenlandsk virksomhed, med undtagelse af de reduktioner i afsnit 48A, der regnskabsmæssigt behandles som afhændelser.
49
En virksomhed kan afhænde sin kapitalandel i en udenlandsk virksomhed helt eller delvist gennem salg, likvidation, tilbagebetaling af selskabskapital eller nedlæggelse af hele eller dele af virksomheden. En nedskrivning af en udenlandsk virksomheds regnskabsmæssige værdi udgør ikke en delvis afhændelse, uanset om det sker på grund af egne tab eller en værdiforringelse, som er indregnet af investor. Derfor foretages der ikke omklassifikation af nogen del af kursgevinsten eller -tabet i anden totalindkomst på tidspunktet for nedskrivningen.
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 oplyse følgende:
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 IFRS 9, og
b)
nettovalutakursforskelle indregnet i anden totalindkomst og akkumuleret i 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 IFRS-standarderne, hvis det er i overensstemmelse med alle bestemmelser i IFRS-standarderne, 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 det seneste regnskabsårs afslutning. Sådanne omregninger er ikke i overensstemmelse med IFRS-standarderne, 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 IFRS-standarderne
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 den 1. januar 2005 eller derefter. Der tilskyndes til tidligere anvendelse. Hvis en virksomhed anvender denne standard på regnskabsperioder, som begynder før den 1. januar 2005, skal den oplyse herom.
58A
Nettoinvestering i en udenlandsk virksomhed
 (Ændring til IAS 21), udgivet i december 2005, medførte tilføjelse af afsnit 15A og ændring af afsnit 33. Virksomheder skal anvende disse ændringer på regnskabsår, der begynder den 1. januar 2006 eller derefter. Der tilskyndes til tidligere anvendelse.
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
.
60A
IAS 1 (ajourført i 2007) ændrede den terminologi, der anvendes i IFRS-standarderne. Desuden blev afsnit 27, 30–33, 37, 39, 41, 45, 48 og 52 ændret. Virksomheder skal anvende disse ændringer på regnskabsår, der begynder den 1. januar 2009 eller derefter. Hvis en virksomhed anvender IAS 1 (ajourført 2007) på en tidligere regnskabsperiode, skal ændringerne anvendes på denne tidligere regnskabsperiode.
60B
IAS 27 (ajourført i 2008) tilføjede afsnit 48A–48D og ændrede afsnit 49. Virksomheder skal anvende disse ændringer fremadrettet for regnskabsår, som begynder den 1. juli 2009 eller derefter. Hvis en virksomhed anvender IAS 27 (ajourført i 2008) i et tidligere regnskabsår, finder ændringerne anvendelse på dette tidligere regnskabsår.
60C
[Ophævet]
60D
Forbedringer af IFRS-standarder
, udstedt i maj 2010, medførte ændring af afsnit 60B. Virksomheder skal anvende denne ændring på regnskabsår, som begynder den 1. juli 2010 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt.
60E
[Ophævet]
60F
IFRS 10 og IFRS 11 
Fælles ordninger
, der blev udstedt i maj 2011, medførte ændring af afsnit 3, litra b), 8, 11, 18, 19, 33, 44-46 og 48A. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 10 og IFRS 11.
60G
IFRS 13, udstedt i maj 2011, medførte en ændring af definitionen af dagsværdi i afsnit 8 og af afsnit 23. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 13.
60H
Præsentation af posterne indregnet i anden totalindkomst
 (ændringer til IAS 1), der blev udstedt i juni 2011, medførte ændring af afsnit 39. Virksomheder skal anvende denne ændring ved anvendelse af IAS 1 som ændret i juni 2011.
60I
[Ophævet]
60J
IFRS 9, der blev udstedt i juli 2014, medførte en ændring af afsnit 3, 4, 5, 27 og 52 samt ophævelse af afsnit 60C, 60E og 60I. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 9.
60K
IFRS 16 
Leasingkontrakter
, udstedt i januar 2016, medførte ændring af afsnit 16. Virksomheder skal anvende denne ændring ved anvendelse af IFRS 16.
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
.
IAS 23
Låneomkostninger
GRUNDPRINCIP
1
Låneomkostninger, som er direkte knyttet til anskaffelsen, opførelsen eller produktionen af et kvalificerende aktiv, er en del af dette aktivs kostpris. Andre låneomkostninger indregnes som omkostning.
ANVENDELSESOMRÅDE
2
En virksomhed skal anvende denne standard på den regnskabsmæssige behandling af låneomkostninger.
3
Denne standard omhandler ikke faktiske eller beregnede omkostninger vedrørende egenkapital, herunder præferencestillet egenkapital, der ikke er klassificeret som en forpligtelse.
4
Det kræves ikke, at virksomheden anvender standarden på låneomkostninger, som er direkte knyttet til anskaffelsen, opførelsen eller produktionen af:
a)
et kvalificerende aktiv, der måles til dagsværdi, eksempelvis et biologisk aktiv, der er omfattet af IAS 41 
Landbrug
, eller
b)
varebeholdninger, som fremstilles eller på anden måde serieproduceres i store mængder.
DEFINITIONER
5
Denne standard anvender nedenstående udtryk 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.
6
Låneomkostninger kan omfatte:
a)
renteudgifter beregnet ved anvendelse af den effektive rentemetode som beskrevet i IFRS 9
b)
[ophævet]
c)
[ophævet]
d)
renter vedrørende leasingforpligtelser indregnet i overensstemmelse med IFRS 16 
Leasingkontrakter
 og
e)
valutakursforskelle hidrørende fra låntagning i fremmed valuta, i det omfang disse anses som en regulering af renteomkostninger.
7
Afhængigt af omstændighederne kan følgende være kvalificerende aktiver:
a)
varebeholdninger
b)
produktionsanlæg
c)
elværker
d)
immaterielle aktiver
e)
investeringsejendomme
f)
produktionsafgrøder.
Finansielle aktiver og varebeholdninger, der fremstilles eller på anden vis produceres på kort tid, er ikke kvalificerende aktiver. Aktiver, som ved anskaffelsen er klar til deres planlagte anvendelse eller salg, er ikke kvalificerende aktiver.
INDREGNING
8
En virksomhed skal aktivere låneomkostninger, som er direkte knyttet til anskaffelsen, opførelsen eller produktionen af et kvalificerende aktiv, som en del af dette aktivs kostpris. En virksomhed skal indregne andre låneomkostninger i det regnskabsår, de afholdes.
9
Låneomkostninger, som er direkte knyttet til anskaffelsen, opførelsen eller produktionen af et kvalificerende aktiv, medtages i dette aktivs 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. Når virksomheden anvender IAS 29 
Regnskabsaflæggelse i hyperinflationsøkonomier
, skal den indregne den andel af låneomkostningerne, som kompenserer for inflation, i det samme regnskabsår i overensstemmelse med afsnit 21 i standarden.
Aktiveringsberettigede låneomkostninger
10
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.
11
Det kan være vanskeligt at identificere et direkte forhold mellem et bestemt lån og et kvalificerende aktiv samt bestemme, hvilke lån der 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.
12
I det omfang en virksomhed låner midler specielt med henblik på at anskaffe et kvalificerende aktiv, skal virksomheden opgøre den aktiveringsberettigede andel af låneomkostningerne som de faktisk afholdte låneomkostninger vedrørende denne låntagning i regnskabsåret med fradrag af eventuelle investeringsafkast fra den midlertidige investering af disse lån.
13
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.
14
I det omfang en virksomhed låner midler generelt og anvender dem med henblik på at anskaffe et kvalificerende aktiv, skal virksomheden opgøre de aktiveringsberettigede låneomkostninger ved anvendelse af en aktiveringssats på dette aktivs omkostninger. Aktiveringssatsen skal være det vejede gennemsnit af de låneomkostninger, som vedrører virksomhedens udestående lån i regnskabsåret. En virksomhed skal imidlertid fra denne beregning udelukke låneomkostninger, som er opstået særligt med henblik på anskaffelse af et kvalificerende aktiv, indtil alle væsentlige aktiviteter, som er nødvendige for at forberede dette aktiv til dets tilsigtede anvendelse eller salg, er færdiggjort. Låneomkostninger, som en virksomhed aktiverer i et regnskabsår, må ikke overstige låneomkostninger afholdt i det samme regnskabsår.
15
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
16
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
17
En virksomhed skal begynde at aktivere låneomkostningerne som en del af det kvalificerende aktivs kostpris på påbegyndelsesdatoen. Påbegyndelsesdatoen for aktivering er den første dato, hvor virksomheden opfylder alle nedenstående kriterier:
a)
den afholder omkostninger på aktivet,
b)
den afholder låneomkostninger, og
c)
den udfører aktiviteter, som er nødvendige for at forberede aktivet til dets planlagte anvendelse eller salg.
18
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 i forbindelse med aktivet (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.
19
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 udviklingsaktiviteter, opfylder derimod ikke kriterierne for aktivering.
Midlertidigt ophør af aktivering
20
En virksomhed skal bringe aktiveringen af låneomkostninger midlertidigt til ophør i perioder af længere varighed, hvor den midlertidigt afbryder den aktive udvikling af et kvalificerende aktiv.
21
Virksomheden kan afholde låneomkostninger i løbet af en periode af længere varighed, hvor den midlertidigt har afbrudt de aktiviteter, som er nødvendige for at forberede aktivet til dets planlagte anvendelse eller salg. Sådanne omkostninger vedrører besiddelsen af delvist færdiggjorte aktiver og opfylder ikke kriterierne for aktivering. Dog bringer en virksomhed normalt ikke aktivering af låneomkostninger til midlertidigt ophør i løbet af et regnskabsår, når den udfører væsentligt teknisk eller administrativt arbejde. En virksomhed skal heller ikke bringe aktivering af låneomkostninger 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 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
22
Virksomheder skal bringe aktivering af låneomkostninger til ophør, når praktisk talt alle aktiviteter, som er nødvendige for at forberede aktivet til dets planlagte anvendelse eller salg, er færdiggjort.
23
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.
24
Når en virksomhed færdiggør opførelsen af et kvalificerende aktiv i flere dele, og hver del kan anvendes, mens opførelsen fortsætter på andre dele, skal virksomheden bringe aktiveringen af låneomkostninger til ophør, når den har færdiggjort alle væsentlige aktiviteter, som er nødvendige for at forberede den pågældende del til dens planlagte anvendelse eller salg.
25
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
26
En virksomhed skal oplyse følgende:
a)
låneomkostninger aktiveret i løbet af regnskabsåret og
b)
den aktiveringssats, der er anvendt ved opgørelsen af aktiveringsberettigede låneomkostninger.
OVERGANGSBESTEMMELSER
27
Når anvendelsen af denne standard udgør en ændring i anvendt regnskabspraksis, skal virksomheden anvende standarden på låneomkostninger vedrørende kvalificerende aktiver, for hvilke påbegyndelsesdatoen for aktivering er ikrafttrædelsestidspunktet eller senere.
28
Dog kan virksomheden angive et hvilket som helst tidspunkt før ikrafttrædelsestidspunktet og anvende standarden på låneomkostninger vedrørende alle kvalificerende aktiver, for hvilke påbegyndelsesdatoen for aktivering falder på dette tidspunkt eller senere.
28A
Det årlige forbedringsprojekt vedrørende IFRS-standarder for perioden 2015-2017
, som blev udstedt i december 2017, medførte ændring af afsnit 14. En virksomhed anvender disse ændringer på de låneomkostninger, der er opstået på eller efter begyndelsen af det regnskabsår, hvor virksomheden anvender disse ændringer for første gang.
IKRAFTTRÆDELSESTIDSPUNKT
29
Virksomheder skal anvende denne standard for regnskabsår, som begynder den 1. januar 2009 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender denne standard fra et tidspunkt før den 1. januar 2009, skal den oplyse herom.
29A
Forbedringer af IFRS-standarder
, udstedt i maj 2008, medførte ændring af afsnit 6. Virksomheder skal anvende denne ændring på regnskabsår, som begynder den 1. januar 2009 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender ændringerne på en tidligere regnskabsperiode, skal den oplyse herom.
29B
IFRS 9, udstedt i juli 2014, medførte ændring af afsnit 6. Virksomheder skal anvende denne ændring ved anvendelse af IFRS 9.
29C
IFRS 16, udstedt i januar 2016, medførte ændring af afsnit 6. Virksomheder skal anvende denne ændring ved anvendelse af IFRS 16.
29D
Det årlige forbedringsprojekt vedrørende IFRS-standarder for perioden 2015-2017
, som blev udstedt i december 2017, medførte ændring af afsnit 14 og tilføjelse af afsnit 28A. Virksomheder skal anvende disse ændringer på regnskabsperioder, som begynder den 1. januar 2019 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender disse ændringer tidligere, skal den oplyse herom.
OPHÆVELSE AF IAS 23 (AJOURFØRT 1993)
30
Denne standard erstatter IAS 23 
Låneomkostninger
, som blev ajourført i 1993.
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 resultat kan være påvirket af eksistensen af nærtstående parter og af transaktioner og mellemværender, herunder forpligtelser, med disse.
ANVENDELSESOMRÅDE
2
Standarden finder anvendelse på:
a)
identifikation af forhold og transaktioner mellem nærtstående parter
b)
identifikation af mellemværender, herunder forpligtelser, 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
I henhold til denne standard skal der oplyses om transaktioner mellem nærtstående parter, transaktioner og tilgodehavender, herunder forpligtelser, i koncernregnskabet og det separate årsregnskab for en modervirksomhed eller investorer med fælles bestemmende indflydelse eller betydelig indflydelse på en virksomhed, der er investeret i, i overensstemmelse med IFRS 10 
Koncernregnskaber
 eller IAS 27 
Separate årsregnskaber
. Denne standard finder også anvendelse på individuelle årsregnskaber.
4
Transaktioner mellem nærtstående parter og mellemværender med andre virksomheder i samme koncern oplyses i virksomhedens årsregnskab. Koncerninterne transaktioner mellem nærtstående parter og mellemværender elimineres, bortset fra transaktioner og mellemværender mellem en investeringsvirksomhed og dens dattervirksomheder, som måles til dagsværdi over resultatet, i 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 disse 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 resultat 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 disse grunde kan kendskab til transaktioner, mellemværender, herunder forpligtelser, 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:
En 
nærtstående part
 er en person eller en virksomhed, der har forbindelse med den virksomhed, som udarbejder dens årsregnskab (i denne standard benævnt den "regnskabsaflæggende virksomhed").
a)
Der består en forbindelse mellem en person eller et nært medlem af den pågældendes familie og en regnskabsaflæggende virksomhed, såfremt denne person:
i)
udøver bestemmende indflydelse eller fælles bestemmende indflydelse på den regnskabsaflæggende virksomhed
ii)
udøver betydelig indflydelse på den regnskabsaflæggende virksomhed eller
iii)
er nøgleperson i den regnskabsaflæggende virksomheds ledelse eller i ledelsen i den regnskabsaflæggende virksomheds modervirksomhed.
b)
En virksomhed og en regnskabsaflæggende virksomhed er nærtstående parter, såfremt en af følgende betingelser er opfyldt:
i)
Virksomheden og den regnskabsaflæggende virksomhed er medlem af samme koncern (hvilket vil sige, at der består en forbindelse mellem hver modervirksomhed, dattervirksomhed eller søstervirksomhed).
ii)
En virksomhed er den anden virksomheds associerede virksomhed eller venturedeltager (eller en associeret virksomhed eller venturedeltager i forhold til en koncern, som den anden virksomhed er medlem af).
iii)
Begge virksomheder er venturedeltagere i forhold til samme tredjepart.
iv)
En virksomhed er venturedeltager i forhold til en tredje virksomhed, og den anden virksomhed er en associeret virksomhed i forhold til den tredje virksomhed.
v)
Virksomheden er en pensionsordning for ansatte i enten den regnskabsaflæggende virksomhed eller en virksomhed, der er en nærtstående part til den regnskabsaflæggende virksomhed. Hvis den regnskabsaflæggende virksomhed selv er en sådan ordning, er de finansierende arbejdsgivere også nærtstående parter til den regnskabsaflæggende virksomhed.
vi)
En i litra a) identificeret person udøver bestemmende indflydelse eller fælles bestemmende indflydelse på virksomheden.
vii)
En i litra a), nr. i), identificeret person udøver betydelig indflydelse på virksomheden eller er nøgleperson i virksomhedens (eller virksomhedens modervirksomheds) ledelse.
viii)
Virksomheden eller ethvert medlem af en koncern, virksomheden er en del af, har nøglepersoner i ledelsen for den regnskabsaflæggende virksomhed eller for den regnskabsaflæggende virksomheds modervirksomhed.
En 
transaktion mellem nærtstående parter
 er en overførsel af ressourcer eller forpligtelser mellem en regnskabsaflæggende virksomhed og en nærtstående part, 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, og omfatter:
a)
den pågældendes børn og ægtefælle eller partner
b)
den pågældendes ægtefælles eller partners børn og
c)
pårørende til den pågældende eller den pågældendes ægtefælle eller 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.
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.
Offentlige myndigheder
 omfatter offentlige myndigheder, offentlige institutioner og tilsvarende lokale, nationale eller internationale myndigheder.
En 
offentlig virksomhed
 er en virksomhed, som en offentlig myndighed udøver bestemmende indflydelse, fælles bestemmende indflydelse eller betydelig indflydelse på.
Begreberne "bestemmende indflydelse", "investeringsvirksomhed","fælles bestemmende indflydelse" og "betydelig indflydelse" er defineret i IFRS 10, IFRS 11 
Fælles ordninger
 og IAS 28 
Investeringer i associerede virksomheder og joint ventures
 og anvendes i denne standard med den betydning, der er angivet i disse IFRS-standarder.
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 nærtstående parter:
a)
to virksomheder, som blot har fælles direktør eller andre fælles nøglepersoner i ledelsen, eller fordi en nøgleperson i en af virksomhedernes ledelse udøver betydelig indflydelse på den anden virksomhed
b)
to partnere i et joint venture, som blot har fælles bestemmende indflydelse på et joint venture
c)
i)
kapitalformidlere
ii)
fagforeninger
iii)
offentlige værker og
iv)
offentlige institutioner og myndigheder, som ikke udøver bestemmende indflydelse, fælles bestemmende indflydelse eller betydelig indflydelse på den regnskabsaflæggende virksomhed,
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 en virksomhed har en væsentlig handel alene på grund af den økonomiske afhængighed, der følger heraf.
12
I definitionen af en nærtstående part omfatter en associeret virksomhed denne associerede virksomheds datterselskaber, og et joint venture omfatter dette joint ventures datterselskaber. En associeret virksomheds datterselskab og en investor, som udøver betydelig indflydelse på den associerede virksomhed, er eksempelvis nærtstående parter.
OPLYSNINGER
Alle virksomheder
13
Forbindelser mellem en modervirksomhed og dennes dattervirksomheder skal oplyses, uanset om der har været transaktioner mellem dem. 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 offentligt tilgængelige koncernregnskaber, skal navnet på den næste overordnede modervirksomhed, der fremlægger offentlige koncernregnskaber, også oplyses.
14
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.
15
Kravet om oplysning om forholdet mellem nærtstående parter som mellem en modervirksomhed og dens dattervirksomheder er et supplement til oplysningskravene i IAS 27 og IFRS 12 
Oplysninger om kapitalandele i andre virksomheder
.
16
I afsnit 13 henvises der til den næste overordnede modervirksomhed. Den næste overordnede modervirksomhed er den første modervirksomhed i koncernen over den umiddelbare modervirksomhed, der fremlægger offentligt tilgængelige koncernregnskaber.
17
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.
17A
Hvis en virksomhed har nøglepersoner i ledelsen fra en anden virksomhed ("administrationsvirksomheden"), kræves det ikke, at virksomheden anvender kravene i afsnit 17 på den kompensation, som administrationsvirksomheden har betalt eller skal betale til sine arbejdstagere eller medlemmer af direktionen.
18
Hvis en virksomhed har gennemført transaktioner med en nærtstående part i de regnskabsår, som regnskaberne dækker, skal den give oplysning om arten af forbindelsen mellem de nærtstående parter samt om de transaktioner og mellemværender, herunder forpligtelser, som måtte være nødvendige for brugernes forståelse af den eventuelle virkning af forbindelserne mellem nærtstående parter på virksomhedens årsregnskab. Disse oplysningskrav ligger ud over kravene i afsnit 17. Oplysningerne skal som minimum omfatte:
a)
transaktionernes beløbsmæssige størrelse
b)
mellemværendernes, herunder forpligtelsernes, beløbsmæssige størrelse, 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.
18A
Virksomhedens udgifter til de tjenesteydelser, som leveres af nøglepersoner i ledelsen fra en separat administrationsvirksomhed, offentliggøres.
19
De oplysninger, der kræves i afsnit 18, 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 partner i et joint venture
f)
nøglepersoner i virksomhedens eller modervirksomhedens ledelse og
g)
andre nærtstående parter.
20
Klassifikationen af forpligtelser over for og tilgodehavender fra nærtstående parter i forskellige kategorier som krævet i afsnit 19 er en udvidelse af oplysningskravet i IAS 1 
Præsentation af årsregnskaber
 om, at oplysninger skal præsenteres enten i balancen eller i noterne. Kategorierne er udvidet for at give en mere omfattende analyse af mellemværender mellem nærtstående parter og finder anvendelse på transaktioner mellem nærtstående parter.
21
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
i)
forpligtelse til at gøre noget, hvis en bestemt hændelse indtræder eller ikke indtræder i fremtiden, herunder kontrakter til senere opfyldelse 
(
12
)
 (indregnede og ikke-indregnede) og
j)
indfrielse af forpligtelser på vegne af virksomheden eller af virksomheden på vegne af den nærtstående part.
22
En modervirksomheds eller en dattervirksomheds deltagelse i en ydelsesbaseret pensionsordning, hvor risikoen deles mellem koncernvirksomheder, er en transaktion mellem nærtstående parter (jf. afsnit 42 i IAS 19) (som ændret i 2011)).
23
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.
24
Ensartede poster sammenlægges normalt ved oplysning, medmindre separat oplysning er nødvendig for en forståelse af virkningen af transaktionerne mellem nærtstående parter på virksomhedens årsregnskab.
Offentlige virksomheder
25
En regnskabsaflæggende virksomhed fritages fra kravet om oplysninger som beskrevet i afsnit 18 i forbindelse med transaktioner og tilgodehavender mellem nærtstående parter, herunder forpligtelser, med:
a)
en offentlig myndighed, der har bestemmende indflydelse eller fælles bestemmende indflydelse eller betydelig indflydelse på den regnskabsaflæggende virksomhed, og
b)
en anden virksomhed, der er en nærtstående part, fordi samme offentlige myndighed har bestemmende indflydelse eller fælles bestemmende indflydelse eller betydelig indflydelse på både den regnskabsaflæggende virksomhed og den anden virksomhed.
26
Såfremt en regnskabsaflæggende virksomhed anvender undtagelsen ifølge afsnit 25, skal den oplyse følgende om de i afsnit 25 anførte transaktioner og mellemværender:
a)
navnet på den offentlige myndighed og arten af dennes forbindelse med den regnskabsaflæggende virksomhed (dvs. bestemmende indflydelse, fælles bestemmende indflydelse eller betydelig indflydelse)
b)
følgende oplysninger, der skal være så detaljerede, at brugere af virksomhedens årsregnskab kan få forståelse af virkningen af transaktionerne mellem de nærtstående parter på virksomhedens årsregnskab:
i)
enhver separat, betydelig transaktions art og beløbsmæssige størrelse og
ii)
en kvantitativ eller kvalitativ angivelse af omfanget af andre transaktioner, der samlet, men ikke hver for sig, er betydelige. Transaktionerne omfatter de transaktioner, der er anført i afsnit 21.
27
Den regnskabsaflæggende virksomhed skal, når den vurderer detailniveauet for de oplysninger, der skal afgives i overensstemmelse med kravene i afsnit 26, litra b), overveje tætheden af forbindelsen mellem de nærtstående parter og andre faktorer af relevans for fastlæggelsen af transaktionens væsentlighed i forhold til, om den:
a)
er væsentlig i henseende til størrelse
b)
er gennemført på ikke-kommercielle vilkår
c)
ligger uden for almindelige, daglige forretningstransaktioner, såsom køb og salg af virksomheder
d)
er oplyst til tilsynsmyndigheder
e)
er indberettet til den øverste ledelse
f)
er underlagt aktionærers godkendelse.
IKRAFTTRÆDELSESTIDSPUNKT OG OVERGANG
28
Virksomheder skal anvende denne ændring retrospektivt for regnskabsår, som begynder den 1. januar 2011 eller derefter. Offentlige virksomheder har ret til inden denne dato at anvende enten hele standarden eller den delvise undtagelse i afsnit 25-27. Hvis en virksomhed anvender enten hele standarden eller den delvise undtagelse for regnskabsperioder, som begynder før den 1. januar 2011, skal den oplyse herom.
28A
IFRS 10, IFRS 11 
Fælles ordninger
 og IFRS 12, der blev udstedt i maj 2011, vedrørte ændring af afsnit 3, afsnit 9, afsnit 11, litra b), afsnit 15, afsnit 19, litra b) og e), og afsnit 25. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 10, IFRS 11 og IFRS 12.
28B
Investeringsvirksomheder
 (ændringer til IFRS 10, IFRS 12 og IAS 27), udstedt i oktober 2012, vedrørte ændring af afsnit 4 og 9. Virksomheder skal anvende disse ændringer på regnskabsår, der begynder den 1. januar 2014 eller derefter. Det er tilladt at anvende 
Investeringsvirksomheder
 tidligere. Hvis en virksomhed anvender disse ændringer tidligere, skal den også samtidigt anvende alle ændringerne i 
Investeringsvirksomheder
.
28C
Det årlige forbedringsprojekt vedrørende IFRS-standarder for perioden 2010-2012
, som blev udstedt i december 2013, medførte ændring af afsnit 9 og tilføjelse af afsnit 17A og 18A. Virksomheder skal anvende denne ændring på regnskabsår, som begynder den 1. juli 2014 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender ændringen på en tidligere regnskabsperiode, skal den oplyse herom.
OPHÆVELSE AF IAS 24 (2003)
29
Denne standard erstatter IAS 24 
Oplysning om nærtstående parter
 (ajourført i 2003).
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
Fratrædelsesordninger betegnes undertiden "pensionsordninger". 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 betinget 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)
økonomiske informationer 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 28, litra a) 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, litra 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 28, litra c), 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 28, litra a), eller oplyses i en note som i afsnit 28, litra b), 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 28, litra a) og b), er derfor acceptable efter denne standard, hvilket også er tilfældet for det i afsnit 28, litra c), 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)
væsentlige informationer om anvendt regnskabspraksis 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 for fratrædelsesordninger, der dækker regnskabsperioder, som begynder den 1. januar 1988 eller derefter.
38
Oplysning om anvendt regnskabspraksis
, som ændrer IAS 1 
Præsentation af årsregnskaber
 og IFRS's redegørelse for praksis nr. 2 
Væsentlighedsvurderinger
, og som blev udstedt i februar 2021, medførte ændring af afsnit 34. Virksomheder skal anvende denne ændring på regnskabsår, som begynder den 1. januar 2023 eller derefter. Det er tilladt at anvende ændringen tidligere. Hvis en virksomhed anvender ændringen for et tidligere regnskabsår, skal den give oplysning om dette.
IAS 27
Separate årsregnskaber
FORMÅL
1
Formålet med denne standard er at foreskrive regnskabsmæssige krav og oplysningskrav for investeringer i dattervirksomheder, joint ventures og associerede virksomheder, når en virksomhed udarbejder separate årsregnskaber.
ANVENDELSESOMRÅDE
2
Denne standard finder anvendelse på den regnskabsmæssige behandling af investeringer i dattervirksomheder, joint ventures og associerede virksomheder, når en virksomhed vælger eller er underlagt lokale lovgivningsmæssige krav om at præsentere separate årsregnskaber.
3
Denne standard foreskriver ikke, hvilke virksomheder der skal offentliggøre separate årsregnskaber. Den finder anvendelse, når en virksomhed udarbejder separate årsregnskaber, der er i overensstemmelse med IFRS.
DEFINITIONER
4
Nedenstående udtryk anvendes i denne standard med følgende betydning:
Et koncernregnskab
 er et årsregnskab for en koncern, hvori modervirksomhedens og dens dattervirksomheders aktiver, forpligtelser, egenkapital, indtægter, omkostninger og pengestrømme er præsenteret som for en enkelt økonomisk enhed.
Separate årsregnskaber
 er regnskaber, som præsenteres af en virksomhed, og hvori den under forbehold af kravene i denne standard kan vælge at behandle sine investeringer i dattervirksomheder, joint ventures og associerede virksomheder enten til kostpris, i overensstemmelse med IFRS 9 
Finansielle instrumenter
, eller ved hjælp af den indre værdis metode, i overensstemmelse med IAS 28 
Investeringer i associerede virksomheder og joint ventures
.
5
Nedenstående begreber er defineret i Appendiks A til IFRS 10 
Koncernregnskaber
, Appendiks A til IFRS 11 
Fælles ordninger
 og afsnit 3 i IAS 28:
—
associeret virksomhed
—
bestemmende indflydelse på en virksomhed, der er investeret i
—
den indre værdis metode
—
koncern
—
investeringsvirksomhed
—
fælles kontrol
—
joint venture
—
joint venturedeltager
—
modervirksomhed
—
betydelig indflydelse
—
dattervirksomhed.
6
Separate årsregnskaber er regnskaber, som præsenteres ud over koncernregnskaber eller ud over regnskaberne for en investor, som ikke har investeringer i dattervirksomheder, men har investeringer i associerede virksomheder eller joint ventures, og hvori investeringerne i associerede virksomheder eller joint ventures i henhold til IAS 28 skal behandles regnskabsmæssigt ved hjælp af den indre værdis metode, undtagen under de omstændigheder, der er beskrevet i afsnit 8-8A.
7
Årsregnskaber for virksomheder, der ikke har dattervirksomheder, associerede virksomheder eller joint venturedeltageres kapitalandele i joint ventures, udgør ikke separate årsregnskaber.
8
En virksomhed, der i overensstemmelse med afsnit 4, litra a), i IFRS 10 er fritaget for at aflægge koncernregnskab, eller som i overensstemmelse med afsnit 17 i IAS 28 (som ændret i 2011) er fritaget for at anvende den indre værdis metode, kan præsentere et separat årsregnskab som sit eneste årsregnskab.
8A
En investeringsvirksomhed, der i hele perioden og alle sammenlignelige perioder, der er præsenteret, skal anvende fritagelsen for konsolidering af alle sine dattervirksomheder i overensstemmelse med afsnit 31 i IFRS 10, præsenterer et separat årsregnskab som sit eneste årsregnskab.
UDARBEJDELSE AF SEPARATE ÅRSREGNSKABER
9
Separate årsregnskaber udarbejdes i overensstemmelse med alle gældende IFRS-standarder, jf. dog afsnit 10.
10
Når en virksomhed udarbejder et separat årsregnskab, skal den indregne investeringer i dattervirksomheder, joint ventures og associerede virksomheder enten:
a)
til kostpris
b)
i overensstemmelse med IFRS 9 eller
c)
ved hjælp af den indre værdis metode i overensstemmelse med IAS 28.
Virksomheden skal regnskabsmæssigt behandle hver kategori af investeringer på samme måde. Investeringer, der regnskabsmæssigt behandles til kostpris eller ved hjælp af den indre værdis metode, skal regnskabsmæssigt behandles i overensstemmelse med IFRS 5 
Anlægsaktiver, som besiddes med henblik på salg og ophørte aktiviteter
, hvis de er klassificeret som besiddelse med henblik på salg eller udlodning (eller medtages i en afståelsesgruppe, som er klassificeret som besiddelse med henblik på salg eller udlodning). Målingen af investeringer, der regnskabsmæssigt behandles i overensstemmelse med IFRS 9, er under disse omstændigheder ikke ændret.
11
Hvis en virksomhed i overensstemmelse med afsnit 18 i IAS 28 (som ændret i 2011) vælger at måle sine investeringer i associerede virksomheder eller joint ventures til dagsværdi over resultatet i overensstemmelse med IFRS 9, skal den også regnskabsmæssigt behandle disse investeringer på samme måde i sit separate årsregnskab.
11A
Hvis en modervirksomhed i overensstemmelse med afsnit 31 i IFRS 10 skal måle sine investeringer i en dattervirksomhed til dagsværdi over resultatet i overensstemmelse med IFRS 9, skal den også regnskabsmæssigt behandle disse investeringer på samme måde i sit separate årsregnskab.
11B
Hvis en modervirksomhed ophører med at være en investeringsvirksomhed eller bliver en investeringsvirksomhed, skal den fra datoen for statusændringen behandle denne ændring regnskabsmæssigt som følger:
a)
når en virksomhed ophører med at være en investeringsvirksomhed, skal virksomheden regnskabsmæssigt behandle en investering i en dattervirksomhed i overensstemmelse med afsnit 10. Datoen for statusændringen er den skønnede anskaffelsesdato. Dagsværdien af dattervirksomheden på den skønnede anskaffelsesdato udgør det skønnede erlagte vederlag i forbindelse med den regnskabsmæssige behandling af investeringen i overensstemmelse med afsnit 10.
i)
[ophævet]
ii)
[ophævet]
b)
hvis en virksomhed bliver en investeringsvirksomhed, skal den regnskabsmæssigt behandle en investering i en dattervirksomhed til dagsværdi over resultatet i overensstemmelse med IFRS 9. Forskellen mellem dattervirksomhedens tidligere regnskabsmæssige værdi og dagsværdien på datoen for investeringsvirksomhedens statusændring indregnes som gevinst eller tab i resultatopgørelsen. Den samlede værdi af en eventuel gevinst eller et eventuelt tab, der tidligere er indregnet i anden totalindkomst for disse dattervirksomheder, behandles, som om investeringsvirksomheden havde afhændet disse dattervirksomheder på datoen for statusændringen.
12
Udbytte fra en dattervirksomhed, et joint venture eller en associeret virksomhed indregnes i en virksomheds separate årsregnskab, når
 virksomhedens 
ret til at modtage udbyttet er blevet fastlagt
. 
Udbyttet indregnes i resultatet, medmindre virksomheden vælger at anvende den indre værdis metode; i så fald indregnes udbyttet som en reduktion af investeringens regnskabsmæssige værdi.
13
Når en modervirksomhed omstrukturerer sin koncern ved at stifte en ny virksomhed som modervirksomhed, og følgende kriterier er opfyldt:
a)
den nye modervirksomhed opnår bestemmende indflydelse på den oprindelige modervirksomhed ved udstedelse af egenkapitalinstrumenter til gengæld for den oprindelige modervirksomheds eksisterende egenkapitalinstrumenter
b)
den nye og den oprindelige koncerns aktiver og forpligtelser er ens umiddelbart før og efter omstruktureringen, og
c)
den oprindelige modervirksomheds ejere forud for omstruktureringen har de samme absolutte og relative andele af nettoaktiverne i den oprindelige og den nye koncern umiddelbart før og efter omstruktureringen,
og den nye modervirksomhed i overensstemmelse med afsnit 10, litra a) indregner sin investering i den oprindelige modervirksomhed i sit separate årsregnskab, skal den nye modervirksomhed sætte kostprisen til den regnskabsmæssige værdi af dens andel af egenkapitalposterne i den oprindelige modervirksomheds separate årsregnskab på det tidspunkt, hvor omstruktureringen finder sted.
14
En virksomhed, der ikke er en modervirksomhed, kan ligeledes stifte en ny virksomhed som sin modervirksomhed, forudsat at kriterierne i afsnit 13 er opfyldt. Kravene i afsnit 13 gælder også for sådanne omstruktureringer. Henvisningerne til "den oprindelige modervirksomhed" og "den oprindelige koncern" skal i så fald forstås som henvisninger til "den oprindelige virksomhed".
OPLYSNINGER
15
En virksomhed skal overholde alle gældende IFRS-standarder, når den giver oplysninger i sit separate årsregnskab, herunder kravene i afsnit 16 og 17.
16
Når en modervirksomhed i overensstemmelse med afsnit 4, litra a), i IFRS 10 vælger ikke at udarbejde et koncernregnskab og i stedet udarbejder separate årsregnskaber, skal dette separate årsregnskab give oplysning om:
a)
at årsregnskabet er et separat årsregnskab, at fritagelsen for konsolidering er benyttet, navnet på og hovedforretningssted (og registreringsland, hvis forskelligt) for den virksomhed, som har udarbejdet og offentliggjort koncernregnskab i overensstemmelse med IFRS-standarderne, samt den adresse, hvorfra dette koncernregnskab kan rekvireres.
b)
en oversigt over væsentlige investeringer i dattervirksomheder, joint ventures og associerede virksomheder, herunder
i)
navnet på de virksomheder, hvori der er investeret
ii)
disse virksomheders hovedforretningssted (og registreringsland, hvis forskelligt)
iii)
dens ejerandel (og andel i stemmerettighederne, hvis forskellig) i disse virksomheder
c)
en beskrivelse af den anvendte metode for regnskabsmæssig behandling af de under litra b) anførte investeringer.
16A
Når en investeringsvirksomhed, som er modervirksomhed (ud over modervirksomheder, som er dækket af afsnit 16) i overensstemmelse med afsnit 8A udarbejder et separat årsregnskab som sit eneste årsregnskab, skal den oplyse derom. Investeringsvirksomheden skal også fremlægge de oplysninger vedrørende investeringsvirksomheder, der kræves i IFRS 12 
Oplysninger om kapitalandele i andre virksomheder
.
17
Når en modervirksomhed (ud over modervirksomheder, som er dækket af afsnit 16-16A) eller en investor med fælles bestemmende indflydelse eller betydelig indflydelse på en virksomhed, hvori der er investeret, udarbejder et separat årsregnskab, skal modervirksomheden eller investor angive det i overensstemmelse med IFRS 10, IFRS 11 eller IAS 28 (som ændret i 2011) udarbejdede årsregnskab, som det er tilknyttet. Modervirksomheden eller investor skal i det separate årsregnskab også give 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, joint ventures og associerede virksomheder, herunder
i)
navnet på de virksomheder, hvori der er investeret
ii)
disse virksomheders hovedforretningssted (og registreringsland, hvis forskelligt)
iii)
dens ejerandel (og andel i stemmerettighederne, hvis forskellig) i disse virksomheder
c)
en beskrivelse af den anvendte metode for regnskabsmæssig behandling af de under litra b) anførte investeringer.
IKRAFTTRÆDELSESTIDSPUNKT OG OVERGANG
18
Virksomheder skal anvende denne standard for regnskabsår, som begynder den 1. januar 2013 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender denne standard tidligere, skal den oplyse herom og samtidig anvende IFRS 10, IFRS 11, IFRS 12 og IAS 28 (som ændret i 2011).
18A
Investeringsvirksomheder
 (ændringer til IFRS 10, IFRS 12 og IAS 27), udstedt i oktober 2012, vedrørte ændring af afsnit 5, 6, 17 og 18 og tilføjelse af afsnit 8A, 11A-11B, 16A og 18B-18I. Virksomheder skal anvende disse ændringer på regnskabsår, der begynder den 1. januar 2014 eller derefter. Det er tilladt at anvende ændringerne tidligere. Hvis en virksomhed anvender disse ændringer tidligere, skal den oplyse herom og samtidigt anvende alle ændringerne i 
Investeringsvirksomheder
.
18B
Hvis en modervirksomhed på tidspunktet for førstegangsanvendelsen af 
Investeringsvirksomheder
 (som i forbindelse med denne IFRS-standard er begyndelsen af det regnskabsår, for hvilket ændringerne anvendes første gang) konkluderer, at den er en investeringsvirksomhed, skal den anvende afsnit 18C-18I på sin investering i en dattervirksomhed.
18C
På tidspunktet for førstegangsanvendelsen skal en investeringsvirksomhed, som tidligere målte sin investering i en dattervirksomhed til kostpris, i stedet måle investeringen til dagsværdi over resultatet, som om kravene i denne IFRS-standard altid havde været gældende. Investeringsvirksomheden regulerer med tilbagevirkende kraft det år, der ligger umiddelbart forud for tidspunktet for førstegangsanvendelsen, og regulerer det overførte resultat i begyndelsen af den umiddelbart forudgående periode for en eventuel forskel mellem:
a)
investeringens tidligere regnskabsmæssige værdi og
b)
dagsværdien af investeringsvirksomhedens investering i dattervirksomheden.
18D
På tidspunktet for førstegangsanvendelsen skal en investeringsvirksomhed, som tidligere målte sin investering i en dattervirksomhed til dagsværdi over anden totalindkomst, fortsat måle investeringen til dagsværdi. Den samlede værdi af dagsværdireguleringer, der tidligere er indregnet i anden totalindkomst, overføres til det overførte resultat i begyndelsen af det regnskabsår, der ligger umiddelbart forud for tidspunktet for førstegangsanvendelsen.
18E
På tidspunktet for førstegangsanvendelsen skal en investeringsvirksomhed ikke foretage reguleringer i den tidligere regnskabsmæssige behandling af en ejerandel i en dattervirksomhed, som den tidligere har valgt at måle til dagsværdi over resultatet i overensstemmelse med IFRS 9, i henhold til afsnit 10.
18F
Før datoen for anvendelsen af IFRS 13 
Måling af dagsværdi
 skal en investeringsvirksomhed bruge de dagsværdibeløb, der tidligere blev rapporteret til investorer eller til ledelsen, hvis sådanne beløb repræsenterer det beløb, som investeringen kunne have været udvekslet til ved en handel mellem kvalificerede, villige, indbyrdes uafhængige parter på datoen for vurderingen.
18G
Hvis det ikke er muligt i overensstemmelse med afsnit 18C-18F (som defineret i IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
) at måle investeringen i en dattervirksomhed, skal investeringsvirksomheden anvende kravene i denne IFRS-standard ved begyndelsen af den tidligste periode, hvor anvendelsen af afsnit 18C-18F er mulig, hvilket kan være den indeværende periode. Investoren regulerer det regnskabsår med tilbagevirkende kraft, der ligger umiddelbart forud for tidspunktet for førstegangsanvendelsen, medmindre påbegyndelsen af den tidligste periode, hvor anvendelsen af dette afsnit er mulig, er den indeværende periode. Hvis tidspunktet, hvor det er muligt for investeringsvirksomheden at måle dattervirksomhedens dagsværdi, ligger tidligere end begyndelsen af den umiddelbart foregående periode, regulerer investeringsvirksomheden egenkapitalen i begyndelsen af den umiddelbart foregående periode for en eventuel forskel mellem:
a)
investeringens tidligere regnskabsmæssige værdi og
b)
dagsværdien af investeringsvirksomhedens investering i dattervirksomheden.
Hvis den tidligste periode, hvor anvendelsen af dette afsnit er mulig, er den indeværende periode, indregnes reguleringen af egenkapitalen fra begyndelsen af den indeværende periode.
18H
Hvis en investeringsvirksomhed har afhændet eller har mistet den bestemmende indflydelse på en dattervirksomhed før tidspunktet for førstegangsanvendelsen af ændringerne vedrørende 
Investeringsvirksomheder
, er det ikke et krav, at investeringsvirksomheden foretager reguleringer i de tidligere regnskaber for den pågældende investering.
18I
Uanset henvisningerne til det regnskabsår, der ligger umiddelbart forud for tidspunktet for førstegangsanvendelsen ("den umiddelbart foregående periode"), i afsnit 18C-18G kan en virksomhed også forelægge regulerede sammenlignelige oplysninger for en tidligere forelagt periode, men er ikke nødt til det. Hvis en virksomhed alligevel forelægger regulerede sammenlignelige oplysninger for en tidligere periode, læses alle henvisninger til "den umiddelbart foregående periode" i afsnit 18C-18G som "den tidligst regulerede sammenligningsperiode, der er forelagt." Hvis en virksomhed forelægger ikke-regulerede sammenlignelige oplysninger for en tidligere periode, skal den klart udpege de oplysninger, der ikke er blevet reguleret, anføre, at de er udarbejdet på et andet grundlag, og redegøre for dette grundlag.
18J
Den indre værdis metode i separate årsregnskaber
 (Ændringer til IAS 27), udstedt i august 2014, medførte ændringer af afsnit 4-7, 10, 11B og 12. Virksomheder skal anvende disse ændringer med tilbagevirkende kraft i overensstemmelse med IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
 for regnskabsår, der begynder den 1. januar 2016 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender disse ændringer for et tidligere regnskabsår, skal den give oplysning herom.
Henvisninger til IFRS 9
19
Hvis en virksomhed anvender denne standard, men endnu ikke anvender IFRS 9, læses enhver henvisning til IFRS 9 som en henvisning til IAS 39 
Finansielle instrumenter
: 
Indregning og måling
OPHÆVELSE AF IAS 27 (2008)
20
Denne standard udgives samtidig med IFRS 10. Sammen erstatter de to IFRS-standarder IAS 27 
Koncernregnskaber og separate årsregnskaber
 (som ændret i 2008).
IAS 28
Investeringer i associerede virksomheder og joint ventures
FORMÅL
1
Formålet med denne standard er at foreskrive den regnskabsmæssige behandling af investeringer i associerede virksomheder og beskrive kravene for anvendelse af den indre værdis metode i forbindelse med den regnskabsmæssige behandling af investeringer i associerede virksomheder og joint ventures.
ANVENDELSESOMRÅDE
2
Denne standard anvendes af alle virksomheder, der er investorer med fælles bestemmende indflydelse eller betydelig indflydelse på en virksomhed, der er investeret i.
DEFINITIONER
3
Nedenstående udtryk anvendes i denne standard med følgende betydning:
En 
associeret virksomhed
 er en virksomhed, som investor har betydelig indflydelse på.
Et 
koncernregnskab
 er et årsregnskab for en koncern, hvori modervirksomhedens og dens dattervirksomheders aktiver, forpligtelser, egenkapital, indtægter, omkostninger og pengestrømme er præsenteret som for en enkelt økonomisk enhed.
Den indre værdis metode
 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, og investors anden totalindkomst omfatter investors andel af anden totalindkomst i den virksomhed, der er investeret i.
Et 
fælles arrangement
 er et arrangement, på hvilket to eller flere parter har fælles bestemmende indflydelse.
Fælles bestemmende indflydelse
 er en kontraktlig aftale om delt bestemmende indflydelse på et arrangement og eksisterer kun, når de beslutninger, som er knyttet til de pågældende aktiviteter, kræver enstemmighed mellem de parter, der deler den bestemmende indflydelse.
Et 
joint venture
 er et fælles arrangement, hvorved de parter, der har fælles bestemmende indflydelse på arrangementet, har rettigheder til arrangementets nettoaktiver.
En 
joint venturedeltager
 er en part i et joint venture, som har del i den fælles bestemmende indflydelse på det pågældende joint venture.
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.
4
Nedenstående udtryk defineres i afsnit 4 i IAS 27 
Separate årsregnskaber
 og i Appendiks A til IFRS 10 
Koncernregnskaber
 og anvendes i denne standard med de betydninger, der er angivet i de IFRS-standarder, hvori de er defineret:
—
bestemmende indflydelse på en virksomhed, der er investeret i
—
koncern
—
modervirksomhed
—
separate årsregnskaber
—
dattervirksomhed.
BETYDELIG INDFLYDELSE
5
Hvis en virksomhed, direkte eller indirekte (f.eks. gennem dattervirksomheder), ejer 20 % eller mere af stemmerettighederne i den virksomhed, der er investeret i, formodes det, at denne virksomhed har betydelig indflydelse, medmindre det klart kan påvises, at dette ikke er tilfældet. Modsat gælder, at hvis virksomheden, direkte eller indirekte (f.eks. gennem dattervirksomheder), ejer mindre end 20 % af stemmerettighederne i den virksomhed, der er investeret i, formodes det, at denne virksomhed ikke har 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 virksomhed fra at have betydelig indflydelse.
6
En virksomheds 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 virksomheden og den virksomhed, der er investeret i
d)
udveksling af ledende medarbejdere eller
e)
nødvendig teknisk information stilles til rådighed.
7
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.
8
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 de potentielle rettigheder.
9
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 et kontraktarrangement.
DEN INDRE VÆRDIS METODE
10
Efter den indre værdis metode indregnes investeringen i en associeret virksomhed eller et joint venture 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 anden totalindkomst i den virksomhed, der er investeret i. Sådanne ændringer omfatter ændringer hidrørende fra omvurderinger af materielle anlægsaktiver og valutakursforskelle ved omregning. Investors andel af disse ændringer indregnes på investors anden totalindkomst (se IAS 1 
Præsentation af årsregnskaber
).
11
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 eller et joint venture, idet de modtagne udlodninger ikke nødvendigvis har sammenhæng med indtjeningen i den associerede virksomhed eller joint venturet. Eftersom investor har fælles bestemmende indflydelse eller betydelig indflydelse på den virksomhed, der er investeret i, har investor en andel i den associerede virksomheds eller joint ventures 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 virksomhed, der er investeret i. Således medfører anvendelse af den indre værdis metode en mere informativ regnskabsaflæggelse for investors nettoaktiver og resultat.
12
Når der er potentielle stemmerettigheder eller andre afledte finansielle instrumenter indeholdende potentielle stemmerettigheder, skal en virksomheds kapitalandele i en associeret virksomhed eller et joint venture kun opgøres på basis af de aktuelle ejerandele og ikke afspejle den mulige udnyttelse eller konvertering af potentielle stemmerettigheder eller andre afledte finansielle instrumenter, jf. dog afsnit 13.
13
Under visse omstændigheder har en virksomhed i realiteten en ejerandel som følge af en transaktion, der allerede giver den adgang til afkastene forbundet med en ejerandel. I den situation opgøres den del, der allokeres til virksomheden, ved at tage hensyn til den endelige udnyttelse af disse potentielle stemmerettigheder og andre afledte finansielle instrumenter, der på nuværende tidspunkt giver virksomheden adgang til afkastene.
14
IFRS 9 
Finansielle instrumenter
 finder ikke anvendelse på kapitalandele i associerede virksomheder og joint ventures, der ikke regnskabsmæssigt behandles efter den indre værdis metode. Når finansielle instrumenter indeholdende potentielle stemmerettigheder på nuværende tidspunkt i realiteten giver adgang til afkastene forbundet med en ejerandel i en associeret virksomhed eller et joint venture, finder IFRS 9 ikke anvendelse på disse instrumenter. I alle andre tilfælde skal finansielle instrumenter indeholdende potentielle stemmerettigheder i en associeret virksomhed eller et joint venture regnskabsmæssigt behandles i overensstemmelse med IFRS 9.
14A
En virksomhed anvender også IFRS 9 på andre finansielle instrumenter i en associeret virksomhed eller et joint venture, på hvilke den indre værdis metode ikke anvendes. Disse omfatter langsigtede interesser, som i al væsentlighed udgør en del af virksomhedens nettoinvestering i en associeret virksomhed eller et joint venture (jf. afsnit 38). En virksomhed anvender IFRS 9 på sådanne langsigtede interesser, før den anvender afsnit 38 og afsnit 40-43 i denne standard. I henhold til IFRS 9 skal virksomheden ikke tage hensyn til eventuelle reguleringer af den regnskabsmæssige værdi af de langsigtede interesser, som hidrører fra anvendelsen af denne standard.
15
Medmindre en investering eller en del af en investering i en associeret virksomhed eller et joint venture er klassificeret som besiddelse med henblik på salg i overensstemmelse med IFRS 5 
Anlægsaktiver, som besiddes med henblik på salg og ophørte aktiviteter
, klassificeres investeringen eller bibeholdte interesser i investeringen, der ikke er klassificeret som besiddelse med henblik på salg, som et anlægsaktiv.
ANVENDELSE AF DEN INDRE VÆRDIS METODE
16
En virksomhed med fælles bestemmende indflydelse eller betydelig indflydelse på en virksomhed, der er investeret i, skal regnskabsmæssigt behandle sin investering i en associeret virksomhed eller et joint venture efter den indre værdis metode, undtagen når investeringen kan henføres under en undtagelse i henhold til afsnit 17-19.
Undtagelser fra anvendelse af den indre værdis metode
17
En virksomhed behøver ikke anvende den indre værdis metode på sin investering i en associeret virksomhed eller et joint venture, hvis virksomheden er en modervirksomhed, der er undtaget fra kravet om udarbejdelse af et koncernregnskab i kraft af at være omfattet af undtagelsen i afsnit 4, litra a), i IFRS 10, eller hvis samtlige nedenstående betingelser er opfyldt:
a)
Virksomheden 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 har ikke gjort indsigelser imod, at virksomheden ikke anvender den indre værdis metode.
b)
Virksomhedens gælds- eller egenkapitalinstrumenter kan ikke handles på et offentligt marked (en inden- eller udenlandsk fondsbørs eller et OTC-marked, herunder lokale og regionale markeder).
c)
Virksomheden har ikke indsendt og er ej heller 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.
d)
Virksomhedens øverste modervirksomhed eller en mellemliggende modervirksomhed fremlægger årsregnskaber, der er tilgængelige for offentligheden og i overensstemmelse med IFRS-standarderne, hvor datterselskaber er konsoliderede eller måles til dagsværdi gennem resultatet i overensstemmelse med IFRS 10.
18
Når en investering i en associeret virksomhed eller et joint venture besiddes af eller besiddes indirekte gennem en virksomhed, der er en venturekapitalorganisation, eller et investeringsselskab, en investeringsforening eller lignende, herunder forsikringsfonde tilknyttet investeringer, kan virksomheden vælge at måle disse investeringer til dagsværdi over resultatet i overensstemmelse med IFRS 9. Et eksempel på en forsikringsfond tilknyttet investeringer er en fond, som besiddes af en virksomhed som underliggende poster for en gruppe af forsikringskontrakter med elementer af direkte deltagelse. Med henblik på dette valg omfatter forsikringskontrakter investeringskontrakter med elementer af diskretionær deltagelse. Virksomheden træffer dette valg særskilt for hver associeret virksomhed eller joint venture ved første indregning af den associerede virksomhed eller joint venturet. (jf. IFRS 17 
Forsikringskontrakter
 for udtryk, som anvendes i dette afsnit, og som er defineret i denne standard).
19
Når en virksomhed har en investering i en associeret virksomhed, hvoraf en del besiddes indirekte gennem en venturekapitalorganisation, eller et investeringsselskab, en investeringsforening eller lignende, herunder forsikringsfonde tilknyttet investeringer, kan virksomheden vælge at måle denne del af investeringen i den associerede virksomhed til dagsværdi over resultatet i overensstemmelse med IFRS 9, uanset om venturekapitalorganisationen eller investeringsselskabet, investeringsforeningen og lignende, herunder forsikringsfonde tilknyttet investeringer, har betydelig indflydelse på den del af investeringen. Hvis virksomheden træffer det valg, skal den anvende den indre værdis metode på alle de resterende dele af sin investering i en associeret virksomhed, der ikke besiddes gennem en venturekapitalorganisation, eller et investeringsselskab, en investeringsforening eller lignende, herunder forsikringsfonde tilknyttet investeringer.
Klassifikation som besiddelse med henblik på salg
20
En virksomhed skal anvende IFRS 5 på en investering eller en del af en investering i en associeret virksomhed eller et joint venture, der opfylder kriterierne for klassifikation med henblik på salg. Enhver bevaret del af en investering i en associeret virksomhed eller et joint venture, der ikke er blevet klassificeret som besiddelse med henblik på salg, skal regnskabsmæssigt behandles efter den indre værdis metode indtil afhændelsen af den del, der er klassificeret som besiddelse med henblik på salg. Efter afhændelsen skal en virksomhed regnskabsmæssigt behandle enhver bevaret kapitalandel i den associerede virksomhed eller joint venturet i overensstemmelse med IFRS 9, medmindre den bevarede kapitalandel fortsætter med at være en associeret virksomhed eller et joint venture, i hvilket tilfælde virksomheden skal benytte den indre værdis metode.
21
Når en investering eller en del af en investering i en associeret virksomhed eller et joint venture, 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 med tilbagevirkende kraft fra tidspunktet for klassifikationen som besiddelse med henblik på salg. Årsregnskaber for perioder, der ligger efter klassifikationen som besiddelse med henblik på salg, skal ændres tilsvarende.
Ophør med anvendelse af den indre værdis metode
22
En virksomhed skal ophøre med at anvende den indre værdis metode fra den dato, hvor dens investering ophører med at være en associeret virksomhed eller et joint venture, som følger:
a)
Hvis dens investering bliver en dattervirksomhed, skal virksomheden regnskabsmæssigt behandle sin investering i overensstemmelse med IFRS 3 
Virksomhedssammenslutninger
 og IFRS 10.
b)
Hvis den bevarede kapitalandel i den tidligere associerede virksomhed eller joint venturet er et finansielt aktiv, skal virksomheden måle den bevarede kapitalandel til dagsværdi. Dagsværdien af en bevaret kapitalandel skal betragtes som dagsværdien ved første indregning som et finansielt aktiv i overensstemmelse med IFRS 9. Virksomheden skal i resultatet indregne alle forskelle mellem:
i)
dagsværdien af alle bevarede kapitalandele og provenuet fra den delvise afhændelse af en kapitalandel i den associerede virksomhed eller joint venturet og
ii)
den regnskabsmæssige værdi af investeringen på det tidspunkt, hvor anvendelsen af den indre værdis metode blev bragt til ophør.
c)
Hvis en virksomhed ophører med at anvende den indre værdis metode, skal modervirksomheden behandle alle beløb, der tidligere var indregnet i anden totalindkomst vedrørende den investering, på samme regnskabsmæssige grundlag, som ville være krævet, hvis den virksomhed, der er investeret i, havde afhændet de tilknyttede aktiver eller forpligtelser direkte.
23
Således gælder det, at hvis en gevinst eller et tab, der tidligere var indregnet i anden totalindkomst i den virksomhed, der er investeret i, omklassificeres til resultatet ved afhændelsen af de tilknyttede aktiver eller forpligtelser, skal virksomheden omklassificere gevinsten eller tabet fra egenkapitalen til resultatet (som en omklassifikationsregulering), når den indre værdis metode ikke længere anvendes. Hvis en associeret virksomhed eller et joint venture eksempelvis har akkumulerede valutakursforskelle vedrørende en udenlandsk virksomhed, og virksomheden ophører med at anvende den indre værdis metode, skal virksomheden omklassificere det tab eller den gevinst fra den udenlandske virksomhed, der tidligere var indregnet i anden totalindkomst, til resultatet.
24
Hvis en investering i en associeret virksomhed bliver en investering i et joint venture, eller en investering i et joint venture bliver en investering i en associeret virksomhed, skal virksomheden fortsætte med at anvende den indre værdis metode og ikke foretage en omvurdering af den bevarede kapitalandel.
Ændringer i ejerandele
25
Hvis en virksomheds ejerandele i en associeret virksomhed eller et joint venture mindskes, men investeringen fortsat klassificeres som enten en associeret virksomhed eller et joint venture, skal virksomheden omklassificere til resultatet den del af gevinsten eller tabet, der tidligere var indregnet i anden totalindkomst vedrørende denne mindskelse af ejerandele, hvis gevinsten eller tabet skulle omklassificeres til resultatet ved afhændelsen af de tilknyttede aktiver eller forpligtelser.
Procedurer i forbindelse med den indre værdis metode
26
Mange af de procedurer, der er relevante for anvendelsen af den indre værdis metode, svarer til de i IFRS 10 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 eller et joint venture.
27
En koncerns andel i en associeret virksomhed eller et joint venture udgøres af modervirksomhedens og dens dattervirksomheders samlede besiddelse i den associerede virksomhed eller joint venturet. Der ses i denne forbindelse bort fra besiddelser hos koncernens øvrige associerede virksomheder eller joint ventures. Når en associeret virksomhed eller et joint venture har dattervirksomheder, associerede virksomheder eller joint ventures, er de resultater, anden totalindkomst og de nettoaktiver, der skal tages i betragtning ved anvendelse af den indre værdis metode, dem, der indregnes i årsregnskabet for den associerede virksomhed eller joint venturet (herunder den associerede virksomheds eller joint venturets andel i resultatet, anden totalindkomst og nettoaktiverne i de associerede virksomheder og joint ventures) efter eventuelle nødvendige reguleringer for at opnå ensartet regnskabspraksis (jf. afsnit 35-36A).
28
Gevinster og tab hidrørende fra transaktioner med højereliggende og lavereliggende virksomheder i forholdet mellem en virksomhed (herunder dennes konsoliderede dattervirksomheder) og en associeret virksomhed eller et joint venture indregnes udelukkende i virksomhedens årsregnskab med omfanget af ikke-nærtstående investorers kapitalandele i den associerede virksomhed eller joint venturet. Transaktioner med en højereliggende virksomhed kan eksempelvis være salg af aktiver fra en associeret virksomhed eller et joint venture til investor. Transaktioner med en lavereliggende virksomhed kan eksempelvis være salg eller indskud af aktiver fra investor til dennes associerede virksomhed eller joint venture. Investors andel i den associerede virksomheds eller joint venturets gevinster eller tab hidrørende fra disse transaktioner skal elimineres.
29
Når transaktioner med lavereliggende virksomheder indikerer en reduktion af nettorealisationsværdien af de aktiver, der skal sælges eller indskydes, eller et tab ved værdiforringelse af disse aktiver, skal investor indregne disse tab fuldt ud. Når transaktioner med højereliggende virksomheder indikerer en reduktion af nettorealisationsværdien af de aktiver, der skal købes, eller et tab ved værdiforringelse af disse aktiver, skal investor indregne sin andel af disse tab.
30
Indskuddet af et ikke-monetært aktiv i en associeret virksomhed eller et joint venture til gengæld for en egenkapitalinteresse i den associerede virksomhed eller joint venturet skal behandles regnskabsmæssigt i overensstemmelse med afsnit 28, medmindre indskuddet ikke har forretningsmæssigt indhold ifølge definitionen af dette udtryk i IAS 16 
Materielle anlægsaktiver
. Hvis et sådant indskud ikke har forretningsmæssigt indhold, anses gevinsten eller tabet at være urealiseret og indregnes ikke, medmindre afsnit 31 ligeledes finder anvendelse. Sådanne urealiserede gevinster eller tab skal elimineres i investeringen, der behandles regnskabsmæssigt efter den indre værdis metode, og skal ikke præsenteres som udskudte gevinster eller tab i virksomhedens koncernbalance eller i virksomhedens balance, hvori sådanne investeringer behandles regnskabsmæssigt efter den indre værdis metode.
31
Hvis en virksomhed ud over at modtage en egenkapitalinteresse i en associeret virksomhed eller et joint venture modtager monetære eller ikke-monetære aktiver, skal virksomheden indregne hele gevinsten eller tabet på det ikke-monetære indskud i tilknytning til de modtagne monetære eller ikke-monetære aktiver.
32
En investering behandles regnskabsmæssigt efter den indre værdis metode fra det tidspunkt, hvor den bliver en associeret virksomhed eller et joint venture. Ved erhvervelsen af investeringen skal en eventuel forskel mellem kostprisen for investeringen og investors andel af nettodagsværdien af de identificerbare aktiver og forpligtelser i den virksomhed, der investeres i, regnskabsmæssigt behandles som følger:
a)
Goodwill tilknyttet en associeret virksomhed eller et joint venture medtages i investeringens regnskabsmæssige værdi. Afskrivning på denne goodwill er ikke tilladt.
b)
Et eventuelt beløb, hvormed virksomhedens andel af nettodagsværdien af de identificerbare aktiver og forpligtelser i den virksomhed, der investeres i, overstiger kostprisen for investeringen, medtages som indtægt ved opgørelsen af virksomhedens andel af den associerede virksomheds eller joint venturets resultat i det regnskabsår, hvor investeringen er erhvervet.
Der foretages relevante reguleringer af virksomhedens andel af den associerede virksomheds eller joint venturets resultat efter erhvervelsen for at tage højde for eksempelvis afskrivninger på afskrivningsberettigede aktiver baseret på deres dagsværdi på erhvervelsestidspunktet. Ligeledes foretages der relevante reguleringer af virksomhedens andel af den associerede virksomheds eller joint venturets resultat efter erhvervelsen for tab ved værdiforringelse, eksempelvis af goodwill eller materielle anlægsaktiver.
33
Den associerede virksomheds eller joint venturets senest tilgængelige årsregnskab benyttes af virksomheden ved anvendelse af den indre værdis metode. Når virksomheden afslutter regnskabsåret på et andet tidspunkt end den associerede virksomhed eller joint venturet, skal den associerede virksomhed eller joint venturet, til brug for virksomheden, udarbejde årsregnskab pr. samme balancedag som virksomhedens årsregnskab, medmindre dette er praktisk umuligt.
34
Når en associeret virksomheds eller et joint ventures årsregnskab, som indgår ved anvendelsen af den indre værdis metode, i overensstemmelse med afsnit 33 udarbejdes pr. en balancedag, der afviger fra virksomhedens balancedag, skal der foretages reguleringer for virkningen af væsentlige transaktioner eller begivenheder, som finder sted mellem denne dato og balancedagen for virksomhedens årsregnskab. Under alle omstændigheder må forskellen mellem afslutningen af den associerede virksomheds eller joint venturets regnskabsperiode og virksomhedens regnskabsperiode ikke være mere end tre måneder. Længden af regnskabsperioder og forskelle i regnskabsperiodernes afslutning skal være ens fra regnskabsperiode til regnskabsperiode.
35
Virksomhedens årsregnskab skal udarbejdes ved anvendelse af ensartede regnskabsprincipper for ensartede transaktioner og begivenheder under samme omstændigheder.
36
Hvis en associeret virksomhed eller et joint venture anvender andre regnskabsprincipper end dem, som anvendes af virksomheden for ensartede transaktioner og begivenheder under samme omstændigheder, skal der foretages reguleringer for at bringe den associerede virksomheds eller joint venturets regnskabspraksis i overensstemmelse med virksomhedens, når den associerede virksomheds eller joint venturets årsregnskab benyttes af virksomheden ved dennes anvendelse af den indre værdis metode, jf. dog afsnit 36A.
36A
Uanset kravet i afsnit 36 kan en virksomhed, som ikke selv er en investeringsvirksomhed, og som har kapitalandele i en associeret virksomhed eller et joint venture, som er en investeringsvirksomhed, ved anvendelsen af den indre værdis metode vælge fortsat at anvende den dagsværdimåling, der anvendes af den pågældende associerede investeringsvirksomhed eller det pågældende joint venture, på den associerede investeringsvirksomheds eller joint venturets kapitalandele i dattervirksomheder. Dette valg træffes særskilt for hver associeret investeringsvirksomhed eller for hvert joint venture på den seneste af følgende datoer: a) datoen for den associerede investeringsvirksomheds eller joint venturets første indregning, b) den dato, hvor den associerede virksomhed eller joint venturet bliver en investeringsvirksomhed, og c) den dato, hvor den associerede investeringsvirksomhed eller joint venturet for første gang bliver en modervirksomhed.
37
Hvis en associeret virksomhed eller et joint venture har kumulative præferenceaktier i omløb, som besiddes af andre parter end virksomheden og klassificeres som egenkapital, beregner virksomheden sin andel af resultatet efter regulering for udbyttet fra sådanne aktier, uanset om udbyttet er blevet erklæret.
38
Hvis en virksomheds andel af tab i en associeret virksomhed eller et joint venture er lig med eller overstiger kapitalandelen i den associerede virksomhed eller joint venturet, ophører virksomheden med at indregne sin andel af yderligere tab. Kapitalandelen i en associeret virksomhed eller et joint venture er den regnskabsmæssige værdi af investeringen i den associerede virksomhed eller joint venturet opgjort efter den indre værdis metode samt eventuelle langsigtede interesser, som i al væsentlighed udgør en del af investors nettoinvestering i den associerede virksomhed eller joint venturet. 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 eller joint venturet. 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 virksomhedens investering i ordinære aktier, som indregnes efter den indre værdis metode, henføres til de andre elementer af virksomhedens kapitalandel i en associeret virksomhed eller et joint venture i omvendt rækkefølge i forhold til deres prioritet (dvs. i forhold til konkursordenen).
39
Efter at virksomhedens kapitalandel er reduceret til nul, hensættes forpligtelser til yderligere tab, og der indregnes kun en forpligtelse i det omfang, virksomheden har påtaget sig retlige eller faktiske forpligtelser eller foretaget betalinger på vegne af den associerede virksomhed eller joint venturet. Hvis den associerede virksomhed eller joint venturet 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
40
Efter at have anvendt den indre værdis metode, herunder indregning af den associerede virksomheds eller joint venturets tab i overensstemmelse med afsnit 38, skal virksomheden anvende afsnit 41A-41C til at afgøre, hvorvidt der er en klar indikation af, at dens nettoinvestering i den associerede virksomhed eller joint venturet er værdiforringet.
41
[Ophævet]
41A
Nettoinvesteringen i en associeret virksomhed eller et joint venture 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 nettoinvesteringen, 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 en nettoinvestering er værdiforringet, omfatter observerede data om følgende tabsgivende begivenheder, som virksomheden bliver gjort opmærksom på:
a)
den associerede virksomheds eller joint venturets væsentlige økonomiske vanskeligheder
b)
kontraktbrud, såsom den associerede virksomheds eller joint venturets manglende eller forsinkede betaling
c)
nedslag fra virksomheden til den associerede virksomhed eller joint venturet af økonomiske eller juridiske årsager forbundet med den associerede virksomheds eller joint venturets økonomiske vanskeligheder, som virksomheden ellers ikke ville have overvejet
d)
stigende sandsynlighed for den associerede virksomheds eller joint venturets konkurs eller anden økonomisk omstrukturering eller
e)
bortfald af et aktivt marked for nettoinvesteringen grundet den associerede virksomheds eller joint venturets økonomiske vanskeligheder.
41B
At et aktivt marked bortfalder, fordi den associerede virksomheds eller joint venturets finansielle instrumenter ikke længere handles offentligt, er ikke dokumentation for værdiforringelse. En nedjustering af en associeret virksomheds eller et joint ventures kreditværdighed eller et fald i den associerede virksomheds eller joint venturets dagsværdi er ikke i sig selv dokumentation for værdiforringelse, men kan være det i sammenhæng med andre tilgængelige oplysninger.
41C
Ud over de typer begivenheder, der nævnes i afsnit 41A, omfatter begrebet klar indikation af værdiforringelse af nettoinvesteringen i den associerede virksomheds eller joint venturets egenkapitalinstrumenter oplysninger om væsentlige, negative ændringer, som har fundet sted i de teknologiske, markedsmæssige, økonomiske eller juridiske omgivelser, hvor den associerede virksomhed eller joint venturet 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.
42
Eftersom goodwill, der er medtaget i den regnskabsmæssige værdi af en nettoinvestering i en associeret virksomhed eller et joint venture, ikke indregnes separat, bliver den ikke testet separat for værdiforringelse ved at anvende kravene for test af 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 som et enkelt aktiv ved at sammenligne genindvindingsværdien (det højeste af nytteværdien og dagsværdien med fradrag af afhændelsesomkostninger) med den regnskabsmæssige værdi, når der ved anvendelsen af afsnit 41A-41C er en indikation af, at nettoinvesteringen kan være værdiforringet. Tab ved værdiforringelse, der indregnes under disse omstændigheder, allokeres ikke til et aktiv, herunder goodwill, der er medtaget i den regnskabsmæssige værdi af nettoinvesteringen i den associerede virksomhed eller joint venturet. Tilbageførsel af tabet ved denne værdiforringelse indregnes i henhold til IAS 36, i det omfang nettoinvesteringens genindvindingsværdi efterfølgende forøges. Ved opgørelsen af nettoinvesteringens nytteværdi skal virksomheden foretage skøn over:
a)
sin andel af nutidsværdien af skønnede fremtidige pengestrømme, der forventes frembragt af den associerede virksomhed eller joint venturet, herunder pengestrømme fra driften i den associerede virksomhed eller joint venturet og provenuet fra 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.
43
Det genindvindelige beløb for en investering i en associeret virksomhed eller et joint venture skal opgøres for hver associeret virksomhed eller hvert joint venture, medmindre den associerede virksomhed eller joint venturet ikke fra fortsat anvendelse frembringer pengestrømme til virksomheden, der stort set er uafhængige af pengestrømmene fra andre aktiver i virksomheden.
SEPARATE ÅRSREGNSKABER
44
En investering i en associeret virksomhed eller et joint venture skal regnskabsmæssigt behandles i virksomhedens separate årsregnskab i overensstemmelse med afsnit 10 i IAS 27 (som ændret i 2011).
IKRAFTTRÆDELSESTIDSPUNKT OG OVERGANG
45
Virksomheder skal anvende denne standard for regnskabsår, som begynder den 1. januar 2013 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender denne standard tidligere, skal den give oplysning herom og samtidig anvende IFRS 10, IFRS 11 
Fælles ordninger
, IFRS 12 
Oplysninger om kapitalandele i andre virksomheder
 og IAS 27 (som ændret i 2011).
45A
IFRS 9, der blev udstedt i juli 2014, medførte en ændring af afsnit 40-42 samt tilføjelse af afsnit 41A-41C. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 9.
45B
Den indre værdis metode i separate årsregnskaber
 (Ændringer til IAS 27), udstedt i august 2014, medførte ændringer af afsnit 25. Virksomheder skal anvende denne ændring med tilbagevirkende kraft i overensstemmelse med IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
 for regnskabsår, der begynder den 1. januar 2016 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender denne ændring på en tidligere regnskabsperiode, skal den oplyse herom.
45D
Investeringsvirksomheder: Anvendelse af konsolideringsfritagelsen
 (ændringer af IFRS 10, IFRS 12 og IAS 28), udstedt i december 2014, vedrørte ændring af afsnit 17, 27 og 36 og tilføjelse af afsnit 36A. Virksomheder skal anvende disse ændringer på regnskabsår, som begynder den 1. januar 2016 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender disse ændringer for et tidligere regnskabsår, skal den give oplysning herom.
45E
Det årlige forbedringsprojekt vedrørende IFRS-standarder for perioden 2014-2016
, udstedt i december 2016, medførte ændring af afsnit 18 og 36A. Virksomheder skal anvende disse ændringer med tilbagevirkende kraft i overensstemmelse med IAS 8 for regnskabsår, som begynder den 1. januar 2018 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender disse ændringer for et tidligere regnskabsår, skal den give oplysning herom.
45F
IFRS 17, der er udstedt i maj 2017, medførte en ændring af afsnit 18. Virksomheder skal anvende denne ændring ved anvendelse af IFRS 17.
45G
Langsigtede interesser i associerede virksomheder og joint ventures
, der blev udstedt i oktober 2017, tilføjede afsnit 14A og ophævede afsnit 41. Virksomheder skal anvende disse ændringer med tilbagevirkende kraft i overensstemmelse med IAS 8 for regnskabsår, som begynder den 1. januar 2019 eller derefter, undtagen som specificeret i afsnit 45H-45K. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender disse ændringer tidligere, skal den oplyse herom.
45H
En virksomhed, der anvender ændringerne i afsnit 45G for første gang, samtidig med at den anvender IFRS 9 for første gang, skal anvende overgangsbestemmelserne i IFRS 9 på de langsigtede interesser, der er beskrevet i afsnit 14A.
45I
En virksomhed, der anvender ændringerne i afsnit 45G for første gang, efter at den har anvendt IFRS 9 for første gang, skal anvende de overgangsbestemmelser i IFRS 9, som er nødvendige for anvendelsen af kravene i afsnit 14A, på langsigtede interesser. Med henblik herpå skal henvisninger til tidspunktet for førstegangsanvendelsen i IFRS 9 læses som henvisninger til begyndelsen af det regnskabsår, hvor virksomheden anvender ændringerne for første gang (datoen for førstegangsanvendelsen af ændringerne). Virksomheden er ikke forpligtet til at tilpasse tidligere regnskabsperioder for at afspejle anvendelsen af ændringerne. Virksomheden må kun tilpasse tidligere regnskabsperioder, hvis det er muligt uden at efterrationalisere.
45J
Når ændringerne i afsnit 45G anvendes første gang, er en virksomhed, som anvender den midlertidige undtagelse fra IFRS 9 i overensstemmelse med IFRS 4 
Forsikringskontrakter
, ikke forpligtet til at tilpasse tidligere regnskabsperioder for at afspejle anvendelsen af ændringerne. Virksomheden må kun tilpasse tidligere regnskabsperioder, hvis det er muligt uden at efterrationalisere.
45K
Hvis en virksomhed ikke tilpasser tidligere regnskabsår ved at anvende afsnit 45I eller afsnit 45J på tidspunktet for førstegangsanvendelsen af ændringerne, skal den indregne en eventuel forskel i overført resultat primo (eller et andet egenkapitalelement, alt efter hvad der er relevant) mellem:
a)
den tidligere regnskabsmæssige værdi af langsigtede interesser, der er beskrevet i afsnit 14A, på denne dato, og
b)
den regnskabsmæssige værdi af disse langsigtede interesser på denne dato.
Henvisninger til IFRS 9
46
Hvis en virksomhed anvender denne standard, men endnu ikke anvender IFRS 9, skal alle henvisninger til IFRS 9 læses som henvisninger til IAS 39.
OPHÆVELSE AF IAS 28 (2003)
47
Denne standard erstatter IAS 28 
Investeringer i associerede virksomheder
 (som ajourført i 2003).
IAS 29
Regnskabsaflæggelse i hyperinflationsøkonomier
(
13
)
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 balance 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 forskellige tidspunkter, 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
Virksomheder, der udarbejder årsregnskaber på basis af historiske kostpriser, skal ikke tage hensyn til ændringer i det generelle prisniveau eller stigninger i specifikke værdier af indregnede aktiver eller forpligtelser. Det gælder dog ikke for aktiver og forpligtelser, som virksomheden er forpligtet til eller vælger at måle til dagsværdi. Materielle anlægsaktiver kan f.eks. omvurderes til dagsværdi, og biologiske aktiver skal som regel måles til dagsværdi. 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 ved regnskabsårets afslutning 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 ved afslutningen af regnskabsåret gældende måleenhed. De af IAS 1 
Præsentation af årsregnskaber
 (ajourført i 2007) krævede sammenligningstal for det foregående regnskabsår og eventuelle oplysninger med hensyn til tidligere regnskabsår skal ligeledes angives i den ved afslutningen af regnskabsåret gældende måleenhed. Med hensyn til præsentation af sammenligningstal i en anden præsentationsvaluta finder afsnit 42, litra b), og afsnit 43 i IAS 21 
Valutaomregning
 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
Balance
11
Balanceposter, som ikke allerede er angivet i den ved regnskabsårets afslutning gældende måleenhed, inflationskorrigeres i henhold til et generelt prisindeks.
12
Monetære poster inflationskorrigeres ikke, idet de allerede er angivet i den ved regnskabsårets afslutning gældende valutaenhed. 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 ved regnskabsårets afslutning udestående beløb. Disse poster indregnes med dette regulerede beløb i den inflationskorrigerede balance.
14
Alle andre aktiver og forpligtelser er ikke-monetære. Nogle ikke-monetære poster indregnes til de ved slutningen af regnskabsåret gældende beløb, som eksempelvis nettorealisationsværdi og dagsværdi, 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 afslutningen af regnskabsåret. Materielle anlægsaktiver, varebeholdninger af råvarer og handelsvarer, goodwill, patenter, varemærker og tilsvarende aktiver inflationskorrigeres eksempelvis 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 regnskabsårets afslutning, 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 IFRS-standarder, når den overstiger genindvindingsværdien. Inflationskorrigerede materielle anlægsaktiver, goodwill og patenter og varemærker reduceres eksempelvis til genindvindingsværdi, og inflationskorrigerede varebeholdninger reduceres til nettorealisationsværdi.
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 totalindkomstopgørelsen for den virksomhed, der er investeret i, inflationskorrigeres i overensstemmelse med denne standard for at beregne investors andel af dennes nettoaktiver og resultat. 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 IAS 1.
Totalindkomstopgørelse
26
Denne standard kræver, at alle poster i totalindkomstopgørelsen angives i den ved regnskabsårets afslutning 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 totalindkomstopgørelsen 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 resultatet. 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 indtægts- og omkostningsposter, 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 totalindkomstopgørelsen.
Årsregnskaber baseret på dagsværdi
Balance
29
Poster opført til dagsværdi inflationskorrigeres ikke, idet de allerede er angivet i den ved regnskabsårets afslutning gældende måleenhed. Andre poster i balancen inflationskorrigeres i overensstemmelse med afsnit 11-25.
Totalindkomstopgørelse
30
Totalindkomstopgørelser 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 ved regnskabsårets afslutning 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 deres skattemæssige værdi. Disse forskelle behandles regnskabsmæssigt i overensstemmelse med IAS 12 
Indkomstskatter
.
Pengestrømsopgørelse
33
Denne standard kræver, at alle poster i pengestrømsopgørelsen angives i den ved regnskabsårets afslutning 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 afslutningen af regnskabsåret gældende måleenhed. Oplysninger, som gives for tidligere regnskabsår, angives ligeledes i den ved afslutningen af regnskabsåret gældende måleenhed. Med hensyn til præsentation af sammenligningstal i en anden præsentationsvaluta finder afsnit 42, litra b), og afsnit 43 i IAS 21 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 regnskabsårsafslutninger 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 ved regnskabsårets afslutning gældende måleenhed
b)
hvorvidt årsregnskabet et baseret på den historiske kostprismetode eller dagsværdimetoden, og
c)
arten og omfanget af prisindekset ved regnskabsårets afslutning 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 derefter.
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 supplerer principperne for indregning og måling af finansielle aktiver og finansielle forpligtelser i IFRS 9 
Finansielle instrumenter
 og for oplysninger om dem i IAS 7 
Finansielle instrumenter
: 
Oplysninger
.
ANVENDELSESOMRÅDE
4
Denne standard 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 IFRS 10 
Koncernregnskaber
, IAS 27 
Separate årsregnskaber
 eller IAS 28 
Investeringer i associerede virksomheder og joint ventures
. I visse tilfælde giver IFRS 10, IAS 27 og IAS 28 imidlertid en virksomhed mulighed for at — eller kræver, at den skal — behandle en kapitalandel i en dattervirksomhed eller associeret virksomhed eller et joint venture regnskabsmæssigt i henhold til IFRS 9. I disse tilfælde finder kravene i denne standard anvendelse. 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)
[ophævet]
d)
forsikringskontrakter som defineret i IFRS 17 
Forsikringskontrakter
 eller investeringskontrakter med elementer af diskretionær deltagelse, som er omfattet af IFRS 17. Denne standard finder imidlertid anvendelse på:
i)
afledte finansielle instrumenter indbygget i kontrakter, der er omfattet af IFRS 17, hvis IFRS 9 kræver, at virksomheden foretager separat regnskabsmæssig behandling af disse
ii)
investeringselementer, som er udskilt fra kontrakter, der er omfattet af IFRS 17, hvis IFRS 17 kræver en sådan udskilning, medmindre de udskilte investeringselementer er en investeringskontrakt med elementer af diskretionær deltagelse, som er omfattet af IFRS 17
iii)
en udsteders rettigheder og forpligtelser i henhold til forsikringskontrakter, som opfylder definitionen på finansielle garantikontrakter, hvis udsteder anvender IFRS 9 ved indregning og måling af kontrakterne. en udsteder skal imidlertid anvende IFRS 17, hvis udstederen i overensstemmelse med afsnit 7, litra e), i IFRS 17 vælger at anvende IFRS 17 ved indregning og måling af kontrakterne
iv)
en virksomheds rettigheder og forpligtelser, som er finansielle instrumenter i henhold til kreditkortkontrakter eller lignende kontrakter, hvorved der ydes kredit eller fastlægges betalingsordninger, og som er udstedt af en virksomhed og opfylder definitionen på en forsikringskontrakt, hvis virksomheden anvender IFRS 9 på disse rettigheder og forpligtelser i overensstemmelse med afsnit 7, litra h), i IFRS 17 og afsnit 2.1, litra e), nr. iv), i IFRS 9
v)
en virksomheds rettigheder og forpligtelser, som er finansielle instrumenter i henhold til forsikringskontrakter, og som er udstedt af en virksomhed og begrænser erstatningen for de forsikrede begivenheder til det beløb, der ellers kræves for at indfri forsikringstagers forpligtelse, der er opstået som følge af kontrakten, hvis virksomheden i overensstemmelse med afsnit 8A i IFRS 17 vælger at anvende IFRS 9 i stedet for IFRS 17 på sådanne kontrakter.
e)
[ophævet]
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. Standarden finder imidlertid anvendelse på kontrakter, som en virksomhed klassificerer som målt til dagsværdi gennem resultatet i overensstemmelse med afsnit 2.5 i IFRS 9 
Finansielle instrumenter
.
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 9, litra a) 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 indløselige finansielle instrumenter, som klassificeres som egenkapitalinstrumenter i overensstemmelse med afsnit 16A og 16B, instrumenter, som forpligter virksomheden til at overdrage en pro rata-andel af virksomhedens nettoaktiver til en anden part i tilfælde af likvidation, og som klassificeres som egenkapitalinstrumenter i overensstemmelse med afsnit 16C og 16D, eller instrumenter, som 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 udgør rettigheder, optioner eller warrants til erhvervelse af et fast antal af virksomhedens egne egenkapitalinstrumenter for et fast beløb i en hvilken som helst valuta egenkapitalinstrumenter, hvis virksomheden tilbyder rettighederne, optionerne eller warrantene på pro rata-basis til alle sine eksisterende ejere af samme kategori af ikke-afledte egenkapitalinstrumenter. I samme forbindelse omfatter virksomhedens egne egenkapitalinstrumenter ikke indløselige finansielle instrumenter, som klassificeres som egenkapitalinstrumenter i overensstemmelse med afsnit 16A og 16B, instrumenter, som forpligter virksomheden til at overdrage en pro rata-andel af virksomhedens nettoaktiver til en anden part i tilfælde af likvidation, og som klassificeres som egenkapitalinstrumenter i overensstemmelse med afsnit 16C og 16D, eller instrumenter, som udgør kontrakter vedrørende fremtidig modtagelse eller overdragelse af virksomhedens egne egenkapitalinstrumenter.
Et instrument, der opfylder definitionen på en finansiel forpligtelse, klassificeres undtagelsesvis som et egenkapitalinstrument, hvis det har alle de kendetegn og opfylder de betingelser, der er anført i afsnit 16A og 16B eller i afsnit 16C og 16D.
Et 
egenkapitalinstrument
 er enhver kontrakt, som repræsenterer en andel af den forskelsværdi, der fremkommer, når man fra alle virksomhedens aktiver trækker alle dens forpligtelser.
Dagsværdien
 er den pris, der kunne opnås ved at sælge et aktiv, eller der skulle betales for at overdrage en forpligtelse i en velordnet transaktion mellem markedsdeltagere på målingstidspunktet. (Jf. IFRS 13 
Måling af dagsværdi
).
Et 
indløseligt instrument
 er et finansielt instrument, som giver indehaveren ret til at indløse instrumentet hos udsteder mod likvide beholdninger eller andre finansielle aktiver, eller som automatisk indløses hos udsteder, hvis en usikker fremtidig begivenhed indtræffer, eller indehaveren af instrumentet dør eller går på pension.
12
Følgende udtryk er defineret i appendiks A i IFRS 9 eller afsnit 9 i IAS 39 
Finansielle instrumenter
: 
Indregning og måling
 og bruges i denne standard med den i IAS 39 og IFRS 9 anførte betydning.
—
et finansielt aktivs eller en finansiel forpligtelses amortiserede kostpris
—
ophør af indregning
—
afledt finansielt instrument
—
effektiv rentemetode
—
finansiel garantikontrakt
—
finansiel forpligtelse til dagsværdi gennem resultatet
—
fast aftale
—
forventet transaktion
—
sikringseffektivitet
—
sikret post
—
sikringsinstrument
—
som besiddes med henblik på handel
—
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 AG13-AG14J og AG25–AG29A)
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 udgør rettigheder, optioner eller warrants til erhvervelse af et fast antal af virksomhedens egne egenkapitalinstrumenter for et fast beløb i en hvilken som helst valuta egenkapitalinstrumenter, hvis virksomheden tilbyder rettighederne, optionerne eller warrantene på pro rata-basis til alle sine eksisterende ejere af samme kategori af ikke-afledte egenkapitalinstrumenter. I samme forbindelse omfatter udsteders egne egenkapitalinstrumenter ikke instrumenter, der har alle de kendetegn og opfylder de betingelser, der er beskrevet i afsnit 16A og 16B eller i afsnit 16C og 16D, eller instrumenter, der 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. Et instrument, der opfylder definitionen på en finansiel forpligtelse, klassificeres undtagelsesvis som et egenkapitalinstrument, hvis det har alle de kendetegn og opfylder de betingelser, der er anført i afsnit 16A og 16B eller i afsnit 16C og 16D.
Indløselige instrumenter
16A
Et indløseligt finansielt instrument indebærer en kontraktlig forpligtelse for udsteder til at tilbagekøbe eller indløse dette instrument mod likvide beholdninger eller andre finansielle aktiver, hvis put-optionen udnyttes. Uanset definitionen på en finansiel forpligtelse klassificeres et instrument, der indebærer en sådan forpligtelse, som et egenkapitalinstrument, hvis det har samtlige følgende kendetegn:
a)
Det giver indehaveren ret til en pro rata-andel af virksomhedens nettoaktiver i tilfælde af virksomhedens likvidation. Virksomhedens nettoaktiver er de aktiver, der er tilbage, efter at alle andre fordringer på dens aktiver er fratrukket. Pro rata-andelen beregnes ved at:
i)
inddele virksomhedens nettoaktiver ved likvidationen i andele på samme beløb og
ii)
gange dette beløb med det antal andele, som indehaveren af det finansielle instrument ejer.
b)
Instrumentet tilhører en kategori af instrumenter, der er efterstillet alle andre kategorier af instrumenter. For et instrument, der henføres til denne kategori, gælder følgende:
i)
det må ikke fyldestgøres forud for andre fordringer på virksomhedens aktiver ved likvidationen, og
ii)
det skal ikke konverteres til et andet instrument for at tilhøre en kategori af instrumenter, der er efterstillet alle andre kategorier af instrumenter.
c)
Alle finansielle instrumenter i den kategori af instrumenter, der er efterstillet alle andre kategorier af instrumenter, har de samme kendetegn. De skal f.eks. alle være indløselige, og den formel eller anden metode, der anvendes til beregning af tilbagekøbs- eller indløsningsprisen, skal være den samme for alle instrumenter i denne kategori.
d)
Bortset fra udsteders kontraktlige forpligtelse til at tilbagekøbe eller indløse instrumentet mod likvide beholdninger eller andre finansielle aktiver indebærer instrumentet ingen kontraktlig forpligtelse til at overdrage likvide beholdninger eller andre finansielle aktiver til en anden virksomhed eller til at udveksle finansielle aktiver eller finansielle forpligtelser med en anden virksomhed på potentielt ugunstige betingelser for virksomheden, og det er ikke en kontrakt, som skal eller kan afregnes i virksomhedens egne egenkapitalinstrumenter, som omhandlet i litra b) i definitionen på en finansiel forpligtelse.
e)
De samlede forventede pengestrømme, der vil kunne henføres til instrumentet i dets levetid, baseres hovedsageligt på virksomhedens resultat, ændringen i indregnede nettoaktiver eller ændringen i indregnede og ikke-indregnede nettoaktivers dagsværdi i instrumentets levetid (instrumentets eventuelle virkninger medregnes ikke).
16B
Et instrument kan klassificeres som et egenkapitalinstrument, hvis det har alle ovennævnte kendetegn, og udsteder ikke har et andet finansielt instrument eller en anden kontrakt, som:
a)
hovedsagelig baserer pengestrømmene på virksomhedens resultat, ændringen i indregnede nettoaktiver eller ændringen i indregnede og ikke-indregnede nettoaktivers dagsværdi (instrumentets eller kontraktens eventuelle virkninger medregnes ikke) og
b)
i væsentlig grad begrænser eller fastlægger det resterende afkast til indehavere af indløselige instrumenter.
Virksomheden må med henblik på anvendelsen af denne betingelse ikke inddrage ikke-finansielle kontrakter med indehaveren af et instrument, der er beskrevet i afsnit 16A, hvis de kontraktlige vilkår og betingelser svarer til de kontraktlige vilkår og betingelser i en tilsvarende kontrakt, der vil kunne indgås mellem en part, der ikke ejer et instrument, og den udstedende virksomhed. Kan virksomheden ikke afgøre, om denne betingelse er opfyldt, må den ikke klassificere det indløselige instrument som et egenkapitalinstrument.
Instrumenter eller elementer af instrumenter, der forpligter virksomheden til at overdrage en pro rata-andel af virksomhedens nettoaktiver til en anden part i tilfælde af likvidation
16C
Visse finansielle instrumenter indebærer en kontraktlig forpligtelse for den udstedende virksomhed til at overdrage en pro rata-andel af sine nettoaktiver til en anden virksomhed i tilfælde af likvidation. Forpligtelsen opstår, når det er sikkert, at virksomheden vil træde i likvidation, eller virksomheden er uden indflydelse herpå (f.eks. hvis der er tale om en tidsbegrænset virksomhed), eller det er usikkert, om det vil ske, og afgørelsen træffes af indehaveren af instrumentet. Uanset definitionen på en finansiel forpligtelse klassificeres et instrument, der indebærer en sådan forpligtelse, som et egenkapitalinstrument, hvis det har samtlige følgende kendetegn:
a)
Det giver indehaveren ret til en pro rata-andel af virksomhedens nettoaktiver i tilfælde af virksomhedens likvidation. Virksomhedens nettoaktiver er de aktiver, der er tilbage, efter at alle andre fordringer på dens aktiver er fratrukket. Pro rata-andelen beregnes ved at:
i)
inddele virksomhedens nettoaktiver ved likvidationen i andele på samme beløb og
ii)
gange dette beløb med det antal andele, som indehaveren af det finansielle instrument ejer.
b)
Instrumentet tilhører en kategori af instrumenter, der er efterstillet alle andre kategorier af instrumenter. For et instrument, der henføres til denne kategori, gælder følgende:
i)
det må ikke fyldestgøres forud for andre fordringer på virksomhedens aktiver ved likvidationen, og
ii)
det skal ikke konverteres til et andet instrument for at tilhøre en kategori af instrumenter, der er efterstillet alle andre kategorier af instrumenter.
c)
Alle finansielle instrumenter i den kategori af instrumenter, der er efterstillet alle andre kategorier af instrumenter, skal indebære den samme kontraktlige forpligtelse for den udstedende virksomhed til at overdrage en pro rata-andel af sine nettoaktiver i tilfælde af likvidation.
16D
Et instrument kan klassificeres som et egenkapitalinstrument, hvis det har alle ovennævnte kendetegn, og udsteder ikke har et andet finansielt instrument eller en anden kontrakt, som:
a)
hovedsagelig baserer pengestrømmene på virksomhedens resultat, ændringen i indregnede nettoaktiver eller ændringen i indregnede og ikke-indregnede nettoaktivers dagsværdi (instrumentets eller kontraktens eventuelle virkninger medregnes ikke) og
b)
i væsentlig grad begrænser eller fastlægger det resterende afkast til indehavere af instrumenter.
Virksomheden må med henblik på anvendelsen af denne betingelse ikke inddrage ikke-finansielle kontrakter med indehaveren af et instrument, der er beskrevet i afsnit 16C, hvis de kontraktlige vilkår og betingelser svarer til de kontraktlige vilkår og betingelser i en tilsvarende kontrakt, der vil kunne indgås mellem en part, der ikke ejer et instrument, og den udstedende virksomhed. Kan virksomheden ikke afgøre, om denne betingelse er opfyldt, må den ikke klassificere instrumentet som et egenkapitalinstrument.
Omklassificering af indløselige instrumenter og instrumenter, der forpligter virksomheden til at overdrage en pro rata-andel af virksomhedens nettoaktiver til en anden part i tilfælde af likvidation
16E
Virksomheden skal klassificere et finansielt instrument som egenkapital i overensstemmelse med afsnit 16A og 16B eller afsnit 16C og 16D fra det tidspunkt, hvor instrumentet har alle de kendetegn og opfylder de betingelser, der er fastsat i disse afsnit. Virksomheden skal omklassificere et finansielt instrument fra det tidspunkt, hvor instrumentet ikke længere har alle de kendetegn eller opfylder de betingelser, der er fastsat i disse afsnit. Hvis en virksomhed f.eks. indløser alle ikke-indløselige instrumenter, som den har udstedt, og de eventuelle indløselige instrumenter, der er udestående, har alle de kendetegn og opfylder alle de betingelser, der er anført i afsnit 16A og 16B, skal virksomheden omklassificere de indløselige instrumenter som egenkapitalinstrumenter fra det tidspunkt, hvor den indløser de ikke-indløselige instrumenter.
16F
Virksomheden skal regnskabsmæssigt behandle omklassificeringen af et instrument i overensstemmelse med afsnit 16E på følgende måde:
a)
Den skal omklassificere et egenkapitalinstrument som en finansiel forpligtelse fra det tidspunkt, hvor instrumentet ikke længere har alle de egenskaber eller opfylder de forpligtelser, der er anført i afsnit 16A og 16B eller i afsnit 16C og 16D. Den finansielle forpligtelse måles til instrumentets dagsværdi på tidspunktet for omklassificeringen. Virksomheden skal indregne enhver forskel mellem egenkapitalinstrumentets regnskabsmæssige værdi og den finansielle forpligtelses dagsværdi på omklassificeringstidspunktet i egenkapitalen.
b)
Den skal omklassificere en finansiel forpligtelse som egenkapital fra det tidspunkt, hvor instrumentet har alle de egenskaber og opfylder de forpligtelser, der er anført i afsnit 16A og 16B eller i afsnit 16C og 16D. Et egenkapitalinstrument måles til den finansielle forpligtelses regnskabsmæssige værdi på tidspunktet for omklassificeringen.
Ingen kontraktlig forpligtelse til at overdrage likvide beholdninger eller andre finansielle aktiver (afsnit 16, litra a))
17
Hvis der ses bort fra de omstændigheder, der er beskrevet i afsnit 16A og 16B eller i afsnit 16C og 16D, er et afgørende træk ved sondringen mellem en finansiel forpligtelse og et egenkapitalinstrument 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. Selv om ejeren 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 i alt væsentligt forpligtelser, 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 ejeren 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, medmindre dette instrument i overensstemmelse med afsnit 16A og 16B eller afsnit 16C og 16D klassificeres som et egenkapitalinstrument. Det finansielle instrument anses for en finansiel forpligtelse, selv om 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. 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, medmindre dette instrument i overensstemmelse med afsnit 16A og 16B eller afsnit 16C og 16D klassificeres som et egenkapitalinstrument. 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 andele i udsteder på et hvilket som helst tidspunkt mod likvide beholdninger, hvilket medfører, at andelshavernes eller medlemmernes andele klassificeres som finansielle forpligtelser, medmindre disse instrumenter i overensstemmelse med afsnit 16A og 16B eller afsnit 16C og 16D klassificeres som egenkapitalinstrumenter. 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 ikke at skulle overdrage likvide beholdninger eller andre finansielle aktiver som indfrielse af en kontraktlig forpligtelse, opfylder forpligtelsen definitionen på en finansiel forpligtelse, medmindre det pågældende instrument i overensstemmelse med afsnit 16A og 16B eller afsnit 16C og 16D klassificeres som et egenkapitalinstrument. 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.
Selv om 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 ejeren i realiteten garanteret modtagelse af et beløb, som mindst modsvarer afregning i likvide beholdninger (jf. afsnit 21).
Afregning i virksomhedens egne egenkapitalinstrumenter (afsnit 16, litra b))
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 100 CU 
(
14
)
 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, selv om 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
Med forbehold af bestemmelserne i afsnit 22A er 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, et egenkapitalinstrument. Eksempelvis udgør 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, 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.
22A
Hvis virksomhedens egne egenkapitalinstrumenter, som den modtager eller overdrager ved afregning af kontrakten, er indløselige finansielle instrumenter, som har alle de kendetegn og opfylder de betingelser, der er beskrevet i afsnit 16A og 16B, eller instrumenter, som forpligter virksomheden til at overdrage en pro rata-andel af virksomhedens nettoaktiver til en anden part i tilfælde af likvidation, og som har alle de kendetegn og opfylder de forpligtelser, der er beskrevet i afsnit 16C og 16D, er kontrakten et finansielt aktiv eller en finansiel forpligtelse. Det omfatter en kontrakt, som afregnes af den virksomhed, der modtager eller overdrager et fast antal af disse instrumenter til gengæld for et fast beløb i likvide beholdninger eller andre finansielle aktiver.
23
Hvis der ses bort fra de omstændigheder, der er beskrevet i afsnit 16A og 16B eller i afsnit 16C og 16D, medfører en kontrakt, som indeholder en forpligtelse, ifølge hvilken en virksomhed skal købe sine egne egenkapitalinstrumenter for likvide beholdninger eller andre finansielle aktiver, en finansiel forpligtelse for nutidsværdien af indløsningsbeløbet (eksempelvis nutidsværdien af terminstilbagekøbsprisen, optionens udnyttelseskurs eller et andet indløsningsbeløb). Dette gælder også, selv om 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. Den finansielle forpligtelse indregnes første gang (til nutidsværdien af indløsningsbeløbet) og omklassificeres fra egenkapitalen. Derefter måles den finansielle forpligtelse i overensstemmelse med IFRS 9. 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, selv om 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
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 likvidation, eller
c)
instrumentet har alle de kendetegn og opfylder de betingelser, der er anført i afsnit 16A og 16B.
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 illustrative eksempler 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 ejeren 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 ejeren 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 forpligtelses- og egenkapitalelementer separat i balancen.
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 ejere. Ejere handler ikke altid som forventet, idet eksempelvis de skattemæssige konsekvenser af konverteringen kan være forskellige for de enkelte ejere. 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
IFRS 9 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.
33A
Nogle virksomheder driver en investeringsfond enten internt eller eksternt, som giver investorerne fordele, der fastsættes ved hjælp af andele i fonden, og indregner finansielle forpligtelser for de beløb, der skal udbetales til disse investorer. På samme måde udsteder nogle virksomheder grupper af forsikringskontrakter med elementer af direkte deltagelse, og disse virksomheder besidder de underliggende poster. Nogle af disse fonde eller underliggende poster omfatter virksomhedens egne aktier. Uanset afsnit 33 kan en virksomhed vælge ikke fra egenkapitalen at trække egne aktier, som indgår i en sådan fond eller er en underliggende post, når og kun når en virksomhed tilbagekøber sine egne egenkapitalinstrumenter til sådanne formål. I stedet kan virksomheden vælge fortsat at behandle egne aktier regnskabsmæssigt som egenkapital og behandle det tilbagekøbte instrument regnskabsmæssigt, som om det var et finansielt aktiv og måle det til dagsværdi gennem resultatet i overensstemmelse med IFRS 9. Dette valg er uigenkaldeligt og sker for hvert enkelt instrument. Med henblik på dette valg omfatter forsikringskontrakter investeringskontrakter med elementer af diskretionær deltagelse. (jf. IFRS 17 for udtryk, som anvendes i dette afsnit, og som er defineret i denne standard).
34
Den beløbsmæssige størrelse af besiddelser af egne aktier skal oplyses separat enten i 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 ejere af et egenkapitalinstrument direkte på egenkapitalen. Transaktionsomkostninger ved en egenkapitaltransaktion skal regnskabsmæssigt behandles som et fradrag i egenkapitalen.
35A
Indkomstskat, der vedrører udbetaling til ejere af et egenkapitalinstrument og transaktionsomkostninger ved en egenkapitaltransaktion, skal regnskabsmæssigt behandles i overensstemmelse med IAS 12 
Indkomstskatter
.
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 registreringsafgifter og andre lovbestemte 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, 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 overensstemmelse med IAS 1.
40
Udbytte, som er klassificeret som en omkostning, kan præsenteres i resultatopgørelsen og opgørelsen af anden totalindkomst 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 og opgørelsen af anden totalindkomst. 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, selv om 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 18, litra b)). I henhold til IAS 1 skal virksomheden præsentere eventuelle gevinster eller tab hidrørende fra omvurdering af et sådant instrument separat i totalindkomstopgørelsen, når dette er relevant for at redegøre for virksomhedens resultater.
Modregning af et finansielt aktiv og en finansiel forpligtelse (jf. desuden afsnit AG38A–AG38F 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. IFRS 9, afsnit 3.2.22).
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 rolle som ressourcer eller forpligtelser for virksomheden. En virksomhed skal give de oplysninger, som kræves i afsnit 13B–13E i IFRS 7 for indregnede finansielle instrumenter, der falder inden for anvendelsesområdet for afsnit 13A i IFRS 7.
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. Selv om 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, selv om 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.
51-95
[Ophævet]
IKRAFTTRÆDELSESTIDSPUNKT OG OVERGANG
96
Virksomheder skal anvende denne standard for årsregnskaber, der dækker regnskabsår, som begynder den 1. januar 2005 eller derefter. Det er tilladt at anvende ændringen 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 på regnskabsperioder, som begynder før den 1. januar 2005, skal den oplyse herom.
96A
Indløselige finansielle instrumenter og forpligtelser, der opstår ved likvidation
 (ændringer til IAS 32 og IAS 1), der blev udstedt i februar 2008, stillede krav om, at finansielle instrumenter, som har alle de kendetegn og opfylder de betingelser, der er anført i afsnit 16A og 16B eller i afsnit 16C og 16D, klassificeres som egenkapitalinstrumenter, medførte ændring af afsnit 11, 16, 17–19, 22, 23, 25, AG13, AG14 og AG27 og indsættelse af afsnit 16A–16F, 22A, 96B, 96C, 97C, AG14A–AG14J og AG29A. Virksomheder skal anvende disse ændringer på regnskabsår, der begynder den 1. januar 2009 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender ændringerne på et tidligere regnskabsår, skal den give oplysning om dette og anvende de tilsvarende ændringer til IAS 1, IAS 39, IAS 7 og IFRIC 2 på samme tidspunkt.
96B
Indløselige finansielle instrumenter og forpligtelser, der opstår ved likvidation
 indførte en undtagelse af begrænset rækkevidde. Virksomhederne må derfor ikke anvende denne undtagelse analogt.
96C
Et instrument må kun klassificeres ifølge denne undtagelse i forbindelse med den regnskabsmæssige behandling af dette instrument i henhold til IAS 1, IAS 32, IAS 39, IFRS 7 og IFRS 9. Instrumentet må ikke betragtes som et egenkapitalinstrument efter andre vejledninger, herunder IFRS 2.
97
Standarden skal anvendes med tilbagevirkende kraft.
97A
IAS 1 (ajourført i 2007) ændrede den terminologi, der anvendes i IFRS-standarderne. Desuden medførte den ændring af afsnit 40. Virksomheder skal anvende disse ændringer på regnskabsår, som begynder den 1. januar 2009 eller derefter. Hvis en virksomhed anvender IAS 1 (ajourført 2007) på en tidligere regnskabsperiode, skal ændringerne anvendes på denne tidligere regnskabsperiode.
97B
IFRS 3 
Virksomhedssammenslutninger
 (ajourført i 2008) medførte ophævelse af afsnit 4, litra c). Virksomheder skal anvende denne ændring på regnskabsår, som begynder den 1. juli 2009 eller derefter. Hvis en virksomhed anvender IFRS 3 (ajourført 2008) på en tidligere regnskabsperiode, skal ændringen også anvendes på denne tidligere regnskabsperiode. Ændringen finder imidlertid ikke anvendelse på betinget vederlag, der opstod ved en virksomhedssammenslutning, hvor overtagelsestidspunktet lå før anvendelsen af IFRS 3 (ajourført i 2008). I stedet skal virksomheden foretage regnskabsmæssig behandling af et sådant vederlag i overensstemmelse med afsnit 65A–65E i IFRS 3 (ajourført i 2010).
97C
Virksomheden skal ved anvendelsen af de ændringer, der er beskrevet i afsnit 96A, opdele et sammensat finansielt instrument, der forpligter den til at overdrage en pro rata-andel af sine nettoaktiver til en anden part i tilfælde af likvidation, i separate forpligtelses- og egenkapitalelementer. Hvis forpligtelseselementet ikke længere er udestående, vil anvendelsen af ændringerne til IAS 32 med tilbagevirkende kraft medføre en opdeling i to egenkapitalelementer. Det første element vil indgå i det overførte resultat og udgøre den akkumulerede rente på det samlede forpligtelseselement. Det andet element vil repræsentere det oprindelige egenkapitalelement. Virksomheden behøver derfor ikke at opdele disse to elementer, hvis forpligtelseselementet ikke længere er udestående på det tidspunkt, hvor ændringerne træder i kraft.
97D
Forbedringer af IFRS-standarder
, udstedt i maj 2008, medførte ændring af afsnit 4. Virksomheder skal anvende denne ændring på regnskabsår, som begynder den 1. januar 2009 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender ændringen på et tidligere regnskabsår, skal den give oplysning om dette og anvende ændringerne i afsnit 3 i IFRS 7, afsnit 1 i IAS 28 og afsnit 1 i IAS 31, der udkom i maj 2008, på det tidligere regnskabsår. Virksomhederne har mulighed for at anvende ændringen fremadrettet.
97E
Afsnit 11 og 16 blev ændret ved 
Klassifikation af tegningsretsudstedelser
, der blev udgivet i oktober 2009. Virksomheder skal anvende denne ændring for regnskabsår, som begynder den 1. februar 2010 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender ændringen for et tidligere regnskabsår, skal den give oplysning om dette.
97F
[Ophævet]
97G
Forbedringer af IFRS-standarder
, udstedt i maj 2010, medførte ændring af afsnit 97 B. Virksomheder skal anvende denne ændring på regnskabsår, som begynder den 1. juli 2010 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt.
97H
[Ophævet]
97I
IFRS 10 og IFRS 11 
Fælles ordninger
, der blev udstedt i maj 2011, medførte ændring af afsnit 4, listra a) og afsnit AG29. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 10 og IFRS 11.
97J
IFRS 13, der blev udstedt i maj 2011, medførte en ændring af definitionen af dagsværdi i afsnit 11 og medførte en ændring af afsnit 23 og AG31. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 13.
97K
Præsentation af posterne indregnet i anden totalindkomst
 (ændringer til IAS 1), der blev udstedt i juni 2011, medførte ændring af afsnit 40. Virksomheder skal anvende denne ændring ved anvendelse af IAS 1 som ændret i juni 2011.
97L
Modregning af finansielle aktiver og finansielle forpligtelser
 (ændringer til IAS 32), der blev udstedt i december 2011, medførte ophævelse af afsnit AG38 og tilføjelse af afsnit AG38A–AG38F. Virksomheder skal anvende disse ændringer på regnskabsår, der begynder den 1. januar 2014 eller derefter. Ændringerne anvendes med tilbagevirkende kraft. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender disse ændringer fra et tidligere tidspunkt, skal den give oplysning herom og ligeledes give de oplysninger, der kræves i henhold til 
Oplysninger—Modregning af finansielle aktiver og finansielle forpligtelser
 (ændringer til IFRS 7), der blev udstedt i december 2011.
97M
Oplysninger—Modregning af finansielle aktiver og finansielle forpligtelser
 (ændringer til IFRS 7), der blev udstedt i december 2011, medførte ændring af afsnit 43, hvorefter en virksomhed skal give de oplysninger, som kræves i afsnit 13B–13E i IFRS 7 for indregnede finansielle instrumenter, der falder inden for anvendelsesområdet for afsnit 13A i IFRS 7. Virksomheder skal anvende denne ændring for regnskabsår, som begynder den 1. januar 2013 eller derefter, og for delårsperioder inden for disse regnskabsår. Virksomheder skal levere de oplysninger, der kræves i henhold til disse ændringer, med tilbagevirkende kraft.
97N
Det årlige forbedringsprojekt for perioden 2009-2011
, udstedt i maj 2012, medførte ændring af afsnit 35, 37 og 39 og tilføjelse af afsnit 35A. Virksomheder skal anvende den ændring med tilbagevirkende kraft i overensstemmelse med IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
 for regnskabsperioder, der begynder den 1. januar 2013 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender ændringen på en tidligere regnskabsperiode, skal den oplyse herom.
97O
Investeringsvirksomheder
 (ændringer til IFRS 10, IFRS 12 og IAS 27), udstedt i oktober 2012, medførte ændring af afsnit 4. Virksomheder skal anvende denne ændring for regnskabsår, som begynder den 1. januar 2014 eller derefter. Det er tilladt at anvende 
Investeringsvirksomheder
 tidligere. Hvis en virksomhed anvender denne ændring tidligere, skal den også samtidigt anvende alle ændringerne i 
Investeringsvirksomheder
.
97P
[Ophævet]
97Q
IFRS 15 
Omsætning fra kontrakter med kunder
, udstedt i maj 2014, medførte ændring af afsnit AG21. Virksomheder skal anvende denne ændring ved anvendelse af IFRS 15.
97R
IFRS 9, der blev udstedt i juli 2014, medførte ændring af afsnit 3, 4, 8, 12, 23, 31, 42, 96C, AG2 og AG30 og ophævelse af afsnit 97F, 97H og 97P. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 9.
97S
IFRS 16 
Leasingkontrakter
, udstedt i januar 2016, medførte ændring af afsnit AG9 og AG10. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 16.
97T
IFRS 17, der er udstedt i maj 2017, medførte en ændring af afsnit 4, AG8 og AG36 og en tilføjelse af afsnit 33A. 
Ændringer til IFRS 17
, der er udstedt i juni 2020, medførte en yderligere ændring af afsnit 4. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 17.
OPHÆVELSE AF ANDRE UDTALELSER
98
Denne standard erstatter IAS 32 
Finansielle instrumenter
: 
Oplysning og præsentation
, ajourført i oktober 2000 
(
15
)
.
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 ejeren
 .
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 IFRS 9.
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)
ydede og optagne lån 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. Forpligtelsen udgør derfor et finansielt aktiv for ejeren 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 
(
16
)
. 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. Ejeren 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, selv om sådanne aktiver og forpligtelser ikke altid indregnes i årsregnskabet. Visse af disse betingede rettigheder og forpligtelser kan være kontrakter, som er omfattet af IFRS 17.
AG9
En leasingkontrakt giver typisk anledning til en ret for leasinggiver til at modtage og en forpligtelse for leasingtager til at betale en pengestrøm, som stort set svarer til en blanding af afdrag på hovedstol og betaling af renter på et lån. Leasinggiver behandler regnskabsmæssigt sin investering i sit tilgodehavende beløb i henhold til en finansiel leasingkontrakt, frem for selve det underliggende aktiv, som er genstand for den finansielle leasingkontrakt. Således anser leasinggiver en finansiel leasingkontrakt for at være et finansielt instrument. I henhold til IFRS 16 skal en leasinggiver ikke indregne sin ret til at modtage leasingydelser i henhold til en operationel leasingkontrakt. Leasinggiver behandler fortsat regnskabsmæssigt selve det underliggende aktiv frem for beløb, som vil blive modtaget i fremtiden i henhold til kontrakten. Således anser leasinggiver ikke en operationel leasingkontrakt for at være et finansielt instrument, med undtagelse af konkrete aktuelle beløb, som leasingtager skylder og skal betale.
AG10
Fysiske aktiver (såsom varebeholdninger og materielle anlægsaktiver), brugsretsaktiver samt immaterielle aktiver (såsom patenter og varemærker) er ikke finansielle aktiver. Kontrol over sådanne fysiske aktiver, brugsretsaktiver 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 indløselige instrumenter (jf. afsnit 16A og 16B), visse instrumenter, der forpligter virksomheden til at overdrage en pro rata-andel af virksomhedens nettoaktiver til en anden part i tilfælde af likvidation (jf. afsnit 16C og 16D), 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 (jf. dog afsnit 22A). Hvis en sådan kontrakt indeholder en forpligtelse for virksomheden til at overdrage likvide beholdninger eller andre finansielle aktiver (og kontrakten ikke klassificeres som egenkapital i overensstemmelse med afsnit 16A og 16B eller afsnit 16C og 16D), medfører dette imidlertid også en forpligtelse for så vidt angår nutidsværdien af indløsningsbeløbet (jf. afsnit AG27, litra a)). 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 (jf. dog afsnit 22A). I stedet skal vederlag, som er betalt for en sådan kontrakt, fratrækkes egenkapitalen.
Kategorien af instrumenter, der er efterstillet alle andre kategorier (afsnit 16A, litra b), og afsnit 16C, litra b))
AG14A
Et af de kendetegn, der er nævnt i afsnit 16A og 16C, er, at det finansielle instrument tilhører kategorien af instrumenter, der er efterstillet alle andre kategorier.
AG14B
Ved afgørelsen af, om et instrument tilhører den efterstillede kategori, vurderer virksomheden instrumentets fordring i tilfælde af likvidation under antagelse af, at den træder i likvidation på det tidspunkt, hvor den klassificerer instrumentet. Virksomheden tager klassifikationen op til fornyet overvejelse, hvis der sker en ændring i de relevante forhold. Hvis virksomheden f.eks. udsteder eller indløser et andet finansielt instrument, kan det have betydning for, om det pågældende instrument tilhører den kategori af instrumenter, der er efterstillet alle andre kategorier.
AG14C
Et instrument, der udgør et privilegeret krav i tilfælde af virksomhedens likvidation, giver ikke ret til en pro rata-andel af virksomhedens nettoaktiver. Et instrument udgør eksempelvis et privilegeret krav i tilfælde af likvidation, hvis det i tilfælde af likvidation ikke bare giver indehaveren ret til en andel af virksomhedens nettoaktiver, men også til et bestemt udbytte, og andre instrumenter i den efterstillede kategori, der giver ret til en pro rata-andel af virksomhedens nettoaktiver, ikke medfører den samme ret i tilfælde af likvidation.
AG14D
Hvis en virksomhed kun har én kategori af finansielle instrumenter, anses denne kategori for at være efterstillet alle andre kategorier.
Samlede forventede pengestrømme, der vil kunne henføres til instrumentet i dets levetid (afsnit 16A, litra e))
AG14E
De samlede forventede pengestrømme, der er knyttet til instrumentet i dets levetid, skal hovedsagelig baseres på virksomhedens resultat, ændringen i indregnede nettoaktiver eller ændringen i indregnede og ikke-indregnede nettoaktivers dagsværdi i instrumentets levetid. Resultatet og ændringen i indregnede nettoaktiver skal måles i overensstemmelse med de relevante IFRS-standarder.
Transaktioner, som indgås af en indehaver af et instrument, der ikke handler i sin egenskab af ejer af virksomheden (afsnit 16A og 16C)
AG14F
Indehaveren af et indløseligt finansielt instrument eller et instrument, der forpligter virksomheden til at overdrage en pro rata-andel af virksomhedens nettoaktiver til en anden part i tilfælde af likvidation, kan indgå transaktioner med virksomheden i en anden egenskab end egenskaben af ejer. Indehaveren af instrumentet kan f.eks. også være ansat i virksomheden. Det er kun de pengestrømme og kontraktlige vilkår og betingelser i forbindelse med instrumentet, som vedrører indehaveren af instrumentet i dennes egenskab af ejer af virksomheden, der inddrages i vurderingen af, om instrumentet bør klassificeres som egenkapital i henhold til afsnit 16A eller afsnit 16C.
AG14G
Som eksempel kan nævnes et kommanditselskab, der både består af kommanditister og komplementarer. Visse komplementarer kan stille garanti over for virksomheden og modtage vederlag for at stille denne garanti. Garantien og de tilhørende pengestrømme vedrører i så fald instrumenternes indehavere i deres egenskab af garanter og ikke i deres egenskab af ejere af virksomheden. En sådan garanti og de tilhørende pengestrømme resulterer derfor ikke i, at komplementarerne fyldestgøres efter kommanditisterne, og indgår ikke i vurderingen af, om de kontraktlige vilkår for kommanditisternes og komplementarernes instrumenter er identiske.
AG14H
Et andet eksempel er en overskuds- og tabsdelingsordning, hvor resultatet henføres til indehavere af instrumenter på grundlag af leverede tjenesteydelser eller erhvervsaktiviteter, der har fundet sted i indeværende og tidligere år. Sådanne ordninger er transaktioner med indehavere af instrumenter, som ikke handler i deres egenskab af ejere, og skal ikke tages i betragtning ved vurderingen af de kendetegn, der er anført i afsnit 16A eller afsnit 16C. Overskuds- og tabsdelingsordninger, hvor resultatet henføres til indehavere af instrumenter på grundlag af deres instrumenters pålydende værdi i forhold til andre instrumenter i kategorien, er transaktioner med indehavere af instrumenter i deres egenskab af ejere og skal tages i betragtning ved vurderingen af de kendetegn, der er anført i afsnit 16A eller afsnit 16C.
AG14I
Pengestrømmene og de kontraktlige vilkår og betingelser for en transaktion mellem instrumentets indehaver (der ikke handler i sin egenskab af ejer) og den udstedende virksomhed skal kunne sidestilles med en tilsvarende transaktion mellem en part, der ikke ejer et instrument, og den udstedende virksomhed.
Intet andet finansielt instrument eller ingen anden kontrakt, hvor de samlede pengestrømme i væsentlig grad fastlægger eller begrænser det resterende afkast til instrumentets indehaver (afsnit 16B og 16D)
AG14J
En af betingelserne for at klassificere et finansielt instrument, der i øvrigt opfylder kriterierne i afsnit 16A eller afsnit 16C, som egenkapital, er, at virksomheden ikke har et andet finansielt instrument eller en anden kontrakt, som a) hovedsagelig baserer de samlede pengestrømme på virksomhedens resultat, ændringen i indregnede nettoaktiver eller ændringen i indregnede og ikke-indregnede nettoaktivers dagsværdi, og b) i væsentlig grad begrænser eller fastlægger det resterende afkast. Det må formodes, at følgende instrumenter, hvis de indgås på almindelige forretningsvilkår med udenforstående parter, ikke er til hinder for, at instrumenter, der i øvrigt opfylder kriterierne i afsnit 16A eller afsnit 16C, klassificeres som egenkapital:
a)
instrumenter, hvor de samlede pengestrømme i væsentlig grad er baseret på virksomhedens specifikke aktiver
b)
instrumenter, hvor de samlede pengestrømme er baseret på en procentdel af indtægterne
c)
kontrakter, der har til formål at belønne enkelte medarbejdere for deres ydelser til virksomheden
d)
kontrakter, hvorefter en mindre procentdel af udbyttet skal betales til dækning af leverede tjenesteydelser eller varer.
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 generelt 
(
17
)
 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 ejeren 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. Ejerens 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 ejeren, 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 seks 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 seks 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 med 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, jf. dog kravene i IFRS 15 
Omsætning fra kontrakter med kunder
. 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 ejerens valg, en finansiel forpligtelse, idet udstederen er forpligtet til at overdrage finansielle aktiver til ejeren 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 ejere 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 (jf. dog afsnit 22A). 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 (medmindre der er tale om instrumenter, som har alle de kendetegn og opfylder de betingelser, der er anført i afsnit 16A og 16B eller afsnit 16C og 16D). 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, selv om antallet af aktier, som virksomheden er forpligtet til at tilbagekøbe, ikke ligger fast, og selv om forpligtelsen er betinget af modpartens udnyttelse af sin indløsningsret (jf. dog afsnit 16A og 16B og afsnit 16C og 16D). 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, selv om kontantbeløbet eller værdien af de andre finansielle aktiver, som skal modtages eller overdrages, er baseret på ændringer i markedskursen på virksomhedens egenkapital (jf. dog afsnit 16A og 16B og afsnit 16C og 16D). 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, selv om 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
En virksomhed præsenterer i koncernregnskabet minoritetsinteresser — dvs. andre parters andel af egenkapitalen og indtægterne i dattervirksomheder — i overensstemmelse med IAS 1 og IFRS 10. 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. Selv om 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.
AG29A
Visse typer af instrumenter, der pålægger virksomheden en kontraktlig forpligtelse, klassificeres som egenkapitalinstrumenter i overensstemmelse med afsnit 16A og 16B eller afsnit 16C og 16D. Klassificeringen i henhold til disse afsnit udgør en undtagelse fra de principper, der ellers benyttes ved klassificeringen af instrumenter i denne standard. Denne undtagelse gælder ikke for klassificering af minoritetsinteresser i koncernregnskabet. Instrumenter, der klassificeres som egenkapitalinstrumenter i overensstemmelse med afsnit 16A og 16B eller afsnit 16C og 16D i det separate eller individuelle årsregnskab, og som er minoritetsinteresser, klassificeres derfor som forpligtelser i koncernens årsregnskab.
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. IFRS 9 omhandler klassifikation og måling af finansielle aktiver, der er sammensatte finansielle instrumenter set fra indehaverens side.
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. Optionen har værdi ved første indregning, også selv om 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, ejeren modtager ved konvertering af instrumentet på de ændrede vilkår, og dagsværdien af det vederlag, ejeren 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 (der henvises også til afsnit 33A). 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)
AG 38
[Ophævet]
Kriteriet om, at en virksomhed "aktuelt har en juridisk ret til at modregne de indregnede beløb" (afsnit 42, litra a))
AG38A
En ret til modregning kan være aktuelt gældende eller være betinget af en fremtidig begivenhed (eksempelvis kan retten kun blive udløst af eller gøres gældende, hvis der indtræffer visse fremtidige begivenheder, såsom at en af modparterne misligholder sine forpligtelser, bliver insolvent eller går konkurs). Selv hvis retten til modregning ikke er betinget af en fremtidig begivenhed, kan den kun være retskraftig som led i det normale forretningsforløb eller i tilfælde af en af modparternes eller samtlige modparters insolvens eller konkurs.
AG38B
For at opfylde kriteriet i afsnit 42, litra a), skal en virksomhed aktuelt have en juridisk ret til modregning. Det betyder, at retten til modregning:
a)
ikke må være betinget af en fremtidig begivenhed og
b)
skal være retskraftig under alle følgende omstændigheder:
i)
som led i det normale forretningsforløb
ii)
i tilfælde af misligholdelse og
iii)
i tilfælde af insolvens eller konkurs
for virksomheden og samtlige modparter.
AG38C
Lovgivningen i forskellige jurisdiktioner kan variere med hensyn til karakteren og omfanget af retten til modregning, herunder med hensyn til betingelserne knyttet til udøvelsen af retten og med hensyn til, om den fortsætter med at bestå i tilfælde af misligholdelse eller konkurs. Følgelig kan det ikke formodes, at retten til modregning automatisk er tilgængelig uden for det normale forretningsforløb. Eksempelvis kan lovgivningen om konkurs og insolvens i en bestemt jurisdiktion under visse omstændigheder forbyde eller begrænse retten til modregning i tilfælde af konkurs eller insolvens.
AG38D
De love, der finder anvendelse på forholdet mellem parterne (eksempelvis kontraktlige bestemmelser, de love, som aftalen er omfattet af, eller de love om misligholdelse, insolvens eller konkurs, der gælder for parterne), skal tages i betragtning ved afgørelsen af, om retten til modregning er retskraftig som led i det normale forretningsforløb, i tilfælde af misligholdelse og i tilfælde af insolvens eller konkurs for virksomheden og samtlige modparter (som angivet i afsnit AG38B, litra b)).
Kriteriet om, at en virksomhed "har til hensigt enten at nettoafregne eller at realisere aktivet og indfri forpligtelsen samtidigt" (afsnit 42, litra b))
AG38E
For at opfylde kriteriet i afsnit 42, litra b), skal en virksomhed have til hensigt enten at nettoafregne eller at realisere aktivet og indfri forpligtelsen samtidigt. Skønt virksomheden kan have ret til at nettoafregne, kan den stadig realisere aktivet og indfri forpligtelsen særskilt.
AG38F
Hvis en virksomhed kan afregne beløb på en sådan måde, at resultatet reelt svarer til en nettoafregning, opfylder virksomheden nettoafregningskriteriet i afsnit 42, litra b). Dette er tilfældet, hvis og kun hvis bruttoafregningsmekanismen fungerer på en måde, der eliminerer kredit- og likviditetsrisikoen eller resulterer i en ubetydelig kredit- og likviditetsrisiko, og som behandler tilgodehavender og forpligtelser i en enkelt afregningsproces eller -cyklus. Eksempelvis vil et bruttoafregningssystem med alle følgende kendetegn opfylde nettoafregningskriteriet i afsnit 42, litra b):
a)
finansielle aktiver og finansielle forpligtelser, som kan modregnes, indgives til behandling samtidigt
b)
når de finansielle aktiver og finansielle forpligtelser indgives til behandling, er parterne forpligtet til at overholde modregningskravet
c)
der er ingen mulighed for, at de pengestrømme, der udløber af aktiverne og forpligtelserne, ændrer sig, når først de er blevet indgivet til behandling (medmindre behandlingen mislykkes – se litra d) nedenfor)
d)
de aktiver og forpligtelser, for hvilke der er stillet sikkerhed med værdipapirer, vil blive afviklet via overførsel af værdipapirer eller et tilsvarende system (eksempelvis levering mod betaling), så hvis værdipapiroverførslen mislykkes, vil behandlingen af det berørte tilgodehavende eller den berørte forpligtelse, for hvilken værdipapiret er stillet som sikkerhed, også mislykkes (og omvendt)
e)
transaktioner, der mislykkes som skitseret i litra d), indgives til behandling igen, indtil de er afregnet
f)
afregningen gennemføres via samme afregningsinstitut (f.eks. en afregningsbank, en centralbank eller en værdipapircentral), og
g)
der findes en intradagkredit, som giver tilstrækkelige overtrækningsmuligheder til at muliggøre behandling af betalinger på afregningsdatoen for begge parter, og det er praktisk taget sikkert, at intradagkreditten vil blive betalt, hvis der trækkes på den.
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.
AG40
[Ophævet]
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. Selv om 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 henholdsvis IFRS 10 
Koncernregnskaber
 og IAS 27 
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 totalindkomstopgørelsen . Virksomheder skal ikke præsentere disse oplysninger om indtjening pr. aktie i koncernregnskabet.
4A
Hvis en virksomhed præsenterer resultatposterne i en separat opgørelse som angivet i afsnit 10A i IAS 1 
Præsentation af årsregnskaber
 (som ændret i 2011), skal indtjening pr. aktie udelukkende præsenteres i denne separate opgørelse.
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
Udtryk, 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 og egenkapitalinstrumenter og giver vejledning om anvendelsen af disse definitioner. IFRS 13 
Måling af dagsværdi
 definerer dagsværdi og fastsætter krav for anvendelsen af denne definition.
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 litra 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).
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 det erlagte vederlag 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 totalindkomstopgørelse.
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 at de potentielle ordinære aktier er konverteret til ordinære aktier, opstår de i afsnit 33, litra a)-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 33, litra a)-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 rentemetode (jf. IFRS 9).
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 til parter undtagen modervirksomheden eller investorer med fælles bestemmende indflydelse eller betydelig indflydelse på den virksomhed, der er investeret i, udstede potentielle ordinære aktier, der kan konverteres til enten ordinære aktiver i den pågældende dattervirksomhed, joint venture eller associerede virksomhed, eller ordinære aktier i modervirksomheden eller investorer med fælles bestemmende indflydelse eller betydelig indflydelse (den regnskabsaflæggende virksomhed) på den virksomhed, der er investeret i. 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 ogtilsvarende 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 (målt i overensstemmelse med IFRS 2) 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 regnskabsårets afslutning, 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 totalindkomstopgørelsen 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 totalindkomstopgørelse. 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 linje i totalindkomstopgørelsen.
67A
Hvis en virksomhed præsenterer resultatposterne i en separat opgørelse som angivet i afsnit 10A i IAS 1 (som ændret i 2011), skal den præsentere indtjening og udvandet indtjening pr. aktie, som krævet i afsnit 66 og 67, i denne separate opgørelse.
68
Virksomheder, der præsenterer en ophørt aktivitet, skal oplyse beløbet pr. aktie og det udvandede beløb pr. aktie for den ophørte aktivitet, enten i totalindkomstopgørelsen eller i noterne.
68A
Hvis en virksomhed præsenterer resultatposterne i en separat opgørelse som angivet i afsnit 10A i IAS 1 (som ændret i 2011), skal den præsentere indtjening og udvandet indtjening pr. aktie for den ophørte aktivitet, som krævet i afsnit 68, i denne separate opgørelse eller i noterne.
69
Virksomheder skal præsentere indtjening og udvandet indtjening pr. aktie, selv om 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 regnskabsårets afslutning, og som ville have medført en væsentlig ændring i antallet af ordinære aktier eller potentielle ordinære aktier i omløb ved afslutningen af regnskabsåret, hvis de havde fundet sted før regnskabsårets afslutning.
71
Som eksempler på de i afsnit 70, litra d), 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 ved regnskabsårets afslutning
c)
indløsning af ordinære aktier i omløb
d)
konvertering eller udnyttelse af potentielle ordinære aktier i omløb ved regnskabsårets afslutning til ordinære aktier
e)
udstedelse af optioner, warrants eller konvertible instrumenter og
f)
opfyldelse af forhold, som vil medføre udstedelse af aktier med betinget udstedelse.
Indtjening pr. aktie reguleres ikke for sådanne transaktioner efter regnskabsårets afslutning, 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. IFRS 7 
Finansielle instrumenter: Oplysninger
).
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 totalindkomstopgørelsen 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 totalindkomstopgørelsen, som ikke præsenteres som en post i totalindkomstopgørelsen, skal der foretages en afstemning af det anvendte element til en post, der er præsenteret i totalindkomstopgørelsen.
73A
Afsnit 73 finder også anvendelse på virksomheder, der 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.
IKRAFTTRÆDELSESTIDSPUNKT
74
Virksomheder skal anvende denne standard for årsregnskaber, der dækker regnskabsår, som begynder den 1. januar 2005 eller derefter. Der tilskyndes til tidligere anvendelse. Hvis en virksomhed anvender denne standard på regnskabsperioder, som begynder før den 1. januar 2005, skal den oplyse herom.
74A
IAS 1 (ajourført i 2007) ændrede den terminologi, der anvendes i IFRS-standarderne. Desuden blev afsnit 4A, 67A, 68A og 73A tilføjet. Virksomheder skal anvende disse ændringer på regnskabsår, der begynder den 1. januar 2009 eller derefter. Hvis en virksomhed anvender IAS 1 (ajourført 2007) for et tidligere regnskabsår, skal ændringerne anvendes for dette tidligere regnskabsår.
74B
IFRS 10 og IFRS 11 
Fælles ordninger
, der blev udstedt i maj 2011, medførte ændring af afsnit 4, 40 og A11. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 10 og IFRS 11.
74C
IFRS 13, der blev udstedt i maj 2011, medførte ændring af afsnit 8, 47A og A2. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 13.
74D
Præsentation af posterne indregnet i anden totalindkomst
 (ændringer til IAS 1), der blev udsendt i juni 2011, medførte ændring af afsnit 4A, 67A, 68A og 73A. Virksomheder skal anvende disse ændringer ved anvendelse af IAS 1 som ændret i juni 2011.
74E
IFRS 9 
Finansielle instrumenter
, der blev udstedt i juli 2014, medførte ændring af afsnit 34. Virksomheder skal anvende denne ændring ved anvendelse af IFRS 9.
OPHÆVELSE AF ANDRE UDTALELSER
75
Denne standard erstatter IAS 33 
Indtjening pr. aktie
 (udstedt i 1997).
76
Denne standard erstatter SIC-24 
Indtjening pr. aktie — Finansielle instrumenter og andre kontrakter, som kan afregnes med aktier.
Appendiks A
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 27, litra b). 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:
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 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 
(
18
)
, 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, selv om 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, joint ventures og associerede virksomheder
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)
allokeres den resterende del af resultatet 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)
divideres den samlede værdi af resultatet, som allokeres til hver kategori af egenkapitalinstrumenter, 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.
Delvist 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.
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 afslutningen 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-standarder). IASC (International Accounting Standards Committee) 
(
19
)
 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 ved af slutningen af den første halvdel af regnskabsåret og
b)
offentliggøre delårsregnskabet senest 60 dage efter afslutningen af delårsperioden.
2
Hvert regnskab, hvad enten det er et årsregnskab eller delårsregnskab, vurderes selvstændigt med hensyn til dets overensstemmelse med IFRS-standarderne. 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-standarderne, hvis dette i øvrigt er tilfældet.
3
Hvis en virksomheds delårsregnskab angives at være i overensstemmelse med IFRS-standarderne, 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
 (ajourført i 2007)) 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 ved regnskabsårets afslutning
b)
en resultatopgørelse og opgørelse af anden totalindkomst for regnskabsåret
c)
en egenkapitalopgørelse for regnskabsåret
d)
en pengestrømsopgørelse for regnskabsåret
e)
noter indeholdende væsentlige informationer om anvendt regnskabspraksis samt andre forklarende informationer
ea)
sammenligningstal for det foregående regnskabsår som angivet i afsnit 38 og 38A i IAS 1 og
f)
en balance ved begyndelsen af det foregående regnskabsår, fra hvilket virksomheden ændrer den anvendte regnskabspraksis med tilbagevirkende kraft, eller fra hvilket virksomheden foretager tilpasning af poster i årsregnskabet med tilbagevirkende kraft eller omklassificerer poster i årsregnskabet i overensstemmelse med afsnit 40A-40D i IAS 1.
En virksomhed kan anvende andre betegnelser for posterne end de i denne standard anvendte. Eksempelvis kan en virksomhed anvende betegnelsen "totalindkomstopgørelse" i stedet for "resultatopgørelse og opgørelse af anden totalindkomst".
6
Af hensyn til rettidighed og omkostninger og for at undgå gentagelse af tidligere præsenterede oplysninger kan en virksomhed være forpligtet til eller kan vælge at give færre oplysninger ved et delårsregnskabs afslutning end i dens årsregnskab. I standarden defineres minimumskrav til indholdet af et delårsregnskab som omfattende et 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 16A) såvel som de af andre IFRS-standarder krævede oplysninger.
Minimumskrav til delårsregnskabers bestanddele
8
Et delårsregnskab skal som minimum omfatte følgende bestanddele:
a)
en sammendraget balance
b)
en sammendraget resultatopgørelse eller opgørelse af anden totalindkomst
c)
en sammendraget egenkapitalopgørelse
d)
en sammendraget pengestrømsopgørelse og
e)
udvalgte noter.
8A
Hvis en virksomhed præsenterer resultatposter i en separat opgørelse som angivet i afsnit 10A i IAS 1 (som ændret i 2011), skal den præsentere sammendragne delårstal fra denne opgørelse.
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 de udvalgte noter, som kræves i denne standard. Yderligere regnskabsposter eller noter skal medtages, hvis udeladelse heraf ville gøre det sammendragne delårsregnskab misvisende.
11
I den opgørelse, hvor elementerne af resultatet for en delårsperiode præsenteres, skal virksomheden præsentere indtjening og udvandet indtjening pr. aktie for den pågældende periode, hvis virksomheden er omfattet af IAS 33 
Indtjening pr. aktie
(
20
)
.
11A
Hvis en virksomhed præsenterer resultatposter i en separat opgørelse som angivet i afsnit 10A i IAS 1 (som ændret i 2011), skal den præsentere indtjening og udvandet indtjening pr. aktie i denne opgørelse.
12
IAS 1 (ajourført i 2007) giver vejledning om årsregnskabets struktur. Implementeringsvejledningen for IAS 1 illustrerer forskellige måder, hvorpå balancen, totalindkomstopgørelsen og egenkapitalopgørelsen kan præsenteres.
14
Delårsregnskabet udarbejdes som koncernregnskab, hvis virksomhedens seneste årsregnskab er et koncernregnskab. Modervirksomhedens separate årsregnskab er ikke i overensstemmelse eller sammenligneligt med koncernregnskabet i den seneste årsrapport. Hvis en virksomheds årsrapport ud over koncernregnskabet omfatter modervirksomhedens separate årsregnskab, hverken kræver eller forbyder denne standard medtagelse af modervirksomhedens årsregnskab i virksomhedens delårsregnskab.
Væsentlige begivenheder og transaktioner
15
En virksomhed skal i sit delårsregnskab medtage en forklaring af begivenheder og transaktioner, som er væsentlige for forståelsen af ændringer i virksomhedens balance og indtjening efter afslutningen af det seneste regnskabsår. De oplysninger, der gives i relation til disse begivenheder og transaktioner, skal ajourføre relevante oplysninger præsenteret i det seneste årsregnskab.
15A
Brugere af en virksomheds delårsregnskab vil have adgang til virksomhedens seneste årsrapport. Det er derfor unødvendigt, at noterne til et delårsregnskab indeholder relativt uvæsentlig opdatering af oplysninger, som er givet i noterne til den seneste årsrapport.
15B
Nedenfor følger en liste over begivenheder og transaktioner, for hvilke det er påkrævet at afgive oplysninger, hvis de er væsentlige: Listen er ikke udtømmende.
a)
nedskrivning af varebeholdninger til nettorealisationsværdi og tilbageførsel af en sådan nedskrivning
b)
indregning af tab ved værdiforringelse af finansielle aktiver, materielle anlægsaktiver, immaterielle aktiver, aktiver hidrørende fra kontrakter med kunder 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 regnskabsperioder
h)
ændringer i forretningsaktiviteter eller økonomiske forhold, der påvirker dagsværdien af virksomhedens finansielle aktiver og finansielle forpligtelser, uanset om disse aktiver eller forpligtelser indregnes til dagsværdi eller amortiseret kostpris
i)
misligholdelse af et lån eller en låneaftale, som ikke er udbedret før eller ved afslutningen af regnskabsperioden
j)
transaktioner mellem nærtstående parter
k)
overførsler mellem niveauer i dagsværdihierarkiet, der anvendes til dagsværdimålingen af finansielle instrumenter
l)
ændringer i klassifikationen af finansielle aktiver som følge af en ændring i formålet med eller anvendelsen af disse aktiver og
m)
ændringer i eventualforpligtelser eller eventualaktiver.
15C
Enkelte IFRS-standarder indeholder vejledning om oplysningskrav for mange af de punkter, der er anført i afsnit 15B. Når en begivenhed eller transaktion er væsentlig for forståelsen af ændringer i virksomhedens finansielle stilling eller indtjening siden det sidste regnskabsår, skal virksomhedens delårsregnskab indeholde en forklaring og en opdatering af de relevante oplysninger i årsregnskabet for det sidste regnskabsår.
16
[Ophævet]
Andre oplysninger
16A
Ud over oplysninger om væsentlige begivenheder og transaktioner i henhold til afsnit 15-15C skal en virksomhed medtage følgende oplysninger i noterne til delårsregnskabet eller andetsteds i delårsregnskabet. Følgende oplysninger skal enten gives i delårsregnskabet eller indarbejdes ved krydshenvisning fra delårsregnskabet til en anden opgørelse, (f.eks. en kommentar eller risikoredegørelse fra ledelsen), som er tilgængelig for regnskabsbrugere på samme vilkår og tidspunkt som delårsregnskabet. Hvis regnskabsbrugerne ikke har adgang til de oplysninger, der er indarbejdet ved krydshenvisning, på samme vilkår og tidspunkt, er delårsregnskabet ufuldstændigt. Oplysningerne skal normalt gives på et år-til-dato-grundlag.
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, egenkapital, 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
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 skal indeholde 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)
en måling af de samlede aktiver og forpligtelser for et bestemt præsentationspligtigt segment, hvis sådanne beløb regelmæssigt indberettes til den øverste beslutningstager, og hvis der er sket en væsentlig ændring fra det beløb, der blev oplyst for dette præsentationspligtige segment i 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)
begivenheder efter delårsperioden, som ikke er afspejlet i delårsregnskabet
i)
virkningen af ændringer i virksomhedens sammensætning i delårsperioden, herunder virksomhedssammenslutninger, opnåelse eller tab af bestemmende indflydelse på dattervirksomheder og langfristede investeringer, omstruktureringer samt ophørte aktiviteter. I tilfælde af virksomhedssammenslutninger skal virksomheden give de oplysninger, som kræves i henhold til IFRS 3 
Virksomhedssammenslutninger
j)
for finansielle instrumenter er oplysningerne om dagsværdi omhandlet i afsnit 91-93, litra h), afsnit 94-96, 98 og 99 i IFRS 13 
Måling af dagsværdi
 samt afsnit 25, 26 og 28-30 i IFRS 7 
Finansielle instrumenter
: 
Oplysninger
.
k)
for virksomheder, som bliver eller ophører med at være investeringsvirksomheder, som defineret i IFRS 10 
Koncernregnskaber
, oplysningerne i IFRS 12 
Oplysninger om kapitalandele i andre virksomheder
, afsnit 9B
l)
opdeling af omsætning fra kontrakter med kunder som krævet i henhold til afsnit 114-115 i IFRS 15 
Omsætning fra kontrakter med kunder
.
17-18
[Ophævet]
Oplysning af overensstemmelse med IFRS-standarder
19
Hvis en virksomheds delårsregnskab er i overensstemmelse med denne standard, skal dette oplyses. Et delårsregnskab må ikke angives at være i overensstemmelse med IFRS-standarder, hvis det ikke er i overensstemmelse med alle bestemmelser i IFRS-standarderne.
Perioder, for hvilke aflæggelse af delårsregnskaber er påkrævet
20
Delårsrapporter skal indeholde delårsregnskaber (sammendragne eller fuldstændige) for følgende perioder:
a)
balance ved afslutningen af den aktuelle delårsperiode og balance ved afslutningen af det umiddelbart foregående regnskabsår til sammenligning
b)
resultatopgørelse og opgørelse af anden totalindkomst for den aktuelle delårsperiode og kumulativt for det aktuelle regnskabsår til dato med resultatopgørelser og opgørelser af anden totalindkomst for de tilsvarende delårsperioder (aktuel og år-til-dato) for det umiddelbart foregående regnskabsår til sammenligning. Som tilladt i henhold til IAS 1 (som ændret i 2011) kan en delårsrapport for hver delårsperiode præsentere en resultatopgørelse eller en opgørelse af anden totalindkomst
c)
egenkapitalopgørelse kumulativt for det aktuelle regnskabsår til dato med sammenligningstal for den tilsvarende år-til-dato-periode i det umiddelbart foregående regnskabsår.
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 frem til afslutningen af delårsperioden og sammenligningstal for den foregående 12-måneders-periode 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
Del A i de illustrative eksempler, der ledsager denne standard, viser 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 defineres væsentlige oplysninger, og der kræves separat oplysning om væsentlige poster, herunder (eksempelvis) ophørte aktiviteter, og IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
 kræver offentliggørelse af 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 balance 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 16A, litra d), 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 deres årsregnskaber.
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
Under 
Begrebsrammen for årsregnskaber (Begrebsrammen)
 er indregning processen for hensyntagen — med henblik på medtagelse i balancen eller resultatopgørelsen/resultatopgørelserne — til en post, som svarer til definitionen af et af elementerne i årsregnskaberne. Definitionen på aktiver, forpligtelser, indtægter og omkostninger er grundlæggende for indregning ved afslutningen af både regnskabsåret og delårsperioderne.
32
For aktiver gælder den samme test af fremtidige økonomiske fordele ved afslutningen af en delårsperiode som ved slutningen af virksomhedens regnskabsår. Omkostninger, som ved deres art ikke opfylder betingelserne for aktiver ved afslutningen af regnskabsåret, vil heller ikke opfylde betingelserne ved et delårsregnskabs afslutning. Ligeledes gælder, at en forpligtelse ved et delårsregnskabs afslutning skal udgøre en eksisterende forpligtelse på dette tidspunkt, lige som den skal ved afslutningen af et regnskabsår.
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
 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 16A, litra d), og afsnit 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 16A, litra d), og afsnit 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 ved et delårsregnskabs afslutning, hvis medtagelsen eller udskydelsen ikke vil være relevant ved afslutningen 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 afslutningen af regnskabsåret.
Anvendelse af indregnings- og målingsprincipperne
40
Del B i de illustrative eksempler, der ledsager denne standard, viser 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 udarbejdelse af årsrapporter.
42
Del C i de illustrative eksempler, der ledsager denne standard, viser eksempler på anvendelse 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 IFRS, 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 regnskabsperioder, regulering 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 afslutning, 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 derefter. Der tilskyndes til tidligere anvendelse.
47
IAS 1 (ajourført i 2007) ændrede den terminologi, der anvendes i IFRS-standarderne. Desuden blev afsnit 4, 5, 8, 11, 12 og 20 ændret, afsnit 13 blev ophævet, og afsnit 8A og 11A blev tilføjet. Virksomheder skal anvende disse ændringer på regnskabsår, der begynder den 1. januar 2009 eller derefter. Hvis en virksomhed anvender IAS 1 (ajourført 2007) på en tidligere regnskabsperiode, skal ændringerne anvendes på denne tidligere regnskabsperiode.
48
IFRS 3 (som ændret i juli 2008) medførte ændring af afsnit 16, litra i). Virksomheder skal anvende denne ændring på regnskabsår, som begynder den 1. juli 2009 eller derefter. Hvis en virksomhed anvender IFRS 3 (ajourført 2008) på en tidligere regnskabsperiode, skal ændringen også anvendes på denne tidligere regnskabsperiode.
49
Afsnit 15, 27, 35 og 36 blev ændret, afsnit 15A–15C og 16A blev tilføjet, og afsnit 16–18 blev ophævet med 
Forbedringer til IFRS-standarder
 udstedt i maj 2010. Virksomheder skal anvende disse ændringer på regnskabsår, der begynder den 1. januar 2011 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender ændringerne på en tidligere regnskabsperiode, skal den oplyse herom.
50
IFRS 13, udstedt i maj 2011, medførte ændring af afsnit 16A, litra j). Virksomheder skal anvende denne ændring ved anvendelse af IFRS 13.
51
Præsentation af posterne indregnet i anden totalindkomst
 (ændringer til IAS 1), der blev udstedt i juni 2011, medførte ændring af afsnit 8, 8A, 11A og 20. Virksomheder skal anvende disse ændringer ved anvendelse af IAS 1 som ændret i juni 2011.
52
Det årlige forbedringsprojekt for perioden 2009-2011
, udstedt i maj 2012, medførte en ændring af afsnit 5 som en konsekvens af ændringen af IAS 1 
Præsentation af årsregnskaber
. Virksomheder skal anvende den ændring med tilbagevirkende kraft i overensstemmelse med IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
 for regnskabsperioder, der begynder den 1. januar 2013 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender ændringen på en tidligere regnskabsperiode, skal den oplyse herom.
53
Det årlige forbedringsprojekt for perioden 2009-2011
, udstedt i maj 2012, medførte en ændring af afsnit 16A. Virksomheder skal anvende den ændring med tilbagevirkende kraft i overensstemmelse med IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
 for regnskabsperioder, der begynder den 1. januar 2013 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender ændringen på en tidligere regnskabsperiode, skal den oplyse herom.
54
Investeringsvirksomheder
 (ændringer til IFRS 10, IFRS 12 og IAS 27), udstedt i oktober 2012, vedrørte ændring af afsnit 16A. Virksomheder skal anvende denne ændring for regnskabsår, som begynder den 1. januar 2014 eller derefter. Det er tilladt at anvende 
Investeringsvirksomheder
 tidligere. Hvis en virksomhed anvender denne ændring tidligere, skal den også samtidigt anvende alle ændringerne i 
Investeringsvirksomheder
.
55
IFRS 15 
Omsætning fra kontrakter med kunder
, udstedt i maj 2014, medførte ændring af afsnit 15B og 16A. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 15.
56
Det årlige forbedringsprojekt vedrørende IFRS-standarder for perioden 2012-2014
, udstedt i september 2014, medførte en ændring af afsnit 16A. Virksomheder skal anvende den ændring med tilbagevirkende kraft i overensstemmelse med IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
 for regnskabsperioder, der begynder den 1. januar 2016 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender ændringerne på en tidligere regnskabsperiode, skal den oplyse herom.
57
Initiativ vedrørende oplysninger
 (ændringer til IAS 1), udstedt i december 2014, medførte ændring af afsnit 5. Virksomheder skal anvende denne ændring på regnskabsår, som begynder den 1. januar 2016 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt.
58
Ændringerne af henvisningerne til begrebsrammen i IFRS-standarderne
, udstedt i 2018, medførte ændring af afsnit 31 og 33. Virksomheder skal anvende disse ændringer på regnskabsår, der begynder den 1. januar 2020 eller derefter. Tidligere anvendelse er tilladt, hvis en virksomhed samtidigt også anvender alle andre ændringer, der foretages ved 
Ændringerne af henvisningerne til begrebsrammen i IFRS-standarderne
. En virksomhed skal anvende ændringerne til IAS 34 med tilbagevirkende kraft i overensstemmelse med IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
. Hvis en virksomhed imidlertid fastslår, at anvendelse med tilbagevirkende kraft ville være praktisk umuligt eller ville indebære en urimelig udgift eller indsats, skal den anvende ændringerne til IAS 34 ved at henvise til afsnit 43-45 i denne standard samt afsnit 23-28, 50-53 og 54F i IAS 8.
59
Definition af væsentlig
 (ændringer til IAS 1 og IAS 8), udstedt i oktober 2018, medførte ændring af afsnit 24. Virksomheder skal anvende disse ændringer fremadrettet for regnskabsår, som begynder den 1. januar 2020 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender disse ændringer for et tidligere regnskabsår, skal den give oplysning herom. Virksomheden skal anvende disse ændringer, når den anvender ændringerne af definitionen af væsentlig i afsnit 7 i IAS 1 og afsnit 5 og 6 i IAS 8.
60
Oplysning om anvendt regnskabspraksis
, som ændrer IAS 1 og IFRS's redegørelse for praksis nr. 2 
Væsentlighedsvurderinger
, og som blev udstedt i februar 2021, medførte ændring af afsnit 5. Virksomheder skal anvende denne ændring på regnskabsår, som begynder den 1. januar 2023 eller derefter. Det er tilladt at anvende ændringen tidligere. Hvis en virksomhed anvender ændringen for et tidligere regnskabsår, skal den give oplysning om dette.
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)
kontraktlige aktiver og aktiver hidrørende fra omkostninger forbundet med opnåelse eller opfyldelse af en kontrakt, der indregnes i overensstemmelse med IFRS 15 
Omsætning fra kontrakter med kunder
c)
udskudte skatteaktiver (jf. IAS 12 
Indkomstskatter
)
d)
aktiver, som hidrører fra personaleydelser (jf. IAS 19 
Personaleydelser
)
e)
finansielle aktiver, som er omfattet af IFRS 9 
Finansielle instrumenter
f)
investeringsejendomme, som måles til dagsværdi (jf. IAS 40 
Investeringsejendomme
)
g)
biologiske aktiver tilknyttet landbrugsaktiviteter, der er omfattet af IAS 41 
Landbrug
, og som måles på grundlag af dagsværdien med fradrag af salgsomkostninger
h)
kontrakter, som er omfattet af IFRS 17 
Forsikringskontrakter
, og som er aktiver, og ethvert aktiv fremkommet ved pengestrømme i forbindelse med erhvervelse af forsikringer som defineret i IFRS 17 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 IFRS-standarder, som finder anvendelse på disse aktiver, indeholder krav til indregning og måling af sådanne aktiver.
4
Denne standard finder anvendelse på finansielle aktiver, der er klassificeret som:
a)
dattervirksomheder, som defineret i IFRS 10 
Koncernregnskaber
b)
associerede virksomheder, som defineret i IAS 28 
Investeringer i associerede virksomheder og joint ventures
, og
c)
joint ventures, som defineret i IFRS 11 
Fælles ordninger
.
Der henvises til IFRS 9 vedrørende værdiforringelse af andre finansielle aktiver.
5
Denne standard finder ikke anvendelse på finansielle aktiver, der er omfattet af IFRS 9, investeringsejendomme målt til dagsværdi i overensstemmelse med IAS 40 eller biologiske aktiver tilknyttet landbrugsaktiviteter målt til dagsværdi med fradrag af salgsomkostninger i overensstemmelse med IAS 41. Denne standard finder imidlertid anvendelse på aktiver, som indregnes til omvurderet værdi (dvs. dagsværdien på omvurderingstidspunktet med fradrag af efterfølgende akkumulerede afskrivninger og efterfølgende tab ved værdiforringelse) i overensstemmelse med andre IFRS-standarder, som eksempelvis omvurderingsmodellen i IAS 16 
Materielle anlægsaktiver
 og IAS 38 
Immaterielle aktiver
. Den eneste forskel mellem et aktivs dagsværdi og dets dagsværdi med fradrag af afhændelsesomkostninger er de direkte meromkostninger, der skyldes afhændelsen af aktivet.
a)
i)
Hvis afhændelsesomkostningerne er ubetydelige, vil det omvurderede aktivs genindvindingsværdi nødvendigvis være tæt på eller større end dets omvurderede værdi. 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)
[ophævet]
b)
[ophævet]
c)
Hvis afhændelsesomkostningerne ikke er ubetydelige, vil dagsværdien med fradrag af afhændelsesomkostninger for det omvurderede aktiv nødvendigvis være mindre end dagsværdien. Derfor er det omvurderede aktiv værdiforringet, hvis dets nytteværdi er mindre end dets omvurderede værdi. I så fald skal virksomheden efter anvendelsen af omvurderingskravene anvende denne standard til bestemmelse af, hvorvidt aktivet er værdiforringet.
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.
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)
 er den systematiske allokering af et aktivs afskrivningsberettigede beløb over dets brugstid
(
21
)
.
Dagsværdien
 er den pris, der kunne opnås ved at sælge et aktiv, eller der skulle betales for at overdrage en forpligtelse i en velordnet transaktion mellem markedsdeltagere på målingstidspunktet. (Jf. IFRS 13 
Måling af dagsværdi
).
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 afhændelsesomkostninger 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 regnskabsperioder, 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 ved hver regnskabsperiodes afslutning 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 afslutningen 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 at 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)
der er observerbare indikationer på, at aktivets værdi i regnskabsåret er 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 omgivelser 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
 
(
22
)
g)
der foreligger dokumentation fra den interne rapportering, som indikerer, at aktivets ydeevne er eller vil blive lavere end forventet.
Udbytte fra en dattervirksomhed, et joint venture eller en associeret virksomhed
h)
ved investering i en dattervirksomhed, et joint venture eller en associeret virksomhed indregner investoren investeringsudbyttet, og det dokumenteres, at:
i)
investeringens regnskabsmæssige værdi i det separate årsregnskab overstiger den regnskabsmæssige værdi i koncernregnskabet af nettoaktiverne i den virksomhed, der er investeret i, herunder den tilknyttede goodwill, eller
ii)
udbyttet overstiger dattervirksomhedens, joint venturets eller den associerede virksomheds samlede totalindkomst i den periode, hvor udbyttet deklareres.
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, selv om 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 afhændelsesomkostninger 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 afhændelsesomkostninger 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 måle dagsværdien med fradrag af afhændelsesomkostninger, selv om der ikke er nogen officiel markedskurs på et aktivt marked for et aktiv af samme type. Nogle gange vil det dog ikke være muligt at måle dagsværdien med fradrag af afhændelsesomkostninger, fordi der ikke er noget grundlag for at foretage et pålideligt skøn over den pris, til hvilken en velordnet transaktion med henblik på at sælge aktivet ville finde sted mellem markedsdeltagere på målingstidspunktet under aktuelle markedsforhold. 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 afhændelsesomkostninger, kan aktivets dagsværdi med fradrag af afhændelsesomkostninger 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 afhændelsesomkostninger er højere end dets regnskabsmæssige værdi, eller
b)
aktivets nytteværdi kan skønnes at være tæt på dets dagsværdi med fradrag af afhændelsesomkostninger, og dagsværdien med fradrag af afhændelsesomkostninger 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 afhændelsesomkostninger 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 afhændelsesomkostninger
25-27
[Ophævet]
28
De afhændelsesomkostninger, som ikke er indregnet som forpligtelser, fratrækkes ved opgørelsen af dagsværdien med fradrag af afhændelsesomkostninger. 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 afhændelsesomkostninger 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 30, litra b), 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 femårig 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 femårig 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 mønstre 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 afhændelsesomkostninger, 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.
53A
Dagsværdi afviger fra nytteværdi. Dagsværdi afspejler de forudsætninger, som markedsdeltagere ville gøre brug af ved prisfastsættelsen af aktivet. Modsat afspejler nytteværdi virkningen af faktorer, der kan være virksomhedsspecifikke, og som ikke er gældende for andre virksomheder generelt. Eksempelvis afspejler dagsværdi ingen af følgende faktorer, så længe disse ikke er almindeligt tilgængelige for markedsdeltagere:
a)
yderligere værdi afledt af aktivernes kategorisering (f.eks. oprettelsen af en portefølje af investeringsejendomme på forskellige lokaliteter)
b)
synergier mellem det målte aktiv og andre aktiver
c)
juridiske rettigheder eller restriktioner, som udelukkende gælder for den aktuelle ejer af aktivet, og
d)
skattefordele eller -byrder, som udelukkende gælder for den aktuelle ejer af aktivet.
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 anden totalindkomst, i det omfang tabet ved værdiforringelse ikke overstiger beløbet under reserver for opskrivninger for det samme aktiv. Et sådant tab ved værdiforringelse af et omvurderet aktiv reducerer reserverne for opskrivninger for aktivet.
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 og appendiks C 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 afhændelsesomkostninger (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 likvide beholdninger og tilsvarende likvide midler, 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, selv om 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
Selv om 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 afhændelsesomkostninger 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 afhændelsesomkostninger 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, selv om 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 afhændelsesomkostninger (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 
(
3
)
, 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. 1200 CU, eksklusive retableringsomkostninger. Den regnskabsmæssige værdi af minen er 1000 CU.
Den pengestrømsfrembringende enheds dagsværdi med fradrag af afhændelsesomkostninger 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 (1200 CU med fradrag af 500 CU). Den regnskabsmæssige værdi af den pengestrømsfrembringende enhed er 500 CU, hvilket svarer til den regnskabsmæssige værdi af minen (1000 CU) med fradrag af den regnskabsmæssige værdi af hensættelsen til retableringsomkostninger (500 CU). Den pengestrømsfrembringende enheds genindvindingsværdi overstiger derfor den regnskabsmæssige værdi.
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 henført til 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 som defineret i afsnit 5 i IFRS 8 
Driftssegmenter
 før sammenlægning.
81
Goodwill, der indregnes i en virksomhedssammenslutning, er et aktiv, der repræsenterer de fremtidige økonomiske fordele, der hidrører fra andre aktiver, der er overtaget ved en virksomhedssammenslutning, og som ikke 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 og appendiks C 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 afslutningen af det førstkommende regnskabsår efter overtagelsestidspunktet.
85
Hvis den første regnskabsmæssige behandling af en virksomhedssammenslutning kun kan opgøres foreløbigt ved afslutningen 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 gennemførelsen af den første regnskabsmæssige behandling inden for målingsperioden, der ikke må overstige tolv måneder efter overtagelsestidspunktet.
I sådanne tilfælde vil det muligvis heller ikke være muligt at gennemføre den første allokering af goodwill, som er indregnet ved sammenslutningen før afslutningen 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 tilknyttes 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 pengestrømsfrembringengende 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.
91–95
[Ophævet]
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 afslutningen 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 afhændelsesomkostninger (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 afhændelsesomkostninger 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, selv om aktivets dagsværdi med fradrag af afhændelsesomkostninger 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 afhændelsesomkostninger 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 afhændelsesomkostninger 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 afhændelsesomkostninger . Derfor kan maskinens genindvindingsværdi opgøres, og den pengestrømsfrembringende enhed, som maskinen tilhører (dvs. samlebåndet), tages ikke i betragtning. Idet maskinens dagsværdi med fradrag af afhændelsesomkostninger 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 IFRS.
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 ved hvert regnskabsårs afslutning 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)
Der er observerbare indikationer på, at aktivets værdi i regnskabsåret er steget væsentligt.
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 omgivelser 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 i forhold til den måde, 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 IFRS-standard, som finder anvendelse på aktivet, selv om 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 afhændelsesomkostninger 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 afhændelsesomkostninger, hvis genindvindingsværdien er baseret på dagsværdi med fradrag af afhændelsesomkostninger.
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), selv om 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 IFRS, 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 IFRS (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 IFRS.
120
Tilbageførsel af tab ved værdiforringelse på et omvurderet aktiv skal indregnes i anden totalindkomst og øger reserverne for opskrivning for aktivet. 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 afskrivningerne 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 totalindkomstopgørelsen 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 totalindkomstopgørelsen disse tab ved værdiforringelse er tilbageført
c)
den beløbsmæssige størrelse af tab ved værdiforringelse af omvurderede aktiver, som er indregnet i anden totalindkomst i regnskabsåret
d)
den beløbsmæssige størrelse af tilbageførte tab ved værdiforringelse af omvurderede aktiver, som er indregnet i anden totalindkomst 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 afslutningen 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 i anden totalindkomst i regnskabsåret
b)
den beløbsmæssige størrelse af tilbageførte tab ved værdiforringelse, som er indregnet i resultatet og i anden totalindkomst i regnskabsåret.
130
Virksomheder skal give følgende oplysninger for et enkelt aktiv (herunder goodwill) eller en pengestrømsfrembringende enhed, hvis et tab ved værdiforringelse er indregnet eller tilbageført i perioden:
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 IFRS 8)
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)
genindvindingsværdien af aktivet (den pengestrømsfrembringende enhed), og hvorvidt genindvindingsværdien af aktivet (den pengestrømsfrembringende enhed) er dagsværdien med fradrag af afhændelsesomkostninger eller nytteværdien
f)
hvis genindvindingsværdien er dagsværdien med fradrag af afhændelsesomkostninger, skal virksomheden afgive følgende oplysninger:
i)
niveauet i dagsværdihierarkiet (jf. IFRS 13), hvori målingen af dagsværdien af aktivet (den pengestrømsfrembringende enhed) er kategoriseret i sin helhed (uden hensyntagen til, om "afhændelsesomkostningerne" kan konstateres)
ii)
for dagsværdimålinger kategoriseret på niveau 2 og niveau 3 i dagsværdihierarkiet, en beskrivelse af de(n) værdiansættelsesmetode(r), der anvendes til at måle dagsværdien med fradrag af afhændelsesomkostninger. Hvis der er foretaget en ændring af værdiansættelsesmetoden, skal virksomheden give oplysning om denne ændring og begrundelsen for den, og
iii)
for dagsværdimålinger kategoriseret på niveau 2 og niveau 3 i dagsværdihierarkiet, hver primær forudsætning, som ledelsen har lagt til grund for fastsættelsen af dagsværdien med fradrag af afhændelsesomkostninger. Primære forudsætninger er de forudsætninger, som aktivets (den pengestrømsfrembringende enheds) genindvindingsværdi er mest følsom over for. Virksomheden skal også oplyse den anvendte diskonteringssats for den aktuelle og tidligere måling, hvis dagsværdien med fradrag af afhændelsesomkostninger måles ved hjælp af en nutidsværdimetode
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) ved regnskabsårs afslutning, 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 afhændelsesomkostninger)
d)
hvis enhedens (gruppen af enheders) genindvindingsværdi er baseret på nytteværdien:
i)
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)
de(n) anvendte metode(r) ved opgørelse af dagsværdien med fradrag af afhændelsesomkostninger, hvis enhedens (gruppen af enheders) genindvindingsværdi er baseret på dagsværdi med fradrag af afhændelsesomkostninger. En virksomhed behøver ikke afgive de ifølge IFRS 13 påkrævede oplysninger. Hvis dagsværdi med fradrag af afhændelsesomkostninger ikke måles ved hjælp af en officiel markedskurs for en enhed af samme type (grupper af enheder), skal en virksomhed give følgende oplysninger:
i)
hver primær forudsætning, som ledelsen har lagt til grund ved opgørelsen af dagsværdi med fradrag af afhændelsesomkostninger. 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
iiA)
Niveauet for dagsværdihierarkiet (jf. IFRS 13) inden for hvilket opgørelsen af dagsværdien kategoriseres i sin helhed (uden hensyntagen til observerbarheden af "afhændelsesomkostninger").
iiB)
Hvis der er foretaget en ændring af værdiansættelsesmetode, skal virksomheden give oplysning om denne ændring og begrundelsen for den.
Hvis dagsværdi med fradrag af afhændelsesomkostninger måles ved hjælp af diskonterede pengestrømsprognoser, skal en virksomhed give følgende oplysninger:
iii)
den periode, for hvilken ledelsen har udarbejdet pengestrømsprognoser
iv)
den vækstrate, der er lagt til grund for ekstrapolation af pengestrømsprognoserne
v)
den eller de diskonteringssatser, der er anvendt ved pengestrømsprognoserne
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 enhedernes (grupperne af enheders) samlede genindvindingsværdi 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 enhedernes (grupperne 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
[Ophævet]
139
Virksomheder skal 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 38 (ajourført 2004) på samme tidspunkt.
140A
IAS 1 
Præsentation af årsregnskaber
 (ajourført i 2007) ændrede den terminologi, der anvendes i IFRS-standarderne. Desuden blev afsnit 61, 120, 126 og 129 ændret. Virksomheder skal anvende disse ændringer på regnskabsår, der begynder den 1. januar 2009 eller derefter. Hvis en virksomhed anvender IAS 1 (ajourført 2007) på en tidligere regnskabsperiode, skal ændringerne anvendes på denne tidligere regnskabsperiode.
140B
IFRS 3 (ajourført i 2008) medførte ændring af afsnit 65, 81, 85 og 139, ophævelse af afsnit 91-95 og 138 samt tilføjelse af appendiks C. Virksomheder skal anvende disse ændringer på regnskabsår, der begynder den 1. juli 2009 eller derefter. Hvis en virksomhed anvender IFRS 3 (ajourført 2008) på en tidligere regnskabsperiode, skal ændringerne også anvendes på denne tidligere regnskabsperiode.
140C
Forbedringer af IFRS-standarder
, udstedt i maj 2008, medførte ændring af afsnit 134, litra e). Virksomheder skal anvende denne ændring på regnskabsår, som begynder den 1. januar 2009 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender ændringerne på en tidligere regnskabsperiode, skal den oplyse herom.
140D
Omkostninger ved investering i en dattervirksomhed, fælles kontrolleret virksomhed eller associeret virksomhed
 (Ændringer til IFRS 1 
Førstegangsanvendelse af IFRS
 og IAS 27), udstedt i maj 2008, medførte tilføjelse af afsnit 12, litra h). Virksomheder skal anvende denne ændring fremadrettet for regnskabsår, som begynder 1. januar 2009 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender de tilsvarende ændringer i afsnit 4 og 38A i IAS 27 på et tidligere regnskabsår, skal den anvende ændringen i afsnit 12, litra h), på samme tidspunkt.
140E
Forbedringer til IFRS
, udstedt i april 2009, medførte ændring af afsnit 80, litra b). Virksomheder skal anvende denne ændring fremadrettet for regnskabsår, som begynder 1. januar 2010 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender ændringerne på en tidligere regnskabsperiode, skal den oplyse herom.
140F
[Ophævet]
140G
[Ophævet]
140H
IFRS 10 og IFRS 11, udstedt i maj 2011, medførte ændring af afsnit 4, overskriften over afsnit 12, litra h), og afsnit 12, litra h). Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 10 og IFRS 11.
140I
IFRS 13, udstedt i maj 2011, medførte ændring af afsnit 5, 6, 12, 20, 22, 28, 78, 105, 111, 130 og 134 samt ophævelse af afsnit 25-27 og tilføjelse af afsnit 53A. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 13.
140J
Afsnit 130 og 134 og overskriften over afsnit 138 blev ændret i maj 2013. Virksomheder skal anvende disse ændringer med tilbagevirkende kraft for regnskabsår, som begynder 1. januar 2014 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. En virksomhed må ikke anvende disse ændringer i perioder (herunder sammenlignelige perioder), i hvilke den ikke samtidig anvender IFRS 13.
140K
[Ophævet]
140L
IFRS 15 
Omsætning fra kontrakter med kunder
, udstedt i maj 2014, medførte ændring af afsnit 2. Virksomheder skal anvende denne ændring ved anvendelse af IFRS 15.
140M
IFRS 9, der blev udstedt i juli 2014, medførte ændring af afsnit 2, 4 og 5 samt ophævelse af afsnit 140F, 140G og 140K. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 9.
140N
IFRS 17, der er udstedt i maj 2017, medførte en ændring af afsnit 2. 
Ændringer til IFRS 17
, der er udstedt i juni 2020, medførte en yderligere ændring af afsnit 2. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 17.
OPHÆVELSE AF IAS 36 (UDSTEDT 1998)
141
Denne standard erstatter IAS 36 
Værdiforringelse af aktiver
 (udstedt i 1998).
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, som 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 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, selv om 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 i forhold til den yderligere pålidelighed, som disse oplysninger vil tilføre 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 1000 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, selv om 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.
Appendiks C
TEST FOR VÆRDIFORRINGELSE AF PENGESTRØMSFREMRINGENDE ENHEDER MED GOODWILL OG MINORITETSINTERESSER
Dette appendiks er en integreret del af standarden.
C1
I overensstemmelse med IFRS 3 (ajourført i 2008) skal den overtagende virksomhed måle og indregne goodwill på overtagelsestidspunktet som det beløb, hvormed litra a) overstiger litra b) nedenfor:
a)
det samlede beløb af:
i)
det erlagte vederlag målt i overensstemmelse med IFRS 3, hvilket generelt kræver dagsværdi på overtagelsestidspunktet
ii)
en eventuel minoritetsinteresse i den overtagne virksomhed målt i overensstemmelse med IFRS 3, og
iii)
ved en virksomhedssammenslutning, der gennemføres i flere faser, dagsværdien på overtagelsestidspunktet af den overtagende virksomheds tidligere egenkapitalinteresse i den overtagne virksomhed
b)
nettobeløbet af de overtagne identificerbare aktiver og forpligtelser målt på overtagelsestidspunktet i overensstemmelse med IFRS 3.
Allokering af goodwill
C2
Afsnit 80 i denne standard kræver, at goodwill, som er erhvervet ved en virksomhedssammenslutning, 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. Det er muligt, at visse af synergieffekterne, der opstår ved virksomhedssammenslutningen, allokeres til en pengestrømsfrembringende enhed, som minoritetsinteressen ikke har nogen andel i.
Test for værdiforringelse
C3
Test for værdiforringelse omfatter en sammenligning af genindvindingsbeløbet af en pengestrømsfrembringende enhed med den regnskabsmæssige værdi af den pengestrømsfrembringende enhed.
C4
Hvis virksomheden måler minoritetsinteresser som sin forholdsmæssige andel af de identificerbare nettoaktiver i en dattervirksomhed på overtagelsestidspunktet, snarere end til dagsværdi, medtages goodwill, der kan henføres til minoritetsinteresser, i genindvindingsbeløbet af den tilknyttede pengestrømsfrembringende enhed, men indregnes ikke i modervirksomhedens koncernregnskab. Derfor skal virksomheden omregne den regnskabsmæssige værdi af den goodwill, der er allokeret til enheden, til bruttoværdien ved at medtage goodwill tilknyttet minoritetsinteressen. Denne regulerede regnskabsmæssige værdi sammenlignes derefter med enhedens genindvindingsværdi for at vurdere, hvorvidt den pengestrømsfrembringende enhed er værdiforringet.
Allokering af et tab ved værdiforringelse
C5
Afsnit 104 kræver, at eventuelle identificerede tab ved værdiforringelse først allokeres til at nedbringe den regnskabsmæssige værdi af goodwill, der er allokeret til enheden, og derefter på et pro rata-grundlag til andre aktiver i enheden baseret på den regnskabsmæssige værdi af hvert aktiv i enheden.
C6
Hvis en dattervirksomhed eller en del af en dattervirksomhed, der har en minoritetsinteresse, i sig selv udgør en pengestrømsfrembringende enhed, allokeres tabet ved værdiforringelse mellem modervirksomheden og minoritetsinteressen på samme grundlag som ved allokering af resultatet.
C7
Hvis en dattervirksomhed eller en del af en dattervirksomhed, der har en minoritetsinteresse, udgør en del af en større pengestrømsfrembringende enhed, allokeres tab ved værdiforringelse af goodwill til de dele af den pengestrømsfrembringende enhed, der har en minoritetsinteresse, og de dele, der ikke har det. Tabene ved værdiforringelse skal allokeres til den pengestrømsfrembringende enheds elementer på grundlag af:
a)
den forholdsmæssige regnskabsmæssige værdi af elementerne før værdiforringelsen, i det omfang værdiforringelsen vedrører goodwill i den pengestrømsfrembringende enhed, og
b)
den forholdsmæssige regnskabsmæssige værdi af elementernes identificerbare nettoaktiver før værdiforringelsen, i det omfang værdiforringelsen vedrører identificerbare aktiver i den pengestrømsfrembringende enhed. Sådanne værdiforringelser allokeres til aktiverne i elementerne af hver enhed på et pro rata-grundlag baseret på den regnskabsmæssige værdi af hvert aktiv i elementet.
I de elementer, der har en minoritetsinteresse, allokeres tabet ved værdiforringelse mellem modervirksomheden og minoritetsinteressen på samme grundlag som ved allokering af resultatet.
C8
Hvis et tab ved værdiforringelse, der kan henføres til en minoritetsinteresse, vedrører goodwill, der ikke er indregnet i modervirksomhedens koncernregnskab (jf. afsnit C4), skal værdiforringelsen ikke indregnes som et tab ved værdiforringelse af goodwill. I sådanne tilfælde skal kun det tab ved værdiforringelse, der vedrører goodwill allokeret til modervirksomheden, indregnes som et tab ved værdiforringelse af goodwill.
C9
Illustrativt eksempel 7 illustrerer test for værdiforringelse af en pengestrømsfrembringende enhed med goodwill, som ikke ejes 100 %.
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 IFRS 9 
Finansielle instrumenter
.
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. Eksempelvis beskrives visse typer af hensatte forpligtelser i standarder om:
a)
[ophævet]
b)
indkomstskatter (jf. IAS 12 
Indkomstskatter
)
c)
leasingkontrakter (jf. IFRS 16 
Leasingkontrakter
). Dog finder IAS 37 anvendelse på leasingkontrakter, som bliver tabsgivende før leasingkontraktens påbegyndelsesdato som defineret i IFRS 16. IAS 37 finder også anvendelse på korte leasingkontrakter og leasingkontrakter, hvor det underliggende aktiv har en lav værdi, som regnskabsmæssigt behandles i henhold til afsnit 6 i IFRS 16, og som er blevet tabsgivende
d)
personaleydelser (jf. IAS 19 
Personaleydelser
)
e)
forsikringskontrakter og andre kontrakter, som er omfattet af IFRS 17 
Forsikringskontrakter
f)
betinget vederlag til en overtagende virksomhed i en virksomhedssammenslutning (jf. IFRS 3 
Virksomhedssammenslutninger
) og
g)
omsætning fra kontrakter med kunder (jf. IFRS 15 
Omsætning fra kontrakter med kunder
). Da IFRS 15 ikke indeholder specifikke krav vedrørende behandling af kontrakter med kunder, som er eller er blevet tabsgivende, finder denne standard dog anvendelse i sådanne tilfælde
6
[Ophævet]
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
(
23
)
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 ved regnskabsperiodens afslutning, 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 ved regnskabsperiodens afslutning, ved at tage alle tilgængelige oplysninger i betragtning, herunder eksempelvis udtalelser fra sagkyndige. Supplerende oplysninger, der er fremkommet som følge af begivenheder efter regnskabsperiodens afslutning, 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 ved regnskabsperiodens afslutning, og
b)
giver virksomheden oplysning om en eventualforpligtelse, når det ikke er sandsynligt, at en aktuel forpligtelse foreligger ved regnskabsperiodens afslutning, 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 afslutningen af regnskabsperioden 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 ved regnskabsperiodens afslutning 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 økonomiske ressourcer. Ligeledes indregner virksomheden en hensættelse til omkostninger, når en boreplatform eller et atomkraftværk tages ud af drift, i 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 ved regnskabsperiodens afslutning, medmindre beslutningen før regnskabsperiodens afslutning 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 
(
24
)
 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 poster i balancen. 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 økonomiske ressourcer vil være nødvendigt for at indfri en forpligtelse, som tidligere er blevet behandlet som en eventualforpligtelse, indregnes en hensat forpligtelse i årsregnskabet for den regnskabsperiode, 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 den regnskabsperiode, 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 ved regnskabsperiodens afslutning.
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 ved regnskabsperiodens afslutning 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 ved regnskabsperiodens afslutning. 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 ved regnskabsperiodens afslutning.
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 regnskabsperiodens afslutning, 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 regnskabsperiodens afslutning, 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 oprensningstidspunktet. 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 totalindkomstopgørelsen 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 ved hver regnskabsperiodes afslutning 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 hver regnskabsperiode 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 en sådan kontrakt 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.
68A
Omkostningerne forbundet med opfyldelse af en kontrakt omfatter de omkostninger, der er direkte forbundet med kontrakten. Omkostninger, der er direkte forbundet med en kontrakt, består af både:
a)
differensomkostningerne forbundet med at opfylde denne kontrakt — for eksempel direkte løn og materialer, og
b)
en allokering af andre omkostninger, som er direkte forbundet med opfyldelsen af kontrakter — f.eks. en allokering af afskrivninger på et materielt anlægsaktiv, som har været anvendt til at opfylde bl.a. denne kontrakt.
69
Før en separat hensættelse til en tabsgivende kontrakt foretages, indregner virksomheden tab ved værdiforringelse af aktiver, som har været anvendt til at opfylde 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 regnskabsperiodens afslutning, om at gennemføre en omstrukturering medfører ikke en faktisk forpligtelse ved regnskabsperiodens afslutning, medmindre virksomheden før regnskabsperiodens afslutning 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 regnskabsperiodens afslutning 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 regnskabsårets afslutning
, hvis omstruktureringen er væsentlig, og såfremt udeladelse af oplysning herom med rimelighed kan forventes at have indflydelse på de beslutninger, som de primære brugere af årsregnskaber præsenteret til brug for offentligheden træffer på grundlag af disse årsregnskaber, som giver finansielle oplysninger om en bestemt regnskabsaflæggende virksomhed.
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 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 ved regnskabsperiodens afslutning. 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 regnskabsperiodens begyndelse og afslutning
b)
yderligere hensættelser foretaget i regnskabsperioden, herunder forøgelser af eksisterende hensatte forpligtelser
c)
forbrug af hensatte forpligtelser (dvs. beløb, som er afholdt og modregnet i den hensatte forpligtelse) i regnskabsperioden
d)
ikke-forbrugte hensatte forpligtelser, som er tilbageført i regnskabsperioden, og
e)
regnskabsperiodens 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 ved regnskabsperiodens afslutning 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 85, litra a) og b), og afsnit 86, litra a) 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 fremlægge 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 ved regnskabsperiodens afslutning 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 skal 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 den regnskabsperiode, hvor standarden anvendes første gang. Standarden tilskynder til, men kræver ikke, at virksomheder regulerer primo i overført resultat for den tidligst præsenterede regnskabsperiode og tilpasser sammenligningstal. Hvis sammenligningstal ikke tilpasses, skal der gives oplysning om dette.
94
[Ophævet]
94A
Tabsgivende kontrakter — Omkostninger forbundet med opfyldelse af en kontrakt
, udstedt i maj 2020, medførte tilføjelse af afsnit 68A og ændring af afsnit 69. En virksomhed skal anvende disse ændringer på kontrakter, for hvilke den endnu ikke har opfyldt alle sine forpligtelser ved begyndelsen af det regnskabsår, hvor den anvender ændringerne for første gang (tidspunktet for førstegangsanvendelsen). Virksomheden skal ikke tilpasse sammenligningstal. Virksomheden skal i stedet indregne den akkumulerede virkning af at anvende ændringerne første gang som en regulering primo i overført resultat (eller et andet egenkapitalelement, alt efter tilfældet) på tidspunktet for førstegangsanvendelsen.
IKRAFTTRÆDELSESTIDSPUNKT
95
Denne standard træder i kraft for årsregnskaber, der dækker regnskabsperioder, som begynder den 1. juli 1999 eller senere. Der tilskyndes til tidligere anvendelse. Hvis en virksomhed anvender denne standard på regnskabsperioder, som begynder før den 1. juli 1999, skal den oplyse herom.
96
[Ophævet]
97
[Ophævet]
98
[Ophævet]
99
Afsnit 5 ændres som en konsekvensændring, som følger af ændringen af IFRS 3, som led i 
Det årlige forbedringsprojekt vedrørende IFRS-standarder for perioden 2010-2012
, som blev udstedt i december 2013. En virksomhed skal fremover anvende denne ændring på virksomhedssammenslutninger, som ændringerne af IFRS 3 finder anvendelse på.
100
IFRS 15 
Omsætning fra kontrakter med kunder
, udstedt i maj 2014, medførte ændring af afsnit 5 og ophævelse af afsnit 6. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 15.
101
IFRS 9, udstedt i juli 2014, medførte ændring af afsnit 2 samt ophævelse af afsnit 97 og 98. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 9.
102
IFRS 16, udstedt i januar 2016, medførte ændring af afsnit 5. Virksomheder skal anvende denne ændring ved anvendelse af IFRS 16.
103
IFRS 17, der er udstedt i maj 2017, medførte en ændring af afsnit 5. Virksomheder skal anvende denne ændring ved anvendelse af IFRS 17.
104
Definition af væsentlig
 (ændringer til IAS 1 og IAS 8), udstedt i oktober 2018, medførte ændring af afsnit 75. Virksomheder skal anvende disse ændringer fremadrettet for regnskabsår, som begynder den 1. januar 2020 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender disse ændringer for et tidligere regnskabsår, skal den give oplysning herom. Virksomheden skal anvende disse ændringer, når den anvender ændringerne af definitionen af væsentlig i afsnit 7 i IAS 1 og afsnit 5 og 6 i IAS 8.
105
Tabsgivende kontrakter — Omkostninger forbundet med opfyldelse af en kontrakt
, udstedt i maj 2020, medførte tilføjelse af afsnit 68A og 94A samt ændring af afsnit 69. Virksomheder skal anvende disse ændringer på regnskabsperioder, som begynder den 1. januar 2022 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender disse ændringer for et tidligere regnskabsår, skal den give oplysning herom.
IAS 38
Immaterielle aktiver
FORMÅL
1
Formålet med denne standard er at foreskrive den regnskabsmæssige behandling af immaterielle aktiver, som ikke specifikt 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, at der gives nærmere bestemte 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 32 
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 specifik 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 en virksomhed med henblik på salg som led i det normale forretningsforløb (jf. IAS 2 
Varebeholdninger
)
b)
udskudte skatteaktiver (jf. IAS 12 
Indkomstskatter
)
c)
leasingkontrakter vedrørende immaterielle aktiver, der regnskabsmæssigt behandles i overensstemmelse med IFRS 16 
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 IFRS 10 
Koncernregnskaber
, IAS 27 
Separate årsregnskaber
 og IAS 28 
Investeringer i associerede virksomheder og joint ventures
f)
goodwill, der er erhvervet ved en virksomhedssammenslutning (jf. IFRS 3 
Virksomhedssammenslutninger
)
g)
kontrakter, som er omfattet af IFRS 17 
Forsikringskontrakter
, og ethvert aktiv fremkommet ved pengestrømme i forbindelse med erhvervelse af forsikringer som defineret i IFRS 17
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
i)
aktiver hidrørende fra kontrakter med kunder, der indregnes i overensstemmelse med IFRS 15 
Omsætning fra kontrakter med kunder
.
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 specifikke 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
Rettigheder, som besiddes af leasingtager i henhold til licensaftaler vedrørende immaterielle goder som eksempelvis spillefilm, videooptagelser, skuespil, manuskripter, patenter og ophavsret, er omfattet af denne standard og ligger uden for anvendelsesområdet for IFRS 16.
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 den regnskabsmæssige behandling af omkostninger til efterforskning eller udvikling og udvinding af olie, gas og mineralforekomster i udvindingsindustrier 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:
Afskrivning
 er den systematiske allokering af et immaterielt aktivs afskrivningsberettigede beløb over dets brugstid.
Et 
aktiv
(
25
)
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 betalte beløb i likvide beholdninger eller tilsvarende likvide midler 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 specifikke 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 fra afhændelsen deraf ved udgangen af dets brugstid, eller som virksomheden forventer vil hidrøre fra indfrielsen af en forpligtelse.
Dagsværdien
 er den pris, der kunne opnås ved at sælge et aktiv, eller som skulle betales for at overdrage en forpligtelse i en velordnet transaktion mellem markedsdeltagere på målingstidspunktet. (Jf. IFRS 13 
Måling af dagsværdi
).
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 ejendom, markedskendskab og varemærker (herunder mærkenavne og udgivelsestitler). Typiske eksempler på ovenstående overbegreber er computersoftware, patenter, ophavsret, 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, der indregnes i en virksomhedssammenslutning, er et aktiv, der repræsenterer de fremtidige økonomiske fordele, der hidrører fra andre aktiver, der er overtaget ved en virksomhedssammenslutning, og som ikke identificeres individuelt og indregnes separat. De fremtidige økonomiske fordele kan opstå som følge af synergier mellem anskaffede identificerbare aktiver eller fra aktiver, som hver for sig ikke opfylder kriterierne for indregning i årsregnskabet.
12
Et aktiv er identificerbart, hvis det enten:
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 identificerbart aktiv eller en tilknyttet identificerbar forpligtelse, uanset om virksomheden har til hensigt at gøre dette, 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 ophavsret, 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.
Fremtidige økonomiske fordele
17
De fremtidige økonomiske fordele ved et immaterielt aktiv kan omfatte omsætning fra salg af produkter eller tjenesteydelser, omkostningsbesparelser eller andre fordele hidrørende fra virksomhedens anvendelse af aktivet. Eksempelvis kan anvendelsen af intellektuel ejendom 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 måling 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. Med andre ord forventer virksomheden, at der vil være en tilgang af økonomiske fordele, selvom der er usikkerhed knyttet til tidspunktet eller beløbet. Sandsynlighedskriteriet for indregning i afsnit 21, litra a), 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 IAS 23 
Låneomkostninger
.
Anskaffelse som del af en virksomhedssammenslutning
33
I overensstemmelse med IFRS 3 
Virksomhedssammenslutninger
 er kostprisen for et immaterielt aktiv, som er erhvervet ved en virksomhedssammenslutning, det immaterielle aktivs dagsværdi på overtagelsestidspunktet. Dagsværdien af et immaterielt aktiv afspejler markedsdeltageres forventninger på overtagelsestidspunktet om sandsynligheden for, at de fremtidige økonomiske fordele tilknyttet aktivet vil tilgå virksomheden. Med andre ord forventer virksomheden, at der vil være en tilgang af økonomiske fordele, selvom der er usikkerhed knyttet til tidspunktet eller beløbet. Sandsynlighedskriteriet for indregning i afsnit 21, litra a), anses derfor altid for at være opfyldt for immaterielle aktiver, som er erhvervet ved en virksomhedssammenslutning. Hvis et aktiv, som er erhvervet ved en virksomhedssammenslutning, kan udskilles eller hidrører fra kontraktlige eller andre juridiske rettigheder, er der et tilstrækkeligt informationsgrundlag til at foretage en pålidelig måling af aktivets dagsværdi. Således anses kriteriet for pålidelig måling i afsnit 21, litra b), altid for at være opfyldt for immaterielle aktiver, som er erhvervet ved en virksomhedssammenslutning.
34
I overensstemmelse med denne standard og IFRS 3 (ajourført i 2008) skal en overtagende virksomhed på overtagelsestidspunktet indregne den overtagne virksomheds immaterielle aktiver separat fra goodwill, 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. 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.
Immaterielt aktiv erhvervet ved en virksomhedssammenslutning
35
Hvis et immaterielt aktiv, som er erhvervet ved en virksomhedssammenslutning, kan udskilles eller hidrører fra kontraktlige eller andre juridiske rettigheder, er der et tilstrækkeligt informationsgrundlag til at foretage en pålidelig måling af aktivets dagsværdi. 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.
36
Et immaterielt aktiv, som er erhvervet ved en virksomhedssammenslutning, kan muligvis udskilles, men kun sammen med en tilknyttet kontrakt, et tilknyttet identificerbart aktiv eller en tilknyttet identificerbar forpligtelse. I sådanne tilfælde indregner den overtagende virksomhed det immaterielle aktiv separat fra goodwill, men sammen med den tilknyttede post.
37
Den overtagende virksomhed kan indregne en gruppe af komplementære immaterielle aktiver som et enkelt aktiv under forudsætning af, at de enkelte aktiver har ensartet brugstid. Eksempelvis 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.
38-41
[Ophævet]
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
Virksomheden 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 21, litra b), angiver, at det er en betingelse for indregning af et immaterielt aktiv, at aktivets kostpris kan måles pålideligt. Dagsværdien af et immaterielt aktiv kan 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 inden for intervallet 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 kan 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) indregnes udelukkende, 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 fremskreden 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 ophavsret 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 1000 CU 
(
4
)
, hvoraf 900 CU blev afholdt før den 1. december 20X5, og 100 CU blev afholdt mellem den 1. december 20X5 og den 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 udgangen 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 2000 CU. Ved udgangen af 20X6 skønnes genindvindingsværdien af den til processen knyttede knowhow (herunder fremtidige pengestrømme til processens færdiggørelse før den er disponibel til brug) at være 1900 CU.
"Ved udgangen af 20X6 er kostprisen for produktionsprocessen 2100 CU (indregning af 100 CU som omkostning ved udgangen af 20X5 med tillæg af indregning af 2000 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 (2100 CU) til genindvindingsværdien (1900 CU). Dette tab ved værdiforringelse vil blive tilbageført i en efterfølgende regnskabsperiode, hvis de i IAS 36 nævnte krav til tilbageførsel af et tab ved værdiforringelse opfyldes.").
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, indgår det i det beløb, der indregnes for 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. Ved levering af varer indregner virksomheden de pågældende omkostninger, når den har ret til at få adgang til disse varer. Ved levering af ydelser indregner virksomheden omkostningerne, når den modtager ydelserne. Forskningsomkostninger indregnes eksempelvis, når de afholdes (jf. afsnit 54), bortset fra når de pådrages i forbindelse med 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 (bl.a. til postordrekataloger)
d)
omkostninger til flytning eller omstrukturering af en hel virksomhed eller dele heraf.
69A
Virksomheden har ret til at få adgang til varer, når den ejer dem. Den har tilsvarende ret til at få adgang til varer, når de er fremstillet af en leverandør ifølge vilkårene i en leverandørkontrakt, og virksomheden kan forlange, at de leveres, mod at den betaler for dem. Ydelser er modtaget, når leverandøren har udført dem i overensstemmelse med den kontrakt, hvorefter de skal leveres til virksomheden, og ikke når virksomheden benytter dem til at levere en anden ydelse såsom en reklame til sine kunder.
70
Afsnit 68 udelukker ikke, at en virksomhed indregner en forudbetaling som et aktiv, når betaling for varerne er foretaget, før virksomheden havde ret til at få adgang til disse varer. Afsnit 68 udelukker heller ikke, at en virksomhed indregner en forudbetaling som et aktiv, når betaling for ydelserne er foretaget, før virksomheden modtog disse ydelser.
Omkostninger afholdt i tidligere regnskabsperioder, 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 ved regnskabsperiodens afslutning 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 ikke almindeligt, at der findes et aktivt marked for et immaterielt aktiv, men det kan forekomme. I nogle jurisdiktioner kan et aktivt marked eksempelvis forekomme for frit overdragelige tilladelser til at drive hyrevognsvirksomhed, fiskerirettigheder eller produktionskvoter. Dog kan et aktivt marked ikke forekomme 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
Når et immaterielt aktiv omvurderes, tilpasses det pågældende aktivs regnskabsmæssige værdi til den omvurderede værdi. På omvurderingstidspunktet behandles aktivet på en af følgende måder:
a)
den regnskabsmæssige bruttoværdi justeres på en måde, der er forenelig med omvurderingen af aktivets regnskabsmæssige værdi. Den regnskabsmæssige bruttoværdi kan eksempelvis tilpasses på grundlag af observerede markedsdata, eller den kan tilpasses proportionelt med ændringen i den regnskabsmæssige værdi. De akkumulerede afskrivninger på omvurderingstidspunktet justeres for at udligne forskellen mellem den regnskabsmæssige bruttoværdi og aktivets regnskabsmæssige værdi efter hensyntagen til akkumulerede tab ved værdiforringelse eller
b)
de akkumulerede afskrivninger elimineres i aktivets regnskabsmæssige bruttoværdi.
Reguleringsbeløbet hidrørende fra akkumulerede afskrivninger udgør en del af forøgelsen eller reduktionen af den regnskabsmæssige værdi, som behandles regnskabsmæssigt i overensstemmelse med afsnit 85 og 86.
81
Hvis et immaterielt aktiv i en kategori af omvurderede immaterielle aktiver ikke kan omvurderes, fordi der ikke findes et 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 tidspunktet 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 i anden totalindkomst og akkumuleres i 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 i anden totalindkomst, i det omfang der for det pågældende aktiv er en kreditbalance i reserverne for opskrivninger. Den reduktion, der indregnes i anden totalindkomst, reducerer det beløb, der er akkumuleret i egenkapitalen under reserver 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 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 resultatet.
BRUGSTID
88
En virksomhed 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. Virksomheden 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 af aktivet, og virksomhedens evne til og hensigt om 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 til og hensigt om 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. Forventede fremtidige reduktioner i salgsprisen af et aktiv, der er fremstillet ved anvendelse af et immaterielt aktiv, kan tyde på en forventning om teknisk eller handelsmæssig forældelse af sidstnævnte aktiv, hvilket således kan afspejle en reduktion af de fremtidige økonomiske fordele knyttet til dette aktiv.
93
Et immaterielt aktivs brugstid kan være meget lang eller endda uendelig. Usikkerhed begrunder et forsigtigt skøn over et immaterielt 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 andre juridiske rettigheder, men kan være kortere, afhængig af den periode, hvor aktivet forventes anvendt af virksomheden. Hvis de kontraktlige eller andre juridiske rettigheder er overdraget for en begrænset periode, som kan fornyes, 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. Brugstiden for en generhvervet rettighed, der indregnes som et immaterielt aktiv ved en virksomhedssammenslutning, er den resterende kontraktlige løbetid for den kontrakt, i henhold til hvilken retten blev tildelt, og omfatter ikke fornyelsesperioder.
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 hver regnskabsperiode 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 regnskabsperiode til regnskabsperiode, medmindre der opstår en ændring i det forventede forbrugsmønster for disse fremtidige økonomiske fordele.
98A
Der er en afkræftelig formodning om, at en afskrivningsmetode, der er baseret på indtægter hidrørende fra en aktivitet, som omfatter anvendelse af et immaterielt aktiv, er uhensigtsmæssig. Indtægter hidrørende fra en aktivitet, som omfatter anvendelse af et immaterielt aktiv, afspejler som regel faktorer, som ikke er direkte forbundet med forbruget af de økonomiske fordele tilknyttet det immaterielle aktiv. Eksempelvis påvirkes indtægter af andre input og processer, salgsaktiviteter og ændringer i salgsvolumen og -priser. Indtægternes priskomponent kan påvirkes af inflation, som ikke har nogen indvirkning på, hvordan et aktiv forbruges. Denne formodning kan afkræftes under begrænsede omstændigheder:
a)
hvor det immaterielle aktiv er udtrykt som et mål for indtægter som beskrevet i afsnit 98C eller
b)
når det kan bevises, at der er en tæt indbyrdes forbindelse mellem indtægterne og forbruget af det immaterielle aktivs økonomiske fordele.
98B
Når der vælges en hensigtsmæssig afskrivningsmetode i overensstemmelse med afsnit 98, kan virksomheden fastlægge den vigtigste begrænsende faktor for det immaterielle aktiv. Eksempelvis kan det i den kontrakt, der fastlægger virksomhedens rettigheder med hensyn til anvendelse af det immaterielle aktiv, præciseres, at virksomheden må anvende det immaterielle aktiv i et forudbestemt antal år (dvs. tidsbegrænsning), til et bestemt antal producerede enheder eller til opnåelse af indtægter til et på forhånd fastsat samlet beløb. Udpegning af en sådan vigtigste begrænsende faktor kan tjene som udgangspunkt for udpegning af et hensigtsmæssigt grundlag for afskrivning, men der kan også anvendes et andet grundlag, hvis et sådant tydeligere afspejler det forventede forbrugsmønster for de økonomiske fordele.
98C
I tilfælde hvor den vigtigste begrænsende faktor for et immaterielt aktiv er opnåelse af et indtægtsloft, kan de oparbejdede indtægter fungere som et hensigtsmæssigt grundlag for afskrivning. Eksempelvis kan en virksomhed få en koncessionsaftale vedrørende efterforskning og udvinding af guld fra en guldmine. Kontraktens udløbsdato kan være baseret på et fast beløb for de samlede indtægter, der oparbejdes ved udvinding (eksempelvis kan det i kontrakten fastslås, at det er tilladt at udvinde guld fra minen, indtil de samlede kumulative indtægter fra salget af guld når op på 2 mia. valutaenheder), og således ikke være baseret på tid eller på mængden af udvundet guld. I et andet tilfælde kan retten til at drive en betalingsvej være baseret på et fastsat samlet beløb for indtægter fra de kumulative vejafgifter (eksempelvis kan det i kontrakten fastslås, at betalingsvejen må drives, indtil det kumulative beløb af vejafgifter fra driften af vejen når op på 100 mio. valutaenheder). I tilfælde hvor indtægterne er fastlagt som den vigtigste begrænsende faktor i kontrakten om anvendelse af det immaterielle aktiv, kan de oparbejdede indtægter fungere som et hensigtsmæssigt grundlag for afskrivning af det immaterielle aktiv, forudsat at der i kontrakten angives et fast samlet beløb for de oparbejdede indtægter, på grundlag af hvilket afskrivningen kan gennemføres.
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 er et aktivt marked (som defineret i IFRS 13) 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 afslutningen 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
Afskrivningsperioden og afskrivningsmetoden for et immaterielt aktiv med begrænset brugstid skal som minimum gennemgås ved afslutningen 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 regnskabsperioder.
IMMATERIELLE AKTIVER MED UENDELIG 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 tegn på, at det immaterielle aktiv kan være værdiforringet.
Gennemgang af vurdering af brugstid
109
Brugstiden for et immaterielt aktiv, der ikke afskrives, skal gennemgås hver regnskabsperiode 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.
GENINDVINDELIGHED 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 sine 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 fremtidig økonomisk fordel 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 IFRS 16 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). Tidspunktet for afhændelse af et immaterielt aktiv er den dato, hvor modtageren opnår kontrollen over det pågældende aktiv i overensstemmelse med kravene til fastsættelse af, hvornår en leveringsforpligtelse er opfyldt, jf. IFRS 15. IFRS 16 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.
115A
Hvis der er en generhvervet rettighed ved en virksomhedssammenslutning, og rettigheden efterfølgende genudstedes (sælges) til en tredjepart, skal den eventuelle tilknyttede regnskabsmæssige værdi anvendes til at opgøre tabet eller gevinsten ved genudstedelsen.
116
Størrelsen af det vederlag, der skal indgå i gevinst eller tab hidrørende fra ophør af indregning af et immaterielt anlægsaktiv, fastsættes i overensstemmelse med kravene vedrørende fastsættelse af transaktionsprisen i afsnit 47–72 i IFRS 15. Efterfølgende ændringer af den skønnede størrelse af det vederlag, der indgår i gevinst eller tab, behandles regnskabsmæssigt i overensstemmelse med kravene vedrørende ændringer i transaktionsprisen i IFRS 15.
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 regnskabperiodens begyndelse og afslutning
d)
de poster i totalindkomstopgørelsen, hvori afskrivninger på immaterielle aktiver er medtaget
e)
en afstemning af den regnskabsmæssige værdi ved regnskabsperiodens begyndelse og afslutning, 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 regnskabsperioden hidrørende fra omvurderinger i henhold til afsnit 75, 85 og 86 og fra tilbageførte tab ved værdiforringelse, som enten er indregnet eller udlignet i anden totalindkomst i overensstemmelse med IAS 36
iv)
eventuelle tab ved værdiforringelse, som er indregnet i resultatet i løbet af regnskabsperioden i overensstemmelse med IAS 36
v)
eventuelle tab ved værdiforringelse, som er tilbageført i resultatet i løbet af regnskabsperioden i overensstemmelse med IAS 36
vi)
eventuelle afskrivninger, som er indregnet i løbet af regnskabsperioden
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 regnskabsperioden.
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)
ophavsret, patenter, andre industrielle ejendomsrettigheder 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 mere relevant information for årsregnskabets brugere.
120
Virksomheder skal oplyse om værdiforringede immaterielle aktiver i overensstemmelse med IAS 36 ud over de i afsnit 118, litra e), nr. 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 den aktuelle regnskabsperiode, eller som forventes at ville have en væsentlig virkning i efterfølgende regnskabsperioder. Sådanne oplysninger kan hidrøre fra ændringer i:
a)
vurderingen af et immaterielt aktivs brugstid
b)
afskrivningsmetode eller
c)
restværdier.
122
En virksomhed skal ligeledes oplyse følgende:
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, og
b)
værdien af den beløbsmæssige størrelse af reserver for opskrivninger, som er tilknyttet immaterielle aktiver ved regnskabsperiodens begyndelse og afslutning, med indikation af ændringer i løbet af regnskabsperioden og begrænsninger med hensyn til udbetaling af resterende beløb til aktionærer.
c)
[ophævet]
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
En virksomhed skal oplyse det samlede beløb af forsknings- og udviklingsomkostninger, som er indregnet i regnskabsperioden.
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
En virksomhed tilskyndes til, men er ikke forpligtet til at give 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
[Ophævet]
130
Virksomheder skal anvende denne standard:
a)
på den regnskabsmæssige behandling af immaterielle aktiver, som er erhvervet ved virksomhedssammenslutninger, hvor aftaletidspunktet er den 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 den 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 den 1. januar 2006 eller derefter. Hvis en virksomhed anvender IFRS 6 i et tidligere regnskabsår, finder ændringerne anvendelse på det tidligere regnskabsår.
130B
IAS 1 
Præsentation af årsregnskaber
 (ajourført i 2007) ændrede den terminologi, der anvendes i IFRS-standarderne. Desuden blev afsnit 85, 86 og 118, litra e), nr. iii), ændret. Virksomheder skal anvende disse ændringer på regnskabsår, der begynder den 1. januar 2009 eller derefter. Hvis en virksomhed anvender IAS 1 (ajourført 2007) på en tidligere regnskabsperiode, skal ændringerne anvendes på denne tidligere regnskabsperiode.
130C
IFRS 3 (ajourført 2008) ændrede afsnit 12, 33–35, 68, 69, 94 og 130, ophævede afsnit 38 og 129 og tilføjede afsnit 115A. 
Forbedringer til IFRS
 udstedt i april 2009 ændrede afsnit 36 og 37. Virksomheder skal anvende disse ændringer fremadrettet for regnskabsår, som begynder den 1. juli 2009 eller derefter. Derfor skal der ikke foretages regulering af beløb, der er indregnet for immaterielle aktiver og goodwill ved tidligere virksomhedssammenslutninger. Hvis en virksomhed anvender IFRS 3 (ajourført 2008) på en tidligere regnskabsperiode, skal ændringerne anvendes på denne tidligere regnskabsperiode, og virksomheden skal oplyse herom.
130D
Afsnit 69, 70 og 98 blev ændret, og afsnit 69A blev tilføjet ved 
Forbedringer af IFRS-standarder
, udstedt i maj 2008. Virksomheder skal anvende disse ændringer på regnskabsår, der begynder den 1. januar 2009 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender ændringerne på en tidligere regnskabsperiode, skal den oplyse herom.
130E
[Ophævet]
130F
IFRS 10 og IFRS 11 
Fælles ordninger
, udstedt i maj 2011, medførte ændring af afsnit 3, litra e). En virksomhed skal anvende denne ændring ved anvendelse af IFRS 10 og IFRS 11.
130G
IFRS 13, udstedt i maj 2011, medførte ændring af afsnit 8, 33, 47, 50, 75, 78, 82, 84, 100 og 124 og ophævelse af afsnit 39-41 og 130E. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 13.
130H
Det årlige forbedringsprojekt vedrørende IFRS-standarder for perioden 2010-2012
, udstedt i december 2013, medførte ændring af afsnit 80. Virksomheder skal anvende denne ændring for regnskabsår, som begynder den 1. juli 2014 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender ændringen på en tidligere regnskabsperiode, skal den oplyse herom.
130I
En virksomhed skal anvende ændringen som følge af 
Det årlige forbedringsprojekt vedrørende IFRS-standarder for perioden 2010-2012
 på alle omvurderinger, som er indregnet i regnskabsår, der begynder på eller efter tidspunktet for den første anvendelse af nævnte ændring og i det umiddelbart foregående regnskabsår. En virksomhed kan også forelægge justerede sammenligningstal for en tidligere forelagt periode, men er ikke forpligtet til at gøre det. Hvis en virksomhed forelægger ikke-justerede sammenlignelige oplysninger for en tidligere periode, skal den klart udpege de oplysninger, der ikke er blevet justeret, anføre, at de er forelagt på et andet grundlag, og redegøre for dette grundlag.
130J
Præcisering af acceptable afskrivningsmetoder
 (Ændringer af IAS 16 og IAS 38), udstedt i maj 2014, medførte ændring af afsnit 92 og 98 og tilføjelse af afsnit 98A–98C. Virksomheder skal anvende disse ændringer fremadrettet for regnskabsår, som begynder 1. januar 2016 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender disse ændringer på en tidligere regnskabsperiode, skal den oplyse herom.
130K
IFRS 15 
Omsætning fra kontrakter med kunder
, udstedt i maj 2014, medførte ændring af afsnit 3, 114 og 116. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 15.
130L
IFRS 16, udstedt i januar 2016, medførte ændring af afsnit 3, 6, 113 og 114. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 16.
130M
IFRS 17, der er udstedt i maj 2017, medførte en ændring af afsnit 3. 
Ændringer til IFRS 17
, der er udstedt i juni 2020, medførte en yderligere ændring af afsnit 3. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 17.
Udveksling af tilsvarende aktiver
131
Kravet i afsnit 129 og 130, litra b), 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 i 1998).
IAS 39
Finansielle instrumenter: Indregning og måling
ANVENDELSESOMRÅDE
2
Denne standard anvendes af alle virksomheder på alle finansielle instrumenter, der er omfattet af anvendelsesområdet for IFRS 9 
Finansielle instrumenter
, hvis, og i det omfang at:
a)
IFRS 9 tillader, at kravene til regnskabsmæssig sikring i denne standard anvendes, og
b)
det finansielle instrument indgår i et sikringsforhold, der opfylder kriterierne for regnskabsmæssig sikring i overensstemmelse med denne standard.
2A–7
[Ophævet]
DEFINITIONER
8
Begreber, der er defineret i IFRS 13, IFRS 9 og IAS 32, anvendes i denne standard med de betydninger, der er angivet i appendiks A i IFRS 13, appendiks A i IFRS 9 og afsnit 11 i IAS 32. IFRS 13, IFRS 9 og IAS 32 definerer følgende begreber:
—
et finansielt aktivs eller en finansiel forpligtelses amortiserede kostpris
—
ophør af indregning
—
afledt finansielt instrument
—
effektiv rentemetode
—
effektiv rente
—
egenkapitalinstrument
—
dagsværdi
—
finansielt aktiv
—
finansielt instrument
—
finansiel forpligtelse
og giver vejledning om anvendelsen af disse definitioner.
9
Nedenstående udtryk anvendes i denne standard med følgende betydning:
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 aktiv eller (alene ved afdækning af risikoen for valutakursændringer) et klassificeret ikke-afledt finansielt aktiv 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-AG113A).
10–70
[Ophævet]
SIKRING
71
Hvis en virksomhed anvender IFRS 9 og ikke i sin regnskabspraksis har valgt fortsat at anvende kravene til regnskabsmæssig sikring i denne standard (jf. afsnit 7.2.2021 i IFRS 9), skal den anvende kravene til regnskabsmæssig sikring i kapitel 6 i IFRS 9. Ved sikring af dagsværdien af renterisikoen for en portefølje af finansielle aktiver eller finansielle forpligtelser kan en virksomhed imidlertid i overensstemmelse med afsnit 6.1.3 i IFRS 9 anvende kravene til regnskabsmæssig sikring i denne standard i stedet for kravene i IFRS 9. I det tilfælde skal virksomheden også anvende de specifikke krav til regnskabsmæssig sikring af dagsværdien for en porteføljesikring af renterisiko (jf. afsnit 81A, 89A og AG114-AG132).
Sikringsinstrumenter
Instrumenter, som opfylder kriterierne
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 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, forudsat at de er eksterne i forhold til den enkelte virksomhed, 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
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
[Ophævet]
80
Ved regnskabsmæssig sikring er det udelukkende aktiver, forpligtelser, faste aftaler eller forventede transaktioner, som er højst sandsynlige, og som omfatter en ekstern part, der kan klassificeres som sikrede poster. Heraf følger, at regnskabsmæssig sikring kun kan anvendes på transaktioner mellem virksomheder i samme koncern i de enkelte eller separate årsregnskaber for disse virksomheder og ikke på koncernregnskabet, bortset fra koncernregnskabet for en investeringsvirksomhed, som defineret i IFRS 10, hvor transaktioner mellem en investeringsvirksomhed og dens dattervirksomheder, som måles til dagsværdi over resultatet, ikke vil blive elimineret i 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 indfries 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-AG113A) 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)
Sikringens effektivitet kan måles med et pålideligt resultat, dvs. dagsværdien af eller pengestrømmene for den sikrede post, som kan henføres til den afdækkede risiko, og der kan foretages en pålidelig vurdering af dagsværdien af sikringsinstrumentet.
e)
Sikringen vurderes løbende og har faktisk været meget effektiv i de regnskabsperioder, sikringen er klassificeret til.
Sikring af dagsværdi
89
Hvis sikring af dagsværdi opfylder de i afsnit 88 nævnte betingelser i regnskabsperioden, 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, der måles til dagsværdi gennem anden totalindkomst i overensstemmelse med afsnit 4.1.2A i IFRS 9.
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 89, litra b), 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 litra a) og b) ovenfor, skal præsenteres ved siden af finansielle aktiver eller finansielle forpligtelser. Beløb, der medtages i disse poster, skal fjernes fra balancen, når der sker ophør med indregning af de aktiver eller forpligtelser, som beløbene hidrører fra.
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 5.7.1 i IFRS 9.
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. Desuden er der i denne sammenhæng ikke tale om udløb eller afvikling af sikringsinstrumentet, hvis:
i)
parterne i et sikringsinstrument som følge af love eller retsforskrifter eller indførelsen af love eller retsforskrifter aftaler, at en eller flere clearingmodparter erstatter deres oprindelige modpart og bliver den nye modpart for hver af parterne. I denne sammenhæng er en clearingmodpart en central modpart (som også kaldes en "clearingorganisation" eller et "clearingagentur") eller en virksomhed eller virksomheder, eksempelvis et clearingmedlem i en clearingorganisation eller en kunde hos et clearingmedlem i en clearingorganisation, som fungerer som modpart ved effektueringen af en central modparts clearing. Hvis parterne i et sikringsinstrument erstatter deres oprindelige modparter med andre modparter, finder dette afsnit dog kun anvendelse, hvis hver af disse parter effektuerer clearing med den samme centrale modpart
ii)
andre eventuelle ændringer af sikringsinstrumentet er begrænset til de ændringer, der er nødvendige for at effektuere en sådan erstatning af modparten. Sådanne ændringer er begrænset til ændringer, som er i overensstemmelse med de betingelser, som kunne forventes, hvis sikringsinstrumentet oprindeligt blev clearet med clearingmodparten. Disse ændringer omfatter bl.a. ændringer vedrørende sikkerhedsstillelseskravene, ret til at modregne tilgodehavender og gæld samt afgifter.
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 89, litra b), 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 post i balancen) 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 89, litra b)). 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 regnskabsperioden, 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 i anden totalindkomst 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 88, litra a)), skal denne udeladte del af gevinsten eller tabet indregnes i overensstemmelse med afsnit 5.7.1 i IFRS 9.
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 i anden totalindkomst i overensstemmelse med afsnit 95, omklassificeres fra egenkapitalen til resultatet som en omklassifikationsregulering (jf. IAS 1 (ajourført 2007)) i den eller de regnskabsperioder hvor de sikrede forventede pengestrømme påvirker resultatet (eksempelvis de regnskabsperioder hvor renteindtægten eller renteomkostningen indregnes). Hvis en virksomhed imidlertid forventer, at et tab eller en del af et tab, som er indregnet i anden totalindkomst, ikke vil blive genindvundet i løbet af en eller flere fremtidige regnskabsperioder, skal virksomheden omklassificere det beløb, som ikke forventes genindvundet, til resultatet som en omklassifikationsregulering.
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 litra a) eller b) nedenfor:
a)
Virksomheden omklassificerer tilknyttede gevinster eller tab, som er indregnet i anden totalindkomst i overensstemmelse med afsnit 95, til resultatet som en omklassifikationsregulering (jf. IAS 1 (ajourført 2007)) i den eller de regnskabsperioder, hvor det erhvervede aktiv eller den påtagne forpligtelse påvirker resultatet (eksempelvis de regnskabsperioder, hvor afskrivninger eller salgsomkostninger indregnes). Hvis en virksomhed imidlertid forventer, at et tab eller en del af et tab, som er indregnet i anden totalindkomst, ikke vil blive genindvundet i løbet af en eller flere fremtidige regnskabsperioder, skal virksomheden omklassificere det beløb, som ikke forventes genindvundet, fra egenkapitalen til resultatet.
b)
Virksomheden fjerner de tilknyttede gevinster eller tab, som er indregnet i anden totalindkomst 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 litra 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 i anden totalindkomst, omklassificeres fra egenkapitalen til resultatet som en omklassifikationsregulering (jf. IAS 1 (ajourført 2007)) i den eller de samme regnskabsperioder, hvor de sikrede forventede pengestrømme 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 dette tilfælde skal de akkumulerede gevinster eller tab på sikringsinstrumentet, som er blevet indregnet i anden totalindkomst fra den regnskabsperiode, hvor sikringen blev effektiv (jf. afsnit 95, litra a)), fortsat holdes separat i egenkapitalen, indtil den forventede transaktion finder sted. Når transaktionen finder sted, finder afsnit 97, 98 eller 100 anvendelse. For så vidt angår dette underafsnit 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. Desuden er der i dette underafsnit ikke tale om udløb eller afvikling af sikringsinstrumentet, hvis:
i)
parterne i et sikringsinstrument som følge af love eller retsforskrifter eller indførelsen af love eller retsforskrifter aftaler, at en eller flere clearingmodparter erstatter deres oprindelige modpart og bliver den nye modpart for hver af parterne. I denne sammenhæng er en clearingmodpart en central modpart (som også kaldes en "clearingorganisation" eller et "clearingagentur") eller en virksomhed eller virksomheder, eksempelvis et clearingmedlem i en clearingorganisation eller en kunde hos et clearingmedlem i en clearingorganisation, som fungerer som modpart ved effektueringen af en central modparts clearing. Hvis parterne i et sikringsinstrument erstatter deres oprindelige modparter med andre modparter, finder dette afsnit dog kun anvendelse, hvis hver af disse parter effektuerer clearing med den samme centrale modpart
ii)
andre eventuelle ændringer af sikringsinstrumentet er begrænset til de ændringer, der er nødvendige for at effektuere en sådan erstatning af modparten. Sådanne ændringer er begrænset til ændringer, som er i overensstemmelse med de betingelser, som kunne forventes, hvis sikringsinstrumentet oprindeligt blev clearet med clearingmodparten. Disse ændringer omfatter bl.a. ændringer vedrørende sikkerhedsstillelseskravene, ret til at modregne tilgodehavender og gæld samt afgifter.
b)
Sikringen opfylder ikke længere kriterierne for regnskabsmæssig sikring i afsnit 88. I dette tilfælde skal de akkumulerede gevinster eller tab på sikringsinstrumentet, som er blevet indregnet i anden totalindkomst fra det regnskabsår, hvor sikringen blev effektiv (jf. afsnit 95, litra a)), fortsat holdes separat i 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 er blevet indregnet i anden totalindkomst fra den regnskabsperiode, hvor sikringen blev effektiv (jf. afsnit 95, litra a)), omklassificeres fra egenkapitalen til resultatet som omklassifikationsregulering. En forventet transaktion, som ikke længere er højst sandsynlig (jf. afsnit 88, litra c)), 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 er blevet indregnet i anden totalindkomst fra den regnskabsperiode, hvor sikringen blev effektiv (jf. afsnit 95, litra a)), fortsat holdes separat i 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 er blevet indregnet i anden totalindkomst, omklassificeres fra egenkapitalen til resultatet som en omklassifikationsregulering.
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 i anden totalindkomst og
b)
den ineffektive del skal indregnes i resultatet.
Gevinsten eller tabet på sikringsinstrumentet tilknyttet sikringens effektive del, som er indregnet i anden totalindkomst, skal omklassificeres fra egenkapitalen til resultatet som en omklassifikationsregulering (jf. IAS 1 (ajourført 2007)) i overensstemmelse med afsnit 48-49 i IAS 21 ved hel eller delvis afhændelse af den udenlandske virksomhed.
Midlertidige undtagelser fra anvendelsen af specifikke krav til regnskabsmæssig sikring
102A
En virksomhed skal anvende afsnit 102D-102N og 108G på sikringsforhold, der er direkte berørt af reformen af rentebenchmarks. Disse afsnit finder kun anvendelse på sådanne sikringsforhold. Et sikringsforhold påvirkes kun direkte af reformen af rentebenchmarks, hvis reformen giver anledning til usikkerhed om:
a)
det rentebenchmark (uanset om det er kontraktligt eller ikke-kontraktligt angivet), der klassificeres som en sikret risiko, og/eller
b)
timingen for eller den beløbsmæssige størrelse af de rentebenchmark-baserede pengestrømme fra den sikrede post eller sikringsinstrumentet.
102B
Med henblik på anvendelsen af afsnit 102D-102N henviser udtrykket "reform af rentebenchmarks" til den markedsomfattende reform af et rentebenchmark, herunder udskiftning af et rentebenchmark med en alternativ referencerente, jf. anbefalingerne i rapporten fra juli 2014 om finansiel stabilitet fra Rådet for Finansiel Stabilitet med titlen "Reforming Major Interest Rate Benchmarks" 
(
26
)
.
102C
Afsnit 102D–102N indeholder undtagelser, men kun til kravene i disse afsnit. En virksomhed skal fortsat anvende alle andre krav i forbindelse med regnskabsmæssig sikring på sikringsforhold, der er direkte berørt af reformen af rentebenchmarks.
Højst sandsynligt som krævet i forbindelse med sikring af pengestrømme
102D
Med henblik på anvendelsen af kravet i afsnit 88, litra c), om, at den forventede transaktion skal være højst sandsynlig, skal virksomheden antage, at det rentebenchmark, på hvilket de sikrede pengestrømme (uanset om de er kontraktligt eller ikke-kontraktligt angivet) er baseret, ikke ændres som følge af rentebenchmarkreformen.
Omklassificering af den akkumulerede gevinst eller det akkumulerede tab, der er indregnet i anden totalindkomst
102E
Med henblik på anvendelsen af kravet i afsnit 101, litra c), for at afgøre, om den forventede transaktion ikke længere forventes at skulle finde sted, skal virksomheden antage, at det rentebenchmark, på hvilket de sikrede pengestrømme (uanset om de er kontraktligt eller ikke-kontraktligt angivet) er baseret, ikke ændres som følge af rentebenchmarkreformen.
Vurdering af effektiviteten
102F
Med henblik på anvendelsen af kravene i afsnit 88, litra b), og AG105, litra a) skal en virksomhed antage, at rentebenchmarket, på hvilket de sikrede pengestrømme og/eller den sikrede risiko (uanset om de er kontraktligt eller ikke-kontraktligt angivet) er baseret, eller det rentebenchmark, på hvilket sikringsinstrumentets pengestrømme er baseret, ikke ændres som følge af rentebenchmarkreformen.
102G
Med henblik på anvendelsen af kravet i afsnit 88, litra e), er en virksomhed ikke forpligtet til at ophøre med et sikringsforhold, fordi de faktiske resultater af sikringen ikke opfylder kravene i afsnit AG105, litra b). For at undgå tvivl skal en virksomhed anvende de andre betingelser i afsnit 88, herunder den fremadrettede vurdering i afsnit 88, litra b), for at vurdere, om det er nødvendigt at bringe sikringsforholdet til ophør.
Klassificering af finansielle poster som sikrede poster
102H
Medmindre afsnit 102I finder anvendelse, skal en virksomhed med henblik på sikring af en ikke-kontraktligt angivet benchmarkdel af renterisikoen kun anvende kravet i afsnit 81 og AG99F — om at risikokomponenten skal være separat identificerbar — ved sikringsforholdets indgåelse.
102I
Når en virksomhed i overensstemmelse med sikringsdokumentationen ofte ændrer (dvs. afslutter og genoptager) sikringsforhold, fordi både sikringsinstrumentet og den sikrede post ofte ændrer sig (dvs. at virksomheden bruger en dynamisk proces, hvor både de sikrede poster og de sikringsinstrumenter, der bruges til at styre eksponeringen, ikke er de samme i længere tid ad gangen), skal virksomheden anvende kravet i afsnit 81 og AG99F — om at risikokomponenten skal være separat identificerbar — men kun når den oprindeligt klassificerer en sikret post i det pågældende sikringsforhold. En sikret post, der er blevet vurderet på tidspunktet for den oprindelige klassificering i sikringsforholdet, uanset om det var på tidspunktet for indgåelsen af sikringen eller efterfølgende, omvurderes ikke ved en efterfølgende omklassificering i det samme sikringsforhold.
Gyldighedsperiodens udløb
102J
En virksomhed skal fremadrettet ophøre med at anvende afsnit 102D på en sikret post på det tidspunkt — alt efter hvad der måtte komme først:
a)
hvor den usikkerhed, der opstår som følge af rentebenchmarkreformen, ikke længere er til stede med hensyn til timingen for eller den beløbsmæssige størrelse af de rentebenchmark-baserede pengestrømme fra den sikrede post, og
b)
hvor sikringsforholdet, som er en del af denne sikrede post, ophører.
102K
En virksomhed skal fremadrettet ophøre med at anvende afsnit 102E på det tidspunkt — alt efter hvad der måtte komme først:
a)
hvor den usikkerhed, der opstår som følge af rentebenchmarkreformen, ikke længere er til stede med hensyn til timingen for og den beløbsmæssige størrelse af de fremtidige rentebenchmark-baserede pengestrømme fra den sikrede post, og
b)
hvor hele den akkumulerede gevinst eller det akkumulerede tab, der er indregnet i anden totalindkomst i forbindelse med det ophørte sikringsforhold, er blevet omklassificeret til resultatet.
102L
En virksomhed skal fremadrettet ophøre med at anvende afsnit 102F:
a)
på en sikret post, når den usikkerhed, der opstår som følge af rentebenchmarkreformen, ikke længere er til stede med hensyn til den sikrede risiko eller timingen for eller den beløbsmæssige størrelse af de rentebenchmark-baserede pengestrømme fra den sikrede post, og
b)
på et sikringsinstrument, hvor den usikkerhed, der opstår som følge af rentebenchmarkreformen, ikke længere er til stede med hensyn til timingen for eller den beløbsmæssige størrelse af de rentebenchmark-baserede pengestrømme fra sikringsinstrumentet.
Hvis det sikringsforhold, som den sikrede post og sikringsinstrumentet indgår i, ophører før den dato, der er angivet i afsnit 102L, litra a), eller den dato, der er angivet i afsnit 102L, litra b), skal virksomheden fremadrettet ophøre med at anvende afsnit 102F på dette sikringsforhold fra datoen for ophøret.
102M
En virksomhed skal fremadrettet ophøre med at anvende afsnit 102G på et sikringsforhold på det tidspunkt — alt efter hvad der måtte komme først:
a)
hvor den usikkerhed, der opstår som følge af rentebenchmarkreformen, ikke længere er til stede med hensyn til den sikrede risiko eller timingen for eller den beløbsmæssige størrelse af de rentebenchmark-baserede pengestrømme fra den sikrede post og sikringsinstrumentet og
b)
hvor sikringsforholdet, hvorpå undtagelsen finder anvendelse, bringes til ophør.
102N
Ved udpegelsen af en gruppe af poster som den sikrede post eller en kombination af finansielle instrumenter som sikringsinstrumentet skal en virksomhed fremadrettet ophøre med at anvende afsnit 102D–102G på en enkelt post eller et finansielt instrument i overensstemmelse med afsnit 102J, 102K, 102L eller 102M, alt efter hvad der er relevant, når den usikkerhed, der opstår som følge af rentebenchmarkreformen, ikke længere er til stede i forhold til den sikrede risiko og/eller timingen for eller den beløbsmæssige størrelse af de rentebenchmark-baserede pengestrømme fra denne post eller dette finansielle instrument.
102O
En virksomhed skal fremadrettet ophøre med at anvende afsnit 102H og 102I på det tidspunkt — alt efter hvad der måtte komme først:
a)
hvor der foretages ændringer, der er påkrævet som følge af en rentebenchmarkreform, af den ikke-kontraktligt fastsatte risikodel i henhold til afsnit 102P, eller
b)
hvor det sikringsforhold, hvori den ikke-kontraktligt fastsatte risikodel klassificeres, bringes til ophør.
Yderligere midlertidige undtagelser som følge af en rentebenchmarkreform
Regnskabsmæssig sikring
102P
Når kravene i afsnit 102D–102I ophører med at finde anvendelse på et sikringsforhold (jf. afsnit 102J–102O), skal en virksomhed ændre den formelle klassifikation af det pågældende sikringsforhold som tidligere dokumenteret for at afspejle de ændringer, der kræves som følge af en rentebenchmarkreform, dvs. ændringerne er i overensstemmelse med kravene i afsnit 5.4.6–5.4.8 i IFRS 9. I denne forbindelse ændres sikringsforholdets klassifikation kun for at foretage en eller flere af følgende ændringer:
a)
klassifikation af et alternativt rentebenchmark (uanset om det er kontraktligt eller ikke-kontraktligt angivet) som en sikret risiko
b)
ændring af beskrivelsen af den sikrede post, herunder beskrivelsen af den klassificerede del af pengestrømmene eller dagsværdien, der sikres
c)
ændring af beskrivelsen af sikringsinstrumentet eller
d)
ændring af beskrivelsen af, hvordan virksomheden vurderer sikringseffektiviteten.
102Q
En virksomhed skal også anvende kravet i afsnit 102P, litra c), hvis følgende tre betingelser er opfyldt:
a)
virksomheden foretager en ændring som følge af en rentebenchmarkreform under anvendelse af en anden fremgangsmåde end ændring af grundlaget for fastsættelse af sikringsinstrumentets kontraktlige pengestrømme (som beskrevet i afsnit 5.4.6 i IFRS 9)
b)
indregning af det oprindelige sikringsinstrument er ikke ophørt og
c)
den valgte fremgangsmåde svarer økonomisk set til at ændre grundlaget for fastsættelse af de kontraktlige pengestrømme for det oprindelige sikringsinstrument (som beskrevet i afsnit 5.4.7 og 5.4.8 i IFRS 9).
102R
Kravene i afsnit 102D–102I kan ophøre med at finde anvendelse på forskellige tidspunkter. Ved anvendelsen af afsnit 102P kan det derfor kræves, at en virksomhed ændrer den formelle klassifikation af sine sikringsforhold på forskellige tidspunkter, eller at den er forpligtet til at ændre den formelle klassifikation for et sikringsforhold mere end én gang. Når, og kun når, en sådan ændring foretages i sikringsbetegnelsen, skal en virksomhed anvende afsnit 102V–102Z2, alt efter hvad der er relevant. En virksomhed skal også anvende afsnit 89 (for sikring af dagsværdi) eller afsnit 96 (for sikring af pengestrømme) til den regnskabsmæssige behandling af eventuelle ændringer i dagsværdien af den sikrede post eller sikringsinstrumentet.
102S
En virksomhed skal ændre et sikringsforhold som krævet i afsnit 102P ved udgangen af den regnskabsperiode, hvori der foretages en ændring som følge af en rentebenchmarkreform af den afdækkede risiko, den sikrede post eller sikringsinstrumentet. For at undgå tvivl udgør en sådan ændring af den formelle klassifikation af et sikringsforhold hverken ophør af sikringsforholdet eller klassifikation af et nyt sikringsforhold.
102T
Hvis der foretages ændringer ud over ændringer som følge af en rentebenchmarkreform af det finansielle aktiv eller den finansielle forpligtelse, der er klassificeret i et sikringsforhold (som beskrevet i afsnit 5.4.6-5.4.8 i IFRS 9), eller af klassifikationen af sikringsforholdet (som krævet i afsnit 102P), skal en virksomhed først anvende de relevante krav i denne standard for at fastslå, om disse yderligere ændringer resulterer i ophør af regnskabsmæssig sikring. Hvis de yderligere ændringer ikke fører til ophør af regnskabsmæssig sikring, skal virksomheden ændre den formelle klassifikation af sikringsforholdet som angivet i afsnit 102P.
102U
Afsnit 102V–102Z3 indeholder undtagelser, men kun til kravene i disse afsnit. En virksomhed skal anvende alle de øvrige krav til regnskabsmæssig sikring i denne standard, herunder kvalifikationskriterierne i afsnit 88, på sikringsforhold, som blev direkte berørt af en rentebenchmarkreform.
Regnskabsmæssig behandling af sikringsforhold, der opfylder kriterierne
Vurdering af den tilbageskuende effektivitet
102V
Med henblik på at vurdere den tilbageskuende effektivitet af et sikringsforhold på et akkumuleret grundlag ved anvendelse af afsnit 88, litra e), og kun til dette formål, kan en virksomhed vælge at nulstille de akkumulerede ændringer i dagsværdien af den sikrede post og sikringsinstrumentet, når den ophører med at anvende afsnit 102G som krævet i afsnit 102M. Dette valg foretages særskilt for hvert sikringsforhold (dvs. på grundlag af et individuelt sikringsforhold).
Sikring af pengestrømme
102W
Med henblik på anvendelsen af afsnit 97 på det tidspunkt, hvor en virksomhed ændrer beskrivelsen af en sikret post som krævet i afsnit 102P, litra b), anses den akkumulerede gevinst eller det akkumulerede tab, der er indregnet i anden totalindkomst, for at være baseret på det alternative rentebenchmark, som de sikrede fremtidige pengestrømme fastsættes på grundlag af.
102X
For et sikringsforhold, der bringes til ophør, hvor rentebenchmarket, som de sikrede fremtidige pengestrømme havde været baseret på, ændres som krævet i forbindelse med en rentebenchmarkreform, skal det beløb, der er akkumuleret i anden totalindkomst for det pågældende sikringsforhold, med henblik på anvendelsen af afsnit 101, litra c), for at fastslå, om de sikrede fremtidige pengestrømme forventes at finde sted, anses for at være baseret på det alternative rentebenchmark, som de sikrede fremtidige pengestrømme vil bygge på.
Grupper af poster
102Y
Når en virksomhed anvender afsnit 102P på grupper af poster, der klassificeres som sikrede poster i en dagsværdisikring eller en sikring af pengestrømme, skal virksomheden tildele de sikrede poster til undergrupper på grundlag af det rentebenchmark, der sikres, og klassificere rentebenchmarket som den sikrede risiko for hver undergruppe. I et sikringsforhold, hvor en gruppe poster sikres mod ændringer i et rentebenchmark, der er underlagt en rentebenchmarkreform, kan de sikrede pengestrømme eller dagsværdien for nogle af posterne i gruppen eksempelvis ændres til et alternativt rentebenchmark, før andre poster i gruppen ændres. I dette eksempel vil virksomheden ved anvendelsen af afsnit 102P klassificere det alternative rentebenchmark som den sikrede risiko for den relevante undergruppe af sikrede poster. Virksomheden vil fortsat klassificere det eksisterende rentebenchmark som den afdækkede risiko for den anden undergruppe af sikrede poster, indtil de sikrede pengestrømme eller dagsværdien af disse poster ændres, således at de afspejler det alternative rentebenchmark, eller posterne udløber og erstattes med sikrede poster, der afspejler det alternative rentebenchmark.
102Z
Virksomheden skal særskilt vurdere, hvorvidt hver undergruppe opfylder kravene i afsnit 78 og 83 for at være en sikret post. Hvis en undergruppe ikke opfylder kravene i afsnit 78 og 83, skal virksomheden bringe den regnskabsmæssige sikring til ophør fremadrettet for sikringsforholdet i sin helhed. En virksomhed skal også anvende kravene i afsnit 89 og 96 til den regnskabsmæssige behandling af ineffektivitet i forbindelse med sikringsforholdet i sin helhed.
Klassificering af finansielle poster som sikrede poster
102Z1
Et alternativt rentebenchmark klassificeret som en ikke-kontraktligt fastsat risikodel, der ikke er separat identificerbar (jf. afsnit 81 og afsnit AG99F) på den dato, hvor det klassificeres, anses for at have opfyldt dette krav på den pågældende dato, hvis, og kun hvis, virksomheden med rimelighed forventer, at det alternative rentebenchmark vil blive separat identificerbart inden for 24 måneder. Perioden på 24 måneder finder anvendelse på hvert alternativt rentebenchmark separat og begynder fra den dato, hvor virksomheden klassificerer det alternative rentebenchmark som en ikke-kontraktligt fastsat risikodel for første gang (dvs. at perioden på 24 måneder finder anvendelse på hvert enkelt rentebenchmark).
102Z2
Hvis en virksomhed efterfølgende med rimelighed forventer, at det alternative rentebenchmark ikke vil blive separat identificerbart inden for 24 måneder fra den dato, hvor virksomheden for første gang klassificerede det som en ikke kontraktligt fastsat risikodel, skal virksomheden ophøre med at anvende kravet i afsnit 102Z1 på det alternative rentebenchmark og bringe den regnskabsmæssige sikring til ophør fremadrettet fra datoen for den fornyede vurdering for alle sikringsforhold, hvori det alternative rentebenchmark blev udpeget som en ikke-kontraktligt fastsat risikodel.
102Z3
Ud over de i afsnit 102P specificerede sikringsforhold skal en virksomhed anvende kravene i afsnit 102Z1 og 102Z2 på nye sikringsforhold, i hvilke et alternativt rentebenchmark er klassificeret som en ikke-kontraktligt fastsat risikodel (jf. afsnit 81 og afsnit AG99F), når den pågældende risikodel på grund af en rentebenchmarkreform ikke er separat identificerbar på datoen for klassifikationen.
IKRAFTTRÆDELSESTIDSPUNKT OG OVERGANG
103
Virksomheder skal anvende denne standard (herunder de ændringer, der blev udgivet i marts 2004) for regnskabsår, som begynder den 1. januar 2005 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. En virksomhed skal ikke anvende denne standard (herunder de ændringer, der blev udgivet i marts 2004) for regnskabsår, som begynder før den 1. januar 2005, medmindre virksomheden også anvender IAS 32 (udgivet december 2003). Hvis en virksomhed anvender denne standard på regnskabsperioder, som begynder før den 1. januar 2005, skal den oplyse herom.
103A
[Ophævet]
103B
[Ophævet]
103C
IAS 1 (ajourført i 2007) ændrede den terminologi, der anvendes i IFRS-standarderne. Desuden ændrede den afsnit 95, litra a), og afsnit 97, 98, 100, 102, 108 og AG99B. Virksomheder skal anvende disse ændringer på regnskabsår, som begynder den 1. januar 2009 eller derefter. Hvis en virksomhed anvender IAS 1 (ajourført 2007) på en tidligere regnskabsperiode, skal ændringerne anvendes på denne tidligere regnskabsperiode.
103D
[Ophævet]
103E
IAS 27 (som ændret i juli 2008) medførte ændring af afsnit 102. Virksomheder skal anvende denne ændring på regnskabsår, som begynder den 1. juli 2009 eller derefter. Hvis en virksomhed anvender IAS 27 (ajourført 2008) på en tidligere regnskabsperiode, skal ændringen anvendes på denne tidligere regnskabsperiode.
103F
[Ophævet]
103G
Virksomheder skal anvende afsnit AG99BA, AG99E, AG99F, AG110A og AG110B med tilbagevirkende kraft for regnskabsår, som begynder den 1. juli 2009 eller derefter, i overensstemmelse med IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender 
Sikrede poster, der opfylder kriterierne for regnskabsmæssig sikring
 (Ændring til IAS 39) for regnskabsperioder, som begynder før den 1. juli 2009, skal den oplyse herom.
103H–103J
[Ophævet]
103K
Forbedringer til IFRS
, udstedt i april 2009, medførte ændring af afsnit 2, litra g), samt afsnit 97 og 100. Virksomheder skal anvende ændringerne til disse afsnit fremadrettet på alle ikke-udløbne kontrakter for regnskabsår, som begynder den 1. januar 2010 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender ændringerne på en tidligere regnskabsperiode, skal den oplyse herom.
103L–103P
[Ophævet]
103Q
IFRS 13, udstedt i maj 2011, medførte ændring af afsnit 9, 13, 28, 47, 88, AG46, AG52, AG64, AG76, AG76A, AG80, AG81 og AG96 samt tilføjelse af afsnit 43A og ophævelse af afsnit 48-49, AG69-AG75, AG77-AG79 og AG82. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 13.
103R
Investeringsvirksomheder
 (ændringer til IFRS 10, IFRS 12 og IAS 27), udstedt i oktober 2012, medførte ændring af afsnit 2 og 80. Virksomheder skal anvende disse ændringer på regnskabsår, som begynder den 1. januar 2014 eller derefter. Det er tilladt at anvende 
Investeringsvirksomheder
 tidligere. Hvis en virksomhed anvender disse ændringer tidligere, skal den også samtidigt anvende alle ændringerne i 
Investeringsvirksomheder
.
103S
[Ophævet]
103T
IFRS 15 
Omsætning fra kontrakter med kunder
, udstedt i maj 2014, medførte ændring af afsnit 2, 9, 43, 47, 55, AG2, AG4 og AG48 og tilføjelse af afsnit 2A, 44A, 55A og AG8A–AG8C. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 15.
103U
IFRS 9, udstedt i juli 2014, medførte en ændring af afsnit 2, 8, 9, 71, 88-90, 96, AG95, AG114, AG118 og overskrifterne over AG133 samt ophævelse af afsnit 1, 4-7, 10-70, 103B, 103D, 103F, 103H-103J, 103L-103P, 103S, 105-107A, 108E-108F, AG1-AG93 og AG96. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 9.
103V
[Dette afsnit blev tilføjet for en virksomhed, som ikke havde anvendt IFRS 9.].
104
Denne standard skal anvendes med tilbagevirkende kraft bortset fra de i afsnit 108 nævnte tilfælde. Der skal ske en regulering primo i overført resultat for den første præsenterede tidligere regnskabsperiode 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.
105–107A
[Ophævet]
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 den regnskabsperiode, hvor denne standard anvendes første gang, skal eventuelle beløb, som er indregnet uden for resultatet (i anden totalindkomst eller 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 den 1. januar 2006 eller derefter. Der tilskyndes til tidligere anvendelse. 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 den eller de regnskabsperioder, 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 regnskabsperioder, der ligger før tidspunktet for anvendelsen af den sidste sætning i afsnit 80 samt afsnit AG99A.
108C
Forbedringer af IFRS-standarder
, udstedt i maj 2008, medførte ændring af afsnit 73 og AG8. 
Forbedringer af IFRS-standarder
, udstedt i april 2009, medførte ændring af afsnit 80. En virksomhed skal anvende disse ændringer på regnskabsår, som begynder den 1. januar 2009 eller derefter. Det er tilladt at anvende alle ændringerne før dette tidspunkt. Hvis en virksomhed anvender ændringerne på en tidligere regnskabsperiode, skal den oplyse herom.
108D
Novation i forbindelse med derivater og fortsat regnskabsmæssig sikring
 (ændringer til IAS 39), udstedt i juni 2013, medførte ændring af afsnit 91 og 101 og tilføjelse af afsnit AG113A. Virksomheder skal anvende disse afsnit på regnskabsår, som begynder den 1. januar 2014 eller derefter. Virksomheder skal anvende disse ændringer med tilbagevirkende kraft i overensstemmelse med IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender disse ændringer på en tidligere regnskabsperiode, skal den oplyse herom.
108E–108F
[Ophævet]
108G
Rentebenchmarkreformen
, som ændrede IFRS 9, IAS 39 og IFRS 7, udstedt i september 2019, medførte tilføjelse af afsnit 102A–102N. Virksomheder skal anvende disse ændringer på regnskabsår, som begynder den 1. januar 2020 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender disse ændringer på en tidligere regnskabsperiode, skal den oplyse herom. En virksomhed skal anvende disse ændringer med tilbagevirkende kraft på de sikringsforhold, der eksisterede ved begyndelsen af den regnskabsperiode, hvor virksomheden for første gang anvender disse krav eller blev klassificeret derefter, og på den gevinst eller det tab, der er indregnet i anden totalindkomst, der eksisterede ved begyndelsen af den regnskabsperiode, hvor virksomheden for første gang anvender disse krav.
108H
Rentebenchmarkreform — Fase 2
, som ændrede IFRS 9, IAS 39, IFRS 7, IFRS 4 og IFRS 16, udstedt i august 2020, medførte tilføjelse af afsnit 102O–102Z3 og afsnit 108I–108K og ændring af afsnit 102M. Virksomheder skal anvende disse ændringer på regnskabsår, som begynder den 1. januar 2021 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender disse ændringer på en tidligere regnskabsperiode, skal den oplyse herom. Virksomheder skal anvende disse ændringer med tilbagevirkende kraft i overensstemmelse med IAS 8, undtagen som anført i afsnit 108I–108K.
108I
Virksomheder skal kun klassificere et nyt sikringsforhold (f.eks. som beskrevet i afsnit 102Z3) fremadrettet (dvs. at en virksomhed forbydes at klassificere et nyt regnskabsmæssigt sikringsforhold i tidligere regnskabsperioder). En virksomhed skal dog genoprette et sikringsforhold, der er bragt til ophør, hvis, og kun hvis, følgende betingelser er opfyldt:
a)
virksomheden havde bragt det pågældende sikringsforhold til ophør udelukkende som følge af ændringer krævet i forbindelse med en rentebenchmarkreform, og virksomheden ville ikke have været forpligtet til at bringe dette sikringsforhold til ophør, hvis disse ændringer var blevet anvendt på det pågældende tidspunkt, og
b)
ved begyndelsen af den regnskabsperiode, hvor virksomheden for første gang anvender disse ændringer (tidspunktet for førstegangsanvendelsen af disse ændringer), opfylder det pågældende sikringsforhold, der er bragt til ophør, kvalifikationskriterierne for regnskabsmæssig sikring (efter hensyntagen til disse ændringer).
108J
Hvis en virksomhed ved anvendelsen af afsnit 108I genopretter et sikringsforhold, der er bragt til ophør, skal virksomheden læse henvisningerne i afsnit 102Z1 og 102Z2 til det tidspunkt, hvor det alternative rentebenchmark for første gang klassificeres som en ikke kontraktligt fastsat risikokomponent, som henvisninger til tidspunktet for førstegangsanvendelsen af disse ændringer (dvs. at 24-måneders perioden for det pågældende rentebenchmark, der er klassificeret som en ikke kontraktligt fastsat risikokomponent, begynder på tidspunktet for førstegangsanvendelsen af disse ændringer).
108K
En virksomhed er ikke forpligtet til at tilpasse tidligere regnskabsperioder for at afspejle anvendelsen af disse ændringer. Virksomheden må kun tilpasse tidligere regnskabsperioder, hvis det er muligt uden at efterrationalisere. Hvis en virksomhed ikke tilpasser tidligere regnskabsperioder, skal den indregne en eventuel forskel mellem den tidligere regnskabsmæssige værdi og den regnskabsmæssige værdi i begyndelsen af den årlige regnskabsperiode, der omfatter tidspunktet for førstegangsanvendelsen af disse ændringer, primo i overført resultat (eller et andet egenkapitalelement, alt efter hvad der er hensigtsmæssigt) i den årlige regnskabsperiode, der omfatter tidspunktet for førstegangsanvendelsen af disse ændringer.
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.
Appendiks A
Anvendelsesvejledning
Dette appendiks er en integreret del af standarden.
AG1–AG93
[Ophævet]
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
Et finansielt aktiv målt til amortiseret kostpris kan klassificeres som et sikringsinstrument ved sikring af valutarisiko.
AG96
[Ophævet]
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 forventet koncernintern transaktion opfylder kriterierne for regnskabsmæssig behandling som sikring, skal eventuelle gevinster eller tab, der er indregnet i anden totalindkomst i overensstemmelse med afsnit 95, litra a), omklassificeres fra egenkapitalen til resultatet som en omklassifikationsregulering i den eller de samme regnskabsperioder, hvor den sikrede transaktions valutarisiko påvirker koncernresultatet.
AG99BA
En virksomhed kan klassificere alle ændringer i en sikret posts pengestrømme eller dagsværdi i et sikringsforhold. Virksomheden kan også nøjes med at klassificere ændringer i pengestrømmene eller dagsværdien af en sikret post, der er større eller mindre end en bestemt pris eller anden variabel (ensidig risiko). Den indre værdi af et/en købt option klassificeret som sikringsinstrument (forudsat, at dennes hovedvilkår er de samme som for den klassificerede risiko) afspejler en ensidig risiko ved en sikret post, men det samme gælder ikke optionens tidsmæssige værdi. Eksempelvis kan en virksomhed klassificere udsving i effekten på fremtidige pengestrømme, der hidrører fra en prisstigning i forbindelse med et forventet køb af en råvare. I denne situation klassificeres kun tab af pengestrømme, der hidrører fra en prisstigning, der overstiger det fastsatte niveau. Den afdækkede risiko omfatter ikke den tidsmæssige værdi af en købt option, fordi den tidsmæssige værdi ikke er et element af den forventede transaktion, som påvirker resultatet (afsnit 86, litra b)).
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).
AG99E
Afsnit 81 tillader, at virksomheder klassificerer en begrænset andel af ændringen i dagsværdi eller pengestrømsudsving for et finansielt instrument. Eksempelvis:
a)
alle pengestrømme fra et finansielt instrument kan klassificeres i forhold til ændringer i pengestrømme eller dagsværdi i forbindelse med nogle (men ikke alle) risici eller
b)
nogle (men ikke alle) pengestrømme fra et finansielt instrument kan klassificeres i forhold til ændringer i pengestrømme eller dagsværdi i forbindelse med alle eller kun nogle risici (dvs. en "andel" af pengestrømmene fra det finansielle instrument kan klassificeres i forhold til ændringer i forbindelse med alle eller kun nogle risici).
AG99F
For at opfylde betingelserne for regnskabsmæssig sikring skal de klassificerede risici og andele udgøre separate identificerbare elementer af det finansielle instrument, og ændringer i pengestrømme fra eller dagsværdien af hele det finansielle instrument som følge af ændringer i de klassificerede risici og andele skal kunne måles pålideligt. Eksempelvis:
a)
for et fastforrentet finansielt instrument, som er sikret mod dagsværdiændringer som følge af ændringer i en risikofri eller toneangivende rente, anses den risikofri eller toneangivende rente normalt for både at være et separat identificerbart element af det finansielle instrument og for at kunne måles pålideligt
b)
inflation er ikke separat identificerbar og kan ikke måles pålideligt og kan dermed ikke klassificeres som en risiko eller en andel af et finansielt instrument, medmindre kravene i litra c) er opfyldt
c)
en kontraktligt bestemt inflationsandel af pengestrømmene fra en indregnet inflationskorrigeret obligation (idet det antages, at der ikke er noget krav om separat regnskabsmæssig behandling af et indbygget afledt finansielt instrument) er separat identificerbar og kan måles pålideligt, så længe andre pengestrømme fra instrumentet ikke påvirkes af inflationsandelen.
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 klassifikation kan anvendes, hvis aktiverne og forpligtelserne er fastforrentede instrumenter. I så fald er der tale om sikring af dagsværdi. 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 den regnskabsperiode, 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 litra 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.
AG110A
Afsnit 74, litra a), tillader virksomheder at opdele en options indre og tidsmæssige værdi, hvor kun ændringen i optionens indre værdi klassificeres som et sikringsinstrument. En sådan klassifikation kan skabe et sikringsforhold, som fuldstændig effektivt udligner ændringer i pengestrømme, som kan henføres til en afdækket ensidig risiko i forbindelse med en forventet transaktion, forudsat at hovedvilkårene for den forventede transaktion og sikringsinstrumentet er de samme.
AG110B
Hvis en virksomhed klassificerer en købt option i sin helhed som sikringsinstrument i forhold til en ensidig risiko, som hidrører fra en forventet transaktion, er sikringsforholdet ikke fuldstændig effektivt. Dette skyldes, at den overkurs, som betales for optionen, omfatter den tidsmæssige værdi, og en klassificeret ensidig risiko, som omtalt i afsnit AG99BA, ikke omfatter optionens tidsmæssige værdi. I denne situation udligner pengestrømmene vedrørende den tidsmæssige værdi af den betalte overkurs for optionen og den klassificerede afdækkede risiko således ikke hinanden.
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.
AG113A
For at undgå tvivl skal virkningerne af at erstatte en oprindelig modpart med en clearingmodpart og at foretage de dermed forbundne ændringer, jf. afsnit 91, litra a), nr. ii), og afsnit 101, litra a), nr. ii), afspejles i målingen af sikringsinstrumentet og således i vurderingen af sikringseffektiviteten og målingen af sikringseffektiviteten.
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 litra 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, hvor den anvender 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 forpligtelser (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 litra c)-e) ovenfor vurderer virksomheden ved indgåelse og i efterfølgende regnskabsperioder, hvorvidt sikringen forventes at være meget effektiv i den regnskabsperiode, som sikringen klassificeres til.
g)
Virksomheden måler løbende ændringen i dagsværdien af den sikrede post (som klassificeret i litra c)), der kan henføres til den afdækkede risiko (som klassificeret i litra 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 litra 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 
(
27
)
 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 AG114, litra a), 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 AG114, litra b), 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 indfries 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 AG114, litra c), 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. 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 88, litra a). 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 […]
e)
den metode, virksomheden anvender til at opgøre den del af aktiver og forpligtelser, 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 AG114, litra e), 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 AG114, litra d) (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 
(
28
)
 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 AG114, litra c), 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 
(
29
)
 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 indfries før tid, i overensstemmelse med afsnit AG114, litra g), kan en renteændring påvirke dagsværdien af den post, der kan indfries 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 indfries 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 AG114, litra g), 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, litra g). Der kræves ikke specifik allokering til enkelte aktiver (eller forpligtelser).
AG124
I afsnit AG114, litra 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 
(
30
)
 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 af 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 indfries 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, litra 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, litra 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, litra 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 101, litra d), 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 103-108C)
AG133
En virksomhed kan have klassificeret en forventet koncernintern transaktion som en sikret post ved starten af et regnskabsår, som begynder den 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 den 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 den 1. januar 2005 eller senere, men behøver dog ikke, i overensstemmelse med afsnit 108B, at anvende afsnit AG99B på sammenligningstal for tidligere perioder.
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
[Ophævet]
4
Denne standard finder ikke anvendelse på:
a)
biologiske aktiver tilknyttet landbrugsaktiviteter (jf. IAS 41 
Landbrug
 og IAS 16 
Materielle anlægsaktiver
) 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 likvide beholdninger eller tilsvarende likvide midler, 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
.
Dagsværdien
 er den pris, der kunne opnås ved at sælge et aktiv, eller der skulle betales for at overdrage en forpligtelse i en velordnet transaktion mellem markedsdeltagere på målingstidspunktet. (Jf. IFRS 13 
Måling af dagsværdi
)
Investeringsejendomme
 er ejendomme (grunde eller bygninger — eller en del af en bygning — eller både grunde og bygninger), som besiddes (af ejeren eller en leasingtager som et brugsretsaktiv) 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 ejeren eller en leasingtager som et brugsretsaktiv) til anvendelse i produktionen, til levering af varer eller tjenesteydelser eller til administrative formål.
KLASSIFICERING AF EJENDOMME SOM INVESTERINGSEJENDOMME ELLER DOMICILEJENDOMME
6
[Ophævet]
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 finder anvendelse på ejede domicilejendomme, og IFRS 16 
Leasingkontrakter
 finder anvendelse på domicilejendomme, som besiddes af en leasingtager som et brugsretsaktiv.
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 et brugsretsaktiv vedrørende en bygning, som besiddes af virksomheden) 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
e)
ejendomme under opførelse eller om- eller tilbygning med henblik på fremtidig anvendelse som investeringsejendomme.
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)
[ophævet]
c)
domicilejendomme (jf. IAS 16 og IFRS 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)
[ophævet]
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 75, litra c), kræver, at virksomheden oplyser om disse kriterier, når klassifikation er vanskelig.
14A
Skøn er også nødvendige for at afgøre, om erhvervelse af investeringsejendomme er anskaffelse af et aktiv eller en gruppe af aktiver eller en virksomhedssammenslutning, som er omfattet af IFRS 3 
Virksomhedssammenslutninger
. Der skal henvises til IFRS 3 for at fastslå, om det er en virksomhedssammenslutning. Drøftelserne i afsnit 7-14 i denne standard skal fastslå, hvorvidt ejendomme er domicilejendomme eller investeringsejendomme, og ikke, om erhvervelsen af ejendomme er en virksomhedssammenslutning som defineret i IFRS 3. Fastslåelse af, hvorvidt en bestemt transaktion opfylder definitionen på en virksomhedssammenslutning som defineret i IFRS 3 og omfatter en investeringsejendom som defineret i denne standard, kræver særskilt anvendelse af begge standarder.
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 ejet 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, hvor 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 "reparation 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.
19A
En investeringsejendom, som besiddes af en leasingtager som et brugsretsaktiv, skal indregnes i overensstemmelse med IFRS 16.
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
[Ophævet]
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
[Ophævet]
26
[Ophævet]
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 selv om 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
Virksomheden 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
Dagsværdien af et aktiv kan 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 inden for intervallet 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.
29A
En investeringsejendom, som besiddes af en leasingtager som et brugsretsaktiv, skal første gang måles til kostpris i overensstemmelse med IFRS 16.
MÅLING EFTER INDREGNING
Anvendt regnskabspraksis
30
Med den i afsnit 32A nævnte undtagelse 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 resulterer i årsregnskaber, der giver pålidelig og mere relevant information om virkningerne af transaktioner eller andre begivenheder og forhold på virksomhedens finansielle stilling, indtjening eller pengestrømme. Det er højst usandsynligt, at et skift fra dagsværdimodellen til kostprismodellen vil medføre en mere relevant 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 litra a).
32B
Nogle virksomheder driver en investeringsfond enten internt eller eksternt, som giver investorerne fordele, der fastsættes ved hjælp af andele i fonden. På samme måde udsteder nogle virksomheder forsikringskontrakter med elementer af direkte deltagelse, hvor de underliggende poster omfatter investeringsejendomme. Med henblik på anvendelse af afsnit 32A-32B omfatter forsikringskontrakter investeringskontrakter med elementer af diskretionær deltagelse. Afsnit 32A tillader ikke, at virksomhedens måling af den ejendom, som besiddes af fonden (eller den ejendom, som er en underliggende post), dels foretages til kostpris og dels til dagsværdi. (jf. IFRS 17 
Forsikringskontrakter
 for udtryk, som anvendes i dette afsnit, og som er defineret i denne standard).
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
[Ophævet]
35
En gevinst eller et tab hidrørende fra ændring af investeringsejendommes dagsværdi skal indregnes i resultatet for den regnskabsperiode, hvor gevinsten eller tabet opstår.
36-39
[Ophævet]
40
Ved måling af dagsværdien af investeringsejendomme i overensstemmelse med IFRS 13 skal en virksomhed sikre sig, at dagsværdien bl.a. afspejler udlejningsindtægter fra aktuelle lejemål og andre antagelser, som markedsdeltagere ville anvende ved prisfastsættelse af investeringsejendommen under aktuelle markedsforhold.
40A
Når en leasingtager anvender dagsværdimodellen til at måle en investeringsejendom, som besiddes som et brugsretsaktiv, skal denne måle brugsretsaktivet, og ikke den underliggende ejendom, til dagsværdi.
41
I IFRS 16 specificeres grundlaget for første indregning af kostprisen for en investeringsejendom, som besiddes af en leasingtager som et brugsretsaktiv. I henhold til afsnit 33 skal en investeringsejendom, som besiddes af en leasingtager som et brugsretsaktiv, om nødvendigt omvurderes til dagsværdi, hvis virksomheden anvender dagsværdimodellen. Når leasingydelserne svarer til markedslejen, skal dagsværdien af en investeringsejendom, som besiddes af en leasingtager som et brugsretsaktiv, på overtagelsestidspunktet være nul med fradrag af alle forventede leasingydelser (herunder ydelser, der vedrører indregnede leasingforpligtelser). En efterfølgende måling af et brugsretsaktiv fra kostpris i overensstemmelse med IFRS 16 til dagsværdi i overensstemmelse med afsnit 33 (under hensyntagen til kravene i afsnit 50) skal således 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.
42–47
[Ophævet]
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 en ændring i anvendelse) er et så stort interval af rimelige skøn over dagsværdien, og sandsynligheden for de forskellige udfald er så vanskelig 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
[Ophævet]
50
Ved opgørelsen af investeringsejendommes regnskabsmæssige værdi i henhold til dagsværdimodellen 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 skyldige leasingindtægter fra operationelle leasingkontrakter, idet virksomheden indregner disse som en separat forpligtelse eller et separat aktiv.
d)
Dagsværdien af en investeringsejendom, som besiddes af en leasingtager som et brugsretsaktiv, afspejler forventede pengestrømme (herunder variable leasingydelser, 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 regnskabsmæssige værdi ved anvendelse af dagsværdimodellen.
51
[Ophævet]
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 måles 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 en ændring i anvendelse) ikke løbende vil kunne opgøre investeringsejendommens dagsværdi pålideligt. Dette er udelukkende tilfældet, når markedet for sammenlignelige ejendomme er inaktivt (hvis der eksempelvis kun er få nylige transaktioner, prisoplysningerne ikke er aktuelle eller de observerede handelspriser indikerer, at sælger var tvunget til salg), og der ikke findes alternative pålidelige skøn over dagsværdi (eksempelvis baseret på diskonterede pengestrømsprognoser). Hvis en virksomhed fastslår, at dagsværdien af en investeringsejendom under opførelse ikke vil kunne opgøres pålideligt, men forventer, at ejendommens dagsværdi vil kunne opgøres pålideligt, når den er færdigopført, skal den måle denne investeringsejendom under opførelse til kostpris, indtil dens dagsværdi kan opgøres pålideligt, eller den er færdigopført (alt efter hvad der sker først). Hvis en virksomhed fastslår, at den ikke løbende vil kunne opgøre dagsværdien af en investeringsejendom (der ikke er under opførelse) pålideligt, skal virksomheden måle denne investeringsejendom ved anvendelse af kostprismodellen i IAS 16 i forbindelse med en ejet investeringsejendom eller i overensstemmelse med IFRS 16 i forbindelse med en investeringsejendom, som besiddes af en leasingtager som et brugsretsaktiv. Investeringsejendommens restværdi skal antages at være nul. Virksomheden skal anvende IAS 16 eller IFRS 16, indtil investeringsejendommen afhændes.
53A
Så snart virksomheden bliver i stand til at foretage en pålidelig måling af dagsværdien af en investeringsejendom under opførelse, som tidligere er målt til kostpris, skal den måle denne ejendom til dagsværdi. Når denne ejendom er færdigopført, formodes det, at dagsværdien kan måles pålideligt. Er det ikke tilfældet, skal ejendommen ifølge afsnit 53 regnskabsmæssigt behandles ved anvendelse af kostprismodellen i IAS 16 i forbindelse med ejede aktiver eller IFRS 16 i forbindelse med en investeringsejendom, som besiddes af en leasingtager som et brugsretsaktiv.
53B
Formodningen om, at det er muligt at måle dagsværdien af en investeringsejendom under opførelse pålideligt, kan kun afkræftes ved første indregning. En virksomhed, der har målt en investeringsejendom under opførelse til dagsværdi, må ikke konkludere, at den færdige investeringsejendoms dagsværdi ikke kan opgøres pålideligt.
54
I de sjældne tilfælde, hvor virksomheden af de grunde, der er nævnt i afsnit 53, er nødsaget til at måle en investeringsejendom ved anvendelse af kostprismodellen i overensstemmelse med IAS 16 eller IFRS 16, skal den måle alle sine øvrige investeringsejendomme, herunder investeringsejendomme under opførelse, til dagsværdi. I disse tilfælde skal virksomheden, selv om 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 en investeringsejendom:
a)
i overensstemmelse med IFRS 5 
Anlægsaktiver, som besiddes med henblik på salg og ophørte aktiviteter
, hvis den 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)
b)
i overensstemmelse med IFRS 16, hvis den besiddes af en leasingtager som et brugsretsaktiv og ikke besiddes med henblik på salg i overensstemmelse med IFRS 5, og
c)
i overensstemmelse med kravene i IAS 16 vedrørende kostprismodellen i alle andre tilfælde.
OVERFØRSLER
57
En virksomhed foretager udelukkende overførsel af en ejendom til eller fra investeringsejendomme ved ændring i ejendommens anvendelse. En ændring i anvendelsen indtræder, når ejendommen opfylder eller ophører med at opfylde definitionen af investeringsejendomme, og der er belæg for ændringen i anvendelsen. En ændret hensigt hos ledelsen med hensyn til ejendommens anvendelse er ikke i sig selv et belæg for en ændring i anvendelsen. Eksempler på belæg for en ændring i anvendelsen omfatter::
a)
når ejendommen bliver en domicilejendom, eller når om- eller tilbygning påbegyndes med henblik på at gøre den til 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, og
d)
når en operationel leasingkontrakt indgås med anden part, overføres ejendommen fra handelsejendomme til investeringsejendomme
e)
[ophævet]
58
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, IFRS 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 i forbindelse med en ejet ejendom og IFRS 16 i forbindelse med en ejendom, som besiddes af en leasingtager som et brugsretsaktiv, frem til det tidspunkt, hvor anvendelsen ændres. Virksomheden skal behandle eventuelle forskelle på dette tidspunkt mellem ejendommens regnskabsmæssige værdi i overensstemmelse med IAS 16 eller IFRS 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 (eller brugsretsaktivet) og indregne opståede tab ved værdiforringelse. Virksomheden skal behandle eventuelle forskelle på dette tidspunkt mellem ejendommens regnskabsmæssige værdi i overensstemmelse med IAS 16 eller IFRS 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 anden totalindkomst og reducerer reserverne for opskrivninger i egenkapitalen
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 i anden totalindkomst og øger reserver for opskrivninger i egenkapitalen; 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. Tidspunktet for afhændelse af en investeringsejendom, som sælges, er den dato, hvor modtageren opnår kontrollen over investeringsejendommen i overensstemmelse med kravene til fastsættelse af, hvornår en leveringsforpligtelse er opfyldt, jf. IFRS 15. IFRS 16 finder anvendelse på afhændelser ved indgåelse af en finansiel leasingkontrakt og 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 IFRS 16 kræver andet ved sale-and-leaseback) for det regnskabsår, hvor udrangeringen eller afhændelsen fandt sted.
70
Det vederlag, der skal medtages i den gevinst eller det tab, som hidrører fra ophør af indregning af en investeringsejendom, skal fastsættes i overensstemmelse med kravene til fastsættelse af transaktionsprisen i afsnit 47-72 i IFRS 15. Efterfølgende ændringer af den skønnede størrelse af det vederlag, der indgår i gevinst eller tab, behandles regnskabsmæssigt i overensstemmelse med kravene vedrørende ændringer i transaktionsprisen i IFRS 15.
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 IFRS 16 nævnte oplysningskrav finder nedenstående anvendelse. I overensstemmelse med IFRS 16 skal ejeren af en investeringsejendom give de samme oplysninger om indgåede leasingkontrakter som en leasinggiver. En leasingtager, som besidder en investeringsejendom som et brugsretsaktiv, skal give de samme oplysninger som en leasingtager, jf. IFRS 16, og de samme oplysninger om indgåede operationelle leasingkontrakter som en leasinggiver, jf. IFRS 16.
75
En virksomhed skal oplyse følgende:
a)
om den anvender dagsværdimodellen eller kostprismodellen
b)
[ophævet]
c)
sine kriterier for at skelne investeringsejendomme fra domicilejendomme og ejendomme, som besiddes med henblik på salg som led i det normale forretningsforløb, når klassifikation er vanskelig (jf. afsnit 14)
d)
[ophævet]
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 reparation og vedligeholdelse) tilknyttet investeringsejendomme, hvorfra virksomheden har opnået lejeindtægter i regnskabsperioden
iii)
direkte driftsomkostninger (herunder reparation og vedligeholdelse) tilknyttet investeringsejendomme, hvorfra virksomheden ikke har opnået lejeindtægter i regnskabsperioden, og
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 afslutningen af regnskabsperioden, 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 eller i overensstemmelse med IFRS 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 regnskabsperiodens begyndelse og afslutning
d)
en afstemning af den regnskabsmæssige værdi af investeringsejendomme ved regnskabsperiodens begyndelse og afslutning, 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 regnskabsperioden 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
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 den regnskabsperiode, 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 regnskabsperioder (opgjort i henhold til definitionen af dagsværdi i IFRS 13), tilskynder standarden til, men kræver ikke, at virksomheden:
i)
regulerer primo i overført resultat for den tidligst præsenterede regnskabsperiode, hvor dagsværdien blev offentliggjort i årsregnskabet, og
ii)
tilpasser sammenligningstal for disse regnskabsperioder og
b)
virksomheden ikke skal tilpasse sammenligningstal, og skal give oplysning om dette, hvis den ikke tidligere har givet de i litra 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.
Virksomhedssammenslutninger
84A
Afsnit 14A og en overskrift før afsnit 6 blev tilføjet som led i 
Det årlige forbedringsprojekt for perioden 2011-2013
, udstedt i december 2013. Virksomheder skal anvende denne ændring fremadrettet for erhvervelse af investeringsejendomme fra begyndelsen af det første regnskabsår, for hvilket de indfører denne ændring. Følgelig skal den regnskabsmæssige behandling af erhvervelse af investeringsejendomme i forudgående perioder ikke justeres. En virksomhed kan imidlertid vælge at anvende ændringen på individuelle erhvervelser af investeringsejendomme, der fandt sted før begyndelsen af det første regnskabsår, der begynder på ikrafttrædelsesdatoen eller senere, hvis — og kun hvis — de oplysninger, der er nødvendige for at anvende ændringen på disse tidligere transaktioner, er til virksomhedens rådighed.
IFRS 16
84B
En virksomhed, der anvender IFRS 16 samt de tilsvarende ændringer til nærværende standard for første gang, skal anvende overgangsbestemmelserne i appendiks C i IFRS 16 på en investeringsejendom, som besiddes som et brugsretsaktiv.
Overførsel af investeringsejendomme
84C
Overførsel af investeringsejendomme
 (ændringer til IAS 40), som blev udstedt i december 2016, medførte ændring af afsnit 57-58. Virksomheder skal anvende disse ændringer på ændringer i anvendelsen, som indtræder på eller efter begyndelsen af det regnskabsår, hvor virksomheden for første gang anvender ændringerne (tidspunktet for førstegangsanvendelsen). På tidspunktet for førstegangsanvendelsen foretager virksomheden en ny vurdering af klassificeringen af ejendomme, som besiddes på den pågældende dato, og omklassificerer om nødvendigt ejendomme i overensstemmelse med afsnit 7-14, således at de afspejler de forhold, der eksisterer på den pågældende dato.
84D
Uanset kravene i afsnit 84C kan en virksomhed anvende ændringerne i afsnit 57-58 med tilbagevirkende kraft i overensstemmelse med IAS 8, hvis og - kun hvis - det er muligt uden at anvende oplysninger, der er fremkommet efterfølgende.
84E
Hvis virksomheden i overensstemmelse med afsnit 84C omklassificerer ejendomme på tidspunktet for førstegangsanvendelsen, skal denne:
a)
regnskabsmæssigt behandle omklassificeringen ved at anvende kravene i afsnit 59-64. Ved anvendelse af afsnit 59-64 skal virksomheden:
i)
læse enhver henvisning til datoen for ændring i anvendelsen som en henvisning til tidspunktet for førstegangsanvendelsen og
ii)
indregne eventuelle beløb, som i overensstemmelse med afsnit 59-64 ville være blevet indregnet i resultatet som en regulering primo i overført resultat på tidspunktet for førstegangsanvendelsen.
b)
oplyse om de beløb, der er omklassificeret til eller fra investeringsejendomme i overensstemmelse med afsnit 84C. Virksomheden skal oplyse om disse omklassificerede beløb som en del af afstemningen af den regnskabsmæssige værdi af investeringsejendomme ved regnskabsårets begyndelse og afslutning, jf. afsnit 76 og 79.
IKRAFTTRÆDELSESTIDSPUNKT
85
Virksomheder skal anvende denne standard for regnskabsår, som begynder den 1. januar 2005 eller derefter. Der tilskyndes til tidligere anvendelse. Hvis en virksomhed anvender denne standard på regnskabsperioder, som begynder før den 1. januar 2005, skal den oplyse herom.
85A
IAS 1 
Præsentation af årsregnskaber
 (ajourført i 2007) ændrede den terminologi, der anvendes i IFRS-standarderne. Desuden medførte den ændring af afsnit 62. Virksomheder skal anvende disse ændringer på regnskabsår, som begynder den 1. januar 2009 eller derefter. Hvis en virksomhed anvender IAS 1 (ajourført 2007) på en tidligere regnskabsperiode, skal ændringerne anvendes på denne tidligere regnskabsperiode.
85B
Afsnit 8, 9, 48, 53, 54 og 57 blev ændret, afsnit 22 blev ophævet, og afsnit 53A og 53B blev tilføjet ved 
Forbedringer af IFRS-standarder
, der blev udstedt i maj 2008. Virksomheder skal anvende disse ændringer fremadrettet på regnskabsår, der begynder den 1. januar 2009 eller derefter. En virksomhed har mulighed for at anvende ændringerne på investeringsejendomme under opførelse før den 1. januar 2009, forudsat at dagsværdien af de pågældende investeringsejendomme under opførelse er opgjort på dette tidspunkt. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender ændringerne på en tidligere regnskabsperiode, skal den oplyse herom og anvende ændringerne i afsnit 5 og 81E i IAS 16 
Materielle anlægsaktiver
 på samme tidspunkt.
85C
IFRS 13, der er udstedt i maj 2011, medførte en ændring af definitionen af dagsværdi i afsnit 5, en ændring af afsnit 26, 29, 32, 40, 48, 53, 53B, 78-80 og 85B og ophævelse af afsnit 36-39, 42-47, 49, 51 og 75, litra d). Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 13.
85D
En overskrift før afsnit 6 og en overskrift efter afsnit 84 blev tilføjet, og afsnit 14A og 84A blev tilføjet som led i 
Det årlige forbedringsprojekt for perioden 2011-2013
, udstedt i december 2013. En virksomhed skal anvende disse ændringer på regnskabsår, som begynder den 1. juli 2014 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender disse ændringer på en tidligere regnskabsperiode, skal den oplyse herom.
85E
IFRS 15 
Omsætning fra kontrakter med kunder
, udstedt i maj 2014, medførte ændring af afsnit 3, litra b), samt afsnit 9, 67 og 70. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 15.
85F
IFRS 16, udstedt i januar 2016, medførte ændring af anvendelsesområdet for IAS 40, i og med at definitionen af investeringsejendomme ændredes til at omfatte såvel ejede investeringsejendomme som ejendomme, som besiddes af en leasingtager som et brugsretsaktiv. IFRS 16 medførte ændring af afsnit 5, 7, 8, 9, 16, 20, 30, 41, 50, 53, 53A, 54, 56, 60, 61, 62, 67, 69, 74, 75, 77 og 78, tilføjelse af afsnit 19A, 29A, 40A og 84B med tilhørende overskrifter samt ophævelse af afsnit 3, 6, 25, 26 og 34. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 16.
85G
Overførsel af investeringsejendomme
 (ændringer til IAS 40), som blev udstedt i december 2016, medførte ændring af afsnit 57-58 og tilføjelse af afsnit 84C-84E. En virksomhed skal anvende disse ændringer på regnskabsår, som begynder den 1. januar 2018 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender disse ændringer for et tidligere regnskabsår, skal den give oplysning herom.
85H
IFRS 17, der er udstedt i maj 2017, medførte en ændring af afsnit 32B. Virksomheder skal anvende denne ændring ved anvendelse af IFRS 17.
OPHÆVELSE AF IAS 40 (2000)
86
Denne standard erstatter IAS 40 
Investeringsejendomme
 (udgivet i 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 med undtagelse af produktionsafgrøder
b)
landbrugsprodukter på høsttidspunktet og
c)
offentlige tilskud i henhold til afsnit 34 og 35.
2
Denne standard finder ikke anvendelse på:
a)
landbrugsjord (jf. IAS 16 
Materielle anlægsaktiver
 og IAS 40 
Investeringsejendomme
)
b)
produktionsafgrøder i tilknytning til landbrugsaktiviteter (jf. IAS 16). Denne standard finder dog anvendelse på produkterne på disse produktionsafgrøder
c)
offentlige tilskud i tilknytning til produktionsafgrøder (jf. IAS 20 
Regnskabsmæssig behandling af offentlige tilskud og oplysning om andre former for offentlig støtte
)
d)
immaterielle aktiver i tilknytning til landbrugsaktiviteter (jf. IAS 38 
Immaterielle aktiver
)
e)
brugsretsaktiver, som en leasingkontrakt vedrørende landbrugsjord (se IFRS 16 
Leasingkontrakter
) giver anledning til.
3
Denne standard finder anvendelse på landbrugsprodukter, som er det høstede udbytte af virksomhedens biologiske aktiver, 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
Malkekvæg
Mælk
Ost
Svin
Slagtekroppe
Pølser, konserveret skinke
Bomuldsplanter
Høstet bomuld
Garn, beklædning
Sukkerrør
Sukkerrør efter høst
Sukker
Tobaksplanter
Plukkede blade
Tørret tobak
Tebuske
Plukkede blade
Te
Vinstokke
Plukkede vindruer
Vin
Frugttræer
Plukket frugt
Forædlet frugt
Oliepalmer
Plukket frugt
Palmeolie
Gummitræer
Høstet latex
Gummiprodukter
Visse planter, f.eks. teplanter, vinstokke, oliepalmer og gummitræer, opfylder normalt definitionen af en produktionsafgrøde og er omfattet af anvendelsesområdet for IAS 16. De produkter, som produktionsafgrøder giver, f.eks. teblade, vindruer, frugt fra oliepalmer og latex, er dog omfattet af anvendelsesområdet for IAS 41.
DEFINITIONER
Landbrugsrelaterede definitioner
5
Nedenstående udtryk anvendes i denne standard med følgende betydning:
Landbrugsaktiviteter
 er en virksomheds styring af den biologiske omdannelse og høsten af biologiske aktiver, der besiddes med henblik på salg eller på forarbejdning til landbrugsprodukter eller nye biologiske aktiver.
Landbrugsprodukter
 er det høstede udbytte af virksomhedens biologiske aktiver.
En 
produktionsafgrøde
 er en levende plante, som
a)
anvendes i produktionen eller leveringen af landbrugsprodukter
b)
forventes at bære produkter i mere end én periode, og
c)
med stor sandsynlighed ikke vil blive solgt som et landbrugsprodukt eller kun som produktionsaffald.
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.
Salgsomkostninger
 er de omkostninger, der er direkte knyttet til afhændelsen af et aktiv, eksklusive finansieringsomkostninger og indkomstskatter.
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.
5A
Følgende er ikke produktionsafgrøder:
a)
planter, som dyrkes med henblik på at blive høstet som landbrugsprodukter (f.eks. træer til produktion af tømmer)
b)
planter, som dyrkes med henblik på produktion af landbrugsprodukter, når det ikke er usandsynligt, at virksomheden også vil høste og sælge planten som et landbrugsprodukt og ikke blot som produktionsaffald (f.eks. træer, som dyrkes med henblik på produktion af både frugt og tømmer), og
c)
enårige afgrøder (f.eks. majs og hvede).
5B
Når produktionsafgrøder ikke længere anvendes til at bære produkter, kan de skæres ned og sælges som affald, som f.eks. kan anvendes som brænde. Et sådant salg af produktionsaffald vil ikke være til hinder for, at planten opfylder definitionen af en produktionsafgrøde.
5C
De produkter, som vokser på produktionsafgrøder, er biologiske aktiver.
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 og
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 eller høst 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:
Regnskabsmæssig værdi
 er det beløb, som et aktiv indregnes med i balancen.
Dagsværdien
 er den pris, der kunne opnås ved at sælge et aktiv, eller der skulle betales for at overdrage en forpligtelse i en velordnet transaktion mellem markedsdeltagere på målingstidspunktet. (Jf. IFRS 13 
Måling af dagsværdi
).
Offentlige tilskud er defineret i IAS 20.
9
[Ophævet]
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 ved hver regnskabsperodes afslutning måles til dagsværdi med fradrag af 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 salgsomkostninger på høsttidspunktet. En sådan måling er kostprisen på den pågældende dag ved anvendelse af IAS 2 
Varebeholdninger
 eller en anden relevant standard.
14
[Ophævet]
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 en tabsgivende kontrakt som defineret i IAS 37 
Hensatte forpligtelser, eventualforpligtelser og eventualaktiver
. IAS 37 finder anvendelse på tabsgivende kontrakter.
17-21
[Ophævet]
22
Virksomheden indregner ikke pengestrømme fra finansiering af aktiverne eller reetablering af biologiske aktiver efter høst (eksempelvis omkostninger i forbindelse med genplantning af træer i en plantageskov efter fældning).
23
[Ophævet]
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, der blev plantet umiddelbart inden balancedagen, eller nyerhvervet kvæg), 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. En virksomhed 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 eller tab, der opstår ved første indregning af et biologisk aktiv til dagsværdi med fradrag af salgsomkostninger og ved en ændring i dagsværdien af et biologisk aktiv med fradrag af salgsomkostninger, skal medtages i resultatet for den regnskabsperiode, hvor gevinsten eller tabet opstår.
27
Ved første indregning af et biologisk aktiv kan der opstå et tab, da salgsomkostninger fratrækkes ved opgørelsen af dagsværdien af et biologisk aktiv med fradrag af salgsomkostninger. Der kan ligeledes ved første indregning af et biologisk aktiv opstå en gevinst, såsom når der fødes en kalv.
28
Gevinster eller tab, der opstår ved første indregning af landbrugsprodukter til dagsværdi med fradrag af salgsomkostninger, skal medtages i resultatet for den regnskabsperiode, 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 af dagsværdien 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 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 salgsomkostninger, fortsætter med at måle det biologiske aktiv til dagsværdien med fradrag af salgsomkostninger, indtil aktivet afhændes.
32
I alle tilfælde måler virksomheden landbrugsprodukter på høsttidspunktet til dagsværdi med fradrag af 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, IAS 16 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 salgsomkostninger, skal udelukkende indregnes i resultatet, når det offentlige tilskud tildeles.
35
Hvis et offentligt tilskud i forbindelse med et biologisk aktiv, der måles til dagsværdi med fradrag af 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 resultatet, når betingelserne for modtagelse af det offentlige tilskud er opfyldt.
36
Vilkår og betingelser for offentlige tilskud kan variere. Et tilskud kan eksempelvis være betinget af, at virksomheden driver landbrug på et bestemt sted i fem år, og kræve, at virksomheden tilbagebetaler hele tilskuddet, hvis den driver landbrug i mindre end fem år. I dette tilfælde indregnes tilskuddet først i resultatet, når de fem år er gået. Hvis tilskudsvilkårene imidlertid gør det muligt at tilbageholde en del af tilskuddet i forhold til den tid, der er gået, indregner virksomheden denne del i resultatet, efterhånden som tiden går.
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 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 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 den aktuelle regnskabsperiode ved første indregning af biologiske aktiver og landbrugsprodukter, og som er opstået som følge af ændringen i dagsværdien af biologiske aktiver med fradrag af salgsomkostninger.
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, produkter på produktionsafgrøder og træer, der skal bruges til tømmer. Biologiske aktiver, som falder under begrebet bærere, er de biologiske aktiver, der ikke kan forbruges, f.eks. kvæg, som bruges til produktion af mælk, og frugttræer, hvorfra der plukkes frugt. Biologiske aktiver, som falder under begrebet bærere, er ikke landbrugsprodukter, men dyrkes snarere, fordi de skal bære produkter.
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 regnskabsperiodens afslutning, og
ii)
produktionen af landbrugsprodukter i regnskabsperioden.
47-48
[Ophævet]
49
En virksomhed skal oplyse følgende:
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,
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 den aktuelle regnskabsperiodes begyndelse og afslutning. Afstemningen skal indeholde:
a)
den gevinst eller det tab, der er opstået som følge af ændringer i dagsværdien med fradrag af 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 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 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 regnskabsperiodens afslutning, 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 regnskabsperiodens begyndelse og afslutning.
55
Hvis virksomheden i den aktuelle regnskabsperiode 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 fra 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 den aktuelle regnskabsperiode, 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 regnskabsperioder, som begynder den 1. januar 2003 eller derefter. Der tilskyndes til tidligere anvendelse. Hvis en virksomhed anvender denne standard på regnskabsperioder, som begynder før den 1. januar 2003, skal den oplyse herom.
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
.
60
Afsnit 5, 6, 17, 20 og 21 blev ændret, og afsnit 14 blev ophævet ved 
Forbedringer af IFRS-standarder
, udstedt i maj 2008. Virksomheder skal anvende disse ændringer fremadrettet på regnskabsår, der begynder den 1. januar 2009 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender ændringerne på en tidligere regnskabsperiode, skal den oplyse herom.
61
IFRS 13, udstedt i maj 2011, medførte ændring af afsnit 8, 15, 16, 25 og 30 samt ophævelse af afsnit 9, 17-21, 23, 47 og 48. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 13.
62
Landbrug: Produktionsafgrøder
 (ændringer til IAS 16 og IAS 41), udstedt i juni 2014, medførte ændring af afsnit 1-5, 8, 24 og 44 og tilføjelse af afsnit 5A-5C og 63. Virksomheder skal anvende disse ændringer på regnskabsår, som begynder den 1. januar 2016 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender disse ændringer for et tidligere regnskabsår, skal den give oplysning herom. Virksomheder skal anvende disse ændringer med tilbagevirkende kraft i overensstemmelse med IAS 8.
63
Når 
Landbrug
: 
Produktionsafgrøder
 (ændringer til IAS 16 og IAS 41) anvendes første gang i regnskabsperioden, behøver en virksomhed ikke at afgive de kvantitative oplysninger, der kræves i afsnit 28, litra f), i IAS 8 for den indeværende periode. En virksomhed skal dog præsentere de kvantitative oplysninger, som kræves i afsnit 28, litra f), i IAS 8, for hver tidligere præsenterede regnskabsperiode.
64
IFRS 16, udstedt i januar 2016, medførte ændring af afsnit 2. Virksomheder skal anvende denne ændring ved anvendelse af IFRS 16.
65
Det årlige forbedringsprojekt vedrørende IFRS-standarder for perioden 2018-2020
, som blev udstedt i maj 2020, medførte ændring af afsnit 22. En virksomhed skal anvende denne ændring på dagsværdimålinger samtidigt med eller efter begyndelsen af det første regnskabsår, der begynder den 1. januar 2022 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender ændringen for et tidligere regnskabsår, skal den give oplysning om dette.
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 overensstemmelse med 
IFRS-standarderne
 og
c)
kan tilvejebringes, uden at omkostningerne derved overstiger fordelene.
ANVENDELSESOMRÅDE
2
Virksomheden skal anvende denne standard i:
a)
sit første IFRS-årsregnskab og
b)
eventuelle delårsregnskaber, som virksomheden fremlægger i overensstemmelse med 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 overensstemmelse med IFRS er virksomhedens første IFRS-årsregnskab, hvis virksomheden eksempelvis:
a)
aflagde sit seneste tidligere årsregnskab:
i)
i overensstemmelse med 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 overensstemmelse med 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 overensstemmelse med nationale krav med en afstemning af visse beløb i forhold til de beløb, som fastsættes i overensstemmelse med IFRS
b)
udarbejdede årsregnskabet i overensstemmelse med IFRS udelukkende til internt brug uden at gøre årsregnskabet tilgængeligt for virksomhedens ejere eller andre eksterne regnskabsbrugere
c)
udarbejdede en samlet regnskabsaflæggelse i overensstemmelse med IFRS af konsolideringsmæssige hensyn uden at udarbejde et fuldstændigt årsregnskab som defineret i IAS 1 
Præsentation af årsregnskaber
 (ajourført 2007) 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 overensstemmelse med 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 overensstemmelse med 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.
4A
Uanset kravene i afsnit 2 og 3 skal en virksomhed, der har anvendt IFRS-standarder i en tidligere regnskabsperiode, men hvis seneste tidligere årsregnskab ikke indeholdt en udtrykkelig og uforbeholden erklæring om, at årsregnskabet var i overensstemmelse med IFRS-standarderne, enten anvende denne IFRS eller anvende IFRS-standarder med tilbagevirkende kraft i overensstemmelse med IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
, som om virksomheden aldrig var ophørt med at anvende IFRS-standarderne.
4B
Hvis en virksomhed i overensstemmelse med afsnit 4A ikke vælger at anvende denne IFRS, skal virksomheden ikke desto mindre opfylde oplysningskravene i afsnit 23A-23B i IFRS 1 foruden oplysningskravene i IAS 8.
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 fejl
 og
b)
særlige overgangskrav i andre IFRS-standarder.
INDREGNING OG MÅLING
IFRS-åbningsbalance
6
En virksomhed skal udarbejde og præsentere en 
IFRS-åbningsbalance
 på 
tidspunktet for overgangen til IFRS
. Den danner udgangspunkt for den regnskabsmæssige behandling i overensstemmelse med IFRS.
Regnskabspraksis
7
Virksomheder skal anvende samme regnskabspraksis i IFRS-åbningsbalancen og for alle perioder, som præsenteres i det første IFRS-årsregnskab. Den anvendte regnskabspraksis skal være i overensstemmelse med alle IFRS-standarder, som er gældende ved afslutningen af virksomhedens første 
IFRS-regnskabsår
, undtagen som angivet i afsnit 13–19 og Appendiks B–E.
8
En virksomhed må ikke anvende forskellige udgaver af IFRS-standarder, som har været 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
Virksomhed A's første IFRS-regnskabsår afsluttes den 31. december 20X5. Virksomhed A beslutter, at sammenligningstal kun præsenteres for et enkelt år i dette årsregnskab (se afsnit 21). Derfor sker virksomhedens overgang til IFRS ved regnskabsårets begyndelse den 1. januar 20X4 (eller tilsvarende ved regnskabsårets slutning den 31. december 20X3). Virksomhed A præsenterede sit årsregnskab i overensstemmelse med de 
tidligere regnskabsprincipper
 årligt pr. den 31. december hvert år frem til og med den 31. december 20X4.
Anvendelse af krav
Det kræves, at virksomhed A anvender de IFRS-standarder, som er gældende for regnskabsår, der slutter den 31. december 20X5, når den:
a)
udarbejder og præsenterer sin IFRS-åbningsbalance pr. 1. januar 20X4 og
b)
udarbejder og præsenterer sin balance for 31. december 20X5 (herunder sammenligningstal for 20X4), totalindkomstopgørelse, egenkapitalopgørelse og opgørelse af pengestrømme for regnskabsåret 20X5 (herunder sammenligningstal for 20X4) og andre oplysninger (herunder sammenligningstal for 20X4).
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 Appendiks B–E.
10
En virksomhed skal, jf. dog afsnit 13–19 og Appendiks B–E, 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 overensstemmelse med de tidligere regnskabsprincipper som én type aktiv, forpligtelse eller egenkapitalelement, men som er en anden type aktiv, forpligtelse eller egenkapitalelement i overensstemmelse med 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 14-17 og appendiks B forbyder anvendelse med tilbagevirkende kraft af visse aspekter af andre IFRS-standarder.
b)
Appendiks C–E tillader undtagelser fra visse krav i andre IFRS-standarder.
Undtagelser fra anvendelsen med tilbagevirkende kraft af andre IFRS-standarder
13
Denne standard forbyder anvendelse med tilbagevirkende kraft af visse aspekter af andre standarder. Disse undtagelser er beskrevet i afsnit 14–17 samt i appendiks B.
Skøn
14
En virksomheds skøn i overensstemmelse med IFRS på tidspunktet for overgangen til IFRS skal være i overensstemmelse med de skøn, som er foretaget for samme dato i overensstemmelse med de tidligere regnskabsprincipper (efter regulering af hensyn til eventuelle forskelle i anvendt regnskabspraksis), medmindre det objektivt kan dokumenteres, at disse skøn er forkerte.
15
En virksomhed kan modtage oplysninger efter tidspunktet for overgangen til IFRS om skøn, som den har foretaget i henhold til tidligere regnskabsprincipper. I overensstemmelse med afsnit 14 skal virksomheden behandle modtagelsen af disse oplysninger på samme måde som ikke-regulerende begivenheder efter regnskabsårets slutning i overensstemmelse med IAS 10 
Begivenheder efter regnskabsårets slutning
. Antages det f.eks., at datoen for en virksomheds overgang til IFRS er 1. januar 20X4, og at nye oplysninger den 15. juli 20X4 kræver en ændring af det estimat, som er foretaget i overensstemmelse med de tidligere regnskabsprincipper pr. 31. december 20X3, 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 resultatet (eller eventuelt anden totalindkomst) for det år, der afsluttes den 31. december 20X4.
16
Det kan være nødvendigt for en virksomhed at foretage skøn i overensstemmelse med 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 overensstemmelse med 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.
17
Afsnit 14–16 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.
Undtagelse fra andre IFRS-standarder
18
En virksomhed kan vælge at anvende en eller flere af de undtagelser, der er indeholdt i Appendiks C–E. En virksomhed må ikke anvende disse undtagelser ved analogi i forhold til andre poster.
19
[Ophævet]
PRÆSENTATION OG OPLYSNING
20
Denne standard indeholder ikke undtagelser fra præsentations- og oplysningskravene i andre IFRS-standarder.
Sammenligningstal
21
En virksomheds første IFRS-årsregnskab skal indeholde mindst tre balancer, to opgørelser af resultatet og anden totalindkomst, to separate resultatopgørelser (hvis sådanne præsenteres), to opgørelser af pengestrømme og to egenkapitalopgørelser med tilhørende noter, herunder sammenligningstal for alle de opgørelser, der præsenteres.
Sammenligningstal og historiske sammendrag, der ikke udarbejdes i henhold til IFRS
22
Nogle virksomheder præsenterer historiske sammendrag af udvalgte data for perioder, der ligger forud for den første periode, for hvilken virksomheden præsenterer fyldestgørende sammenligningstal i overensstemmelse med 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 overensstemmelse med virksomhedens tidligere regnskabsprincipper og de sammenligningstal, som kræves af IAS 1. I alle årsregnskaber, der indeholder historiske sammendrag eller sammenligningstal i overensstemmelse med 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 overensstemmelse med 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
23
En virksomhed skal gøre rede for, hvordan overgangen fra de tidligere regnskabsprincipper til IFRS har påvirket virksomhedens finansielle stilling, indtjening og pengestrømme.
23A
En virksomhed, der har anvendt IFRS i en tidligere regnskabsperiode som beskrevet i afsnit 4A, skal oplyse følgende:
a)
årsagen til, at den ophørte med at anvende IFRS, og
b)
årsagen til, at den igen begynder at anvende IFRS.
23B
Hvis en virksomhed i overensstemmelse med afsnit 4A ikke vælger at anvende IFRS 1, skal virksomheden forklare, hvorfor den vælger at anvende IFRS, som om den aldrig var ophørt med at anvende IFRS.
Afstemninger
24
For at opfylde kravene i afsnit 23 skal virksomhedens første IFRS-årsregnskab indeholde:
a)
afstemninger af den egenkapital, den har rapporteret i overensstemmelse med tidligere regnskabsprincipper i forhold til egenkapitalen i overensstemmelse med 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 overensstemmelse med de tidligere regnskabsprincipper
b)
en afstemning til den samlede totalindkomst i overensstemmelse med IFRS for den sidste periode i virksomhedens seneste årsregnskab. Udgangspunktet for denne afstemning skal være den samlede totalindkomst i overensstemmelse med de tidligere regnskabsprincipper for den samme periode eller, hvis virksomheden ikke aflagde en sådan samlet opgørelse, resultatet i henhold til de tidligere regnskabsprincipper.
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.
25
De nødvendige afstemninger i medfør af afsnit 24, litra a) og b), skal være tilstrækkeligt detaljerede til at give regnskabsbrugerne en forståelse af de væsentlige reguleringer af balancen og totalindkomstopgørelsen. Hvis en virksomhed har præsenteret en opgørelse af pengestrømme i henhold til tidligere regnskabsprincipper, skal den ligeledes gøre rede for de væsentligste reguleringer i opgørelsen af pengestrømme.
26
Hvis en virksomhed bliver opmærksom på fejl begået i henhold til de tidligere regnskabsprincipper, skal de afstemninger, som kræves i afsnit 24, litra a) og b), sondre mellem korrektion af disse fejl og ændringer i den anvendte regnskabspraksis.
27
IAS 8 finder ikke anvendelse på de ændringer i regnskabspraksis, som en virksomhed foretager, når den indfører IFRS, eller på ændringer i regnskabspraksis, før virksomheden har aflagt sit første årsregnskab efter IFRS. Derfor finder kravene i IAS 8 om ændringer i regnskabspraksis ikke anvendelse på virksomhedens første IFRS-årsregnskab.
27A
Hvis en virksomhed i løbet af den periode, der dækkes af det første IFRS-årsregnskab, ændrer regnskabspraksis eller brug af undtagelser indeholdt i denne standard, skal virksomheden forklare ændringerne mellem sit første delårsregnskab aflagt efter IFRS og sit første årsregnskab aflagt efter IFRS i overensstemmelse med afsnit 23, og den skal opdatere de afstemninger, der er påkrævet i henhold til afsnit 24, litra a) og b).
28
Hvis en virksomhed ikke har aflagt årsregnskab for tidligere perioder, skal den oplyse herom i sit første IFRS-årsregnskab.
Klassifikation af finansielle aktiver eller finansielle forpligtelser
29
Det er tilladt for virksomheden at klassificere tidligere indregnede finansielle aktiver som finansielle aktiver målt til dagsværdi gennem resultatet i overensstemmelse med afsnit D19A. Virksomheden skal oplyse om dagsværdien af finansielle aktiver, som er klassificeret således på tidspunktet for klassifikationen, samt den regnskabsmæssige værdi i de tidligere årsregnskaber.
29A
Det er tilladt for virksomheden at klassificere tidligere indregnede finansielle forpligtelser som finansielle forpligtelser målt til dagsværdi gennem resultatet i overensstemmelse med afsnit D19. Virksomheden skal oplyse om dagsværdien af finansielle forpligtelser, som er klassificeret således på tidspunktet for klassifikationen, samt den regnskabsmæssige værdi i de tidligere årsregnskaber.
Anvendelse af dagsværdi som fastsat kostpris
30
Hvis en virksomhed i sin IFRS-åbningsbalance anvender dagsværdien som 
fastsat kostpris
 for et materielt anlægsaktiv, en investeringsejendom, et immaterielt aktiv eller et brugsretsaktiv (se afsnit D5 og D7), 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.
Anvendelse af fastsat kostpris på investeringer i dattervirksomheder, joint ventures og associerede virksomheder
31
Ligeledes, såfremt en virksomhed i sin IFRS-åbningsbalance anvender fastsat kostpris til måling af en investering i en dattervirksomhed, joint venture eller associeret virksomhed i sit separate årsregnskab (se afsnit D15), skal virksomheden i sit første separate IFRS-årsregnskab oplyse:
a)
den samlede fastsatte kostpris af de investeringer, for hvilke den fastsatte kostpris er den regnskabsmæssige værdi i overensstemmelse med de tidligere regnskabsprincipper
b)
den samlede fastsatte kostpris af de investeringer, for hvilke den fastsatte kostpris er dagsværdien, og
c)
den samlede regulering af den regnskabsmæssige værdi, der er rapporteret i henhold til tidligere regnskabsprincipper.
Anvendelse af fast kostpris for olie- og gasaktiver
31A
Hvis en virksomhed anvender undtagelsen i afsnit D8A, litra b), for olie- og gasaktiver, skal den give oplysninger herom og om det grundlag, på hvilket de regnskabsmæssige værdier som fastsat i henhold til tidligere regnskabsprincipper blev fordelt.
Brug af fastsat kostpris for aktiviteter, der er underlagt takstregulering
31B
Hvis en virksomhed anvender undtagelsen i afsnit D8B for aktiviteter, der er underlagt takstregulering, skal den give oplysninger herom og om det grundlag, hvorpå de regnskabsmæssige værdier blev fastlagt i henhold til tidligere regnskabsprincipper.
Anvendelse af fastsat kostpris efter en periode med kraftig hyperinflation
31C
Hvis en virksomhed på grund af kraftig hyperinflation vælger at måle aktiver og forpligtelser på grundlag af deres dagsværdi og anvende denne dagsværdi som den fastsatte kostpris i sin IFRS-åbningsbalance (se afsnit D26-D30), skal virksomhedens første IFRS-årsregnskab indeholde en forklaring på, hvordan og hvorfor virksomheden havde og derpå ophørte med at have en funktionel valuta med begge følgende kendetegn:
a)
et troværdigt generelt prisindeks er ikke tilgængeligt for alle virksomheder med transaktioner og saldi i den pågældende valuta
b)
der kan ikke ske omveksling mellem valutaen og en forholdsvis stabil udenlandsk valuta.
Præsentation af delårsregnskab
32
For at opfylde kravene i afsnit 23 skal virksomheden, hvis den præsenterer et delårsregnskab i overensstemmelse med 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:
i)
en afstemning af egenkapitalen i overensstemmelse med tidligere regnskabsprincipper ved udgangen af den sammenlignelige delårsperiode i forhold til egenkapitalen i henhold til IFRS på samme dato og
ii)
en afstemning til den samlede totalindkomst i henhold til IFRS for den sammenlignelige delårsperiode (nuværende og år-til-dato). Udgangspunktet for denne afstemning skal være den samlede totalindkomst i overensstemmelse med de tidligere regnskabsprincipper for denne periode eller, hvis virksomheden ikke aflagde en sådan samlet opgørelse, resultatet i overensstemmelse med de tidligere regnskabsprincipper.
b)
Ud over de under litra a) krævede afstemninger skal virksomhedens første delårsregnskab i overensstemmelse med IAS 34 for en del af den periode, som dækkes af det første IFRS-årsregnskab, indeholde de afstemninger, som er beskrevet i afsnit 24, litra a) og b) (suppleret med yderligere oplysninger, som kræves i afsnit 25 og 26), eller en krydshenvisning til et andet offentliggjort dokument, som indeholder disse afstemninger.
c)
Hvis en virksomhed ændrer regnskabspraksis eller brug af undtagelser indeholdt i denne standard, skal virksomheden forklare ændringerne i hvert delårsregnskab i overensstemmelse med afsnit 23 og opdatere de under litra a) og b) krævede afstemninger.
33
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 overensstemmelse med 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
34
En virksomhed skal anvende denne IFRS, hvis virksomhedens første IFRS-årsregnskab dækker en periode, der begynder den 1. juli 2009 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt.
35
Virksomheder skal anvende ændringerne i afsnit D1, litra n), og D23 på regnskabsår, der begynder den 1. juli 2009 eller derefter. Hvis en virksomhed anvender IAS 23 
Låneomkostninger
 (ajourført 2007) på en tidligere regnskabsperiode, skal ændringerne anvendes på denne tidligere regnskabsperiode.
36
IFRS 3 
Virksomhedssammenslutninger
 (ajourført 2008) medførte ændring af afsnit 19, C1 og C4, litra f) og g). Hvis en virksomhed anvender IFRS 3 (ajourført 2008) på en tidligere regnskabsperiode, skal ændringerne også anvendes på denne tidligere regnskabsperiode.
37
IAS 27 
Koncernregnskaber og separate årsregnskaber
 (ændret 2008) medførte ændring af afsnit B1 og B7. Hvis en virksomhed anvender IAS 27 (ændret 2008) på en tidligere regnskabsperiode, skal ændringerne anvendes på denne tidligere regnskabsperiode.
38
Kostprisen for en investering i en dattervirksomhed, en fælles kontrolleret virksomhed eller en associeret virksomhed
 (ændringer til IFRS 1 og IAS 27), udstedt i maj 2008, medførte tilføjelse af afsnit 31, D1, litra g), D14 og D15. Virksomheder skal anvende disse ændringer på regnskabsår, som begynder den 1. juli 2009 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender ændringerne på en tidligere regnskabsperiode, skal den oplyse herom.
39
Afsnit B7 blev ændret ved 
Forbedringer til IFRS
, udstedt i maj 2008. Virksomheder skal anvende disse ændringer på regnskabsår, som begynder den 1. juli 2009 eller derefter. Hvis en virksomhed anvender IAS 27 (ajourført 2008) på en tidligere regnskabsperiode, skal ændringerne anvendes på denne tidligere regnskabsperiode.
39A
Supplerende undtagelser for førstegangsaflæggere
 (ændringer til IFRS 1), udstedt i juli 2009, medførte tilføjelse af afsnit 31A, D8A, D9A og D21A og ændring af afsnit D1, litra c), afsnit D1, litra d), og afsnit D1, litra l). Virksomheder skal anvende disse ændringer på regnskabsår, som begynder den 1. januar 2010 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender ændringerne på en tidligere regnskabsperiode, skal den oplyse herom.
39B
[Ophævet]
39C
IFRIC 19 Opfyldelse af finansielle forpligtelser med egenkapitalinstrumenter medførte tilføjelse af afsnit D25. Virksomheder skal anvende denne ændring ved anvendelse af IFRIC 19.
39D
[Ophævet]
39E
Forbedringer til IFRS
 udstedt i maj 2010 medførte tilføjelse af afsnit 27A, 31B og D8B og ændring af afsnit 27, 32, D1, litra c), og D8. Virksomheder skal anvende disse ændringer på regnskabsår, som begynder den 1. januar 2011 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender ændringerne på en tidligere regnskabsperiode, skal den oplyse herom. Virksomheder, der har implementeret IFRS i regnskabsperioder, der ligger forud for ikrafttrædelsestidspunktet for IFRS 1, eller anvendt IFRS 1 i en tidligere periode, har mulighed for at anvende ændringen af afsnit D8 med tilbagevirkende kraft for det første regnskabsår efter ændringens ikrafttræden. En virksomhed, der anvender afsnit D8 med tilbagevirkende kraft, skal oplyse herom.
39F
[Ophævet]
39G
[Ophævet]
39H
Kraftig hyperinflation og afskaffelse af faste datoer for førstegangsanvendere
 (ændringer til IFRS 1), udstedt i december 2010, medførte ændring af afsnit B2, D1 og D20 og tilføjelse af afsnit 31C og D26-D30. Virksomheder skal anvende disse ændringer på regnskabsår, som begynder den 1. juli 2011 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt.
39I
IFRS 10 
Koncernregnskaber
 og IFRS 11 
Fælles ordninger
, udstedt i maj 2011, medførte ændring af afsnit 31, B7, C1, D1, D14 og D15 og tilføjelse af afsnit D31. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 10 og IFRS 11.
39J
IFRS 13 
Måling af dagsværdi
, udstedt i maj 2011, medførte ophævelse af afsnit 19, ændring af definitionen af dagsværdi i appendiks A og ændring af afsnit D15 og D20. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 13.
39K
Præsentation af posterne indregnet i anden totalindkomst
 (ændringer til IAS 1), der blev udstedt i juni 2011, medførte ændring af afsnit 21. Virksomheder skal anvende denne ændring ved anvendelse af IAS 1 som ændret i juni 2011.
39L
IAS 19 
Personaleydelser
 (som ændret i juni 2011) medførte ændring af afsnit D1 og ophævelse af afsnit D10 og D11. Virksomheder skal anvende disse ændringer ved anvendelse af IAS 19 (som ændret i juni 2011).
39M
IFRIC 20 
Strippingomkostninger i produktionsfasen i åbne miner
 medførte tilføjelse af afsnit D32 og ændring af afsnit D1. Virksomheder skal anvende denne ændring ved anvendelse af IFRIC 20.
39N
Offentlige lån
 (ændringer til IFRS 1), der blev udstedt i marts 2012, medførte tilføjelse af afsnit B1, litra f), og B10-B12. Virksomheder skal anvende disse ændringer på regnskabsår, som begynder den 1. januar 2013 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt.
39O
Afsnit B10 og B11 henviser til IFRS 9. Hvis en virksomhed anvender denne IFRS, men endnu ikke anvender IFRS 9, læses henvisningerne i afsnit B10 og B11 til IFRS 9 som henvisninger til IAS 39 
Finansielle instrumenter: Indregning og måling
39P
Det årlige forbedringsprojekt for perioden 2009–2011
, udstedt i maj 2012, medførte tilføjelse af afsnit 4A, 4B, 23A og 23B. Virksomheder skal anvende den ændring med tilbagevirkende kraft i overensstemmelse med IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
 for regnskabsperioder, der begynder den 1. januar 2013 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender ændringen på en tidligere regnskabsperiode, skal den oplyse herom.
39Q
Det årlige forbedringsprojekt for perioden 2009–2011
, udstedt i maj 2012, medførte ændring af afsnit D23. Virksomheder skal anvende den ændring med tilbagevirkende kraft i overensstemmelse med IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
 for regnskabsperioder, der begynder den 1. januar 2013 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender ændringen på en tidligere regnskabsperiode, skal den oplyse herom.
39R
Det årlige forbedringsprojekt for perioden 2009-2011
, udstedt i maj 2012, medførte ændring af afsnit 21. Virksomheder skal anvende den ændring med tilbagevirkende kraft i overensstemmelse med IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
 for regnskabsperioder, der begynder den 1. januar 2013 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender ændringen på en tidligere regnskabsperiode, skal den oplyse herom.
39S
Koncernregnskaber, fælles ordninger og oplysninger om kapitalandele i andre virksomheder: Overgangsretningslinjer
 (ændringer til IFRS 10, IFRS 11 og IFRS 12), udstedt i juni 2012, medførte ændring af afsnit D31. Virksomheder skal anvende denne ændring ved anvendelse af IFRS 11 (som ændret i juni 2012).
39T
Investeringsvirksomheder
 (ændringer til IFRS 10, IFRS 12 og IAS 27), udstedt i oktober 2012, medførte ændring af afsnit D16, D17 og appendiks C. Virksomheder skal anvende disse ændringer på regnskabsår, som begynder den 1. januar 2014 eller derefter. Det er tilladt at anvende 
Investeringsvirksomheder
 tidligere. Hvis en virksomhed anvender disse ændringer tidligere, skal den også samtidigt anvende alle ændringerne i 
Investeringsvirksomheder
.
39U
[Ophævet]
39V
IFRS 14 
Regulatory Deferral Accounts (Regulatoriske aktiver og forpligtelser)
, udstedt i januar 2014, medførte ændring af afsnit D8B. Virksomheder skal anvende denne ændring for regnskabsår, som begynder den 1. januar 2016 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender IFRS 14 på en tidligere regnskabsperiode, skal ændringen anvendes på denne tidligere regnskabsperiode.
39W
Regnskabsmæssig behandling af erhvervelse af kapitalandele i driftsfællesskaber
 (ændringer til IFRS 11), udstedt i maj 2014, medførte ændring af afsnit C5. Virksomheder skal anvende denne ændring for regnskabsår, som begynder den 1. januar 2016 eller derefter. Hvis virksomheder anvender ændringer til IFRS 11 fra 
Regnskabsmæssig behandling af erhvervelse af kapitalandele i driftsfællesskaber
 (ændringer til IFRS 11) i en tidligere regnskabsperiode, skal ændringen til afsnit C5 anvendes i denne tidligere regnskabsperiode.
39X
IFRS 15 
Omsætning fra kontrakter med kunder
, udstedt i maj 2014, medførte ændring af afsnit D1, ophævelse af afsnit D24 og den tilhørende overskrift samt tilføjelse af afsnit D34–D35 og den tilhørende overskrift. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 15.
39Y
IFRS 9 
Finansielle instrumenter
, der blev udstedt i juli 2014, medførte ændring af afsnit 29, B1-B6, D1, D14, D15, D19 og D20, ophævelse af afsnit 39B, 39G og 39U samt tilføjelse af afsnit 29A, B8-B8G, B9, D19A-D19C, D33, E1 og E2. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 9.
39Z
Den indre værdis metode i separate årsregnskaber
 (ændringer til IAS 27), udstedt i august 2014, medførte ændring af afsnit D14 og tilføjelse af afsnit D15A. Virksomheder skal anvende disse ændringer på regnskabsår, som begynder den 1. januar 2016 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender disse ændringer for et tidligere regnskabsår, skal den give oplysning herom.
39AA
[Ophævet]
39AB
IFRS 16 
Leasingkontrakter
, udstedt i januar 2016, medførte ændring af afsnit 30, C4, D1, D7, D8B og D9, ophævelse af afsnit D9A og tilføjelse af afsnit D9B-D9E. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 16.
39AC
IFRIC 22 
Transaktioner i fremmed valuta og forudbetaling
 medførte tilføjelse af afsnit D36 og ændring af afsnit D1. Virksomheder skal anvende denne ændring ved anvendelse af IFRIC 22.
39AD
Det årlige forbedringsprojekt vedrørende IFRS-standarder for perioden 2014-2016
, udstedt i december 2016, medførte ændring af afsnit 39L og 39T og ophævelse af afsnit 39D, 39F, 39AA og E3-E7. En virksomhed skal anvende disse ændringer på regnskabsår, som begynder den 1. januar 2018 eller derefter.
39AE
IFRS 17 
Forsikringskontrakter
, der blev udstedt i maj 2017, medførte en ændring af afsnit B1 og D1, ophævede overskriften før afsnit D4 og afsnit D4, og efter afsnit B12 blev der indsat en overskrift og et afsnit B13. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 17.
39AF
IFRIC 23 
Usikkerhed om behandlinger af indkomstskat
 medførte tilføjelse af afsnit E8. Virksomheder skal anvende denne ændring ved anvendelse af IFRIC 23.
39AG
Det årlige forbedringsprojekt vedrørende IFRS-standarder for perioden 2018-2020
, som blev udstedt i maj 2020, medførte ændring af afsnit D1, litra f), og tilføjelse af afsnit D13A. Virksomheder skal anvende denne ændring for regnskabsår, som begynder den 1. januar 2022 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender ændringen for et tidligere regnskabsår, skal den give oplysning om dette.
39AH
Ved 
Udskudt skat i forbindelse med aktiver eller forpligtelser, der hidrører fra en enkelt transaktion
 udstedt i maj 2021 ændredes afsnit B1, og afsnit B14 tilføjedes. Virksomheder skal anvende disse ændringer på regnskabsår, som begynder den 1. januar 2023 eller derefter. Det er tilladt at anvende ændringerne tidligere. Hvis en virksomhed anvender ændringerne for et tidligere regnskabsår, skal den give oplysning om dette.
OPHÆVELSE AF IFRS 1 (UDGIVET 2003)
40
Denne standard erstatter IFRS 1 (udstedt i 2003 og ændret i maj 2008).
Appendiks A
Definerede termer
Dette appendiks er en integreret del af standarden.
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
.
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.
dagsværdi
er den pris, der kunne opnås ved at sælge et aktiv, eller der skulle betales for at overdrage en forpligtelse i en velordnet transaktion mellem markedsdeltagere på målingstidspunktet. (Jf. IFRS 13).
første IFRS-årsregnskab
Det første årsregnskab, hvor en virksomhed anvender 
IFRS
 ved afgivelse af en udtrykkelig og uforbeholden erklæring om overensstemmelse med IFRS.
første IFRS-regnskabsår
Den seneste regnskabsperiode, der dækkes af en virksomheds 
første IFRS-årsregnskab
.
virksomhed, som anvender IFRS for første gang
En virksomhed, som aflægger sit 
første IFRS-årsregnskab
.
Internationale regnskabsstandarder (IFRS)
Standarder og fortolkninger udstedt af IASB (International Accounting Standards Board). Disse omfatter følgende:
a)
IFRS
b)
IAS
c)
IFRIC-fortolkningsbidrag og
d)
SIC-fortolkningsbidrag 
(
31
)
.
IFRS-åbningsbalance
En virksomheds balance på 
tidspunktet for overgangen til IFRS
.
tidligere (almindeligt anerkendte) regnskabsprincipper
Det regnskabsmæssige grundlag, som en 
virksomhed, der anvender IFRS for første gang
, anvendte umiddelbart før anvendelsen af IFRS.
Appendiks B
Undtagelser fra anvendelse med tilbagevirkende kraft af andre IFRS-standarder
Dette appendiks er en integreret del af standarden.
B1
Virksomheder skal anvende følgende undtagelser:
a)
ophør af indregning af finansielle aktiver og finansielle forpligtelser (afsnit B2 og B3)
b)
regnskabsmæssig sikring (afsnit B4-B6)
c)
minoritetsinteresser (afsnit B7)
d)
klassifikation og måling af finansielle aktiver (afsnit B8-B8C)
e)
værdiforringelse af finansielle aktiver (afsnit B8D-B8G)
f)
indbyggede afledte instrumenter (afsnit B9)
g)
offentlige lån (afsnit B10-B12),
h)
forsikringskontrakter (afsnit B13) og
i)
udskudt skat i relation til leasingkontakter og afvikling, retablering og lignende forpligtelser (afsnit B14).
Ophør af indregning af finansielle aktiver og finansielle forpligtelser
B2
Bortset fra det i afsnit B3 tilladte skal en virksomhed, som anvender IFRS for første gang, anvende kravene om ophør af indregning i IFRS 9 fremadrettet på transaktioner, som finder sted på datoen for overgangen til IFRS eller derefter. Eksempelvis må en virksomhed, som anvender IFRS for første gang, og som er ophørt med indregning af ikke-afledte finansielle aktiver eller ikke-afledte finansielle forpligtelser i overensstemmelse med tidligere regnskabsprincipper som følge af en transaktion, som fandt sted før tidspunktet for overgangen til IFRS, ikke indregne disse aktiver og forpligtelser i overensstemmelse med IFRS (medmindre de opfylder kriterierne for indregning som følge af en senere transaktion eller begivenhed).
B3
Uanset indholdet i afsnit B2 kan de i IFRS 9 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 IFRS 9 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
B4
I henhold til IFRS 9 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 overensstemmelse med tidligere regnskabsprincipper blev indregnet som aktiver eller forpligtelser.
B5
En virksomhed skal ikke i sin IFRS-åbningsbalance afspejle sikringsforhold, som ikke opfylder kravene til regnskabsmæssig sikring i henhold til IFRS 9 (f.eks. mange sikringsforhold, hvor sikringsinstrumentet er en solgt ikke-indbygget option eller en solgt nettooption, eller hvor den sikrede post er en nettoposition i en sikring af pengestrømme for en anden risiko end valutarisiko). Såfremt en virksomhed imidlertid har klassificeret en nettoposition som en sikret post i overensstemmelse med tidligere regnskabsprincipper, kan den klassificere en særskilt post i denne nettoposition eller en nettoposition, hvis den opfylder kravene i afsnit 6.6.1 i IFRS 9, som en sikret post i overensstemmelse med IFRS, forudsat at virksomheden ikke gør dette senere end tidspunktet for overgangen til IFRS.
B6
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 IFRS 9, skal virksomheden anvende afsnit 6.5.6 og 6.5.7 i IFRS 9 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.
Minoritetsinteresser
B7
Ved førstegangsanvendelse anvendes de følgende krav i IFRS 10 fremadrettet fra datoen for overgangen til standarderne:
a)
kravet i afsnit B94 om, at den samlede totalindkomst henføres til ejerne af modervirksomheden samt minoritetsinteresserne, selv om dette måtte betyde, at minoritetsinteresserne får en negativ saldo
b)
kravene i afsnit 23 og B96 om regnskabsmæssig behandling af ændringer i modervirksomhedens ejerandel af en dattervirksomhed, som ikke medfører tab af bestemmende indflydelse, og og
c)
kravene i afsnit B97-B99 om regnskabsmæssig behandling af mistet bestemmende indflydelse på en dattervirksomhed, og de tilknyttede krav i afsnit 8A i IFRS 5 
Anlægsaktiver, som besiddes med henblik på salg, og ophørte aktiviteter
.
Hvis en virksomhed, der anvender standarden for første gang, vælger at anvende IFRS 3 med tilbagevirkende kraft på tidligere virksomhedssammenslutninger, skal den dog ligeledes anvende IFRS 10 i overensstemmelse med afsnit C1 i denne standard.
Klassifikation og måling af finansielle instrumenter
B8
En virksomhed skal vurdere, hvorvidt et finansielt aktiv opfylder betingelserne i afsnit 4.1.2 i IFRS 9 eller betingelserne i afsnit 4.1.2A i IFRS 9 på baggrund af de foreliggende forhold og omstændigheder på tidspunktet for overgangen til IFRS-standarderne.
B8A
Hvis det er praktisk umuligt at vurdere en ændret tidsmæssig værdi af penge i henhold til afsnit B4.1.9B-B4.1.9D i IFRS 9 på grundlag af de forhold og omstændigheder, der er gældende på tidspunktet for overgangen til IFRS, skal virksomheden vurdere det finansielle aktivs kontraktlige pengestrømmes egenskaber på grundlag af de forhold og omstændigheder, der var gældende på tidspunktet for overgangen til IFRS, uden at tage hensyn til kravene til ændring af den tidsmæssige værdi af penge i afsnit B4.1.9B-B4.1.9D i IFRS 9. (I dette tilfælde skal en virksomhed også anvende afsnit 42R i IFRS 7, men henvisninger til "afsnit 7.2.4 i IFRS 9" skal læses som dette afsnit, og henvisninger til "første indregning af det finansielle aktiv" skal læses som "på tidspunktet for overgangen til IFRS".)
B8B
Hvis det er praktisk umuligt at vurdere, hvorvidt dagsværdien af førtidig indfrielse er ubetydelig i henhold til afsnit B4.1.12, litra c), i IFRS 9 på grundlag af de forhold og omstændigheder, der er gældende på tidspunktet for overgangen til IFRS, skal virksomheden vurdere det finansielle aktivs kontraktlige pengestrømmes egenskaber på grundlag af de forhold og omstændigheder, der var gældende på tidspunktet for overgangen til IFRS, uden at tage hensyn til undtagelsen vedrørende førtidig indfrielse i afsnit B4.1.12 i IFRS 9. (I dette tilfælde skal en virksomhed også anvende afsnit 42S i IFRS 7, men henvisninger til "afsnit 7.2.5 i IFRS 9" skal læses som dette afsnit, og henvisninger til "første indregning af det finansielle aktiv" skal læses som "på tidspunktet for overgangen til IFRS".)
B8C
Hvis det er praktisk umuligt (som defineret i IAS 8) for en virksomhed at anvende den effektive rentemetode i IFRS 9 med tilbagevirkende kraft, skal det finansielle aktivs eller den finansielle forpligtelses dagsværdi på tidspunktet for overgangen til IFRS være det finansielle aktivs nye regnskabsmæssige bruttoværdi eller den finansielle forpligtelses nye amortiserede kostpris på tidspunktet for overgangen til IFRS.
Nedskrivning af finansielle aktiver
B8D
En virksomhed skal anvende kravene til værdiforringelse i afsnit 5.5 i IFRS 9 med tilbagevirkende kraft i henhold til afsnit B8E-B8G og E1-E2.
B8E
På tidspunktet for overgangen til IFRS skal en virksomhed bruge de rimelige og dokumenterede oplysninger, som den har adgang til uden urimelig udgift eller indsats, til at vurdere kreditrisikoen på den dato, hvor finansielle instrumenter oprindeligt blev indregnet (eller for lånetilsagn og finansielle garantikontrakter på den dato, hvor virksomheden blev part i det uigenkaldelige tilsagn i henhold til afsnit 5.5.6 i IFRS 9), og sammenligne den med kreditrisikoen på tidspunktet for overgangen til IFRS (jf. også afsnit B7.2.2.-B7.2.3 i IFRS 9).
B8F
Når en virksomhed vurderer, hvorvidt der har været en væsentlig stigning i kreditrisikoen siden den første indregning, kan den anvende:
a)
kravene i afsnit 5.5.10 og B5.5.22-B5.5.24 i IFRS 9 og og
b)
den afkræftelige formodning i afsnit 5.5.11 i IFRS 9 for kontraktlige betalinger, der er overskredet med mere end 30 dage, hvis en virksomhed vil anvende kravene til værdiforringelse ved at identificere væsentlige stigninger i kreditrisikoen siden den første indregning for disse finansielle instrumenter på grundlag af oplysninger om forfaldne beløb.
B8G
Hvis det på tidspunktet for overgangen til IFRS ville kræve urimelig udgift eller indsats at vurdere, hvorvidt der har været en væsentlig stigning i kreditrisikoen siden første indregning af et finansielt instrument, skal en virksomhed indregne en hensættelse til tab til et beløb, der svarer til de forventede kredittab i løbetiden, på hver enkelt balancedag, indtil indregning af det finansielle instrument ophører (medmindre det finansielle instrument er forbundet med en lav kreditrisiko på balancedagen, i hvilket tilfælde afsnit B8F, litra a), finder anvendelse).
Indbyggede afledte finansielle instrumenter
B9
En virksomhed, som anvender IFRS for første gang, skal vurdere, om et indbygget afledt finansielt instrument skal udskilles fra hovedkontrakten og betragtes som et afledt finansielt instrument på grundlag af de betingelser, der var gældende på den seneste af de to datoer, hvor den for første gang blev part i kontrakten, og hvor den i henhold til afsnit B4.3.11 i IFRS 9 skulle foretage en revurdering.
Offentlige lån
B10
En virksomhed, som anvender IFRS for første gang, skal klassificere alle offentlige lån, der modtages som en finansiel forpligtelse eller et egenkapitalinstrument, i overensstemmelse med IAS 32 
Finansielle instrumenter: Præsentation
. Bortset fra det i afsnit B11 tilladte skal en virksomhed, som anvender IFRS for første gang, anvende kravene i IFRS 9 
Finansielle instrumenter
 og IAS 20 
Regnskabsmæssig behandling af offentlige tilskud og oplysning om andre former for offentlig støtte
 fremadrettet på offentlige lån, der eksisterer på datoen for overgang til IFRS, og må ikke indregne fordelen ved et offentligt lån, som ydes til en rentesats, der er under markedsrenten, som et offentligt tilskud. Det betyder, at hvis en virksomhed, som anvender IFRS for første gang, i henhold til sine tidligere regnskabsprincipper ikke indregnede og målte et offentligt lån ydet til en rentesats, der lå under markedsrenten, på et grundlag, der er i overensstemmelse med kravene i IFRS, skal virksomheden anvende lånets regnskabsmæssige værdi i henhold til sine tidligere regnskabsprincipper på datoen for overgang til IFRS som den regnskabsmæssige værdi af lånet i IFRS-åbningsbalancen. En virksomhed skal anvende IFRS 9 på målingen af sådanne lån efter overgangen til IFRS.
B11
Uanset afsnit B10 må en virksomhed anvende kravene i IFRS 9 og IAS 20 bagudrettet på offentlige lån, der stammer fra før datoen for overgangen til IFRS, forudsat at de fornødne oplysninger blev indhentet på tidspunktet for den oprindelige regnskabsmæssige behandling af lånet.
B12
Kravene og vejledningen i afsnit B10 og B11 udelukker ikke, at en virksomhed kan anvende de i afsnit D19-D19D beskrevne undtagelser angående klassifikationen af tidligere indregnede finansielle instrumenter til dagsværdi i totalindkomstopgørelsen.
Forsikringskontrakter
B13
Virksomheder skal anvende overgangsbestemmelserne i afsnit C1 - C24 og C28 i appendiks C til IFRS 17 på kontrakter, som er omfattet af IFRS 17. Henvisningerne i disse afsnit i IFRS 17 til overgangstidspunktet læses som tidspunktet for overgang til IFRS-standarderne.
Udskudt skat i relation til leasingkontakter og afvikling, retablering og lignende forpligtelser
B14
Afsnit 15 og 24 i IAS 12 
Indkomstskatter
 fritager en virksomhed for indregning af udskudte skatteaktiver eller -forpligtelser i særlige tilfælde. Trods denne undtagelse indregnes der ved førstegangsanvendelsen på tidspunktet for overgang til IFRS et udskudt skatteaktiv, i det omfang det er sandsynligt, at der vil være en skattepligtig indkomst til rådighed, hvori den fradragsberettigede midlertidige forskel kan udnyttes - og en udskudt skatteforpligtelse for alle fradragsberettigede og skattepligtige midlertidige forskelle i forbindelse med:
a)
brugsretsaktiver og leasingforpligtelser og
b)
afvikling, retablering og lignende forpligtelser og det tilsvarende beløb indregnet som en del af omkostningen i forbindelse med dette aktiv.
Appendiks C
Undtagelser for virksomhedssammenslutninger
Dette appendiks er en integreret del af standarden. En virksomhed skal anvende følgende krav på virksomhedssammenslutninger, som virksomheden indregnede før tidspunktet for overgangen til IFRS. Dette appendiks anvendes kun på virksomhedssammenslutninger inden for rammerne af IFRS 3
 Virksomhedssammenslutninger.
C1
En virksomhed, som anvender IFRS for første gang, behøver ikke at anvende IFRS 3 med tilbagevirkende kraft på tidligere virksomhedssammenslutninger (virksomhedssammenslutninger før tidspunktet for overgangen til IFRS). Hvis en virksomhed, der anvender standarden for første gang, imidlertid vælger at tilpasse en eventuel virksomhedssammenslutning, således at den er i overensstemmelse med IFRS 3, skal den tilpasse alle efterfølgende virksomhedssammenslutninger og ligeledes anvende IFRS 10 fra den samme dato. Hvis en virksomhed, der anvender standarden for første gang, eksempelvis vælger at tilpasse en virksomhedssammenslutning, der fandt sted den 30. juni 20X6, skal den tilpasse alle virksomhedssammenslutninger, der fandt sted mellem den 30. juni 20X6 og tidspunktet for overgangen til standarden, og den skal ligeledes anvende IFRS 10 fra den 30. juni 20X6.
C2
Det er ikke nødvendigt for en virksomhed at anvende IAS 21 
Valutaomregning
 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 overensstemmelse med tidligere regnskabsprincipper.
C3
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 C1 ovenfor.
C4
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 overensstemmelse med tidligere regnskabsprincipper (se afsnit B2), og
ii)
aktiver, herunder goodwill, og forpligtelser, der ikke blev indregnet i den overtagende virksomheds koncernbalance i overensstemmelse med de tidligere regnskabsprincipper, og som heller ikke ville opfylde kravene til indregning i overensstemmelse med IFRS i den overtagne virksomheds separate balance (se litra f)–i) nedenfor).
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 litra g), nr. i) nedenfor).
c)
Virksomheder, som anvender IFRS for første gang, skal i deres IFRS-åbningsbalance udelade eventuelle poster, som blev indregnet i overensstemmelse med 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 overensstemmelse med 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 overensstemmelse med de tidligere regnskabsprincipper, se litra g), nr. i), og litra i).
ii)
virksomheder, som anvender IFRS for første gang, skal indregne alle øvrige efterfølgende ændringer i det overførte resultat 
(
32
)
.
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 overensstemmelse med de tidligere regnskabsprincipper for overtagne aktiver og forpligtelser i den pågældende virksomhedssammenslutning udgøres af den fastsatte kostpris i overensstemmelse med 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 overensstemmelse med tidligere regnskabsprincipper, har det ikke en fastsat kostpris på nul i IFRS-åbningsbalancen. I stedet skal den overtagende virksomhed foretage indregning og måling i koncernbalancen på samme grundlag, som IFRS-standarderne kræver for den overtagne virksomheds balance. Følgende eksempler illustrerer dette: Hvis den overtagende virksomhed ikke i overensstemmelse med tidligere regnskabsprincipper havde aktiveret leasingkontrakter, som den havde erhvervet ved en tidligere virksomhedssammenslutning, og hvor den overtagne virksomhed var leasingtager, skal virksomheden aktivere disse leasingkontrakter i sit koncernregnskab, som det kræves af IFRS 16 
Leasingkontrakter
 for den overtagne virksomhed i dennes IFRS-åbningsbalance. Tilsvarende gælder det, at hvis den overtagende virksomhed ikke i overensstemmelse med tidligere regnskabsprincipper havde indregnet en eventualforpligtelse, der stadig eksisterer på tidspunktet for overgangen til IFRS-standarderne, skal den overtagende virksomhed indregne denne eventualforpligtelse pr. dette tidspunkt, medmindre IAS 37 
Hensatte forpligtelser, eventualforpligtelser og eventualaktiver
 forbyder indregning i den overtagne virksomheds årsregnskab. Omvendt, hvis et aktiv eller en forpligtelse indgik i goodwill i overensstemmelse med 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 overensstemmelse med de tidligere regnskabsprincipper på tidspunktet for overgangen til IFRS efter følgende to reguleringer:
i)
Hvis det kræves i litra c), nr. 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 overensstemmelse med tidligere regnskabsprincipper. Tilsvarende gælder det, at hvis det i henhold til litra f) ovenfor kræves, at en virksomhed, som anvender IFRS for første gang, skal indregne et immaterielt aktiv, som i overensstemmelse med tidligere regnskabsprincipper indgik i goodwill, skal virksomheden reducere den regnskabsmæssige goodwill tilsvarende (og eventuelt regulere udskudt skat og minoritetsinteresser).
ii)
Uanset om der er tegn på, at goodwill kan være værdiforringet, 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 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 overensstemmelse med 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 overensstemmelse med 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 overensstemmelse med tidligere regnskabsprincipper som et fradrag i egenkapitalen:
i)
skal virksomheden ikke indregne denne goodwill i sin IFRS-åbningsbalance. Endvidere skal virksomheden ikke omklassificere denne goodwill til resultatet, hvis den afhænder dattervirksomheden, eller hvis investeringen i dattervirksomheden værdiforringes.
ii)
reguleringer som følge af en efterfølgende afklaring på en eventualpost, som påvirker købsprisen, skal indregnes i det overførte resultat.
j)
En virksomhed, som anvender IFRS for første gang, har i overensstemmelse med de tidligere regnskabsprincipper muligvis ikke konsolideret en dattervirksomhed, som er erhvervet i en tidligere virksomhedssammenslutning (f.eks. fordi modervirksomheden ikke anså det for at være en dattervirksomhed i overensstemmelse med de tidligere regnskabsprincipper eller ikke har udarbejdet et koncernregnskab). 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.
C5
Undtagelsen for tidligere virksomhedssammenslutninger finder også anvendelse på tidligere erhvervelse af investeringer i associerede virksomheder, kapitalandele i joint ventures og kapitalandele i driftsfællesskaber, hvis aktiviteter udgør en virksomhed som defineret i IFRS 3. Endvidere gælder den dato, som vælges i henhold til afsnit C1, lige for alle typer af sådan erhvervelse.
Appendiks D
Undtagelse fra andre IFRS-standarder
Dette appendiks er en integreret del af standarden.
D1
En virksomhed kan vælge at anvende en eller flere af følgende undtagelser:
a)
aktiebaseret vederlæggelse (afsnit D2 og D3)
b)
[ophævet]
c)
fastsat kostpris (afsnit D5–D8B)
d)
leasingkontrakter (afsnit D9 og D9B-D9E)
f)
akkumulerede omregningsforskelle (afsnit D12–D13A)
g)
investeringer i dattervirksomheder, joint ventures og associerede virksomheder (afsnit D14 og D15A),
h)
aktiver og forpligtelser i dattervirksomheder, associerede virksomheder og joint ventures (afsnit D16 og D17)
i)
sammensatte finansielle instrumenter (afsnit D18)
j)
klassifikation af tidligere indregnede finansielle instrumenter (afsnit D19-D19C)
k)
måling af dagsværdien af finansielle aktiver eller finansielle forpligtelser ved første indregning (afsnit D20)
l)
forpligtelser i forbindelse med at tage anlæg ud af drift, som er medtaget i kostprisen for materielle anlægsaktiver (afsnit D21 og D21A)
m)
finansielle aktiver eller immaterielle aktiver, der behandles regnskabsmæssigt i overensstemmelse med IFRIC 12 
Koncessionsaftaler
 (afsnit D22)
n)
låneomkostninger (afsnit D23)
o)
[ophævet]
p)
opfyldelse af finansielle forpligtelser med egenkapitalinstrumenter (afsnit D25)
q)
alvorlig hyperinflation (afsnit D26-D30)
r)
fælles ordninger (afsnit D31)
s)
strippingomkostninger i produktionsfasen i åbne miner (afsnit D32)
t)
klassifikation af kontrakter vedrørende køb eller salg af et ikke-finansielt aktiv (afsnit D33)
u)
omsætning (afsnit D34 og D35) og
v)
transaktioner i fremmed valuta og forudbetaling (afsnit D36).
En virksomhed må ikke anvende disse undtagelser ved analogi i forhold til andre poster.
Aktiebaseret vederlæggelse
D2
Der tilskyndes til, men kræves ikke, at en virksomhed, som anvender IFRS for første gang, anvender IFRS 2 
Aktiebaseret vederlæggelse
 på egenkapitalinstrumenter, som blev tildelt den 7. november 2002 eller før. Ligeledes tilskyndes der til, men kræves ikke, at en virksomhed, som anvender IFRS for første gang, anvender IFRS 2 på egenkapitalinstrumenter, som blev tildelt efter den 7. november 2002 og blev optjent før a) tidspunktet for overgangen til IFRS eller b) den 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 den 7. november 2002 eller før), skal en virksomhed, som anvender IFRS for første gang, dog 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 overgangen til IFRS.
D3
Der tilskyndes til, 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 overgangen til IFRS. Der tilskyndes til, men kræves ikke, at en virksomhed, som anvender IFRS for første gang, anvender IFRS 2 på forpligtelser, som blev afregnet før den 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 en regnskabsperiode eller et tidspunkt før den 7. november 2002.
D4
[Ophævet]
Fastsat kostpris
D5
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.
D6
Virksomheder, som anvender IFRS for første gang, kan vælge at anvende en omvurdering af et materielt anlægsaktiv foretaget i overensstemmelse med tidligere regnskabsprincipper 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 overensstemmelse med IFRS, korrigeret med henblik på at afspejle f.eks. ændringer i et generelt eller specifikt prisindeks.
D7
De valg, som beskrives i afsnit D5 og D6, kan også foretages for:
a)
investeringsejendomme, hvis virksomheden vælger at anvende kostprismodellen i IAS 40 
Investeringsejendomme
aa)
brugsretsaktiver (IFRS 16 
Leasingkontrakter
) og
b)
immaterielle aktiver som opfylder:
i)
indregningskriterierne i IAS 38 (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.
D8
Virksomheder, som anvender IFRS for første gang, kan have fastlagt den fastsatte kostpris i overensstemmelse med 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.
a)
Hvis målingstidspunktet er 
på eller før
 tidspunktet for overgangen til IFRS, kan virksomheden anvende denne form for begivenhedsspecifik måling af dagsværdien som anslået kostpris, for så vidt angår IFRS-standarderne på datoen for denne måling.
b)
Hvis målingstidspunktet ligger 
efter
 datoen for overgangen til IFRS, men i løbet af den periode, som dækkes af det første IFRS-årsregnskab, kan den begivenhedsspecifikke måling af dagsværdien anvendes som fastsat kostpris, når begivenheden indtræffer. En virksomhed skal indregne de deraf følgende reguleringer direkte i det overførte resultat (eller, hvis dette er relevant, en anden egenkapitalkategori) på målingstidspunktet. På tidspunktet for overgangen til IFRS skal virksomheden enten bestemme den fastsatte kostpris ved at anvende kriterierne i afsnit D5–D7 eller måle aktiver og forpligtelser i overensstemmelse med de øvrige krav i denne standard.
D8A
I henhold til visse nationale regnskabsregler behandles efterforsknings- og udviklingsomkostninger i forbindelse med gas- og olieforekomster i udviklings- eller produktionsfasen regnskabsmæssigt i omkostningscentre, der omfatter alle forekomster inden for et stort geografisk område. En virksomhed, som anvender IFRS for første gang, og som benytter en sådan regnskabsføring i henhold til tidligere regnskabsprincipper, kan vælge at måle olie- og gasaktiver på datoen for overgangen til IFRS på følgende basis:
a)
efterforsknings- og vurderingsaktiver til det beløb, der blev beregnet efter virksomhedens tidligere regnskabsprincipper, og
b)
aktiver i udviklings- og produktionsfasen til det beløb, der blev beregnet for omkostningscentret efter virksomhedens tidligere regnskabsprincipper. Virksomheden skal på pro rata-grundlag henføre dette beløb til omkostningscentrets underliggende aktiver med udgangspunkt i mængden eller værdien af reserver på den pågældende dato.
Virksomheden skal teste efterforsknings- og vurderingsaktiver samt aktiver i udviklings- og produktionsfasen for værdiforringelse på datoen for overgangen til IFRS i overensstemmelse med henholdsvis IFRS 6 
Efterforskning og vurdering af mineralressourcer
 eller IAS 36 og om nødvendigt reducere det i henhold til litra a) eller b) ovenfor fastsatte beløb. Med henblik på dette afsnit omfatter olie- og gasaktiver kun de aktiver, der anvendes til efterforskning efter samt vurdering, udvikling eller produktion af olie og gas.
D8B
Nogle virksomheder har regnskabsposter vedrørende materielle anlægsaktiver, brugsretsaktiver eller immaterielle aktiver, som anvendes, eller tidligere blev anvendt, i aktiviteter underlagt takstregulering. Den regnskabsmæssige værdi af sådanne aktiver kan omfatte beløb, som blev fastlagt i henhold til tidligere regnskabsprincipper, men som ikke opfylder kriterierne for aktivering i overensstemmelse med IFRS. Hvis dette er tilfældet, kan virksomheder, der anvender IFRS for første gang, vælge som fastsat kostpris at anvende den regnskabsmæssige værdi af et sådant aktiv på datoen for overgangen til IFRS som opgjort i henhold til de tidligere regnskabsprincipper. Virksomheder, der anvender denne undtagelse for en regnskabspost, behøver ikke at anvende den for alle regnskabsposter. På tidspunktet for overgangen til IFRS skal en virksomhed udføre en test for værdiforringelse i overensstemmelse med IAS 36 for hvert aktiv, som denne undtagelse anvendes for. For så vidt angår dette afsnit, er aktiviteter underlagt takstregulering, hvis de styres af en ramme for fastsættelse af de priser, som kunder kan afkræves for varer eller tjenesteydelser, og denne ramme er underlagt en takstmyndigheds overvågning og/eller godkendelse (jf. definition i IFRS 14 
Regulatory Deferral Accounts (Regulatoriske aktiver og forpligtelser)
).
Leasingkontrakter
D9
En virksomhed, som anvender IFRS for første gang, kan vurdere, om en kontrakt, som eksisterede på tidspunktet for overgangen til IFRS, indeholder en leasingkontrakt ved at anvende afsnit 9-11 i IFRS 16 på de pågældende kontrakter på baggrund af de foreliggende forhold og omstændigheder på det tidspunkt.
D9A
[Ophævet]
D9B
Når en virksomhed, som anvender IFRS for første gang, og som er leasingtager, indregner leasingforpligtelser og brugsretsaktiver, kan den anvende følgende metode på alle sine leasingkontrakter (med forbehold af den i afsnit D9D beskrevne praksis):
a)
måle en leasingforpligtelse på tidspunktet for overgangen til IFRS; en leasingtager, som anvender denne metode, skal måle den pågældende leasingforpligtelse til nutidsværdien af de resterende leasingydelser (jf. afsnit D9E) diskonteret ved anvendelse af leasingtagers marginale lånerente (jf. afsnit D9E) på tidspunktet for overgangen til IFRS
b)
måle et brugsretsaktiv på tidspunktet for overgangen til IFRS; leasingtager skal for den enkelte kontrakt vælge at måle dette brugsretsaktiv til enten:
i)
dets regnskabsmæssige værdi, som om IFRS 16 havde været anvendt siden leasingkontraktens påbegyndelsesdato (jf. afsnit D9E), men diskonteret ved anvendelse af leasingtagers marginale lånerente på tidspunktet for overgangen til IFRS, eller
ii)
et beløb svarende til leasingforpligtelsen justeret for eventuelle forudbetalte eller skyldige leasingydelser vedrørende den pågældende leasingkontrakt, som er indregnet i balancen umiddelbart før tidspunktet for overgangen til IFRS
c)
anvende IAS 36 på brugsretsaktiver på tidspunktet for overgangen til IFRS.
D9C
Uanset kravene i afsnit D9B skal en virksomhed, som anvender IFRS for første gang, og som er leasingtager, måle brugsretsaktivet til dagsværdi på tidspunktet for overgangen til IFRS i forbindelse med leasingkontrakter, som er omfattet af definitionen af investeringsejendomme i IAS 40, og som måles efter dagsværdimodellen i IAS 40 fra tidspunktet for overgangen til IFRS.
D9D
En virksomhed, som anvender IFRS for første gang, og som er leasingtager, kan for den enkelte kontrakt anvende én eller flere af følgende muligheder på tidspunktet for overgangen til IFRS:
a)
anvende en fælles diskonteringssats på en portefølje af leasingkontrakter med nogenlunde ensartede karakteristika (eksempelvis samme resterende leasingperiode for samme kategori af underliggende aktiver under lignende økonomiske rammer)
b)
vælge ikke at anvende kravene i afsnit D9B på leasingkontrakter, hvis leasingperiode (se afsnit D9E) udløber inden for 12 måneder fra tidspunktet for overgangen til IFRS; virksomheden skal i stedet regnskabsmæssigt behandle (herunder oplyse om) disse leasingkontrakter, som om de var korte leasingkontrakter, som regnskabsmæssigt behandles i henhold til afsnit 6 i IFRS 16
c)
vælge ikke at anvende kravene i afsnit D9B på leasingkontrakter, hvor det underliggende aktiv har en lav værdi (jf. afsnit B3-B8 i IFRS 16); virksomheden skal i stedet regnskabsmæssigt behandle (herunder oplyse om) disse leasingkontrakter i henhold til afsnit 6 i IFRS 16
d)
udelukke direkte startomkostninger (se afsnit D9E) fra målingen af brugsretsaktivet på tidspunktet for overgangen til IFRS
e)
støtte sig til erfaringer, f.eks. i forbindelse med fastsættelsen af leasingperioden, såfremt kontrakten indeholder optioner på at forlænge eller opsige leasingkontrakten.
D9E
Leasingydelser, leasingtager, leasingtagers marginale lånerente, leasingkontraktens påbegyndelsesdato, direkte startomkostninger og leasingperiode er definerede termer i IFRS 16 og anvendes i denne standard i samme betydning.
D10-D11
[Ophævet]
Akkumulerede omregningsforskelle
D12
IAS 21 kræver, at virksomheden:
a)
Indregner visse omregningsforskelle i anden totalindkomst og akkumulerer disse i et separat element af egenkapitalen og
b)
ved afhændelse af en udenlandsk aktivitet omklassificerer den akkumulerede omregningsforskel for denne udenlandske aktivitet (herunder eventuelt gevinster og tab på sikring i forbindelse hermed) fra egenkapitalen til resultatet som en del af gevinsten eller tabet på afhændelsen.
D13
Dog behøver en virksomhed, som anvender IFRS for første gang, ikke at overholde disse kravene for 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.
D13A
I stedet for at anvende afsnit D12 eller afsnit D13 kan en dattervirksomhed, der anvender undtagelsen i afsnit D16, litra a), i sit årsregnskab vælge at måle de akkumulerede omregningsforskelle for alle udenlandske transaktioner til den regnskabsmæssige værdi, der ville blive medtaget i modervirksomhedens koncernregnskab, baseret på tidspunktet for modervirksomhedens overgang til IFRS, såfremt der ikke blev foretaget korrektioner for konsolideringsprocedurer og for effekten af den virksomhedssammenslutning, ved hvilken modervirksomheden erhvervede dattervirksomheden. Et lignende valg er til rådighed for en associeret virksomhed eller et joint venture, der anvender undtagelsen i afsnit D16, litra a).
Investeringer i dattervirksomheder, joint ventures og associerede virksomheder
D14
Når en virksomhed udarbejder et separat årsregnskab kræver IAS 27, at virksomheden regnskabsmæssigt behandler investeringer i dattervirksomheder, joint ventures og associerede virksomheder enten:
a)
til kostpris
b)
i overensstemmelse med IFRS 9 eller
c)
ved hjælp af den indre værdis metode i overensstemmelse med IAS 28.
D15
Såfremt en virksomhed, som anvender IFRS for første gang, måler en sådan investering til kostpris i overensstemmelse med IAS 27, skal den i den separate IFRS-åbningsbalance måle investeringen til et af følgende beløb:
a)
kostprisen opgjort i overensstemmelse med IAS 27 eller
b)
fastsat kostpris. Den fastsatte kostpris af en sådan investering skal udgøre dens:
i)
dagsværdi på tidspunktet for virksomhedens overgang til IFRS i det separate årsregnskab eller
ii)
regnskabsmæssige værdi i overensstemmelse med de tidligere regnskabsprincipper på det tidspunkt.
En virksomhed, som anvender IFRS for første gang, kan vælge enten alternativ i) eller ii) til at måle sin investering i hver dattervirksomhed, joint venture eller associerede virksomhed, som virksomheden vælger at måle til fastsat kostpris.
D15A
Hvis en virksomhed, der anvender IFRS for første gang, regnskabsmæssigt behandler en sådan investering ved hjælp af den indre værdis metode i overensstemmelse med IAS 28:
a)
skal den virksomhed, der anvender IFRS for første gang, anvende fritagelsen for tidligere virksomhedssammenslutninger (Appendiks C) på anskaffelsen af investeringen
b)
hvis en virksomhed anvender IFRS for første gang for sit separate årsregnskab tidligere end for sine koncernregnskaber og
i)
senere end modervirksomheden, skal virksomheden anvende afsnit D16 i sit separate årsregnskab
ii)
senere end dattervirksomheden, skal virksomheden anvende afsnit D17 i sit separate årsregnskab.
Aktiver og forpligtelser i dattervirksomheder, associerede virksomheder og joint ventures
D16
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 koncernregnskab, baseret på tidspunktet for modervirksomhedens overgang til IFRS-standarderne, såfremt der ikke blev foretaget korrektioner for konsolideringsprocedurer og for effekten af den virksomhedssammenslutning, ved hvilken modervirksomheden erhvervede dattervirksomheden (dette valg kan ikke foretages af en dattervirksomhed til en investeringsvirksomhed, som defineret i IFRS 10, der skal måles til dagsværdi over resultatet), 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 litra 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 en virksomhed, som har væsentlig indflydelse på eller fælles kontrol over virksomheden.
D17
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 koncernregnskab 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 den virksomhedssammenslutning, ved hvilken virksomheden erhvervede dattervirksomheden. Uanset dette krav må en modervirksomhed, som ikke er en investeringsvirksomhed, ikke anvende den fritagelse for konsolidering, der anvendes af investeringsdattervirksomheder. Tilsvarende gælder det, at hvis modervirksomheden anvender IFRS for første gang tidligere eller senere for det separate årsregnskab end for koncernregnskabet, skal den foretage en måling af aktiver og forpligtelser på grundlag af de samme beløb i begge årsregnskaber, dog undtaget for konsolideringsmæssige reguleringer.
Sammensatte finansielle instrumenter
D18
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 overensstemmelse med 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.
Klassifikation af tidligere indregnede finansielle instrumenter
D19
IFRS 9 tillader, at en finansiel forpligtelse (forudsat at den opfylder visse kriterier) klassificeres som en finansiel forpligtelse til dagsværdi gennem resultatet. På trods af dette krav kan en virksomhed på tidspunktet for overgangen til IFRS klassificere en finansiel forpligtelse som til dagsværdi gennem resultatet, forudsat at forpligtelsen opfylder kriterierne i afsnit 4.2.2 i IFRS 9 på det tidspunkt.
D19A
En virksomhed kan klassificere et finansielt aktiv som målt til dagsværdi gennem resultatet i overensstemmelse med afsnit 4.1.5 i IFRS 9 på baggrund af de foreliggende forhold og omstændigheder på tidspunktet for overgangen til IFRS.
D19B
En virksomhed kan klassificere en investering i et egenkapitalinstrument som til dagsværdi gennem anden totalindkomst i overensstemmelse med afsnit 5.7.5 i IFRS 9 på baggrund af de foreliggende forhold og omstændigheder på tidspunktet for overgangen til IFRS.
D19C
For en finansiel forpligtelse, der er klassificeret som en finansiel forpligtelse til dagsværdi gennem resultatet, skal en virksomhed vurdere, om den regnskabsmæssige behandling i afsnit 5.7.7 i IFRS 9 ville skabe en regnskabsmæssig inkonsistens i resultatet, på baggrund af de foreliggende forhold og omstændigheder på tidspunktet for overgangen til IFRS
Måling af dagsværdien af finansielle aktiver eller finansielle forpligtelser ved første indregning
D20
Uanset kravene i afsnit 7 og 9 kan virksomheden anvende kravene i afsnit B5.1.2A, litra b), i IFRS 9 fremadrettet på transaktioner, der indgås på eller efter tidspunktet for overgangen til IFRS.
Forpligtelser i forbindelse med at tage anlæg, som er medtaget i kostprisen for materielle anlægsaktiver, ud af drift
D21
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 om ændringer i sådanne forpligtelser, som er foretaget før tidspunktet for overgangen til IFRS. Hvis en virksomhed, som anvender IFRS for første gang, benytter sig af undtagelsen, 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 overensstemmelse med IFRS-standarderne.
D21A
En virksomhed, der udnytter undtagelsen i afsnit D8A, litra b) (for olie- og gasaktiver i udviklings- eller produktionsfasen, der efter tidligere regnskabsprincipper behandles regnskabsmæssigt i omkostningscentre, der omfatter alle forekomster inden for et stort geografisk område), skal i stedet for at anvende afsnit D21 eller IFRIC 1:
a)
måle forpligtelser i forbindelse med at tage anlæg ud af drift, retablering samt tilsvarende forpligtelser på datoen for overgangen til IFRS i overensstemmelse med IAS 37 og
b)
indregne direkte i det overførte resultat enhver forskel mellem dette beløb og den regnskabsmæssige værdi af disse forpligtelser på datoen for overgangen til IFRS som fastsat i henhold til virksomhedens tidligere regnskabsprincipper.
Finansielle aktiver eller immaterielle aktiver, der behandles regnskabsmæssigt i overensstemmelse med IFRIC 12
D22
En virksomhed, som anvender IFRS for første gang, kan anvende overgangsbestemmelserne i IFRIC 12.
Låneomkostninger
D23
En virksomhed, der anvender IFRS for første gang, kan vælge at anvende kravene i IAS 23 fra overgangsdatoen eller fra en tidligere dato som tilladt ved afsnit 28 i IAS 23. Fra den dato, hvor en virksomhed, der anvender denne undtagelse, begynder at anvende IAS 23, skal virksomheden:
a)
ikke tilpasse den låneomkostningskomponent, der blev aktiveret i henhold til tidligere regnskabsprincipper, og som blev medtaget i den regnskabsmæssige værdi af aktiver på denne dato og
b)
regnskabsmæssigt behandle låneomkostninger, der er afholdt på eller efter denne dato, i overensstemmelse med IAS 23, inklusive de låneomkostninger, der er afholdt på eller efter denne dato, vedrørende kvalificerende aktiver, der allerede er under opførelse.
D24
[Ophævet]
Opfyldelse af finansielle forpligtelser med egenkapitalinstrumenter
D25
En virksomhed, som anvender IFRS for første gang, kan anvende overgangsbestemmelserne i IFRIC 19 
Opfyldelse af finansielle forpligtelser med egenkapitalinstrumenter
.
Kraftig hyperinflation
D26
Hvis en virksomhed har en funktionel valuta, der var eller er valutaen i en økonomi med hyperinflation, skal den fastslå, om den var udsat for kraftig hyperinflation før datoen for overgangen til IFRS. Dette gælder for virksomheder, der anvender IFRS for første gang, samt for virksomheder, der tidligere har anvendt IFRS.
D27
Valutaen i en økonomi med hyperinflation er udsat for kraftig hyperinflation, hvis den har begge følgende kendetegn:
a)
et troværdigt generelt prisindeks er ikke tilgængeligt for alle virksomheder med transaktioner og saldi i den pågældende valuta
b)
der kan ikke ske omveksling mellem valutaen og en forholdsvis stabil udenlandsk valuta.
D28
En virksomheds funktionelle valuta ophører med at være udsat for kraftig hyperinflation på den dato, hvor den funktionelle valuta normaliseres. Det er den dato, hvor den funktionelle valuta ikke længere har en af eller begge de kendetegn, der er nævnt i afsnit D27, eller hvor virksomhedens funktionelle valuta ændres til en valuta, der ikke er udsat for kraftig hyperinflation.
D29
Når en virksomheds dato for overgang til IFRS falder sammen med eller ligger efter den dato, hvor den funktionelle valuta normaliseres, kan virksomheden vælge at måle alle aktiver og forpligtelser, der besiddes før den dato, hvor den funktionelle valuta normaliseres, til dagsværdi på datoen for overgang til IFRS. Virksomheden kan benytte denne dagsværdi som den fastsatte kostpris for disse aktiver og forpligtelser i IFRS-åbningsbalancen.
D30
Når datoen for den funktionelle valutas normalisering falder inden for en sammenlignelig tolvmåneders periode, kan den sammenlignelige periode være kortere end tolv måneder, forudsat at der fremlægges et fuldstændigt årsregnskab (jf. afsnit 10 i IAS 1) for denne kortere periode.
Fælles ordninger
D31
En virksomhed, som anvender IFRS 11 for første gang, kan anvende overgangsbestemmelserne i IFRS 11 med nedenstående undtagelser.
a)
En virksomhed, som anvender IFRS 11 for første gang, skal anvende disse bestemmelser fra datoen for overgangen til IFRS 11.
b)
I forbindelse med overgangen fra pro rata-konsolidering til den indre værdis metode skal en virksomhed, der anvender standarderne for første gang, kontrollere, om der er sket en værdiforringelse af investeringen i overensstemmelse med IAS 36 fra datoen for overgangen til IFRS, uanset om der er tegn på, at værdien af denne investering kan være forringet. En eventuel værdiforringelse skal indregnes som en regulering i det overførte resultat fra datoen for overgangen til IFRS.
Strippingomkostninger i produktionsfasen i åbne miner
D32
En virksomhed. som anvender IFRS for første gang, kan anvende overgangsbestemmelserne i afsnit A1 til A4 i IFRIC 20 
Strippingomkostninger i produktionsfasen i åbne miner
. I disse afsnit skal henvisninger til ikrafttrædelsestidspunktet fortolkes som 1. januar 2013 eller tidspunktet for overgangen til IFRS, alt efter hvad der kommer senest.
Klassifikation af kontrakter vedrørende køb eller salg af et ikke-finansielt aktiv
D33
IFRS 9 tillader, at nogle kontrakter vedrørende køb eller salg af et ikke-finansielt aktiv ved indgåelsen kan klassificeres som målt til dagsværdi gennem resultatet (jf. afsnit 2.5 i IFRS 9). Uanset dette krav kan en virksomhed på tidspunktet for overgangen til IFRS klassificere en kontrakt, som allerede eksisterer på det tidspunkt, som målt til dagsværdi gennem resultatet, forudsat at det opfylder kravene i afsnit 2.5 i IFRS 9 på det tidspunkt, og at virksomheden klassificerer alle lignende kontrakter.
Omsætning
D34
Førstegangsanvendere kan anvende overgangsbestemmelserne i afsnit C5 i IFRS 15. I disse afsnit skal henvisninger til "tidspunktet for førstegangsanvendelse" fortolkes som begyndelsen af det første IFRS-regnskabsår. Hvis en førstegangsanvender beslutter at anvende de nævnte overgangsbestemmelser, skal afsnit C6 i IFRS 15 også anvendes.
D35
Det kræves ikke, at førstegangsanvendere foretager tilpasninger af kontrakter, der er opfyldt før den tidligste regnskabsperiode, for hvilket der er aflagt regnskab. En opfyldt kontrakt er en kontrakt, hvor virksomheden har overdraget alle de pågældende varer eller tjenesteydelser i henhold til tidligere regnskabsprincipper.
Transaktioner i fremmed valuta og forudbetaling
D36
En virksomhed, som anvender IFRIC 22 
Transaktioner i fremmed valuta og forudbetaling
 for første gang, behøver ikke anvende dette fortolkningsbidrag på aktiver, omkostninger og indtægter, som er omfattet af fortolkningsbidraget, og som er indregnet første gang før tidspunktet for overgangen til IFRS-standarder.
Appendiks E
Midlertidige undtagelser fra IFRS-standarder
Dette appendiks er en integreret del af standarden.
Undtagelse fra kravet om at tilpasse sammenligningstal for IFRS 9
E1
Hvis en virksomheds første IFRS-regnskabsår begynder før den 1. januar 2019, og virksomheden anvender den endelige version af IFRS 9 (udstedt i 2014), behøver sammenligningstallene i virksomhedens første IFRS-årsregnskab ikke at overholde IFRS 7 
Finansielle instrumenter: Oplysninger
 eller den endelige version af IFRS 9 (udstedt i 2014), i det omfang at de oplysninger, der kræves i IFRS 7, vedrører poster, som ligger inden for anvendelsesområdet for IFRS 9. For sådanne virksomheder betyder henvisninger til "tidspunktet for overgangen til IFRS" i forbindelse med IFRS 7 og IFRS 9 (2014) kun begyndelsen af det første IFRS-regnskabsår.
E2
En virksomhed, som vælger at præsentere sammenligningstal, som ikke er i overensstemmelse med IFRS 7 og den endelige version af IFRS 9 (udstedt i 2014) i det første overgangsår, skal:
a)
anvende kravene i sine tidligere regnskabsprincipper i stedet for kravene i IFRS 9 på sammenligningstal om poster, der ligger inden for anvendelsesområdet for IFRS 9
b)
oplyse om dette sammen med grundlaget for udarbejdelsen af disse sammenligningstal
c)
behandle enhver regulering 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 7 og den endelige version af IFRS 9 (2014)), som hidrørende fra en ændring i regnskabspraksis og give de i IAS 8, afsnit 28, litra a)-e) og litra f), nr. i), krævede oplysninger. Afsnit 28, litra f), nr. i), finder kun anvendelse på beløb, som præsenteres i balancen på sammenligningsårets balancedag
d)
anvende bestemmelserne i afsnit 17, litra c), 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.
E3–E7
[Ophævet]
Usikkerhed om behandlinger af indkomstskat
E8
En virksomhed, som anvender IFRS for første gang, og hvis tidspunkt for overgangen til IFRS ligger før 1. juli 2017, kan vælge ikke at tage højde for anvendelsen af IFRIC 23 
Usikkerhed om behandlinger af indkomstskat
 i sammenligningstallene i sit første IFRS-årsregnskab. En virksomhed, som foretager dette valg, skal indregne den samlede virkning af anvendelsen af IFRIC 23 som en regulering primo i overført resultat (eller et andet element af egenkapitalen, alt efter hvad der er hensigtsmæssigt) ved begyndelsen af det regnskabsår, hvor virksomheden for første gang anvender IFRS.
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, uanset om virksomheden konkret kan identificere nogle af eller alle de modtagne varer eller tjenesteydelser eller ej, herunder:
a)
aktiebaseret vederlæggelse afregnet i egenkapital
b)
aktiebaseret vederlæggelse med kontantafregning
 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 3A-6. Hvis der ikke er tale om konkret identificerbare varer og tjenesteydelser, kan andre omstændigheder indikere, at der er blevet (eller vil blive) modtaget varer og tjenesteydelser, og i det tilfælde anvendes denne standard.
3
[Ophævet]
3A
En aktiebaseret vederlæggelse kan afregnes af en anden virksomhed i koncernen (eller af en aktionær i en koncernvirksomhed) på vegne af den virksomhed, der modtager eller anskaffer varerne eller tjenesteydelserne. Afsnit 2 finder også anvendelse på en virksomhed,
a)
som modtager varer eller tjenesteydelser, når en anden virksomhed i samme koncern (eller en aktionær i en koncernvirksomhed) er forpligtet til at afregne den aktiebaserede vederlæggelse, eller
b)
som er forpligtet til at afregne en aktiebaseret vederlæggelse, når en anden virksomhed i samme koncern modtager varerne eller tjenesteydelserne,
medmindre det er klart, at transaktionen har et andet formål end at betale for varer eller tjenesteydelser, som er leveret til den virksomhed, der modtager dem.
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 ejere 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 som defineret i IFRS 3 
Virksomhedssammenslutninger
 (ajourført i 2008), i en sammenslutning af virksomheder under samme bestemmende indflydelse som beskrevet i IFRS 3, afsnit B1-B4, eller indskud af en virksomhed ved oprettelsen af et joint venture som defineret i IFRS 11 
Fælles ordninger
. 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. IFRS 3 indeholder vejledning i, hvordan det afgøres, om egenkapitalinstrumenter, der er udstedt i en virksomhedssammenslutning, udgør en del af det erlagte vederlag for den bestemmende indflydelse på den overtagne virksomhed (og derfor falder inden for anvendelsesområdet for IFRS 3) eller udgør en modydelse for fortsat levering af tjenester, der skal indregnes i regnskabsåret efter sammenslutningen (og derfor falder inden for denne standards anvendelsesområde).
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 i 2003) 
(
33
)
 eller afsnit 2.4-2.7 i IFRS 9 
Finansielle instrumenter
.
6A
Denne standard anvender udtrykket "dagsværdi" på en måde, der i visse henseender adskiller sig fra definitionen af dagsværdi i IFRS 13 
Måling af dagsværdi
. Ved anvendelse af IFRS 2 måler virksomheden derfor dagsværdien i overensstemmelse med denne standard og ikke IFRS 13.
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
 
(
34
)
dagsværdien af de tildelte egenkapitalinstrumenter.
11
For at anvende kravene i afsnit 10 på transaktioner med 
ansatte og andre, der leverer tilsvarende tjenesteydelser
 
(
35
)
, 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.
13A
Hvis det (eventuelle) identificerbare vederlag, virksomheden har modtaget, synes at være mindre end dagsværdien af de tildelte egenkapitalinstrumenter eller påtagne forpligtelser, indikerer denne omstændighed først og fremmest typisk, at virksomheden har modtaget (eller vil modtage) andet vederlag (dvs. uidentificerbare varer eller tjenesteydelser). Virksomheden måler de modtagne identificerbare varer eller tjenesteydelser i overensstemmelse med denne standard. 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. Virksomheden måler de modtagne uidentificerbare varer eller tjenesteydelser på tildelingstidspunktet. Ved kontantafregnede transaktioner foretages imidlertid en omvurdering af forpligtelsen ved regnskabsperiodens afslutning, indtil den afregnes, i overensstemmelse med afsnit 30-33.
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 ikke 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 tre 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 ud over markedsbaserede betingelser 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
, ud over en markedsbaseret betingelse, 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 ikke-optjeningsberettigende betingelser
21A
På samme måde skal en virksomhed tage alle ikke-optjeningsberettigende betingelser i betragtning ved vurderingen af de tildelte egenkapitalinstrumenters dagsværdi. For tildelinger af egenkapitalinstrumenter med ikke-optjeningsberettigende betingelser skal virksomheder derfor indregne de varer og tjenesteydelser, som modtages fra en modpart, som opfylder alle optjeningsbetingelser, og som ikke er markedsbaserede betingelser (eksempelvis modtagne tjenesteydelser fra en ansat, som bliver i virksomheden i den bestemte arbejdsperiode), uanset om disse ikke-optjeningsberettigende betingelser 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 ved hvert regnskabsårs afslutning 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 ved 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 15, litra b), 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 en tildeling af egenkapitalinstrumenter annulleres eller afregnes 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. Hvis den aktiebaserede vederlæggelsesordning imidlertid indeholdt forpligtelseselementer, skal virksomheden foretage en omvurdering af dagsværdien på datoen for annulleringen eller afregningen. Betalinger til afregning af forpligtelseselementet skal behandles regnskabsmæssigt som en indfrielse af forpligtelsen
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 litra 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.
28A
Hvis en virksomhed eller en modpart kan vælge, hvorvidt en ikke-optjeningsberettigende betingelse skal opfyldes, skal virksomheden behandle virksomhedens eller modpartens manglende opfyldelse af denne ikke-optjeningsberettigende betingelse i løbet af optjeningsperioden som en annullering.
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, i overensstemmelse med kravene i afsnit 31-33D. Indtil forpligtelsen er afregnet, skal virksomheden foretage en ny måling af dagsværdien af forpligtelsen ved regnskabsperiodens afslutning og på afregningstidspunktet og indregne eventuelle ændringer i dagsværdien i periodens resultat.
31
Eksempelvis kan en virksomhed tildele ret til 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. Eller en virksomhed kan 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. Disse ordninger er eksempler på aktiebaseret vederlæggelse med kontantafregning. Ret til fantomaktier anvendes til at illustrere nogle af kravene i afsnit 32-33D, dog finder kravene i disse afsnit anvendelse på al form for aktiebaseret vederlæggelse med kontantafregning.
32
Virksomheden skal indregne de modtagne tjenesteydelser samt en forpligtelse til at betale for disse tjenesteydelser, efterhånden som de ansatte leverer tjenesteydelserne. Eksempelvis optjenes ret til fantomaktier i visse tilfælde 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 den modtagne ret til fantomaktier. Således skal virksomheden straks indregne de modtagne tjenesteydelser samt en forpligtelse til at betale for disse. Hvis retten til 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 ved hver regnskabsperiodes afslutning, indtil den afregnes, måles til fantomaktiernes dagsværdi ved at anvende en model til prisfastsættelse af optioner under hensyntagen til de vilkår og betingelser, som retten til fantomaktierne blev tildelt under, og i det omfang, de ansatte har leveret tjenesteydelser frem til det aktuelle tidspunkt, i overensstemmelse med kravene i afsnit 33A-33D. En virksomhed kan ændre vilkårene og betingelserne for tildelingen af en aktiebaseret vederlæggelse med kontantafregning. Retningslinjer for en ændring af en aktiebaseret vederlæggelse, hvor klassifikationen ændres fra kontantafregning til afregning i egenkapital, fremgår af afsnit B44A-B44C i appendiks B.
Behandling af optjeningsbetingelser og af ikke-optjeningsberettigende betingelser
33A
En aktiebaseret vederlæggelse med kontantafregning kan være betinget af opfyldelsen af specificerede optjeningsbetingelser. 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 den aktiebaserede vederlæggelse med kontantafregning på målingstidspunktet. I stedet skal optjeningsbetingelser ud over markedsbaserede betingelser tages i betragtning ved at regulere det antal tildelinger, der indgår i målingen af den forpligtelse, der er opstået som følge af transaktionen.
33B
For at anvende kravene i afsnit 33A skal virksomheden indregne et beløb for de varer eller tjenesteydelser, som er modtaget i optjeningsperioden. Dette beløb skal baseres på de bedste tilgængelige skøn over antallet af tildelinger, som forventes optjent. Virksomheden skal om nødvendigt tilpasse dette skøn, hvis efterfølgende informationer indikerer, at antallet af tildelinger, som forventes optjent, vil afvige fra tidligere skøn. På retserhvervelsestidspunktet skal virksomheden tilpasse sit skøn, så det svarer til det endelige antal tildelinger, som faktisk er optjent.
33C
Markedsbaserede betingelser, som eksempelvis opnåelse af en aktiekurs, som retserhvervelsen (eller udnyttelsen) er betinget af, samt ikke-optjeningsberettigende betingelser, skal tages i betragtning ved udøvelsen af skønnet over dagsværdien af den tildelte aktiebaserede vederlæggelse med kontantafregning og ved en efterfølgende ny måling af dagsværdien ved hver regnskabsperiodes afslutning og på afregningstidspunktet.
33D
Som følge af anvendelsen af afsnit 30-33C svarer det samlede beløb, der i sidste ende indregnes for varer eller tjenesteydelser, der modtages som betaling for aktiebaseret vederlæggelse med kontantafregning, til det kontante beløb, der indbetales.
AKTIEBASERET VEDERLÆGGELSE MED NETTOAFREGNING I FORBINDELSE MED SKATTEMÆSSIGE FORPLIGTELSER
33E
Skattelovgivning eller -regler kan pålægge en virksomhed at tilbageholde et beløb for en arbejdstagers skattemæssige forpligtelse i forbindelse med en aktiebaseret vederlæggelse og overføre dette beløb, normalt i form af kontanter, til skattemyndighederne på den ansattes vegne. For at opfylde denne forpligtelse kan den aktiebaserede vederlæggelsesordning tillade eller kræve, at virksomheden tilbageholder det antal egenkapitalinstrumenter, der svarer til pengeværdien af den ansattes skattemæssige forpligtelse, af det samlede antal egenkapitalinstrumenter, som ellers ville være blevet udstedt til den ansatte ved udnyttelsen (eller retserhvervelsen) af den aktiebaserede vederlæggelse (dvs. at den aktiebaserede vederlæggelsesordning indebærer en nettoafregning).
33F
Som en undtagelse fra kravene i afsnit 34 klassificeres transaktionen, der er angivet i afsnit 33E, i sin helhed som en aktiebaseret vederlæggelse afregnet i egenkapital, hvis den ville have været klassificeret som sådan i tilfælde af manglende nettoafregning.
33G
Virksomheden anvender afsnit 29 i denne standard ved den regnskabsmæssige behandling af tilbageholdelsen af aktier, der skal finansiere betalingen til skattemyndighederne af den ansattes skattemæssige forpligtelse i forbindelse med aktiebaseret vederlæggelse. Betalingen skal derfor regnskabsmæssigt behandles som et fradrag i egenkapitalen for de tilbageholdte aktier, bortset fra i det omfang betalingen overstiger dagsværdien på nettoafregningstidspunktet af de tilbageholdte egenkapitalinstrumenter.
33H
Undtagelsen i afsnit 33F finder ikke anvendelse på:
a)
en aktiebaseret vederlæggelsesordning, der indebærer en nettoafregning, for hvilken der ikke findes nogen forpligtelse for virksomheden i henhold til skattelovgivning eller -regler om at tilbageholde et beløb for en arbejdstagers skattemæssige forpligtelse i forbindelse med den aktiebaserede vederlæggelse, eller
b)
alle egenkapitalinstrumenter, som virksomheden tilbageholder, ud over den ansattes skattemæssige forpligtelse i forbindelse med den aktiebaserede vederlæggelse (dvs. virksomheden har tilbageholdt aktier, hvis værdi overstiger pengeværdien af den ansattes skattemæssige forpligtelse). Sådanne overskydende aktier, der tilbageholdes, skal behandles regnskabsmæssigt som en aktiebaseret vederlæggelse med kontantafregning, når dette beløb er betalt kontant (eller med andre aktiver) til den ansatte.
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 
(
36
)
 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 en kontantafregnet ret til 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 omvurdering 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 litra 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 litra 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.
AKTIEBASEREDE VEDERLÆGGELSER MELLEM KONCERNVIRKSOMHEDER (ÆNDRINGER I 2009)
43A
Ved aktiebaserede vederlæggelser mellem koncernvirksomheder skal den virksomhed, der modtager varerne eller tjenesteydelserne, i sit separate eller individuelle årsregnskab måle de modtagne varer eller tjenesteydelser enten som en aktiebaseret vederlæggelse afregnet i egenkapital eller som en aktiebaseret vederlæggelse med kontantafregning ud fra en vurdering af:
a)
tildelingens art og
b)
virksomhedens egne rettigheder og forpligtelser.
Det beløb, som indregnes af den virksomhed, der modtager varerne eller tjenesteydelserne, kan afvige fra det beløb, som indregnes af koncernen eller af en anden koncernvirksomhed, der afregner den aktiebaserede vederlæggelse.
43B Den virksomhed, der modtager varerne eller tjenesteydelserne, måler de modtagne varer eller tjenesteydelser som en aktiebaseret vederlæggelse afregnet i egenkapital, når:
a)
det er dens egne egenkapitalinstrumenter, der er tildelt, eller
b)
virksomheden ikke er forpligtet til at afregne den aktiebaserede vederlæggelse.
Virksomheden skal efterfølgende kun foretage en omvurdering af en aktiebaseret vederlæggelse afregnet i egenkapital, hvis der sker ændringer i de ikke-markedsbaserede optjeningsbetingelser, i overensstemmelse med afsnit 19-21. I alle andre tilfælde måler den virksomhed, der modtager varerne eller tjenesteydelserne, de modtagne varer eller tjenesteydelser som en aktiebaseret vederlæggelse med kontantafregning.
43C
Den virksomhed, der afregner en aktiebaseret vederlæggelse, når en anden virksomhed i koncernen modtager varerne eller tjenesteydelserne, indregner kun transaktionen som en aktiebaseret vederlæggelse afregnet i egenkapital, hvis den er afregnet i virksomhedens egne egenkapitalinstrumenter. Er det ikke tilfældet, indregnes transaktionen som en aktiebaseret vederlæggelse med kontantafregning.
43D
Visse koncerntransaktioner involverer tilbagebetalingsordninger, hvor en koncernvirksomhed betaler en anden koncernvirksomhed for at yde aktiebaserede vederlæggelser til leverandørerne af de pågældende varer eller tjenesteydelser. I disse tilfælde skal den virksomhed, der modtager varerne eller tjenesteydelserne, regnskabsmæssigt behandle den aktiebaserede vederlæggelse i overensstemmelse med afsnit 43B uden hensyntagen til den koncerninterne tilbagebetalingsordning.
OPLYSNINGER
44
Virksomheder skal give oplysninger, der gør det muligt for regnskabsbrugere at forstå arten og omfanget af aktiebaserede vederlæggelsesordninger, som har eksisteret i regnskabsperioden.
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 regnskabsperioden, 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 regnskabsperiodens begyndelse
ii)
tildelt i løbet af regnskabsperioden
iii)
fortabt i løbet af regnskabsperioden
iv)
udnyttet i løbet af regnskabsperioden
v)
udløbet i løbet af regnskabsperioden
vi)
i omløb ved regnskabspriodens afslutning og
vii)
med mulighed for udnyttelse ved regnskabsperiodens 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 regnskabsperioden.
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 regnskabsperioden, 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 regnskabsperioden (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 regnskabsperioden:
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 litra 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 regnskabsperioden, 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 regnskabsperioden og på virksomhedens finansielle stilling.
51
For at anvende princippet i afsnit 50 skal virksomheden mindst oplyse følgende:
a)
de samlede indregnede omkostninger i regnskabsperioden, 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 regnskabsperiodens afslutning og
ii)
den samlede indre værdi af forpligtelser ved regnskabsårets afslutning, hvor modpartens ret til kontant betaling eller andre aktiver var erhvervet ved regnskabspriodens 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. Hvis f.eks. en virksomhed har klassificeret en aktiebaseret vederlæggelse afregnet i egenkapital i overensstemmelse med afsnit 33F, skal virksomheden give et overslag over det beløb, som den forventer at overføre til skattemyndigheden som afregning for den ansattes skattemæssige forpligtelse, når det er nødvendigt for at informere brugerne om de fremtidige virkninger på pengestrømmen forbundet med den aktiebaserede vederlæggelsesordning.
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 den 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 den tidligst præsenterede regnskabsperiode.
56
For alle tildelinger af egenkapitalinstrumenter, som denne standard ikke har været anvendt på (eksempelvis egenkapitalinstrumenter, som er tildelt den 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 den tidligst præsenterede regnskabsperiode, hvor der er fortaget tilpasning af sammenligningstallene, bortset fra at virksomheden ikke behøver at tilpasse sammenligningstal i det omfang, disse oplysninger knytter sig til en regnskabsperiode eller et tidspunkt før den 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 en regnskabsperiode, for hvilken der er præsenteret sammenligningstal.
59A
En virksomhed skal anvende ændringerne i afsnit 30-31, 33-33H og B44A-B44C som anført nedenfor. Forudgående perioder tilpasses ikke.
a)
Ændringerne i afsnit B44A-B44C finder kun anvendelse på ændringer, der indtræffer på eller efter den dato, hvor virksomheden for første gang anvender disse ændringer.
b)
Ændringerne i afsnit 30-31 og 33-33D finder anvendelse på aktiebaseret vederlæggelse, der ikke er optjent på det tidspunkt, hvor virksomheden første gang anvender ændringerne, og på aktiebaseret vederlæggelse med et tildelingstidspunkt på eller efter den dato, hvor virksomheden for første gang anvender disse ændringer. For ikke-optjente tildelinger af aktiebaseret vederlæggelse tildelt før det tidspunkt, hvor virksomheden første gang anvender disse ændringer, foretager virksomheden en omvurdering af forpligtelsen på dette tidspunkt og indregner virkningen af omvurderingen i det overførte resultat (eller et andet element af egenkapitalen, alt efter tilfældet) ved begyndelsen af den regnskabsperiode, hvor ændringerne anvendes første gang.
c)
Ændringerne i afsnit 33E-33H og ændringen til afsnit 52 finder anvendelse på aktiebaseret vederlæggelse, der ikke er optjent (eller er optjent, men ikke udnyttet) på det tidspunkt, hvor virksomheden første gang anvender ændringerne, og på aktiebaseret vederlæggelse med et tildelingstidspunkt på eller efter det tidspunkt, hvor virksomheden for første gang anvender disse ændringer. For ikke-optjent (eller optjent, men ikke udnyttet) aktiebaseret vederlæggelse (eller dele heraf), som tidligere blev klassificeret som aktiebaseret vederlæggelse med kontantafregning, men som nu er klassificeret som afregnet i egenkapital i overensstemmelse med ændringerne, skal virksomheden omklassificere den regnskabsmæssige værdi af den forpligtelse, der hidrører fra aktiebaseret vederlæggelse, til egenkapital på det tidspunkt, hvor den for første gang anvender disse ændringer.
59B
Uanset kravene i afsnit 59A kan en virksomhed anvende ændringerne i afsnit 63D med tilbagevirkende kraft, med forbehold af overgangsbestemmelserne i denne standards afsnit 53-59, i overensstemmelse med IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
, hvis — og kun hvis — det er muligt uden at anvende oplysninger, der er fremkommet efterfølgende. Hvis en virksomhed vælger anvendelse med tilbagevirkende kraft, skal den gøre det for alle ændringerne i henhold til 
Klassifikation og måling af aktiebaseret vederlæggelse
 (ændringer til IFRS 2).
IKRAFTTRÆDELSESTIDSPUNKT
60
Virksomheder skal anvende denne IFRS for regnskabsår, som begynder den 1. januar 2005 eller derefter. Der tilskyndes til tidligere anvendelse. Hvis en virksomhed anvender denne IFRS på regnskabsperioder, som begynder før den 1. januar 2005, skal den oplyse herom.
61
IFRS 3 (ajourført i 2008) og 
Forbedringer til IFRS
 udstedt i april 2009 medførte ændring af afsnit 5. Virksomhederne skal anvende disse ændringer på regnskabsår, der begynder 1. januar 2009 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender IFRS 3 (ajourført 2008) på en tidligere regnskabsperiode, skal ændringerne også anvendes på denne tidligere regnskabsperiode.
62
Virksomheder skal anvende følgende ændringer med tilbagevirkende kraft på regnskabsår, som begynder den 1. januar 2009 eller derefter:
a)
kravene i afsnit 21A vedrørende behandlingen af ikke-optjeningsberettigende betingelser
b)
de ajourførte definitioner på "retserhverves" og "optjeningsbetingelser" i appendiks A
c)
ændringerne i afsnit 28 og 28A vedrørende annulleringer.
Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender disse ændringer på regnskabsperioder, som begynder før den 1. januar 2009, skal den oplyse herom.
63
Virksomheder skal anvende følgende ændringer fra 
Group Cash-settled Share-based Payment Transactions
, der udkom i juni 2009, med tilbagevirkende kraft, med forbehold af overgangsbestemmelserne i afsnit 53-59, i overensstemmelse med IAS 8, på regnskabsår, der begynder den 1. januar 2010 eller derefter:
a)
ændringen af afsnit 2, ophævelsen af afsnit 3 og tilføjelsen af afsnit 3A og 43A-43D samt afsnit B45, B47, B50, B54, B56–B58 og B60 i appendiks B vedrørende regnskabsmæssig behandling af transaktioner mellem koncernvirksomheder
b)
de ajourførte definitioner i appendiks A af følgende termer:
—
aktiebaseret vederlæggelse med kontantafregning
—
aktiebaseret vederlæggelse afregnet i egenkapital
—
aktiebaseret vederlæggelsesordning
—
aktiebaseret vederlæggelse.
Hvis de oplysninger, der er nødvendige for, at ændringerne kan anvendes med tilbagevirkende kraft, ikke foreligger, skal virksomheden angive de beløb, der allerede er indregnet i koncernregnskabet, i sit separate eller individuelle årsregnskab. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender ændringerne på regnskabsperioder, som begynder før den 1. januar 2010, skal den oplyse herom.
63A
IFRS 10 
Koncernregnskaber
 og IFRS 11, udstedt i maj 2011, medførte ændring af afsnit 5 og appendiks A. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 10 og IFRS 11.
63B
Det årlige forbedringsprojekt vedrørende IFRS-standarder for perioden 2010-2012
, udstedt i december 2013, medførte ændring af afsnit 15 og 19. I appendiks A blev definitionerne af "optjeningsbetingelser" og "markedsbaseret betingelse" ændret, og definitionerne af "indtjeningsbetingelse" og "
tjenestebetingelse
" blev tilføjet. Virksomheder skal fremover anvende denne ændring på aktiebaseret vederlæggelse, hvor tildelingstidspunktet er den 1. juli 2014 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender ændringen på en tidligere regnskabsperiode, skal den oplyse herom.
63C
IFRS 9, udstedt i juli 2014, medførte ændring af afsnit 6. Virksomheder skal anvende denne ændring ved anvendelse af IFRS 9.
63D
Klassifikation og måling af aktiebaseret vederlæggelse
 (ændringer til IFRS 2), udstedt i juni 2016, medførte ændring af afsnit 19, 30-31, 33, 52 og 63 og tilføjelse af afsnit 33A-33H, 59A-59B, 63D og B44A-B44C og deres relaterede overskrifter. Virksomheder skal anvende disse ændringer på regnskabsår, som begynder den 1. januar 2018 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender ændringerne for et tidligere regnskabsår, skal den give oplysning om dette.
63E
Ændringerne af henvisningerne til begrebsrammen i IFRS-standarderne
, der blev udstedt i 2018, medførte en ændring af fodnoten til definitionen af et egenkapitalinstrument i appendiks A. Virksomheder skal anvende denne ændring for regnskabsår, som begynder den 1. januar 2020 eller derefter. Tidligere anvendelse er tilladt, hvis en virksomhed samtidigt også anvender alle andre ændringer, der foretages ved 
Ændringerne af henvisningerne til begrebsrammen i IFRS-standarderne
. En virksomhed skal anvende ændringen til IFRS 2 med tilbagevirkende kraft med forbehold af overgangsbestemmelserne i afsnit 53-59 i denne standard i overensstemmelse med IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl.
 Hvis en virksomhed imidlertid fastslår, at anvendelse med tilbagevirkende kraft ville være praktisk umuligt eller ville indebære en urimelig udgift eller indsats, skal den anvende ændringerne til IFRS 2 ved at henvise til afsnit 23-28, 50-53 og 54F i IAS 8.
OPHÆVELSE AF FORTOLKNINGSBIDRAG
64
Group Cash-settled Share-based Payment Transactions
 udstedt i juni 2009 erstatter IFRIC 8 
IFRS 2's anvendelsesområde
 og IFRIC 11 
IFRS 2 – Transaktioner med koncernaktier og egne aktier
. De ændringer, der findes i dette dokument, indbefatter de krav, der tidligere var fastsat i IFRIC 8 og IFRIC 11, som følger:
a)
ændring af afsnit 2 og tilføjelse af afsnit 13A med hensyn til regnskabsmæssig behandling af transaktioner, hvor virksomheden ikke konkret kan identificere nogle af eller alle de modtagne varer eller tjenesteydelser. Disse krav gjaldt for regnskabsår, der begyndte den 1. maj 2006 eller derefter
b)
tilføjelse af afsnit B46, B48, B49, B51–B53, B55, B59 og B61 i appendiks B med hensyn til regnskabsmæssig behandling af transaktioner mellem koncernvirksomheder. Disse krav gjaldt for regnskabsår, der begyndte den 1. marts 2007 eller derefter
Disse krav blev anvendt med tilbagevirkende kraft i overensstemmelse med kravene i IAS 8 og med forbehold af overgangsbestemmelserne i IFRS 2.
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) 
egenkapitalinstrumenter
 (herunder aktier eller 
aktieoptioner
) i virksomheden eller en anden koncernvirksomhed.
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 
(
37
)
.
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
a)
modtager varer eller tjenesteydelser som betaling for sine egne 
egenkapitalinstrumenter
 (herunder aktier eller 
aktieoptioner
) eller
b)
modtager varer eller tjenesteydelser, men uden at være forpligtet til at afregne transaktionen med leverandøren.
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 
(
38
)
 på en aktie med en dagsværdi på 20 CU en indre værdi på 5 CU.
Markedsbaseret betingelse
En 
indtjeningsbetingelse
, som udnyttelseskursen, retserhvervelsen eller udnyttelsesretten for et 
egenkapitalinstrument
 afhænger af, og som er tilknyttet markedskursen (eller værdien) for virksomhedens 
egenkapitalinstrumenter
 (eller en anden koncernvirksomheds egenkapitalinstrumenter), eksempelvis:
a)
opnåelse af en bestemt aktiekurs eller en bestemt 
indre værdi
 for en 
aktieoption
 eller
b)
opnåelse af et opstillet mål, som er baseret på markedskursen (eller værdien) for virksomhedens 
egenkapitalinstrumenter
 (eller en anden koncernvirksomheds egenkapitalinstrumenter) i forhold til et markedskursindeks for 
egenkapitalinstrumenter
 i andre virksomheder.
En markedsbaseret betingelse kræver, at modparten fuldfører en bestemt arbejdsperiode (dvs. en 
tjenestebetingelse
); tjenestekravet kan være udtrykkeligt eller underforstået.
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.
Indtjeningsbetingelse
En 
optjeningsbetingelse
, der kræver:
a)
at modparten fuldfører en bestemt arbejdsperiode (dvs. en 
tjenestebetingelse
); tjenestekravet kan være udtrykkeligt eller underforstået, og
b)
at opstillede indtjeningsmål opfyldes, medens modparten leverer den tjenesteydelse, der kræves i litra a).
Perioden for opfyldelse af indtjeningsmål:
a)
må ikke strække sig ud over arbejdsperiodens afslutning og
b)
kan begynde før arbejdsperioden på betingelse af, at begyndelsestidspunktet for indtjeningsmålet ikke ligger væsentligt tidligere end begyndelsen af arbejdsperioden.
Et indtjeningsmål defineres ved henvisning til:
a)
virksomhedens egne aktiviteter eller aktiviteter i en anden virksomhed i samme koncern (dvs. en ikke-markedsbaseret betingelse) eller
b)
kursen på (eller værdien af) virksomhedens 
egenkapitalinstrumenter
 eller egenkapitalinstrumenter i en anden virksomhed i samme koncern (herunder aktier og 
aktieoptioner
) (dvs. en 
markedsbaseret betingelse
).
Et indtjeningsmål kan enten relatere til indtjeningen i virksomheden som helhed eller i en del af virksomheden (eller en del af koncernen), f.eks. en afdeling eller en enkelt ansat.
Reload-mulighed
Dette giver mulighed for automatisk tildeling af yderligere 
aktieoptioner
, når ejeren 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.
Tjenestebetingelse
En 
optjeningsbetingelse
, der kræver, at modparten gennemfører en fastsat arbejdsperiode, hvor tjenesteydelser leveres til virksomheden. Hvis modparten, uanset årsagen, ophører med at levere tjenesteydelser i løbet af 
optjeningsperioden
, har denne ikke opfyldt kravet. En tjenestebetingelse kræver ikke opfyldelse af et indtjeningsmål.
Aktiebaseret vederlæggelsesordning
En ordning mellem virksomheden (eller en anden koncernvirksomhed 
(
39
)
 eller en aktionær i en koncernvirksomhed) og en anden part (herunder en ansat), som berettiger den anden part til at modtage
a)
kontanter eller andre aktiver i virksomheden for beløb, der er baseret på kursen på (eller værdien af) 
egenkapitalinstrumenter
 (herunder aktier eller 
aktieoptioner
) i virksomheden eller en anden koncernvirksomhed, eller
b)
egenkapitalinstrumenter
 (herunder aktier eller 
aktieoptioner
) i virksomheden eller en anden koncernvirksomhed,
under forudsætning af opfyldelsen af eventuelle fastsatte 
optjeningsbetingelser
.
Aktiebaseret vederlæggelse
En transaktion, hvor virksomheden
a)
modtager varer eller tjenesteydelser fra leverandøren (herunder en ansat) af disse varer eller tjenesteydelser som led i en 
aktiebaseret vederlæggelsesordning
 eller
b)
forpligter sig til at afregne transaktionen med leverandøren som led i en 
aktiebaseret vederlæggelsesordning
, når en anden koncernvirksomhed modtager disse varer eller tjenesteydelser.
Aktieoption
En kontrakt, der giver ejeren 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 a
ktiebaseret vederlæggelse
 retserhverves modpartens ret til at modtage kontanter eller andre aktiver eller 
egenkapitalinstrumenter
 i virksomheden, når modpartens ret ikke længere er betinget af opfyldelsen af eventuelle 
optjeningsbetingelser
.
Optjeningsbetingelser
En betingelse, der afgør, om virksomheden modtager de tjenesteydelser, der berettiger modparten til at modtage kontanter, andre aktiver eller 
egenkapitalinstrumenter
 i virksomheden i henhold til en 
aktiebaseret vederlæggelsesordning
. En optjeningsbetingelse er enten en 
tjenestebetingelse
 eller en 
indtjeningsbetingelse
.
Optjeningsperiode
Den periode, hvor alle fastsatte 
optjeningsbetingelser
 for en 
aktiebaseret vederlæggelsesordning
 skal opfyldes.
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 toårig option ikke dobbelt så meget værd som en etårig 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 er forpligtet til 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 ejeren 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 ejeren 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 litra 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 litra 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 litra a) ovenfor), skal virksomheden ikke tage de ændrede optjeningsbetingelser i betragtning ved anvendelse af kravene i afsnit 19-21.
Den regnskabsmæssige behandling af en ændring af en aktiebaseret vederlæggelse, hvor klassifikationen ændres fra kontantafregning til afregning i egenkapital
B44A
Hvis vilkårene og betingelserne for en aktiebaseret vederlæggelse med kontantafregning ændres med det resultat, at den bliver til en aktiebaseret vederlæggelse afregnet i egenkapital, behandles transaktionen regnskabsmæssigt som sådan fra ændringstidspunktet. Nærmere bestemt gælder:
a)
Den aktiebaserede vederlæggelse afregnet i egenkapital måles på grundlag af dagsværdien af de tildelte egenkapitalinstrumenter på ændringstidspunktet. Den aktiebaserede vederlæggelse afregnet i egenkapital indregnes i egenkapitalen på ændringstidspunktet, i det omfang varerne og tjenesteydelserne er modtaget.
b)
Indregning af forpligtelsen vedrørende den aktiebaserede vederlæggelse med kontantafregning ophører på ændringstidspunktet.
c)
En eventuel forskel mellem den regnskabsmæssige værdi af den forpligtelse, hvis indregning er ophørt, og den egenkapital, der er indregnet på ændringstidspunktet, indregnes straks i resultatet.
B44B
Hvis optjeningsperioden er blevet forlænget eller forkortet som følge af ændringen, skal anvendelsen af kravene i afsnit B44A afspejle den ændrede optjeningsperiode. Kravene i afsnit B44A finder anvendelse, selv hvis ændringen indtræder efter optjeningsperioden.
B44C
En aktiebaseret vederlæggelse med kontantafregning kan annulleres eller afregnes (ud over en transaktion, som annulleres ved fortabelse, når optjeningsbetingelserne ikke opfyldes). Hvis der er tildelt egenkapitalinstrumenter, og virksomheden identificerer disse på tildelingstidspunktet som erstatning for den annullerede aktiebaserede vederlæggelse med kontantafregning, skal virksomheden anvende afsnit B44A og B44B.
Aktiebaserede vederlæggelser mellem koncernvirksomheder (ændringer i 2009)
B45
Afsnit 43A-43C vedrører den regnskabsmæssige behandling af aktiebaserede vederlæggelser mellem koncernvirksomheder i den enkelte virksomheds separate eller individuelle årsregnskab. Afsnit B46-B61 beskriver, hvordan kravene i afsnit 43A-43C skal anvendes. Der kan som nævnt i afsnit 43D være flere grunde til at anvende aktiebaserede vederlæggelser mellem koncernvirksomheder afhængig af de faktiske forhold og omstændigheder. Denne beskrivelse er derfor ikke udtømmende og forudsætter, at når den virksomhed, der modtager varerne eller tjenesteydelserne, ikke er forpligtet til at afregne transaktionen, må transaktionen anses for en modervirksomheds egenkapitalindskud i dattervirksomheden uden hensyntagen til en eventuel koncernintern tilbagebetalingsordning.
B46
Selv om nedenstående beskrivelse fokuserer på transaktioner med ansatte, gælder den også for lignende aktiebaserede vederlæggelser med ikke-ansatte leverandører af varer eller tjenesteydelser. En modervirksomhed kan have indgået en ordning med sin dattervirksomhed, hvorefter dattervirksomheden skal betale modervirksomheden for tilførslen af egenkapitalinstrumenter til medarbejderne. Der tages i nedenstående beskrivelse ikke stilling til, hvorledes en sådan koncernintern vederlæggelsesordning skal behandles regnskabsmæssigt.
B47
Der findes typisk fire problemstillinger i forbindelse med aktiebaserede vederlæggelser mellem koncernvirksomheder. I de følgende eksempler beskrives disse problemstillinger for nemheds skyld med udgangspunkt i en modervirksomhed og dens dattervirksomhed.
Aktiebaserede vederlæggelsesordninger, der involverer en virksomheds egne egenkapitalinstrumenter
B48
Det første spørgsmål er, om følgende transaktioner, der involverer en virksomheds egne egenkapitalinstrumenter, regnskabsmæssigt skal behandles som afregnet i egenkapital eller afregnet kontant i overensstemmelse med kravene i denne standard:
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) af 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.
B49
Virksomheden skal regnskabsmæssigt behandle aktiebaserede vederlæggelser, hvor den modtager tjenesteydelser som vederlag for sine egne egenkapitalinstrumenter, som afregnet i egenkapital. Dette gælder, uanset om virksomheden vælger eller er forpligtet til at købe disse egenkapitalinstrumenter af 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).
B50
Hvis aktionæren er forpligtet til at afregne transaktionen med medarbejderne i den virksomhed, der er investeret i, skal aktionæren give dem egenkapitalinstrumenter i denne virksomhed og ikke i sin egen virksomhed. Hvis den virksomhed, der er investeret i, tilhører den samme koncern som aktionæren, skal aktionæren derfor i henhold til afsnit 43C måle sin forpligtelse i overensstemmelse med de krav, der gælder for aktiebaserede vederlæggelser med kontantafregning, i aktionærens separate årsregnskab, og de krav, der gælder for aktiebaserede vederlæggelser afregnet i egenkapital, i aktionærens koncernregnskab.
Aktiebaserede vederlæggelsesordninger, der involverer modervirksomhedens egenkapitalinstrumenter
B51
Det andet spørgsmål vedrører aktiebaserede vederlæggelser, som finder sted mellem to eller flere virksomheder i samme koncern og involverer et egenkapitalinstrument i en anden koncernvirksomhed. For eksempel får medarbejdere i en dattervirksomhed tildelt ret til egenkapitalinstrumenter i modervirksomheden som vederlag for de tjenesteydelser, de har ydet dattervirksomheden.
B52
Det andet spørgsmål vedrører derfor 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 disse egenkapitalinstrumenter, og
b)
en dattervirksomhed tildeler sine medarbejdere ret til sin modervirksomheds egenkapitalinstrumenter: dattervirksomheden er forpligtet til at give sine medarbejdere disse egenkapitalinstrumenter.
En modervirksomhed tildeler sin dattervirksomheds ansatte ret til egenkapitalinstrumenter (afsnit B52, litraa))
B53
Dattervirksomheden er ikke forpligtet til at stille sin modervirksomheds egenkapitalinstrumenter til rådighed for dattervirksomhedens ansatte. Dattervirksomheden skal derfor i henhold til afsnit 43B måle de tjenesteydelser, den har modtaget fra sine ansatte, i overensstemmelse med de krav, der gælder for aktiebaserede vederlæggelser afregnet i egenkapital, og indregne en tilsvarende stigning i egenkapitalen som et bidrag fra modervirksomheden.
B54
Modervirksomheden er forpligtet til at afregne transaktionen med dattervirksomhedens ansatte ved hjælp af modervirksomhedens egne egenkapitalinstrumenter. Modervirksomheden skal derfor i henhold til afsnit 43C måle sin forpligtelse i overensstemmelse med de krav, der gælder for aktiebaserede vederlæggelser afregnet i egenkapital.
En dattervirksomhed tildeler sine ansatte ret til egenkapitalinstrumenter i modervirksomheden (afsnit B52, litra b))
B55
Eftersom dattervirksomheden ikke opfylder nogen af betingelserne i afsnit 43B, skal den regnskabsmæssigt behandle transaktionen med sine medarbejdere som kontant afregnet. Dette krav gælder, uanset hvordan dattervirksomheden opnår egenkapitalinstrumenterne med henblik på at opfylde sine forpligtelser over for sine medarbejdere.
Aktiebaserede vederlæggelsesordninger, der involverer kontantbetalinger til medarbejderne
B56
Det tredje spørgsmål er, hvordan en virksomhed, der modtager varer eller tjenesteydelser fra sine leverandører (herunder ansatte), regnskabsmæssigt skal behandle aktiebaserede ordninger, der afregnes kontant, når virksomheden ikke selv er forpligtet til at foretage de krævede betalinger til sine leverandører. Der kan f.eks. være tale om følgende ordninger, hvor modervirksomheden (ikke virksomheden selv) er forpligtet til at foretage de krævede kontantbetalinger til virksomhedens ansatte, og hvor:
a)
virksomhedens ansatte modtager kontantbetalinger, der afhænger af kursen på dens egenkapitalinstrumenter
b)
virksomhedens ansatte modtager kontantbetalinger, der afhænger af kursen på modervirksomhedens egenkapitalinstrumenter.
B57
Dattervirksomheden er ikke forpligtet til at afregne transaktionen med sine ansatte. Dattervirksomheden skal derfor regnskabsmæssigt behandle transaktionen med sine medarbejdere som kontant afregnet og indregne en tilsvarende stigning i egenkapitalen som et bidrag fra sin modervirksomhed. Dattervirksomheden foretager efterfølgende en omvurdering af omkostningerne ved transaktionen, hvis der sker ændringer som følge af, at de ikke-markedsbaserede optjeningsbetingelser ikke er opfyldt, i overensstemmelse med afsnit 19-21. Denne måling adskiller sig fra målingen af transaktionen som kontant afregnet i koncernregnskabet.
B58
Eftersom modervirksomheden er forpligtet til at afregne transaktionen med de ansatte, og der afregnes kontant, skal modervirksomheden (og koncernen) i henhold til afsnit 43C måle sin forpligtelse i overensstemmelse med de krav, der gælder for aktiebaserede vederlæggelser med kontantafregning.
Overførsel af ansatte mellem koncernvirksomheder
B59
Det fjerde spørgsmål vedrører koncerners aktiebaserede vederlæggelsesordninger, der involverer medarbejdere i mere end én koncernvirksomhed. En modervirksomhed kan eksempelvis tildele sine dattervirksomheders ansatte ret til sine egenkapitalinstrumenter, på betingelse af at de ansatte bliver i koncernen i en bestemt periode. En medarbejder i en dattervirksomhed kan overføre beskæftigelse 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. Hvis dattervirksomhederne ikke er forpligtede til at afregne den aktiebaserede vederlæggelse med deres ansatte, behandler de den regnskabsmæssigt som en vederlæggelse afregnet i egenkapital. Hver dattervirksomhed skal måle de tjenesteydelser, den modtager fra medarbejderen, under henvisning til dagsværdien af egenkapitalinstrumenterne på den dato, hvor retten til disse egenkapitalinstrumenter oprindelig blev tildelt af modervirksomheden som defineret i appendiks A, og den andel af optjeningsperioden, hvor medarbejderen har arbejdet i hver dattervirksomhed.
B60
Er dattervirksomheden forpligtet til at afregne transaktionen med sine ansatte i sin modervirksomheds egenkapitalinstrumenter, skal den regnskabsmæssigt behandle transaktionen som kontant afregnet. Hver dattervirksomhed skal måle de modtagne tjenesteydelser ud fra kapitalinstrumenternes dagsværdi på tildelingstidspunktet og den andel af optjeningsperioden, hvor medarbejderen har arbejdet i hver dattervirksomhed. Hver dattervirksomhed skal endvidere indregne eventuelle ændringer i egenkapitalinstrumenternes dagsværdi, som indtræffer i den periode, hvor medarbejderen er ansat i den pågældende dattervirksomhed.
B61
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 appendiks A; medarbejderen forlader f.eks. koncernen, før den pågældende har fuldført arbejdsperioden. I så fald skal hver dattervirksomhed, eftersom optjeningsbetingelsen er det arbejde, der er udført for koncernen, justere det tidligere indregnede beløb for tjenesteydelser modtaget fra medarbejderen i overensstemmelse med principperne i 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.
IFRS 3
Virksomhedssammenslutninger
FORMÅL
1
Formålet med denne standard er at øge relevansen, pålideligheden og sammenligneligheden af de oplysninger, en regnskabsaflæggende virksomhed giver i sine regnskaber om 
virksomhedssammenslutninger
 og virkningen heraf. Med henblik herpå fastlægger denne standard principper og krav til, hvordan den 
overtagende virksomhed
:
a)
foretager indregning og måling i årsregnskabet af de overtagne 
identificerbare
 aktiver og forpligtelser samt eventuelle 
minoritetsinteresser
 i den 
overtagne virksomhed
,
b)
indregner og måler den 
goodwill
, der overtages ved virksomhedssammenslutningen, eller en gevinst hidrørende fra et tilbudskøb, og
c)
beslutter, hvilke oplysninger, der skal gives for at gøre det muligt for regnskabsbrugere at vurdere arten og den økonomiske virkning af virksomhedssammenslutningen.
ANVENDELSESOMRÅDE
2
Denne standard finder anvendelse på transaktioner eller andre begivenheder, der opfylder definitionen på en virksomhedssammenslutning. Denne standard finder ikke anvendelse på:
a)
den regnskabsmæssige behandling af dannelsen af en fælles ordning i regnskabet for den fælles ordning som sådan.
b)
overtagelse af et aktiv eller en gruppe af aktiver, der ikke udgør en 
virksomhed
. I sådanne tilfælde skal den overtagende virksomhed identificere og indregne de overtagne individuelt identificerbare aktiver (herunder aktiver, der opfylder definitionen på og indregningskriterierne for 
immaterielle aktiver
 i IAS 38 
Immaterielle aktiver
) samt de overtagne forpligtelser. Kostprisen for gruppen allokeres til de individuelt identificerbare aktiver og forpligtelser på grundlag af deres relative 
dagsværdier
 på købstidspunktet. En sådan transaktion eller begivenhed medfører ikke goodwill
c)
en sammenslutning af virksomheder under samme bestemmende indflydelse (afsnit B1-B4 indeholder en anvendelsesvejledning i denne forbindelse).
2A
Kravene i denne standard finder ikke anvendelse på en erhvervelse foretaget af en investeringsvirksomhed, som defineret i IFRS 10 Koncernregnskaber, af en investering i en dattervirksomhed, som skal måles til dagsværdi over resultatet.
IDENTIFIKATION AF EN VIRKSOMHEDSSAMMENSLUTNING
3
Virksomheden skal vurdere, om en transaktion eller anden begivenhed udgør en virksomhedssammenslutning, ved at anvende definitionen i denne standard, som kræver, at de overtagne aktiver eller forpligtelser udgør en virksomhed. Hvis de overtagne aktiver ikke udgør en virksomhed, skal den regnskabsaflæggende virksomhed behandle transaktionen eller begivenheden som en overtagelse af aktiver. Afsnit B5-B12D indeholder vejledning om, hvordan en virksomhedssammenslutning identificeres, samt definitionen på en virksomhed.
OVERTAGELSESMETODEN
4
Virksomheden skal foretage regnskabsmæssig behandling af hver virksomhedssammenslutning under anvendelse af overtagelsesmetoden.
5
Anvendelse af overtagelsesmetoden kræver:
a)
identifikation af den overtagende virksomhed
b)
fastlæggelse af 
overtagelsestidspunktet
c)
indregning og måling af de overtagne identificerbare aktiver og forpligtelser samt eventuelle minoritetsinteresser i den overtagne virksomhed, og
d)
indregning og måling af goodwill eller en gevinst hidrørende fra et tilbudskøb.
Identifikation af den overtagende virksomhed
6
For hver virksomhedssammenslutning skal en af de sammensluttende virksomheder identificeres som den overtagende virksomhed.
7
Vejledningen i IFRS 10 anvendes til at identificere erhververen - den virksomhed, der opnår 
bestemmende
 indflydelse på en anden virksomhed, dvs. den overtagne virksomhed. Hvis en virksomhedssammenslutning har fundet sted, men det ikke ved anvendelse af vejledningen i IFRS 10 er muligt at opnå en klar indikation af, hvilken af de sammensluttende virksomheder, der er den overtagende virksomhed, skal forholdene i afsnit B14-B18 tages i betragtning ved fastlæggelsen heraf.
Fastlæggelse af overtagelsestidspunktet
8
Den overtagende virksomhed skal identificere overtagelsestidspunktet, som er det tidspunkt, hvor den overtagende virksomhed opnår bestemmende indflydelse på den overtagne virksomhed.
9
Den dato, hvor den overtagende virksomhed opnår bestemmende indflydelse på den overtagne virksomhed, er generelt den dato, hvor den overtagende virksomhed retligt erlægger vederlaget og overtager den overtagne virksomheds aktiver og forpligtelser — afslutningstidspunktet. Den overtagende virksomhed kan imidlertid opnå bestemmende indflydelse på et tidspunkt før eller efter afslutningstidspunktet. Eksempelvis falder overtagelsestidspunktet før afslutningstidspunktet, hvis det er fastlagt i en skriftlig aftale, at den overtagende virksomhed opnår bestemmende indflydelse på den overtagne virksomhed på et tidspunkt, der ligger før afslutningstidspunktet. En overtagende virksomhed skal tage alle relevante forhold og omstændigheder i betragtning i sin identifikation af overtagelsestidspunktet.
Indregning og måling af de overtagne identificerbare aktiver og forpligtelser samt eventuelle minoritetsinteresser i den overtagne virksomhed
Indregningsprincip
10
På overtagelsestidspunktet skal den overtagende virksomhed indregne og måle de overtagne identificerbare aktiver og forpligtelser samt eventuelle minoritetsinteresser i den overtagne virksomhed separat fra goodwill. Indregningen af de overtagne identificerbare aktiver og forpligtelser skal ske i henhold til de betingelser, der er anført i afsnit 11 og 12.
Indregnings bestemmelser
11
For at opfylde betingelserne for indregning som en del af anvendelsen af overtagelsesmetoden skal de overtagne identificerbare aktiver og forpligtelser opfylde definitionen på aktiver og forpligtelser i 
Begrebsramme for årsregnskaber
 på overtagelsestidspunktet. Eksempelvis udgør fremtidige omkostninger, som den overtagende virksomhed forventer, men ikke er forpligtet til, at skulle afholde for at gennemføre sin plan om at afslutte en af den overtagne virksomheds aktiviteter eller opsige eller overflytte en af den overtagne virksomheds medarbejdere, ikke forpligtelser på overtagelsestidspunktet. Derfor indregner den overtagende virksomhed ikke disse omkostninger som et led i anvendelsen af overtagelsesmetoden. I stedet indregner den overtagende virksomhed omkostningerne i sit årsregnskab efter sammenslutningen i overensstemmelse med andre IFRS-standarder.
12
Desuden skal de overtagne identificerbare aktiver og forpligtelser udgøre en del af udvekslingen mellem den overtagende og den overtagne virksomhed (eller sidstnævntes tidligere 
ejere
) i transaktionen ved virksomhedssammenslutningen snarere end være et resultat af særskilte transaktioner. Den overtagende virksomhed skal lægge vejledningen i afsnit 51-53 til grund for sin vurdering af, hvilke af de overtagne aktiver eller forpligtelser der udgør en del af udvekslingen for den overtagne virksomhed, og hvilke, om nogen, der er resultatet af særskilte transaktioner, der skal behandles regnskabsmæssigt i overensstemmelse med deres art og de relevante IFRS-standarder.
13
Den overtagende virksomheds anvendelse af indregningsprincippet og –betingelserne kan medføre indregning af visse aktiver og forpligtelser, som den overtagne virksomhed ikke tidligere indregnede som aktiver og forpligtelser i sit årsregnskab. Eksempelvis skal den overtagende virksomhed indregne de overtagne identificerbare immaterielle aktiver, såsom et mærkenavn, patent eller kundeforhold, som den overtagne virksomhed ikke indregnede som aktiver i sit årsregnskab, fordi den udviklede dem internt og omkostningsførte de tilknyttede omkostninger.
14
Afsnit B31-B40 indeholder vejledning om indregning af immaterielle aktiver. Afsnit 21-28B angiver de typer identificerbare aktiver og forpligtelser, der indeholder poster, for hvilke denne standard tillader begrænsede undtagelser fra princippet og betingelserne for indregning.
Klassifikation af identificerbare aktiver og forpligtelser overtaget ved en virksomhedssammenslutning
15
På overtagelsestidspunktet skal den overtagende virksomhed klassificere de overtagne identificerbare aktiver og forpligtelser, der er nødvendige for senere anvendelse af andre IFRS-standarder. Den overtagende virksomhed skal foretage disse klassifikationer i henhold til de kontraktlige vilkår, økonomiske forhold, driftsprincipper eller regnskabspraksis samt andre relevante forhold, der måtte bestå på overtagelsestidspunktet.
16
I visse situationer tillader IFRS-standarderne, at den regnskabsmæssige behandling kan afhænge af, hvordan virksomheden klassificerer et bestemt aktiv eller en bestemt forpligtelse. Klassifikationen, som den overtagende virksomhed skal foretage på baggrund af de relevante forhold, der måtte bestå på overtagelsestidspunktet, omfatter, men er ikke begrænset til:
a)
klassifikation af bestemte finansielle aktiver og forpligtelser som målt til dagsværdi gennem resultatet eller til amortiseret kostpris, eller som et finansielt aktiv målt til dagsværdi gennem anden totalindkomst i henhold til IFRS 9 
Finansielle instrumenter
b)
klassifikation af et afledt finansielt instrument som et sikringsinstrument i overensstemmelse med IFRS 9 og
c)
vurdering af, om et indbygget afledt finansielt instrument skal udskilles fra en hovedkontrakt i overensstemmelse med IFRS 9 (hvilket er et spørgsmål om "klassifikation" i henhold til brugen af dette begreb i denne standard).
17
Denne standard tillader en undtagelser fra princippet i afsnit 15:
a)
klassifikation af en leasingkontrakt, hvor den overtagne virksomhed er leasinggiver, som enten en operationel leasingkontrakt eller en finansiel leasingkontrakt i overensstemmelse med IFRS 16 
Leasingkontrakter
b)
[ophævet]
Den overtagende virksomhed skal klassificere disse kontrakter på grundlag af kontraktlige vilkår og andre vilkår ved kontraktens indgåelse (eller, hvis kontraktvilkårene er blevet ændret på en måde, der ville ændre klassifikationen, på ændringsdatoen, som godt kan være overtagelsestidspunktet).
Målingsprincip
18
Den overtagende virksomhed skal måle de overtagne identificerbare aktiver og forpligtelser til dagsværdien på overtagelsestidspunktet.
19
Ved enhver virksomhedssammenslutning skal den overtagende virksomhed på overtagelsestidspunktet måle elementer af minoritetsinteresser i den overtagne virksomhed, som er aktuelle ejerandele og giver ejerne af disse ret til en forholdsmæssig andel af virksomhedens nettoaktiver i tilfælde af likvidation med enten:
a)
dagsværdi eller
b)
de nuværende ejerandeles forholdsmæssige andel af de indregnede beløb af den overtagne virksomheds identificerbare nettoaktiver.
Alle andre elementer af minoritetsinteresser skal måles til dagsværdien på overtagelsestidspunktet, medmindre der i henhold til IFRS-standarder kræves et andet målingsgrundlag.
20
Afsnit 24-31A angiver de typer identificerbare aktiver og forpligtelser, der indeholder poster, for hvilke denne standard tillader begrænsede undtagelser fra målingsprincippet.
Undtagelser fra indregnings- og målingsprincipperne
21
Denne standard tillader begrænsede undtagelser fra indregnings- og målingsprincipperne. Afsnit 21A-31A angiver både de bestemte poster, der er omfattet af undtagelserne, samt arten af undtagelserne. I sin regnskabsmæssige behandling af disse poster skal den overtagende virksomhed anvende kravene i afsnit 21A-31A, hvilket vil medføre, at visse poster:
a)
indregnes enten ved at anvende flere indregningsbetingelser end de i afsnit 11 og 12 nævnte eller ved at anvende krav fra andre IFRS-standarder med andre resultater, end der opnås ved at anvende princippet og betingelserne for indregning
b)
måles til et andet beløb end dagsværdien på overtagelsestidspunktet.
Undtagelser fra indregningsprincippet
Forpligtelser og eventualforpligtelser, 
der falder ind under anvendelsesområdet for IAS 37 eller IFRIC 21
21A
Afsnit 21B finder anvendelse på forpligtelser og eventualforpligtelser, der ville falde ind under IAS 37 
Hensatte forpligtelser, eventualforpligtelser og eventualaktiver
 eller IFRIC 21 
Afgifter
, hvis de blev pådraget separat frem for overtaget ved en virksomhedssammenslutning.
21B
Begrebsrammen for årsregnskaber
 definerer en forpligtelse som en aktuel forpligtelse for virksomheden til at overføre en økonomisk ressource som følge af tidligere begivenheder. For en hensat forpligtelse eller eventualforpligtelse, der ville falde ind under anvendelsesområdet for IAS 37, anvender den overtagende virksomhed afsnit 15-22 i IAS 37 for at afgøre, om der på overtagelsestidspunktet eksisterer en aktuel forpligtelse som følge af tidligere begivenheder. For en afgift, der falder ind under anvendelsesområdet for IFRIC 21, anvender den overtagende virksomhed IFRIC 21 for at afgøre, om den forpligtende begivenhed, som medfører en forpligtelse til at betale afgiften, er indtruffet inden overtagelsestidspunktet.
21C
En aktuel forpligtelse, der er identificeret i overensstemmelse med afsnit 21B, kan opfylde definitionen på en eventualforpligtelse, jf. afsnit 22, litra b). I så fald finder afsnit 23 anvendelse på denne eventualforpligtelse.
Eventualforpligtelser og eventualaktiver
22
I IAS 37 defineres en eventualforpligtelse som:
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.
23
I stedet skal den overtagende virksomhed på overtagelsestidspunktet indregne en eventualforpligtelse, der er overtaget ved en virksomhedssammenslutning, hvis det er en aktuel forpligtelse, der hidrører fra tidligere begivenheder, og dagsværdien kan måles pålideligt. Derfor gælder det i modsætning til afsnit 14, litra b), afsnit 23, 27, 29 og 30 i IAS 37, at den overtagende virksomhed indregner en eventualforpligtelse, der er overtaget ved en virksomhedssammenslutning på overtagelsestidspunktet, selv hvis det ikke er sandsynligt, at indfrielse af forpligtelsen kræver et træk på virksomhedens økonomiske ressourcer. Afsnit 56 i denne IFRS indeholder vejledning om den efterfølgende regnskabsmæssige behandling af eventualforpligtelser.
23A
I IAS 37 defineres et eventualaktiv som "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". Den overtagende virksomhed må ikke indregne et eventualaktiv på overtagelsestidspunktet.
Undtagelser fra både indregningsprincippet og målingsprincippet
Indkomstskat
24
Den overtagende virksomhed skal indregne og måle udskudte skatteaktiver eller -forpligtelser, der hidrører fra aktiver og forpligtelser overtaget ved en virksomhedssammenslutning i overensstemmelse med IAS 12 
Indkomstskatter
.
25
Den overtagende virksomhed skal foretage regnskabsmæssig behandling af den mulige skattevirkning af midlertidige forskelle og fremførte skattemæssige forhold i en overtaget virksomhed, der består på overtagelsestidspunktet eller opstår som et resultat af overtagelsen i overensstemmelse med IAS 12.
Personaleydelser
26
Den overtagende virksomhed skal indregne og måle en forpligtelse (eller eventuelt et aktiv) vedrørende den overtagne virksomheds personaleydelsesordninger i overensstemmelse med IAS 19 
Personaleydelser
.
Refusionsaktiver
27
Sælgeren i en virksomhedssammenslutning kan holde den overtagende virksomhed kontraktligt skadesløs for udfaldet af et eventualforhold eller usikkerhed, der vedrører bestemte aktiver eller forpligtelser eller dele heraf. Eksempelvis kan sælgeren holde den overtagende virksomhed skadesløs for tab, der overstiger et bestemt beløb, vedrørende en forpligtelse, der hidrører fra en bestemt eventualpost. Med andre ord garanterer sælgeren, at den overtagende virksomheds forpligtelse ikke overstiger et bestemt beløb. Dermed opnår den overtagende virksomhed et refusionsaktiv. Den overtagende virksomhed skal indregne et refusionsaktiv samtidig med, at den indregner den skadesløsholdte post, målt på samme grundlag som den skadesløsholdte post med forbehold for behovet for en vurderingshensættelse til uerholdelige beløb. Derfor skal den overtagende virksomhed indregne refusionsaktivet på overtagelsestidspunktet målt til dagsværdien på overtagelsestidspunktet, hvis skadesløsholdelsen vedrører et aktiv eller en forpligtelse, der indregnes på overtagelsestidspunktet og måles til dagsværdien på overtagelsestidspunktet. For refusionsaktiver målt til dagsværdi medtages virkningen af usikkerheden om fremtidige pengestrømme på grund af eventuel uerholdelighed i målingen af dagsværdien, og det er ikke nødvendigt at lave en særskilt vurderingshensættelse (afsnit B41 indeholder anvendelsesvejledning i denne forbindelse).
28
Under visse omstændigheder vedrører refusionen et aktiv eller en forpligtelse, der er omfattet af en undtagelse fra indregnings- eller målingsprincipperne. Eksempelvis kan en skadesløsholdelse vedrøre en eventualforpligtelse, der ikke er indregnet på overtagelsestidspunktet, på grund af at det ikke er muligt at foretage en pålidelig måling af dagsværdien pr. denne dato. Alternativt kan en skadesløsholdelse vedrøre et aktiv eller en forpligtelse, eksempelvis hidrørende fra en personaleydelse, som måles på et andet grundlag end dagsværdien på overtagelsestidspunktet. Under disse omstændigheder indregnes og måles refusionsaktivet under anvendelse af forudsætninger, der er i overensstemmelse med de forudsætninger, der er lagt til grund ved målingen af den skadesløsholdte post, i henhold til ledelsens vurdering af refusionsaktivets erholdelighed og eventuelle kontraktlige begrænsninger på refusionsbeløbet. Afsnit 57 indeholder vejledning om den efterfølgende regnskabsmæssige behandling af refusionsaktiver.
Leasingkontrakter, hvor den overtagne virksomhed er leasingtager
28A
Den overtagende virksomhed skal indregne brugsretsaktiver og leasingforpligtelser vedrørende leasingkontrakter identificeret i overensstemmelse med IFRS 16, hvor den overtagne virksomhed er leasingtager. Den overtagende virksomhed er ikke forpligtet til at indregne brugsretsaktiver og leasingforpligtelser vedrørende:
a)
leasingkontrakter, hvis leasingperiode (som defineret i IFRS 16) udløber inden for 12 måneder fra overtagelsestidspunktet, eller
b)
leasingkontrakter, hvor det underliggende aktiv har en lav værdi (som beskrevet i afsnit B3-B8 i IFRS 16).
28B
Den overtagende virksomhed skal måle leasingforpligtelsen til nutidsværdien af de resterende leasingydelser (som defineret i IFRS 16), som om den overtagne leasingkontrakt var en ny leasingkontrakt på overtagelsestidspunktet. Den overtagende virksomhed skal måle brugsretsaktivet til samme værdi som leasingforpligtelsen, idet værdien justeres, så den afspejler gunstige eller ugunstige vilkår for leasingkontrakten i forhold til markedsvilkårene.
Undtagelser fra målingsprincippet
Generhvervede rettighede r
29
Den overtagende virksomhed skal måle værdien af en generhvervet rettighed, der er indregnet som et immaterielt aktiv på grundlag af den resterende løbetid for den tilknyttede kontrakt, uanset om markedsdeltagerne ville tage mulige kontraktfornyelser i betragtning ved målingen af dagsværdien. Afsnit B35 og B36 indeholder anvendelsesvejledning i denne forbindelse.
Aktiebaserede betalingstransaktioner
30
Den overtagende virksomhed skal måle en forpligtelse eller et egenkapitalinstrument, der er tilknyttet den overtagne virksomheds aktiebaserede betalingstransaktioner eller erstatningen af en overtaget virksomheds aktiebaserede betalingstransaktioner med aktiebaserede betalingstransaktioner fra den overtagende virksomhed i overensstemmelse med metoden i IFRS 2 
Aktiebaseret vederlæggelse
 på overtagelsestidspunktet. (Denne IFRS-standard benævner resultatet af den metode som den "markedsbaserede måling" af den aktiebaserede betalingstransaktion.)
Aktiver,som besiddes med henblik på salg
31
Den overtagende virksomhed skal måle et overtaget anlægsaktiv (eller en overtaget afståelsesgruppe), der er klassificeret som besiddelse med henblik på salg på overtagelsestidspunktet i overensstemmelse med IFRS 5 
Anlægsaktiver, der besiddes med henblik på salg og ophørte aktiviteter
, til dagsværdi med fradrag af salgsomkostninger i overensstemmelse med afsnit 15-18 i IFRS 5.
Forsikings kontrakter
31A
Den overtagende virksomhed skal måle en gruppe af kontrakter, som er omfattet af IFRS 17 
Forsikringskontrakter
, der er erhvervet ved en virksomhedssammenslutning, og ethvert aktiv fremkommet ved pengestrømme i forbindelse med erhvervelse af forsikringer som defineret i IFRS 17 som en forpligtelse eller et aktiv i overensstemmelse med afsnit 39 og B93-B95F i IFRS 17 på overtagelsestidspunktet.
Indregning og måling af goodwill eller en gevinst hidrørende fra et tilbudskøb
32
Den overtagende virksomhed skal indregne goodwill på overtagelsestidspunktet målt som det beløb, hvormed a) overstiger b) nedenfor:
a)
det samlede beløb af:
i)
det erlagte vederlag målt i overensstemmelse med denne standard, hvilket generelt kræver dagsværdi på overtagelsestidspunktet (jf. afsnit 37)
ii)
en eventuel minoritetsinteresse i den overtagne virksomhed målt i overensstemmelse med denne standard, og
iii)
ved en virksomhedssammenslutning, der gennemføres i flere faser (jf. afsnit 41 og 42), dagsværdien på overtagelsestidspunktet af den overtagende virksomheds tidligere 
egenkapitalinteresse
 i den overtagne virksomhed
b)
nettobeløbet af de overtagne identificerbare aktiver og forpligtelser målt på overtagelsestidspunktet i overensstemmelse med denne standard.
33
Ved en virksomhedssammenslutning, hvor den overtagende virksomhed og den overtagne virksomhed (eller sidstnævntes tidligere ejere) kun udveksler egenkapitalinteresser, er det måske muligt at foretage en mere pålidelig måling af dagsværdien af den overtagne virksomheds egenkapitalinteresser på overtagelsestidspunktet end af dagsværdien af den overtagende virksomheds egenkapitalinteresser på overtagelsestidspunktet. Hvis dette er tilfældet, skal den overtagende virksomhed fastlægge beløbet for goodwill ved at anvende dagsværdien af den overtagne virksomheds egenkapitalinteresser på overtagelsestidspunktet i stedet for dagsværdien af de overdragne egenkapitalinteresser. Med henblik på at fastlægge beløbet for goodwill i en virksomhedssammenslutning, hvor der ikke erlægges noget vederlag, skal den overtagende virksomhed anvende dagsværdien af den overtagende virksomheds kapitalandel i den overtagne virksomhed på overtagelsestidspunktet i stedet for dagsværdien af det erlagte vederlag på overtagelsestidspunktet (afsnit 32, litra a), nr. i)). Afsnit B46-B49 indeholder en anvendelsesvejledning i denne forbindelse.
Tilbudskøb
34
Det hænder, at en overtagende virksomhed foretager et tilbudskøb, hvilket er en virksomhedssammenslutning, hvor beløbet i afsnit 32, litra b), overstiger den samlede sum af de beløb, der er angivet i afsnit 32, litra a). Hvis dette overskydende beløb stadig består efter anvendelse af kravene i afsnit 36, skal den overtagende virksomhed indregne den deraf følgende gevinst i resultatet på overtagelsestidspunktet. Gevinsten skal henføres til den overtagende virksomhed.
35
Et tilbudskøb kan eksempelvis opstå ved en virksomhedssammenslutning, hvor sælgeren er tvunget til at sælge (tvungent salg). Undtagelserne for indregning eller måling af bestemte poster, der omtales i afsnit 22-31A, kan imidlertid også medføre indregning af en gevinst (eller ændring i størrelsen af en indregnet gevinst) vedrørende et tilbudskøb.
36
Før indregning af en gevinst vedrørende et tilbudskøb skal den overtagende virksomhed foretage en ny vurdering af, om den har identificeret alle de overtagne aktiver og forpligtelser korrekt, og indregne eventuelle yderligere aktiver eller forpligtelser, der er identificeret ved denne gennemgang. Den overtagende virksomhed skal derefter gennemgå den anvendte fremgangsmåde for måling af de beløb, som denne standard kræver indregnet på overtagelsestidspunktet, for hvert af de følgende beløb:
a)
de overtagne identificerbare aktiver og forpligtelser
b)
en eventuel minoritetsinteresse i den overtagne virksomhed
c)
for en virksomhedssammenslutning, der er gennemført i flere faser, den overtagende virksomheds tidligere egenkapitalinteresse i den overtagne virksomhed og
d)
det erlagte vederlag.
Formålet med gennemgangen er at sikre, at målingerne tager tilstrækkelig højde for alle tilgængelige oplysninger på overtagelsestidspunktet.
Erlagt vederlag
37
Det erlagte vederlag i en virksomhedssammenslutning skal måles til dagsværdi beregnet som summen af dagsværdien på overtagelsestidspunktet af de aktiver, som den overtagende virksomhed har overdraget, de forpligtelser, den overtagende virksomhed ifalder til tidligere ejere af den overtagne virksomhed, og de egenkapitalinteresser, den overtagende virksomhed udsteder. (Hvis en del af den overtagende virksomheds tildelte aktiebaserede vederlag udveksles med tildelinger, der besiddes af den overtagne virksomheds medarbejdere, der er medtaget i det erlagte vederlag ved virksomhedssammenslutningen, skal denne imidlertid måles i overensstemmelse med afsnit 30 snarere end til dagsværdi.) Eksempler på mulige former for vederlag omfatter likvider, andre aktiver, en af den overtagende virksomheds virksomheder eller dattervirksomheder, 
betinget vederlag
, ordinære eller præferenceegenkapitalinstrumenter, optioner, warrants samt andele i 
gensidige virksomheder
.
38
Det erlagte vederlag kan omfatte aktiver eller forpligtelser fra den overtagende virksomhed, hvis regnskabsmæssige værdi ikke er lig med dagsværdien på overtagelsestidspunktet (eksempelvis ikke-monetære aktiver eller en af den overtagende virksomheds virksomheder). Hvis dette er tilfældet, skal den overtagende virksomhed foretage en omvurdering af de overdragne aktiver eller forpligtelser til dagsværdi på overtagelsestidspunktet og indregne eventuelle deraf følgende gevinster eller tab i resultatet. Undertiden forbliver de overdragne aktiver eller forpligtelser imidlertid i den sammensluttede virksomhed efter virksomhedssammenslutningen (eksempelvis fordi aktiverne eller forpligtelserne blev overdraget til den overtagne virksomhed snarere end til dens tidligere ejere), og den overtagende virksomhed bevarer dermed sin bestemmende indflydelse på dem. I denne situation skal den overtagende virksomhed måle disse aktiver og forpligtelser til den regnskabsmæssige værdi umiddelbart før overtagelsestidspunktet og skal ikke indregne en gevinst eller et tab i resultatet vedrørende aktiver eller forpligtelser, som den har bestemmende indflydelse på både før og efter virksomhedssammenslutningen.
Betinget vederlag
39
Det vederlag, den overtagende virksomhed erlægger for den overtagne virksomhed, omfatter eventuelle aktiver eller forpligtelser, der hidrører fra en aftale om betinget vederlag (jf. afsnit 37). Den overtagende virksomhed skal indregne dagsværdien af det betingede vederlag på overtagelsestidspunktet som et led i det erlagte vederlag for den overtagne virksomhed.
40
Den overtagende virksomhed skal klassificere en forpligtelse til at betale et betinget vederlag, som opfylder definitionen af et finansielt instrument, som en finansiel forpligtelse eller som egenkapital på grundlag af definitionen på et egenkapitalinstrument og en finansiel forpligtelse i afsnit 11 i IAS 32 
Finansielle instrumenter
: 
Præsentation
. Den overtagende virksomhed skal klassificere retten til at returnere tidligere erlagt vederlag som et aktiv, hvis bestemte betingelser opfyldes. Afsnit 58 indeholder vejledning om den efterfølgende regnskabsmæssige behandling af betinget vederlag.
Yderligere vejledning om anvendelse af overtagelsesmetoden på bestemte typer virksomhedssammenslutninger
Virksomhedssammenslutninger, der gennemføres i flere faser
41
En overtagende virksomhed opnår undertiden bestemmende indflydelse på en overtaget virksomhed, som den har en egenkapitalinteresse i, umiddelbart før overtagelsestidspunktet. Eksempelvis besidder Virksomhed A en minoritetsinteresse på 35 % i Virksomhed B pr. 31. december 20X1. Pr. denne dato køber Virksomhed A en yderligere andel på 40 % i Virksomhed B, hvilket giver den bestemmende indflydelse på Virksomhed B. Denne standard benævner en sådan transaktion som en virksomhedssammenslutning, der gennemføres i flere faser, hvilket nogle gange også betegnes som en trinvis overtagelse.
42
I en virksomhedssammenslutning, der gennemføres i flere faser, skal den overtagende virksomhed omvurdere sin tidligere egenkapitalinteresse i den overtagne virksomhed til dagsværdien på overtagelsestidspunktet og indregne eventuelle gevinster eller tab derved i resultatet eller anden totalindkomst, alt efter hvad der er hensigtsmæssigt. I tidligere regnskabsperioder kan den overtagende virksomhed have indregnet ændringer i værdien af sin egenkapitalinteresse i den overtagne virksomhed i anden totalindkomst. Hvis dette er tilfældet, skal det beløb, der blev indregnet i anden totalindkomst, indregnes på samme grundlag, som ville være krævet, hvis den overtagende virksomhed havde afhændet sin tidligere egenkapitalinteresse direkte.
42A
Hvis en part i en fælles ordning (som defineret i IFRS 11 
Fælles ordninger
) opnår bestemmende indflydelse på en virksomhed, der er et driftsfællesskab (som defineret i IFRS 11), og havde rettigheder til aktiver og forpligtelser med hensyn til passiverne vedrørende driftsfællesskabet, umiddelbart før overtagelsestidspunktet, er transaktionen en virksomhedssammenslutning, der gennemføres i flere faser. Den overtagende virksomhed anvender derfor kravene for en virksomhedssammenslutning, der gennemføres i flere faser, herunder omvurdering af tidligere erhvervede kapitalandele i driftsfællesskabet på den måde, der er beskrevet i afsnit 42. Når dette gøres, skal den overtagende virksomhed foretage en omvurdering af tidligere erhvervede kapitalandele i driftsfællesskabet.
Virksomhedssammenslutninger, der gennemføres uden erlæggelse af vederlag
43
Undertiden opnår en overtagende virksomhed bestemmende indflydelse på en overtaget virksomhed uden erlæggelse af vederlag. Overtagelsesmetoden finder anvendelse på den regnskabsmæssige behandling af sådanne virksomhedssammenslutninger. Sådanne omstændigheder omfatter:
a)
den overtagne virksomhed tilbagekøber et tilstrækkeligt antal egne aktier til, at en eksisterende investor (den overtagende virksomhed) opnår bestemmende indflydelse
b)
bortfald af minoritetsvetorettigheder, der tidligere betød, at den overtagende virksomhed ikke havde bestemmende indflydelse på en overtaget virksomhed, hvor den overtagende virksomhed besad majoriteten af stemmerettighederne
c)
den overtagende og overtagne virksomhed bliver enige om at sammenslutte deres virksomheder alene på baggrund af en kontrakt. Den overtagende virksomhed erlægger ikke noget vederlag for at overtage den bestemmende indflydelse på en overtaget virksomhed, hverken på overtagelsestidspunktet eller et tidligere tidspunkt. Som eksempler på virksomhedssammenslutninger, der alene opnås på baggrund af en kontrakt, kan nævnes sammenslutningen af to virksomheder i et såkaldt "stapling-arrangement" eller ved dannelse af en dobbeltnoteret virksomhed.
44
Ved en virksomhedssammenslutning, der alene opnås på baggrund af en kontrakt, skal den overtagende virksomhed henføre den beløbsmæssige størrelse af den overtagne virksomheds nettoaktiver, der er indregnet i overensstemmelse med denne standard, til ejerne af den overtagne virksomhed. Med andre ord udgør egenkapitalinteresser i den overtagne virksomhed, som besiddes af andre parter end den overtagende virksomhed, en minoritetsinteresse i den overtagende virksomheds årsregnskab efter sammenslutningen, selv om resultatet er, at alle egenkapitalinteresser i den overtagne virksomhed henføres til minoritetsinteressen.
Målingsperiode
45
Hvis den første regnskabsmæssige behandling af en virksomhedssammenslutning ikke er fuldendt ved slutningen af det regnskabsår, hvor sammenslutningen gennemføres, skal den overtagende virksomhed præsentere foreløbige beløb for de poster, der ikke er regnskabsmæssigt færdigbehandlet. I løbet af målingsperioden skal den overtagende virksomhed med tilbagevirkende kraft regulere de foreløbige beløb, der er indregnet på overtagelsestidspunktet, for at afspejle nye oplysninger, der er indhentet om de forhold og omstændigheder, der eksisterede på overtagelsestidspunktet, som, hvis de havde været kendt, ville have påvirket målingen af de beløb, der blev indregnet pr. denne dato. I løbet af målingsperioden skal den overtagende virksomhed desuden indregne yderligere aktiver eller forpligtelser, hvis der fremkommer nye oplysninger om forhold og omstændigheder, der eksisterede på overtagelsestidspunktet, som, hvis de havde været kendt, ville have medført, at disse aktiver og forpligtelser ville have været indregnet pr. denne dato. Målingsperioden slutter, så snart den overtagende virksomhed modtager de ønskede oplysninger om forhold og omstændigheder, der eksisterede på overtagelsestidspunktet, eller erfarer, at der ikke kan fremskaffes flere oplysninger. Målingsperioden kan dog ikke overstige ét år fra overtagelsestidspunktet.
46
Målingsperioden er den periode efter overtagelsestidspunktet, i hvilken den overtagende virksomhed kan regulere de foreløbige beløb, der er indregnet for en virksomhedssammenslutning. Målingsperioden giver den overtagende virksomhed en rimelig tidsperiode til at indhente de nødvendige oplysninger for at identificere og måle nedenstående på overtagelsestidspunktet i overensstemmelse med kravene i denne standard:
a)
de overtagne identificerbare aktiver og forpligtelser samt eventuelle minoritetsinteresser i den overtagne virksomhed
b)
det erlagte vederlag for den overtagne virksomhed (eller et andet beløb, der er lagt til grund ved måling af goodwill)
c)
for en virksomhedssammenslutning, der er gennemført i flere faser, den overtagende virksomheds tidligere egenkapitalinteresse i den overtagne virksomhed, og
d)
den goodwill eller gevinst, der er opstået ved et tilbudskøb.
47
Den overtagende virksomhed skal tage alle relevante faktorer i betragtning i sin vurdering af, om oplysninger, der er indhentet efter overtagelsestidspunktet, skal medføre en regulering af de foreløbige beløb, der er indregnet, og om disse oplysninger stammer fra begivenheder, der er indtruffet efter overtagelsestidspunktet. De relevante faktorer omfatter datoen for indhentning af yderligere oplysninger, samt om den overtagende virksomhed kan identificere en grund til at ændre de foreløbige beløb. Der er større sandsynlighed for, at oplysninger, der indhentes kort efter overtagelsestidspunktet, afspejler omstændigheder, der eksisterede på overtagelsestidspunktet, end oplysninger, der indhentes flere måneder senere. Eksempelvis vil salget af et aktiv til en tredjemand kort efter overtagelsestidspunktet til et beløb, der afviger væsentligt fra den foreløbige dagsværdi, der er opgjort pr. denne dato, sandsynligvis indikere en fejl i det foreløbige beløb, medmindre der kan identificeres en begivenhed i den mellemliggende periode, der medførte en ændring af dagsværdien.
48
Den overtagende virksomhed indregner en stigning (et fald) i det foreløbige beløb, der er indregnet for et identificerbart aktiv (en identificerbar forpligtelse) gennem et fald (en stigning) i goodwill. Nye oplysninger, der er fremkommet i løbet af målingsperioden kan imidlertid nogle gange medføre en regulering af de foreløbige beløb for mere end ét aktiv eller én forpligtelse. Eksempelvis kan den overtagende virksomhed have påtaget sig en forpligtelse til at betale erstatning vedrørende et uheld på et af den overtagne virksomheds anlæg, som er helt eller delvist dækket af den overtagne virksomheds ansvarsforsikring. Hvis den overtagne virksomhed får nye oplysninger i løbet af målingsperioden om dagsværdien af den pågældende forpligtelse på overtagelsestidspunktet, vil reguleringen af goodwill, der følger af en ændring i det indregnede foreløbige beløb for forpligtelsen, blive (helt eller delvist) modregnet af en tilsvarende regulering af goodwill, der stammer fra en ændring i det indregnede foreløbige beløb for det skyldige krav fra forsikringsgiver.
49
I løbet af målingsperioden skal den overtagende virksomhed indregne reguleringer af de foreløbige beløb, som om den regnskabsmæssige behandling af virksomhedssammenslutningen var fuldendt på overtagelsestidspunktet. Således skal den overtagende virksomhed i nødvendigt omfang tilpasse sammenligningstallene for de tidligere regnskabsår, der er præsenteret i årsregnskabet, herunder foretage eventuelle ændringer i afskrivning eller andre faktorer, der påvirker resultatet, som er indregnet ved færdiggørelsen af den første regnskabsmæssige behandling.
50
Efter målingsperiodens afslutning skal den overtagende virksomhed alene tilpasse den regnskabsmæssige behandling af en virksomhedssammenslutning i det omfang, dette er nødvendigt for at rette en fejl i overensstemmelse med IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
.
Vurdering af, hvad der indgår i transaktionen ved virksomhedssammenslutningen
51
Den overtagende og overtagne virksomhed er muligvis indgået i et indbyrdes forhold eller aftaleforhold, før forhandlingerne om virksomhedssammenslutningen blev indledt, eller de er indgået i et aftaleforhold i løbet af forhandlingerne, der er adskilt fra virksomhedssammenslutningen. I begge situationer skal den overtagende virksomhed identificere eventuelle beløb, der ikke indgår i udvekslingen mellem den overtagende og overtagne virksomhed (eller dennes tidligere ejere) i forbindelse med virksomhedssammenslutningen, dvs. beløb der ikke indgår i udvekslingen for den overtagne virksomhed. Som et led i anvendelsen af overtagelsesmetoden skal den overtagende virksomhed alene indregne det erlagte vederlag for den overtagne virksomhed samt de aktiver og forpligtelser, der er modtaget i udvekslingen for den overtagne virksomhed. Særskilte transaktioner skal behandles regnskabsmæssigt i overensstemmelse med de relevante IFRS-standarder.
52
En transaktion, der indgås af eller på vegne af den overtagende virksomhed eller hovedsageligt til fordel for den overtagende virksomhed eller den sammensluttede virksomhed, snarere end hovedsageligt til fordel for den overtagne virksomhed (eller dennes tidligere ejere) før sammenslutningen, vil sandsynligvis udgøre en særskilt transaktion. Nedenstående er eksempler på særskilte transaktioner, der ikke skal medtages i anvendelsen af overtagelsesmetoden:
a)
en transaktion, der i praksis afregner allerede eksisterende forhold mellem den overtagende og overtagne virksomhed
b)
en transaktion, der aflønner ansatte i eller tidligere ejere af den overtagne virksomhed for fremtidige tjenesteydelser, og
c)
en transaktion, der godtgør den overtagne virksomhed eller dennes tidligere ejere for betalingen af den overtagende virksomheds omkostninger i forbindelse med overtagelsen.
Afsnit B50–B62 indeholder anvendelsesvejledning i denne forbindelse.
Omkostninger i forbindelse med overtagelsen
53
Omkostninger i forbindelse med overtagelsen er omkostninger, som den overtagende virksomhed afholder for at gennemføre en virksomhedssammenslutning. Disse omkostninger omfatter "findeløn", gebyrer for rådgivning, juridisk og regnskabsmæssig bistand, vurdering samt andre gebyrer til eksperter eller konsulenter, generelle administrationsomkostninger, herunder omkostninger til driften af en intern afdeling for fusioner og overtagelser samt omkostninger til registrering og udstedelse af gælds- og egenkapitalinstrumenter. Den overtagende virksomhed skal regnskabsmæssigt behandle omkostninger i forbindelse med overtagelsen som udgifter i de regnskabsperioder, hvor omkostningerne afholdes, og tjenesteydelserne modtages, med en enkelt undtagelse. Omkostningerne forbundet med udstedelse af gælds- eller egenkapitalinstrumenter skal indregnes i overensstemmelse med IAS 32 og IFRS 9.
EFTERFØLGENDE MÅLING OG REGNSKABSMÆSSIG BEHANDLING
54
En overtagende virksomhed skal generelt foretage efterfølgende måling og regnskabsmæssig behandling af overtagne aktiver og overtagne eller påtagede forpligtelser samt udstedte egenkapitalinstrumenter ved en virksomhedssammenslutning i overensstemmelse med andre relevante IFRS-standarder for disse poster, afhængig af deres art. Denne standard indeholder imidlertid vejledning om den efterfølgende måling og regnskabsmæssige behandling af følgende aktiver, der overtages, forpligtelser, der overtages eller påtages, samt egenkapitalinstrumenter, der udstedes ved en virksomhedssammenslutning:
a)
generhvervede rettigheder
b)
eventualforpligtelser indregnet på overtagelsestidspunktet
c)
refusionsaktiver og
d)
betinget vederlag.
Afsnit B63 indeholder anvendelsesvejledning i denne forbindelse.
Generhvervede rettigheder
55
En generhvervet rettighed, der indregnes som et immaterielt aktiv, skal afskrives over den resterende kontraktlige løbetid for den kontrakt, i henhold til hvilken retten blev tildelt. En overtagende virksomhed, der efterfølgende sælger en generhvervet rettighed til en tredjemand, skal medtage det immaterielle aktivs regnskabsmæssige værdi i sin opgørelse af gevinsten eller tabet ved salget.
Eventualforpligtelser
56
Efter første indregning og indtil forpligtelsen er afregnet, annulleret eller udløbet, skal den overtagende virksomhed måle en eventualforpligtelse, der er indregnet i en virksomhedssammenslutning, til den højeste værdi 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 indtægter, der er indregnet i overensstemmelse med principperne i IFRS 15 
Indregning af omsætning fra kontrakter med kunder
.
Dette krav finder ikke anvendelse på kontrakter, der behandles regnskabsmæssigt i overensstemmelse med IFRS 9.
Refusionsaktiver
57
Ved afslutningen af hvert efterfølgende regnskabsår skal den overtagende virksomhed måle et refusionsaktiv, der blev indregnet på overtagelsestidspunktet, på samme grundlag som den refunderede forpligtelse eller det refunderede aktiv, med forbehold for eventuelle kontraktlige begrænsninger på beløbet samt, for et refusionsaktiv, der ikke efterfølgende måles til dagsværdi, ledelsens vurdering af refusionsaktivets erholdelighed. Den overtagende virksomhed skal udelukkende ophøre med at indregne refusionsaktivet, når den inddriver aktivet, sælger det eller på anden måde mister retten til aktivet.
Betinget vederlag
58
Der kan opstå visse ændringer i dagsværdien af et betinget vederlag, som den overtagende virksomhed indregner efter overtagelsestidspunktet, på grund af yderligere oplysninger, som den overtagende virksomhed opnåede efter dette tidspunkt, om forhold og omstændigheder, der eksisterede på overtagelsestidspunktet. Målingsperiodereguleringer i overensstemmelse med afsnit 45-49 udgør sådanne ændringer. Ændringer, der skyldes begivenheder efter overtagelsestidspunktet, såsom opfyldelse af et indtjeningsmål, opnåelse af en bestemt aktiekurs eller opnåelse af en milepæl i et forsknings- og udviklingsprojekt, udgør imidlertid ikke målingsperiodereguleringer. Den overtagende virksomhed skal foretage regnskabsmæssig behandling af dagsværdien af betinget vederlag, der ikke udgør målingsperiodereguleringer, som følger:
a)
Betinget vederlag, der klassificeres som egenkapital, skal ikke omvurderes, og den efterfølgende afregning skal behandles regnskabsmæssigt inden for egenkapitalen.
b)
Andet betinget vederlag, som:
i)
er omfattet af IFRS 9, skal måles til dagsværdien på hver balancedag, og ændringer i dagsværdi skal indregnes i resultatet i overensstemmelse med IFRS 9
ii)
ikke er omfattet af IFRS 9, skal måles til dagsværdien på hver balancedag, og ændringer i dagsværdi skal indregnes i resultatet.
OPLYSNINGER
59
Den overtagende virksomhed skal give oplysninger, som gør det muligt for brugere af virksomhedens årsregnskab at vurdere arten og den økonomiske virkning af en virksomhedssammenslutning, der forekommer enten:
a)
i løbet af det aktuelle regnskabsår eller
b)
efter regnskabsårets afslutning, men før årsregnskabet godkendes til offentliggørelse.
60
For at opfylde formålet med afsnit 59 skal den overtagende virksomhed give de i afsnit B64-B66 angivne oplysninger,
61
Den overtagende virksomhed skal give oplysninger, der gør det muligt for brugere af virksomhedens årsregnskab at vurdere den økonomiske virkning af reguleringer, der er indregnet i det aktuelle regnskabsår, og som vedrører virksomhedssammenslutninger, der blev gennemført i det aktuelle eller tidligere regnskabsår.
62
For at opfylde formålet med afsnit 61 skal den overtagende virksomhed give de i afsnit B67 angivne oplysninger,
63
Hvis de konkrete oplysninger, der kræves i denne og andre IFRS-standarder ikke opfylder de opstillede formål i afsnit 59 og 61, skal den overtagende virksomhed give de oplysninger, der måtte være nødvendige for at opfylde formålene.
IKRAFTTRÆDELSESTIDSPUNKT OG OVERGANG
Ikrafttrædelsestidspunkt
64
Denne standard skal anvendes fremadrettet på virksomhedssammenslutninger, hvor overtagelsestidspunktet er samtidig med eller efter begyndelsen af det første regnskabsår, der begynder den 1. juli 2009 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Denne standard må dog kun anvendes fra begyndelsen af et regnskabsår, der begynder den 30. juni 2007 eller derefter. Hvis en virksomhed anvender denne standard før den 1. juli 2009, skal den give oplysning om dette og samtidigt anvende IAS 27 (ajourført i 2008).
64A
[Ophævet]
64B
Forbedringer af IFRS-standarder
 udstedt i maj 2010 medførte ændringer af afsnit 19, 30 og B56 og tilføjelse af afsnit B62A og B62B. Virksomheder skal anvende disse ændringer på regnskabsår, der begynder den 1. juli 2010 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender ændringerne på en tidligere regnskabsperiode, skal den oplyse herom. Anvendelsen skal være fremadrettet fra datoen, hvor virksomheden første gang anvender denne standard.
64C
Afsnit 65A–65E blev tilføjet med 
Forbedringer af IFRS-standarder
 udstedt i maj 2010. Virksomheder skal anvende disse ændringer på regnskabsår, der begynder den 1. juli 2010 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender ændringerne på en tidligere regnskabsperiode, skal den oplyse herom. Ændringerne finder anvendelse på mellemværender i form af betinget vederlag hidrørende fra virksomhedssammenslutninger med et overtagelsestidspunkt, der ligger før anvendelsen af denne standard, udgivet i 2008.
64D
[Ophævet]
64E
IFRS 10, der blev udstedt i maj 2011, medførte ændring af afsnit 7, B13, B63, litra e) og appendiks A. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 10.
64F
IFRS 13 
Måling af dagsværdi
, der blev udstedt i maj 2011, medførte ændring af afsnit 20, 29, 33, 47, ændring af definitionen af dagsværdi i appendiks A og ændring af afsnit B22, B40, B43-B46, B49 og B64. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 13.
64G
Investeringsvirksomheder
 (ændringer til IFRS 10, IFRS 12 og IAS 27) udstedt i oktober 2012, medførte ændring af afsnit 7 og tilføjelse af afsnit 2A. Virksomheder skal anvende disse ændringer på regnskabsår, der begynder den 1. januar 2014 eller derefter. Det er tilladt at anvende 
Investeringsvirksomheder
 tidligere. Hvis en virksomhed anvender disse ændringer tidligere, skal den også samtidigt anvende alle ændringerne i 
Investeringsvirksomheder
.
64H
[Ophævet]
64I
Afsnit 40 og 58 ændres, og afsnit 67A og overskriften hertil tilføjes som led i 
Det årlige forbedringsprojekt vedrørende IFRS-standarder for perioden 2010-2012
, som blev udstedt i december 2013. En virksomhed skal fremover anvende denne ændring på virksomhedssammenslutninger, hvor overtagelsestidspunktet er den 1. juli 2014 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. En virksomhed kan anvende ændringen tidligere, forudsat at IFRS 9 og IAS 37 (begge som ændret ved 
Det årlige forbedringsprojekt vedrørende IFRS-standarder for perioden 2010-2012
) også anvendes. Hvis en virksomhed anvender ændringen tidligere, skal den give oplysning om dette.
64J
Afsnit 2, litra a), ændres som led i 
Det årlige forbedringsprojekt for perioden 2011-2013
, som blev udstedt i december 2013. Virksomheder skal anvende denne ændring fremadrettet for regnskabsår, som begynder 1. juli 2014 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender ændringen på en tidligere regnskabsperiode, skal den oplyse herom.
64K
IFRS 15 
Omsætning fra kontrakter med kunder
, udstedt i maj 2014, medførte ændring af afsnit 56. Virksomheder skal anvende denne ændring ved anvendelse af IFRS 15.
64L
IFRS 9, der blev udstedt i juli 2014, medførte en ændring af afsnit 16, 42, 53, 56, 58 og B41 samt ophævelse af afsnit 64A, 64D og 64H. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 9.
64M
IFRS 16, udstedt i januar 2016, medførte ændring af afsnit 14, 17, B32 og B42, ophævelse af afsnit B28-B30 og de tilhørende overskrifter og tilføjelse af afsnit 28A-28B og de tilhørende overskrifter. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 16.
64N
IFRS 17, der er udstedt i maj 2017, medførte en ændring af afsnit 17, 20, 21, 35 og B63, og efter afsnit 31 blev der indsat en overskrift og et afsnit 31A. 
Ændringer til IFRS 17
, der er udstedt i juni 2020, medførte en ændring af afsnit 31A. En virksomhed skal anvende ændringerne til IFRS 17 på virksomhedssammenslutninger med et overtagelsestidspunkt efter tidspunktet for den første anvendelse af IFRS 17. En virksomhed skal anvende de øvrige ændringer, når den anvender IFRS 17.
64O
Det årlige forbedringsprojekt vedrørende IFRS-standarder for perioden 2015-2017
, som blev udstedt i december 2017, medførte tilføjelse af afsnit 42A. Disse ændringer skal anvendes fremadrettet på virksomhedssammenslutninger, hvor overtagelsestidspunktet er samtidigt med eller efter begyndelsen af det første regnskabsår, der begynder den 1. januar 2019 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender disse ændringer tidligere, skal den oplyse herom.
64P
Definition af en virksomhed
, der blev udstedt i oktober 2018, vedrørte tilføjelse af afsnit B7A-B7C, B8A og B12A-B12D, ændring af definitionen af begrebet "virksomhed" i appendiks A, ændring af afsnit 3, B7-B9, B11 og B12 og sletning af afsnit B10. En virksomhed skal anvende disse ændringer på virksomhedssammenslutninger, hvor overtagelsestidspunktet er på eller efter begyndelsen af det første regnskabsår, der begynder den 1. januar 2020 eller derefter, og på overtagelser af aktiver, der sker ved eller efter begyndelsen af denne periode. Det er tilladt at anvende disse ændringer før dette tidspunkt. Hvis en virksomhed anvender disse ændringer på en tidligere regnskabsperiode, skal den oplyse herom.
64Q
Henvisningerne til begrebsrammen
 udstedt i maj 2020 medførte ændringer af afsnit 11, 14, 21, 22 og tilføjelse af afsnit 21A, 21B, 21C og 23A. Disse ændringer skal anvendes fremadrettet på virksomhedssammenslutninger, hvor overtagelsestidspunktet er samtidigt med eller efter begyndelsen af det første regnskabsår, der begynder den 1. januar 2022 eller derefter. Tidligere anvendelse er tilladt, hvis en virksomhed samtidigt eller tidligere også anvender alle ændringer, der foretages ved 
Ændringerne af henvisningerne til begrebsrammen i IFRS-standarderne
 udstedt i marts 2018.
Overgang
65
Aktiver og forpligtelser, der opstod ved virksomhedssammenslutninger, hvis overtagelsestidspunkt lå før anvendelsen af denne standard, skal ikke reguleres på tidspunktet for anvendelsen af denne standard.
65A
Mellemværender i form af betinget vederlag hidrørende fra virksomhedssammenslutninger, hvor overtagelsestidspunktet lå før det tidspunkt, hvor virksomheden første gang anvendte denne standard, udgivet i 2008, skal ikke reguleres på tidspunktet for første anvendelse af denne standard. Afsnit 65B–65E finder anvendelse på den efterfølgende regnskabsmæssige behandling af sådanne tilgodehavender. Afsnit 65B–65E finder ikke anvendelse på den regnskabsmæssige behandling af mellemværender i form af betinget vederlag hidrørende fra virksomhedssammenslutninger, hvor overtagelsestidspunktet faldt sammen med eller lå efter det tidspunkt, hvor virksomheden første gang anvendte denne standard, udgivet i 2008. I afsnit 65B–65E henviser virksomhedssammenslutninger udelukkende til virksomhedssammenslutninger, hvis overtagelsestidspunkt lå før anvendelsen af denne standard, udgivet i 2008.
65B
Hvis 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.
65C
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.
65D
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.
65E
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.
66
En virksomhed, såsom en gensidig virksomhed, der endnu ikke har anvendt IFRS 3, og som har gennemgået en eller flere virksomhedssammenslutninger, der regnskabsmæssigt blev behandlet ved brug af overtagelsesmetoden, skal anvende overgangsbestemmelserne i afsnit B68 og B69.
Indkomstskat
67
Ved virksomhedssammenslutninger, hvor overtagelsestidspunktet ligger før anvendelsen af denne standard, skal den overtagende virksomhed foretage fremadrettet anvendelse af kravene i afsnit 68 i IAS 12, som ændret af denne standard. Det betyder, at den overtagende virksomhed ikke skal regulere den regnskabsmæssige behandling af tidligere virksomhedssammenslutninger for tidligere indregnede ændringer i indregnede udskudte skatteaktiver. Fra tidspunktet for anvendelsen af denne standard skal den overtagende virksomhed imidlertid indregne ændringer i indregnede udskudte skatteaktiver som en regulering af resultatet (eller hvis IAS 12 kræver dette, uden for resultatet).
HENVISNING TIL IFRS 9
67A
Hvis en virksomhed anvender denne standard, men endnu ikke anvender IFRS 9, bør alle henvisninger til IFRS 9 læses som henvisninger til IAS 39.
OPHÆVELSE AF IFRS 3 (2004)
68
Denne standard erstatter IFRS 3 
Virksomhedssammenslutninger
 (udgivet 2004).
Appendiks A
Definerede termer
Dette appendiks er en integreret del af standarden.
overtaget virksomhed
Den eller de virksomheder, som 
den overtagende virksomhed
 opnår bestemmende indflydelse på ved en 
virksomhedssammenslutning
.
overtagende virksomhed
Den virksomhed, der opnår bestemmende indflydelse på 
den overtagne virksomhed
.
overtagelsestidspunkt
Det tidspunkt, hvor 
den overtagende virksomhed
 opnår bestemmende indflydelse på 
den overtagne virksomhed
.
en virksomhed
En integreret mængde aktiviteter og aktiver, som kan udføres og styres med henblik på at levere varer og tjenesteydelser til kunder, og som genererer investeringsindkomst (såsom udbytte eller renter) eller genererer anden indkomst fra ordinær virksomhed.
virksomhedssammenslutning
En transaktion eller en anden begivenhed, hvor en 
overtagende virksomhed
 opnår bestemmende indflydelse på en eller flere 
virksomheder
. De transaktioner, der undertiden benævnes "ægte fusioner" eller "fusioner mellem ligeværdige partnere" udgør også 
virksomhedssammenslutninger
 i henhold til brugen af dette udtryk i denne standard.
betinget vederlag
Omfatter normalt en 
overtagende virksomheds
 forpligtelse til at overdrage yderligere aktiver eller 
egenkapitalinteresser
 til de tidligere ejere af en 
overtaget virksomhed
 som et led i udvekslingen for at opnå 
bestemmende indflydelse
 på den 
overtagne virksomhed
, som er betinget af forekomsten eller opfyldelsen af specificerede fremtidige begivenheder eller betingelser. 
Betinget vederlag
 kan imidlertid også give den 
overtagende virksomhed
 retten til at modtage tidligere erlagt vederlag tilbage, hvis bestemte betingelser opfyldes.
egenkapitalinteresser
I denne standard anvendes 
egenkapitalinteresser
 i en bred forstand til at betegne investorejede virksomheders samt ejeres, medlemmers eller deltageres ejerandele i 
gensidige virksomheder
.
dagsværdi
Dagsværdien
 er den pris, der kunne opnås ved at sælge et aktiv, eller som skulle betales for at overdrage en forpligtelse i en velordnet transaktion mellem markedsdeltagere på målingstidspunktet. (Jf. IFRS 13)
goodwill
Et aktiv, der repræsenterer de fremtidige økonomiske fordele, der hidrører fra andre aktiver, der er overtaget ved en 
virksomhedssammenslutning
, og som ikke identificeres individuelt og indregnes separat.
identificerbar
Et aktiv er 
identificerbart
, hvis det enten:
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 identificerbart aktiv eller en tilknyttet identificerbar forpligtelse, uanset om virksomheden har til hensigt at gøre dette, 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.
immaterielt aktiv
Et 
identificerbart
, ikke-monetært aktiv uden fysisk substans.
gensidig virksomhed
En virksomhed, ud over en investorejet virksomhed, der frembringer udbytte, lavere omkostninger eller andre økonomiske fordele direkte til sine 
ejere
, medlemmer eller deltagere. Som eksempler på gensidige virksomheder kan nævnes gensidige forsikringsselskaber, kreditforeninger og andelsvirksomheder.
minoritetsinteresser
Kapitalandele i en dattervirksomhed, der ikke direkte eller indirekte kan henføres til en modervirksomhed.
ejere
I denne standard anvendes 
ejere
 i en bred forstand til at betegne indehavere af 
egenkapitalinteresser
 i investorejede virksomheder samt ejeres, medlemmers og deltageres egenkapitalinteresser i 
gensidige virksomheder
.
Appendiks B
Anvendelsesvejledning
Dette appendiks er en integreret del af standarden.
VIRKSOMHEDSSAMMENSLUTNINGER AF VIRKSOMHEDER UNDER SAMME BESTEMMENDE INDFLYDELSE (ANVENDELSE AF AFSNIT 2, litra c))
B1
Denne standard finder ikke anvendelse på virksomhedssammenslutninger mellem virksomheder under samme bestemmende indflydelse. 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.
B2
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.
B3
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.
B4
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, ikke er relevant for vurderingen af, om en sammenslutning omfatter virksomheder under samme bestemmende indflydelse.
IDENTIFIKATION AF EN VIRKSOMHEDSSAMMENSLUTNING (ANVENDELSE AF AFSNIT 3)
B5
Denne standard definerer en virksomhedssammenslutning som en transaktion eller en anden begivenhed, hvor en overtagende virksomhed opnår bestemmende indflydelse på en eller flere virksomheder. En overtagende virksomhed kan opnå bestemmende indflydelse på en overtaget virksomhed på en række måder, eksempelvis:
a)
ved at overdrage likvider eller andre aktiver (herunder nettoaktiver, der udgør en virksomhed)
b)
ved at påtage sig forpligtelser
c)
ved at udstede egenkapitalinteresser
d)
ved at erlægge mere end én form for betaling eller
e)
uden at erlægge vederlag, herunder alene på baggrund af en kontrakt (jf. afsnit 43).
B6
Virksomhedssammenslutninger kan struktureres på mange måder af juridiske, skattemæssige eller andre årsager, herunder blandt andet:
a)
en eller flere virksomheder bliver dattervirksomheder af en overtagende virksomhed, eller nettoaktiverne i en eller flere virksomheder fusioneres juridisk ind i den overtagende virksomhed
b)
en sammensluttende virksomhed overdrager sine nettoaktiver, eller dens ejere overdrager sine egenkapitalinteresser, til en anden sammensluttende virksomhed eller dennes ejere
c)
alle de sammensluttende virksomheder overdrager deres nettoaktiver, eller ejerne af disse virksomheder overdrager deres egenkapitalinteresser, til en nydannet virksomhed, eller
d)
en gruppe af tidligere ejere af en af de sammensluttende virksomheder opnår bestemmende indflydelse på den sammensluttede virksomhed.
DEFINITION AF EN VIRKSOMHED (ANVENDELSE AF AFSNIT 3)
B7
En virksomhed består af input og processer anvendt på disse input, der har evnen til bidrage til at producere enheder. En virksomheds tre elementer defineres som følger (jf. afsnit B8-B12D vedrørende vejledning i elementer af en virksomhed):
a)
Input
: Enhver økonomisk ressource, der skaber enheder, eller har evnen til at skabe, producerede enheder, når en eller flere processer anvendes på den. Eksempler herpå omfatter anlægsaktiver (herunder immaterielle aktiver eller rettigheder til udnyttelse af anlægsaktiver), intellektuel kapital samt evnen til at opnå adgang til nødvendige materialer eller rettigheder og ansatte.
b)
Proces
: Alle systemer, standarder, protokoller, konventioner eller regler, som skaber producerede enheder eller har evnen til at bidrage til at skabe producerede enheder, når de anvendes på et eller flere input. Eksempler herpå omfatter strategiske styringsprocesser, driftsprocesser og ressourcestyringsprocesser. Disse processer er normalt dokumenterede, men en organiseret arbejdsstyrkes intellektuelle kapacitet med de nødvendige evner og erfaringsbaggrunde, som følger regler og konventioner, kan levere de nødvendige processer, der er i stand til at blive anvendt på input for at skabe producerede enheder. (Regnskabsaflæggelse, fakturering, lønstyring og andre administrative systemer er typisk ikke processer, der anvendes til at skabe producerede enheder).
c)
Producerede enheder
: Resultatet af input og processer anvendt på disse input med henblik på at levere varer og tjenesteydelser til kunder, generere investeringsindkomst (såsom udbytte eller renter) eller generere anden indkomst fra ordinær virksomhed.
Valgfri test til identifikation af koncentration af en dagsværdi
B7A
Afsnit B7B indeholder bestemmelser om en valgfri test (koncentrationstest), der gør det muligt at foretage en forenklet vurdering af, hvorvidt en overtagen mængde af aktiviteter og aktiver er en virksomhed. En virksomhed kan vælge, om den vil anvende testen. Virksomheden kan foretage et sådant valg for hver enkelt transaktion eller anden begivenhed. Koncentrationstesten har følgende konsekvenser:
a)
Hvis kriterierne i koncentrationstesten opfyldes, fastslås det, at mængden af aktiviteter og aktiver ikke er en virksomhed, og der er ikke behov for yderligere vurdering.
b)
Hvis kriterierne i koncentrationstesten ikke opfyldes, eller hvis virksomheden vælger ikke at anvende testen, foretager virksomheden den vurdering, der er fastsat i afsnit B8-B12D.
B7B
Kriterierne i koncentrationstesten er opfyldt, hvis stort set hele dagsværdien af de overtagne bruttoaktiver er koncentreret i ét enkelt identificerbart aktiv eller i en gruppe af tilsvarende identificerbare aktiver. For koncentrationstesten gælder følgende:
a)
Overtagne bruttoaktiver omfatter ikke likvide beholdninger og tilsvarende likvide midler, udskudte skatteaktiver og goodwill hidrørende fra virkningerne af udskudte skatteforpligtelser.
b)
Dagsværdien af de overtagne bruttoaktiver omfatter alle erlagte vederlag (plus dagsværdien af enhver minoritetsinteresse og dagsværdien af tidligere erhvervede interesser) ud over dagsværdien af overtagne identificerbare nettoaktiver. Dagsværdien af de overtagne bruttoaktiver kan normalt opgøres som det samlede beløb, der fremkommer ved at lægge dagsværdien af det erlagte vederlag (plus dagsværdien af eventuelle minoritetsinteresser og dagsværdien af eventuelle tidligere erhvervede interesser) til dagsværdien af de forpligtelser, der er påtaget (bortset fra udskudte skatteforpligtelser), og derefter udelukke de poster, der er angivet i litra a). Hvis dagsværdien af de overtagne bruttoaktiver overstiger det samlede beløb, kan der dog undertiden være behov for en mere præcis beregning.
c)
Et enkelt identificerbart aktiv omfatter ethvert aktiv eller enhver gruppe af aktiver, som vil blive indregnet og målt som ét enkelt identificerbart aktiv i en virksomhedssammenslutning.
d)
Hvis et materielt aktiv er tilknyttet og ikke kan fjernes fysisk og anvendes separat i forhold til et andet materielt aktiv (eller et underliggende aktiv, der er genstand for en leasingkontrakt, som defineret i IFRS 16 
Leasingkontrakter
), uden at det medfører væsentlige udgifter eller en væsentlig forringelse af nytteværdien eller dagsværdien for begge aktiver (f.eks. grunde og bygninger), betragtes disse aktiver som ét enkelt identificerbart aktiv.
e)
Ved vurderingen af, om der er tale om tilsvarende aktiver, skal virksomheden tage hensyn til arten af hvert enkelt identificerbart aktiv og de risici, der er forbundet med at forvalte og skabe producerede enheder på grundlag af aktiverne (dvs. risikokarakteristika).
f)
Følgende anses ikke for at være tilsvarende aktiver:
i)
et materielt aktiv og et immaterielt aktiv
ii)
materielle aktiver i forskellige kategorier (f.eks. lager, fremstillingsudstyr og biler), medmindre de betragtes som ét enkelt identificerbart aktiv i overensstemmelse med kriteriet i litra d)
iii)
identificerbare immaterielle aktiver i forskellige kategorier (f.eks. mærkenavne, licenser og immaterielle aktiver under udvikling)
iv)
et finansielt aktiv og et ikke-finansielt aktiv
v)
finansielle aktiver i forskellige kategorier (f.eks. fordringer på og investeringer i egenkapitalinstrumenter) og
vi)
identificerbare aktiver, som tilhører samme kategori af aktiver, men som har betydeligt forskellige risikokarakteristika.
B7C
De krav, der er fastsat i afsnit B7B, ændrer ikke ved vejledningen om tilsvarende aktiver i IAS 38 
Immaterielle aktiver
. De ændrer heller ikke betydningen af udtrykket "kategori" i IAS 16 
Materielle anlægsaktiver
, IAS 38 og IFRS 7 
Finansielle instrumenter: Oplysninger
.
En virksomheds elementer
B8
Selv om virksomheder normalt producerer enheder, er sådanne ikke krævede for, at en integreret mængde af aktiviteter og aktiver opfylder kriterierne for at være en virksomhed. For at kunne udføres og styres til det formål, der er anført i definitionen af en virksomhed, kræver en integreret mængde af aktiviteter og aktiver to afgørende elementer — input og processer anvendt på disse input. En virksomhed behøver ikke medtage alle de input eller processer, som sælgeren anvendte til at drive virksomheden. For at blive betragtet som en virksomhed skal en integreret mængde af aktiviteter og aktiver dog som minimum omfatte et input og en omfattende proces, der tilsammen bidrager væsentligt til evnen til at skabe producerede enheder. Afsnit B12-B12D angiver, hvordan det vurderes, om en proces er omfattende.
B8A
Hvis en overtagen mængde af aktiviteter og aktiver indebærer producerede enheder, indikerer en fortsat indtjening ikke i sig selv, at der er overtaget både input og en omfattende proces.
B9
En virksomheds elementer er forskellige fra branche til branche og i forhold til strukturen af virksomhedens aktiviteter, herunder virksomhedens udviklingsstade. Etablerede virksomheder har ofte mange forskellige typer input, processer og producerede enheder, mens nye virksomheder typisk har få input og processer og undertiden kun en enkelt produceret enhed (ét produkt). Næsten alle virksomheder har også forpligtelser, uden at dette dog behøver være tilfældet. Endvidere kan en overtagen mængde af aktiviteter og aktiver, som ikke er en virksomhed, have forpligtelser.
B10
[Ophævet]
B11
Vurderingen af, om en bestemt mængde aktiver og aktiviteter udgør en virksomhed, skal baseres på, om den integrerede mængde kan drives og styres som en virksomhed af en markedsdeltager. I vurderingen af, om en bestemt mængde udgør en virksomhed, er det således ikke relevant, om en sælger har drevet mængden som en virksomhed, eller om den overtagende virksomhed har til hensigt at drive mængden som en virksomhed.
Vurdering af, om en overtagen proces er omfattende
B12
Afsnit B12A-B12D forklarer, hvordan det vurderes, om en overtagen proces er omfattende, såfremt den overtagne mængde af aktiviteter og aktiver ikke indebærer producerede enheder (afsnit B12B), og såfremt den indebærer producerede enheder (afsnit B12C).
B12A
Et eksempel på en overtagen mængde af aktiviteter og aktiver, der ikke indebærer producerede enheder på overtagelsestidspunktet, er en virksomhed i startfasen, som ikke er begyndt at frembringe indtjening. Såfremt en overtagen mængde af aktiviteter og aktiver frembragte indtjening på overtagelsestidspunktet, anses den desuden for at have producerede enheder på denne dato, selv om den efterfølgende ikke længere vil frembringe indtjening fra eksterne kunder, f.eks. fordi den vil blive integreret af den overtagende virksomhed.
B12B
Såfremt en overtagen mængde af aktiviteter og aktiver ikke har producerede enheder på overtagelsestidspunktet, anses en overtagen proces (eller en gruppe af processer) kun for at være omfattende, hvis:
a)
den er afgørende for evnen til at udvikle eller konvertere et eller flere input, som den har overtaget, til producerede enheder, og
b)
de overtagne input omfatter både en organiseret arbejdsstyrke, der har de nødvendige evner eller erfaringsbaggrunde til at udføre denne proces (eller gruppe af processer), og andre input, som den organiserede arbejdsstyrke kan udvikle eller konvertere til producerede enheder. Disse andre input kan omfatte:
i)
intellektuel ejendomsret, der kan anvendes til at udvikle en vare eller en tjenesteydelse
ii)
andre økonomiske ressourcer, der kan udvikles til at skabe producerede enheder eller
iii)
rettigheder til at få adgang til nødvendige materialer eller rettigheder, der gør det muligt at skabe fremtidige producerede enheder.
Eksempler på input, der er nævnt i litra b), nr. i)-iii), omfatter teknologi, igangværende forsknings- og udviklingsprojekter, fast ejendom og mineralinteresser.
B12C
Hvis en mængde af aktiviteter og aktiver indebærer producerede enheder på overtagelsestidspunktet, anses en overtagen proces (eller en gruppe af processer) for at være omfattende, hvis den, når den anvendes på et eller flere input:
a)
er afgørende for evnen til at fortsætte produktionen af enheder, og de overtagne input omfatter en organiseret arbejdsstyrke med de nødvendige evner, den nødvendige viden eller erfaringsbaggrund til at udføre denne proces (eller gruppe af processer), eller
b)
bidrager væsentligt til evnen til at fortsætte produktionen af enheder og:
i)
anses for unik eller knap eller
ii)
ikke kan erstattes uden væsentlig udgift, indsats eller forsinkelse i evnen til at fortsætte produktionen af enheder.
B12D
Følgende yderligere drøftelse underbygger både afsnit B12B og B12C:
a)
En overtagen kontrakt er et input og ikke en omfattende proces. Ikke desto mindre kan en overtagen kontrakt f.eks. give adgang til en organiseret arbejdsstyrke, hvis der er tale om en kontrakt vedrørende outsourcet ejendomsadministration eller forvaltning af aktiver. En virksomhed skal vurdere, hvorvidt en organiseret arbejdsstyrke, hvortil der er opnået adgang via en sådan kontrakt, udfører en omfattende proces, som virksomheden kontrollerer og således har overtaget. De faktorer, der skal tages i betragtning ved vurderingen, omfatter kontraktens varighed og dens betingelser for forlængelse.
b)
Vanskeligheder med at erstatte en overtaget organiseret arbejdsstyrke kan indikere, at den overtagne arbejdsstyrke udfører en proces, der er afgørende for evnen til at skabe producerede enheder.
c)
En proces (eller en gruppe af processer) er ikke afgørende, hvis den f.eks. er accessorisk eller af mindre betydning for alle de processer, der er nødvendige for at skabe producerede enheder.
IDENTIFIKATION AF DEN OVERTAGENDE VIRKSOMHED (ANVENDELSE AF AFSNIT 6 OG 7)
B13
Vejledningen i IFRS 10 
Koncernregnskaber
 skal anvendes til at identificere den overtagende virksomhed - den virksomhed, der opnår bestemmende indflydelse på den overtagne virksomhed. Hvis en virksomhedssammenslutning har fundet sted, men det ikke ved anvendelse af vejledningen i IFRS 10 er muligt at opnå en klar indikation af, hvilken af de sammensluttende virksomheder, der er den overtagende virksomhed, skal forholdene i afsnit B14-B18 tages i betragtning ved fastlæggelsen heraf.
B14
Ved en virksomhedssammenslutning, der primært gennemføres ved overdragelse af likvider eller andre aktiver eller ved påtagelse af forpligtelser, er den overtagende virksomhed normalt den virksomhed, der overdrager likviderne eller de andre aktiver, eller som påtager sig forpligtelserne.
B15
Ved en virksomhedssammenslutning, der primært gennemføres ved udveksling af egenkapitalinteresser, er den overtagende virksomhed normalt den virksomhed, der udsteder egenkapitalinteresser. Ved nogle virksomhedssammenslutninger, der normalt betegnes "omvendte virksomhedsovertagelser", er den udstedende virksomhed imidlertid den overtagne virksomhed. Afsnit B19-B27 indeholder vejledning om den regnskabsmæssige behandling af omvendte virksomhedsovertagelser. Andre relevante forhold og omstændigheder skal også tages i betragtning ved identifikationen af en virksomhedssammenslutning, der gennemføres ved udveksling af egenkapitalinteresser, herunder:
a)
de relative stemmerettigheder i den sammensluttede virksomhed efter virksomhedssammenslutningen
— Den overtagende virksomhed er normalt den sammensluttende virksomhed, hvis ejere som en gruppe bevarer eller modtager den største del af stemmerettighederne i den sammensluttede virksomhed. Ved vurderingen af, hvilken gruppe af ejere, der beholder eller modtager den største del af stemmerettighederne, skal virksomheden tage højde for tilstedeværelsen af eventuelle usædvanlige eller særlige stemmeaftaler og optioner, warrants eller konvertible værdipapirer
b)
tilstedeværelsen af en stor minoritetsstemmeandel i den sammensluttede virksomhed, hvis ingen andre ejere eller organiseret gruppe af ejere besidder væsentlige stemmerettigheder
— Den overtagende virksomhed er normalt den sammensluttende virksomhed, hvis enkelte ejer eller organiserede gruppe af ejere besidder den største minoritetsstemmeandel i den sammensluttede virksomhed
c)
sammensætningen af ledelsesorganet i den sammensluttede virksomhed
— Den overtagende virksomhed er normalt den sammensluttende virksomhed, hvis ejere har mulighed for at vælge eller udpege eller fjerne størstedelen af medlemmerne i den sammensluttede virksomheds ledelsesorgan.
d)
sammensætningen af den øverste ledelse i den sammensluttede virksomhed
— Den overtagende virksomhed er normalt den sammensluttende virksomhed, hvis (tidligere) ledelse dominerer ledelsen i den sammensluttede virksomhed
e)
vilkårene for udvekslingen af egenkapitalinteresser
— Den overtagende virksomhed er normalt den sammensluttende virksomhed, der betaler en overkurs i forhold til dagsværdien af egenkapitalinteresserne i den eller de øvrige sammensluttende virksomheder før sammenslutningen.
B16
Den overtagende virksomhed er normalt den sammensluttende virksomhed, hvis relative størrelse (eksempelvis målt som aktiver, omsætning eller overskud) er væsentligt større end den eller de øvrige sammensluttende virksomheder.
B17
Ved en virksomhedssammenslutning, der omfatter mere end to virksomheder, omfatter identifikationen af den overtagende virksomhed blandt andet en vurdering af, hvilke af de sammensluttende virksomheder der startede sammenslutningen, samt de sammensluttende virksomheders relative størrelse.
B18
En ny virksomhed, der etableres med henblik på at gennemføre en virksomhedssammenslutning, er ikke nødvendigvis den overtagende virksomhed. Hvis der etableres en ny virksomhed med henblik på at udstede egenkapitalinteresser til gennemførelsen af en virksomhedssammenslutning, skal en af de sammensluttende virksomheder, der eksisterede før sammenslutningen, identificeres som den overtagende virksomhed på grundlag af vejledningen i afsnit B13-B17. Omvendt kan en ny virksomhed, der overdrager likvide beholdninger eller andre aktiver eller påtager sig forpligtelser som betaling, være den overtagende virksomhed.
OMVENDTE VIRKSOMHEDSOVERTAGELSER
B19
Der er tale om en omvendt virksomhedsovertagelse, når den virksomhed, der udsteder værdipapirer (den juridisk overtagende virksomhed) identificeres som den overtagne virksomhed i regnskabsmæssig sammenhæng på grundlag af vejledningen i afsnit B13-B18. Den virksomhed, hvis egenkapitalinteresser erhverves (den juridisk overtagne virksomhed), skal være den overtagende virksomhed i regnskabsmæssig sammenhæng, hvis transaktionen skal betragtes som en omvendt virksomhedsovertagelse. Eksempelvis forekommer omvendte virksomhedsovertagelser nogle gange, når en unoteret virksomhed ønsker at blive omdannet til en børsnoteret virksomhed, men ikke ønsker at registrere sine aktier. For at opnå dette vil den unoterede virksomhed lade en børsnoteret virksomhed erhverve sine egenkapitalinteresser til gengæld for egenkapitalinteresserne i den børsnoterede virksomhed. I dette eksempel udgør den børsnoterede virksomhed den 
juridisk overtagende virksomhed
, fordi den har udstedt egenkapitalinteresser, og den unoterede virksomhed udgør den 
juridisk overtagne virksomhed
, fordi dens egenkapitalinteresser blev overtaget. Ved anvendelse af vejledningen i afsnit B13-B18 identificeres imidlertid følgende:
a)
den børsnoterede virksomhed er den 
overtagne virksomhed
 i regnskabsmæssig sammenhæng (den regnskabsmæssigt overtagne virksomhed), og
b)
den unoterede virksomhed er den 
overtagende virksomhed
 i regnskabsmæssig sammenhæng (den regnskabsmæssigt overtagende virksomhed),
Den regnskabsmæssigt overtagne virksomhed skal opfylde definitionen på en virksomhed, for at transaktionen kan behandles regnskabsmæssigt som en omvendt virksomhedsovertagelse, og alle indregnings- og målingsprincipper i denne standard, herunder kravet om indregning af goodwill, finder anvendelse.
Måling af det erlagte vederlag
B20
Ved en omvendt virksomhedsovertagelse udsteder den regnskabsmæssigt overtagende virksomhed normalt ikke noget vederlag for den overtagne virksomhed. I stedet udsteder den regnskabsmæssigt overtagne virksomhed normalt sine aktier til ejerne af den regnskabsmæssigt overtagende virksomhed. Således er dagsværdien af det erlagte vederlag fra den regnskabsmæssigt overtagende virksomhed for andelen i den regnskabsmæssigt overtagne virksomhed på overtagelsestidspunktet baseret på antallet af aktier, som den juridiske dattervirksomhed skulle have udstedt for at give ejerne af den juridiske modervirksomhed samme procentvise egenkapitalinteresse i den sammensluttede virksomhed, der opstår som følge af den omvendte virksomhedsovertagelse. Dagsværdien af det således beregnede antal egenkapitalinteresser kan anvendes som dagsværdien af det erlagte vederlag til gengæld for den overtagne virksomhed.
Udarbejdelse og præsentation af koncernregnskab
B21
Et koncernregnskab, som er udarbejdet efter en omvendt virksomhedsovertagelse, skal udgives i den juridiske modervirksomheds navn (den regnskabsmæssigt overtagne virksomhed), men beskrives i noterne som en fortsættelse af den juridiske dattervirksomheds årsregnskab (den regnskabsmæssigt overtagende virksomhed) med en enkelt undtagelse i form af en regulering med tilbagevirkende kraft af den regnskabsmæssigt overtagende virksomhed juridiske kapital for at afspejle den regnskabsmæssigt overtagne virksomheds juridiske kapital. Denne regulering er nødvendig for at afspejle kapitalen i den juridiske modervirksomhed (den regnskabsmæssigt overtagne virksomhed). Sammenligningstal, der præsenteres i koncernregnskabet, reguleres ligeledes med tilbagevirkende kraft for at afspejle den juridiske kapital i den juridiske modervirksomhed (den regnskabsmæssigt overtagne virksomhed).
B22
Koncernregnskabet repræsenterer en fortsættelse af den juridiske dattervirksomheds årsregnskab, med undtagelse af kapitalstrukturen, og afspejler dermed:
a)
den juridiske dattervirksomheds (den regnskabsmæssigt overtagende virksomhed) aktiver og forpligtelser indregnet og målt til deres regnskabsmæssige værdi før sammenslutningen
b)
den juridiske modervirksomheds (den regnskabsmæssigt overtagne virksomhed) aktiver og forpligtelser indregnet og målt i overensstemmelse med denne standard
c)
overført resultat og andre egenkapitalposter i den juridiske dattervirksomhed (den regnskabsmæssigt overtagende virksomhed) 
før
 virksomhedssammenslutningen
d)
det beløb, der er indregnet som udstedte egenkapitalinteresser i koncernregnskabet, opgjort ved at lægge den juridiske dattervirksomheds (den regnskabsmæssigt overtagende virksomhed) udstedte egenkapitalinteresser i omløb før virksomhedssammenslutningen til dagsværdien af den juridiske modervirksomhed (den regnskabsmæssigt overtagne virksomhed). Imidlertid afspejler egenkapitalstrukturen (dvs. antallet og typen af udstedte egenkapitalinteresser) egenkapitalstrukturen i den juridiske modervirksomhed (den regnskabsmæssigt overtagne virksomhed), herunder også de egenkapitalinteresser, som den juridiske modervirksomhed har udstedt for at gennemføre virksomhedssammenslutningen. Således tilpasses egenkapitalstrukturen i den juridiske dattervirksomhed (den regnskabsmæssigt overtagende virksomhed) ved brug af det udvekslingsforhold, der er fastlagt i overtagelsesaftalen, for at afspejle antallet af aktier i den juridiske modervirksomhed (den regnskabsmæssigt overtagne virksomhed), der er udstedt i den omvendte virksomhedsovertagelse
e)
minoritetsinteressens forholdsmæssige andel af den juridiske dattervirksomheds (den regnskabsmæssigt overtagende virksomheds) regnskabsmæssige værdi af overført resultat og andre egenkapitalinteresser før sammenslutningen som omhandlet i afsnit B23 og B24.
Minoritetsinteresse
B23
I en omvendt virksomhedsovertagelse udveksler nogle af ejerne i den juridisk overtagne virksomhed (den regnskabsmæssigt overtagende virksomhed) muligvis ikke deres egenkapitalinstrumenter med egenkapitalinstrumenter i den juridiske modervirksomhed (den regnskabsmæssigt overtagne virksomhed). Disse ejere behandles som en minoritetsinteresse i koncernregnskabet efter den omvendte virksomhedsovertagelse. Det skyldes, at de ejere i den juridisk overtagne virksomhed, som ikke udveksler deres egenkapitalinstrumenter med egenkapitalinstrumenter i den juridisk overtagende virksomhed, kun har andel i resultatet og nettoaktiverne i den juridisk overtagne virksomhed og ikke i resultatet og nettoaktiverne i den sammensluttede virksomhed. Omvendt har ejerne af den juridisk overtagende virksomhed en andel i resultatet og nettoaktiverne i den sammensluttede virksomhed, selv om den juridisk overtagende virksomhed er den overtagne virksomhed i regnskabsmæssig sammenhæng.
B24
Den juridisk overtagne virksomheds aktiver og forpligtelser måles og indregnes i koncernregnskabet til deres regnskabsmæssige værdi før sammenslutningen (jf. afsnit B22(a)). Derfor afspejler minoritetsinteressen i en omvendt virksomhedsovertagelse minoritetsaktionærens forholdsmæssige ejerskab af den regnskabsmæssige værdi af den juridisk overtagne virksomheds nettoaktiver før sammenslutningen, selv om minoritetsinteresserne ved andre overtagelser måles til dagsværdi på overtagelsestidspunktet.
Indtjening pr. aktie
B25
Egenkapitalstrukturen, som fremgår af koncernregnskabet udarbejdet efter en omvendt virksomhedssammenslutning, afspejler, som anført i afsnit B22, litra d), egenkapitalstrukturen i den juridisk overtagende virksomhed (den regnskabsmæssigt overtagne virksomhed), herunder de egenkapitalinstrumenter, der er udstedt af den juridisk overtagende virksomhed for at gennemføre virksomhedssammenslutningen.
B26
Ved beregningen af det vejede gennemsnitlige antal ordinære aktier i omløb (nævneren i beregningen af indtjening pr. aktie) i det regnskabsår, hvor den omvendte virksomhedsovertagelse finder sted:
a)
beregnes antallet af ordinære aktier i omløb fra begyndelsen af det pågældende regnskabsår til overtagelsestidspunktet på grundlag af det vejede gennemsnitlige antal ordinære aktier i den juridisk overtagne virksomhed (den regnskabsmæssigt overtagne virksomhed) i omløb i regnskabsåret, ganget med det aftalte udvekslingsforhold i fusionsaftalen, 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 juridisk overtagende virksomhed (den regnskabsmæssigt overtagne virksomhed) i omløb i det pågældende regnskabsår.
B27
Indtjening pr. aktie for hvert sammenligningsår før overtagelsestidspunktet, der præsenteres i koncernregnskabet efter en omvendt virksomhedssammenslutning, beregnes ved at dividere:
a)
den del af den juridisk overtagne virksomheds resultat, der kan henføres til ordinære aktionærer i hvert af disse regnskabsår, med
b)
den juridisk overtagne virksomheds historiske vejede gennemsnitlige antal ordinære aktier i omløb ganget med det aftalte udvekslingsforhold i overtagelsesaftalen.
INDREGNING AF BESTEMTE OVERTAGNE AKTIVER OG FORPLIGTELSER (ANVENDELSE AF AFSNIT 10-13)
B28-B30
[Ophævet]
Immaterielle aktiver
B31
Den overtagende virksomhed skal indregne de identificerbare immaterielle aktiver, som er erhvervet ved en virksomhedssammenslutning, separat fra goodwill. Et immaterielt aktiv er identificerbart, hvis det enten opfylder kriteriet for udskillelighed eller det kontraktligt-juridiske kriterium.
B32
Et immaterielt aktiv, der opfylder det kontraktligt-juridiske kriterium er identificerbart, selv om aktivet er ikke-overdrageligt eller ikke er udskilleligt fra den overtagne virksomhed eller fra andre rettigheder og forpligtelser. Eksempelvis:
a)
[ophævet]
b)
en overtaget virksomhed ejer og driver et atomkraftværk. Koncessionen til at drive kraftværket er et immaterielt aktiv, der opfylder det kontraktligt-juridiske kriterium for indregning separat fra goodwill, selv om den overtagende virksomhed ikke kan sælge eller overdrage det separat fra det overtagne kraftværk. En overtagende virksomhed kan indregne dagsværdien af driftskoncessionen og dagsværdien af kraftværket som et enkelt aktiv med henblik på økonomisk rapportering, hvis disse aktiver har samme brugstid
c)
en overtaget virksomhed ejer et teknologipatent. Den har givet patentet i licens til andre med eneret til brug uden for hjemmemarkedet mod at modtage en bestemt procentdel af den fremtidige udenlandske omsætning. Både teknologipatentet og den tilknyttede licensaftale opfylder det kontraktligt-juridiske kriterium for indregning separat fra goodwill, selv om separat salg eller udveksling af patentet og den tilknyttede licensaftale ikke ville være praktisk muligt.
B33
Kriteriet for udskillelighed betyder, at et overtaget immaterielt aktiv kan udskilles eller adskilles fra den overtagne virksomhed og sælges, overdrages, gives i licens, udlejes eller udveksles, enten separat eller sammen med en tilknyttet kontrakt, et tilknyttet identificerbart aktiv eller en tilknyttet identificerbar forpligtelse, Et immaterielt aktiv, som den overtagende virksomhed vil være i stand til at sælge, give i licens eller på anden måde udveksle med andre værdier, opfylder kriteriet for udskillelighed, selv om den overtagende virksomhed ikke har til hensigt at sælge det, give det i licens eller på anden måde udveksle det. Et overtaget immaterielt aktiv opfylder kriteriet for udskillelighed, hvis der foreligger dokumentation for udvekslinger af denne type aktiver eller aktiver af en tilsvarende type, selv om sådanne transaktioner ikke foretages særligt hyppigt, og uanset om den overtagende virksomhed er involveret i dem. Eksempelvis gives kunde- og abonnentfortegnelser ofte i licens, og de opfylder således kravet for udskillelighed. Selv om den overtagne virksomhed mener, at dens kundefortegnelser har karakteristika, der adskiller sig fra andre kundefortegnelser, betyder det forhold, at kundefortegnelser ofte gives i licens, generelt at den overtagne kundefortegnelse opfylder kriteriet for udskillelighed. En kundefortegnelse, der overtages ved en virksomhedsovertagelse, opfylder imidlertid ikke kriteriet for udskillelighed, hvis vilkårene for fortrolighed eller andre aftaler forhindrer virksomheden i at sælge, lease eller på anden måde udveksle oplysninger om sine kunder.
B34
Et immaterielt aktiv, der ikke individuelt kan udskilles fra den overtagne eller sammensluttede virksomhed, opfylder kriteriet for udskillelighed, hvis det kan udskilles sammen med tilknyttede kontrakter, identificerbare aktiver eller forpligtelser. Eksempelvis:
a)
markedsdeltagere udveksler forpligtelser i form af indlån og tilknyttede immaterielle aktiver vedrørende indlånerforhold ved observerbare udvekslinger. Derfor skal den overtagende virksomhed indregne det immaterielle aktiv vedrørende indlånerforholdet separat fra goodwill
b)
en overtaget virksomhed ejer et registreret varemærke samt dokumenteret, men ikke patenteret, teknisk ekspertise til at fremstille det varemærkebeskyttede produkt. For at overdrage ejerskabet til et varemærke skal ejeren også overdrage alt andet, der er nødvendigt for, at den nye ejer kan fremstille et produkt eller levere en tjenesteydelse, der ikke adskiller sig fra det, den tidligere ejer fremstillede eller leverede. På grund af, at den tekniske ekspertise, der ikke er patenteret, skal udskilles fra den overtagne eller sammensluttede virksomhed og sælges, hvis det tilknyttede varemærke sælges, opfylder den kriteriet for udskillelighed.
Generhvervede rettigheder
B35
Som et led i en virksomhedssammenslutning kan en overtagende virksomhed generhverve en brugsret, som den tidligere havde tildelt den overtagne virksomhed, til et eller flere af den overtagende virksomheds indregnede eller ikke-indregnede aktiver. Eksempler på sådanne rettigheder omfatter retten til at anvende den overtagende virksomheds handelsnavn i henhold til en franchiseaftale eller en ret til at anvende den overtagende virksomheds teknologi i henhold til en teknologilicensaftale. En generhvervet rettighed er et identificerbart immaterielt aktiv, som den overtagende virksomhed indregner separat fra goodwill. Afsnit 29 indeholder vejledning om måling af en generhvervet rettighed, og afsnit 55 indeholder vejledning om den efterfølgende regnskabsmæssige behandling af en generhvervet rettighed.
B36
Hvis vilkårene i den kontrakt, der resulterer i en generhvervet rettighed, er gunstige eller ugunstige i forhold til vilkårene for aktuelle markedstransaktioner for samme eller tilsvarende forhold, skal den overtagende virksomhed indregne en gevinst eller et tab for afregningen. Afsnit B52 indeholder vejledning om måling af gevinster eller tab for afregning.
Samlet arbejdskraft og andre poster, der ikke er identificerbare
B37
Den overtagende virksomhed skal lade værdien af et overtaget immaterielt aktiv, der ikke er identificerbart, indgå i goodwill på overtagelsestidspunktet. Eksempelvis kan en overtagende virksomhed tildele værdi til tilstedeværelsen af en samlet arbejdskraft, der er en eksisterende masse af ansatte, der tillader den overtagende virksomhed at fortsætte med at drive en overtaget virksomhed fra overtagelsestidspunktet. En samlet arbejdskraft repræsenterer ikke den kvalificerede arbejdskrafts intellektuelle kapital — den (ofte specialiserede) viden og erfaring, med hvilken en overtaget virksomheds medarbejdere udfører deres arbejde. Eftersom den samlede arbejdskraft ikke udgør et identificerbart aktiv, der skal indregnes separat fra goodwill, medtages den eventuelle værdi, den tillægges, i goodwill.
B38
Den overtagende virksomhed skal også lade den værdi, der tillægges til forhold, som ikke opfylder kriterierne for aktiver på overtagelsestidspunktet, indgå i goodwill. Eksempelvis tillægger den overtagende virksomhed måske værdi til mulige kontrakter, som den overtagne virksomhed er ved at forhandle med nye kundeemner på overtagelsestidspunktet. Disse mulige kontrakter udgør ikke i sig selv aktiver på overtagelsestidspunktet, og den overtagende virksomhed skal derfor ikke indregne dem separat fra goodwill. Den overtagende virksomhed skal ikke efterfølgende omklassificere værdien af sådanne kontrakter fra goodwill for begivenheder, der finder sted efter overtagelsestidspunktet. Den overtagende virksomhed bør dog vurdere forhold og omstændigheder omkring begivenheder, der finder sted kort efter overtagelsen, for at vurdere, om der eksisterede et immaterielt aktiv til separat indregning på overtagelsestidspunktet.
B39
Efter første indregning skal en overtagende virksomhed foretage regnskabsmæssig behandling af immaterielle aktiver, der er overtaget ved en virksomhedssammenslutning, i overensstemmelse med bestemmelserne i IAS 38 
Immaterielle aktiver
. Som beskrevet i afsnit 3 i IAS 38, foreskrives den regnskabsmæssige behandling af visse overtagne immaterielle aktiver efter første indregning imidlertid af andre IFRS-standarder.
B40
Kriterierne for identificerbarhed bestemmer, om et immaterielt aktiv skal indregnes separat fra goodwill. Kriterierne indeholder dog hverken vejledning om målingen af dagsværdien af et immaterielt aktiv eller en begrænsning af de forudsætninger, der lægges til grund ved vurderingen af et immaterielt aktivs dagsværdi. Eksempelvis vil den overtagende virksomhed tage højde for de forudsætninger, som markedsdeltagere ville overveje, såsom forventninger til fremtidige kontraktfornyelser, i målingen af dagsværdien. Fornyelserne behøver ikke i sig selv opfylde kriterierne til identificerbarhed. (Der henvises dog til afsnit 29, som indeholder en undtagelse fra princippet for måling af dagsværdien af generhvervede rettigheder, der indregnes ved en virksomhedssammenslutning). Afsnit 36 og 37 i IAS 38 indeholder vejledning om vurderingen af, hvorvidt immaterielle aktiver skal sammenlægges til en enkelt beregningsenhed sammen med andre materielle eller immaterielle aktiver.
MÅLING AF DAGSVÆRDIEN AF BESTEMTE IDENTIFICERBARE AKTIVER OG EN MINORITETSINTERESSE I EN OVERTAGET VIRKSOMHED (ANVENDELSE AF AFSNIT 18 OG 19)
Aktiver med usikre pengestrømme (vurderingshensættelser)
B41
Den overtagende virksomhed skal på overtagelsestidspunktet ikke indregne en separat vurderingshensættelse for aktiver, der er overtaget ved en virksomhedssammenslutning, og som måles til dagsværdien på overtagelsestidspunktet, fordi virkningerne af usikkerheden om deres fremtidige pengestrømme er medtaget i målingen af dagsværdien. Eksempelvis indregner den overtagende virksomhed ikke en separat vurderingshensættelse for de kontraktlige pengestrømme, der vurderes at være uerholdelige på det tidspunkt, eller en hensættelse til tab for forventede kredittab, eftersom denne standard kræver, at den overtagende virksomhed skal måle overtagne tilgodehavender, herunder lån, til dagsværdien på overtagelsestidspunktet i forbindelse med regnskabsmæssig behandling af en virksomhedssammenslutning.
Aktiver, der er genstand for operationelle leasingkontrakter, hvor den overtagne virksomhed er leasinggiver
B42
Ved målingen af et aktivs dagsværdi på overtagelsestidspunktet, såsom en bygning eller et patent, der er genstand for en operationel leasingkontrakt, hvor den overtagne virksomhed er leasinggiver, skal den overtagende virksomhed tage højde for leasingkontraktens vilkår. Den overtagende virksomhed skal ikke indregne et separat aktiv eller en separat forpligtelse, hvis vilkårene for den operationelle leasingkontrakt enten er gunstige eller ugunstige sammenlignet med markedsvilkårene.
Aktiver, som den overtagende virksomhed ikke har til hensigt at anvende, eller har til hensigt at anvende på en anden måde, end andre markedsdeltagere ville anvende dem
B43
For at beskytte sin konkurrencemæssige stilling eller af andre årsager har den overtagende virksomhed måske ikke til hensigt at anvende et overtaget ikke-finansielt aktiv, eller måske ønsker den ikke at anvende aktivet på en anden måde, som er i overensstemmelse med den optimale og bedste anvendelse heraf. Dette kan f.eks. være tilfældet i forbindelse med et overtaget immaterielt aktiv vedrørende forskning og udvikling, som den overtagende virksomhed planlægger at anvende defensivt ved at forhindre andre i at anvende det. Den overtagende virksomhed skal dog alligevel måle det ikkefinansielle aktiv til dagsværdi opgjort under forudsætning af markedsdeltagernes højeste og bedste anvendelse med den relevante værdiansættelsesforudsætning, både indledningsvis og ved måling af dagsværdi med fradrag af afhændelsesomkostninger for efterfølgende test af værdiforringelse.
Minoritetsinteresse i en overtaget virksomhed
B44
Denne standard tillader, at den overtagende virksomhed måler en minoritetsinteresse i den overtagne virksomhed til dagsværdien på overtagelsestidspunktet. Undertiden vil en overtagende virksomhed være i stand til at måle dagsværdien af en minoritetsinteresse på overtagelsestidspunktet på grundlag af en officiel markedskurs på et aktivt marked for de aktier, der ikke besiddes af den overtagende virksomhed. I andre situationer er en officiel markedskurs på et aktivt marked for aktierne imidlertid ikke tilgængelig. I sådanne situationer skal den overtagende virksomhed måle dagsværdien af minoritetsinteressen ved brug af andre værdiansættelsesmetoder.
B45
Der er muligvis forskelle i dagsværdien af den overtagende virksomheds andel i den overtagne virksomhed og minoritetsinteressen målt pr. aktie. Hovedforskellen skyldes sandsynligvis medregningen af et tillæg for bestemmende indflydelse i dagsværdien pr. aktie af den overtagende virksomheds andel i den overtagne virksomhed eller, omvendt, medregningen af en diskontering for den manglende bestemmende indflydelse (også benævnt en minoritetsdiskontering) i dagsværdien pr. aktie af minoritetsinteressen, hvis markedsdeltagerne ville tage hensyn til en sådan overkurs eller underkurs ved prisansættelsen af minoritetsinteressen.
MÅLING AF GOODWILL ELLER EN GEVINST HIDRØRENDE FRA ET TILBUDSKØB
Måling af dagsværdien af den overtagende virksomheds andel i den overtagne virksomhed på overtagelsestidspunktet ved brug af værdiansættelsesmetoder (anvendelse af afsnit 33)
B46
Ved en virksomhedssammenslutning, der gennemføres uden erlæggelse af vederlag, skal den overtagende virksomhed erstatte dagsværdien på overtagelsestidspunktet af sin andel i den overtagne virksomhed med dagsværdien på overtagelsestidspunktet af det erlagte vederlag for at måle goodwill eller en gevinst hidrørende fra et tilbudskøb (jf. afsnit 32-34).
Særlige hensyn i forbindelse med anvendelsen af overtagelsesmetoden på sammenslutninger af gensidige virksomheder (anvendelse af afsnit 33)
B47
Når to gensidige virksomheder sammensluttes, kan dagsværdien af egenkapitalen eller medlemmernes ejerandele i den overtagne virksomhed (eller dagsværdien af den overtagne virksomhed) muligvis måles mere pålideligt end dagsværdien af de ejerandele, der overdrages af den overtagende virksomhed. Hvis dette er tilfældet, kræver afsnit 33, at den overtagende virksomhed vurderer beløbet for goodwill ved at anvende dagsværdien af den overtagne virksomheds egenkapitalinteresser på overtagelsestidspunktet i stedet for dagsværdien af den overtagende virksomheds egenkapitalinteresser, der er overdraget som vederlag. Desuden skal den overtagende virksomhed i en sammenslutning af gensidige virksomheder indregne den overtagne virksomheds nettoaktiver som et direkte tillæg til kapitalen eller egenkapitalen i sin opgørelse af den finansielle stilling, og ikke som et tillæg til det overførte resultat, hvilket er i overensstemmelse med andre virksomhedstypers anvendelse af overtagelsesmetoden.
B48
Selv om gensidige virksomheder har mange ligheder med andre virksomheder, har de dog særlige karakteristika, der primært skyldes, at deres medlemmer både er kunder og ejere. Medlemmer af gensidige virksomheder forventer generelt at modtage fordele i kraft af deres medlemskab, ofte i form af lavere priser på varer eller tjenesteydelser eller medlemsdividende. Størrelsen af dividenden, der allokeres til hvert medlem, baseres ofte på omfanget af det enkelte medlems handel med den gensidige virksomhed i løbet af året.
B49
Målingen af en gensidig virksomheds dagsværdi bør indeholde de forudsætninger, som markedsdeltagere ville lægge til grund for fremtidige medlemsfordele samt andre relevante forudsætninger, som markedsdeltagere lægger til grund for den gensidige virksomhed. Eksempelvis kan en aktuel værdiansættelsesmetode anvendes til at vurdere en gensidig virksomheds dagsværdi. De pengestrømme, der bruges som input til modellen, skal baseres på den gensidige virksomheds forventede pengestrømme, som sandsynligvis afspejler nedsættelser til medlemsfordele, som eksempelvis lavere priser for varer og tjenesteydelser.
VURDERING AF, HVAD DER INDGÅR I TRANSAKTIONEN VED VIRKSOMHEDSSAMMENSLUTNINGEN (ANVENDELSE AF AFSNIT 51 OG 52)
B50
Den overtagende virksomhed skal overveje følgende faktorer, som hverken udelukker hinanden eller er afgørende hver for sig, i vurderingen af, om en transaktion indgår i udvekslingen for den overtagne virksomhed, eller om transaktionen finder sted separat i forhold til virksomhedssammenslutningen:
a)
årsagerne til transaktionen
— En forståelse af årsagerne til, at parterne i sammenslutningen (den overtagende og den overtagne virksomhed og disses ejere, bestyrelsesmedlemmer og ledere — samt deres repræsentanter) indgik en bestemt transaktion eller ordning, kan bidrage til forståelsen af, om den indgår i det erlagte vederlag og de overtagne aktiver eller forpligtelser. Hvis en transaktion eksempelvis primært organiseres til fordel for den overtagende virksomhed eller den sammensluttede virksomhed snarere end primært til fordel for den overtagne virksomhed eller dens tidligere ejere før sammenslutningen, indgår denne del af den betalte transaktionspris (samt eventuelle tilknyttede aktiver eller forpligtelser) sandsynligvis i udvekslingen for den overtagne virksomhed. Således behandler den overtagende virksomhed regnskabsmæssigt denne del separat fra virksomhedssammenslutningen
b)
hvem startede transaktionen
— En forståelse af, hvem der startede transaktionen, kan også bidrage til forståelsen, af om den indgår i udvekslingen for den overtagne virksomhed. Eksempelvis kan en transaktion eller anden begivenhed, der er startet af den overtagende virksomhed, være indgået med henblik på at tilvejebringe fremtidige økonomiske fordele til den overtagende virksomhed eller den sammensluttede virksomhed, hvor den overtagne virksomhed eller dennes tidligere ejere kun modtager få eller ingen fordele før sammenslutningen. På den anden side er det mindre sandsynligt, at en transaktion eller ordning, der er startet af den overtagne virksomhed eller dennes tidligere ejere, er til fordel for den overtagende virksomhed eller den sammensluttede virksomhed, mens det er mere sandsynligt, at den indgår i transaktionen ved virksomhedssammenslutningen
c)
tidspunktet for transaktionen
— Tidspunktet for transaktionen kan også bidrage til forståelsen, af om den indgår i udvekslingen for den overtagne virksomhed. Eksempelvis er en transaktion indgået mellem den overtagende og den overtagne virksomhed under forhandlingerne om vilkårene for en virksomhedssammenslutning muligvis indgået under forventning om, at virksomhedssammenslutningen giver fremtidige økonomiske fordele til den overtagende virksomhed eller den sammensluttede virksomhed. Hvis dette er tilfældet, er det sandsynligt, at den overtagne virksomhed eller dennes tidligere ejere før virksomhedssammenslutningen modtager kun få eller slet ingen fordele ved transaktionen, bortset fra de fordele, de modtager som en del af den sammensluttede virksomhed.
Faktisk afregning af et allerede eksisterende forhold mellem den overtagende og overtagne virksomhed i en virksomhedssammenslutning (anvendelse af afsnit 52, litra a))
B51
Forholdet mellem den overtagende og overtagne virksomhed eksisterede måske, før de overvejede virksomhedssammenslutningen, hvilket her benævnes et "allerede eksisterende forhold". Et allerede eksisterende forhold mellem den overtagende og overtagne virksomhed kan være kontraktligt (eksempelvis sælger og kunde eller licensgiver og licenstager) eller ikke-kontraktligt (eksempelvis sagsøger og sagsøgt).
B52
Hvis virksomhedssammenslutningen i realiteten afregner et allerede eksisterende forhold, indregner den overtagende virksomhed en gevinst eller et tab, målt som følger:
a)
for et allerede eksisterende ikke-kontraktligt forhold (såsom et sagsanlæg), dagsværdien
b)
for et allerede eksisterede kontraktligt forhold, det mindste beløb af i) og ii):
i)
det beløb, hvormed kontrakten er gunstig eller ugunstig, set fra den overtagende virksomheds synspunkt, ved sammenligning med vilkårene for aktuelle markedstransaktioner for samme eller tilsvarende forhold. (En ugunstig kontrakt er en kontrakt, der er ugunstig i forhold til aktuelle markedsvilkår. Det er ikke nødvendigvis en tabsgivende kontrakt, hvor de uundgåelige omkostninger forbundet med indfrielsen af kontraktlige forpligtelser overstiger de økonomiske fordele, som virksomheden forventes at få gennem den)
ii)
den beløbsmæssige størrelse af eventuelle afregningsbestemmelser i kontrakten, som er tilgængelige for den modpart, for hvilken kontrakten er ugunstig.
Hvis ii) er mindre end i), medtages differencen i den regnskabsmæssige behandling af virksomhedssammenslutningen.
Størrelsen af gevinsten eller tabet, der indregnes, kan til dels afhænge af, om den overtagende virksomhed tidligere havde indregnet et tilknyttet aktiv eller en tilknyttet forpligtelse, og gevinsten eller tabet, der præsenteres, kan derfor afvige fra det beløb, der beregnes ved anvendelse af de ovennævnte krav.
B53
Et allerede eksisterende forhold kan være en kontrakt, som den overtagende virksomhed indregner som en generhvervet rettighed. Hvis kontrakten indeholder vilkår, der er gunstige eller ugunstige i sammenligning med priserne på aktuelle markedstransaktioner for samme eller tilsvarende forhold, skal den overtagende virksomhed foretage indregning separat fra virksomhedssammenslutningen af en gevinst eller et tab for den faktiske afregning af kontrakten målt i overensstemmelse med afsnit B52.
Aftaler om betinget betaling til ansatte eller sælgende aktionærer (anvendelse af afsnit 52, litra b))
B54
Hvorvidt aftaler om betinget betaling til ansatte eller sælgende aktionærer udgør betinget vederlag i virksomhedssammenslutningen eller separate transaktioner, afhænger af aftalernes karakter. For at vurdere aftalens karakter kan det være en hjælp at forstå årsagerne til, at overtagelsesaftalen indeholder en bestemmelse om betinget betaling, hvem der tog initiativ til aftalen, og hvornår parterne indgik aftalen.
B55
Hvis det ikke er tydeligt, om en aftale om betaling til ansatte eller sælgende aktionærer er en del af udvekslingen for den overtagne virksomhed eller er en transaktion, der er separat fra virksomhedssammenslutningen, skal den overtagende virksomhed tage følgende faktorer i betragtning:
a)
Fortsat ansættelse
— Vilkårene for fortsat ansættelse af de sælgende aktionærer, der bliver nøglemedarbejdere, kan være en indikator for indholdet af en aftale om betinget vederlag. De relevante vilkår for fortsat ansættelse kan blive medtaget i en ansættelseskontrakt, aftale om virksomhedsovertagelse eller andre dokumenter. En aftale om betinget vederlag, hvor betalingerne automatisk fortabes, hvis ansættelsen ophører, er aflønning for tjenester efter sammenslutningen. Aftaler, hvor de betingede betalinger ikke påvirkes af ansættelsens ophør, kan indikere, at de betingede betalinger udgør yderligere vederlag snarere end aflønning.
b)
Varigheden af fortsat ansættelse
— Hvis den krævede ansættelsesperiode er sammenfaldende med eller længere end den betingede betalingsperiode, kan dette forhold indikere, at de betingede betalinger i realiteten udgør aflønning.
c)
Aflønningsniveau
— Situationer, hvor aflønning af ansatte ud over betinget betaling er på et rimeligt niveau sammenlignet med andre nøglemedarbejdere i den sammensluttede virksomhed, kan indikere, at de betingede betalinger udgør yderligere vederlag snarere end aflønning.
d)
Merbetalinger til ansatte
— Hvis sælgende aktionærer, der ikke bliver ansatte, modtager lavere betingede betalinger pr. aktie end de sælgende aktionærer, der bliver ansatte i den sammensluttede virksomhed, kan dette indikere, at den større betingede betaling til de sælgende aktionærer, der bliver ansatte, udgør aflønning.
e)
Antal ejede aktier
— Det forholdsmæssige antal aktier, der ejes af de sælgende aktionærer, der fortsætter som nøglemedarbejdere, kan være en indikator for indholdet af aftalen om betinget vederlag. Hvis de sælgende aktionærer, der i al væsentlighed ejede alle aktierne i den overtagne virksomhed, fortsætter som nøglemedarbejdere, kan dette indikere, at aftalen i realiteten er en overskudsdelingsaftale, der har til hensigt at tilvejebringe aflønning for tjenester efter sammenslutningen. Alternativt gælder det, at hvis sælgende aktionærer, der fortsætter som nøglemedarbejdere, kun ejede et mindre antal aktier i den overtagne virksomhed, og alle sælgende aktionærer modtager samme betingede vederlag pr. aktie, kan dette indikere, at de betingede betalinger udgør yderligere vederlag. De ejerandele, som nærtstående parter til sælgende aktionærer, der fortsætter som nøglemedarbejdere, såsom familiemedlemmer, besad før overtagelsen, skal også tages i betragtning.
f)
Forbindelse til værdiansættelsen
— Hvis det første overdragede vederlag på overtagelsestidspunktet er baseret på den laveste værdi i et spænd, der er etableret ved værdiansættelsen af den overtagne virksomhed, og den betingede formel henholder sig til denne værdiansættelsesmetode, kan dette være et tegn på, at de betingede betalinger udgør yderligere betaling. Alternativt gælder det, at hvis formlen for betinget betaling er overensstemmende med tidligere overskudsdelingsordninger, kan dette være et tegn på, at ordningens indhold går ud på at tilvejebringe aflønning.
g)
Formel til opgørelse af vederlag
— Den formel, der anvendes til at opgøre den betingede betaling, kan udgøre en hjælp til at vurdere ordningens indhold. Hvis en betinget betaling eksempelvis er opgjort på grundlag af et multiplum af indtjeningen, kan dette indikere, at forpligtelsen udgør betinget vederlag i virksomhedssammenslutningen, og at formlen har til hensigt at etablere eller bekræfte den overtagne virksomheds dagsværdi. Modsat indikerer en betinget betaling, der er en bestemt procentdel af indtjeningen, muligvis at forpligtelsen til de ansatte er en overskudsdelingsordning for at aflønne ansatte for ydede tjenester.
h)
Andre aftaler og forhold
— Vilkårene for andre aftaler med sælgende aktionærer (såsom aftaler om ikke at konkurrere, kontrakter til senere opfyldelse, konsulentkontrakter og leasingaftaler for ejendomme) og den indkomstskattemæssige behandling af betingede betalinger, kan indikere, at betingede betalinger kan henføres til noget andet end vederlag for den overtagne virksomhed. Eksempelvis kan den overtagende virksomhed i forbindelse med overtagelsen indgå en leasingaftale for en ejendom med en væsentlig, sælgende aktionær. Hvis leasingydelserne, der er fastsat i leasingkontrakten, ligger væsentligt under markedet, kan alle eller nogle af de betingede betalinger til leasinggiver (den sælgende aktionær), som er krævet i henhold til en separat aftale om betinget betaling, i realiteten være betalinger for brugen af den leasede ejendom, som den overtagende virksomhed skal indregne separat i sit årsregnskab efter sammenslutningen. Modsat kan aftalen om betinget betaling til den sælgende aktionær udgøre betinget vederlag i virksomhedssammenslutningen, hvis leasingkontrakten angiver leasingydelser, der er i overensstemmelse med markedsvilkårene for den leasede ejendom.
Tildeling af aktiebaseret vederlæggelse fra den overtagende virksomhed som udveksling for tildelinger, der besiddes af den overtagne virksomheds ansatte (anvendelse af afsnit 52, litra b))
B56
En overtagende virksomhed kan udveksle sine tildelinger af aktiebaseret vederlæggelse 
(
40
)
 (erstatningstildeling) med tildelinger, der besiddes af ansatte i den overtagne virksomhed. Udvekslinger af aktieoptioner eller anden tildelt aktiebaseret vederlæggelse i forbindelse med en virksomhedssammenslutning behandles regnskabsmæssigt som ændringer af den tildelte aktiebaserede vederlæggelse i overensstemmelse med IFRS 2 
Aktiebaseret vederlæggelse
. Hvis den overtagende virksomhed erstatter den overtagne virksomheds tildelinger, skal hele eller en del af den markedsbaserede måling af den overtagende virksomheds erstatningstildeling medtages i målingen af det overdragede vederlag ved virksomhedssammenslutningen. Afsnit B57–B62 indeholder vejledning om, hvordan den markedsbaserede måling allokeres. I nogle situationer, hvor den overtagne virksomheds tildelinger ville udløbe som en følge af virksomhedssammenslutningen, og hvor den overtagende virksomhed erstatter disse tildelinger, selv om den ikke er forpligtet til det, skal hele den markedsbaserede måling af disse tildelinger imidlertid indregnes som en aflønningsomkostning i årsregnskabet efter sammenslutningen i overensstemmelse med IFRS 2. Det betyder, at intet af den markedsbaserede måling af disse tildelinger skal medtages i målingen af det erlagte vederlag ved virksomhedssammenslutningen. Den overtagende virksomhed er forpligtet til at erstatte den overtagne virksomheds tildelinger, hvis den overtagne virksomhed eller dennes ansatte har mulighed for at gennemtvinge erstatningen. Eksempelvis er den overtagende virksomhed, for så vidt angår anvendelsen af dette krav, forpligtet til at erstatte den overtagne virksomheds tildelinger, hvis denne erstatning kræves i henhold til:
a)
vilkårene for overtagelsesaftalen
b)
vilkårene for den overtagne virksomheds tildelinger eller
c)
gældende love eller retsforskrifter.
B57
For at vurdere den andel af en erstatningstildeling, der er en del af det erlagte vederlag for den overtagne virksomhed, og den andel, der udgør aflønning for tjenester efter sammenslutningen, skal den overtagende virksomhed måle både erstatningstildelingen, der er tildelt af den overtagende virksomhed, og den overtagne virksomheds tildelinger på overtagelsestidspunktet i overensstemmelse med IFRS 2. Andelen af den markedsbaserede måling af erstatningstildelingen, der er en del af det erlagte vederlag som udveksling for den overtagne virksomhed, svarer til den andel af den overtagne virksomheds tildeling, der kan henføres til tjenester før sammenslutningen.
B58
Andelen af erstatningstildelingen, der kan henføres til tjenester før sammenslutningen, er den markedsbaserede måling af den overtagne virksomheds tildeling ganget med andelen af optjeningsperioden, der er fuldendt i forhold til den samlede optjeningsperiode eller den oprindelige optjeningsperiode for den overtagne virksomheds tildeling, hvad der måtte være længst. Optjeningsperioden er den periode, i løbet af hvilken alle de specificerede optjeningsbetingelser skal opfyldes. Optjeningsbetingelser er defineret i IFRS 2.
B59
Andelen af en ikke-optjent erstatningstildeling, der kan henføres til tjenester efter sammenslutningen og derfor indregnes som en aflønningsomkostning i årsregnskabet efter sammenslutningen, svarer til den samlede markedsbaserede måling af erstatningstildelingen med fradrag af det beløb, der kan henføres til tjenester før sammenslutningen. Derfor skal den overtagende virksomhed henføre det beløb, hvormed den markedsbaserede måling af erstatningstildelingen eventuelt overstiger den markedsbaserede måling af den overtagne virksomheds tildeling til tjenester efter sammenslutningen, og indregne dette overskydende beløb som aflønningsomkostning i årsregnskabet efter sammenslutningen. Den overtagende virksomhed skal henføre en del af en erstatningstildeling til tjenester efter sammenslutningen, hvis denne er betinget af tjenester efter sammenslutningen, uanset om de ansatte havde leveret alle de tjenester, der var krævet for optjening af tildelingen fra den overtagne virksomhed, før overtagelsestidspunktet.
B60
Den andel af den ikke-optjente erstatningstildeling, der kan henføres til tjenester før sammenslutningen, samt den andel, der kan henføres til tjenester efter sammenslutningen, skal være udtryk for det bedste tilgængelige skøn over antallet af erstatningstildelinger, der forventes optjent. Hvis den markedsbaserede måling af en erstatningstildeling, der henføres til tjenester før sammenslutningen, er 100 CU, og den overtagende virksomhed forventer, at kun 95 % af tildelingen bliver optjent, udgør det beløb, der medregnes i det erlagte vederlag ved virksomhedssammenslutningen, 95 CU. Ændringer i det anslåede antal erstatningstildelinger, der forventes optjent, skal afspejles i aflønningsomkostningerne for de regnskabsår, hvor ændringerne eller annulleringerne finder sted — og ikke som regulering af det erlagte vederlag ved virksomhedssammenslutningen. Tilsvarende behandles virkningerne af andre begivenheder, såsom ændringer eller det endelige resultat af tildelinger med indtjeningsbetingelser, der finder sted efter overtagelsestidspunktet, regnskabsmæssigt i overensstemmelse med IFRS 2 ved opgørelsen af aflønningsomkostningerne for det regnskabsår, hvor en begivenhed finder sted.
B61
Der gælder samme krav for opgørelse af de andele af en erstatningstildeling, der kan henføres til tjenester før og efter sammenslutningen, uanset om en erstatningstildeling klassificeres som en forpligtelse eller et egenkapitalinstrument i overensstemmelse med bestemmelserne i IFRS 2. Alle ændringer i den markedsbaserede måling af tildelinger, der klassificeres som forpligtelser efter overtagelsestidspunktet, og de tilknyttede indkomstskattemæssige virkninger, indregnes i den overtagende virksomheds årsregnskab efter sammenslutningen for det eller de regnskabsår, hvor ændringerne finder sted.
B62
De indkomstskattemæssige virkninger af erstatningstildelinger af aktiebaseret vederlæggelse skal indregnes i overensstemmelse med bestemmelserne i IAS 12 
Indkomstskatter
.
Den overtagne virksomheds aktiebaserede betalingstransaktioner afregnet i egenkapital
B62A
Den overtagne virksomhed kan have udestående aktiebaserede betalingstransaktioner, som den overtagende virksomhed ikke udveksler for sine aktiebaserede betalingstransaktioner. Hvis de er optjente, er den overtagne virksomheds aktiebaserede betalingstransaktioner en del af minoritetsinteressen i den overtagne virksomhed og måles til den markedsbaserede måling. Hvis de ikke er optjente, måles de til den markedsbaserede måling, som om overtagelsestidspunktet var tildelingstidspunktet i overensstemmelse med afsnit 19 and 30.
B62B
Den markedsbaserede måling af ikke-optjente aktiebaserede betalingstransaktioner allokeres til minoritetsinteressen på grundlag af andelen af optjeningsperioden, der er fuldendt i forhold til den samlede optjeningsperiode, og den oprindelige optjeningsperiode for den aktiebaserede betalingstransaktion, alt efter hvad der måtte være længst. Restbeløbet allokeres til tjenester efter sammenslutningen.
ANDRE IFRS-STANDARDER, DER INDEHOLDER VEJLEDNING OM EFTERFØLGENDE MÅLING OG REGNSKABSMÆSSIG BEHANDLING (ANVENDELSE AF AFSNIT 54)
B63
Eksempler på andre IFRS-standarder, der indeholder vejledning om efterfølgende måling og regnskabsmæssig behandling af aktiver, der er anskaffet, og passiver, som virksomheden har påtaget sig eller pådraget sig i en virksomhedssammenslutning, omfatter:
a)
IAS 38, der foreskriver den regnskabsmæssige behandling af immaterielle aktiver, som er erhvervet ved en virksomhedssammenslutning. Den overtagende virksomhed måler goodwill til det indregnede beløb på overtagelsestidspunktet med fradrag af eventuelle akkumulerede tab ved værdiforringelse. IAS 36 
Værdiforringelse af aktiver
 fastlægger den regnskabsmæssige behandling af tab ved værdiforringelse.
b)
[ophævet]
c)
IAS 12, der foreskriver den efterfølgende regnskabsmæssige behandling af udskudte skatteaktiver (herunder ikke-indregnede udskudte skatteaktiver) og –forpligtelser, der er erhvervet ved en virksomhedssammenslutning.
d)
IFRS 2, der indeholder vejledning om den efterfølgende måling og regnskabsmæssige behandling af den del af erstatningstildelinger af aktiebaseret vederlæggelse, der udstedes af en overtagende virksomhed, som kan henføres til ansattes fremtidige tjenester.
e)
IFRS 10 indeholder vejledning om regnskabsmæssig behandling af ændringer i en modervirksomheds ejerandel i en dattervirksomhed, efter bestemmende indflydelse er opnået.
OPLYSNINGER (ANVENDELSE AF AFSNIT 59 OG 61)
B64
For at opfylde formålet i afsnit 59 skal den overtagende virksomhed give følgende oplysninger for hver virksomhedssammenslutning, der finder sted i løbet af regnskabsåret:
a)
navnet på og en beskrivelse af den overtagne virksomhed
b)
overtagelsestidspunktet
c)
procentdelen af overtagne stemmeberettigede egenkapitalinteresser
d)
de primære årsager til virksomhedssammenslutningen og en beskrivelse af, hvordan den overtagende virksomhed opnåede bestemmende indflydelse på den overtagne virksomhed
e)
en kvalitativ beskrivelse af de faktorer, der udgør den indregnede goodwill, såsom forventede synergier fra sammenlægninger af den overtagne og den overtagende virksomheds aktiviteter, immaterielle aktiver, der ikke opfylder kriterierne for separat indregning, eller andre faktorer
f)
dagsværdien på overtagelsestidspunktet af det samlede erlagte vederlag og dagsværdien på overtagelsestidspunktet af hver væsentlig kategori af vederlag, såsom:
i)
likvide beholdninger
ii)
andre materielle eller immaterielle aktiver, herunder en af den overtagende virksomheds virksomheder eller dattervirksomheder
iii)
overtagne forpligtelser, eksempelvis en forpligtelse vedrørende betinget vederlag, og
iv)
egenkapitalinteresser i den overtagende virksomhed, herunder antallet af instrumenter eller interesser, der er udstedt eller kan udstedes, samt metoden for opgørelse af dagsværdien af disse instrumenter eller interesser.
g)
for aftaler om betinget vederlag og refusionsaktiver:
i)
det indregnede beløb på overtagelsestidspunktet
ii)
en beskrivelse af aftalen og grundlaget for opgørelse af det betalte beløb, og
iii)
et skøn over spændet af udfald (udiskonteret) eller, hvis et spænd ikke kan anslås, dette forhold samt årsagerne til, at der ikke kan anslås et spænd. Hvis den maksimale betaling er ubegrænset, skal den overtagende virksomhed give oplysning herom
h)
for overtagne tilgodehavender:
i)
dagsværdien af tilgodehavenderne
ii)
bruttoværdien af de tilgodehavende kontraktmæssige beløb og
iii)
det bedste skøn på overtagelsestidspunktet over de kontraktmæssige pengestrømme, der ikke forventes erholdt.
Disse oplysninger skal gives for hver væsentlig kategori af tilgodehavender, såsom lån, direkte finansielle leasingkontrakter og alle andre kategorier af tilgodehavender
i)
de indregnede beløb på overtagelsestidspunktet for hver væsentlig kategori af overtagne aktiver og forpligtelser
j)
for hver eventualforpligtelse, der er indregnet i overensstemmelse med afsnit 23, de oplysninger, der kræves i henhold til afsnit 85 i IAS 37 
Hensatte forpligtelser, eventualforpligtelser og eventualaktiver
. Hvis en eventualforpligtelse ikke indregnes, fordi dens dagsværdi ikke kan opgøres pålideligt, skal den overtagende virksomhed anføre:
i)
de oplysninger, der kræves i henhold til afsnit 86 i IAS 37, og
ii)
årsagerne til, at forpligtelsen ikke kan måles pålideligt
k)
det samlede beløb for goodwill, der forventes at være skattemæssigt fradragsberettiget
l)
for transaktioner, der indregnes separat fra overtagelsen af aktiver og forpligtelser ved virksomhedssammenslutningen i overensstemmelse med afsnit 51:
i)
en beskrivelse af hver transaktion
ii)
hvordan den overtagende virksomhed foretog regnskabsmæssig behandling af hver transaktion
iii)
de indregnede beløb for hver transaktion og den regnskabspost, hvori hvert beløb er indregnet, og
iv)
hvis transaktionen udgør den faktiske afregning af et allerede eksisterende forhold, den metode, der er lagt til grund for opgørelsen af afregningsbeløbet
m)
oplysningen om separat indregnede transaktioner, der kræves i henhold til litra l), skal medtage den beløbsmæssige størrelse af overtagelsesrelaterede omkostninger og, separat, den beløbsmæssige størrelse af de omkostninger, der er indregnet som en omkostning, og den eller de poster i totalindkomstopgørelsen, hvori disse omkostninger indregnes. Der skal desuden gives oplysning om den beløbsmæssige størrelse af eventuelle udstedelsesomkostninger, der ikke indregnes som en omkostning, samt hvordan disse blev indregnet
n)
ved et tilbudskøb (se afsnit 34-36):
i)
den beløbsmæssige størrelse af en eventuel gevinst, som er indregnet i overensstemmelse med afsnit 34, og den regnskabspost i totalindkomstopgørelsen, hvori gevinsten er indregnet, og
ii)
en beskrivelse af årsagerne til, at transaktionen medførte en gevinst
o)
for hver virksomhedssammenslutning, hvor den overtagende virksomhed besidder mindre end 100 % af egenkapitalinteresserne i den overtagne virksomhed på overtagelsestidspunktet:
i)
den beløbsmæssige størrelse af minoritetsinteressen i den overtagne virksomhed, der er indregnet på overtagelsestidspunktet, samt målingsgrundlaget for dette beløb, og
ii)
for hver minoritetsinteresse i den overtagne virksomhed, der måles til dagsværdi, værdiansættelsesmetoden og væsentlige forudsætninger for modellen, der er lagt til grund for opgørelsen af denne værdi
p)
ved en virksomhedssammenslutning, der gennemføres i flere faser:
i)
dagsværdien på overtagelsestidspunktet af den overtagende virksomheds egenkapitalinteresse i den overtagne virksomhed umiddelbart før overtagelsestidspunktet og
ii)
den beløbsmæssige størrelse af eventuelle gevinster eller tab, der indregnes som følge af omvurdering til dagsværdi af den overtagende virksomheds egenkapitalinteresser i den overtagne virksomhed før virksomhedsovertagelsen (se afsnit 42) og posten i totalindkomstopgørelsen, hvori gevinsten eller tabet indregnes
q)
følgende oplysninger:
i)
den beløbsmæssige størrelse af den overtagne virksomheds indtjening og resultat efter overtagelsestidspunktet, som medtages i den konsoliderede totalindkomstopgørelse for regnskabsåret, og
ii)
den sammensluttede virksomheds indtjening og resultat for det aktuelle regnskabsår, 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 en eller flere oplysninger, som er krævet i dette underafsnit, skal den overtagende virksomhed give oplysning om dette forhold og forklare, hvorfor det ikke er praktisk muligt at give oplysningerne. Denne standard anvender udtrykket "ikke praktisk muligt" med samme betydning som i IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
.
B65
For virksomhedssammenslutninger, der finder sted i løbet af regnskabsåret, som hver for sig er uvæsentlige, men tilsammen er væsentlige, skal den overtagende virksomhed samlet give de af afsnit B64, litra e)–q), krævede oplysninger.
B66
Hvis overtagelsestidspunktet for en virksomhedssammenslutning ligger efter regnskabsårets afslutning, men før årsregnskabet godkendes til offentliggørelse, skal den overtagende virksomhed give de i afsnit B64 krævede oplysninger, medmindre den første regnskabsmæssige behandling af en virksomhedssammenslutning ikke er fuldendt på det tidspunkt, hvor årsregnskabet godkendes til offentliggørelse. I denne situation skal den overtagende virksomhed beskrive, hvilke oplysninger der ikke kunne gives samt årsagerne hertil.
B67
For at opfylde formålet i afsnit 61 skal den overtagende virksomhed give følgende oplysninger for hver væsentlig virksomhedssammenslutning, eller samlet for virksomhedssammenslutninger, der hver for sig er uvæsentlige:
a)
hvis den første regnskabsmæssige behandling af en virksomhedssammenslutning ikke er fuldendt (se afsnit 45) for bestemte aktiver, forpligtelser, minoritetsinteresser eller vederlagsposter, og de indregnede beløb for virksomhedssammenslutningen i årsregnskabet således kun er foreløbigt opgjort:
i)
årsagerne til, at den første regnskabsmæssige behandling af virksomhedssammenslutningen ikke er fuldendt
ii)
de aktiver, forpligtelser, egenkapitalinteresser eller vederlagsposter, for hvilke den første regnskabsmæssige behandling ikke er fuldendt, og
iii)
arten og den beløbsmæssige størrelse af eventuelle målingsperiodereguleringer, der er indregnet i løbet af regnskabsåret i overensstemmelse med afsnit 49
b)
for hvert regnskabsår efter overtagelsestidspunktet, indtil virksomheden samler, sælger eller på anden måde mister retten til et betinget vederlagsaktiv, eller indtil virksomheden afregner en betinget vederlagsforpligtelse, eller forpligtelsen annulleres eller udløber:
i)
eventuelle ændringer i de indregnede beløb, herunder eventuelle forskelle, der opstår ved afregning
ii)
eventuelle ændringer i spændet af udfald (udiskonteret) og årsagerne til disse ændringer og
iii)
værdiansættelsesmetoderne og de væsentlige forudsætninger for modellen, der er lagt til grund for målingen af det betingede vederlag
c)
for eventualforpligtelser, der indregnes i en virksomhedssammenslutning, skal den overtagende virksomhed give de oplysninger, der er krævet i henhold til afsnit 84 og 85 i IAS 37 for hver kategori af hensatte forpligtelser
d)
en afstemning af den regnskabsmæssige værdi af goodwill ved regnskabsårets begyndelse og slutning, som separat viser:
i)
bruttoværdien og de akkumulerede tab ved værdiforringelse ved regnskabsårets begyndelse
ii)
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 
Anlægsaktiver, som besiddes med henblik på salg og ophørte aktiviteter
iii)
reguleringer, som hidrører fra den efterfølgende indregning af udskudte skatteaktiver i regnskabsåret i overensstemmelse med afsnit 67
iv)
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
v)
tab ved værdiforringelse, som er indregnet i løbet af regnskabsåret i overensstemmelse med IAS 36. (IAS 36 kræver oplysning om genindvindingsværdien og værdiforringelse af goodwill ud over dette krav)
vi)
nettovalutakursforskelle, som er opstået i løbet af regnskabsåret i overensstemmelse med IAS 21 
Valutaomregning
vii)
eventuelle andre ændringer i den regnskabsmæssige værdi i regnskabsåret
viii
bruttoværdien og de akkumulerede tab ved værdiforringelse ved regnskabsårets slutning
e)
den beløbsmæssige størrelse af og en redegørelse for eventuelle gevinster og tab, der er indregnet i det aktuelle regnskabsår, og som både
i)
er tilknyttet identificerbare aktiver eller forpligtelser, som er overtaget ved en virksomhedssammenslutning, som blev gennemført i det aktuelle eller foregående regnskabsår, og
ii)
er af en sådan størrelse, art eller beskaffenhed, at oplysning herom er relevant for forståelsen af den sammensluttede virksomheds årsregnskab.
OVERGANGSBESTEMMELSER FOR VIRKSOMHEDSSAMMENSLUTNINGER, DER KUN OMFATTER GENSIDIGE VIRKSOMHEDER ELLER ALENE INDGÅS PÅ BAGGRUND AF EN KONTRAKT (ANVENDELSE AF AFSNIT 66)
B68
Afsnit 64 specificerer, at denne standard skal anvendes fremadrettet på virksomhedssammenslutninger, hvor overtagelsestidspunktet er samtidig med eller efter begyndelsen af det første regnskabsår, der begynder den 1. juli 2009 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Virksomheder må dog først anvende denne standard fra begyndelsen af et regnskabsår, der begynder den 30. juni 2007 eller derefter. Hvis en virksomhed anvender denne standard før ikrafttrædelsestidspunktet, skal den give oplysning om dette og samtidigt anvende IAS 27 (ajourført i 2008).
B69
Kravet om fremadrettet anvendelse af denne standard har følgende virkning for en virksomhedssammenslutning, der kun omfatter gensidige virksomheder eller alene indgås på baggrund af en kontrakt, hvis overtagelsestidspunktet for virksomhedssammenslutningen ligger før anvendelsen af denne standard:
a)
Klassifikation
— Virksomheden skal fortsat klassificere den tidligere virksomhedssammenslutning i overensstemmelse med virksomhedens tidligere regnskabspraksis for sådanne sammenslutninger.
b)
Tidligere indregnet goodwill
— Ved begyndelsen af det første regnskabsår, hvor denne standard anvendes, er den regnskabsmæssige værdi af goodwill, der hidrører fra den tidligere virksomhedssammenslutning, lig med den regnskabsmæssige værdi på det tidspunkt i overensstemmelse med virksomhedens tidligere regnskabspraksis. I sin opgørelse af dette beløb skal virksomheden eliminere den regnskabsmæssige værdi af eventuelt akkumuleret afskrivning af denne goodwill og det tilsvarende fald i goodwill. Der skal ikke foretages andre reguleringer af den regnskabsmæssige værdi af goodwill.
c)
Goodwill, der tidligere er indregnet som et fradrag i egenkapitalen
— Virksomhedens tidligere regnskabspraksis kan have medført, at goodwill hidrørende fra den tidligere virksomhedssammenslutning, er blevet indregnet som et fradrag i egenkapitalen. I denne situation skal virksomheden ikke indregne denne goodwill som et aktiv ved begyndelsen af det første regnskabsår, hvor denne standard anvendes. Desuden skal virksomheden ikke indregne nogen del af 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.
d)
Efterfølgende regnskabsmæssig behandling af goodwill
— Fra begyndelsen af det første regnskabsår, hvor denne standard anvendes, skal virksomheden ophøre med at amortisere goodwill hidrørende fra den tidligere virksomhedssammenslutning, og den skal teste goodwill for værdiforringelse i overensstemmelse med IAS 36.
e)
Tidligere indregnet negativ goodwill
— En virksomhed, der i sin regnskabsmæssige behandling af den tidligere virksomhedssammenslutning anvendte overtagelsesmetoden, kan have indregnet en periodeafgrænsningspost for det beløb, hvormed dens andel i nettodagsværdien af den overtagne virksomheds identificerbare aktiver og forpligtelser oversteg kostprisen for andelen (undertiden benævnt negativ goodwill). Hvis dette er tilfældet, skal virksomheden ophøre med at indregne den regnskabsmæssige værdi af periodeafgrænsningsposten ved begyndelsen af det første regnskabsår, hvor denne standard anvendes, med en tilsvarende regulering af det overførte resultat i åbningsbalancen pr. denne dato.
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 totalindkomstopgørelsen.
ANVENDELSESOMRÅDE
2
Kravene i denne standard til klassifikation og præsentation finder anvendelse på alle indregnede 
anlægsaktiver
 
(
41
)
 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
 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 
(
42
)
. 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 
(
43
)
 finder ikke anvendelse på de følgende aktiver, som er omfattet af de anførte IFRS-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 IFRS 9 
Finansielle instrumenter
d)
anlægsaktiver, som regnskabsmæssigt behandles i overensstemmelse med dagsværdimodellen i IAS 40 
Investeringsejendomme
e)
anlægsaktiver, som måles til dagsværdi med fradrag af salgsomkostninger i overensstemmelse med IAS 41 
Landbrug
f)
grupper af kontrakter, som er omfattet af IFRS 17 
Forsikringskontrakter
.
5A
Kravene i denne standard til klassifikation, præsentation og måling af anlægsaktiver (eller afståelsesgrupper), der er klassificeret som besiddelse med henblik på salg, gælder ligeledes for anlægsaktiver (eller afståelsesgrupper), der er klassificeret som besiddelse med henblik på udlodning til ejere i deres egenskab af ejere (besiddelse med henblik på udlodning til ejerne).
5B
I denne standard anføres oplysningskravene til anlægsaktiver (eller afståelsesgrupper) klassificeret som besiddelse med henblik på salg eller ophørte aktiviteter. Oplysningskrav i andre standarder finder ikke anvendelse på sådanne aktiver (eller afståelsesgrupper), medmindre disse standarder kræver:
a)
konkrete oplysninger om anlægsaktiver (eller afståelsesgrupper) klassificeret som besiddelse med henblik på salg eller ophørte aktiviteter eller
b)
oplysninger om måling af aktiver og forpligtelser i en afståelsesgruppe, som ikke er omfattet af målingskravet i IFRS 5, og sådanne oplysninger ikke allerede er givet i de øvrige noter til årsregnskaberne.
Det kan være nødvendigt at give yderligere oplysninger om anlægsaktiver (eller afståelsesgrupper) klassificeret som besiddelse med henblik på salg eller ophørte aktiviteter for at opfylde de generelle bestemmelser i IAS 1, specielt i afsnit 15 og 125 i standarden.
KLASSIFIKATION AF ANLÆGSAKTIVER (ELLER AFSTÅELSESGRUPPER) SOM BESIDDELSE MED HENBLIK PÅ SALG ELLER BESIDDELSE MED HENBLIK PÅ UDLODNING TIL EJERE
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 anvendelse.
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 kan anses for 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 fuldføre 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. Sandsynligheden for at opnå aktionærernes godkendelse (hvis en sådan er påkrævet i den pågældende jurisdiktion) skal tages i betragtning i forbindelse med vurderingen af, hvorvidt salget er højst sandsynligt.
8A
En virksomhed, der har vedtaget en salgsplan, som medfører tab af bestemmende indflydelse på en dattervirksomhed, skal klassificere alle dattervirksomhedens aktiver og forpligtelser som besiddelse med henblik på salg, hvis kriterierne i afsnit 6-8 er opfyldt, uanset om virksomheden beholder en minoritetsinteresse i sit tidligere datterselskab, efter at det er solgt.
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 et-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 regnskabsårets afslutning, 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 regnskabsårets afslutning, men før godkendelsen af årsregnskabet til offentliggørelse, skal virksomheden give de i noterne til afsnit 41, litra a), b) og d) angivne oplysninger.
12A
Et anlægsaktiv (eller en afståelsesgruppe) klassificeres som besiddelse med henblik på udlodning til ejere, når virksomheden har forpligtet sig til at udlodde aktivet (eller afståelsesgruppen) til ejerne. For at dette er tilfældet, skal aktiverne være disponible for umiddelbar udlodning i deres nuværende stand, og udlodningen skal være højst sandsynlig. For at udlodningen kan anses for højst sandsynlig, skal de handlinger, der kræves for at gennemføre udlodningen, være igangsat og forventes at være fuldført inden for et år fra tidspunktet for klassifikationen. De handlinger, der kræves for at gennemføre udlodningen, skal indikere, at det ikke er sandsynligt, at der vil blive foretaget væsentlige ændringer i udlodningen, eller at udlodningen bliver trukket tilbage. Sandsynligheden for at opnå aktionærernes godkendelse (hvis en sådan er påkrævet i den pågældende jurisdiktion) skal tages i betragtning i forbindelse med vurderingen af, hvorvidt udlodningen er højst sandsynlig.
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 anvendelse. 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 anvendelsen 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.
15A
En virksomhed skal måle et anlægsaktiv (eller en afståelsesgruppe), der er klassificeret som besiddelse med henblik på udlodning til ejere, til det laveste af den regnskabsmæssige værdi og dagsværdien med fradrag af udlodningsomkostninger
 
(
44
)
.
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 omvurdering 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 omvurderes i overensstemmelse med de relevante standarder, før efterfølgende omvurdering 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 104, litra a) og b), og i afsnit 122 i IAS 36 (ajourført i 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 i 2003), for så vidt angår materielle anlægsaktiver, og
b)
afsnit 112-117 i IAS 38 
Immaterielle aktiver
 (ajourført i 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 eller til en plan for udlodning til ejere
26
Hvis en virksomhed har klassificeret et aktiv (eller en afståelsesgruppe) som besiddelse med henblik på salg eller besiddelse med henblik på udlodning til ejere, men kriterierne i afsnit 7-9 (for besiddelse med henblik på salg) eller i afsnit 12A (for besiddelse med henblik på udlodning til ejere) ikke længere opfyldes, skal virksomheden ophøre med at klassificere aktivet (eller afståelsesgruppen) som (henholdsvis) besiddelse med henblik på salg eller besiddelse med henblik på udlodning til ejere. I sådanne tilfælde skal en virksomhed følge vejledningen i afsnit 27-29 om den regnskabsmæssige behandling af denne ændring, medmindre afsnit 26A finder anvendelse.
26A
Hvis en virksomhed omklassificerer et aktiv (eller en afståelsesgruppe) direkte fra besiddelse med henblik på salg til besiddelse med henblik på udlodning til ejere eller direkte fra besiddelse med henblik på udlodning til ejere til besiddelse med henblik på salg, betragtes ændringen i klassifikationen som en fortsættelse af den oprindelige afståelsesplan. Virksomheden:
a)
skal ikke følge vejledningen i afsnit 27-29 om den regnskabsmæssige behandling af denne ændring. Virksomheden skal anvende de krav til klassifikation, præsentation og måling i denne standard, som finder anvendelse på den nye afståelsesmetode
b)
skal måle anlægsaktivet (eller afståelsesgruppen) på grundlag af kravene i afsnit 15 (i tilfælde af omklassificering til besiddelse med henblik på salg) eller 15A (i tilfælde af omklassificering til besiddelse med henblik på udlodning til ejere) og indregne en eventuel reduktion eller stigning i anlægsaktivets (eller afståelsesgruppens) dagsværdi med fradrag af salgsomkostninger/udlodningsomkostninger på grundlag af kravene i afsnit 20-25
c)
skal ikke ændre tidspunktet for klassificeringen i overensstemmelse med afsnit 8 og 12A. Dette udelukker ikke en forlængelse af den periode, der er nødvendig for at fuldføre et salg eller udlodning til ejere, hvis betingelserne i afsnit 9 er opfyldt.
27
Virksomheden skal måle et anlægsaktiv (eller en afståelsesgruppe), som ikke længere klassificeres som besiddelse med henblik på salg eller besiddelse med henblik på udlodning til ejere (eller ophører med at være medtaget i en afståelsesgruppe, der er klassificeret som besiddelse med henblik på salg eller besiddelse med henblik på udlodning til ejere) til det laveste af:
a)
den regnskabsmæssige værdi, før aktivet (eller afståelsesgruppen) blev klassificeret som besiddelse med henblik på salg eller besiddelse med henblik på udlodning til ejere, reguleret for eventuelle afskrivninger eller omvurderinger, som ville have været indregnet, hvis aktivet (eller afståelsesgruppen) ikke var klassificeret som besiddelse med henblik på salg eller besiddelse med henblik på udlodning til ejere
b)
genindvindingsværdien
 på tidspunktet for den efterfølgende beslutning om ikke at sælge eller udlodde 
(
45
)
.
28
Virksomheden skal medtage eventuelle krævede reguleringer af den regnskabsmæssige værdi af et anlægsaktiv, som ikke længere klassificeres som besiddelse med henblik på salg eller besiddelse med henblik på udlodning til ejere, i resultatet 
(
46
)
 fra fortsættende aktiviteter i det regnskabsår, hvor kriterierne i henholdsvis afsnit 7-9 eller 12A ikke længere opfyldes Årsregnskaberne for de perioder, der ligger efter klassificeringen som besiddelse med henblik på salg eller besiddelse med henblik på udlodning til ejere, skal ændres tilsvarende, hvis afståelsesgruppen eller anlægsaktivet, som ikke længere klassificeres som besiddelse med henblik på salg eller besiddelse med henblik på udlodning til ejere, er en dattervirksomhed, et driftsfællesskab, et joint venture, en associeret virksomhed eller en del af en kapitalandel i et joint venture eller i en associeret virksomhed. Virksomheden skal præsentere denne regulering i den samme post i totalindkomstopgørelsen, 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 enkelt 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 en virksomhed fjerner et enkelt aktiv eller en enkelt forpligtelse fra en afståelsesgruppe, der er klassificeret som besiddelse med henblik på udlodning til ejere, skal de resterende aktiver og forpligtelser i afståelsesgruppen, der skal udloddes, udelukkende fortsat måles som en gruppe, hvis gruppen opfylder kriterierne i afsnit 12A. Hvis dette ikke er tilfældet, skal de resterende anlægsaktiver i gruppen, der hver for sig opfylder kriterierne for klassificering som besiddelse med henblik på salg (eller besiddelse med henblik på udlodning til ejere), måles hver for sig til det laveste af deres regnskabsmæssige værdi og dagsværdien med fradrag af salgsomkostninger (eller udlodningsomkostninger) på dette tidspunkt. Eventuelle anlægsaktiver, som ikke opfylder kriterierne for besiddelse med henblik på salg, skal ikke længere klassificeres som besiddelse med henblik på salg i overensstemmelse med afsnit 26. Eventuelle anlægsaktiver, som ikke opfylder kriterierne for besiddelse med henblik på udlodning til ejere, skal ikke længere klassificeres som besiddelse med henblik på udlodning til ejere 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 oplyse følgende:
a)
et enkelt beløb i totalindkomstopgørelsen, 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 81, litra h), 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 81, litra h), i IAS 12.
Analysen kan enten præsenteres i noterne eller i totalindkomstopgørelsen. Hvis den præsenteres i totalindkomstopgørelsen, 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 totalindkomstopgørelsen. 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)
d)
den beløbsmæssige størrelse af indtægten fra fortsættende aktiviteter samt ophørte aktiviteter, der kan henføres til ejerne af modervirksomheden. Disse oplysninger kan enten præsenteres i noterne eller i totalindkomstopgørelsen.
33A
Hvis en virksomhed præsenterer posterne indregnet i resultatet i en separat resultatopgørelse som angivet i afsnit 10A i IAS 1 (ændret i 2011), skal der præsenteres et afsnit, der er markeret som vedrørende ophørte aktiviteter, i denne opgørelse.
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 ved regnskabsårets afslutning 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.
36A
En virksomhed, der har vedtaget en salgsplan, som medfører tab af bestemmende indflydelse på en dattervirksomhed, skal give de oplysninger, der kræves i afsnit 33-36, hvis dattervirksomheden er en afståelsesgruppe, der opfylder definitionen på en ophørt aktivitet i afsnit 32.
Gevinster eller tab vedrørende fortsættende aktiviteter
37
Eventuelle gevinster eller tab ved omvurdering 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 i anden totalindkomst, 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 i forbindelse med 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 totalindkomstopgørelsen, den post i totalindkomstopgørelsen, der omfatter gevinsten eller tabet
d)
hvis det er relevant, det præsentationspligtige segment, hvori anlægsaktivet (eller afståelsesgruppen) 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 IFRS for regnskabsår, som begynder den 1. januar 2005 eller derefter. Der tilskyndes til tidligere anvendelse. Hvis en virksomhed anvender denne IFRS på regnskabsperioder, som begynder før den 1. januar 2005, skal den oplyse herom.
44A
IAS 1 (ajourført i 2007) ændrede den terminologi, der anvendes i IFRS-standarderne. Desuden blev afsnit 3 og 38 ændret, mens afsnit 33A blev tilføjet. En virksomhed skal anvende disse ændringer på regnskabsår, som begynder den 1. januar 2009 eller derefter. Hvis en virksomhed anvender IAS 1 (ajourført 2007) på en tidligere regnskabsperiode, skal ændringerne anvendes på denne tidligere regnskabsperiode.
44B
IAS 27 
Koncernregnskaber og separate årsregnskaber
 (ændret i 2008) medførte ændring af afsnit 33, litra d). Virksomheder skal anvende denne ændring på regnskabsår, som begynder den 1. juli 2009 eller derefter. Hvis en virksomhed anvender IAS 27 (ajourført 2008) på en tidligere regnskabsperiode, skal ændringen anvendes på denne tidligere regnskabsperiode. Ændringen skal anvendes med tilbagevirkende kraft.
44C
Afsnit 8A og 36A blev indsat ved 
Forbedringer af IFRS-standarder
, der blev udstedt i maj 2008. Virksomhederne skal anvende disse ændringer på regnskabsår, der begynder 1. januar 2009 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Virksomhederne skal dog ikke anvende ændringerne på regnskabsår, som begynder før den 1. juli 2009, medmindre de også anvender IAS 27 (ajourført i januar 2008). Hvis en virksomhed anvender ændringerne fra et tidspunkt før den 1. juli 2009, skal den give oplysning om dette. Virksomhederne skal anvende ændringerne fremadrettet fra det tidspunkt, hvor de for første gang anvendte IFRS 5, med forbehold af overgangsbestemmelserne i afsnit 45 i IAS 27 (ajourført i januar 2008).
44D
Afsnit 5A, 12A og 15A blev tilføjet og afsnit 8 ændret i medfør af IFRIC 17 
Udlodninger af ikke-kontante aktiver til ejerne
 i november 2008. Disse ændringer skal anvendes fremadrettet for anlægsaktiver (eller afståelsesgrupper), som er klassificeret som besiddelse med henblik på udlodning til ejere i regnskabsår, som begynder den 1. juli 2009 eller derefter. Det er ikke tilladt at anvende fortolkningsbidraget med tilbagevirkende kraft. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender ændringerne for regnskabsår, som begynder før den 1. juli 2009, skal den give oplysning om dette og ligeledes anvende IFRS 3 
Virksomhedssammenslutninger
 (ajourført i 2008), IAS 27 (ændret i januar 2008) og IFRIC 17.
44E
Forbedringer til IFRS-standarder
 udstedt i april 2009 medførte tilføjelse af afsnit 5B. Virksomheder skal anvende denne ændring fremadrettet for regnskabsår, som begynder den 1. januar 2010 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender ændringerne på en tidligere regnskabsperiode, skal den oplyse herom.
44F
[Ophævet]
44G
IFRS 11 
Fælles ordninger
, der er udstedt i maj 2011, vedrørte ændring af afsnit 28. Virksomheder skal anvende denne ændring ved anvendelse af IFRS 11.
44H
IFRS 13 
Måling af dagsværdi
, der blev udstedt i maj 2011, medførte ændring af definitionen af dagsværdi og definitionen af genindvindingsværdi i appendiks A. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 13.
44I
Præsentation af posterne indregnet i anden totalindkomst
 (ændringer til IAS 1), der blev udsendt i juni 2011, medførte ændring af afsnit 33A. Virksomheder skal anvende denne ændring ved anvendelse af IAS 1 som ændret i juni 2011.
44K
IFRS 9, der blev udstedt i juli 2014, medførte ændring af afsnit 5 samt ophævelse af afsnit 44F og 44J. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 9.
44L
Det årlige forbedringsprojekt vedrørende IFRS-standarder for perioden 2012-2014
, som blev udstedt i september 2014, medførte ændring af afsnit 26-29 og tilføjelse af afsnit 26A. Virksomheder skal anvende disse ændringer fremadrettet i overensstemmelse med IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
 for regnskabsår, der begynder den 1. januar 2016 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender disse ændringer på en tidligere regnskabsperiode, skal den oplyse herom.
44M
IFRS 17, der er udstedt i maj 2017, medførte ændring af afsnit 5. Virksomheder skal anvende denne ændring ved anvendelse af IFRS 17.
OPHÆVELSE AF IAS 35
45
Denne standard erstatter IAS 35 
Ophørende aktiviteter
.
Appendiks A
Definerede termer
Dette appendiks er en integreret del af standarden.
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.
Del af en virksomhed
Aktiviteter og pengestrømme, som klart kan adskilles, driftsmæssigt og regnskabsmæssigt, fra resten af virksomheden.
Salgsomkostninger
De yderligere omkostninger, som knytter sig direkte til afhændelsen af et aktiv (eller en 
afståelsesgruppe
), eksklusive finansieringsomkostninger og skatteomkostninger.
Omsætningsaktiv
En virksomhed skal klassificere et aktiv som et omsætningsaktiv, hvis:
a)
den forventer at realisere aktivet eller har til hensigt at sælge eller forbruge det som led i den normale driftscyklus
b)
den primært besidder aktivet med handel for øje
c)
den forventer at realisere aktivet inden for 12 måneder efter regnskabsårets afslutning, eller
d)
aktivet er i form af likvide beholdninger og tilsvarende likvide midler (som defineret i IAS 7), medmindre aktivet er underlagt en begrænsning, som gør, at det ikke kan omsættes eller anvendes til at indfri en forpligtelse i mindst 12 måneder efter regnskabsårets afslutning.
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.
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 i 2004), eller hvis den er en aktivitet inden for en sådan pengestrømsfrembringende enhed.
Dagsværdi
Dagsværdien
 er den pris, der kunne opnås ved at sælge et aktiv, eller som skulle betales for at overdrage en forpligtelse i en velordnet transaktion mellem markedsdeltagere på målingstidspunktet. (Jf. IFRS 13)
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
.
Højst sandsynlig
Med altovervejende 
sandsynlighed
.
Anlægsaktiv
Et aktiv, der ikke opfylder definitionen på et 
omsætningsaktiv
.
Sandsynlig
Med overvejende sandsynlighed.
Genindvindingsværdi
Det højeste af et aktivs 
dagsværdi
 med fradrag af 
salgsomkostninger
 og dets 
nytteværdi
.
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.
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-årskravet 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 etårige 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 etårige 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 udgifter, der er påløbet:
a)
før efterforskningen og vurderingen af mineralressourcer, såsom udgifter, der er påløbet, 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 udgifter, der indregnes som efterforsknings- og vurderingsaktiver og anvende denne praksis ensartet. Ved denne opgørelse vurderer virksomheden, i hvilket omfang udgiften kan knyttes til efterforskningen af specifikke mineralressourcer. Følgende er eksempler på udgifter, 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 for årsregnskaber
 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, og 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 selv om 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 IFRS for årsregnskaber, som begynder den 1. januar 2006 eller derefter. Der tilskyndes til tidligere anvendelse. Hvis en virksomhed anvender denne IFRS på regnskabsperioder, som begynder før den 1. januar 2006, skal den oplyse herom.
26A
Ændringer af henvisningerne til begrebsrammen i IFRS-standarderne
, udstedt i 2018, medførte ændring af afsnit 10. Virksomheder skal anvende denne ændring for regnskabsår, som begynder den 1. januar 2020 eller derefter. Tidligere anvendelse er tilladt, hvis en virksomhed samtidigt også anvender alle andre ændringer, der foretages ved 
Ændringerne af henvisningerne til begrebsrammen i IFRS-standarderne
. En virksomhed skal anvende ændringen til IFRS 6 med tilbagevirkende kraft i overensstemmelse med IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl.
 Hvis en virksomhed imidlertid fastslår, at anvendelse med tilbagevirkende kraft ville være praktisk umuligt eller ville indebære en urimelig udgift eller indsats, skal den anvende ændringen til IFRS 6 ved at henvise til afsnit 23-28, 50-53 og 54F i IAS 8.
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 den 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.
Efterforsknings- og vurderingsaktiver
Udgifter til efterforskning og vurdering af mineralressourcer
, der er indregnet som aktiver i overensstemmelse med virksomhedens regnskabspraksis.
Udgifter til efterforskning og vurdering af mineralressourcer
En virksomheds udgifter i forbindelse med 
efterforskning og vurdering af mineralressourcer
 inden den tekniske mulighed for og kommercielle levedygtighed af udvinding af en mineralressource kan påvises.
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.
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 ved regnskabsårets afslutning, 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 IFRS 9 
Finansielle instrumenter
.
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 IFRS 10 
Koncernregnskaber
, IAS 27 
Separate årsregnskaber
 eller IAS 28 
Investeringer i associerede virksomheder og joint ventures
. I visse tilfælde giver IFRS 10, IAS 27 og IAS 28 imidlertid en virksomhed mulighed for at — eller kræver, at den skal — behandle en kapitalandel i en dattervirksomhed eller associeret virksomhed eller et joint venture regnskabsmæssigt i henhold til IFRS 9. I disse tilfælde finder kravene i denne standard anvendelse, og for de kapitalandele, der måles til dagsværdi, kravene i IFRS 13 
Måling af dagsværdi
. Virksomheder skal desuden anvende denne IFRS på alle afledte finansielle instrumenter vedrørende kapitalandele i dattervirksomheder, associerede virksomheder eller joint ventures, medmindre det afledte finansielle instrument hører ind under definitionen af et egenkapitalinstrument i IAS 32
b)
arbejdsgiveres rettigheder og forpligtelser i forbindelse med pensionsordninger, hvor IAS 19 
Personaleydelser
 finder anvendelse.
d)
forsikringskontrakter som defineret i IFRS 17 
Forsikringskontrakter
 eller investeringskontrakter med elementer af diskretionær deltagelse, som er omfattet af IFRS 17. Denne standard finder imidlertid anvendelse på:
i)
afledte finansielle instrumenter indbygget i kontrakter, der er omfattet af IFRS 17, hvis IFRS 9 kræver, at virksomheden foretager separat regnskabsmæssig behandling af disse
ii)
investeringselementer, som er udskilt fra kontrakter, der er omfattet af IFRS 17, hvis IFRS 17 kræver en sådan udskilning, medmindre de udskilte investeringselementer er en investeringskontrakt med elementer af diskretionær deltagelse
iii)
en udsteders rettigheder og forpligtelser i henhold til forsikringskontrakter, som opfylder definitionen på 
finansielle garantikontrakter
, hvis udsteder anvender IFRS 9 ved indregning og måling af kontrakterne en udsteder skal imidlertid anvende IFRS 17, hvis udstederen i overensstemmelse med afsnit 7, litra e), i IFRS 17 vælger at anvende IFRS 17 ved indregning og måling af kontrakterne
iv)
en virksomheds rettigheder og forpligtelser, som er finansielle instrumenter i henhold til kreditkortkontrakter eller lignende kontrakter, hvorved der ydes kredit eller fastlægges betalingsordninger, og som er udstedt af en virksomhed og opfylder definitionen på en forsikringskontrakt, hvis virksomheden anvender IFRS 9 på disse rettigheder og forpligtelser i overensstemmelse med afsnit 7, litra h), i IFRS 17 og afsnit 2.1, litra e), nr. iv), i IFRS 9
v)
en virksomheds rettigheder og forpligtelser, som er finansielle instrumenter i henhold til forsikringskontrakter, og som er udstedt af en virksomhed og begrænser erstatningen for de forsikrede begivenheder til det beløb, der ellers kræves for at indfri forsikringstagers forpligtelse, der er opstået som følge af kontrakten, hvis virksomheden i overensstemmelse med afsnit 8A i IFRS 17 vælger at anvende IFRS 9 i stedet for IFRS 17 på sådanne kontrakter.
e)
finansielle instrumenter, kontrakter og forpligtelser i henhold til aktiebaseret vederlæggelse, der er omfattet af IFRS 2 
Aktiebaseret vederlæggelse
, idet denne standard finder anvendelse på kontrakter, som er omfattet af IFRS 9
f)
instrumenter, der skal klassificeres som egenkapitalinstrumenter i overensstemmelse med afsnit 16A og 16B eller afsnit 16C og 16D i IAS 32.
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 IFRS 9. Ikke-indregnede finansielle instrumenter omfatter visse finansielle instrumenter, som ligger uden for anvendelsesområdet for IFRS 9, men inden for denne standards anvendelsesområde.
5
Denne standard finder anvendelse på kontrakter vedrørende køb eller salg af et ikke-finansielt aktiv, som er omfattet af IFRS 9.
5A
Kravene til oplysninger om kreditrisiko i 35A-35N finder anvendelse på de rettigheder, der i henhold til IFRS 15 
Omsætning fra kontrakter med kunder
 regnskabsmæssigt behandles i henhold til IFRS 9 med henblik på indregning af gevinster eller tab ved værdiforringelse. Medmindre andet er angivet, omfatter enhver henvisning til finansielle aktiver eller finansielle instrumenter i disse afsnit også disse rettigheder.
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 IFRS 9, skal oplyses enten i balancen eller i noterne:
a)
finansielle aktiver målt til dagsværdi gennem resultatet med separat præsentation af i) de finansielle aktiver, der klassificeres som sådanne ved første indregning eller senere i overensstemmelse med afsnit 6.7.1 i IFRS 9, ii) de finansielle aktiver, der måles som sådanne i overensstemmelse med valgmuligheden i afsnit 3.3.5 i IFRS 9, iii) de finansielle aktiver, der måles som sådanne i overensstemmelse med valgmuligheden i afsnit 33A i IAS 32, og iv) finansielle aktiver med obligatorisk måling til dagsværdi gennem resultatet i overensstemmelse med IFRS 9.
b)-d)
[ophævet]
e)
finansielle forpligtelser til dagsværdi gennem resultatet med separat præsentation af i) de finansielle aktiver, der klassificeres som sådanne ved første indregning eller efterfølgende i henhold til afsnit 6.7.1 i IFRS 9, og ii) de finansielle aktiver, der opfylder definitionen af "som besiddes med handelshensigt" i IFRS 9
f)
finansielle aktiver målt til amortiseret kostpris
g)
finansielle forpligtelser målt til amortiseret kostpris
h)
finansielle aktiver målt til dagsværdi gennem anden totalindkomst med separat præsentation af i) finansielle aktiver, der måles til dagsværdi gennem anden totalindkomst i henhold til afsnit 4.1.2A i IFRS 9, og ii) investeringer i egenkapitalinstrumenter, der klassificeres som sådanne ved første indregning i henhold til afsnit 5.7.5 i IFRS 9.
Finansielle aktiver eller finansielle forpligtelser til dagsværdi gennem resultatet
9
Hvis en virksomhed har klassificeret et finansielt aktiv (eller en gruppe af finansielle aktiver) til dagsværdi gennem resultatet, som ellers ville blive målt til dagsværdi gennem anden totalindkomst eller amortiseret kostpris, skal den oplyse:
a)
den maksimale eksponering for 
kreditrisiko
 (jf. afsnit 36, litra a)), der er forbundet med det finansielle aktiv (eller gruppen af finansielle aktiver) ved udgangen af regnskabsperioden
b)
det beløb, hvormed eventuelle tilknyttede afledte kreditinstrumenter eller lignende instrumenter reducerer den maksimale kreditrisiko (jf. afsnit 36, litra b))
c)
den beløbsmæssige størrelse af den ændring i dagsværdien for det finansielle aktiv (eller gruppen af finansielle aktiver) i løbet af perioden 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 perioden og akkumuleret, siden det finansielle aktiv blev klassificeret.
10
Hvis en virksomhed har klassificeret en finansiel forpligtelse som til dagsværdi gennem resultatet i henhold til afsnit 4.2.2 i IFRS 9 og skal præsentere virkningen af ændringer i forpligtelsens kreditrisiko i anden totalindkomst (jf. afsnit 5.7.7 i IFRS 9) skal den oplyse:
a)
den akkumulerede beløbsmæssige størrelse af den ændring i den finansielle forpligtelses dagsværdi, som kan henføres til ændringer i den kreditrisiko, der er forbundet med forpligtelsen, (afsnit B5.7.13-B5.7.20 i IFRS 9 indeholder vejledning om vurdering af virkningen af ændringer i en forpligtelses kreditrisiko)
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
c)
eventuelle overførsler af den akkumulerede gevinst eller det akkumulerede tab inden for egenkapitalen i løbet af perioden, herunder årsagen til sådanne overførsler
d)
hvis indregning af en forpligtelse ophører i perioden, det (eventuelle) beløb, der præsenteres i anden totalindkomst, og som blev realiseret i forbindelse med ophør af indregning.
10A
Hvis en virksomhed har klassificeret en finansiel forpligtelse som til dagsværdi gennem resultatet i henhold til afsnit 4.2.2 i IFRS 9 og skal præsentere alle ændringer i forpligtelsens dagsværdi (herunder virkningen af ændringer i den kreditrisiko, der er forbundet med forpligtelsen) i resultatet (jf. afsnit 5.7.7 og 5.7.8 i IFRS 9) skal den oplyse:
a)
den beløbsmæssige størrelse af den ændring i den finansielle forpligtelses dagsværdi, i løbet af perioden og akkumuleret, som kan henføres til ændringer i den kreditrisiko, der er forbundet med forpligtelsen, (afsnit B5.7.13-B5.7.20 i IFRS 9 indeholder vejledning om vurdering af virkningen af ændringer i en forpligtelses kreditrisiko) og
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 desuden oplyse:
a)
en detaljeret beskrivelse af de anvendte metoder til opfyldelse af kravene i afsnit 9, litra c), afsnit 10, litra a), og afsnit 10A, litra a), samt afsnit 5.7.7, litra a), i IFRS 9, herunder en forklaring på, hvorfor denne metode bruges
b)
hvis virksomheden mener, at de oplysninger, den har givet, enten i balancen eller i noterne, for at opfylde kravene i afsnit 9, litra c), afsnit 10, litra a), eller afsnit 10A, litra a), eller afsnit 5.7.7, litra a), i IFRS 9, 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
c)
en detaljeret beskrivelse af den eller de anvendte metoder til vurdering af, hvorvidt præsentation af virkningerne af ændringer i den kreditrisiko, der er forbundet med en forpligtelse, i anden totalindkomst ville forårsage eller forværre en regnskabsmæssig inkonsistens i resultatet (jf. afsnit 5.7.7 og 5.7.8 i IFRS 9). Hvis en virksomhed skal præsentere virkningerne af ændringer i den kreditrisiko, der er forbundet med en forpligtelse, i resultatet (jf. afsnit 5.7.8 i IFRS 9), skal oplysningen omfatte en detaljeret beskrivelse af det økonomiske forhold, der er beskrevet i afsnit B5.7.6 i IFRS 9.
Investeringer i egenkapitalinstrumenter, der er klassificeret til dagsværdi gennem anden totalindkomst
11A
Hvis en virksomhed har klassificeret investeringer i egenkapitalinstrumenter til at blive målt til dagsværdi gennem anden totalindkomst, i overensstemmelse med afsnit 5.7.5 i IFRS 9, skal den oplyse:
a)
hvilke investeringer i egenkapitalinstrumenter der er klassificeret til at blive målt til dagsværdi gennem anden totalindkomst
b)
begrundelsen for at bruge denne præsentation
c)
dagsværdien af de enkelte instrumenter ved regnskabsperiodens afslutning
d)
udbytte, der er indregnet i perioden, med separat præsentation af udbytte relateret til investeringer, for hvilke indregning er ophørt i regnskabsperioden, og udbytte relateret til investeringer, der besiddes ved regnskabsperiodens afslutning
e)
eventuelle overførsler af den akkumulerede gevinst eller det akkumulerede tab inden for egenkapitalen i løbet af perioden, herunder årsagen til sådanne overførsler
11B
Hvis en virksomhed er ophørt med at indregne investeringer i egenkapitalinstrumenter målt til dagsværdi gennem anden totalindkomst i regnskabsperioden, skal den oplyse:
a)
årsagerne til, at investeringerne afhændes
b)
investeringernes dagsværdi på tidspunktet for ophør af indregning
c)
den akkumulerede gevinst eller det akkumulerede tab ved afhændelsen.
Omklassifikation
12–12A.
[Ophævet]
12B
En virksomhed skal oplyse, hvis den i denne eller den forudgående regnskabsperiode har omklassificeret nogen finansielle aktiver i overensstemmelse med afsnit 4.4.1 i IFRS 9. For hver enkelt sådan begivenhed skal en virksomhed oplyse:
a)
tidspunktet for omklassifikationen
b)
en detaljeret forklaring af ændringen i forretningsmodellen samt en kvalitativ beskrivelse af virkningen på virksomhedens årsregnskab
c)
det omklassificerede beløb til eller fra hver kategori.
12C
For hver enkelt regnskabsperiode efter omklassifikationen og indtil ophør af indregning skal virksomheden for aktiver, der er omklassificeret fra kategorien dagsværdi gennem resultatet, så de måles til amortiseret kostpris eller dagsværdi gennem anden totalindkomst i henhold til afsnit 4.4.1 i IFRS 9, oplyse:
a)
den effektive rente på tidspunktet for omklassifikationen og
b)
de indregnede renteindtægter.
12D
Hvis en virksomhed siden den sidste årlige balancedag har omklassificeret finansielle aktiver fra kategorien dagsværdi gennem anden totalindkomst, så de måles til amortiseret kostpris, eller fra kategorien dagsværdi gennem resultatet, så de måles til amortiseret kostpris eller dagsværdi gennem anden totalindkomst, skal den oplyse:
a)
dagsværdien af de finansielle aktiver ved udgangen af regnskabsperioden og
b)
den gevinst eller det tab i dagsværdi, der ville være blevet indregnet i resultatet eller anden totalindkomst i regnskabsperioden, hvis de finansielle aktiver ikke var blevet omklassificeret.
13
[Ophævet]
Modregning af finansielle aktiver og finansielle forpligtelser
13A
Oplysningskravene i afsnit 13B–13E udgør et supplement til de øvrige oplysningskrav i denne IFRS og gælder for alle indregnede finansielle instrumenter, der modregnes i overensstemmelse med afsnit 42 i IAS 32. Disse oplysningskrav gælder også for indregnede finansielle instrumenter, der falder ind under en retskraftig "master netting" eller tilsvarende aftale, uanset om de modregnes i overensstemmelse med afsnit 42 i IAS 32 eller ej.
13B
En virksomhed skal præsentere oplysninger, som gør det muligt for brugere af virksomhedens årsregnskab at vurdere virkningen eller den potentielle virkning af nettingaftaler for virksomhedens finansielle stilling. Dette omfatter virkningen eller den potentielle virkning af retten til modregning forbundet med virksomhedens indregnede finansielle aktiver og finansielle forpligtelser, der falder inden for anvendelsesområdet for afsnit 13A.
13C
For at opfylde formålet med afsnit 13B skal en virksomhed ved regnskabsårets afslutning afgive følgende kvantitative oplysninger særskilt for indregnede finansielle aktiver og for indregnede finansielle forpligtelser, der falder inden for anvendelsesområdet for afsnit 13A:
a)
bruttobeløbet for disse indregnede finansielle aktiver og indregnede finansielle forpligtelser
b)
de beløb, der modregnes i overensstemmelse med kriterierne i afsnit 42 i IAS 32 ved bestemmelse af de nettobeløb, der præsenteres i balancen
c)
de nettobeløb, der præsenteres i balancen
d)
de beløb, der falder ind under en retskraftig "master netting" eller tilsvarende aftale, der ellers ikke er omfattet af afsnit 13C, litra b), herunder:
i)
beløb forbundet med indregnede finansielle instrumenter, der ikke opfylder visse af eller alle modregningskriterierne i afsnit 42 i IAS 32, og
ii)
beløb forbundet med finansiel sikkerhedsstillelse (inkl. kontant sikkerhedsstillelse) og
e)
nettobeløbet efter fradrag af de beløb, der er angivet i litra d), i beløbene i litra c).
De oplysninger, der kræves i henhold til dette afsnit, skal præsenteres i tabelform, særskilt for finansielle aktiver og finansielle forpligtelser, medmindre et andet format er mere hensigtsmæssigt.
13D
Det samlede beløb for et instrument, der oplyses i overensstemmelse med afsnit 13C, litra d), skal begrænses til beløbet i afsnit 13C, litra c), for dette instrument.
13E
En virksomhed skal i oplysningerne inkludere en beskrivelse af retten til modregning forbundet med virksomhedens indregnede finansielle aktiver og finansielle forpligtelser, der falder ind under en retskraftig "master netting" eller tilsvarende aftale, som der gives oplysninger om i overensstemmelse med afsnit 13C, litra d), herunder arten af denne ret.
13F
Hvis de oplysninger, der kræves i henhold til afsnit 13B–13E, præsenteres i mere end en note til årsregnskabet, skal virksomheden indsætte en krydshenvisning mellem disse noter.
Sikkerhedsstillelse
14
En virksomhed skal oplyse følgende:
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 3.2.23, litra a), i IFRS 9, og
b)
betingelser, der er knyttet til den stillede sikkerhed.
15
Hvis en virksomhed har modtaget sikkerhed (i form af finansielle eller ikke-finansielle aktiver), som den kan sælge eller genpantsætte uanset misligholdelse fra sikkerhedens indehaver, skal den oplyse:
a)
dagsværdien af den modtagne sikkerhed
b)
dagsværdien af den sikkerhedstillelse, som virksomheden på denne måde har solgt eller genpantsat, og hvorvidt virksomheden er forpligtet til at levere den tilbage, og
c)
betingelser, der er knyttet til anvendelsen af sikkerhedsstillelsen.
Hensættelseskonto for kredittab
16
[Ophævet]
16A
Den regnskabsmæssige værdi af finansielle aktiver, der måles til dagsværdi gennem anden totalindkomst i overensstemmelse med afsnit 4.1.2A i IFRS 9, reduceres ikke af en hensættelse til tab, og en virksomhed skal ikke præsentere hensættelsen til tab separat i balancen som en reduktion af det finansielle aktivs regnskabsmæssige værdi. En virksomhed skal imidlertid oplyse hensættelsen til tab i noterne til årsregnskabet.
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 ved regnskabsårets afslutning:
a)
detaljer vedrørende eventuel misligholdelse i regnskabsåret af hovedstol, renter, amortiseringsfonde eller indløsningsbestemmelser for disse lån
b)
den regnskabsmæssige værdi ved regnskabsårets afslutning 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 regnskabsårets afslutning).
Totalindkomstopgørelse
Indtægts- og omkostningsposter samt gevinster og tab
20
En virksomhed skal oplyse om følgende indtægts- og omkostningsposter samt gevinster og tab enten i totalindkomstopgørelsen eller i noterne:
a)
nettogevinster eller nettotab hidrørende fra:
i)
finansielle aktiver eller finansielle forpligtelser målt 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 eller efterfølgende i overensstemmelse med afsnit 6.7.1 i IFRS 9, og gevinster eller tab hidrørende fra finansielle aktiver og finansielle forpligtelser, hvor måling til dagsværdi gennem resultatet skal finde sted i overensstemmelse med IFRS 9 (f.eks. finansielle forpligtelser, der opfylder definitionen af "som besiddes med handelshensigt" i IFRS 9). For finansielle forpligtelser, der er klassificeret som til dagsværdi gennem resultatet, skal en virksomhed vise den beløbsmæssige størrelse af gevinst eller tab, som er indregnet i anden totalindkomst, og det beløb, der er indregnet i resultatet, separat
ii)-iv)
[ophævet]
v)
finansielle forpligtelser målt til amortiseret kostpris
vi)
finansielle aktiver målt til amortiseret kostpris
vii)
investeringer i egenkapitalinstrumenter klassificeret som til dagsværdi gennem anden totalindkomst i overensstemmelse med afsnit 5.7.5 i IFRS 9
viii)
finansielle aktiver målt til dagsværdi gennem anden totalindkomst i overensstemmelse med afsnit 4.1.2A i IFRS 9 med separat præsentation af den beløbsmæssige størrelse af gevinst eller tab, som er indregnet i anden totalindkomst, og det beløb, som er omklassificeret ved ophør af indregning fra akkumuleret anden totalindkomst til årets resultat
b)
samlede renteindtægter og samlede renteudgifter (beregnet ved anvendelse af den effektive rentemetode) for finansielle aktiver, som måles til amortiseret kostpris, eller som måles til dagsværdi gennem anden totalindkomst i overensstemmelse med afsnit 4.1.2A i IFRS 9 (med separat præsentation af disse beløb), eller finansielle forpligtelser, som ikke er målt 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)
[ophævet]
e)
[ophævet]
20A
En virksomhed skal fremlægge en analyse af den gevinst eller det tab, der er indregnet i totalindkomstopgørelsen, hidrørende fra ophør af indregning af finansielle aktiver, som er målt til amortiseret kostpris, med separat præsentation af gevinster og tab hidrørende fra ophør af indregning af disse finansielle aktiver. Virksomheden skal desuden oplyse begrundelserne for at ophøre med indregningen af disse finansielle aktiver.
Andre oplysninger
Regnskabspraksis
21
I overensstemmelse med afsnit 117 i IAS 1 
Præsentation af årsregnskaber
 (ajourført 2007) skal en virksomhed oplyse om væsentlige informationer om anvendt regnskabspraksis. Informationer om de(t) ved udarbejdelsen af årsregnskabet anvendte målingsgrundlag for finansielle instrumenter forventes at være væsentlige informationer om anvendt regnskabspraksis.
Regnskabsmæssig sikring
21A
En virksomhed skal anvende oplysningskravene i afsnit 21B-24F for de risikoeksponeringer, en virksomhed sikrer, og for hvilke den vælger regnskabsmæssig sikring. Oplysninger om regnskabsmæssig sikring skal omfatte:
a)
en virksomheds risikostyringsstrategi, og hvordan den bruges til at styre risikoen
b)
hvordan virksomhedens sikringsaktiviteter kan påvirke den beløbsmæssige størrelse, tidspunktet og usikkerheden forbundet med de fremtidige pengestrømme, og
c)
den virkning, den regnskabsmæssige sikring har haft på virksomhedens balance, totalindkomstopgørelse og egenkapitalopgørelse.
21B
En virksomhed skal præsentere de krævede oplysninger i én note eller et separat afsnit i årsregnskabet. En virksomhed behøver imidlertid ikke gentage oplysninger, som allerede er præsenteret et andet sted, forudsat at oplysningerne er indarbejdet 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
21C
Hvis virksomheden i henhold til afsnit 22A-24F skal opdele oplysningerne efter risikokategori, skal virksomheden vurdere de enkelte risikokategorier på grundlag af de risikoeksponeringer, en virksomhed beslutter at sikre, og for hvilke den anvender regnskabsmæssig sikring. En virksomhed skal vælge risikokategorier konsekvent for alle oplysninger vedrørende regnskabsmæssig sikring.
21D
For at opfylde formålene i afsnit 21A skal en virksomhed (medmindre andet er angivet nedenfor) vurdere, hvor mange detaljer den skal oplyse, hvor stor vægt der skal lægges på de forskellige aspekter af oplysningskravene, det passende aggregerings- eller opdelingsniveau, og hvorvidt årsregnskabsbrugere har behov for yderligere forklaringer for at vurdere de afgivne kvantitative oplysninger. En virksomhed skal imidlertid anvende samme aggregerings- eller opdelingsniveau som til oplysningskravene vedrørende relaterede oplysninger i denne standard og i IFRS 13 
Måling af dagsværdi
.
Risikostyringsstrategi
22
[Ophævet]
22A
En virksomhed skal forklare sin risikostyringsstrategi for hver risikokategori af risikoeksponeringer, som den beslutter sig for at sikre sig mod, og for hvilke den anvender regnskabsmæssig sikring. Denne forklaring bør sætte årsregnskabsbrugere i stand til at vurdere (eksempelvis):
a)
hvordan den enkelte risiko opstår
b)
hvordan virksomheden styrer hver enkelt risiko, herunder hvorvidt virksomheden sikrer en post i sin helhed for alle risici eller sikrer en risikokomponent (eller risikokomponenter) for en post, og hvorfor
c)
omfanget af de risikoeksponeringer, virksomheden forvalter.
22B
For at opfylde kravene i afsnit 22A bør oplysningerne omfatte (men er ikke begrænset til) en beskrivelse af:
a)
de anvendte sikringsinstrumenter (og hvordan de anvendes) til sikring af risikoeksponeringer
b)
hvordan virksomheden bestemmer det økonomiske forhold mellem den sikrede post og sikringsinstrumentet for at vurdere sikringseffektiviteten, og
c)
hvordan virksomheden fastlægger sikringsraten, og hvad kilderne til sikringsineffektiviteten er.
22C
Hvis en virksomhed klassificerer en bestemt risikokomponent som en sikret post (jf. afsnit 6.3.7 i IFRS 9), skal den ud over de i afsnit 22A og 22B krævede oplysninger afgive kvalitative og kvantitative oplysninger om:
a)
hvordan virksomheden bestemte den risikokomponent, som klassificeres som den sikrede post (herunder en beskrivelse af arten af forholdet mellem risikokomponenten og posten som helhed), og
b)
hvad forholdet mellem risikokomponenten og posten i sin helhed er (f.eks. har den klassificerede risikokomponent historisk dækket gennemsnitligt 80 % af ændringerne i dagsværdien af posten som helhed).
Beløbsmæssig størrelse, tidspunkt og usikkerhed forbundet med fremtidige pengestrømme
23
[Ophævet]
23A
Medmindre undtagelsen i afsnit 23C finder anvendelse, skal en virksomhed efter risikokategori give kvantitative oplysninger, som gør årsregnskabsbrugere i stand til at vurdere vilkårene og betingelserne for sikringsinstrumenter, og hvordan de berører den beløbsmæssige størrelse, tidspunktet og usikkerheden forbundet med virksomhedens fremtidige pengestrømme.
23B
For at opfylde kravet i afsnit 23A skal en virksomhed give opdelte oplysninger om:
a)
en profil af timingen af sikringsinstrumentets nominelle beløb og
b)
hvis det er relevant, sikringsinstrumentets gennemsnitlige kurs eller sats (f.eks. aftalekurs eller terminskurs).
23C
I situationer, hvor en virksomhed ofte ændrer (dvs. afslutter og genoptager) sikringsforhold, fordi både sikringsinstrumentet og den sikrede post ofte ændrer sig (dvs. at virksomheden bruger en dynamisk proces, hvor både eksponeringen og de sikringsinstrumenter, der bruges til at styre eksponeringen, ikke er de samme i længere tid ad gangen, som f.eks. i eksemplet i afsnit B6.5.24, litra b), i IFRS 9):
a)
er virksomheden fritaget for at give de i afsnit 23A og 23B krævede oplysninger,
b)
skal virksomheden give følgende oplysninger:
i)
oplysninger om, hvad den endelige risikostyringsstrategi er for disse sikringsforhold
ii)
en beskrivelse af, hvordan den bruger risikostyringsstrategien i den regnskabsmæssige sikring og klassifikationen af disse sikringsforhold, og
iii)
en indikation af, hvor ofte sikringsforholdene afsluttes og genoptages som led i virksomhedens proces for disse sikringsforhold.
23D
En virksomhed skal fremlægge en beskrivelse efter risikokategori af de kilder til sikringsineffektivitet, der forventes at påvirke sikringsforholdet i løbetiden.
23E
Hvis andre kilder til sikringsineffektivitet viser sig i et sikringsforhold, skal en virksomhed oplyse disse kilder efter risikokategori og beskrive den deraf følgende risikoineffektivitet.
23F
For sikring af pengestrømme skal en virksomhed fremlægge en beskrivelse af en forventet transaktion, hvor der er anvendt regnskabsmæssig sikring i den foregående periode, men som ikke længere forventes at finde sted.
Virkningerne af regnskabsmæssig sikring på finansiel stilling og indtjening
24
[Ophævet]
24A
En virksomhed skal i tabelform oplyse følgende beløb vedrørende poster, der er klassificeret som sikringsinstrumenter, separat efter risikokategori for hver sikringstype (sikring af dagsværdi, sikring af pengestrømme eller sikring af en nettoinvestering i en udenlandsk virksomhed):
a)
den regnskabsmæssige værdi af sikringsinstrumenterne (finansielle aktiver og forpligtelser hver for sig),
b)
posten i balancen, som omfatter sikringsinstrumentet,
c)
ændringen i dagsværdien af sikringsinstrumentet, som bruges til at indregne sikringsineffektivitet for perioden, og
d)
sikringsinstrumenternes nominelle beløb (herunder mængdeangivelser som ton eller kubikmeter).
24B
En virksomhed skal i tabelform oplyse følgende beløb vedrørende sikrede poster separat efter risikokategori for hver sikringstype på følgende måde:
a)
for sikringer af dagsværdi:
i)
den regnskabsmæssige værdi af den sikrede post, der er indregnet i balancen (finansielle aktiver og forpligtelser hver for sig)
ii)
det akkumulerede beløb for reguleringer vedrørende sikring af dagsværdien for den sikrede post, der er omfattet af den regnskabsmæssige værdi af den sikrede post, der er indregnet i balancen (finansielle aktiver og forpligtelser hver for sig)
iii)
posten i balancen, som omfatter den sikrede post
iv)
ændringen i værdien af den sikrede post, som bruges til at indregne sikringsineffektivitet for perioden, og
v)
det akkumulerede beløb for reguleringer vedrørende sikring af dagsværdien i balancen for eventuelle sikrede poster, der ikke længere justeres for sikringsgevinster og -tab i overensstemmelse med afsnit 6.5.10 i IFRS 9
b)
for sikring af pengestrømme og sikring af en nettoinvestering i en udenlandsk virksomhed:
i)
ændringen i værdien af den sikrede post, som bruges som grundlag for indregning af sikringsineffektiviteten for perioden (dvs. for sikringer af pengestrømme er det ændringen i værdien, der bruges til at bestemme den indregnede sikringsineffektivitet i overensstemmelse med afsnit 6.5.11, litra c), i IFRS 9)
ii)
saldoen på reserven vedrørende sikring af pengestrømme og valutaomregningsreserven for fortsættende sikringsforhold, der regnskabsmæssigt behandles i overensstemmelse med afsnit 6.5.11 og 6.5.13, litra a), i IFRS 9, og
iii)
saldoen på reserven vedrørende sikring af pengestrømme og valutaomregningsreserven fra eventuelle sikringsforhold, for hvilke der ikke længere anvendes regnskabsmæssig sikring.
24C
En virksomhed skal i tabelform oplyse følgende beløb separat efter risikokategori for hver sikringstype på følgende måde:
a)
for sikringer af dagsværdi:
i)
sikringsineffektivitet — dvs. forskellen mellem sikringsgevinster eller -tab på sikringsinstrumentet og den sikrede post — som indregnes i resultatet (eller anden totalindkomst, hvis sikringsinstrumentet sikrer et egenkapitalinstrument, hvor virksomheden har valgt at præsentere ændringer i dagsværdien under anden totalindkomst i henhold til afsnit 5.7.5 i IFRS 9), og
ii)
posten i totalindkomstopgørelsen, som omfatter den indregnede sikringsineffektivitet
b)
for sikring af pengestrømme og sikring af en nettoinvestering i en udenlandsk virksomhed:
i)
sikringsgevinster eller -tab i regnskabsperioden, som blev indregnet i anden totalindkomst
ii)
sikringsineffektivitet, som indregnes i resultatet
iii)
posten i totalindkomstopgørelsen, som omfatter den indregnede sikringsineffektivitet
iv)
det beløb, der er omklassificeret fra reserven vedrørende sikring af pengestrømme til resultatet som en omklassifikationsregulering (jf. IAS 1) (hvor der skelnes mellem beløb, for hvilke der tidligere er brugt regnskabsmæssig sikring, men for hvilke de sikrede fremtidige pengestrømme ikke længere forventes at finde sted, og beløb, der er overført, fordi den sikrede post har påvirket resultatet)
v)
posten i totalindkomstopgørelsen, som omfatter omklassifikationsreguleringen (jf. IAS 1), og
vi)
for sikringer af nettopositioner de sikringsgevinster eller -tab, der indregnes i en separat post i totalindkomstopgørelsen (jf. afsnit 6.6.4 i IFRS 9).
24D
Hvis de sikringsforhold, som falder ind under undtagelsen i afsnit 23C, har en volumen, der ikke er repræsentativ for normale volumener i perioden (dvs. at volumen på balancedagen ikke afspejler volumenerne i perioden), skal en virksomhed oplyse om dette samt om, hvorfor volumenerne ikke er repræsentative.
24E
En virksomhed skal fremlægge en afstemning af hvert egenkapitalelement samt en analyse af anden totalindkomst i overensstemmelse med IAS I, som sammen:
a)
som minimum skelner mellem de beløb, der vedrører oplysningerne i afsnit 24C, litra b), nr. i), og litra b), nr. iv), samt de beløb, der regnskabsmæssigt behandles i overensstemmelse med afsnit 6.5.11, litra d), nr. i), og litra d), nr. iii), i IFRS 9
b)
skelner mellem de beløb, der er forbundet med den tidsmæssige værdi af optioner, der sikrer transaktionsrelaterede sikrede poster, og de beløb, der er forbundet med den tidsmæssige værdi af optioner, der sikrer tidsperioderelaterede sikrede poster, når en virksomhed behandler den tidsmæssige værdi af en option i overensstemmelse med afsnit 6.5.15 i IFRS 9, og
c)
skelner mellem de beløb, der er forbundet med terminsdelene af terminskontrakter og valutaspændene for finansielle instrumenter, der sikrer transaktionsrelaterede sikrede poster, og de beløb, der er forbundet med terminsdelene af terminskontrakter og valutaspændene for finansielle instrumenter, der sikrer tidsperioderelaterede sikrede poster, når en virksomhed behandler sådanne beløb i overensstemmelse med afsnit 6.5.16 i IFRS 9.
24F
En virksomhed skal give de oplysninger, der kræves i afsnit 24E, separat efter risikokategori. Denne opdeling efter risiko kan angives i noterne til årsregnskabet.
Mulighed for at klassificere en krediteksponering som målt til dagsværdi gennem resultatet
24G
Hvis en virksomhed klassificerede et finansielt instrument eller en del af det som målt til dagsværdi gennem resultatet, fordi det bruger et afledt kreditinstrument til at styre den kreditrisiko, der er forbundet med det finansielle instrument, skal den oplyse:
a)
for afledte kreditinstrumenter, der er blevet anvendt til at styre den kreditrisiko, der er forbundet med finansielle instrumenter, som er klassificeret til dagsværdi gennem resultatet i overensstemmelse med afsnit 6.7.1 i IFRS 9, en afstemning af både det nominelle beløb og dagsværdien ved periodens begyndelse og slutning
b)
den gevinst eller det tab, der blev indregnet i resultatet i forbindelse med klassifikation af et finansielt instrument, eller en andel af det, som målt til dagsværdi gennem resultatet i overensstemmelse med afsnit 6.7.1 i IFRS 9, og
c)
i forbindelse med ophør af måling af et finansielt instrument, eller en andel af det, til dagsværdi gennem resultatet, det finansielle instruments dagsværdi, der er blevet den nye regnskabsmæssige værdi i overensstemmelse med afsnit 6.7.4, litra b), i IFRS9, og det dermed forbundne nominelle beløb eller hovedstolen (bortset fra de sammenligningstal, den skal fremlægge i henhold til IAS 1, behøver en virksomhed ikke give disse oplysninger igen i efterfølgende perioder).
Usikkerhed som følge af reformen af rentebenchmarks
24H
For sikringsforhold, hvorpå en virksomhed anvender undtagelserne i afsnit 6.8.4-6.8.12 i IFRS 9 eller afsnit 102D-102N i IAS 39, skal virksomheden give følgende oplysninger:
a)
de væsentlige rentebenchmarks, som virksomhedens sikringsforhold er eksponeret mod
b)
omfanget af den risikoeksponering, som virksomheden forvalter, og som påvirkes direkte af rentebenchmarkreformen
c)
hvordan virksomheden styrer processen vedrørende overgang til alternative referencerenter
d)
en beskrivelse af væsentlige antagelser eller vurderinger, som virksomheden har foretaget i forbindelse med anvendelsen af disse afsnit (f.eks. antagelser eller vurderinger af, hvornår den usikkerhed, der opstår som følge af rentebenchmarkreformen, ikke længere er til stede med hensyn til timingen for eller den beløbsmæssige størrelse af de rentebenchmark-baserede pengestrømme), og
e)
det nominelle beløb i forbindelse med sikringsinstrumenterne i disse sikringsforhold.
Yderligere oplysninger vedrørende rentebenchmarkeformer
24I
For at sætte årsregnskabsbrugere i stand til at forstå virkningen af rentebenchmarkreformer for en virksomheds finansielle instrumenter og risikostyringsstrategi, skal virksomheden give oplysninger om:
a)
arten og omfanget af de risici, som virksomheden udsættes for i forbindelse med finansielle instrumenter, der er underlagt rentebenchmarkreformer, og hvordan virksomheden håndterer disse risici, og
b)
virksomhedens fremskridt med at gennemføre overgangen til alternative rentebenchmarks, og hvordan virksomheden forvalter overgangen.
24J
For at opfylde målsætningen i afsnit 24I skal en virksomhed fremlægge følgende oplysninger:
a)
hvordan virksomheden forvalter overgangen til alternative rentebenchmarks, dens fremskridt på balancedatoen og de risici, for hvilke den eksponeres, som følge af finansielle instrumenter på grund af overgangen
b)
opdelt efter væsentlige rentebenchmarks, der er omfattet af en rentebenchmarkreform, kvantitative oplysninger om finansielle instrumenter, som endnu ikke er overgået til et alternativt rentebenchmark ved udgangen af regnskabsperioden, med separat præsentation af:
i)
finansielle aktiver, bortset fra afledte finansielle instrumenter
ii)
finansielle forpligtelser, bortset fra afledte finansielle instrumenter og
iii)
afledte finansielle instrumenter og
c)
hvis de risici, der er identificeret i afsnit 24J, litra a), har medført ændringer i virksomhedens risikostyringsstrategi (jf. afsnit 22A), en beskrivelse af disse ændringer.
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.
27-27B.
[Ophævet]
28
I nogle tilfælde indregner en virksomhed ikke en gevinst eller et tab ved første indregning af et finansielt aktiv eller en finansiel forpligtelse, fordi dagsværdien hverken indikeres af en officiel markedskurs på et aktivt marked for et aktiv eller en forpligtelse af samme type (f.eks. et niveau 1-input) eller baseres på en værdiansættelsesmetode, der kun benytter data fra observerede markeder (se afsnit B5.1.2A i IFRS 9). I sådanne tilfælde skal virksomheden for hver kategori af finansielle aktiver eller finansielle forpligtelser oplyse om:
a)
sin regnskabspraksis for indregning af forskellen mellem dagsværdien ved første indregning og transaktionsprisen i resultatet for at afspejle en ændring i faktorer (herunder tid), som markedsdeltagere ville tage i betragtning ved prisfastsættelsen af aktivet eller forpligtelsen (jf. afsnit B5.1.2A, litra b), i IFRS 9)
b)
den samlede forskel, der skal indregnes i resultatet ved periodens begyndelse og slutning, og en afstemning af ændringer i denne forskel i balancen
c)
årsagen til virksomhedens konklusion, om at transaktionsprisen ikke var den bedste indikation for dagsværdien, herunder en beskrivelse af den indikation, der underbygger dagsværdien.
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 eller
b)
[ophævet]
c)
[ophævet]
d)
for leasingforpligtelser.
30
[Ophævet]
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 ved regnskabsårets afslutning.
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.
32A
Kvalitative oplysninger i forbindelse med kvantitative oplysninger gør det muligt for brugerne at sammenkæde relaterede oplysninger og danne sig et samlet billede af arten og omfanget af de risici, der hidrører fra finansielle instrumenter. Samspillet mellem kvalitative og kvantitative oplysninger bidrager til, at oplysningerne præsenteres på en måde, som gør det lettere for brugerne at vurdere virksomhedens risikoeksponering.
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 litra 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 eksponeringen over for den pågældende risiko ved regnskabsårets afslutning. 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 35A–42, såfremt de ikke er givet i medfør af litra a)
c)
koncentrationer af risici, hvis de ikke fremgår af de oplysninger, der skal gives medfør af litra a) og litra b).
35
Hvis de kvantitative data, der er oplyst ved regnskabsårets afslutning, ikke giver et korrekt billede af virksomhedens risici i regnskabsåret, skal virksomheden afgive yderligere oplysninger, som giver et korrekt billede.
Kreditrisiko
Anvendelsesområde og mål
35A
En virksomhed skal anvende oplysningskravene i afsnit 35F-35N på finansielle instrumenter, for hvilke kravene til værdiforringelse i IFRS 9 finder anvendelse. Bemærk dog:
a)
for tilgodehavender fra salg og tjenesteydelser, kontraktaktiver og leasingtilgodehavender finder afsnit 35J, litra a), anvendelse på de tilgodehavender fra salg, kontraktaktiver eller leasingtilgodehavender, for hvilke forventede kredittab i løbetiden indregnes i overensstemmelse med afsnit 5.5.15 i IFRS 9, hvis disse finansielle aktiver ændres, når de er forfaldne med mere end 30 dage, og
b)
afsnit 35K, litra b), finder ikke anvendelse på leasingtilgodehavender.
35B
De kreditrisikooplysninger, der gives i overensstemmelse med afsnit 35F-35N, skal gøre årsregnskabsbrugere i stand til at forstå virkningen af kreditrisikoen på den beløbsmæssige størrelse, tidspunktet og usikkerheden forbundet med fremtidige pengestrømme. Derfor skal kreditrisikooplysningerne indeholde:
a)
oplysninger om en virksomheds kreditrisikostyringspraksis, og hvordan den er forbundet med indregning og måling af forventede kredittab, herunder de metoder, antagelser og oplysninger, der bruges til at måle forventede kredittab
b)
kvantitative og kvalitative oplysninger, der gør årsregnskabsbrugere i stand til at vurdere de beløb i årsregnskabet, der har forbindelse til forventede kredittab, herunder ændringer i den beløbsmæssige størrelse af forventede kredittab og årsagerne til disse ændringer, og
c)
oplysninger om en virksomheds kreditrisikoeksponering (dvs. den kreditrisiko, der er indbygget i en virksomheds finansielle aktiver og kredittilsagn), herunder væsentlige koncentrationer af kreditrisiko.
35C
En virksomhed behøver ikke gentage oplysninger, som allerede er præsenteret et andet sted, forudsat at oplysningerne er indarbejdet ved krydshenvisning fra årsregnskabet til en anden opgørelse, f.eks. en kommentar eller risikoredegørelse fra ledelsen, som er tilgængelig for årsregnskabsbrugere på samme vilkår og tidspunkt som årsregnskabet. Er oplysningerne ikke indarbejdet ved krydshenvisninger, er årsregnskabet ufuldstændigt
35D
For at opfylde formålene i afsnit 35B skal en virksomhed (medmindre andet er angivet) vurdere, hvor mange detaljer den skal oplyse, hvor stor vægt der skal lægges på de forskellige aspekter af oplysningskravene, det passende aggregerings- eller opdelingsniveau, og hvorvidt årsregnskabsbrugere har behov for yderligere forklaringer for at vurdere de afgivne kvantitative oplysninger.
35E
Hvis oplysningerne afgivet i henhold til afsnit 35F-35N er utilstrækkelige til at opfylde målene i afsnit 35B, skal en virksomhed afgive yderligere oplysninger, der er nødvendige for at opfylde disse mål.
Kreditrisiko styringspraksis
35F
En virksomhed skal forklare sin kreditrisikostyringspraksis, og hvordan den er forbundet med indregning og måling af forventede kredittab. For at opfylde dette mål skal en virksomhed give oplysninger, der gør årsregnskabsbrugere i stand til at forstå og vurdere:
a)
hvordan en virksomhed har afgjort, hvorvidt den kreditrisiko, der er forbundet med finansielle instrumenter, er steget væsentligt siden første indregning, herunder, om og hvordan:
i)
finansielle instrumenter anses for at have en lav kreditrisiko i overensstemmelse med afsnit 5.5.10 i IFRS 9, herunder de kategorier af finansielle instrumenter, det finder anvendelse på, og
ii)
antagelsen i afsnit 5.5.11 i IFRS 9, at kreditrisikoen er steget væsentligt siden første indregning, hvis finansielle aktiver er forfaldne med mere end 30 dage, er blevet afkræftet
b)
en virksomheds definitioner af misligholdelse, herunder begrundelsen for disse definitioner
c)
hvordan instrumenterne blev grupperet, hvis forventede kredittab blev målt samlet
d)
hvordan en virksomhed har afgjort, at finansielle aktiver er værdiforringede finansielle aktiver
e)
en virksomheds afskrivningspolitik, herunder indikatorer for, at der ikke er nogen rimelig forventning om inddrivelse, og oplysninger om politikken vedrørende finansielle aktiver, der afskrives, men som virksomheden stadig søger at inddrive, og
f)
hvordan kravene i afsnit 5.5.12 i IFRS 9 vedrørende ændring af de kontraktlige pengestrømme for finansielle aktiver er anvendt, herunder hvordan en virksomhed:
i)
vurderer, hvorvidt kreditrisikoen på et finansielt aktiv, der er blevet ændret, mens hensættelsen til tab blev målt til et beløb, der svarer til de forventede kredittab i løbetiden, er reduceret i en sådan grad, at hensættelsen til tab igen kan måles til et beløb, der svarer til forventede kredittab over 12 måneder i overensstemmelse med afsnit 5.5.5 i IFRS 9, og
ii)
overvåger, i hvilken grad hensættelsen til tab på finansielle aktiver, som opfylder kriterierne i nr. i), efterfølgende omvurderes til et beløb, der svarer til de forventede kredittab i løbetiden, i overensstemmelse med afsnit 5.5.3 i IFRS 9.
35G
En virksomhed skal forklare de input, antagelser og skønsmetoder, der er brugt i forbindelse med anvendelse af kravene i afsnit 5.5 i IFRS 9. I den forbindelse skal en virksomhed oplyse:
a)
grundlaget for de input og antagelser samt de skønsmetoder, der er brugt til at:
i)
måle de forventede kredittab over 12 måneder og i løbetiden
ii)
vurdere, hvorvidt den kreditrisiko, der er forbundet med finansielle instrumenter, er steget væsentligt siden første indregning, og
iii)
vurdere, hvorvidt et finansielt aktiv er et værdiforringet finansielt aktiv
b)
hvordan fremadrettede oplysninger er blevet indarbejdet i vurderingen af forventede kredittab, herunder makroøkonomiske oplysninger, og
c)
ændringer i de skønsmetoder eller væsentlige antagelser i regnskabsperioden og begrundelsen for sådanne ændringer.
Kvantitative og kvalitative oplysninger om beløb, der opstår fra forventede kredittab
35H
For at forklare ændringerne i hensættelsen til tab og begrundelsen for disse ændringer skal en virksomhed fremlægge en afstemning efter kategori af finansielle instrumenter mellem hensættelsen til tab primo og ultimo i en tabel med separat præsentation af ændringerne i perioden for:
a)
hensættelsen til tab målt til et beløb, der svarer til de forventede kredittab over 12 måneder
b)
hensættelsen til tab målt til et beløb, der svarer til de forventede kredittab i løbetiden for:
i)
finansielle instrumenter, hvor kreditrisikoen er steget væsentligt siden første indregning, men som ikke er kreditforringede finansielle aktiver
ii)
finansielle aktiver, der er værdiforringede på balancedagen (men som ikke var værdiforringet ved erhvervelsen eller oprettelsen), og
iii)
tilgodehavender fra salg og tjenesteydelser, kontraktaktiver eller leasingtilgodehavender, hvor hensættelsen til tab måles i overensstemmelse med afsnit 5.5.15 i IFRS 9
c)
finansielle aktiver, der var værdiforringet ved erhvervelsen eller oprettelsen. Ud over afstemningen skal en virksomhed oplyse de samlede ikke-diskonterede forventede kredittab ved første indregning på finansielle aktiver, der blev indregnet første gang i regnskabsperioden.
35I
For at gøre årsregnskabsbrugere i stand til at forstå ændringerne i hensættelsen til tab, der er oplyst i overensstemmelse med afsnit 35H, skal en virksomhed forklare, hvordan væsentlige ændringer i finansielle instrumenters regnskabsmæssige bruttoværdi i perioden bidrog til ændringer i hensættelsen til tab. Oplysningerne skal præsenteres separat for finansielle instrumenter, som repræsenterer hensættelsen til tab, som beskrevet i afsnit 35H, litra a)-c), og skal omfatte de relevante kvalitative og kvantitative oplysninger. Eksempler på ændringer i finansielle instrumenters regnskabsmæssige bruttoværdi, der bidrog til ændringerne i hensættelsen til tab:
a)
ændringer, der skyldes, at finansielle instrumenter er blevet oprettet eller erhvervet i regnskabsperioden
b)
ændringen af kontraktlige pengestrømme for finansielle aktiver, der ikke medfører ophør af indregning af de finansielle aktiver i overensstemmelse med IFRS 9
c)
ændringer, der skyldes ophør af indregning af finansielle instrumenter (herunder afskrevne finansielle instrumenter) i regnskabsperioden, og
d)
ændringer, der skyldes, at hensættelsen til tab måles til et beløb, der svarer til enten de forventede kredittab over 12 måneder eller i løbetiden.
35J
For at gøre det muligt for årsregnskabsbrugere at forstå arten og virkningen af ændringer i finansielle aktivers kontraktlige pengestrømme, som ikke har medført ophør af indregning, og virkningen af sådanne ændringer på målingen af forventede kredittab, skal en virksomhed oplyse:
a)
den amortiserede kostpris før ændringen og nettogevinsten eller -tabet, der er indregnet for finansielle aktiver, for hvilke de kontraktlige pengestrømme er blevet ændret i regnskabsperioden, mens de havde en hensættelse til tab målt til et beløb, der svarer til de forventede kredittab i løbetiden, og
b)
den regnskabsmæssige bruttoværdi ved udgangen af regnskabsperioden for finansielle aktiver, der er blevet ændret siden første indregning på et tidspunkt, hvor hensættelsen til tab blev målt til et beløb, der svarer til de forventede kredittab i løbetiden, og for hvilke hensættelsen til tab er ændret i regnskabsperioden til et beløb, der svarer til de forventede kredittab over 12 måneder.
35K
For at gøre det muligt for årsregnskabsbrugere at forstå virkningen af sikkerhedsstillelse og andre kreditforbedringer på de beløb, der opstår fra forventede kredittab, skal en virksomhed oplyse følgende efter kategori af finansielle instrumenter:
a)
det beløb, der bedst udtrykker virksomhedens maksimale kreditrisiko på balancedagen uden hensyntagen til eventuel sikkerhedsstillelse eller andre kreditforbedringer (f.eks. nettingaftaler, der ikke opfylder kriterierne for modregning i henhold til IAS 32)
b)
beskrivende information om sikkerhedsstillelse og andre kreditforbedringer, herunder:
i)
en beskrivelse af arten og kvaliteten af sikkerhedsstillelsen
ii)
en forklaring af eventuelle væsentlige ændringer i kvaliteten af sikkerhedsstillelsen eller kreditforbedringer som følge af forringelse eller ændringer i virksomhedens politik vedrørende sikkerhedsstillelse i regnskabsperioden og
iii)
oplysninger om finansielle instrumenter, for hvilke en virksomhed ikke har indregnet en hensættelse til tab som følge af sikkerhedsstillelsen
c)
kvantitative oplysninger om sikkerhedsstillelsen og andre kreditforbedringer (f.eks. en angivelse af hvor meget sikkerhedsstillelsen og andre kreditforbedringer mindsker kreditrisikoen) for finansielle aktiver, der er værdiforringet på balancedagen.
35L
En virksomhed skal oplyse det kontraktlige udestående beløb for finansielle aktiver, der blev afskrevet i regnskabsperioden, og som virksomheden stadig søger at inddrive.
Kreditrisiko eksponering
35M
For at gøre årsregnskabsbrugere i stand til at vurdere en virksomheds kreditrisikoeksponering og forstå de væsentlige koncentrationer af kreditrisiko, skal en virksomhed efter 
kreditrisikokategorier
 oplyse den regnskabsmæssige bruttoværdi af finansielle aktiver og eksponeringen for kreditrisiko på lånetilsagn og finansielle garantikontrakter. Disse oplysninger skal præsenteres separat for finansielle instrumenter:
a)
for hvilke hensættelsen til tab måles til et beløb, der svarer til de forventede kredittab over 12 måneder
b)
for hvilke hensættelsen til tab måles til et beløb, der svarer til de forventede kredittab i løbetiden, og som er
i)
finansielle instrumenter, hvor kreditrisikoen er steget væsentligt siden første indregning, men som ikke er kreditforringede finansielle aktiver
ii)
finansielle aktiver, der er værdiforringede på balancedagen (men som ikke var værdiforringet ved erhvervelsen eller oprettelsen), og
iii)
tilgodehavender fra salg og tjenesteydelser, kontraktaktiver eller leasingtilgodehavender, hvor hensættelsen til tab måles i overensstemmelse med afsnit 5.5.15 i IFRS 9
c)
der er finansielle aktiver, der var værdiforringet ved erhvervelsen eller oprettelsen.
35N
For tilgodehavender fra salg og tjenesteydelser, kontraktaktiver og leasingtilgodehavender, på hvilke en virksomhed anvender afsnit 5.5.15 i IFRS 9, kan de oplysninger, den giver i overensstemmelse med afsnit 35M, baseres på en hensættelsesmatrix (jf. afsnit B5.5.35 i IFRS 9).
36
For alle finansielle instrumenter, der er omfattet af denne standard, men hvor kravene til værdiforringelse i IFRS 9 ikke anvendes, skal en virksomhed efter kategori af finansielt instrument oplyse:
a)
det beløb, der bedst udtrykker virksomhedens maksimale kreditrisiko på balancedagen uden hensyntagen til eventuel sikkerhedsstillelse eller andre kreditforbedringer (f.eks. nettingaftaler, der ikke opfylder kriterierne for modregning i henhold til IAS 32) idet denne oplysning ikke skal gives for finansielle instrumenter, hvis regnskabsmæssige værdi bedst udtrykker den maksimale kreditrisiko
b)
en beskrivelse af sikkerhedsstillelse og andre kreditforbedringer samt den økonomiske virkning heraf (f.eks. en angivelse af, hvor meget sikkerhedsstillelsen og andre kreditforbedringer mindsker kreditrisikoen) med hensyn til det beløb, der bedst udtrykker den maksimale kreditrisiko (uanset om det oplyses i henhold til litra a) eller udtrykkes ved den regnskabsmæssige værdi af et finansielt instrument)
c)
[ophævet]
d)
[ophævet]
37
[Ophævet]
Sikkerhedsstillelse og andre kreditforbedringer
38
Hvis en virksomhed kommer i besiddelse af finansielle eller ikke-finansielle aktiver i regnskabsåret ved at gøre udlæg i modtaget sikkerhed eller indfri andre kreditforbedringer (f.eks. garantier), og disse aktiver opfylder kriterierne i andre IFRS-standarder for indregning, skal virksomheden give følgende oplysninger for sådanne aktiver, som besiddes på balancedagen:
a)
arten og den regnskabsmæssige værdi af aktiverne 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 oplyse følgende:
a)
en løbetidsanalyse af ikke-afledte finansielle forpligtelser (herunder udstedte finansielle garantikontrakter), som viser de kontraktlige restløbetider
b)
en løbetidsanalyse af afledte finansielle forpligtelser. Denne løbetidsanalyse skal omfatte de kontraktlige restløbetider for de afledte finansielle forpligtelser, for hvilke kontraktlige løbetider er væsentlige for forståelsen af tidspunktet for pengestrømmene (jf. afsnit B11B)
c)
en beskrivelse af, hvordan virksomheden styrer den likviditetsrisiko, der er forbundet med de i medfør af litra a) og b) 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 ved regnskabsårets afslutning, 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 oplyse:
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 afslutning ikke afspejler risikoen i resten af regnskabsåret), skal virksomheden oplyse herom og begrunde, hvorfor den mener, følsomhedsanalysen ikke giver et korrekt billede.
OVERDRAGELSE AF FINANSIELLE AKTIVER
42A
Oplysningskravene i afsnit 42B-42H vedrørende overdragelse af finansielle aktiver supplerer de øvrige oplysningskrav i denne standard. En virksomhed skal præsentere de oplysninger, der kræves i afsnit 42B-42H, i en enkelt note til sit årsregnskab. Virksomheden skal give de krævede oplysninger for alle overdragne finansielle aktiver, hvor indregning ikke er ophørt, og for et eventuelt fortsat engagement i et overdraget aktiv på balancedagen, uanset hvornår den tilknyttede overdragelsestransaktion fandt sted. Med henblik på anvendelsen af oplysningskravene i disse afsnit overdrager en virksomhed udelukkende et finansielt aktiv i dets helhed eller en del af et finansielt aktiv (det overdragne finansielle aktiv), hvis den enten:
a)
overfører de kontraktlige rettigheder til at modtage pengestrømme fra det pågældende finansielle aktiv eller
b)
bibeholder de kontraktlige rettigheder til at modtage pengestrømme fra det pågældende finansielle aktiv, men påtager sig en kontraktlig forpligtelse til at betale disse pengestrømme til en eller flere modtagere i henhold til en aftale.
42B
En virksomhed skal give oplysninger, der gør det muligt for regnskabsbrugere:
a)
at forstå forholdet mellem overdragne finansielle aktiver, hvor indregning ikke er ophørt fuldt ud, og de dermed forbundne forpligtelser og
b)
at vurdere arten af og risiciene i forbindelse med virksomhedens fortsatte engagement i finansielle aktiver, hvor indregning er ophørt.
42C
Med henblik på anvendelsen af oplysningskravene i afsnit 42E-42H har en virksomhed et fortsat engagement i et overdraget finansielt aktiv, hvis virksomheden som en del af overdragelsen bibeholder nogle af de kontraktlige rettigheder eller forpligtelser, der knytter sig til det overdragne finansielle aktiv, eller opnår nye kontraktlige rettigheder eller forpligtelser vedrørende det overdragne finansielle aktiv. Med henblik på anvendelsen af oplysningskravene i afsnit 42E-42H udgør følgende ikke et fortsat engagement:
a)
sædvanlige erklæringer og garantier vedrørende svigagtig overdragelse og begreberne rimelighed, god tro og "fair dealing", der kunne ugyldiggøre en overdragelse som resultat af en retssag
b)
terminskontrakter, optioner og andre kontrakter med henblik på at tilbagekøbe det overdragede finansielle aktiv, for hvilket aftaleprisen (eller udnyttelseskursen) er dagsværdien af det overdragede finansielle aktiv, eller eller
c)
en aftale, hvorved en virksomhed bibeholder de kontraktlige rettigheder til at modtage pengestrømme fra et finansielt aktiv, men påtager sig en kontraktlig forpligtelse til at betale pengestrømmene til en eller flere virksomheder, og betingelserne i afsnit 3.2.5, litra a)-c), i IFRS 9 er opfyldt.
Overdragne finansielle aktiver, hvor indregning ikke er ophørt fuldt ud
42D
En virksomhed kan have overdraget finansielle aktiver på en sådan måde, at ingen eller kun nogle af de overdragne finansielle aktiver opfylder kriterierne for ophør af indregning. For at opfylde de opstillede formål i afsnit 42B, litra a), skal virksomheden på hver balancedag for hver kategori af overdragne finansielle aktiver, hvor indregning ikke er ophørt fuldt ud, give oplysning om:
a)
de overdragne aktivers art
b)
arten af virksomhedens risici og afkast tilknyttet ejendomsretten
c)
en beskrivelse af arten af forholdet mellem de overdragne aktiver og de dermed forbundne forpligtelser, herunder restriktioner som følge af overdragelsen for den regnskabsaflæggende virksomheds anvendelse af de overdragne aktiver
d)
hvis modpartens (modparternes) regres i forbindelse med de tilknyttede forpligtelser er begrænset til de overdragne aktiver, en oversigt over dagsværdien af de overdragne aktiver, dagsværdien af de dermed forbundne forpligtelser og nettopositionen (forskellen mellem dagsværdien af de overdragne aktiver og de dermed forbundne forpligtelser)
e)
hvis virksomheden fortsætter med at indregne samtlige overdragne aktiver, de regnskabsmæssige værdier af de overdragne aktiver og de dermed forbundne forpligtelser
f)
hvis virksomheden fortsætter med at indregne aktiverne i det omfang, den fortsat har et engagement (jf. afsnit 3.2.6, litra c), nr. ii), og 3.2.16 i IFRS 9), de oprindelige aktivers samlede regnskabsmæssige værdi inden overdragelsen, den regnskabsmæssige værdi af de aktiver, virksomheden fortsætter med at indregne, og den regnskabsmæssige værdi af de dertil knyttede forpligtelser.
Overdragne finansielle aktiver, hvor indregning er ophørt fuldt ud
42E
For at opfylde de opstillede formål i afsnit 42B, litra b), når en virksomhed ophører med at indregne overdragne finansielle aktiver fuldt ud (jf. afsnit 3.2.6, litra a) og c), nr. i), i IFRS 9), men fortsat har et engagement deri, skal virksomheden for hver type fortsat engagement på hver balancedag som minimum give oplysning om:
a)
den regnskabsmæssige værdi af de aktiver og passiver, der er indregnet i virksomhedens balance og repræsenterer virksomhedens fortsatte engagement i de finansielle aktiver, hvor indregning er ophørt, og de regnskabsposter, hvori den regnskabsmæssige værdi af disse aktiver og passiver er indregnet
b)
dagsværdien af de aktiver og passiver, der repræsenterer virksomhedens fortsatte engagement i de finansielle aktiver, hvor indregning er ophørt
c)
det beløb, der bedst repræsenterer virksomhedens maksimale eksponering for tab som følge af dens fortsatte engagement i de finansielle aktiver, hvor indregning er ophørt, og oplysninger om, hvordan den maksimale eksponering for tab er beregnet
d)
de udiskonterede pengestrømme fra virksomheden, som der vil eller kan være behov for med henblik på at tilbagekøbe finansielle aktiver, hvor indregning er ophørt (f.eks. strike-prisen i en optionsaftale), eller andre beløb, der skal betales til erhververen med hensyn til de overdragne aktiver. Hvis pengestrømmen fra virksomheden er variabel, bør det oplyste beløb være baseret på forhold, der eksisterer på hver balancedag
e)
en løbetidsanalyse af de udiskonterede pengestrømme fra virksomheden, som der vil eller kan være behov for med henblik på at tilbagekøbe de finansielle aktiver, hvor indregning er ophørt, eller andre beløb, der skal betales til erhververen med hensyn de overdragne aktiver; denne løbetidsanalyse skal vise de kontraktlige restløbetider for virksomhedens fortsatte engagement
f)
kvalitative oplysninger, som forklarer og understøtter de kvantitative oplysninger, der kræves i medfør af litra a)-e).
42F
En virksomhed kan aggregere de oplysninger, der kræves i artikel 42E med hensyn til et bestemt aktiv, hvis virksomheden har mere end en type fortsat engagement i det pågældende finansielle aktiv, for hvilket indregning er ophørt, og præsentere dem under én type fortsat engagement.
42G
Desuden skal en virksomhed for hver type fortsat engagement give oplysning om:
a)
den indregnede gevinst eller det indregnede tab på tidspunktet for aktivernes overdragelse
b)
indregnede indtægter og omkostninger, både i regnskabsåret og kumulativt, i forbindelse med virksomhedens fortsatte engagement i de finansielle aktiver, hvor indregning er ophørt (f.eks. dagsværdiændringer i afledte finansielle instrumenter)
c)
hvis det samlede provenu fra overdragelsesaktiviteten (der opfylder kriterierne for ophør med indregning) i et regnskabsår ikke er jævnt fordelt i hele regnskabsåret (f.eks. hvis en betydelig del af den samlede overdragelsesaktivitet finder sted i de sidste dage af et regnskabsår):
i)
når den største overdragelsesaktivitet fandt sted inden for det pågældende regnskabsår (f.eks. de sidste fem dage før regnskabsårets afslutning)
ii)
det beløb (f.eks. tilknyttede gevinster eller tab), der er indregnet fra overdragelsesaktiviteten i den pågældende del af regnskabsåret, og
iii)
det samlede provenu fra overdragelsesaktiviteten i den pågældende del af regnskabsåret.
En virksomhed skal give disse oplysninger for hver periode, for hvilken der er præsenteret en totalindkomstopgørelse.
Supplerende oplysninger
42H
En virksomhed skal give eventuelle yderligere oplysninger, som den finder nødvendige for at opfylde oplysningsformålene i afsnit 42B.
FØRSTEGANGSANVENDELSE AF IFRS 9
42I
I den regnskabsperiode, der omfatter tidspunktet for den første anvendelse af IFRS 9, skal virksomheden give følgende oplysninger for hver kategori af finansielle aktiver og finansielle forpligtelser opgjort på tidspunktet for den første anvendelse:
a)
den oprindelige målingskategori og regnskabsmæssige værdi fastlagt i overensstemmelse med IAS 39 eller en tidligere version af IFRS 9 (hvis virksomheden har valgt at anvende IFRS 9 på en måde, som omfatter mere end én dato for den første anvendelse for forskellige krav)
b)
den nye målingskategori og regnskabsmæssige værdi fastlagt i overensstemmelse med IFRS 9
c)
den beløbsmæssige størrelse af eventuelle finansielle aktiver og finansielle forpligtelser i balancen, som tidligere blev klassificeret som målt til dagsværdi gennem resultatet, men som ikke længere klassificeres som sådan, hvor der skelnes mellem de finansielle aktiver og forpligtelser, som en virksomhed i henhold til IFRS 9 skal omklassificere, og dem, som en virksomhed vælger at omklassificere på tidspunktet for den første anvendelse.
I henhold til afsnit 7.2.2 i IFRS 9 kan overgangen omfatte mere end ét tidspunkt for den første anvendelse, afhængigt af hvordan virksomheden har valgt at anvende IFRS 9. Derfor kan dette afsnit medføre, at virksomheden skal give oplysninger for mere end ét tidspunkt for den første anvendelse. En virksomhed skal opstille disse kvantitative oplysninger i en tabel, medmindre et andet format er mere hensigtsmæssigt.
42J
I den regnskabsperiode, der omfatter tidspunktet for den første anvendelse af IFRS 9, skal en virksomhed give kvalitative oplysninger, som gør brugere i stand til at forstå:
a)
hvordan den har anvendt klassifikationskravene i IFRS 9 på de finansielle aktiver, hvis klassifikation er blevet ændret som følge af anvendelsen af IFRS 9
b)
årsagerne til klassifikation eller afklassifikation af finansielle aktiver eller finansielle forpligtelser som målt til dagsværdi gennem resultatet på tidspunktet for den første anvendelse.
I henhold til afsnit 7.2.2 i IFRS 9 kan overgangen omfatte mere end ét tidspunkt for den første anvendelse, afhængigt af hvordan virksomheden har valgt at anvende IFRS 9. Derfor kan dette afsnit medføre, at virksomheden skal give oplysninger for mere end ét tidspunkt for den første anvendelse.
42K
I den regnskabsperiode, hvor en virksomhed første gang anvender klassifikations- og målingskravene for finansielle aktiver i IFRS 9 (dvs. når virksomheden overgår fra IAS 39 til IFRS 9 for finansielle aktiver), skal den præsentere de oplysninger, der er omhandlet i afsnit 42L-42O i denne standard, hvor det er krævet i overensstemmelse med afsnit 7.2.15 i IFRS 9.
42L
Hvor det er krævet i overensstemmelse med afsnit 42K, skal en virksomhed oplyse om ændringerne i klassifikationen af finansielle aktiver og finansielle forpligtelser pr. det tidspunkt, hvor den første gang anvender IFRS 9, med separat præsentation af:
a)
ændringerne i de regnskabsmæssige værdier på grundlag af deres målingskategorier i overensstemmelse med IAS 39 (dvs. som ikke skyldes en ændring i måleparameteret ved overgangen til IFRS 9) og
b)
ændringerne i de regnskabsmæssige værdier, der skyldes en ændring i målingsparameteret ved overgangen til IFRS 9.
Oplysningerne i dette afsnit skal ikke gives efter den årlige regnskabsperiode, hvor virksomheden første gang anvender klassifikations- og målingskravene for finansielle aktiver i IFRS 9.
42M
Hvor det er krævet i overensstemmelse med afsnit 42K, skal en virksomhed oplyse følgende for finansielle aktiver og finansielle forpligtelser, der er blevet omklassificeret, så de måles til amortiseret kostpris, og, med hensyn til finansielle aktiver, som er blevet omklassificeret fra dagsværdi gennem resultatet, så de måles til dagsværdi gennem anden totalindkomst, som følge af overgangen til IFRS 9:
a)
dagsværdien af de finansielle aktiver eller finansielle forpligtelser ved udgangen af regnskabsperioden og
b)
den gevinst eller det tab i dagsværdi, der ville være blevet indregnet i resultatet eller anden totalindkomst i regnskabsperioden, hvis de finansielle aktiver eller finansielle forpligtelser ikke var blevet omklassificeret.
Oplysningerne i dette afsnit skal ikke gives efter den årlige regnskabsperiode, hvor virksomheden første gang anvender klassifikations- og målingskravene for finansielle aktiver i IFRS 9.
42N
Hvor det er krævet i overensstemmelse med afsnit 42K, skal en virksomhed oplyse følgende for finansielle aktiver og finansielle forpligtelser, der er blevet omklassificeret fra kategorien dagsværdi gennem resultatet, som følge af overgangen til IFRS 9:
a)
den effektive rente på tidspunktet for den første anvendelse og
b)
de indregnede renteindtægter eller -udgifter.
Hvis en virksomhed behandler dagsværdien af et finansielt aktiv eller en finansiel forpligtelse som den nye regnskabsmæssige bruttoværdi på tidspunktet for den første anvendelse (jf. afsnit 7.2.11 i IFRS 9), skal oplysningerne i dette afsnit gives for hver regnskabsperiode frem til ophør af indregning. Ellers skal oplysningerne i dette afsnit ikke gives efter den årlige regnskabsperiode, hvor virksomheden første gang anvender klassifikations- og målingskravene for finansielle aktiver i IFRS 9.
42O
Når en virksomhed præsenterer oplysningerne i afsnit 42K-42N, skal disse oplysninger og oplysningerne i afsnit 25 i denne standard, give mulighed for afstemning mellem:
a)
målingskategorierne præsenteret i overensstemmelse med IAS 39 og IFRS 9 og
b)
kategorien af finansielt instrument
på tidspunktet for den første anvendelse.
42P
På tidspunktet for den første anvendelse af afsnit 5.5 i IFRS 9 skal en virksomhed give oplysninger, der giver mulighed for afstemning af hensættelser til værdiforringelse ultimo i overensstemmelse med IAS 39 og hensættelser i henhold til IAS 37 til tab primo fastlagt i overensstemmelse med IFRS 9. For finansielle aktiver skal disse oplysninger gives efter de relaterede målingskategorier for finansielle aktiver i overensstemmelse med IAS 39 og IFRS 9 med separat præsentation af virkningen af ændringer i målingskategori på hensættelsen til tab på denne dato.
42Q
I den regnskabsperiode, der omfatter tidspunktet for den første anvendelse af IFRS 9, er det ikke påkrævet for en virksomhed at oplyse beløbet i de poster, der ville være rapporteret i overensstemmelse med klassifikations- og målingskravene (omfattende kravene vedrørende måling af finansielle aktiver til amortiseret kostpris og værdiforringelse i afsnit 5.4 og 5.5 i IFRS 9) i:
a)
IFRS 9 for tidligere perioder og
b)
IAS 39 for den aktuelle periode.
42R
I henhold til afsnit 7.2.4 i IFRS 9 skal en virksomhed, hvis det på tidspunktet for den første anvendelse af IFRS 9 er praktisk umuligt (som defineret i IAS 8) for en virksomhed at vurdere en ændret tidsmæssig værdi af penge i henhold til afsnit B4.1.9B-B4.1.9D i IFRS 9 på grundlag af de forhold og omstændigheder, der var gældende ved den første indregning af det finansielle aktiv, vurdere det finansielle aktivs kontraktlige pengestrømmes egenskaber på grundlag af de forhold og omstændigheder, der var gældende ved den første indregning af det finansielle aktiv, uden at tage hensyn til kravene til ændring af den tidsmæssige værdi af penge i afsnit B4.1.9B-B4.1.9D i IFRS 9. En virksomhed skal oplyse den regnskabsmæssige værdi på balancedagen for de finansielle aktiver, hvis de kontraktlige pengestrømmes egenskaber er blevet vurderet på grundlag af de forhold og omstændigheder, der var gældende ved den første indregning af det finansielle aktiv, uden at tage hensyn til kravene til ændring af den tidsmæssige værdi af penge i afsnit B4.1.9B-B4.1.9D i IFRS 9, frem til ophør af indregning af disse finansielle aktiver.
42S
I henhold til afsnit 7.2.5 i IFRS9 skal en virksomhed, hvis det på tidspunktet for den første anvendelse er praktisk umuligt (som defineret i IAS 8) for en virksomhed at vurdere, hvorvidt dagsværdien af førtidig indfrielse var ubetydelig i henhold til afsnit B4.1.12, litra d), i IFRS 9 på grundlag af de forhold og omstændigheder, der var gældende ved den første indregning af det finansielle aktiv, vurdere det finansielle aktivs kontraktlige pengestrømmes egenskaber på grundlag af de forhold og omstændigheder, der var gældende ved den første indregning af det finansielle aktiv, uden at tage hensyn til undtagelsen vedrørende førtidig indfrielse i afsnit B4.1.12 i IFRS 9. En virksomhed skal oplyse den regnskabsmæssige værdi på balancedagen for de finansielle aktiver, hvis kontraktlige pengestrømmes egenskaber er blevet vurderet på grundlag af de forhold og omstændigheder, der var gældende ved den første indregning af det finansielle aktiv, uden at tage hensyn til undtagelsen vedrørende førtidig indfrielse i afsnit B4.1.12 i IFRS 9 frem til ophør af indregning af disse finansielle aktiver.
IKRAFTTRÆDELSESTIDSPUNKT OG OVERGANG
43
Virksomheder skal anvende denne IFRS for årsregnskaber, som begynder den 1. januar 2007 eller derefter. Der tilskyndes til tidligere anvendelse. Hvis en virksomhed anvender denne IFRS på en tidligere regnskabsperiode, skal den oplyse herom.
44
Virksomheder, som anvender denne standard for regnskabsår, der begynder før den 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.
44A
IAS 1 (ajourført i 2007) ændrede den terminologi, der anvendes i IFRS-standarderne. Desuden blev afsnit 20, 21, 23, litra c) og d), 27, litra c) samt B5 i Appendiks B ændret. Virksomheden skal anvende disse ændringer for regnskabsår, som begynder den 1. januar 2009 eller derefter. Hvis en virksomhed anvender IAS 1 (ajourført 2007) på en tidligere regnskabsperiode, skal ændringerne anvendes på denne tidligere regnskabsperiode.
44B
IFRS 3, udstedt i juli 2008, medførte ændring af afsnit 3. Virksomheder skal anvende denne ændring på regnskabsår, som begynder den 1. juli 2009 eller derefter. Hvis en virksomhed anvender IFRS 3 (ajourført 2008) på en tidligere regnskabsperiode, skal ændringen også anvendes på denne tidligere regnskabsperiode. Ændringen finder imidlertid ikke anvendelse på betinget vederlag, der opstod ved en virksomhedssammenslutning, hvor overtagelsestidspunktet lå før anvendelsen af IFRS 3 (ajourført i 2008). I stedet skal virksomheden foretage regnskabsmæssig behandling af et sådant vederlag i overensstemmelse med afsnit 65A–65E i IFRS 3 (ajourført i 2010).
44C
Virksomhederne skal anvende ændringen i afsnit 3 på regnskabsår, der begynder den 1. januar 2009 eller derefter. Hvis en virksomhed anvender 
Indløselige finansielle instrumenter og forpligtelser, der opstår ved likvidation
 (ændringer til IAS 32 og IAS 1), der udkom i februar 2008, på et tidligere regnskabsår, skal ændringen i afsnit 3 anvendes på dette tidligere regnskabsår.
44D
Afsnit 3, litra a), blev ændret ved 
Forbedringer af IFRS-standarder
, der udkom i maj 2008. Virksomheder skal anvende denne ændring på regnskabsår, som begynder den 1. januar 2009 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender ændringen på et tidligere regnskabsår, skal den give oplysning om dette og anvende ændringerne i afsnit 1 i IAS 28, afsnit 1 i IAS 31 og afsnit 4 i afsnit 32, der udkom i maj 2008, på det tidligere regnskabsår. Virksomhederne har mulighed for at anvende ændringen fremadrettet.
44E
[Ophævet]
44F
[Ophævet]
44G
Forbedring af oplysninger om finansielle instrumenter
 (ændringer til IFRS 7), der blev udsendt i marts 2009, ændrede afsnit 27, 39 og B11 og tilføjede afsnit 27A, 27B, B10A og B11A–B11F. Virksomheder skal anvende disse ændringer på regnskabsår, der begynder den 1. januar 2009 eller derefter. En virksomhed behøver ikke afgive de ifølge ændringerne påkrævede oplysninger i forbindelse med:
a)
års- eller delårsregnskaber, inkl. balancer, der præsenteres inden for en sammenlignelig årsperiode, der er afsluttet før den 31. december 2009, eller
b)
balancer opgjort ved begyndelsen af den tidligste sammenligningsperiode, der falder før den 31. december 2009.
Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender ændringerne på en tidligere regnskabsperiode, skal den oplyse herom 
(
47
)
.
44H–44J
[Ophævet]
44K
Forbedringer af IFRS-standarder
, udstedt i maj 2010, medførte ændring af afsnit 44 B. Virksomheder skal anvende denne ændring på regnskabsår, som begynder den 1. juli 2010 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt.
44L
Forbedringer af IFRS-standarder
 udstedt i maj 2010 tilføjede afsnit 32A og ændrede afsnit 34 og 36–38. Virksomheder skal anvende disse ændringer på regnskabsår, der begynder den 1. januar 2011 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender ændringerne på en tidligere regnskabsperiode, skal den oplyse herom.
44M
Oplysninger — Overdragelse af finansielle aktiver
 (ændringer til IFRS 7), der blev udsendt i oktober 2010, medførte ophævelse af afsnit 13 og tilføjelse af afsnit 42A-42H og B29-B39. Virksomheder skal anvende disse ændringer på regnskabsår, der begynder den 1. juli 2011 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender ændringerne fra en tidligere regnskabsperiode, skal den give oplysning om dette. En virksomhed behøver ikke at afgive de ifølge disse ændringer påkrævede oplysninger for ethvert præsenteret regnskabsår, der begynder inden tidspunktet for den første anvendelse af ændringerne.
44N
[Ophævet]
44O
IFRS 10 og IFRS 11 
Fælles ordninger
, udstedt i maj 2011, medførte ændring af afsnit 3. En virksomhed skal anvende denne ændring ved anvendelse af IFRS 10 og IFRS 11.
44P
IFRS 13, der blev udstedt i maj 2011, medførte ændring af afsnit 3, 28 og 29 samt appendiks A og ophævelse af afsnit 27-27B. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 13.
44Q
Præsentation af posterne indregnet i anden totalindkomst
 (ændringer til IAS 1), der blev udsendt i juni 2011, medførte ændring af afsnit 27B. Virksomheder skal anvende denne ændring ved anvendelse af IAS 1 som ændret i juni 2011.
44R
Oplysninger — Modregning af finansielle aktiver og finansielle forpligtelser
 (Ændringer til IFRS 7), udstedt i december 2011, medførte tilføjelse af afsnit 13A–13F og B40–B53. Virksomheder skal anvende disse ændringer på regnskabsår, der begynder den 1. januar 2013 eller derefter. Virksomheder skal levere de oplysninger, der kræves i henhold til disse ændringer, med tilbagevirkende kraft.
44S-44W
[Deleted]
44X
Investeringsvirksomheder
 (ændringer til IFRS 10, IFRS 12 og IAS 27), udstedt i oktober 2012, medførte ændring af afsnit 3. Virksomheder skal anvende denne ændring på regnskabsår, som begynder den 1. januar 2014 eller derefter. Det er tilladt at anvende 
Investeringsvirksomheder
 tidligere. Hvis en virksomhed anvender denne ændring tidligere, skal den også samtidigt anvende alle ændringerne i 
Investeringsvirksomheder
.
44Y
[Ophævet]
44Z
IFRS 9, der blev udstedt i juli 2014, medførte ændring af afsnit 2-5, 8-11, 14, 20, 28-30, 36, 42C-42E, appendiks A samt afsnit B1, B5, B9, B10, B22 og B27, ophævelse af afsnit 12, 12A, 16, 22-24, 37, 44E, 44F, 44H-44J, 44N, 44S-44W, 44Y, B4 og appendiks D samt tilføjelse af afsnit 5A, 10A, 11A, 11B, 12B-12D, 16A, 20A, 21A-21D, 22A-22C, 23A-23F, 24A-24G, 35A-35N, 42I-42S, 44ZA og B8A-B8J. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 9. Disse ændringer behøver ikke at blive anvendt på sammenligningstal for perioder før tidspunktet for den første anvendelse af IFRS 9.
44ZA
I henhold til afsnit 7.1.2 i IFRS 9 kan en virksomhed for regnskabsår, der begynder før den 1. januar 2018, vælge kun at anvende kravene til præsentation af gevinster eller tab på finansielle forpligtelser, som er klassificeret som til dagsværdi gennem resultatet, i afsnit 5.7.1, litra c), 5.7.7-5.7.9, 7.2.14 og B5.7.5-B5.7.20 i IFRS 9 før ikrafttrædelsesdatoen uden at anvende de øvrige krav i IFRS 9. Hvis en virksomhed vælger kun at anvende disse afsnit i IFRS 9, skal den oplyse derom og løbende afgive de relaterede oplysninger, der er omhandlet i afsnit 10-11 i denne standard (som ændret ved IFRS 9 (2010)).
44AA
Det årlige forbedringsprojekt vedrørende IFRS-standarder for perioden 2012-2014
, som blev udstedt i september 2014, medførte ændring af afsnit 44R og B30 og tilføjelse af afsnit B30A. Virksomheder skal anvende disse ændringer med tilbagevirkende kraft i overensstemmelse med IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
, på regnskabsår, som begynder den 1. januar 2016 eller derefter, men behøver dog ikke at anvende ændringerne til afsnit B30 og B30A for præsenterede regnskabsår, der begynder inden det regnskabsår, hvor virksomheden for første gang anvender disse ændringer. Det er tilladt at anvende ændringerne til afsnit 44R, B30 og B30A før dette tidspunkt. Hvis en virksomhed anvender disse ændringer på en tidligere regnskabsperiode, skal den oplyse herom.
44BB
Initiativ vedrørende oplysning
 (ændringer til IAS 1), udstedt i december 2014, medførte ændring af afsnit 21 og B5. Virksomheder skal anvende disse ændringer på regnskabsår, som begynder den 1. januar 2016 eller derefter. Det er tilladt at anvende disse ændringer før dette tidspunkt.
44CC
IFRS 16 
Leasingkontrakter
, udstedt i januar 2016, medførte ændring af afsnit 29 og B11D. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 16.
44DD
IFRS 17, der er udstedt i maj 2017, medførte en ændring af afsnit 3, 8 og 29, og ophævede afsnit 30. 
Ændringer til IFRS 17
, der er udstedt i juni 2020, medførte en yderligere ændring af afsnit 3. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 17.
44EE
Rentebenchmarkreformen
, som medførte ændring af IFRS 9, IAS 39 og IFRS 7, blev udstedt i september 2019, og afsnit 24H og 44FF blev tilføjet. En virksomhed skal anvende disse ændringer, når den anvender ændringerne til IFRS 9 eller IAS 39.
44FF
I det regnskabsår, hvor virksomheden første gang anvender 
rentebenchmarkreformen
, som blev udstedt i september 2019, er en virksomhed ikke forpligtet til at fremlægge de kvantitative oplysninger, der kræves i afsnit 28, litra f), i IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
.
44GG
Rentebenchmarkreform — Fase 2
, som ændrede IFRS 9, IAS 39, IFRS 7, IFRS 4 og IFRS 16, udstedt i august 2020, tilføjede afsnit 24I–24J og afsnit 44HH. En virksomhed skal anvende disse ændringer, når den anvender ændringerne til IFRS 9, IAS 39, IFRS 4 eller IAS 16.
44HH
I den regnskabsperiode, hvor virksomheden første gang anvender 
Rentebenchmarkreform - Fase 2
, er den ikke forpligtet til at give de oplysninger, som ellers ville være påkrævet i henhold til afsnit 28, litra f), i IAS 8.
44II
Oplysning om anvendt regnskabspraksis
, som ændrer IAS 1 og IFRS's redegørelse for praksis nr. 2 
Væsentlighedsvurderinger
, og som blev udstedt i februar 2021, medførte ændring af afsnit 21 og B5. Virksomheder skal anvende denne ændring på regnskabsår, som begynder den 1. januar 2023 eller derefter. Det er tilladt at anvende ændringen tidligere. Hvis en virksomhed anvender ændringen for et tidligere regnskabsår, skal den give oplysning om dette.
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.
Kreditrisiko
Risikoen for, at et finansielt instruments ene part ikke indfrier en forpligtelse og dermed påfører den anden part et tab
Kreditrisikokategorier
Vurdering af kreditrisikoen baseret på risikoen for misligholdelse på det finansielle instrument.
Valutarisikoen
Risikoen for, at dagsværdien af eller fremtidige pengestrømme fra et finansielt instrument vil svinge som følge af andre ændringer i markedskurser.
Renterisikoen
Risikoen for, at dagsværdien af eller fremtidige pengestrømme fra et finansielt instrument vil svinge som følge af andre ændringer i markedsrenter.
Likviditetsrisiko
Risikoen for, at en virksomhed vil have vanskeligt ved at imødekomme forpligtelser tilknyttet finansielle forpligtelser, som indfries ved overdragelse af likvide beholdninger eller andre finansielle aktiver.
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 markedspriser. Markedsrisiko omfatter tre typer risici: 
valutarisiko, renterisiko
 og 
anden prisrisiko
.
Andre pris- og kursrisici
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.
Følgende udtryk er defineret i afsnit 11 i IAS 32, afsnit 9 i IAS 39, appendiks A i IFRS 9 eller appendiks A i IFRS 13 og bruges i denne standard med den i IAS 32, IAS 39, IFRS 9 eller IFRS 13 anførte betydning:
—
et finansielt aktivs eller en finansiel forpligtelses amortiserede kostpris
—
kontraktaktiv
—
værdiforringede finansielle aktiver
—
ophør af indregning
—
afledt finansielt instrument
—
udbytte
—
effektiv rentemetode
—
egenkapitalinstrument
—
forventede kredittab
—
dagsværdi
—
finansielt aktiv
—
finansiel garantikontrakt
—
finansielt instrument
—
finansiel forpligtelse
—
finansiel forpligtelse til dagsværdi gennem resultatet
—
forventet transaktion
—
et finansielt aktivs regnskabsmæssige bruttoværdi
—
sikringsinstrument
—
som besiddes med henblik på handel
—
gevinst eller tab ved værdiforringelse
—
hensættelse til tab
—
forfalden
—
erhvervede eller oprettede værdiforringede finansielle aktiver
—
omklassificeringsdato
—
almindeligt køb eller salg.
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 IFRS 9 (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 aggregere 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 årsregnskabsbrugere, og sløring af vigtige oplysninger som følge af, at for mange oplysninger aggregeres. 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 aggregerede, at de skjuler vigtige forskelle mellem individuelle transaktioner eller dermed forbundne risici.
B4
[Ophævet]
Andre oplysninger — regnskabspraksis (afsnit 21)
B5
I henhold til afsnit 21 skal der oplyses om væsentlige informationer om anvendt regnskabspraksis, som forventes at omfatte informationer om de(t) ved udarbejdelsen af årsregnskabet anvendte målingsgrundlag for finansielle instrumenter. For så vidt angår finansielle instrumenter, kan disse oplysninger omfatte følgende:
a)
for finansielle forpligtelser, der er klassificeret til dagsværdi gennem resultatet:
i)
arten af de finansielle forpligtelser, virksomheden har klassificeret til dagsværdi gennem resultatet
ii)
kriterierne for denne klassifikation af sådanne finansielle forpligtelser på tidspunktet for første indregning og
iii)
hvordan virksomheden har opfyldt betingelserne i afsnit 4.2.2 i IFRS 9 for denne klassifikation
aa) for finansielle aktiver, der er klassificeret til dagsværdi gennem resultatet:
i)
arten af de finansielle aktiver, virksomheden har klassificeret som målt til dagsværdi gennem resultatet, og
ii)
hvordan virksomheden har opfyldt betingelserne i afsnit 4.1.5 i IFRS 9 for denne klassifikation
b)
[ophævet]
c)
hvorvidt almindelige køb og salg af finansielle aktiver behandles regnskabsmæssigt på handelsdatoen eller afregningsdatoen (jf. afsnit 3.1.2 i IFRS 9)
d)
[ophævet]
e)
hvordan nettogevinster eller nettotab på hver kategori af finansielle instrumenter opgøres (jf. afsnit 20, litra a)), f.eks. hvorvidt nettogevinster eller nettotab på poster til dagsværdi gennem resultatet omfatter renteindtægter eller udbytte
f)
[ophævet]
g)
[ophævet]
Afsnit 122 i IAS 1 (ajourført 2007) kræver desuden, at virksomheder sammen med væsentlige informationer om anvendt regnskabspraksis eller i en anden note oplyser om de vurderinger, ud over skønsmæssige vurderinger, som ledelsen har foretaget som led i anvendelsen af virksomhedens regnskabspraksis, og som har mest væsentlig 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 34, litra a), 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 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
.
B8
I henhold til afsnit 34, litra c), 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.
Kreditrisikostyringspraksis (afsnit 35F-35G)
B8A
I henhold til afsnit 35F, litra b), skal virksomheden give oplysninger om, hvordan den har defineret misligholdelse for forskellige finansielle instrumenter, og begrundelsen for disse definitioner. I henhold til afsnit 5.5.9 i IFRS 9 er vurderingen af, hvorvidt forventede kredittab i løbetiden skal indregnes, baseret på væsentlige stigninger i risikoen for misligholdelse siden første indregning. Oplysninger om en virksomheds definitioner af misligholdelse, som vil gøre årsregnskabsbrugere i stand til at forstå, hvordan en virksomhed har anvendt kravene vedrørende forventet kredittab i IFRS 9, kan bl.a. omfatte:
a)
de kvalitative og kvantitative faktorer, der indgår i definitionen af misligholdelse
b)
hvorvidt der er anvendt forskellige definitioner for forskellige typer finansielle instrumenter, og
c)
antagelser om "cure rate" (dvs. antallet af finansielle aktiver, der igen giver indtjening) efter misligholdelse af det finansielle aktiv.
B8B
For at gøre årsregnskabsbrugere i stand til at vurdere en virksomheds politik for omstruktureringer og ændringer kræves det i afsnit 35F, litra f), nr. i), at den giver oplysninger om, hvordan den overvåger, i hvilken grad hensættelsen til tab på finansielle aktiver, som tidligere er oplyst i overensstemmelse med afsnit 35F, litra f), nr. i), efterfølgende måles til et beløb, der svarer til de forventede kredittab i løbetiden, i overensstemmelse med afsnit 5.5.3 i IFRS 9. Kvantitative oplysninger, der vil gøre brugere af årsregnskabet i stand til at forstå den efterfølgende stigning i kreditrisikoen for ændrede finansielle aktiver, kan omfatte oplysninger om ændrede finansielle aktiver, der opfylder kriterierne i afsnit 35F, litra f), nr. i), for hvilke hensættelsen til tab igen måles til et beløb, der svarer til de forventede kredittab i løbetiden (dvs. en forringelsesgrad).
B8C
I henhold til afsnit 35G, litra a), skal virksomheden give oplysninger om grundlaget for de input, antagelser og skønsmetoder, der er brugt i forbindelse med anvendelse af kravene til værdiforringelse i IFRS 9. En virksomheds antagelser og input, som den bruger til at måle forventede kredittab eller vurdere omfanget af stigninger i kreditrisikoen siden første indregning, kan bl.a. omfatte oplysninger fra interne historiske oplysninger eller vurderingsrapporter og antagelser om finansielle instrumenters forventede levetid og timingen af et salg af sikkerhedsstillelse.
Ændringer i hensættelsen til tab (afsnit 35H)
B8D
I henhold til afsnit 35H skal en virksomhed give begrundelser for ændringer i hensættelsen til tab i perioden. Ud over afstemningen mellem hensættelsen til tab primo og ultimo kan det være nødvendigt at give en beskrivende forklaring af ændringerne. Denne kan omfatte en analyse af årsagerne til ændringerne i hensættelsen til tab i perioden, herunder:
a)
porteføljens sammensætning
b)
volumen af finansielle instrumenter, som er erhvervet eller oprettet, og
c)
de forventede kredittabs omfang.
B8E
For lånetilsagn og finansielle garantikontrakter indregnes hensættelsen til tab som en hensættelse. En virksomhed bør give separate oplysninger om ændringerne i hensættelsen til tab for finansielle aktiver og for lånetilsagn og finansielle garantikontrakter. Hvis et finansielt instrument omfatter både et lån (dvs. et finansielt aktiv) og en uudnyttet forpligtelse (dvs. et lånetilsagn), og virksomheden ikke kan skelne de forventede kredittab på lånetilsagnet fra de forventede kredittab på det finansielle aktiv, bør de forventede kredittab på lånetilsagnet indregnes sammen med hensættelsen til tab for det finansielle aktiv. I det omfang de samlede forventede kredittab overstiger det finansielle aktivs regnskabsmæssige bruttoværdi, bør de forventede kredittab indregnes som en hensættelse.
Sikkerhedsstillelse (afsnit 35K)
B8F
I henhold til afsnit 35K skal der gives oplysninger, som vil gøre årsregnskabsbrugere i stand til at forstå virkningen af sikkerhedsstillelse og andre kreditforbedringer på den beløbsmæssige størrelse af forventede kredittab. En virksomhed skal hverken give oplysninger om dagsværdien af sikkerhedsstillelse og andre kreditforbedringer eller angive den nøjagtige værdi af sikkerhedsstillelsen, som indgik i beregningen af forventede kredittab (dvs. tab givet misligholdelse).
B8G
Beskrivende information om sikkerhedsstillelse og virkningen på den beløbsmæssige størrelse af kredittab kan omfatte oplysninger om:
a)
de primære typer sikkerhedsstillelse og andre kreditforbedringer (eksempler på sidstnævnte er garantier, afledte kreditinstrumenter og nettingaftaler, der ikke opfylder kriterierne for modregning i henhold til IAS 32)
b)
volumen af sikkerhedsstillelse og andre kreditforbedringer og betydningen deraf i forhold til hensættelsen til tab
c)
politikker og processer for værdiansættelse og styring af sikkerhedsstillelse og andre kreditforbedringer
d)
de primære typer modparter i sikkerhedsstillelse og andre kreditforbedringer og deres kreditværdighed og
e)
oplysninger om risikokoncentrationer med hensyn til sikkerhedsstillelse og andre kreditforbedringer.
Kreditrisikoeksponering (afsnit 35M-35N)
B8H
I henhold til afsnit 35M skal der gives oplysninger om en virksomheds kreditrisikoeksponering og væsentlige koncentrationer af kreditrisiko på balancedagen. Der foreligger en koncentration af kreditrisiko, når et antal modparter befinder sig i samme geografiske region eller beskæftiger sig med lignende aktiviteter og har tilsvarende økonomiske karakteristika, som betyder, at deres evne til at opfylde deres kontraktlige forpligtelser påvirkes på samme måde af ændringer i økonomiske eller andre forhold. En virksomhed bør give oplysninger, der gør årsregnskabsbrugere i stand til at forstå, om der er grupper eller porteføljer af finansielle instrumenter med særlige egenskaber, der kunne påvirke en stor del af den gruppe af finansielle instrumenter, såsom en koncentration af bestemte risici. Dette kunne f.eks. omfatte lån til værdi-grupperinger eller koncentrationer relateret til geografisk område, branche eller udstedertype.
B8I
Det antal kreditrisikokategorier, der bruges i oplysningerne i henhold til afsnit 35M, skal svare til det antal, virksomheden rapporterer til nøglemedarbejdere i virksomhedens ledelse i forbindelse med kreditrisikostyringen. Hvis forfaldsoplysninger er de eneste lånerspecifikke oplysninger, der er tilgængelige, og en virksomhed bruger forfaldsoplysninger til at vurdere, hvorvidt kreditrisikoen er steget væsentligt siden første indregning i overensstemmelse med afsnit 5.5.2011 i IFRS 9, skal den fremlægge en analyse efter forfaldsstatus for disse finansielle aktiver.
B8J
Når en virksomhed har målt forventede kredittab samlet, vil virksomheden muligvis ikke være i stand til at henføre den regnskabsmæssige bruttoværdi af enkelte finansielle aktiver eller eksponeringen for kreditrisiko på lånetilsagn og finansielle garantikontrakter til de kreditrisikokategorier, for hvilke forventede kredittab i løbetiden indregnes. I den situation bør en virksomhed anvende kravet i afsnit 35M på de finansielle instrumenter, der direkte kan henføres til en kreditrisikokategori, og oplyse den regnskabsmæssige bruttoværdi af finansielle instrumenter, for hvilke de forventede kredittab i løbetiden er blevet målt samlet, separat.
Den maksimale kreditrisiko (afsnit 36, litra a))
B9
I henhold til afsnit 35K, litra a), og afsnit 36, litra a), skal virksomheden 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)
en eventuel hensættelse til tab indregnet i overensstemmelse med IFRS 9.
B10
Aktiviteter, der medfører kreditrisiko og dermed bidrager til den maksimale kreditrisiko, omfatter bl.a. (men ikke kun):
a)
ydelse af lån 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 deraf følgende aktiv måles til dagsværdi, svarer den maksimale kreditrisiko ved regnskabsårets afslutning 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.
Kvantitative oplysninger om likviditetsrisiko (afsnit 34, litra a) samt 39, litra a) og b))
B10A
I henhold til afsnit 34, litra a), præsenterer virksomheden sammenfattende kvantitative data om de likviditetsrisici, virksomheden er udsat for, baseret på de oplysninger, som formidles internt til nøglepersoner i ledelsen. Virksomheden skal forklare, hvordan disse data er opgjort. Hvis pengestrømme (eller strømme af andre finansielle aktiver) fra virksomheden, der indgår i disse data, enten kunne:
a)
ske væsentligt tidligere end angivet i oplysningerne eller
b)
vedrøre væsentligt andre beløb end angivet i oplysningerne (eksempelvis for et afledt finansielt instrument, som er medtaget på nettoafregningsbasis, men modparten har ret til at kræve bruttoafregnet),
skal virksomheden angive dette og give kvantitative oplysninger, som gør det muligt for brugere af virksomhedens årsregnskab at vurdere omfanget af denne risiko, medmindre disse oplysninger er indeholdt i analyser af kontraktlige løbetider, der kræves i henhold til afsnit 39, litra a) og (b).
B11
Ved udarbejdelsen af de analyser af løbetider, der kræves i henhold til afsnit 39, litra a) og b), 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.
B11A
I overensstemmelse med afsnit 39, litra a) og b), skal virksomheden ikke adskille et indbygget afledt finansielt instrument fra et kombineret finansielt instrument. For sådanne instrumenter skal virksomheden anvende afsnit 39, litra a).
B11B
Afsnit 39, litra b), kræver, at virksomheden oplyser en kvantitativ løbetidsanalyse for afledte finansielle forpligtelser, som viser de kontraktlige restløbetider, hvis de kontraktlige løbetider er væsentlige for forståelsen af tidspunktet for pengestrømmene. Dette gælder eksempelvis:
a)
en renteswap med en restløbetid på 5 år ved sikring af pengestrømme for et variabelt forrentet finansielt aktiv eller en variabelt forrentet forpligtelse
b)
alle lånetilsagn.
B11C
Afsnit 39, litra a) og b), kræver, at virksomheden oplyser en løbetidsanalyse for finansielle forpligtelser, som viser de kontraktlige restløbetider for visse finansielle forpligtelser. For denne oplysning gælder følgende:
a)
hvis en modpart selv kan vælge, hvornår et beløb skal betales, allokeres forpligtelsen til den periode, hvor virksomheden tidligst kan afkræves betaling. Eksempelvis medtages finansielle forpligtelser, som kan kræves tilbagebetalt af virksomheden på anfordring (f.eks. anfordringsindskud) i det tidligste tidsinterval
b)
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
c)
for udstedte finansielle garantikontrakter allokeres det maksimale garantibeløb til den periode, hvor garantien tidligst kan kræves indfriet.
B11D
De kontraktlige beløb, der oplyses i løbetidsanalysen i overensstemmelse med afsnit 39, litra a) og b), er de kontraktlige udiskonterede pengestrømme, eksempelvis:
a)
bruttobeløbet for 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)
kontraktlige 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. Hvis det ikke er et fast beløb, der skal betales, opgøres det oplyste beløb på grundlag af de gældende forhold ved regnskabsårets afslutning. 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 ved regnskabsårets afslutning.
B11E
Afsnit 39, litra c), kræver, at virksomheden beskriver, hvordan den styrer den likviditetsrisiko, der er forbundet med de poster, der er angivet i de kvantitative oplysninger i medfør af afsnit 39, litra a) og b). Virksomheden skal oplyse en løbetidsanalyse af de finansielle aktiver, den besidder til styring af likviditetsrisiko (eksempelvis finansielle aktiver, som umiddelbart kan sælges, eller som forventes at frembringe pengestrømme til virksomheden, der modsvarer pengestrømme fra virksomheden til finansielle forpligtelser), hvis denne oplysning er nødvendig for, at brugere af virksomhedens årsregnskab kan vurdere arten og omfanget af likviditetsrisiko.
B11F
Andre faktorer, virksomheden kan overveje i forbindelse med de i afsnit 39, litra c), krævede oplysninger, omfatter (men er ikke begrænset til), om virksomheden:
a)
har garanterede lånefaciliteter (eksempelvis commercial paper-faciliteter) eller andre kreditfaciliteter (eksempelvis kredittilsagn), som den kan trække på for at opfylde sit likviditetsbehov
b)
har indeståender i centralbanker til opfyldelse af sit likviditetsbehov
c)
har meget forskelligartede finansieringskilder
d)
har store koncentrationer af likviditetsrisiko i forbindelse med enten sine aktiver eller sine finansieringskilder
e)
har interne kontrolprocedurer og beredskabsplaner til at styre sin likviditetsrisiko
f)
har instrumenter, hvis betingelser omfatter fremrykket betaling (eksempelvis ved en nedjustering af virksomhedens kreditværdighed)
g)
har instrumenter, som kan kræve sikkerhedsstillelse (eksempelvis margin calls for afledte finansielle instrumenter)
h)
har instrumenter, som tillader virksomheden at vælge mellem at indfri sine finansielle forpligtelser ved overdragelse af likvide beholdninger (eller andre finansielle aktiver) eller ved overdragelse af egne aktier, eller
i)
har instrumenter, som indgår i nettingaftaler.
Markedsrisiko — følsomhedsanalyse (afsnit 40 og 41)
B17
I henhold til afsnit 40, litra a), kræves der en følsomhedsanalyse for hver type markedsrisiko, en virksomhed er udsat for. I overensstemmelse med afsnit B3 afgør virksomheden selv, hvordan den aggregerer oplysningerne for at give et samlet billede uden at sammenstille oplysninger med forskellige karakteristika om risici fra væsensforskellige økonomiske rammer. Som eksempel kan nævnes:
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 skal ikke aggregere oplysninger om sin eksponering for markedsrisici fra områder med hyperinflation med oplysninger om sin eksponering for de samme markedsrisici fra områder med meget lav inflation.
Hvis virksomheden kun er udsat for én type markedsrisici inden for én type økonomiske rammer, skal den ikke præsentere disaggregerede data.
B18
I henhold til afsnit 40, litra a), 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 ved regnskabsårets afslutning baseret på den antagelse, at der forekom en rimeligt sandsynlig ændring i den relevante risikovariabel ved regnskabsårets afslutning, som blev anvendt på den risiko, der forelå på det tidspunkt. Hvis en virksomhed eksempelvis ved årets udgang har en variabelt forrentet forpligtelse, skal 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 oplyse 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 ville skulle oplyse virkningen for resultatet og egenkapitalen, hvis renten steg til 5 procent eller 6 procent. Virksomheden vil ikke skulle revidere sin vurdering af, at renten med rimelig sandsynlighed kunne svinge med ± 50 basispoint, medmindre der er belæg for, at renten er 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 41, litra a), 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.
Renterisikoen
B22
Renterisiko
 hidrører fra rentebærende finansielle instrumenter, der er indregnet i balancen, (f.eks. erhvervede eller udstedte gældsinstrumenter), og fra visse finansielle instrumenter, som ikke er indregnet i balancen (f.eks. visse lånetilsagn).
Valutarisikoen
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 40, litra a), oplyses resultatets følsomhed (hidrørende f.eks. fra instrumenter, som er målt til dagsværdi gennem resultatet) særskilt fra den anden totalindkomsts følsomhed (hidrørende f.eks. fra investeringer i egenkapitalinstrumenter, hvis dagsværdiændringer er præsenteret i anden totalindkomst).
B28
Finansielle instrumenter, som en virksomhed klassificerer som egenkapitalinstrumenter, skal ikke omvurderes. 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.
OPHØR MED INDREGNING (AFSNIT 42C-42H)
Fortsat engagement (afsnit 42C)
B29
Vurderingen af fortsat engagement i et overdraget finansielt aktiv i forbindelse med oplysningskravene i afsnit 42E–42H foretages hos den regnskabsaflæggende virksomhed. Overdrager en dattervirksomhed eksempelvis til en ikke-nærtstående tredjepart et finansielt aktiv, hvori dattervirksomhedens modervirksomhed fortsat har et engagement, medtager dattervirksomheden ikke modervirksomhedens engagement ved vurderingen af, om den fortsat har et engagement i det overdragne aktiv, i sit separate og individuelle årsregnskab (dvs. når dattervirksomheden er den regnskabsaflæggende virksomhed). En modervirksomhed vil imidlertid medtage sit (eller et andet koncernmedlems) fortsatte engagement i et finansielt aktiv, der er overdraget af dens dattervirksomhed, ved vurderingen af, om den fortsat har et engagement i det overdragne aktiv, i sit koncernregnskab (dvs. når den regnskabsaflæggende virksomhed er koncernen).
B30
En virksomhed har ikke et fortsat engagement i et overdraget finansielt aktiv, hvis den som en del af overdragelsen hverken bibeholder nogen af de kontraktlige rettigheder eller forpligtelser, der knytter sig til det overdragne finansielle aktiv, eller opnår nye kontraktlige rettigheder eller forpligtelser vedrørende det overdragne finansielle aktiv. En virksomhed har ikke et fortsat engagement i et overdraget finansielt aktiv, hvis den hverken har en interesse i det overdragne finansielle aktivs fremtidige indtjening eller noget som helst ansvar for at foretage betalinger med hensyn til det overdragne finansielle aktiv i fremtiden. Begrebet "betaling" omfatter i denne sammenhæng ikke pengestrømme fra det overdragede finansielle aktiv, som en virksomhed inddriver og skal betale til erhververen.
B30A
Hvis en virksomhed overdrager et finansielt aktiv, kan den bevare retten til at administrere det finansielle aktiv mod et honorar, der eksempelvis er omfattet af en administrationskontrakt. Virksomheden vurderer administrationskontrakten i overensstemmelse med vejledningen i afsnit 42C og B30 for at afgøre, om virksomheden har et fortsat engagement i medfør af administrationskontrakten, for så vidt angår oplysningskravene. En administrator vil eksempelvis have et fortsat engagement i det overdragede finansielle aktiv i forbindelse med oplysningskravene, hvis administrationshonoraret afhænger af beløb og tidspunkt for pengestrømmene fra det overdragede finansielle aktiv. En administrator har ligeledes et fortsat engagement i forbindelse med oplysningskravene, hvis et fast honorar ikke betales fuldt ud, i tilfælde af at det overdragede finansielle aktiv ikke giver nogen indtjening. Administratoren har i disse tilfælde en interesse i det overdragede finansielle aktivs fremtidige indtjening. Denne vurdering afhænger ikke af, hvorvidt det honorar, der skal modtages, forventes at give virksomheden en tilstrækkelig kompensation for administrationen.
B31
Et fortsat engagement i et overdraget finansielt aktiv kan følge af bestemmelser i overdragelsesaftalen eller i en separat aftale med erhververen eller en tredjepart, der er indgået i forbindelse med overdragelsen.
Overdragne finansielle aktiver, hvor indregning ikke er ophørt fuldt ud (afsnit 42D)
B32
I henhold til afsnit 42D skal der gives oplysninger, når alle eller kun nogle af de overdragne finansielle aktiver opfylder kriterierne for ophør med indregning. Disse oplysninger kræves på hver balancedag, hvor virksomheden fortsætter med at indregne de overdragne finansielle aktiver, uanset hvornår overdragelsen fandt sted.
Typer af fortsat engagement (afsnit 42E-42H)
B33
I henhold til afsnit 42E-42H skal der gives kvalitative og kvantitative oplysninger for hver type fortsat engagement i finansielle aktiver, hvor indregning er ophørt. En virksomhed skal aggregere sit fortsatte engagement i typer, som er repræsentative for virksomhedens risikoeksponering. En virksomhed kan eksempelvis aggregere sit fortsatte engagement efter type af finansielt instrument (f.eks. garantier eller call-optioner) eller efter type af overdragelse (f.eks. factoring af tilgodehavender, securitisationer og værdipapirudlån).
Løbetidsanalyse for udiskonterede pengestrømme fra virksomheden med henblik på at tilbagekøbe overdragne aktiver (afsnit 42E, litra e))
B34
I henhold til afsnit 42E, litra e), skal en virksomhed give oplysning om en løbetidsanalyse af de udiskonterede pengestrømme fra virksomheden med henblik på at tilbagekøbe finansielle aktiver, hvor indregning er ophørt, eller andre beløb, der skal betales til erhververen med hensyn til de finansielle aktiver, hvor indregning er ophørt; denne løbetidsanalyse skal vise de kontraktlige restløbetider for virksomhedens fortsatte engagement. I denne analyse sondres der mellem pengestrømme, som skal betales (f.eks. terminskontrakter), pengestrømme, som virksomheden kan være nødt til at betale (f.eks. solgte put-optioner), og pengestrømme, som virksomheden kan vælge at betale (f.eks. købte call-optioner).
B35
Ved udarbejdelsen af den løbetidsanalyse, der kræves i afsnit 42E, litra e), 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 seks måneder
d)
mindst seks måneder og højst et år
e)
mindst et år og højst tre år
f)
mindst tre år og højst fem år og
g)
over fem år.
B36
Hvis der er en række mulige løbetider, medtages pengestrømmene på grundlag af det tidligste tidspunkt, hvor virksomheden kan afkræves eller har lov til at foretage betaling.
Kvalitative oplysninger (afsnit 42E, litra f))
B37
De kvalitative oplysninger, der kræves i afsnit 42E, litra f), omfatter en beskrivelse af de finansielle aktiver, hvor indregning er ophørt, og arten af og formålet med det fortsatte engagement efter overdragelsen af disse aktiver. De omfatter også en beskrivelse af de risici, som en virksomhed er eksponeret for, herunder:
a)
en beskrivelse af, hvordan virksomheden styrer den risiko, der er forbundet med dens fortsatte engagement i de finansielle aktiver, hvor indregning er ophørt
b)
om det kræves, at virksomheden skal bære tab inden andre parter, og positionen og omfanget af tab, som bæres af parter, hvis interesser rangerer lavere end virksomhedens interesse i aktivet (dvs. dens fortsatte engagement i aktivet)
c)
en beskrivelse af eventuelle udløsende faktorer i forbindelse med forpligtelser til at yde økonomisk støtte til eller tilbagekøbe et overdraget finansielt aktiv.
Gevinst eller tab i forbindelse med ophør med indregning (afsnit 42G, litra a))
B38
I henhold til afsnit 42G, litra a), skal en virksomhed give oplysning om gevinsten eller tabet i forbindelse med ophør med indregning vedrørende finansielle aktiver, hvori virksomheden fortsat har et engagement. Virksomheden skal oplyse, om der opstod en gevinst eller et tab, fordi dagsværdierne af elementerne af det tidligere indregnede aktiv (dvs. interessen i det aktiv, hvor indregning er ophørt, og den interesse, der er bibeholdt af virksomheden) afveg fra dagsværdien af det tidligere indregnede aktiv som helhed. I den situation skal virksomheden også oplyse, om dagsværdimålingerne omfattede væsentlige input, som ikke var baseret på observerede markedsdata, som beskrevet i afsnit 27A.
Supplerende oplysninger (afsnit 42H)
B39
De oplysninger, der kræves i afsnit 42D-42G, er ikke nødvendigvis tilstrækkelige til at opfylde oplysningsformålene i afsnit 42B. Hvis dette er tilfældet, skal virksomheden give de oplysninger, der måtte være nødvendige for at opfylde oplysningsformålene. Virksomheden skal på grundlag af sine egne forhold afgøre, hvor mange yderligere oplysninger den skal give for at imødekomme brugernes informationsbehov, og hvor stor vægt den vil lægge på forskellige aspekter af de yderligere oplysninger. Det er nødvendigt at finde en balancegang mellem overfyldte årsregnskaber med for mange oplysninger, som ikke vil være til hjælp for årsregnskabsbrugere, og sløring af vigtige oplysninger som følge af, at for mange oplysninger aggregeres.
Modregning af finansielle aktiver og finansielle forpligtelser (afsnit 13A-13F)
Anvendelsesområde (afsnit 13A)
B40
Oplysningskravene i afsnit 13B–13E gælder for alle indregnede finansielle instrumenter, der modregnes i overensstemmelse med afsnit 42 i IAS 32. Desuden falder finansielle instrumenter inden for anvendelsesområdet for oplysningskravene i afsnit 13B–13E, hvis de falder ind under en retskraftig "master netting" eller tilsvarende aftale, der dækker tilsvarende finansielle instrumenter og transaktioner, uanset om de finansielle transaktioner modregnes i overensstemmelse med afsnit 42 i IAS 32 eller ej.
B41
De i afsnit 13A og B40 omhandlede tilsvarende aftaler omfatter aftaler om clearing af afledte finansielle instrumenter, "global master repurchase"-aftaler, "global master securities lending"-aftaler og eventuelle beslægtede rettigheder til finansiel sikkerhedsstillelse. De i afsnit B40 omhandlede tilsvarende finansielle instrumenter og transaktioner omfatter afledte finansielle instrumenter, salgs- og tilbagekøbsaftaler, omvendte salgs- og tilbagekøbsaftaler samt aftaler om lån og udlån af værdipapirer. Eksempler på finansielle instrumenter, der ikke falder ind under anvendelsesområdet for afsnit 13A, er lån og indlån i samme institut (medmindre de modregnes i balancen) og finansielle instrumenter, der kun falder ind under en aftale om sikkerhedsstillelse.
Kvantitative oplysninger vedrørende indregnede finansielle aktiver og indregnede finansielle forpligtelser, der falder inden for anvendelsesområdet for afsnit 13A (afsnit 13C)
B42
Finansielle instrumenter, hvorom der gives oplysninger i overensstemmelse med afsnit 13C, kan være underlagt forskellige krav til måling (f.eks. kan en forpligtelse i forbindelse med en tilbagekøbsaftale måles til amortiseret kostpris, mens en afledt finansiel transaktion måles til dagsværdi). En virksomhed skal medtage instrumenter til deres indregnede pris og beskrive eventuelle heraf følgende målingsforskelle i de relaterede oplysninger.
Oplysninger om bruttobeløbet for indregnede finansielle aktiver og indregnede finansielle forpligtelser, der falder inden for anvendelsesområdet for afsnit 13A (afsnit 13C, litra a))
B43
De i afsnit 13C, litra a), krævede beløb relaterer til indregnede finansielle instrumenter, der modregnes i overensstemmelse med afsnit 42 i IAS 32. De i afsnit 13C, litra a), krævede beløb relaterer også til indregnede finansielle instrumenter, der falder ind under en retskraftig "master netting" eller tilsvarende aftale, uanset om de opfylder kriterierne for modregning eller ej. Oplysningskravene i afsnit 13C, litra a), vedrører dog ikke beløb, der indregnes som følge af aftaler om sikkerhedsstillelse, der ikke opfylder kriterierne for modregning i afsnit 42 i IAS 32. Sådanne beløb skal i stedet oplyses i overensstemmelse med afsnit 13C, litra d).
Oplysninger om beløb, der modregnes i overensstemmelse med kriterierne i afsnit 42 i IAS 32 (afsnit 13C, litra b))
B44
Afsnit 13C, litra b), kræver, at virksomheder skal oplyse de beløb, der modregnes i overensstemmelse med kriterierne i afsnit 42 i IAS 32 ved bestemmelse af de nettobeløb, der præsenteres i balancen. De beløb for både de indregnede finansielle aktiver og de indregnede finansielle forpligtelser, der skal modregnes i henhold til samme aftale, skal fremgå af oplysningerne om både de finansielle aktiver og de finansielle forpligtelser. De beløb, der oplyses (i f.eks. tabelform), begrænses til de beløb, der skal modregnes. For eksempel kan en virksomhed have et indregnet afledt finansielt aktiv og en indregnet afledt finansiel forpligtelse, der opfylder kriterierne for modregning i afsnit 42 i IAS 32. Hvis bruttobeløbet for det afledte finansielle aktiv er større end bruttobeløbet for den afledte finansielle forpligtelse, skal tabellen med oplysninger om finansielle aktiver indeholde det samlede beløb for det afledte finansielle aktiv (i overensstemmelse med afsnit 13C, litra a)) og det samlede beløb for den afledte finansielle forpligtelse (i overensstemmelse med afsnit 13C, litra b)). Mens tabellen med oplysninger om finansielle forpligtelser skal indeholde det samlede beløb for den afledte finansielle forpligtelse (i overensstemmelse med afsnit 13C, litra a)), skal den kun indeholde det beløb for det afledte finansielle aktiv (i overensstemmelse med afsnit 13C, litra b)), der modsvarer beløbet for den afledte finansielle forpligtelse.
Oplysninger om de nettobeløb, der præsenteres i balancen (afsnit 13C, litra c))
B45
Hvis en virksomhed har instrumenter, der falder inden for anvendelsesområdet for disse oplysningskrav (som angivet i afsnit 13A), men som ikke opfylder kriterierne for modregning i afsnit 42 i IAS 32, modsvarer de beløb, der kræves oplyst i henhold til afsnit 13C, litra c), de beløb, der kræves oplyst i henhold til afsnit 13C, litra a).
B46
De beløb, der kræves oplyst i henhold til afsnit 13C, litra c), skal afstemmes med de enkelte balanceposter. Hvis en virksomhed f.eks. mener, at aggregering eller disaggregering af beløb på individuelle regnskabsposter giver mere relevant information, skal den afstemme de aggregerede eller disaggregerede beløb, der er oplyst i henhold til afsnit 13C, litra c), tilbage til de enkelte balanceposter.
Oplysninger om de beløb, der falder ind under en retskraftig "master netting" eller tilsvarende aftale, der ellers ikke er omfattet af afsnit 13C, litra b) (afsnit 13C, litra d))
B47
Afsnit 13C, litra d), kræver, at virksomheder oplyser de beløb, der falder ind under en retskraftig "master netting" eller tilsvarende aftale, der ellers ikke er omfattet af afsnit 13C, litra b). Afsnit 13C, litra d), nr. i), henviser til beløb forbundet med indregnede finansielle instrumenter, der ikke opfylder visse af eller alle modregningskriterierne i afsnit 42 i IAS 32 (f.eks. løbende modregningsrettigheder, der ikke opfylder kriteriet i afsnit 42, litra b), i IAS 32, eller betingede modregningsrettigheder, der kun er retskraftige og kun kan udøves i tilfælde af misligholdelse af en forpligtelse eller i tilfælde af en modparts insolvens eller konkurs).
B48
Afsnit 13C, litra d), nr. ii), henviser til beløb forbundet med finansiel sikkerhedsstillelse, inkl. kontant sikkerhedsstillelse, såvel modtaget som stillet sikkerhed. En virksomhed skal oplyse dagsværdien af de finansielle instrumenter, den har fået stillet eller har modtaget som sikkerhed. De i overensstemmelse med afsnit 13C, litra d), nr. ii) oplyste beløb skal relatere til den reelle sikkerhed, der er modtaget eller stillet, og ikke til eventuelle deraf følgende forpligtelser eller tilgodehavender, der er indregnet med henblik på at returnere eller tilbagemodtage denne sikkerhed.
Begrænsninger på de i henhold til afsnit 13C, litra d), oplyste beløb (afsnit 13D)
B49
Når en virksomhed oplyser beløb i overensstemmelse med afsnit 13C, litra d), skal den for hvert finansielt instrument tage hensyn til følgerne af oversikring. Med henblik herpå skal virksomheden først trække de i overensstemmelse med afsnit 13C, litra d), nr. i), oplyste beløb fra det i overensstemmelse med afsnit 13C, litra c), oplyste beløb. Virksomheden skal derpå begrænse de i overensstemmelse med afsnit 13C, litra d), nr. ii) oplyste beløb til restbeløbet i afsnit 13C, litra c), for det tilknyttede finansielle instrument. Hvis rettigheder til sikkerhed kan håndhæves på tværs af finansielle instrumenter, kan sådanne rettigheder imidlertid inkluderes i de i overensstemmelse med afsnit 13D leverede oplysninger.
Beskrivelse af rettigheder til modregning, der falder ind under en retskraftig "master netting" eller tilsvarende aftale (afsnit 13E)
B50
En virksomhed skal beskrive typen af rettigheder til modregning og tilsvarende arrangementer, der er oplyst i overensstemmelse med afsnit 13C, litra d), herunder rettighedernes karakter. En virksomhed skal f.eks. beskrive sine betingede rettigheder. For instrumenter, for hvilke der gælder modregningsrettigheder, der ikke er afhængige af en fremtidig begivenhed, men som ikke opfylder de resterende kriterier i afsnit 42 i IAS 32, skal virksomheden beskrive årsagen eller årsagerne til, at kriterierne ikke er opfyldt. For al finansiel sikkerhed, der er modtaget eller stillet, skal virksomheden beskrive vilkårene i aftalen om sikkerhedsstillelse (f.eks. når sikkerhedsstillelsen er underlagt begrænsninger).
Oplysning pr. type finansielt instrument eller pr. modpart
B51
De kvantitative oplysninger, der kræves i henhold til afsnit 13C, litra a)–e), kan grupperes efter type finansielt instrument eller transaktion (f.eks. afledte instrumenter, tilbagekøbsaftaler og omvendte tilbagekøbsaftaler eller aftaler om lån og udlån af værdipapirer).
B52
En virksomhed kan som alternativ gruppere de kvantitative oplysninger, der kræves i henhold til afsnit 13C, litra a)–c), efter type af finansielt instrument, og de kvantitative oplysninger, der kræves i henhold til afsnit 13C, litra c)–e), kan grupperes efter modpart. Hvis en virksomhed afgiver de krævede oplysninger pr. modpart, stilles der ikke krav om, at virksomheden skal identificere modparterne ved navn. Af hensyn til sammenligneligheden skal benævnelsen af modparter (modpart A, modpart B, modpart C osv.) i de præsenterede regnskabsår forblive ensartet fra år til år. Kvalitative oplysninger skal tages i betragtning, således at der kan gives yderligere oplysninger om typerne af modparter. Når oplysningerne om beløbene i henhold til afsnit 13C, litra c)–e), gives pr. modpart, skal beløb, der er individuelt signifikante i henseende til de samlede modpartsbeløb, oplyses særskilt, og de resterende individuelt insignifikante modpartsbeløb skal aggregeres under én post.
Andre oplysninger
B53
De specifikke oplysninger, der kræves i henhold til afsnit 13C–13E, er minimumskrav. For at opfylde målsætningen i afsnit 13B kan det være nødvendigt for en virksomhed at supplere dem med yderligere (kvalitative) oplysninger, afhængigt af vilkårene i de retskraftige "master netting" og beslægtede aftaler, herunder arten af modregningsrettigheder og deres virkning eller potentielle virkning for virksomhedens finansielle stilling.
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 OTC-marked, 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 OTC-marked, 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 en totalindkomstopgørelse for:
a)
generelle oplysninger som beskrevet i afsnit 22
b)
oplysninger om det præsentationspligtige segments resultat, herunder specificeret omsætning og omkostninger i det præsentationspligtige segments resultat, aktiver og forpligtelser og grundlaget for målingen som beskrevet i afsnit 23-27, og
c)
afstemninger af segmentets samlede omsætning, det præsentationspligtige segments resultat, aktiver og forpligtelser og øvrige væsentlige segmentposter med de tilsvarende virksomhedsbeløb som beskrevet i afsnit 28.
Afstemninger af beløb for præsentationspligtige segmenter i balancen med beløb i virksomhedens balance 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 anvendt til 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)
aa)
bedømmelser, som ledelsen har foretaget ved anvendelsen af kriterierne for sammenlægning i afsnit 12. Dette omfatter en kort beskrivelse af de operationelle segmenter, der er blevet sammenlagt på denne måde, og de økonomiske indikatorer, som er blevet vurderet ved fastlæggelsen af, at de sammenlagte driftssegmenter har ensartede økonomiske karakteristika, og
b)
typer af produkter og tjenesteydelser, som hvert præsentationspligtigt segment har sine indtægter fra.
Information om resultat, aktiver og forpligtelser
23
En virksomhed skal præsentere en måling af resultatet for hvert præsentationspligtigt segment. En virksomhed skal præsentere en måling af samlede aktiver og forpligtelser for hvert præsentationspligtigt segment, hvis sådanne 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 vedrørende 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 oplyst i overensstemmelse med afsnit 97 i IAS 1 
Præsentation af årsregnskaber
 (ajourført i 2007)
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 
(
48
)
 end finansielle instrumenter, udskudte skatteaktiver, ydelsesbaserede nettopensionsaktiver (jf. IAS 19 
Personaleydelser
) 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 præsentationspligtige segments resultat, 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 det præsentationspligtige segments resultat, aktiver og 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 præsentationspligtige 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 præsentationspligtige 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 præsentationspligtige 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 segmentets resultatet
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, hvis segmentaktiverne er indberettet i overensstemmelse med afsnit 23
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.
Tilpasning 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 de økonomiske oplysninger, 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 
(
49
)
 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. I denne IFRS skal en gruppe af virksomheder, som den regnskabsaflæggende virksomhed ved, er under fælles kontrol, betragtes som en enkelt kunde. Det skal dog vurderes, om en myndighed (herunder forvaltningsmyndigheder og lignende organer, uanset om disse er lokale, nationale eller internationale) og virksomheder, som den regnskabsaflæggende virksomhed ved, er under den pågældende myndigheds kontrol, skal betragtes som en enkelt kunde. I sin vurdering skal den regnskabsaflæggende virksomhed tage hensyn til omfanget af økonomisk integration mellem disse virksomheder.
OVERGANG OG IKRAFTTRÆDELSESTIDSPUNKT
35
Virksomheder skal anvende denne standard i deres årsregnskaber for regnskabsår, der begynder den 1. januar 2009 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender denne standard i sine årsregnskaber for regnskabsår før den 1. januar 2009, skal den give oplysning herom.
35A
Forbedringer af IFRS-standarder
, udstedt i april 2009, medførte ændring af afsnit 23. Virksomheder skal anvende denne ændring på regnskabsår, som begynder den 1. januar 2010 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender ændringerne på en tidligere regnskabsperiode, skal den oplyse herom.
36
Segmentoplysninger for tidligere år, der præsenteres som sammenligningstal for det første anvendelsesår (herunder anvendelse af ændringen af afsnit 23 i april 2009), 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.
36A
IAS 1 (ajourført i 2007) ændrede den terminologi, der anvendes i IFRS-standarderne. Desuden blev afsnit 23, litra f), ændret. Virksomheder skal anvende disse ændringer på regnskabsår, der begynder den 1. januar 2009 eller derefter. Hvis en virksomhed anvender IAS 1 (ajourført 2007) på en tidligere regnskabsperiode, skal ændringerne anvendes på denne tidligere regnskabsperiode.
36B
IAS 24 
Oplysning om nærtstående parter
 (ajourført i 2009) medførte ændring af afsnit 34 for regnskabsår, som begynder den 1. januar 2011 eller derefter. Hvis en virksomhed anvender IAS 24 (ajourført i 2009) for et tidligere regnskabsår, skal ændringerne af afsnit 34 anvendes for dette tidligere regnskabsår.
36C
Det årlige forbedringsprojekt vedrørende IFRS-standarder for perioden 2010-2012
, udstedt i december 2013, medførte ændring af afsnit 22 og 28. En virksomhed skal anvende disse ændringer på regnskabsår, som begynder den 1. juli 2014 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender disse ændringer på en tidligere regnskabsperiode, skal den oplyse herom.
OPHÆVELSE AF IAS 14
37
Denne standard erstatter IAS 14 
Præsentation af segmentoplysninger
.
Appendiks A
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.
IFRS 9
Finansielle instrumenter
KAPITEL 1
   
Formål
1.1
Formålet med denne standard er at fastlægge principperne for regnskabsaflæggelse af 
finansielle aktiver
 og 
finansielle forpligtelser
, som indeholder relevante og nyttige oplysninger for brugere af årsregnskaber til vurdering af beløbsmæssig størrelse, tidspunkt og usikkerhed forbundet med en virksomheds fremtidige pengestrømme.
KAPITEL 2
   
Anvendelsesområde
2.1
Denne standard 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 IFRS 10 
Koncernregnskaber
, IAS 27 
Separate årsregnskaber
 eller IAS 28 
Investeringer i associerede virksomheder og joint ventures
. I visse tilfælde giver IFRS 10, IAS 27 og IAS 28 imidlertid en virksomhed mulighed for at — eller kræver, at den skal — behandle en kapitalandel i en dattervirksomhed eller associeret virksomhed eller et joint venture regnskabsmæssigt i henhold til nogle af eller alle kravene i denne standard. Virksomheder skal desuden anvende denne standard på afledte finansielle instrumenter vedrørende kapitalandele i en dattervirksomhed, en associeret virksomhed eller et joint venture, medmindre det afledte finansielle instrument opfylder definitionen i IAS 32 
Finansielle instrumenter: Præsentation
.
b)
rettigheder og forpligtelser i henhold til leasingkontrakter, hvor IFRS 16 
Leasingkontrakter
 finder anvendelse. Dog gælder følgende:
i)
for finansielle leasingtilgodehavender (dvs. nettoinvesteringer i finansielle leasingkontrakter) og operationelle leasingtilgodehavender, som er indregnet af leasinggiver, finder kravene i denne standard vedrørende ophør af indregning og værdiforringelse anvendelse
ii)
for leasingforpligtelser, som er indregnet af leasingtager, finder bestemmelserne i afsnit 3.3.1 i denne standard vedrørende ophør af indregning anvendelse, og
iii)
for afledte finansielle instrumenter, som er indbygget i leasingkontrakter, finder kravene i denne standard vedrørende indbyggede afledte finansielle instrumenter anvendelse.
c)
arbejdsgiveres rettigheder og forpligtelser i forbindelse med pensionsordninger, hvor IAS 19 
Personaleydelser
 finder anvendelse.
d)
finansielle instrumenter, som virksomheden har udstedt, og som opfylder definitionen på et egenkapitalinstrument i IAS 32 (herunder optioner og warrants), eller som skal klassificeres som et egenkapitalinstrument i overensstemmelse med afsnit 16A og 16B eller afsnit 16C og 16D i IAS 32. Indehaveren af sådanne egenkapitalinstrumenter skal dog anvende denne standard på disse instrumenter, medmindre de er omfattet af undtagelsen i litra a).
e)
rettigheder og forpligtelser i henhold til en forsikringskontrakt som defineret i IFRS 17 
Forsikringskontrakter
 eller en investeringskontrakt med elementer af diskretionær deltagelse, som er omfattet af IFRS 17. Denne standard finder imidlertid anvendelse på:
i)
afledte finansielle instrumenter indbygget i kontrakter, som er omfattet af IFRS 17, hvis de afledte finansielle instrumenter i sig selv ikke er kontrakter, som er omfattet af IFRS 17
ii)
investeringselementer, som er udskilt fra kontrakter, der er omfattet af IFRS 17, hvis IFRS 17 kræver en sådan udskilning, medmindre de udskilte investeringselementer er en investeringskontrakt med elementer af diskretionær deltagelse, som er omfattet af IFRS 17
iii)
en udsteders rettigheder og forpligtelser i henhold til forsikringskontrakter, som opfylder definitionen på en finansiel garantikontrakt. Hvis en udsteder af finansielle garantikontrakter imidlertid 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 17 på sådanne finansielle garantikontrakter (jf. afsnit B2.5-B2.6). Udsteder kan foretage dette valg kontrakt for kontrakt, men valget for den enkelte kontrakt kan ikke omgøres.
iv)
en virksomheds rettigheder og forpligtelser, som er finansielle instrumenter i henhold til kreditkortkontrakter eller lignende kontrakter, hvorved der ydes kredit eller fastlægges betalingsordninger, og som er udstedt af en virksomhed og opfylder definitionen på en forsikringskontrakt, men som udelukkes fra anvendelsesområdet i IFRS 17 af afsnit 7, litra h), i IFRS 17. Men hvis forsikringsdækningen imidlertid er et kontraktvilkår i et sådant finansielt instrument, skal virksomheden udskille dette element og anvende IFRS 17 på det (jf. afsnit 7, litra h), i IFRS 17)
v)
en virksomheds rettigheder og forpligtelser, som er finansielle instrumenter i henhold til forsikringskontrakter, og som er udstedt af en virksomhed og begrænser erstatningen for de forsikrede begivenheder til det beløb, der ellers kræves for at indfri forsikringstagers forpligtelse, der er opstået som følge af kontrakten, hvis virksomheden i overensstemmelse med afsnit 8A i IFRS 17 vælger at anvende IFRS 9 i stedet for IFRS 17 på sådanne kontrakter.
f)
en terminskontrakt mellem en overtagende virksomhed og en sælgende aktionær om køb eller salg af en overtaget virksomhed, som vil resultere i en virksomhedssammenslutning, der falder ind under IFRS 3 
Virksomhedssammenslutninger
, på et fremtidigt overtagelsestidspunkt. Terminskontraktens løbetid må ikke overstige en rimelig periode, som normalt er nødvendig til opnåelse af de nødvendige godkendelser og gennemførelse af transaktionen.
g)
andre lånetilsagn end de lånetilsagn, der er beskrevet i afsnit 2.3. En udsteder af et lånetilsagn skal imidlertid anvende denne standards krav til værdiforringelse på lånetilsagn, som ellers ikke er omfattet af denne standard. Alle lånetilsagn er desuden omfattet af kravene til ophør af indregning i denne standard.
h)
finansielle instrumenter, kontrakter og forpligtelser i henhold til aktiebaserede betalingstransaktioner, som IFRS 2 
Aktiebaseret vederlæggelse
 finder anvendelse på, undtagen kontrakter, som er omfattet af denne standards afsnit 2.4-2.7, og på hvilke denne standard finder anvendelse.
i)
ret til betalinger som godtgørelse til virksomheden for udgifter, den skal afholde for at indfri en forpligtelse, som den indregner som en hensat forpligtelse i overensstemmelse med IAS 37 
Hensatte forpligtelser, eventualforpligtelser og eventualaktiver
, eller for hvilken den i en tidligere periode indregnede en forpligtelse i overensstemmelse med IAS 37.
j)
rettigheder og forpligtelser inden for anvendelsesområdet for IFRS 15 
Indregning af omsætning fra kontrakter med kunder
, som er finansielle instrumenter, bortset fra de, der i henhold til IFRS 15 regnskabsmæssigt behandles i henhold til denne standard.
2.2
Kravene til værdiforringelse i denne standard anvendes på de rettigheder, der i henhold til IFRS 15 regnskabsmæssigt behandles i henhold til denne standard med henblik på indregning af gevinster eller tab ved værdiforringelse.
2.3
Følgende lånetilsagn ligger inden for denne standards anvendelsesområde:
a)
lånetilsagn, som virksomheden klassificerer som finansielle forpligtelser til dagsværdi gennem resultatet (jf. afsnit 4.2.2). 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 (jf. afsnit 4.2.1.d)).
2.4
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. Standarden finder imidlertid anvendelse på kontrakter, som en virksomhed klassificerer som målt til dagsværdi gennem resultatet i overensstemmelse med afsnit 2.5.
2.5
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, som om kontrakten var et finansielt instrument, kan uigenkaldeligt klassificeres som målt til dagsværdi gennem resultatet, selv om den blev indgået med henblik på modtagelse eller overdragelse af et ikke-finansielt aktiv i overensstemmelse med virksomhedens forventede behov for køb, salg eller forbrug. En sådan klassifikation kan kun anvendes ved indgåelsen af kontrakten og kun, hvis den fjerner eller væsentligt reducerer en indregningsuoverensstemmelse (af og til omtalt som regnskabsmæssig inkonsistens), som ellers ville følge af ikke at indregne kontrakten, fordi den ikke er omfattet af denne standard (jf. afsnit 2.4).
2.6
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 2.4 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.
2.7
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 2.6, litra a), eller afsnit 2.6, litra 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.
KAPITEL 3
   
Indregning og ophør af indregning
3.1   FØRSTE INDREGNING
3.1.1
Virksomheden skal udelukkende indregne et finansielt aktiv eller en finansiel forpligtelse i sin balance, når virksomheden bliver underlagt instrumentets kontraktlige vilkår (jf. afsnit B3.1.1 og B3.1.2). Når virksomheden første gang indregner et finansielt aktiv, skal den klassificere det i overensstemmelse med afsnit 4.1.1-4.1.5 og måle det i overensstemmelse med afsnit 5.1.1-5.1.3. Når virksomheden første gang indregner en finansiel forpligtelse, skal den klassificere den i overensstemmelse med afsnit 4.2.1 og 4.2.2 og måle den i overensstemmelse med afsnit 5.1.1.
Almindeligt køb eller salg af finansielle aktiver
3.1.2
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. afsnit B3.1.3-B3.1.6).
3.2   OPHØR AF INDREGNING AF FINANSIELLE AKTIVER
3.2.1
I koncernregnskaber finder afsnit 3.2.2-3.2.9, B3.1.1, B3.1.2 og B3.2.1-B3.2.17 anvendelse på koncernniveau. Virksomheden konsoliderer således først alle dattervirksomheder i overensstemmelse med IFRS 10, hvorefter disse afsnit finder anvendelse på den pågældende koncern.
3.2.2
Før det vurderes, hvorvidt og i hvilket omfang 
ophør af indregning
 er relevant i henhold til afsnit 3.2.3-3.2.9, 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 3.2.3-3.2.9 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 3.2.3-3.2.9 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 3.2.3-3.2.9 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 3.2.3-3.2.9 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 pengestrømme, der specifikt kan identificeres, forudsat at den overdragende virksomhed har en fuldt ud forholdsmæssig del.
b)
I alle andre tilfælde finder afsnit 3.2.3-3.2.9 anvendelse på det finansielle aktiv i sin helhed (eller en gruppe 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 3.2.3-3.2.9 anvendelse på det finansielle aktiv (eller en gruppe af ensartede finansielle aktiver) i sin helhed.
I afsnit 3.2.3-3.2.12 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.
3.2.3
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 3.2.4 og 3.2.5, og overdragelsen opfylder kriterierne for ophør af indregning i overensstemmelse med afsnit 3.2.6.
(Se afsnit 3.1.2 med hensyn til almindeligt salg af finansielle aktiver).
3.2.4
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 3.2.5.
3.2.5
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 likvide beholdninger og tilsvarende likvide midler (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 fra sådanne investeringer skal overgå til de endelige modtagere.
3.2.6
Hvis en virksomhed overdrager et finansielt aktiv (jf. afsnit 3.2.4), skal den undersøge, i hvilket omfang den bibeholder risici og afkast tilknyttet ejendomsretten til det finansielle aktiv. I dette tilfælde 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. I dette tilfælde 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. 3.2.16).
3.2.7
Overdragelsen af risici og afkast (jf. afsnit 3.2.6) vurderes ved en sammenligning af virksomhedens følsomhed før og efter overdragelsen med udsving i de til det overdragne aktiv tilknyttede nettopengestrømmes beløbsmæssige 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 3.2.5).
3.2.8
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.
3.2.9
Hvorvidt en virksomhed har bibeholdt kontrollen (jf. afsnit 3.2.6, litra c)) 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
3.2.10
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 3.2.13.
3.2.11
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.
3.2.12
Ved ophør af indregning af et finansielt aktiv i sin helhed skal forskellen mellem:
a)
den regnskabsmæssige værdi (målt på tidspunktet for ophør af indregning) og
b)
det modtagne vederlag (herunder et eventuelt nyt aktiv, der er erhvervet, med fradrag af en eventuel ny forpligtelse, der er påtaget)
indregnes i resultatet.
3.2.13
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 3.2.2, litra a)), 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 (målt på tidspunktet for ophør af indregning), som allokeres til den del, der ikke længere indregnes,
b)
det modtagne vederlag for den del, der ikke længere indregnes, (herunder et eventuelt nyt aktiv, der er erhvervet, med fradrag af en eventuel ny forpligtelse, der er påtaget)
skal indregnes i resultatet.
3.2.14
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, måles. 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
3.2.15
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 perioder skal virksomheden indregne en eventuel indtægt vedrørende det overdragne aktiv og en eventuel omkostning vedrørende den finansielle forpligtelse.
Fortsat engagement i overdragne aktiver
3.2.16
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. For eksempel:
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 B3.2.13).
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 litra b) ovenfor.
3.2.17
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.
3.2.18
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.
3.2.19
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 5.7.1 og skal ikke modregnes.
3.2.20
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 3.2.14 anvendelse. Forskellen mellem:
a)
den regnskabsmæssige værdi (målt på tidspunktet for ophør af indregning), som allokeres til den del, der ikke længere indregnes, og
b)
det modtagne vederlag for den del, der ikke længere indregnes
skal indregnes i resultatet.
3.2.21
Hvis det overdragne aktiv måles til amortiseret kostpris, kan muligheden i denne standard for at klassificere en finansiel forpligtelse til dagsværdi gennem resultatet ikke anvendes på den tilknyttede forpligtelse.
Alle overdragelser
3.2.22
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).
3.2.23
Hvis en overdrager stiller ikke-kontant sikkerhed (såsom gælds- eller egenkapitalinstrumenter) over for erhververen, afhænger overdragerens og erhververens regnskabsmæssige behandling af sikkerheden af, hvorvidt erhververen har ret til at sælge eller pantsætte sikkerheden, og hvorvidt der er sket misligholdelse fra overdragers side. Overdrageren og erhververen skal foretage regnskabsmæssig behandling af sikkerheden som følger:
a)
Hvis erhververen i henhold til en kontrakt eller almindelig praksis har ret til at sælge eller genpantsætte sikkerheden, skal overdrageren omklassificere aktivet i sin balance (eksempelvis som et udlånt aktiv, pantsat egenkapitalinstrument eller tilbagekøbstilgodehavende) separat fra andre aktiver.
b)
Hvis erhververen sælger sikkerhed, som er stillet som sikkerhed hos denne, skal erhververen indregne provenuet fra salget samt en forpligtelse målt til dagsværdi for forpligtelsen til at levere sikkerheden tilbage.
c)
Hvis overdrageren misligholder kontrakten i henhold til dennes vilkår og ikke længere er berettiget til at indfri sikkerheden, skal overdrageren ophøre med at indregne denne, og erhververen skal indregne sikkerheden som et aktiv, der første gang måles til dagsværdi eller, hvis erhververen allerede har solgt sikkerheden, ophøre med at indregne sin forpligtelse til at levere sikkerheden tilbage.
d)
Bortset fra som angivet i litra c), skal overdrageren fortsat indregne sikkerheden som et aktiv, og erhververen skal ikke indregne sikkerheden som et aktiv.
3.3   OPHØR AF INDREGNING AF FINANSIELLE FORPLIGTELSER
3.3.1
Virksomheden skal udelukkende ophøre med at indregne en finansiel forpligtelse (eller en del af en finansiel forpligtelse) i sin balance, når forpligtelsen ophører, dvs. når den i kontrakten anførte forpligtelse opfyldes, annulleres eller udløber.
3.3.2
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.
3.3.3
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 forpligtelser, skal indregnes i resultatet.
3.3.4
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, hvis indregning er ophørt, og b) det betalte vederlag, herunder eventuelle overdragne ikke-kontante aktiver eller påtagne forpligtelser, for den del, for hvilken indregning er ophørt, skal indregnes i resultatet.
3.3.5
Nogle virksomheder driver en investeringsfond enten internt eller eksternt, som giver investorerne fordele, der fastsættes ved hjælp af andele i fonden, og indregner finansielle forpligtelser for de beløb, der skal udbetales til disse investorer. På samme måde udsteder nogle virksomheder grupper af forsikringskontrakter med elementer af direkte deltagelse, og disse virksomheder besidder de underliggende poster. Nogle af disse fonde eller underliggende poster omfatter virksomhedens finansielle forpligtelse (f.eks. en udstedt erhvervsobligation). På trods af de øvrige krav i denne standard i forbindelse med ophør af indregning af finansielle forpligtelser kan en virksomhed vælge ikke at ophøre med at indregne sin finansielle forpligtelse, som indgår i en sådan fond eller udgør en sådan underliggende post, når og kun når virksomheden tilbagekøber sin finansielle forpligtelse til sådanne formål. I stedet kan virksomheden vælge fortsat at behandle dette instrument regnskabsmæssigt som en finansiel forpligtelse og behandle det tilbagekøbte instrument regnskabsmæssigt, som om det var et finansielt aktiv, og måle det til dagsværdi gennem resultatet i overensstemmelse med denne standard. Dette valg er uigenkaldeligt og sker for hvert enkelt instrument. Med henblik på dette valg omfatter forsikringskontrakter investeringskontrakter med elementer af diskretionær deltagelse. (jf. IFRS 17 for udtryk, som anvendes i dette afsnit, og som er defineret i denne standard).
KAPITEL 4
   
Klassifikation
4.1   KLASSIFIKATION AF FINANSIELLE AKTIVER
4.1.1
Medmindre afsnit 4.1.5 finder anvendelse, skal en virksomhed klassificere finansielle aktiver, som efterfølgende måles til amortiseret kostpris, dagsværdi gennem anden totalindkomst eller dagsværdi gennem resultatet på basis af både:
a)
virksomhedens forretningsmodel til styring af finansielle aktiver og
b)
det finansielle aktivs kontraktlige pengestrømmes egenskaber.
4.1.2
Et finansielt aktiv måles til amortiseret kostpris, hvis følgende betingelser begge er opfyldt:
a)
det finansielle aktiv besiddes i en forretningsmodel, der har til formål at modtage kontraktlige pengestrømme, og
b)
det finansielle aktivs kontraktlige vilkår medfører på bestemte tidspunkter pengestrømme, som alene består af betaling af afdrag og renter på hovedstolen.
Afsnit B4.1.1-B4.1.26 giver vejledning i, hvordan disse betingelser anvendes.
4.1.2A
Et finansielt aktiv måles til dagsværdi gennem anden totalindkomst, hvis følgende betingelser begge er opfyldt:
a)
det finansielle aktiv besiddes i en forretningsmodel, der har til formål både at modtage kontraktlige pengestrømme og sælge finansielle aktiver, og
b)
det finansielle aktivs kontraktlige vilkår medfører på bestemte tidspunkter pengestrømme, som alene består af betaling af afdrag og renter på hovedstolen.
Afsnit B4.1.1-B4.1.26 giver vejledning i, hvordan disse betingelser anvendes.
4.1.3
I forbindelse med anvendelsen af afsnit 4.1.2, litra b) og 4.1.2A, litra b):
a)
er hovedstolen dagsværdien af det finansielle aktiv ved første indregning. Afsnit B4.1.7B giver yderligere vejledning om hovedstolen
b)
består renter af godtgørelse for den tidsmæssige værdi af penge, for kreditrisikoen forbundet med den udestående hovedstol i en bestemt periode og for andre grundlæggende udlånsrisici og omkostninger samt fortjenstmargin. Afsnit B4.1.7A og B4.1.9A-B4.1.9E giver yderligere vejledning om renter, herunder om den tidsmæssige værdi af penge.
4.1.4
Et finansielt aktiv måles til dagsværdi gennem resultatet, medmindre det måles til amortiseret kostpris i overensstemmelse med afsnit 4.1.2 eller til dagsværdi gennem anden totalindkomst i overensstemmelse med afsnit 4.1.2A. En virksomhed kan imidlertid ved første indregning træffe en uigenkaldelig beslutning om, at den for bestemte investeringer i 
egenkapitalinstrumenter
, som ellers ville blive målt til dagsværdi gennem resultatet, vil indregne efterfølgende ændringer i dagsværdien under anden totalindkomst (jf. afsnit 5.7.5-5.7.6).
Mulighed for at klassificere et finansielt aktiv til dagsværdi gennem resultatet
4.1.5
Uanset afsnit 4.1.1-4.1.4 kan en virksomhed ved første indregning uigenkaldeligt klassificere et finansielt aktiv som målt til dagsværdi gennem resultatet, hvis dette fjerner eller væsentligt reducerer en målings- eller indregningsuoverensstemmelse (af og til omtalt som regnskabsmæssig inkonsistens), som ellers ville følge af at måle aktiver eller forpligtelser eller indregne gevinster eller tab på disse på forskellige grundlag (jf. afsnit B4.1.29-B4.1.32).
4.2   KLASSIFIKATION AF FINANSIELLE FORPLIGTELSER
4.2.1
En virksomhed skal klassificere alle finansielle forpligtelser, som efterfølgende måles til amortiseret kostpris, bortset fra:
a)
finansielle forpligtelser til dagsværdi gennem resultatet
. Sådanne forpligtelser, herunder 
afledte finansielle instrumenter
, som er forpligtelser, skal efterfølgende måles til dagsværdi
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 3.2.15 og 3.2.17 finder anvendelse på måling af sådanne finansielle forpligtelser
c)
finansielle garantikontrakter
. Efter første indregning skal udsteder af en sådan kontrakt (medmindre afsnit 4.2.1, litra a) eller b), finder anvendelse) efterfølgende måle kontrakten til den højeste værdi af:
i)
størrelsen af den 
hensættelse til tab
, der er beregnet i overensstemmelse med afsnit 5.5, og
ii)
det oprindeligt indregnede beløb (jf. afsnit 5.1.1) med fradrag af de eventuelle akkumulerede indtægter, der er indregnet i overensstemmelse med principperne i IFRS 15
d)
tilsagn om at yde et lån til en rentesats, der er under markedsrenten. En udsteder af et sådant tilsagn skal (medmindre afsnit 4.2.1, litra a), finder anvendelse) efterfølgende måle tilsagnet til den højeste værdi af:
i)
størrelsen af den hensættelse til tab, der er beregnet i overensstemmelse med afsnit 5.5, og
ii)
det oprindeligt indregnede beløb (jf. afsnit 5.1.1) med fradrag af de eventuelle akkumulerede indtægter, der er indregnet i overensstemmelse med principperne i IFRS 15
e)
betinget vederlag, som indregnes af den overtagende virksomhed i en virksomhedssammenslutning, der falder ind under IFRS 3. Et sådant betinget vederlag skal efterfølgende måles til dagsværdi med indregning af ændringer i resultatet.
Mulighed for at klassificere en finansiel forpligtelse til dagsværdi gennem resultatet
4.2.2
En virksomhed kan ved første indregning uigenkaldeligt klassificere en finansiel forpligtelse som målt til dagsværdi gennem resultatet, hvor afsnit 4.3.5 tillader det, eller hvis dette giver mere relevant information, enten fordi
a)
det fjerner eller væsentligt reducerer en målings- eller indregningsuoverensstemmelse (af og til omtalt som regnskabsmæssig inkonsistens), som ellers ville følge af at måle aktiver eller forpligtelser eller indregne gevinster eller tab på disse på forskellige grundlag (jf. afsnit B4.1.29-B4.1.32), eller
b)
en gruppe af finansielle forpligtelser eller finansielle aktiver og finansielle forpligtelser 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
), eksempelvis virksomhedens bestyrelse og øverste ledelse (jf. afsnit B4.1.33-B4.1.36).
4.3   INDBYGGEDE AFLEDTE FINANSIELLE INSTRUMENTER
4.3.1
Et afledt finansielt instrument er en del af en sammensat kontrakt, 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, er ikke et indbygget afledt finansielt instrument, men et separat finansielt instrument.
Sammensatte kontrakter med et finansielt aktiv som hovedkontrakt
4.3.2
Hvis en sammensat kontrakt har en hovedkontrakt, der er et aktiv, som ligger inden for denne standards anvendelsesområde, skal en virksomhed anvende kravene i afsnit 4.1.1-4.1.5 på hele den sammensatte kontrakt.
Andre sammensatte kontrakter
4.3.3
Hvis en sammensat kontrakt har en hovedkontrakt, der ikke er et aktiv, som ligger inden for denne standards anvendelsesområde, skal et indbygget afledt finansielt instrument udelukkende udskilles 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. afsnit B4.3.5 og B4.3.8),
b)
et separat instrument med samme betingelser som det indbyggede afledte finansielle instrument opfylder definitionen på et afledt finansielt instrument, og
c)
den sammensatte kontrakt ikke måles til dagsværdi med indregning af ændringer i resultatet (dvs. et afledt finansielt instrument, som er indbygget i en finansiel forpligtelse til dagsværdi gennem resultatet, udskilles ikke).
4.3.4
Hvis et indbygget afledt finansielt instrument udskilles, skal hovedkontrakten regnskabsmæssigt behandles i overensstemmelse med de relevante standarder. Denne standard omhandler ikke spørgsmålet om, hvorvidt et indbygget afledt finansielt instrument skal præsenteres separat i balancen.
4.3.5
Uanset afsnit 4.3.3 og 4.3.4 gælder det, at hvis en kontrakt omfatter et eller flere indbyggede afledte finansielle instrumenter, og hovedkontrakten ikke er et aktiv, som ligger inden for denne standards anvendelsesområde, kan en virksomhed klassificere hele den sammensatte kontrakt som til dagsværdi gennem resultatet, 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 udskille 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.
4.3.6
Hvis denne standard kræver, at virksomheden udskiller et indbygget afledt finansielt instrument fra dets hovedkontrakt, men det indbyggede afledte finansielle instrument ikke kan måles separat ved anskaffelsen eller ved afslutningen af en efterfølgende regnskabsperiode, skal virksomheden klassificere hele den sammensatte kontrakt til dagsværdi gennem resultatet.
4.3.7
Hvis virksomheden ikke er i stand til pålideligt at måle dagsværdien af det indbyggede afledte finansielle instrument ud fra dets vilkår og betingelser, er dagsværdien af det indbyggede afledte finansielle instrument forskellen mellem dagsværdien af den sammensatte kontrakt og dagsværdien af hovedkontrakten. Hvis en virksomhed ikke er i stand til at opgøre det indbyggede afledte finansielle instruments dagsværdi ved anvendelse af denne metode, finder afsnit 4.3.6 anvendelse, og den sammensatte kontrakt klassificeres til dagsværdi gennem resultatet.
4.4   OMKLASSIFIKATION
4.4.1
En virksomhed skal udelukkende omklassificere alle berørte finansielle aktiver i henhold til afsnit 4.1.1-4.1.4, hvis den ændrer sin forretningsmodel til styring af finansielle aktiver. Afsnit 5.6.1-5.6.7, B4.4.1-B4.4.3 og B5.6.1-B5.6.2 indeholder yderligere vejledning om omklassifikation af finansielle aktiver.
4.4.2
En virksomhed må ikke omklassificere en finansiel forpligtelse.
4.4.3
Følgende ændrede forhold anses ikke for omklassifikationer i henhold til afsnit 4.4.1-4.4.2:
a)
en post, der tidligere var klassificeret som og udgjorde et effektivt sikringsinstrument til sikring af pengestrømme eller til sikring af en nettoinvestering, betegnes ikke længere som sådan
b)
en post klassificeres fremover som og udgør et effektivt sikringsinstrument til sikring af pengestrømme eller til sikring af en nettoinvestering, og
c)
ændringer i målingen i henhold til afsnit 6.7.
KAPITEL 5
   
Måling
5.1   FØRSTE MÅLING
5.1.1
Bortset fra tilgodehavender fra salg, som er omfattet af afsnit 5.1.3, gælder det, at 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 gennem resultatet, 
transaktionsomkostninger
, som kan henføres direkte til erhvervelsen eller udstedelsen af det finansielle aktiv eller den finansielle forpligtelse.
5.1.1A
Hvis der imidlertid er en forskel mellem dagsværdien af det finansielle aktiv eller den finansielle forpligtelse ved første indregning og transaktionsprisen, skal en virksomhed anvende afsnit B5.1.2A.
5.1.2
Når en virksomhed anvender indregning på afregningsdatoen for et aktiv, som efterfølgende måles til amortiseret kostpris, indregnes aktivet første gang til dagsværdi på handelsdatoen (jf. afsnit B3.1.3-B3.1.6).
5.1.3
Uanset kravet i afsnit 5.1.1, skal en virksomhed ved første indregning måle tilgodehavender fra salg, som ikke indeholder et væsentligt finansieringselement (vurderet i overensstemmelse med IFRS 15), til transaktionsprisen (som defineret i IFRS 15) (eller når virksomheden anvender den praktiske foranstaltning i overensstemmelse med afsnit 63 i IFRS 15.
5.2   EFTERFØLGENDE MÅLING AF FINANSIELLE AKTIVER
5.2.1
Efter den første indregning skal en virksomhed måle et finansielt aktiv i overensstemmelse med afsnit 4.1.1-4.1.5 til:
a)
amortiseret kostpris,
b)
dagsværdi gennem anden totalindkomst eller
c)
dagsværdi gennem resultatet.
5.2.2
En virksomhed skal anvende kravene til værdiforringelse i afsnit 5.5 på finansielle aktiver, der måles til amortiseret kostpris i henhold til afsnit 4.1.2, samt på finansielle aktiver, der måles til dagsværdi gennem anden totalindkomst i henhold til afsnit 4.1.2A.
5.2.3
En virksomhed anvender kravene til regnskabsmæssig sikring i afsnit 6.5.8-6.5.14 (og, hvis det er relevant, afsnit 89-94 i IAS 39 
Finansielle instrumenter: Indregning og måling
 for regnskabsmæssig sikring af dagsværdien for en porteføljesikring af renterisiko) på et finansielt aktiv, der er klassificeret som en sikret post
 
(
50
)
5.3   EFTERFØLGENDE MÅLING AF FINANSIELLE FORPLIGTELSER
5.3.1
Efter den første indregning skal en virksomhed måle en finansiel forpligtelse i overensstemmelse med afsnit 4.2.1-4.2.2.
5.3.2
En virksomhed anvender kravene til regnskabsmæssig sikring i afsnit 6.5.8-6.5.14 (og, hvis det er relevant, afsnit 89-94 i IAS 39 for regnskabsmæssig sikring af dagsværdien for en porteføljesikring af renterisiko) på en finansiel forpligtelse, der er klassificeret som en sikret post.
5.4   MÅLING TIL AMORTISERET KOSTPRIS
Finansielle aktiver
Den effektive rentemetode
5.4.1
Renteindtægter beregnes ved hjælp af den 
effektive rentemetode
 (jf. appendiks A og afsnit B5.4.1-B5.4.7). Dette beregnes ved at anvende den 
effektive rente
 på det 
finansielle aktivs regnskabsmæssige bruttoværdi
, bortset fra:
a)
erhvervede eller oprettede værdiforringede finansielle aktiver
. For disse finansielle aktiver skal virksomheden anvende den 
kreditjusterede effektive rente
 på det 
finansielle aktivs amortiserede kostpris
 fra første indregning
b)
finansielle aktiver, som ikke er erhvervede eller oprettede værdiforringede finansielle aktiver, men som efterfølgende er blevet 
værdiforringede finansielle aktiver
. For disse finansielle aktiver skal virksomheden anvende den effektive rente på det finansielle aktivs amortiserede kostpris i efterfølgende regnskabsperioder.
5.4.2
En virksomhed, som i en regnskabsperiode beregner renteindtægter ved at anvende den effektive rentemetode på et finansielt aktivs amortiserede kostpris i henhold til afsnit 5.4.1, litra b), skal i efterfølgende regnskabsperioder beregne renteindtægterne ved at anvende den effektive rente på den regnskabsmæssige bruttoværdi, hvis kreditrisikoen på det finansielle instrument reduceres, således at det finansielle aktiv ikke længere er værdiforringet, og reduktionen objektivt kan henføres til en begivenhed, som er indtruffet efter anvendelse af kravene i afsnit 5.4.1, litra b) (som f.eks. forbedring af låntagerens kreditværdighed).
Ændring af kontraktlige pengestrømme
5.4.3
Når de kontraktlige pengestrømme fra et finansielt aktiv genforhandles eller på anden måde ændres, og genforhandlingen eller ændringen ikke medfører ophør af indregning af dette finansielle aktiv i overensstemmelse med denne standard, skal virksomheden omberegne det finansielle aktivs regnskabsmæssige bruttoværdi og indregne 
gevinsten eller tabet forbundet med ændringen
 i resultatet. Det finansielle aktivs regnskabsmæssige bruttoværdi omberegnes som nutidsværdien af de genforhandlede eller ændrede kontraktlige pengestrømme, der diskonteres med det finansielle aktivs oprindelige effektive rente (eller kreditjusterede effektive rente for erhvervede eller oprettede værdiforringede finansielle aktiver), eller, hvor det relevant, den ændrede effektive rente beregnet i overensstemmelse med afsnit 6.5.10. Eventuelle afholdte omkostninger eller betalte honorarer regulerer det ændrede finansielle aktivs regnskabsmæssige værdi og afskrives over det ændrede finansielle aktivs resterende løbetid.
Afskrivning
5.4.4
En virksomhed skal direkte reducere et finansielt aktivs regnskabsmæssige bruttoværdi, hvis virksomheden ikke har nogen rimelig forventning om at genindvinde hele eller dele af det finansielle aktiv. En sådan afskrivning udgør ophør af indregning (jf. afsnit B3.2.16, litra r)).
Ændringer i grundlaget for fastsættelse af de kontraktlige pengestrømme som følge af en rentebenchmarkreform
5.4.5
En virksomhed skal anvende afsnit 5.4.6-5.4.9 på et finansielt aktiv eller en finansiel forpligtelse, hvis, og kun hvis, grundlaget for at fastsætte de kontraktlige pengestrømme fra det pågældende finansielle aktiv eller den pågældende finansielle forpligtelse ændres som følge af en rentebenchmarkreform. Med henblik herpå henviser udtrykket "rentebenchmarkreform" til den markedsomfattende reform af et rentebenchmark som beskrevet i afsnit 6.8.2.
5.4.6
Grundlaget for at fastsætte de kontraktlige pengestrømme fra et finansielt aktiv eller en finansiel forpligtelse kan ændres:
a)
gennem ændring af de kontraktvilkår, der er fastsat ved første indregning af det finansielle instrument (f.eks. ændres de kontraktlige vilkår for at erstatte referencerentebenchmarket med et alternativt rentebenchmark)
b)
på en måde, der ikke blev taget i betragtning eller overvejet i forbindelse med kontraktvilkårene ved første indregning af det finansielle instrument, uden at kontraktvilkårene ændres (f.eks. ændres metoden til beregning af rentebenchmarket, uden at kontraktvilkårene ændres), og/eller
c)
på grund af aktivering af et eksisterende kontraktvilkår (f.eks. udløses en eksisterende fallback-bestemmelse).
5.4.7
En virksomhed skal som praktisk foranstaltning anvende afsnit B5.4.5 til den regnskabsmæssige behandling af en ændring i grundlaget for fastsættelsen af de kontraktlige pengestrømme fra et finansielt aktiv eller en finansiel forpligtelse, som er påkrævet i henhold til en rentebenchmarkreform. Denne praktiske foranstaltning finder kun anvendelse på sådanne ændringer og kun i det omfang, ændringen er påkrævet i henhold til en rentebenchmarkreform (jf. også afsnit 5.4.9). Med henblik herpå er det nødvendigt med en ændring i grundlaget for fastsættelse af de kontraktlige pengestrømme i forbindelse med en rentebenchmarkreform, hvis, og kun hvis, begge de følgende betingelser er opfyldt:
a)
ændringen er nødvendig som en direkte følge af en rentebenchmarkreform og
b)
det nye grundlag for fastsættelse af de kontraktlige pengestrømme er økonomisk ækvivalent med det tidligere grundlag (dvs. det grundlag, der ligger umiddelbart forud for ændringen).
5.4.8
Følgende er eksempler på ændringer, der giver anledning til et nyt grundlag for fastsættelse af kontraktlige pengestrømme, som økonomisk set svarer til det tidligere grundlag (dvs. det grundlag, der ligger umiddelbart forud for ændringen):
a)
erstatning af et eksisterende rentebenchmark, der anvendes til at fastsætte de kontraktlige pengestrømme fra et finansielt aktiv eller en finansiel forpligtelse, med et alternativt rentebenchmark — eller gennemførelse af en sådan reform af et rentebenchmark gennem ændring af den metode, der anvendes til at beregne rentebenchmarket — med tilføjelse af et fixed spread, som er nødvendigt for at kompensere for basisforskellen mellem det eksisterende rentebenchmark og det alternative rentebenchmark
b)
ændringer af tilpasningsperioden, tilpasningstidspunkterne eller antallet af dage mellem betalingsdatoer for kuponer med henblik på at gennemføre reformen af et rentebenchmark og
c)
tilføjelsen af en fallback-bestemmelse til kontraktvilkårene for et finansielt aktiv eller en finansiel forpligtelse for at muliggøre indførelse af en ændring, der er beskrevet i litra a) og b) ovenfor.
5.4.9
Hvis der foretages ændringer af et finansielt aktiv eller en finansiel forpligtelse ud over ændringer i grundlaget for fastsættelse af de kontraktlige pengestrømme, som kræves i forbindelse med en rentebenchmarkreform, skal en virksomhed først anvende den i afsnit 5.4.7 omhandlede praktiske foranstaltning på de ændringer, der er påkrævet som følge af en rentebenchmarkreform. Virksomheden skal dernæst anvende de gældende krav i denne standard på eventuelle yderligere ændringer, som den praktiske foranstaltning ikke finder anvendelse på. Hvis den yderligere ændring ikke fører til ophør af indregning af det finansielle aktiv eller den finansielle forpligtelse, skal virksomheden efter behov anvende afsnit 5.4.3 eller afsnit B5.4.6 til den regnskabsmæssige behandling af denne yderligere ændring. Hvis den yderligere ændring fører til ophør af indregning af det finansielle aktiv eller den finansielle forpligtelse, skal virksomheden opfylde kravene vedrørende ophør af indregning.
5.5   VÆRDIFORRINGELSE
Indregning af forventede kredittab
Generel fremgangsmåde
5.5.1
En virksomhed skal indregne en hensættelse til tab 
for forventede kredittab
 på et finansielt aktiv, der måles i overensstemmelse med afsnit 4.1.2 eller 4.1.2A, et leasingtilgodehavende, et 
kontraktaktiv
 eller et lånetilsagn og en finansiel garantikontrakt, som kravene til værdiforringelse finder anvendelse på i henhold til afsnit 2.1, litra g), afsnit 4.2.1, litra c), eller afsnit 4.2.1, litra d).
5.5.2
En virksomhed skal anvende kravene til værdiforringelse til indregning og måling af en hensættelse til tab for finansielle aktiver, der måles til dagsværdi gennem anden totalindkomst i henhold til afsnit 4.1.2A. Hensættelsen til tab skal imidlertid indregnes i anden totalindkomst og reducerer ikke det finansielle aktivs regnskabsmæssige værdi i balancen.
5.5.3
I henhold til afsnit 5.5.13-5.5.16 skal en virksomhed på hver balancedag måle hensættelsen til tab for et finansielt instrument til et beløb, der svarer til de 
forventede kredittab i løbetiden
, hvis kreditrisikoen på det finansielle instrument er steget væsentligt siden første indregning.
5.5.4
Formålet med kravene til værdiforringelse er at indregne de forventede kredittab i løbetiden for alle finansielle instrumenter, for hvilke kreditrisikoen er steget væsentligt siden første indregning, uanset om de er vurderet separat eller samlet, under hensyntagen til alle rimelige og dokumenterede oplysninger, herunder om fremtiden.
5.5.5
I henhold til afsnit 5.5.13-5.5.16, skal en virksomhed, hvis kreditrisikoen på et finansielt instrument ikke på balancedagen er steget væsentligt siden første indregning, måle hensættelsen til tab for det finansielle instrument til et beløb, der svarer til de 
forventede kredittab over 12 måneder
.
5.5.6
For lånetilsagn og finansielle garantikontrakter betragtes den dato, hvor virksomheden bliver part i det uigenkaldelige tilsagn, som datoen for første indregning med henblik på anvendelse af kravene til værdiforringelse.
5.5.7
Hvis en virksomhed har målt hensættelsen til tab for et finansielt instrument til et beløb, der svarer til de forventede kredittab i løbetiden, i den forudgående regnskabsperiode, men vurderer på den aktuelle balancedag, at afsnit 5.5.3 ikke længere er opfyldt, skal virksomheden måle hensættelsen til tab til et beløb, der svarer til de forventede kredittab over 12 måneder på den aktuelle balancedag.
5.5.8
En virksomhed skal indregne størrelsen af de forventede kredittab (eller tilbageførsel), der kræves for at regulere hensættelsen til tab på balancedagen til det beløb, der skal indregnes i henhold til denne standard, i resultatet som 
gevinst eller tab ved værdiforringelse
.
Fastlæggelse af væsentlige stigninger i kreditrisikoen
5.5.9
Virksomheden skal på hver balancedag vurdere, hvorvidt kreditrisikoen på et finansielt instrument er steget væsentligt siden første indregning. Ved denne vurdering skal virksomheden anvende ændringen i risikoen for misligholdelse i det finansielle instruments forventede løbetid i stedet for ændringen i størrelsen af forventede kredittab. For at foretage denne vurdering sammenligner virksomheden risikoen for misligholdelse på det finansielle instrument på balancedagen med risikoen for misligholdelse på det finansielle instrument på datoen for første indregning under hensyntagen til de rimelige og dokumenterede oplysninger, den har adgang til uden urimelig udgift eller indsats, som indikerer væsentlige stigninger i kreditrisikoen siden første indregning.
5.5.10
En virksomhed kan antage, at kreditrisikoen på et finansielt instrument ikke er steget væsentligt siden første indregning, hvis det finansielle instrument vurderes at have en lav kreditrisiko på balancedagen (jf. afsnit B5.5.22-B5.5.24).
5.5.11
Hvis virksomheden har adgang til rimelige og dokumenterede oplysninger om fremtiden uden urimelig udgift eller indsats, må virksomheden ikke udelukkende støtte sig til 
oplysninger om forfaldne beløb
 i vurderingen af, hvorvidt kreditrisikoen er steget væsentligt siden første indregning. Når virksomheden imidlertid ikke har adgang til oplysninger, som er mere fremadrettet end forfaldsstatus (enten separat eller samlet), uden urimelig udgift eller indsats, kan den bruge oplysninger om forfaldne beløb til at vurdere, hvorvidt der har været væsentlige stigninger i kreditrisikoen siden første indregning. Uanset hvordan en virksomhed vurderer væsentlige stigninger i kreditrisikoen, gælder der en afkræftelig formodning om, at kreditrisikoen på et finansielt aktiv er steget væsentligt siden første indregning, hvis kontraktlige betalinger er forfaldne med mere end 30 dage. En virksomhed kan afkræfte denne formodning, hvis den har adgang til rimelige og dokumenterede oplysninger uden urimelig udgift eller indsats, som viser, at kreditrisikoen ikke er steget væsentligt siden første indregning, selv om de kontraktlige betalinger er forfaldne med mere end 30 dage. Når en virksomhed vurderer, at kreditrisikoen er steget væsentligt, før de kontraktlige betalinger er forfaldne med mere end 30 dage, finder den afkræftelige formodning ikke anvendelse.
Ændrede finansielle aktiver
5.5.12
Hvis de kontraktlige pengestrømme på et finansielt aktiv er blevet genforhandlet eller ændret, og der ikke er sket ophør af indregning af det finansielle aktiv, skal virksomheden vurdere, hvorvidt der har været en væsentlig stigning i kreditrisikoen på det finansielle instrument i overensstemmelse med afsnit 5.5.3, ved at sammenligne:
a)
risikoen for misligholdelse på balancedagen (baseret på de ændrede kontraktlige vilkår) og
b)
risikoen for misligholdelse på tidspunktet for første indregning (baseret på de originale, uændrede kontraktlige vilkår).
Erhvervede eller oprettede værdiforringede finansielle aktiver
5.5.13
Uanset afsnit 5.5.3 og 5.5.5 skal en virksomhed på balancedagen kun indregne de akkumulerede ændringer i de forventede kredittab i løbetiden siden første indregning som en hensættelse til tab for erhvervede eller oprettede værdiforringede finansielle aktiver.
5.5.14
En virksomhed skal på hver balancedag indregne den beløbsmæssige størrelse af ændringen i de forventede kredittab i løbetiden i resultatet som gevinst eller tab ved værdiforringelse. En virksomhed skal indregne positive ændringer i de forventede kredittab i løbetiden som en gevinst ved værdiforringelse, selv om de forventede kredittab i løbetiden er mindre end den beløbsmæssige størrelse af de forventede kredittab, der blev indregnet i de skønnede pengestrømme ved første indregning.
Forenklet fremgangsmåde for tilgodehavender fra salg, kontraktaktiver og leasingtilgodehavender
5.5.15
Uanset afsnit 5.5.3 og 5.5.5 skal en virksomhed altid måle hensættelsen til tab til et beløb, der svarer til de forventede kredittab i løbetiden for:
a)
tilgodehavender fra salg eller kontraktaktiver, der hidrører fra transaktioner, som falder inden for anvendelsesområdet for IFRS 15, og som
i)
ikke indeholder et væsentligt finansieringselement i henhold til IFRS 15 (eller når virksomheden anvender den praktiske foranstaltning i henhold til afsnit 63 i IFRS 15), eller
ii)
indeholder et væsentligt finansieringselement i henhold til IFRS 15, hvis virksomheden i sin regnskabspraksis vælger at måle hensættelsen til tab til et beløb, der svarer til de forventede kredittab i løbetiden. Denne regnskabspraksis skal anvendes på alle sådanne tilgodehavender fra salg eller kontraktaktiver, men kan anvendes separat på tilgodehavender fra salg og kontraktaktiver.
b)
leasingtilgodehavender, der hidrører fra transaktioner, der falder inden for anvendelsesområdet for IFRS 16, hvis virksomheden i sin regnskabspraksis vælger at måle hensættelsen til tab til et beløb, der svarer til de forventede kredittab i løbetiden. Denne regnskabspraksis skal anvendes på alle leasingtilgodehavender, men kan anvendes separat på tilgodehavender fra finansielle og operationelle leasingkontrakter.
5.5.16
En virksomhed kan vælge regnskabspraksis for tilgodehavender fra salg, leasingtilgodehavender og kontraktaktiver uafhængigt af hinanden.
Måling af forventede kredittab
5.5.17
En virksomhed skal måle de forventede kredittab for et finansielt instrument på en måde, der afspejler:
a)
et objektivt og sandsynlighedsvægtet beløb, der fastlægges på grundlag af en vurdering af et interval af mulige udfald
b)
den tidsmæssige værdi af penge og
c)
rimelige og dokumenterede oplysninger, som virksomheden har adgang til uden urimelig udgift eller indsats på balancedagen, om tidligere begivenheder, aktuelle forhold samt prognoser om fremtidige økonomiske forhold.
5.5.18
Når en virksomhed måler forventede kredittab, behøver den ikke nødvendigvis at identificere alle mulige senarier. Den skal imidlertid overveje risikoen eller sandsynligheden for et kredittab ved at tage højde for muligheden for, at der opstår et kredittab, og muligheden for, at der ikke opstår et kredittab, selv om sandsynligheden for, at der opstår et kredittab er meget lav.
5.5.19
Den maksimale periode, der skal bruges til målingen af de forventede kredittab, er den maksimale kontraktperiode (samt optioner på forlængelse), hvor virksomheden er eksponeret for kreditrisiko, og ikke en længere periode, selv om en sådan længere periode måtte være forretningspraksis.
5.5.20
Nogle finansielle instrumenter omfatter imidlertid både lån og uudnyttede forpligtelser, og virksomhedens ret i henhold til kontrakten til at kræve tilbagebetaling og annullere den uudnyttede forpligtelse begrænser ikke virksomhedens eksponering for kredittab til kontraktens opsigelsesperiode. Virksomheden skal, udelukkende for disse finansielle instrumenter, måle de forventede kredittab over den periode, hvor virksomheden er eksponeret for kreditrisiko, og forventede kredittab vil ikke blive reduceret ved tiltag til styring af kreditrisikoen, selv om den pågældende periode er længere end den maksimale kontraktperiode.
5.6   OMKLASSIFIKATION AF FINANSIELLE AKTIVER
5.6.1
Hvis en virksomhed omklassificerer finansielle aktiver i henhold til afsnit 4.4.1, skal den anvende omklassifikationen fremadrettet fra 
omklassificeringsdatoen
. Virksomheden må ikke tilpasse tidligere indregnede gevinster, tab (herunder gevinster eller tab ved værdiforringelse) eller renter. Afsnit 5.6.2-5.6.7 beskriver kravene til omklassifikation.
5.6.2
Hvis en virksomhed omklassificerer et finansielt aktiv fra kategorien måling til amortiseret kostpris til kategorien måling til dagsværdi gennem resultatet, måles dagsværdien på omklassificeringsdatoen. Eventuelle gevinster eller tab fra differencen mellem det finansielle aktivs tidligere amortiserede kostpris og dagsværdien indregnes i resultatet.
5.6.3
Hvis en virksomhed omklassificerer et finansielt aktiv fra kategorien måling til dagsværdi gennem resultatet til kategorien måling til amortiseret kostpris, bliver dagsværdien på omklassificeringsdatoen den nye regnskabsmæssige bruttoværdi. (Afsnit B5.6.2 indeholder vejledning om fastsættelse af den effektive rente og hensættelse til tab på omklassificeringsdatoen.)
5.6.4
Hvis en virksomhed omklassificerer et finansielt aktiv fra kategorien måling til amortiseret kostpris til kategorien måling til dagsværdi gennem anden totalindkomst, måles dagsværdien på omklassificeringsdatoen. Eventuelle gevinster eller tab fra differencen mellem det finansielle aktivs tidligere amortiserede kostpris og dagsværdien indregnes i anden totalindkomst. Den effektive rente og målingen af forventede kredittab reguleres ikke som følge af omklassifikationen. (Jf. afsnit B5.6.1.)
5.6.5
Hvis en virksomhed omklassificerer et finansielt aktiv fra kategorien måling til dagsværdi gennem anden totalindkomst til kategorien måling til amortiseret kostpris, bliver det finansielle aktiv omklassificeret til dagsværdi på omklassificeringsdatoen. De akkumulerede gevinster eller tab, der tidligere er blevet indregnet i anden totalindkomst, fjernes imidlertid fra egenkapitalen og reguleres i forhold til det finansielle aktivs dagsværdi på omklassificeringsdatoen. Som følge deraf måles det finansielle aktiv på omklassificeringsdatoen som om, det altid var blevet målt til amortiseret kostpris. Denne regulering påvirker anden totalindkomst, men ikke resultatet, hvorfor det ikke er en omklassificeringsregulering (jf. IAS 1 
Præsentation af årsregnskaber
). Den effektive rente og målingen af forventede kredittab reguleres ikke som følge af omklassifikationen. (Jf. afsnit B5.6.1.)
5.6.6
Hvis en virksomhed omklassificerer et finansielt aktiv fra kategorien måling til dagsværdi gennem resultatet til kategorien måling til dagsværdi gennem anden totalindkomst, måles det finansielle aktiv fortsat til dagsværdi. (Afsnit B5.6.2 indeholder vejledning om fastsættelse af den effektive rente og hensættelse til tab på omklassificeringsdatoen.)
5.6.7
Hvis en virksomhed omklassificerer et finansielt aktiv fra kategorien måling til dagsværdi gennem anden totalindkomst til kategorien måling til dagsværdi gennem resultatet, måles det finansielle aktiv fortsat til dagsværdi. De akkumulerede gevinster eller tab, der tidligere er blevet indregnet i anden totalindkomst, omklassificeres fra egenkapitalen til resultatet som en omklassifikationsregulering (jf. IAS 1) på omklassificeringsdatoen.
5.7   GEVINSTER OG TAB
5.7.1
Gevinster eller tab hidrørende fra et finansielt aktiv eller en finansiel forpligtelse, der måles til dagsværdi, skal indregnes i resultatet, medmindre:
a)
det indgår i et sikringsforhold (jf. afsnit 6.5.8-6.5.14 og, hvor det er relevant, afsnit 89-94 i IAS 39 om regnskabsmæssig sikring af dagsværdien for en porteføljesikring af renterisiko)
b)
det er en investering i et egenkapitalinstrument, og virksomheden har valgt at præsentere gevinster og tab på investeringen under anden totalindkomst i henhold til afsnit 5.7.5
c)
det er en finansiel forpligtelse, der er klassificeret som til dagsværdi gennem resultatet, og virksomheden skal præsentere virkningen af ændringer i forpligtelsens 
kreditrisiko
 under anden totalindkomst i henhold til afsnit 5.7.7, eller
d)
det er et finansielt aktiv, som måles til dagsværdi gennem anden totalindkomst i overensstemmelse med afsnit 4.1.2A, og virksomheden skal indregne ændringer i dagsværdien under anden totalindkomst i henhold til afsnit 5.7.10.
5.7.1A
Udbytte
 indregnes kun i resultatet, når:
a)
virksomhedens ret til at modtage udbytte fastlægges
b)
det er sandsynligt, at økonomiske fordele forbundet med udbyttet vil tilgå virksomheden, og
c)
udbyttets størrelse kan måles pålideligt.
5.7.2
Gevinster eller tab på et finansielt aktiv, som måles til amortiseret kostpris, og som ikke indgår i et sikringsforhold (jf. afsnit 6.5.8-6.5.14 og, hvor det er relevant, afsnit 89-94 i IAS 39 om regnskabsmæssig sikring af dagsværdien for en porteføljesikring af renterisiko) skal indregnes i resultatet, når indregning af det finansielle aktiv ophører, det omklassificeres i henhold til afsnit 5.6.2, ved amortiseringen eller for at indregne gevinster eller tab ved værdiforringelse. En virksomhed skal anvende afsnit 5.6.2 og 5.6.4, hvis den omklassificerer finansielle aktiver fra kategorien måling til amortiseret kostpris. Gevinster eller tab på en finansiel forpligtelse, som måles til amortiseret kostpris, og som ikke indgår i et sikringsforhold (jf. afsnit 6.5.8-6.5.14 og, hvor det er relevant, afsnit 89-94 i IAS 39 om regnskabsmæssig sikring af dagsværdien for en porteføljesikring af renterisiko) skal indregnes i resultatet, når indregning af den finansielle forpligtelse ophører og ved amortiseringen. (Afsnit B5.7.2 indeholder vejledning om valutakursgevinster og -tab).
5.7.3
Gevinster eller tab på finansielle aktiver eller finansielle forpligtelser, der er sikrede poster i et sikringsforhold, skal indregnes i overensstemmelse med afsnit 6.5.8-6.5.14 og, hvor det er relevant, afsnit 89-94 i IAS 39 om regnskabsmæssig sikring af dagsværdien for en porteføljesikring af renterisiko.
5.7.4
Når en virksomhed indregner finansielle aktiver på afregningsdatoen (jf. afsnit 3.1.2, B3.1.3 og B3.1.6) skal eventuelle ændringer i dagsværdien af det aktiv, som skal modtages, i perioden mellem handelsdatoen og afregningsdatoen ikke indregnes for aktiver, som måles til amortiseret kostpris. For aktiver, som måles til dagsværdi, skal en ændring i dagsværdi imidlertid indregnes i resultatet eller i anden totalindkomst, alt efter hvad der er hensigtsmæssigt, i henhold til afsnit 5.7.1. Handelsdatoen anses for at være datoen for første indregning i forbindelse med anvendelsen af kravene til værdiforringelse.
Investeringer i egenkapitalinstrumenter
5.7.5
Ved den første indregning kan en virksomhed træffe en uigenkaldelig beslutning om, at den under anden totalindkomst vil indregne ændringer i dagsværdien af en investering i et egenkapitalinstrument, som er omfattet af denne standard og hverken 
besiddes med henblik på handel
eller er et betinget vederlag indregnet af en overtagende virksomhed i en virksomhedssammenslutning, hvorpå IFRS 3 finder anvendelse. (Afsnit B5.7.3 indeholder vejledning om valutakursgevinster og -tab).
5.7.6
Hvis en virksomhed træffer den i afsnit 5.7.5 omhandlede beslutning, skal den indregne udbytte fra denne investering i resultatet i henhold til afsnit 5.7.1A.
Forpligtelser klassificeret til dagsværdi gennem resultatet
5.7.7
En virksomhed skal præsentere gevinster eller tab på en finansiel forpligtelse, som er klassificeret som til dagsværdi gennem resultatet i henhold til afsnit 4.2.2 eller afsnit 4.3.5, som følger:
a)
den beløbsmæssige størrelse af ændringen i dagsværdien af den finansielle forpligtelse, som kan henføres til ændringer i forpligtelsens kreditrisiko, skal præsenteres under anden totalindkomst (jf. afsnit B5.7.13-B5.7.20), og
b)
den resterende beløbsmæssige ændring i forpligtelsens dagsværdi skal præsenteres under resultatet,
medmindre den regnskabsmæssige behandling af virkningen af ændringer i forpligtelsens kreditrisiko i a) ville forårsage eller forværre en regnskabsmæssig inkonsistens i resultatet (i hvilket tilfælde afsnit 5.7.8 finder anvendelse). Afsnit B5.7.5-B5.7.7 og B5.7.10-B5.7.12 indeholder vejledning om vurdering af, hvorvidt dette ville forårsage eller forværre en regnskabsmæssig inkonsistens.
5.7.8
Hvis kravene i afsnit 5.7.7 ville forårsage eller forværre en regnskabsmæssig inkonsistens i resultatet, skal en virksomhed præsentere alle gevinster eller tab på denne forpligtelse (herunder virkningen af ændringer i forpligtelsens kreditrisiko) i resultatet.
5.7.9
Uanset kravene i afsnit 5.7.7 og 5.7.8 skal en virksomhed i resultatet præsentere alle gevinster og tab på lånetilsagn og finansielle garantikontrakter, der er klassificeret som til dagsværdi gennem resultatet.
Aktiver, der måles til dagsværdi gennem anden totalindkomst
5.7.10
Gevinster eller tab på et finansielt aktiv, der måles til dagsværdi gennem anden totalindkomst i henhold til afsnit 4.1.2A, skal indregnes i anden totalindkomst, bortset fra gevinster eller tab ved værdiforringelse (jf. afsnit 5.5) og valutakursgevinster eller -tab (jf. afsnit B5.7.2-B5.7.2A), indtil indregning af det finansielle aktiv ophører, eller det omklassificeres. Når indregning af det finansielle aktiv ophører, skal akkumulerede gevinster eller tab, der tidligere er blevet indregnet i anden totalindkomst, omklassificeres fra egenkapitalen til resultatet som en omklassifikationsregulering (jf. IAS 1). Hvis det finansielle aktiv omklassificeres fra kategorien måling til dagsværdi gennem anden totalindkomst, skal virksomheden regnskabsmæssigt behandle de akkumulerede gevinster eller tab, der tidligere blev indregnet i anden totalindkomst, i henhold til afsnit 5.6.5 og 5.6.7. Rente beregnet ved hjælp af den effektive rentemetode indregnes i resultatet.
5.7.11
Som beskrevet i afsnit 5.7.10, gælder det, at hvis et finansielt aktiv måles til dagsværdi gennem anden totalindkomst i henhold til afsnit 4.1.2A, er de beløb, der indregnes i resultatet, de samme som de beløb, der ville være blevet indregnet i resultatet, hvis det finansielle aktiv var blevet målt til amortiseret kostpris.
KAPITEL 6
   
Regnskabsmæssig sikring
6.1   FORMÅL OG ANVENDELSESOMRÅDE
6.1.1
Formålet med regnskabsmæssig sikring er i regnskabet at præsentere virkningen af en virksomheds risikostyringsaktiviteter, hvor finansielle instrumenter bruges til at styre eksponeringen fra bestemte risici, der kunne påvirke resultatet (eller anden totalindkomst for investeringer i egenkapitalinstrumenter, hvor en virksomhed har valgt at præsentere ændringer i dagsværdien i anden totalindkomst i henhold til afsnit 5.7.5). Denne fremgangsmåde har til formål at beskrive, i forbindelse med hvilke sikringsinstrumenter regnskabsmæssig sikring anvendes, for at give et indblik i deres formål og effekt.
6.1.2
En virksomhed kan vælge at klassificere et sikringsforhold mellem et sikringsinstrument og en sikret post i henhold til afsnit 6.2.1-6.3.7 og B6.2.1-B6.3.25. For sikringsforhold, der opfylder kriterierne for klassifikation, skal en virksomhed regnskabsmæssigt behandle gevinsten eller tabet på sikringsinstrumentet og den sikrede post i henhold til afsnit 6.5.1-6.5.14 og B6.5.1-B6.5.28, Når den sikrede post er en gruppe poster, skal en virksomhed opfylde de supplerende krav i afsnit 6.6.1-6.6.6 og B6.6.1-B6.6.16.
6.1.3
Ved sikring af dagsværdien af renterisikoen for en portefølje af finansielle aktiver eller finansielle forpligtelser (og kun ved en sådan sikring) kan en virksomhed anvende kravene til regnskabsmæssig sikring i IAS 39 i stedet for kravene i denne standard. I det tilfælde skal virksomheden også anvende de specifikke krav til regnskabsmæssig sikring af dagsværdien for en porteføljesikring af renterisiko og klassificere den sikrede del som et valutabeløb (jf. afsnit 81A, 89A og AG114-AG132 i IAS 39).
6.2   SIKRINGSINSTRUMENTER
Instrumenter, som opfylder kriterierne
6.2.1
Et afledt finansielt instrument, som måles til dagsværdi gennem resultatet, kan klassificeres som et sikringsinstrument, bortset fra visse solgte optioner (jf. afsnit B6.2.4).
6.2.2
Et ikke-afledt finansielt aktiv eller en ikke-afledt finansiel forpligtelse, som måles til dagsværdi gennem resultatet, kan klassificeres som et sikringsinstrument, medmindre det er en finansiel forpligtelse, der er klassificeret som til dagsværdi gennem resultatet, for hvilken den beløbsmæssige størrelse af den ændring i dagsværdien, som kan henføres til ændringer i forpligtelsens kreditrisiko, præsenteres under anden totalindkomst i henhold til afsnit 5.7.7. Ved sikring af valutarisiko kan valutarisikokomponenten af et ikke-afledt finansielt aktiv eller en ikke-afledt finansiel forpligtelse klassificeres som et sikringsinstrument, forudsat at det ikke er en investering i et egenkapitalinstrument, for hvilket virksomheden har valgt at præsentere ændringer i dagsværdien under anden totalindkomst i henhold til afsnit 5.7.5.
6.2.3
Ved regnskabsmæssig sikring må kun kontrakter med en ekstern part i forhold til den regnskabsaflæggende virksomhed (dvs. en ekstern part i forhold til koncernen eller den enkelte virksomhed, som der aflægges regnskab for) klassificeres som sikringsinstrumenter.
Klassifikation af sikringsinstrumenter
6.2.4
Et instrument, som opfylder kriterierne for sikringsinstrumenter, skal klassificeres i sin helhed som et sikringsinstrument. 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 og ikke dens tidsmæssige værdi (jf. afsnit 6.5.15 og B6.5.29-B6.5.33)
b)
opdeling af terminsdelen og spotdelen på en terminskontrakt, hvor kun ændringen i værdien af spotdelen på en terminskontrakt klassificeres som et sikringsinstrument og ikke terminsdelen, ligesom valutaspændet kan udskilles og udelukkes fra klassifikationen af et finansielt instrument som sikringsinstrumentet (jf. afsnit 6.5.16 og B6.5.34-B6.5.39), og
c)
i et sikringsforhold kan virksomheden klassificere en del af hele sikringsinstrumentet, eksempelvis 50 % af det nominelle beløb, som sikringsinstrumentet. Dog må et sikringsinstrument ikke kun klassificeres for en del af ændringen i dagsværdien, der kun hidrører fra en del af den periode, hvor sikringsinstrumentet fortsat er udestående.
6.2.5
En virksomhed kan se enhver kombination af følgende i sammenhæng og sammen klassificere dem som sikringsinstrumentet (herunder hvor den risiko eller de risici, der er forbundet med nogle sikringsinstrumenter opvejer de risici, der er forbundet med andre sikringsinstrumenter):
a)
afledte finansielle instrumenter eller en del heraf og
b)
ikke-afledte finansielle instrumenter eller en del heraf.
6.2.6
Et afledt finansielt instrument, der kombinerer en solgt option og en købt option, (f.eks. en rentecollar) opfylder dog ikke betingelserne for et sikringsinstrument, hvis det i realiteten netto er en solgt option på klassifikationstidspunktet (medmindre den opfylder betingelserne i henhold til afsnit B6.2.4). Tilsvarende kan to eller flere instrumenter (eller dele heraf) kun klassificeres sammen som sikringsinstrumentet, hvis de sammen i realiteten ikke netto er en solgt option på klassifikationstidspunktet (medmindre de opfylder betingelserne i henhold til afsnit B6.2.4).
6.3   SIKREDE POSTER
Poster, som opfylder kriterierne
6.3.1
En sikret post kan være et indregnet aktiv eller en indregnet forpligtelse, en ikke-indregnet 
fast aftale
, en 
forventet transaktion
 eller en nettoinvestering i en udenlandsk virksomhed. Den sikrede post kan være:
a)
en enkelt post eller
b)
en gruppe poster (jf. afsnit 6.6.1-6.6.6 og B6.6.1-B6.6.16).
En sikret post kan også være en del af en sådan post eller gruppe poster (jf. afsnit 6.3.7 og B6.3.7-B6.3.25).
6.3.2
Den sikrede post skal kunne måles pålideligt.
6.3.3
Hvis en sikret post er en forventet transaktion (eller en del heraf), skal denne transaktion være højst sandsynlig.
6.3.4
En aggregeret eksponering, som er en kombination af en eksponering, der kunne opfylde kriterierne for sikrede poster i henhold til afsnit 6.3.1, og et afledt finansielt instrument, kan klassificeres om en sikret post (jf. afsnit B6.3.3-B6.3.4). Dette omfatter en forventet transaktion vedrørende en aggregeret eksponering (dvs. en fremtidig transaktion, som virksomheden ikke har forpligtet sig til, men som forventes, og som ville medføre en eksponering og et afledt finansielt instrument), hvis den aggregerede eksponering er højst sandsynlig og den, når den er indtruffet og derfor ikke længere er forventet, opfylder kriterierne for sikrede poster.
6.3.5
Ved regnskabsmæssig sikring er det udelukkende aktiver, forpligtelser, faste aftaler eller forventede transaktioner, som er højst sandsynlige, med en ekstern part, der kan klassificeres som sikrede poster. Regnskabsmæssig sikring kan kun anvendes på transaktioner mellem virksomheder i samme koncern i de enkelte eller separate årsregnskaber for disse virksomheder og ikke på koncernregnskabet, bortset fra koncernregnskabet for en investeringsvirksomhed, som defineret i IFRS 10, hvor transaktioner mellem en investeringsvirksomhed og dens dattervirksomheder, som måles til dagsværdi gennem resultatet, ikke vil blive elimineret i koncernregnskabet.
6.3.6
Som en undtagelse til afsnit 6.3.5 gælder imidlertid, 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 sikrede poster
6.3.7
En virksomhed kan klassificere en post i sin helhed eller komponenter heraf som den sikrede post i et sikringsforhold. Hele posten omfatter alle ændringer i pengestrømmene eller dagsværdien af en post. En komponent omfatter mindre end hele ændringen i dagsværdien eller udsvinget i pengestrømmene for en post. I det tilfælde kan en virksomhed kun klassificere følgende typer komponenter (herunder kombinationer) som sikrede poster:
a)
udelukkende ændringer i pengestrømmene eller dagsværdien af en post, der kan henføres til en eller flere specifikke risici (risikokomponent), forudsat at risikokomponenten er separat identificerbar og kan måles pålideligt baseret på en vurdering på grundlag af den pågældende markedsstruktur (jf. afsnit B6.3.8-B6.3.15). Risikokomponenter omfatter en klassifikation udelukkende af ændringer i pengestrømmene eller dagsværdien af en sikret post, der er større eller mindre end en bestemt pris eller anden variabel (ensidig risiko)
b)
en eller flere kontraktlige pengestrømme
c)
komponenter af et nominelt beløb, dvs. en bestemt del af postens beløbsmæssige størrelse (jf. afsnit B6.3.16-B6.3.20).
6.4   KRITERIER FOR REGNSKABSMÆSSIG SIKRING
6.4.1
Regnskabsmæssig sikring kan kun anvendes på sikringsforhold, hvis alle følgende kriterier opfyldt:
a)
Sikringsforholdet består kun af sikringsinstrumenter og sikrede poster, der opfylder kriterierne.
b)
Ved sikringsforholdets 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, den afdækkede risikos art, samt hvordan virksomheden vil vurdere, hvorvidt sikringsforholdet opfylder kravene til sikringseffektivitet (herunder analysen af kilderne til sikringsineffektivitet, og hvordan den fastsætter 
sikringsraten
).
c)
Sikringsforholdet opfylder alle følgende krav til sikringseffektivitet:
i)
der er et økonomisk forhold mellem den sikrede post og sikringsinstrumentet (jf. afsnit B6.4.4-B6.4.6)
ii)
virkningen af kreditrisikoen dominerer ikke de værdiændringer, der hidrører fra det økonomiske forhold (jf. afsnit B6.4.7-B6.4.8), og
iii)
sikringsforholdets sikringsrate er den samme som den, der følger af den mængde af den sikrede post, som virksomheden faktisk sikrer, og den mængde af sikringsinstrumentet, som virksomheden faktisk bruger til at sikre den pågældende mængde af den sikrede post. Klassifikationen må imidlertid ikke afspejle en ubalance mellem vægtningen af den sikrede post og af sikringsinstrumentet, som ville forårsage sikringsineffektivitet (uanset om det er indregnet eller ej), der kunne medføre en regnskabsmæssig virkning, der var uforenelig med formålet med den regnskabsmæssige sikring (jf. afsnit B6.4.9-B6.4.11).
6.5   REGNSKABSMÆSSIG BEHANDLING AF SIKRINGSFORHOLD, DER OPFYLDER KRITERIERNE
6.5.1
En virksomhed anvender regnskabsmæssig sikring på sikringsforhold, der opfylder kriterierne i afsnit 6.4.1 (hvilket omfatter virksomhedens beslutning om at klassificere sikringsforholdet).
6.5.2
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 del af en sådan post, som kan henføres til en bestemt risiko, og som kan påvirke resultatet
b)
sikring af pengestrømme: afdækning af risikoen for udsving i pengestrømme, som kan henføres til en bestemt risiko, der er tilknyttet hele eller dele af 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 kan påvirke resultatet
c)
sikring af en nettoinvestering i en udenlandsk virksomhed, som defineret i IAS 21.
6.5.3
Hvis den sikrede post er et egenkapitalinstrument, for hvilket en virksomhed har valgt at præsentere ændringer i dagsværdien under anden totalindkomst i henhold til afsnit 5.7.5, skal den sikrede eksponering omhandlet i afsnit 6.5.2, litra a), kunne påvirke anden totalindkomst. Udelukkende i det tilfælde må den indregnede sikringsineffektivitet præsenteres under anden totalindkomst.
6.5.4
Sikring af den med en fast aftale forbundne valutarisiko kan regnskabsmæssigt behandles som en sikring af dagsværdi eller en sikring af pengestrømme.
6.5.5
Hvis et sikringsforhold ikke længere opfylder kravet til sikringseffektivitet med hensyn til sikringsrate (jf. afsnit 6.4.1, litra c), nr. iii)), men risikostyringsformålet for det klassificerede sikringsforhold er det samme, skal en virksomhed regulere sikringsforholdets sikringsrate, så det igen opfylder kriterierne (dette benævnes i denne standard "genskabelse af balancen" — jf. afsnit B6.5.7-B6.5.21).
6.5.6
En virksomhed må først bringe den regnskabsmæssige sikring til ophør fremadrettet, når sikringsforholdet (eller en del af et sikringsforhold) ikke længere opfylder kriterierne (under hensyntagen til en eventuel genskabelse af balancen i sikringsforholdet, hvis det er relevant). Dette omfatter tilfælde, hvor sikringsinstrumentet udløber eller sælges, afvikles eller udnyttes. I denne sammenhæng er udskiftningen eller forlængelsen af et sikringsinstrument til et andet sikringsinstrument ikke udløb eller afvikling, hvis en sådan udskiftning eller forlængelse indgår i og opfylder virksomhedens dokumenterede risikostyringsstrategi. Desuden er der i denne sammenhæng ikke tale om udløb eller afvikling af sikringsinstrumentet, hvis:
a)
parterne i et sikringsinstrument som følge af love eller retsforskrifter eller indførelsen af love eller retsforskrifter aftaler, at en eller flere clearingmodparter erstatter deres oprindelige modpart og bliver den nye modpart for hver af parterne. I denne sammenhæng er en clearingmodpart en central modpart (som også kaldes en "clearingorganisation" eller et "clearingagentur") eller en virksomhed eller virksomheder, eksempelvis et clearingmedlem i en clearingorganisation eller en kunde hos et clearingmedlem i en clearingorganisation, som fungerer som modpart ved effektueringen af en central modparts clearing. Hvis parterne i et sikringsinstrument erstatter deres oprindelige modparter med andre modparter, er kravet i dette underafsnit dog kun opfyldt, hvis hver af disse parter effektuerer clearing med den samme centrale modpart
b)
andre eventuelle ændringer af sikringsinstrumentet er begrænset til de ændringer, der er nødvendige for at effektuere en sådan erstatning af modparten. Sådanne ændringer er begrænset til ændringer, som er i overensstemmelse med de betingelser, som kunne forventes, hvis sikringsinstrumentet oprindeligt blev clearet med clearingmodparten. Disse ændringer omfatter bl.a. ændringer vedrørende sikkerhedsstillelseskravene, ret til at modregne tilgodehavender og gæld samt afgifter.
At bringe den regnskabsmæssige sikring til ophør kan enten påvirke hele sikringsforholdet eller dele af det (i hvilket tilfælde den regnskabsmæssige sikring fortsætter i den resterende del af sikringsforholdet).
6.5.7
En virksomhed skal anvende:
a)
afsnit 6.5.10, når den bringer den regnskabsmæssige sikring til ophør for sikring af dagsværdi, hvor den sikrede post er (eller er en del af) et finansielt instrument, som måles til amortiseret kostpris, og
b)
afsnit 6.5.12, når den bringer den regnskabsmæssige sikring til ophør for sikring af pengestrømme.
Sikring af dagsværdi
6.5.8
Så længe sikringen af dagsværdien opfylder de i afsnit 6.4.1 nævnte kriterier, skal sikringsforholdet regnskabsmæssigt behandles på følgende måde:
a)
gevinsten eller tabet på sikringsinstrumentet skal indregnes i resultatet (eller anden totalindkomst, hvis sikringsinstrumentet sikrer et egenkapitalinstrument, hvor virksomheden har valgt at præsentere ændringer i dagsværdien under anden totalindkomst i henhold til afsnit 5.7.5)
b)
sikringsgevinsten eller -tabet på den sikrede post skal regulere den sikrede posts regnskabsmæssige værdi (hvis det er relevant) og indregnes i resultatet. Hvis den sikrede post er et finansielt aktiv (eller en del heraf), som måles til dagsværdi gennem anden totalindkomst i henhold til afsnit 4.1.2A, skal sikringsgevinsten eller -tabet på den sikrede post indregnes i resultatet. Hvis den sikrede post er et egenkapitalinstrument, for hvilket en virksomhed har valgt at præsentere ændringer i dagsværdien under anden totalindkomst i henhold til afsnit 5.7.5, skal disse beløb imidlertid fortsat indregnes i anden totalindkomst. Hvis en sikret post er en ikke-indregnet fast aftale (eller en del heraf), indregnes den akkumulerede ændring i den sikrede posts dagsværdi efter klassifikationen som et aktiv eller en forpligtelse, og en tilsvarende gevinst eller et tilsvarende tab indregnes i resultatet.
6.5.9
Hvis en sikret post i en sikring af dagsværdi er en fast aftale (eller en del heraf) om at erhverve et aktiv eller påtage sig en forpligtelse, 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 sikrede posts dagsværdi, der blev indregnet i balancen.
6.5.10
Eventuelle reguleringer, som hidrører fra afsnit 6.5.8, litra b), skal afskrives over resultatet, hvis den sikrede post er et finansielt instrument (eller en del heraf), som måles til amortiseret kostpris. Afskrivning kan påbegyndes, så snart der foreligger en regulering, og senest på det tidspunkt, hvor den sikrede post ikke længere reguleres for sikringsgevinster og -tab. Afskrivningen er baseret på en omberegnet effektiv rente på tidspunktet for påbegyndelsen af afskrivningen. I forbindelse med et finansielt aktiv (eller en del heraf), som er en sikret post, og som måles til dagsværdi gennem anden totalindkomst i henhold til afsnit 4.1.2A, skal der afskrives på samme måde, men for det beløb, der repræsenterer den akkumulerede gevinst eller det akkumulerede tab, der tidligere blev indregnet i henhold til afsnit 6.5.8, litra b), i stedet for at regulere den regnskabsmæssige værdi.
Sikring af pengestrømme
6.5.11
Så længe sikringen af pengestrømme opfylder de i afsnit 6.4.1 nævnte kriterier, skal sikringsforholdet regnskabsmæssigt behandles på følgende måde:
a)
det separate egenkapitalelement, som er forbundet med den sikrede post, (reserve vedrørende sikring af pengestrømme) 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 den sikrede post (dvs. nutidsværdien af den akkumulerede ændring i de sikrede forventede fremtidige pengestrømme) fra sikringens indgåelse
b)
den del af gevinsten eller tabet på sikringsinstrumentet, som vurderes at være en effektiv sikring (dvs. den del, der udlignes af ændringen i reserven vedrørende sikring af pengestrømme beregnet i overensstemmelse med litra a)), skal indregnes i anden totalindkomst
c)
eventuelle resterende gevinster eller tab på sikringsinstrumentet (eller eventuelle gevinster eller tab, der kræves for at udligne ændringen i reserven vedrørende sikring af pengestrømme beregnet i overensstemmelse med litra a)), er sikringsineffektivitet, som skal indregnes i resultatet
d)
det beløb, der er akkumuleret i reserven vedrørende sikring af pengestrømme i overensstemmelse med litra a), skal regnskabsmæssigt behandles på følgende måde:
i)
hvis en sikret forventet transaktion efterfølgende medfører indregning af et ikke-finansielt aktiv eller en ikke-finansiel forpligtelse, eller en sikret forventet transaktion vedrørende et ikke-finansielt aktiv eller en ikke-finansiel forpligtelse bliver en fast aftale, hvor regnskabsmæssig sikring af dagsværdi finder anvendelse, skal virksomheden fjerne det beløb fra reserven vedrørende sikring af pengestrømme og medregne det direkte i aktivets eller forpligtelsens oprindelige kostpris eller anden regnskabsmæssig værdi. Dette er ikke en omklassifikationsregulering (jf. IAS 1) og påvirker derfor ikke anden totalindkomst
ii)
for sikringer af pengestrømme, bortset fra de i i) omtalte, skal beløbet omklassificeres fra reserven vedrørende sikring af pengestrømme til resultatet som en omklassifikationsregulering (jf. IAS 1) i den eller de samme perioder, hvor de sikrede forventede fremtidige pengestrømme påvirker resultatet (eksempelvis i de perioder, hvor renteindtægter eller -udgifter indregnes, eller når et forventet salg finder sted)
iii)
hvis beløbet er et tab, og en virksomhed forventer, at et tab eller en del af et tab ikke vil blive genindvundet i løbet af en eller flere fremtidige perioder, skal virksomheden straks omklassificere det beløb, som ikke forventes genindvundet, til resultatet som en omklassifikationsregulering (jf. IAS 1).
6.5.12
Hvis en virksomhed bringer regnskabsmæssig sikring til ophør vedrørende en sikring af pengestrømme (jf. afsnit 6.5.6 og 6.5.7, litra b)), skal den regnskabsmæssigt behandle det beløb, der er akkumuleret i reserven vedrørende sikring af pengestrømme i overensstemmelse med afsnit 6.5.11, litra a), på følgende måde:
a)
hvis de sikrede fremtidige pengestrømme stadig forventes at finde sted, skal beløbet forblive i reserven vedrørende sikring af pengestrømme, indtil de fremtidige pengestrømme finder sted, eller indtil afsnit 6.5.11, litra d), nr. iii), finder anvendelse. Når de fremtidige pengestrømme finder sted, finder afsnit 6.5.11, litra d), anvendelse
b)
hvis de sikrede fremtidige pengestrømme ikke længere forventes at finde sted, skal beløbet straks omklassificeres fra reserven vedrørende sikring af pengestrømme til resultatet som en omklassifikationsregulering (jf. IAS 1). En sikret fremtidig pengestrøm, som ikke længere er højst sandsynlig, kan stadig forventes at ville finde sted.
Sikring af en nettoinvestering i en udenlandsk virksomhed
6.5.13
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, skal indregnes i anden totalindkomst (jf. afsnit 6.5.11), og
b)
den ineffektive del skal indregnes i resultatet.
6.5.14
Den akkumulerede gevinst eller det akkumulerede tab på sikringsinstrumentet tilknyttet sikringens effektive del, som er akkumuleret i valutaomregningsreserven, skal omklassificeres fra egenkapitalen til resultatet som en omklassifikationsregulering (jf. IAS 1) i overensstemmelse med afsnit 48-49 i IAS 21 ved hel eller delvis afhændelse af den udenlandske virksomhed.
Regnskabsmæssig behandling af optioners tidsmæssige værdi
6.5.15
Hvis en virksomhed opdeler en options indre værdi og tidsmæssige værdi og kun klassificerer ændringen i optionens indre værdi som sikringsinstrumentet (jf. afsnit 6.2.4, litra a)), skal den regnskabsmæssigt behandle optionens tidsmæssige værdi på følgende måde (jf. afsnit B6.5.29-B6.5.33):
a)
en virksomhed skal opdele optioners tidsmæssige værdi efter den type sikret post, som optionen sikrer (jf. afsnit B6.5.29):
i)
en transaktionsrelateret sikret post eller
ii)
en tidsperioderelateret sikret post
b)
ændringen i dagsværdien af en options tidsmæssige værdi, som sikrer en transaktionsrelateret sikret post, skal indregnes i anden totalindkomst i det omfang, den vedrører den sikrede post, og skal akkumuleres i et separat egenkapitalelement. Den akkumulerede ændring i dagsværdien, der opstår ved optionens tidsmæssige værdi, som er akkumuleret i et separat egenkapitalelement ("beløbet"), skal regnskabsmæssigt behandles på følgende måde:
i)
hvis den sikrede post efterfølgende medfører indregning af et ikke-finansielt aktiv eller en ikke-finansiel forpligtelse, eller en fast aftale om et ikke-finansielt aktiv eller en ikke-finansiel forpligtelse, hvor regnskabsmæssig sikring af dagsværdi finder anvendelse, skal virksomheden fjerne det beløb fra det separate egenkapitalelement og medregne det direkte i aktivets eller forpligtelsens oprindelige kostpris eller anden regnskabsmæssig værdi. Dette er ikke en omklassifikationsregulering (jf. IAS 1) og påvirker derfor ikke anden totalindkomst
ii)
for sikringsforhold, bortset fra de i i) omhandlede, skal beløbet omklassificeres fra det separate egenkapitalelement til resultatet som en omklassifikationsregulering (jf. IAS 1) i den eller de samme perioder, hvor de sikrede forventede fremtidige pengestrømme påvirker resultatet (eksempelvis når et forventet salg finder sted)
iii)
hvis beløbet eller en del af beløbet ikke forventes at ville blive genindvundet i løbet af en eller flere fremtidige perioder, skal virksomheden straks omklassificere det beløb, som ikke forventes genindvundet, til resultatet som en omklassifikationsregulering (jf. IAS 1)
c)
ændringen i dagsværdien af en options tidsmæssige værdi, som sikrer en tidsperioderelateret sikret post, skal indregnes i anden totalindkomst i det omfang, den vedrører den sikrede post, og skal akkumuleres i et separat egenkapitalelement. Den tidsmæssige værdi på den dato, hvor optionen klassificeres som et sikringsinstrument, i det omfang den vedrører den sikrede post, skal afskrives på et systematisk og rationelt grundlag over den periode, hvor sikringsjusteringen vedrørende optionens indre værdi kunne påvirke resultatet (eller anden totalindkomst, hvis den sikrede post er et egenkapitalinstrument, for hvilket virksomheden har valgt at præsentere ændringer i dagsværdien under anden totalindkomst i henhold til afsnit 5.7.5). Derfor skal afskrivningsbeløbet i hver regnskabsperiode omklassificeres fra det separate egenkapitalelement til resultatet som en omklassifikationsregulering (jf. IAS 1). Hvis den regnskabsmæssige sikring bringes til ophør for det sikringsforhold, der omfatter ændringen i optionens indre værdi som sikringsinstrumentet, skal det nettobeløb (dvs. inklusive akkumulerede afskrivninger), som er akkumuleret i det separate egenkapitalelement, imidlertid straks omklassificeres til resultatet som en omklassifikationsregulering (jf. IAS 1).
Regnskabsmæssig behandling af terminsdelen af terminskontrakter og finansielle instrumenters valutaspænd
6.5.16
Hvis en virksomhed opdeler terminsdelen og spotdelen af en terminskontrakt og kun klassificerer ændringen i værdien af terminskontraktens spotdel som sikringsinstrumentet, eller hvis en virksomhed udskiller valutaspændet fra et finansielt instrument og udelukker det fra klassifikationen af det finansielle instrument som sikringsinstrumentet (jf. afsnit 6.2.4, litra b)), kan virksomheden anvende afsnit 6.5.15 på terminskontraktens terminsdel eller på valutaspændet på samme måde, som det anvendes på en options tidsmæssige værdi. I det tilfælde skal virksomheden anvende anvendelsesvejledningen i afsnit B6.5.34-B6.5.39.
6.6   SIKRINGER AF EN GRUPPE AF POSTER
En gruppe af posters opfyldelse af kriterierne for sikrede poster
6.6.1
En gruppe af poster (herunder en gruppe af poster, der udgør en nettoposition, jf. afsnit B6.6.1-B6.6.8) opfylder kun kriterierne for en sikret post, hvis:
a)
den omfatter poster (herunder dele af poster), som hver for sig opfylder kriterierne for sikrede poster
b)
posterne i gruppen forvaltes samlet gruppevis med henblik på risikostyring, og
c)
i forbindelse med en sikring af pengestrømme for en gruppe af poster, hvis udsving i pengestrømmene ikke forventes at være omtrent proportionel med det overordnede udsving i gruppens pengestrømme, så der opstår udlignende risikopositioner:
i)
det er en sikring af en valutarisiko, og
ii)
klassifikationen af denne nettoposition angiver den regnskabsperiode, hvor de forventede transaktioner forventes at ville påvirke resultatet, samt deres art og mængde (jf. afsnit B6.6.7-B6.6.8).
Klassifikation af en komponent af et nominelt beløb
6.6.2
En komponent, som er en andel af en gruppe af poster, der opfylder kriterierne, er en sikret post, der opfylder kriterierne, hvis klassifikationen er forenelig med virksomhedens risikostyringsformål.
6.6.3
Et lag i en overordnet gruppe af poster (f.eks. det nederste lag) opfylder kun kriterierne for regnskabsmæssig sikring, hvis:
a)
det er separat identificerbart og kan måles pålideligt
b)
risikostyringsformålet er at sikre et lag
c)
posterne i den overordnede gruppe, hvorfra laget identificeres, er eksponeret for samme sikrede risiko (så målingen af det sikrede lag ikke er væsentligt påvirket af, hvilke poster i den overordnede gruppe der indgår i det sikrede lag)
d)
for en sikring af eksisterende poster (f.eks. en ikke-indregnet fast aftale eller et indregnet aktiv) kan en virksomhed identificere og følge den overordnede gruppe af poster, hvorfra det sikrede lag identificeres (så virksomheden kan opfylde kravene til regnskabsmæssig behandling af sikringsforhold, der opfylder kriterierne), og
e)
eventuelle poster i gruppen, der omfatter optioner på førtidig indfrielse, opfylder kravene til komponenter af et nominelt beløb (jf. afsnit B6.3.20).
Præsentation
6.6.4
For en sikring af en gruppe af poster med udlignende risikopositioner (dvs. i en sikring af en nettoposition), hvor den sikrede risiko påvirker forskellige poster i resultatopgørelsen og i opgørelsen af anden totalindkomst, skal eventuelle sikringsgevinster eller -tab i disse opgørelser præsenteres i en separat post i forhold til dem, der er påvirket af de sikrede poster. Derfor berøres beløbet i den post, der vedrører selve den sikrede post, (f.eks. omsætning eller vareforbrug) ikke i opgørelsen.
6.6.5
For aktiver og forpligtelser, der sikres sammen som en gruppe i en sikring af dagsværdi, skal gevinsten eller tabet i balancen på de enkelte aktiver og forpligtelser indregnes som en regulering af den regnskabsmæssige værdi for de respektive enkelte poster, som omfatter gruppen i henhold til afsnit 6.5.8, litra b).
Positioner, der udligner hinanden
6.6.6
Når den sikrede post er en gruppe, som er en udlignet position (dvs. at de sikrede poster i sig selv fuldt ud udligner den risiko, der styres gruppevis) kan en virksomhed klassificere den i et sikringsforhold, som ikke omfatter et sikringsinstrument, forudsat at:
a)
sikringen er en del af en rullende nettorisikosikringsstrategi, hvor virksomheden rutinemæssigt sikrer nye positioner af samme type efterhånden (f.eks. når transaktioner går ind i den tidshorisont, som virksomheden sikrer)
b)
størrelsen af den sikrede nettoposition ændrer sig i løbet af den rullende nettorisikosikringsstrategi, og virksomheden bruger sikringsinstrumenter, der opfylder kriterierne, til at sikre nettorisikoen (dvs. når positionen ikke er udlignet)
c)
regnskabsmæssig sikring normalt anvendes på sådanne nettopositioner, når positionen ikke er udlignet, og den sikres med sikringsinstrumenter, der opfylder kriterierne, og
d)
det ville medføre uforenelige regnskabsmæssige virkninger, hvis regnskabsmæssig sikring ikke anvendes på den udlignede position, fordi den regnskabsmæssige behandling ikke ville indregne de udlignende risikopositioner, som ellers ville blive indregnet i en sikring af en nettoposition.
6.7   MULIGHED FOR AT KLASSIFICERE EN KREDITEKSPONERING SOM MÅLT TIL DAGSVÆRDI GENNEM RESULTATET
Krediteksponeringers opfyldelse af kriterierne for klassifikation til dagsværdi gennem resultatet
6.7.1
Hvis en virksomhed anvender et afledt kreditinstrument, som måles til dagsværdi gennem resultatet, til at styre kreditrisikoen ved hele eller en del af et finansielt instrument (krediteksponering), kan den klassificere det finansielle instrument, i det omfang det styres på denne måde (dvs. hele eller en del af det), som målt til dagsværdi gennem resultatet, hvis:
a)
navnet på krediteksponeringen (f.eks. låntager eller indehaveren af et lånetilsagn) matcher referencevirksomheden på det afledte kreditinstrument ("navneoverensstemmelse"), og
b)
det finansielle instruments konkursorden matcher de instrumenter, der kan leveres i henhold til det afledte kreditinstrument.
En virksomhed kan foretage denne klassifikation, uanset om det finansielle instrument, for hvilket kreditrisikoen styres, er omfattet af denne standard (f.eks. kan en virksomhed klassificere lånetilsagn, som ikke er omfattet af denne standard). Virksomheden kan klassificere det finansielle instrument ved eller efter den første indregning, eller mens det ikke er indregnet. Virksomheden skal dokumentere klassifikationen samtidig.
Regnskabsmæssig behandling af krediteksponeringer, der klassificeres til dagsværdi gennem resultatet
6.7.2
Hvis et finansielt instrument klassificeres i henhold til afsnit 6.7.1 som målt til dagsværdi gennem resultatet efter den første indregning, eller tidligere ikke var indregnet, skal forskellen på klassificeringstidspunktet mellem den eventuelle regnskabsmæssige værdi og dagsværdien straks indregnes i resultatet. For finansielle aktiver, der måles til dagsværdi gennem anden totalindkomst i henhold til afsnit 4.1.2A, skal den akkumulerede gevinst eller det akkumulerede tab, der tidligere blev indregnet i anden totalindkomst, straks omklassificeres fra egenkapitalen til resultatet som en omklassificeringsregulering (jf. IAS 1).
6.7.3
En virksomhed skal ophøre med at måle det finansielle instrument, der gav anledning til kreditrisikoen, eller en del af det finansielle instrument, til dagsværdi gennem resultatet, hvis:
a)
kriterierne i afsnit 6.7.1 ikke længere er opfyldt, f.eks.
i)
hvis det afledte kreditinstrument eller det relaterede finansielle instrument, der giver anledning til kreditrisikoen, udløber eller sælges, afvikles eller afregnes, eller
ii)
det finansielle instruments kreditrisiko ikke længere styres ved hjælp af afledte kreditinstrumenter. Dette kunne f.eks. være pga. en bedre kreditkvalitet for låntageren eller indehaveren af lånetilsagnet eller ændringer i kapitalkravene for en virksomhed, og
b)
der ellers ikke er krav om, at det finansielle instrument, der giver anledning til kreditrisikoen, skal måles til dagsværdi gennem resultatet (dvs. at virksomhedens forretningsmodel ikke i mellemtiden er ændret med krav om omklassifikation i henhold til afsnit 4.4.1).
6.7.4
Hvis en virksomhed ophører med at måle det finansielle instrument, der giver anledning til kreditrisikoen, eller en del af det finansielle instrument til dagsværdi gennem resultatet, bliver det finansielle instruments dagsværdi på ophørsdatoen den nye regnskabsmæssige værdi. Efterfølgende anvendes den måling, der blev anvendt, før det finansielle instrument blev klassificeret til dagsværdi gennem resultatet (herunder den afskrivning, der følger af den nye regnskabsmæssige værdi). Eksempelvis ville et finansielt aktiv, som oprindeligt var klassificeret som målt til amortiseret kostpris, igen blive klassificeret som sådan, og den effektive rente ville blive omberegnet baseret på den nye regnskabsmæssige bruttoværdi på den dato, hvor måling til dagsværdi gennem resultatet blev bragt til ophør.
6.8   MIDLERTIDIGE UNDTAGELSER FRA ANVENDELSEN AF SPECIFIKKE KRAV TIL REGNSKABSMÆSSIG SIKRING
6.8.1
En virksomhed skal anvende afsnit 6.8.4-6.8.12 og afsnit 7.1.8 og 7.2.26, litra d), på alle sikringsforhold, som er direkte berørt af reformen af rentebenchmarks. Disse afsnit finder kun anvendelse på sådanne sikringsforhold. Et sikringsforhold påvirkes kun direkte af reformen af rentebenchmarks, hvis reformen giver anledning til usikkerhed om:
a)
det rentebenchmark (uanset om det er kontraktligt eller ikke-kontraktligt angivet), der klassificeres som en sikret risiko, og/eller
b)
timingen for eller den beløbsmæssige størrelse af de rentebenchmark-baserede pengestrømme fra den sikrede post eller sikringsinstrumentet.
6.8.2
Med henblik på anvendelsen af afsnit 6.8.4-6.8.12 henviser udtrykket "reform af rentebenchmarks" til den markedsomfattende reform af et rentebenchmark, herunder udskiftning af et rentebenchmark med en alternativ referencerente, jf. anbefalingerne i rapporten fra juli 2014 fra Rådet for Finansiel Stabilitet med titlen "Reforming Major Interest Rate Benchmarks" 
(
51
)
.
6.8.3
Afsnit 6.8.4-6.8.12 indeholder undtagelser, men kun til kravene i disse afsnit. En virksomhed skal fortsat anvende alle andre krav i forbindelse med regnskabsmæssig sikring på sikringsforhold, der er direkte berørt af reformen af rentebenchmarks.
Højst sandsynligt som krævet i forbindelse med sikring af pengestrømme
6.8.4
For at afgøre, om en forventet transaktion (eller en del heraf) er højst sandsynlig som krævet i henhold til afsnit 6.3.3, skal virksomheden antage, at det rentebenchmark, på hvilket de sikrede pengestrømme (uanset om det er kontraktligt eller ikke-kontraktligt angivet) er baseret, ikke ændres som følge af rentebenchmarkreformen.
Omklassificering af det beløb, der er akkumuleret i reserven vedrørende sikring af pengestrømme
6.8.5
Med henblik på anvendelsen af kravet i afsnit 6.5.12 og for at afgøre, om de sikrede fremtidige pengestrømme forventes at finde sted, skal virksomheden antage, at det rentebenchmark, på hvilket de sikrede pengestrømme (uanset om de er kontraktligt eller ikke-kontraktligt angivet) er baseret, ikke ændres som følge af rentebenchmarkreformen.
Vurdering af det økonomiske forhold mellem den sikrede post og sikringsinstrumentet
6.8.6
Med henblik på anvendelsen af kravene i afsnit 6.4.1, litra c), nr. i), og B6.4.4-B6.4.6 skal en virksomhed antage, at rentebenchmarket, på hvilket de sikrede pengestrømme og/eller den sikrede risiko (uanset om de er kontraktligt eller ikke-kontraktligt angivet) er baseret, eller det rentebenchmark, på hvilket sikringsinstrumentets pengestrømme er baseret, ikke ændres som følge af rentebenchmarkreformen.
Klassificering af en post som en sikret post
6.8.7
Medmindre afsnit 6.8.8 finder anvendelse, skal en virksomhed med henblik på sikring af en ikke-kontraktligt fastsat benchmarkdel af renterisikoen kun anvende kravet i afsnit 6.3.7, litra a) og B6.3.8 — om at risikokomponenten skal være separat identificerbar — ved sikringsforholdets indgåelse.
6.8.8
Når en virksomhed i overensstemmelse med sikringsdokumentationen ofte ændrer (dvs. afslutter og genoptager) sikringsforhold, fordi både sikringsinstrumentet og den sikrede post ofte ændrer sig (dvs. at virksomheden bruger en dynamisk proces, hvor både de sikrede poster og de sikringsinstrumenter, der bruges til at styre eksponeringen, ikke er de samme i længere tid ad gangen), skal virksomheden anvende kravet i afsnit 6.3.7, litra a) og B6.3.8 — om at risikokomponenten skal være separat identificerbar — men kun når den oprindeligt klassificerer en sikret post i det pågældende sikringsforhold. En sikret post, der er blevet vurderet på tidspunktet for den oprindelige klassificering i sikringsforholdet, uanset om det var på tidspunktet for indgåelsen af sikringen eller efterfølgende, omvurderes ikke ved en efterfølgende omklassificering i det samme sikringsforhold.
Gyldighedsperiodens udløb
6.8.9
En virksomhed skal fremadrettet ophøre med at anvende afsnit 6.8.4 på en sikret post på det tidspunkt — alt efter hvad der måtte komme først:
a)
hvor den usikkerhed, der opstår som følge af rentebenchmarkreformen, ikke længere er til stede med hensyn til timingen for eller den beløbsmæssige størrelse af de rentebenchmark-baserede pengestrømme fra den sikrede post, og
b)
hvor sikringsforholdet, som er en del af denne sikrede post, ophører.
6.8.10
En virksomhed skal fremadrettet ophøre med at anvende afsnit 6.8.5 på det tidspunkt — alt efter hvad der måtte komme først:
a)
hvor den usikkerhed, der opstår som følge af rentebenchmarkreformen, ikke længere er til stede med hensyn til timingen for og den beløbsmæssige størrelse af de fremtidige rentebenchmark-baserede pengestrømme fra den sikrede post, og
b)
hvor det samlede beløb, der er akkumuleret i reserven vedrørende sikring af pengestrømme i forbindelse med dette ophørte sikringsforhold, er blevet omklassificeret til resultatet.
6.8.11
En virksomhed skal fremadrettet ophøre med at anvende afsnit 6.8.6:
a)
på en sikret post, når den usikkerhed, der opstår som følge af rentebenchmarkreformen, ikke længere er til stede med hensyn til den sikrede risiko eller timingen for eller den beløbsmæssige størrelse af de rentebenchmark-baserede pengestrømme fra den sikrede post, og
b)
på et sikringsinstrument, hvor den usikkerhed, der opstår som følge af rentebenchmarkreformen, ikke længere er til stede med hensyn til timingen for eller den beløbsmæssige størrelse af de rentebenchmark-baserede pengestrømme fra sikringsinstrumentet.
Hvis det sikringsforhold, som den sikrede post og sikringsinstrumentet indgår i, ophører før den dato, der er angivet i stk. 6.8.11, litra a), eller den dato, der er angivet i afsnit 6.8.11, litra b), skal virksomheden fremadrettet ophøre med at anvende afsnit 6.8.6 på dette sikringsforhold fra datoen for ophøret.
6.8.12
Ved udpegelsen af en gruppe af poster som den sikrede post eller en kombination af finansielle instrumenter som sikringsinstrumentet, skal en virksomhed fremadrettet ophøre med at anvende afsnit 6.8.4-6.8.6 på en enkelt post eller et finansielt instrument i overensstemmelse med afsnit 6.8.9, 6.8.10 eller 6.8.11, alt efter hvad der er relevant, når den usikkerhed, der opstår som følge af rentebenchmarkreformen, ikke længere er til stede i forhold til den sikrede risiko og/eller timingen for eller den beløbsmæssige størrelse af de rentebenchmark-baserede pengestrømme fra denne post eller dette finansielle instrument.
6.8.13
En virksomhed skal fremadrettet ophøre med at anvende afsnit 6.8.7 og afsnit 6.8.8 på det tidspunkt — alt efter hvad der måtte komme først:
a)
hvor der foretages ændringer, der er påkrævet som følge af en rentebenchmarkreform, af den ikke kontraktligt fastsatte risikokomponent i henhold til afsnit 6.9.1 eller
b)
hvor det sikringsforhold, hvori den ikke kontraktligt fastsatte risikokomponent klassificeres, bringes til ophør.
6.9   YDERLIGERE MIDLERTIDIGE UNDTAGELSER SOM FØLGE AF EN RENTEBENCHMARKREFORM
6.9.1
Når kravene i afsnit 6.8.4-6.8.8 ophører med at finde anvendelse på et sikringsforhold (jf. afsnit 6.8.9-6.8.13), skal en virksomhed ændre den formelle klassifikation af det pågældende sikringsforhold som tidligere dokumenteret for at afspejle de ændringer, der kræves som følge af en rentebenchmarkreform, dvs. at ændringerne er i overensstemmelse med kravene i afsnit 5.4.6-5.4.8. I denne forbindelse ændres sikringsforholdets klassifikation kun for at foretage en eller flere af følgende ændringer:
a)
klassifikation af et alternativt rentebenchmark (uanset om det er kontraktligt eller ikke-kontraktligt angivet) som en sikret risiko
b)
ændring af beskrivelsen af den sikrede post, herunder beskrivelsen af den klassificerede del af pengestrømmene eller dagsværdien, der sikres eller
c)
ændring af beskrivelsen af sikringsinstrumentet.
6.9.2
En virksomhed skal også anvende kravet i afsnit 6.9.1, litra c), hvis følgende tre betingelser er opfyldt:
a)
virksomheden foretager en ændring som følge af en rentebenchmarkreform under anvendelse af en anden fremgangsmåde end ændring af grundlaget for fastsættelse af sikringsinstrumentets kontraktlige pengestrømme (som beskrevet i afsnit 5.4.6)
b)
indregning af det oprindelige sikringsinstrument er ikke ophørt, og
c)
den valgte fremgangsmåde svarer økonomisk set til at ændre grundlaget for fastsættelse af de kontraktlige pengestrømme for det oprindelige sikringsinstrument (som beskrevet i afsnit 5.4.7 og 5.4.8).
6.9.3
Kravene i afsnit 6.8.4-6.8.8 kan ophøre med at finde anvendelse på forskellige tidspunkter. Ved anvendelsen af afsnit 6.9.1 kan det derfor kræves, at en virksomhed ændrer den formelle klassifikation af sine sikringsforhold på forskellige tidspunkter, eller at den er forpligtet til at ændre den formelle klassifikation af et sikringsforhold mere end én gang. Når, og kun når, en sådan ændring foretages i sikringsbetegnelsen, skal en virksomhed anvende afsnit 6.9.7-6.9.12, alt efter hvad der er relevant. En virksomhed skal også anvende afsnit 6.5.8 (for sikring af dagsværdi) eller afsnit 6.5.11 (for sikring af pengestrømme) til den regnskabsmæssige behandling af eventuelle ændringer i dagsværdien af den sikrede post eller sikringsinstrumentet.
6.9.4
En virksomhed skal ændre et sikringsforhold som krævet i afsnit 6.9.1 ved udgangen af den regnskabsperiode, hvori der foretages en ændring som følge af en rentebenchmarkreform af den afdækkede risiko, den sikrede post eller sikringsinstrumentet. For at undgå tvivl udgør en sådan ændring af den formelle klassifikation af et sikringsforhold hverken ophør af sikringsforholdet eller klassifikation af et nyt sikringsforhold.
6.9.5
Hvis der foretages ændringer ud over ændringer som følge af en rentebenchmarkreform af det finansielle aktiv eller den finansielle forpligtelse, der er klassificeret i et sikringsforhold (som beskrevet i afsnit 5.4.6-5.4.8), eller af klassifikationen af sikringsforholdet (som krævet i afsnit 6.9.1), skal en virksomhed først anvende de relevante krav i denne standard for at fastslå, om disse yderligere ændringer resulterer i ophør af regnskabsmæssig sikring. Hvis de yderligere ændringer ikke fører til ophør af regnskabsmæssig sikring, skal virksomheden ændre den formelle klassifikation af sikringsforholdet som angivet i afsnit 6.9.1.
6.9.6
Afsnit 6.9.7-6.9.13 indeholder undtagelser, men kun til kravene i disse afsnit. En virksomhed skal anvende alle de øvrige krav til regnskabsmæssig sikring i denne standard, herunder kvalifikationskriterierne i afsnit 6.4.1, på sikringsforhold, som blev direkte berørt af en rentebenchmarkreform.
Regnskabsmæssig behandling af sikringsforhold, der opfylder kriterierne
Sikring af pengestrømme
6.9.7
Med henblik på anvendelsen af afsnit 6.5.11 på det tidspunkt, hvor en virksomhed ændrer beskrivelsen af en sikret post som krævet i afsnit 6.9.1, litra b), anses det beløb, der er akkumuleret i reserven vedrørende sikring af pengestrømme, for at være baseret på det alternative rentebenchmark, som de sikrede fremtidige pengestrømme fastsættes på grundlag af.
6.9.8
For et sikringsforhold, der er bragt til ophør, hvor rentebenchmarket, som de sikrede fremtidige pengestrømme havde været baseret på, ændres som krævet i forbindelse med en rentebenchmarkreform, skal det beløb, der er akkumuleret i reserven vedrørende sikring af pengestrømme for det pågældende sikringsforhold, med henblik på anvendelsen af afsnit 6.5.12 for at fastslå, om de sikrede fremtidige pengestrømme forventes at finde sted, anses for at være baseret på det alternative rentebenchmark, som de sikrede fremtidige pengestrømme vil bygge på.
Grupper af poster
6.9.9
Når en virksomhed anvender afsnit 6.9.1 på grupper af poster, der klassificeres som sikrede poster i en dagsværdisikring eller en sikring af pengestrømme, skal virksomheden tildele de sikrede poster til undergrupper på grundlag af det rentebenchmark, der sikres, og klassificere rentebenchmarket som den sikrede risiko for hver undergruppe. I et sikringsforhold, hvor en gruppe poster sikres mod ændringer i et rentebenchmark, der er underlagt en rentebenchmarkreform, kan de sikrede pengestrømme eller dagsværdien for nogle af posterne i gruppen eksempelvis ændres til et alternativt rentebenchmark, før andre poster i gruppen ændres. I dette eksempel vil virksomheden ved anvendelsen af afsnit 6.9.1 klassificere det alternative rentebenchmark som den sikrede risiko for den relevante undergruppe af sikrede poster. Virksomheden vil fortsat klassificere det eksisterende rentebenchmark som den afdækkede risiko for den anden undergruppe af sikrede poster, indtil de sikrede pengestrømme eller dagsværdien af disse poster ændres, således at de afspejler det alternative rentebenchmark, eller posterne udløber og erstattes med sikrede poster, der afspejler det alternative rentebenchmark.
6.9.10
Virksomheden skal særskilt vurdere, hvorvidt hver undergruppe opfylder kravene i afsnit 6.6.1 for at være en sikret post. Hvis en undergruppe ikke opfylder kravene i afsnit 6.6.1, skal virksomheden bringe den regnskabsmæssige sikring til ophør fremadrettet for sikringsforholdet i sin helhed. En virksomhed skal også anvende kravene i afsnit 6.5.8 og 6.5.11 til den regnskabsmæssige behandling af ineffektivitet i forbindelse med sikringsforholdet i sin helhed.
Klassifikation af risikokomponenter
6.9.11
Et alternativt rentebenchmark klassificeret som en ikke kontraktligt fastsat risikokomponent, der ikke er separat identificerbar (jf. afsnit 6.3.7, litra a), og afsnit B6.3.8) på den dato, hvor det klassificeres, anses for at have opfyldt dette krav på den pågældende dato, hvis, og kun hvis, virksomheden med rimelighed forventer, at det alternative rentebenchmark vil blive separat identificerbart inden for 24 måneder. Perioden på 24 måneder finder anvendelse på hvert alternativt rentebenchmark separat og begynder fra den dato, hvor virksomheden klassificerer det alternative rentebenchmark som en ikke kontraktligt fastsat risikokomponent for første gang (dvs. at perioden på 24 måneder finder anvendelse på hvert enkelt rentebenchmark).
6.9.12
Hvis en virksomhed efterfølgende med rimelighed forventer, at det alternative rentebenchmark ikke vil være separat identificerbart inden for 24 måneder fra den dato, hvor virksomheden for første gang klassificerede det som en ikke kontraktligt fastsat risikokomponent, skal virksomheden ophøre med at anvende kravet i afsnit 6.9.11 på det alternative rentebenchmark og bringe den regnskabsmæssige sikring til ophør fra datoen for den fornyede vurdering for alle sikringsforhold, hvori det alternative rentebenchmark blev udpeget som en ikke kontraktligt fastsat risikokomponent.
6.9.13
Ud over de i afsnit 6.9.1 specificerede sikringsforhold skal en virksomhed anvende kravene i afsnit 6.9.11 og 6.9.12 på nye sikringsforhold, i hvilke et alternativt rentebenchmark er klassificeret som en ikke kontraktligt fastsat risikokomponent (jf. afsnit 6.3.7, litra a), og afsnit B6.3.8), når den pågældende risikokomponent på grund af en rentebenchmarkreform ikke er separat identificerbar på datoen for klassifikationen.
KAPITEL 7
   
Ikrafttrædelsestidspunkt og overgang
7.1   IKRAFTTRÆDELSESTIDSPUNKT
7.1.1
Virksomheder skal anvende denne standard for regnskabsår, som begynder den 1. januar 2018 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis virksomheden vælger at anvende denne standard før ikrafttrædelsestidspunktet, skal den oplyse derom og samtidig anvende alle kravene i denne standard (jf. dog afsnit 7.1.2, 7.2.21 og 7.3.2). Samtidig skal den anvende ændringerne i appendiks C.
7.1.2
Uanset kravene i afsnit 7.1.1 kan virksomheden for regnskabsår, der begynder før den 1. januar 2018, vælge kun at anvende kravene til præsentation af gevinster eller tab på finansielle forpligtelser, som er klassificeret som til dagsværdi gennem resultatet, i afsnit 5.7.1, litra c), 5.7.7-5.7.9, 7.2.14 og B5.7.5-B5.7.20 før ikrafttrædelsestidspunktet uden at anvende de øvrige krav i denne standard. Hvis en virksomhed vælger kun at anvende disse afsnit, skal den oplyse derom og løbende afgive de relaterede oplysninger, der er omhandlet i afsnit 10-11 i IFRS 7 
Finansielle instrumenter: Oplysninger
 (som ændret ved IFRS 9 (2010)). (Jf. også afsnit 7.2.2 og 7.2.15.)
7.1.3
Afsnit 4.2.1 og 5.7.5 ændres som en konsekvensændring, som følger af ændringen af IFRS 3, som led i 
Det årlige forbedringsprojekt vedrørende IFRS-standarder for perioden 2010-2012
, som blev udstedt i december 2013. En virksomhed skal fremover anvende denne ændring på virksomhedssammenslutninger, som ændringerne af IFRS 3 finder anvendelse på.
7.1.4
IFRS 15, som blev udstedt i maj 2014, medførte ændring af afsnit 3.1.1, 4.2.1, 5.1.1, 5.2.1, 5.7.6, B3.2.13, B5.7.1, C5 og C42 samt ophævelse af afsnit C16 og overskriften dertil. Afsnit 5.1.3 og 5.7.1A samt en definition i appendiks A blev tilføjet. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 15.
7.1.5
IFRS 16, udstedt i maj 2016, medførte ændring af afsnit 2.1, 5.5.15, B4.3.8, B5.5.34 og B5.5.46. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 16.
7.1.6
IFRS 17, der er udstedt i maj 2017, medførte en ændring af afsnit 2.1, B2.1, B2.4, B2.5 og B4.1.30, og tilføjede afsnit 3.3.5. 
Ændringer til IFRS 17
, der er udstedt i juni 2020, medførte en yderligere ændring af afsnit 2.1. og tilføjelse af afsnit 7.2.36-7.2.42. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 17.
7.1.7
Ved 
førtidig indfrielse med negativ kompensation
 (Ændringer til IFRS 9), udstedt i oktober 2017, blev der tilføjet afsnit 7.2.29-7.2.34 samt afsnit B4.1.12A, og afsnit B4.1.11, litra b) og afsnit B4.1.12, litra b) blev ændret. Virksomheder skal anvende disse ændringer på regnskabsår, som begynder den 1. januar 2019 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender disse ændringer på en tidligere regnskabsperiode, skal den oplyse herom.
7.1.8
Rentebenchmarkreformen
, som ændrede IFRS 9, IAS 39 og IFRS 7, der blev udstedt i september 2019, tilføjede afsnit 6.8 og ændrede afsnit 7.2.26. Virksomheder skal anvende disse ændringer på regnskabsår, som begynder den 1. januar 2020 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender disse ændringer på en tidligere regnskabsperiode, skal den oplyse herom.
7.1.9
Det årlige forbedringsprojekt vedrørende IFRS-standarder for perioden 2018-2020
, som blev udstedt i maj 2020, medførte tilføjelse af afsnit 7.2.35 og B3.3.6A og ændring af afsnit B3.3.6. Virksomheder skal anvende denne ændring for regnskabsår, som begynder den 1. januar 2022 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender ændringen for et tidligere regnskabsår, skal den give oplysning om dette.
7.1.10
Rentebenchmarkreform — Fase 2
, som ændrede IFRS 9, IAS 39, IFRS 7, IFRS 4 og IFRS 16, udstedt i august 2020, tilføjede afsnit 5.4.5-5.4.9, 6.8.13, afsnit 6.9 og afsnit 7.2.43-7.2.46. Virksomheder skal anvende disse ændringer på regnskabsår, som begynder den 1. januar 2021 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender disse ændringer på en tidligere regnskabsperiode, skal den oplyse herom.
7.2   OVERGANG
7.2.1
En virksomhed skal anvende denne standard med tilbagevirkende kraft i henhold til IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
, jf. dog i afsnit 7.2.4-7.2.26 og 7.2.28. Denne standard skal ikke anvendes på poster, for hvilke indregning er ophørt på tidspunktet for førstegangsanvendelse.
7.2.2
I forbindelse med overgangsbestemmelserne i afsnit 7.2.1, 7.2.3-7.2.28 og 7.3.2 er tidspunktet for førstegangsanvendelse den dato, hvor en virksomhed først anvender de pågældende krav i denne standard, hvilket skal være fra begyndelsen af en regnskabsperiode efter udstedelsen af denne standard. Afhængigt af, hvordan virksomheden vælger at anvende IFRS 9, kan overgangen omfatte ét eller flere tidspunktet for førstegangsanvendelse for forskellige krav.
Overgang for klassifikation og måling (kapitel 4 og 5)
7.2.3
På tidspunktet for førstegangsanvendelse skal en virksomhed vurdere, hvorvidt et finansielt aktiv opfylder betingelsen i afsnit 4.1.2, litra a), eller 4.1.2A, litra a), baseret på forhold og omstændigheder, der var gældende på dette tidspunkt. Den deraf følgende klassifikation skal anvendes med tilbagevirkende kraft uanset virksomhedens forretningsmodel i tidligere regnskabsperioder.
7.2.4
Hvis det på tidspunktet for førstegangsanvendelsen er praktisk umuligt (som defineret i IAS 8) for en virksomhed at vurdere en ændret tidsmæssig værdi af penge i henhold til afsnit B4.1.9B-B4.1.9D på grundlag af de forhold og omstændigheder, der var gældende ved den første indregning af det finansielle aktiv, skal virksomheden vurdere det finansielle aktivs kontraktlige pengestrømmes egenskaber på grundlag af de forhold og omstændigheder, der var gældende ved den første indregning af det finansielle aktiv, uden at tage hensyn til kravene til ændring af den tidsmæssige værdi af penge i afsnit B4.1.9B-B4.1.9D. (Jf. også afsnit 42R i IFRS 7.)
7.2.5
Hvis det på tidspunktet for førstegangsanvendelse er praktisk umuligt (som defineret i IAS 8) for en virksomhed at vurdere, hvorvidt dagsværdien af førtidig indfrielse var ubetydelig i henhold til afsnit B4.1.12, litra c), på grundlag af de forhold og omstændigheder, der var gældende ved den første indregning af det finansielle aktiv, skal virksomheden vurdere det finansielle aktivs kontraktlige pengestrømmes egenskaber på grundlag af de forhold og omstændigheder, der var gældende ved den første indregning af det finansielle aktiv, uden at tage hensyn til undtagelsen vedrørende førtidig indfrielse i afsnit B4.1.12. (Jf. også afsnit 42S i IFRS 7.)
7.2.6
Hvis en virksomhed måler en sammensat kontrakt til dagsværdi i overensstemmelse med afsnit 4.1.2A, 4.1.4 eller 4.1.5, men dagsværdien af den sammensatte kontrakt ikke er blevet målt i sammenligningsregnskabsperioder, skal dagsværdien af den sammensatte kontrakt i sammenligningsregnskabsperioderne være summen af dagsværdierne af komponenterne (dvs. ikke-afledt hovedkontrakt og det indbyggede afledte finansielle instrument) ved afslutningen af den enkelte sammenligningsregnskabsperiode, hvis virksomheden tilpasser tidligere perioder (jf. afsnit 7.2.15).
7.2.7
Hvis en virksomhed har anvendt afsnit 7.2.6, skal virksomheden på tidspunktet for førstegangsanvendelsen indregne en eventuel forskel mellem hele den sammensatte kontrakts dagsværdi på tidspunktet for førstegangsanvendelsen og summen af dagsværdierne af de enkelte dele af den sammensatte kontrakt på tidspunktet for førstegangsanvendelsen i overført resultat primo (eller et andet egenkapitalelement, alt efter hvad der er hensigtsmæssigt) i den regnskabsperiode, der omfatter tidspunktet for førstegangsanvendelsen.
7.2.8
En virksomhed kan på tidspunktet for førstegangsanvendelsen klassificere:
a)
et finansielt aktiv som målt til dagsværdi gennem resultatet i henhold til afsnit 4.1.5 eller
b)
en investering i et egenkapitalinstrument som til dagsværdi gennem anden totalindkomst i henhold til afsnit 5.7.5.
En sådan klassifikation foretages på grundlag af de forhold og omstændigheder, der er gældende på tidspunktet for førstegangsanvendelsen. Klassifikationen anvendes med tilbagevirkende kraft.
7.2.9
På tidspunktet for førstegangsanvendelse:
a)
skal en virksomhed tilbagekalde den tidligere klassifikation af et finansielt aktiv som målt til dagsværdi gennem resultatet, hvis det finansielle aktiv ikke opfylder betingelsen i afsnit 4.1.5
b)
kan en virksomhed tilbagekalde den tidligere klassifikation af et finansielt aktiv som målt til dagsværdi gennem resultatet, hvis det finansielle aktiv opfylder betingelsen i afsnit 4.1.5.
En sådan tilbagekaldelse foretages på grundlag af de forhold og omstændigheder, der er gældende på tidspunktet for førstegangsanvendelsen. Klassifikationen anvendes med tilbagevirkende kraft.
7.2.10
På tidspunktet for førstegangsanvendelse:
a)
kan en virksomhed klassificere et finansielt aktiv som målt til dagsværdi gennem resultatet i henhold til afsnit 4.2.2, litra a)
b)
skal en virksomhed tilbagekalde den tidligere klassifikation af en finansiel forpligtelse som målt til dagsværdi gennem resultatet, hvis en sådan klassifikation blev foretaget ved første indregning i henhold til betingelsen i afsnit 4.2.2, litra a), og en sådan klassifikation ikke opfylder betingelsen på tidspunktet for førstegangsanvendelsen
c)
kan en virksomhed tilbagekalde den tidligere klassifikation af en finansiel forpligtelse som målt til dagsværdi gennem resultatet, hvis en sådan klassifikation blev foretaget ved første indregning i henhold til betingelsen i afsnit 4.2.2, litra a), og en sådan klassifikation opfylder betingelsen på tidspunktet for førstegangsanvendelsen.
En sådan klassifikation og tilbagekaldelse foretages på grundlag af de forhold og omstændigheder, der er gældende på tidspunktet for førstegangsanvendelsen. Klassifikationen anvendes med tilbagevirkende kraft.
7.2.11
Hvis det er praktisk umuligt (som defineret i IAS 8) for en virksomhed at anvende den effektive rentemetode med tilbagevirkende kraft, skal virksomheden regnskabsmæssigt behandle:
a)
dagsværdien af det finansielle aktiv eller den finansielle forpligtelse ved afslutningen af den enkelte komparative periode præsenteret som det finansielle aktivs regnskabsmæssige bruttoværdi eller den finansielle forpligtelses amortiserede kostpris, hvis virksomheden tilpasser tidligere perioder, og
b)
dagsværdien af det finansielle aktiv eller den finansielle forpligtelse på tidspunktet for førstegangsanvendelsen som det finansielle aktivs nye regnskabsmæssige bruttoværdi eller den finansielle forpligtelses nye amortiserede kostpris på tidspunktet for førstegangsanvendelsen af denne standard.
7.2.12
Hvis en virksomhed tidligere (i overensstemmelse med IAS 39) indregnede en investering i et egenkapitalinstrument, der ikke har en officiel markedskurs på et aktivt marked for et instrument af samme type (dvs. et niveau 1-input) (eller et afledt finansielt instrument, som er knyttet til og skal afregnes ved overdragelse af et sådant egenkapitalinstrument), til kostpris, skal den måle dette instrument til dagsværdi på tidspunktet for førstegangsanvendelsen. En eventuel forskel mellem den tidligere regnskabsmæssige værdi og dagsværdien indregnes i overført resultat primo (eller et andet egenkapitalelement, alt efter hvad der er hensigtsmæssigt) i den regnskabsperiode, der omfatter tidspunktet for førstegangsanvendelsen.
7.2.13
Hvis en virksomhed tidligere indregnede en afledt finansiel forpligtelse, der er knyttet til og skal afregnes ved overdragelse af et sådant egenkapitalinstrument, som ikke har en officiel markedskurs på et aktivt marked for et instrument af samme type (dvs. et niveau 1-input) til kostpris i overensstemmelse med IAS 39, skal den måle denne afledte finansielle forpligtelse til dagsværdi på tidspunktet for førstegangsanvendelsen. En eventuel forskel mellem den tidligere regnskabsmæssige værdi og dagsværdien indregnes i overført resultat primo i den regnskabsperiode, der omfatter tidspunktet for førstegangsanvendelsen.
7.2.14
På tidspunktet for førstegangsanvendelsen skal en virksomhed vurdere, hvorvidt den regnskabsmæssige behandling i afsnit 5.7.7 ville forårsage eller forværre en regnskabsmæssig inkonsistens i resultatet, på grundlag af de forhold og omstændigheder, der er gældende på tidspunktet for førstegangsanvendelsen. Denne standard anvendes med tilbagevirkende kraft på grundlag af denne vurdering.
7.12.14A
På tidspunktet for førstegangsanvendelsen er det tilladt for en virksomhed at foretage klassificeringen som omhandlet i afsnit 2.5 for kontrakter, der allerede findes på dette tidspunkt, men kun hvis den klassificerer alle lignende kontrakter. Ændringen i nettoaktiver, der følger af en sådan klassificering, indregnes i overført resultat på tidspunktet for førstegangsanvendelsen.
7.2.15
Uanset kravet i afsnit 7.2.1 skal en virksomhed, som anvender klassifikations- og målingskravene i denne standard (som omfatter kravene til måling til amortiseret kostpris for finansielle aktiver og værdiforringelse i afsnit 5.4 og 5.5), afgive de oplysninger, der er omhandlet i afsnit 42L-42O i IFRS 7, men skal ikke tilpasse tidligere perioder. Virksomheden må kun tilpasse tidligere regnskabsperioder, hvis det er muligt uden at efterrationalisere. Hvis en virksomhed ikke tilpasser tidligere perioder, skal den indregne en eventuel forskel mellem den tidligere regnskabsmæssige værdi og den regnskabsmæssige værdi primo den årlige regnskabsperiode, der omfatter tidspunktet for førstegangsanvendelsen, i overført resultat primo (eller et andet egenkapitalelement, alt efter hvad der er hensigtsmæssigt) i den årlige regnskabsperiode, der omfatter tidspunktet for førstegangsanvendelsen. Hvis en virksomhed tilpasser tidligere perioder, skal de tilpassede regnskaber imidlertid opfylde alle kravene i denne standard. Hvis den måde, en virksomhed har valgt at anvende IFRS 9 på, medfører mere end ét tidspunkt for førstegangsanvendelsen for forskellige krav, finder dette afsnit anvendelse på hvert enkelt tidspunkt for førstegangsanvendelse (jf. afsnit 7.2.2). Dette ville eksempelvis være tilfældet, hvis en virksomhed vælger kun at anvende kravene til præsentation af gevinster og tab på finansielle forpligtelser, der klassificeres til dagsværdi gennem resultatet, før ikrafttrædelsestidspunktet i henhold til afsnit 7.1.2, før den anvender de øvrige krav i denne standard.
7.2.16
Hvis en virksomhed udarbejder delårsregnskab i overensstemmelse med IAS 34 
Præsentation af delårsregnskaber
, behøver virksomheden ikke at anvende kravene i denne standard på delårsperioder før tidspunktet for førstegangsanvendelsen, hvis dette er praktisk umuligt (som defineret i IAS 8).
Værdiforringelse (afsnit 5.5)
7.2.17
En virksomhed skal anvende kravene til værdiforringelse i afsnit 5.5 med tilbagevirkende kraft i overensstemmelse med IAS 8 i henhold til afsnit 7.2.15 og 7.2.18-7.2.20.
7.2.18
Fra tidspunktet for førstegangsanvendelsen skal en virksomhed bruge de rimelige og dokumenterede oplysninger, som den har adgang til uden urimelig udgift eller indsats, til at vurdere kreditrisikoen på det tidspunkt, hvor et finansielt instrument oprindeligt blev indregnet (eller for lånetilsagn og finansielle garantikontrakter på det tidspunkt, hvor virksomheden blev part i det uigenkaldelige tilsagn i henhold til afsnit 5.5.6), og sammenligne den med kreditrisikoen på tidspunktet for førstegangsanvendelsen af denne standard.
7.2.19
Når en virksomhed vurderer, hvorvidt der har været en væsentlig stigning i kreditrisikoen siden den første indregning, kan den anvende:
a)
kravene i afsnit 5.5.10 og B5.5.22-B5.5.24 og
b)
den afkræftelige formodning i afsnit 5.5.11 for kontraktlige betalinger, der er forfaldne med mere end 30 dage, hvis en virksomhed vil anvende kravene til værdiforringelse ved at identificere væsentlige stigninger i kreditrisikoen siden den første indregning for disse finansielle instrumenter på grundlag af oplysninger om forfaldne beløb.
7.2.20
Hvis det på tidspunktet for førstegangsanvendelsen ville kræve urimelig udgift eller indsats at vurdere, hvorvidt der har været en væsentlig stigning i kreditrisikoen siden første indregning, skal en virksomhed indregne en hensættelse til tab til et beløb, der svarer til de forventede kredittab i løbetiden, på hver enkelt balancedag, indtil indregning af det finansielle instrument ophører (medmindre det finansielle instrument er forbundet med en lav kreditrisiko på balancedagen, i hvilket tilfælde afsnit 7.2.19, litra a), finder anvendelse).
Overgang for regnskabsmæssig sikring (kapitel 6)
7.2.21
Når en virksomhed første gang anvender denne standard, kan den i sin regnskabspraksis vælge at anvende kravene til regnskabsmæssig sikring i IAS 39 i stedet for kravene i denne standards kapitel 6. En virksomhed skal anvende denne regnskabspraksis på alle sine sikringsforhold. En virksomhed, som vælger den regnskabspraksis, skal også anvende IFRIC 16 
Sikring af en nettoinvestering i en udenlandsk virksomhed
 uden de ændringer, der tilpasser nævnte fortolkningsbidrag til kravene i denne standards kapitel 6.
7.2.22
Bortset fra som angivet i afsnit 7.2.26, skal en virksomhed anvende kravene til regnskabsmæssig sikring i denne standard fremadrettet.
7.2.23
For at anvende regnskabsmæssig sikring fra tidspunktet for førstegangsanvendelsen af kravene til regnskabsmæssig sikring i denne standard skal alle kriterierne være opfyldt på den dato.
7.2.24
Sikringsforhold, der opfylder betingelserne for regnskabsmæssig sikring i henhold til IAS 39, og som også opfylder kriterierne for regnskabsmæssig sikring i henhold til denne standard (jf. afsnit 6.4.1), under hensyntagen til en eventuel genskabelse af balancen i sikringsforholdet ved overgangen (jf. afsnit 7.2.25, litra b)), skal betragtes som fortsættende sikringsforhold.
7.2.25
Ved førstegangsanvendelsen af kravene til regnskabsmæssig sikring i denne standard:
a)
kan en virksomhed begynde at anvende kravene fra det tidspunkt, hvor den ophører med at anvende kravene til regnskabsmæssig sikring i IAS 39, og
b)
skal en virksomhed betragte sikringsforholdet i IAS 39 som udgangspunktet for genskabelse af balancen i sikringsraten for et fortsættende sikringsforhold, hvis det er relevant. Eventuelle gevinster eller tab ved en sådan genskabelse af balancen indregnes i resultatet.
7.2.26
Som en undtagelse til den fremadrettede anvendelse af kravene til regnskabsmæssig sikring i denne standard:
a)
skal en virksomhed anvende den regnskabsmæssige behandling af optioners tidsmæssige værdi i henhold til afsnit 6.5.15 med tilbagevirkende kraft, hvis det kun var ændringen i en options indre værdi, der blev klassificeret som et sikringsinstrument i et sikringsforhold i henhold til IAS 39. Denne anvendelse med tilbagevirkende kraft finder kun anvendelse på de sikringsforhold, der eksisterede i begyndelsen af den tidligste komparative periode eller blev klassificeret derefter
b)
kan en virksomhed anvende den regnskabsmæssige behandling af terminskontrakters terminsdel i henhold til afsnit 6.5.16 med tilbagevirkende kraft, hvis det kun var ændringen i en terminskontrakts spotdel, der blev klassificeret som et sikringsinstrument i et sikringsforhold i henhold til IAS 39. Denne anvendelse med tilbagevirkende kraft finder kun anvendelse på de sikringsforhold, der eksisterede i begyndelsen af den tidligste komparative periode eller blev klassificeret derefter Hvis en virksomhed vælger at anvende denne regnskabsmæssige behandling med tilbagevirkende kraft, skal den desuden anvendes på alle sikringsforhold, der opfylder kriterierne herfor (dvs. at det ved overgang ikke er muligt at anvende dette valg på enkelte sikringsforhold). Den regnskabsmæssige behandling af valutaspænd (jf. afsnit 6.5.16) kan anvendes med tilbagevirkende kraft for de sikringsforhold, der eksisterede i begyndelsen af den tidligste komparative periode eller blev klassificeret derefter
c)
skal en virksomhed med tilbagevirkende kraft anvende kravet i afsnit 6.5.6 om, at sikringsinstrumentet ikke er udløbet eller afviklet, hvis:
i)
parterne i et sikringsinstrument som følge af love eller retsforskrifter eller indførelsen af love eller retsforskrifter aftaler, at en eller flere clearingmodparter erstatter deres oprindelige modpart og bliver den nye modpart for hver af parterne, og
ii)
andre eventuelle ændringer af sikringsinstrumentet er begrænset til de ændringer, der er nødvendige for at effektuere en sådan erstatning af modparten.
d)
anvende kravene i afsnit 6.8 med tilbagevirkende kraft. Denne anvendelse med tilbagevirkende kraft gælder kun de sikringsforhold, der eksisterede ved begyndelsen af det regnskabsår, hvor virksomheden for første gang anvender disse krav eller blev klassificeret derefter, og det beløb, der er akkumuleret i den reserve vedrørende sikring af pengestrømme, der eksisterede ved begyndelsen af det regnskabsår, hvor virksomheden for første gang anvender disse krav.
Virksomheder, der har anvendt IFRS 9 (2009), IFRS 9 (2010) eller IFRS 9 (2013) før ikrafttrædelsesdatoen
7.2.27
En virksomhed skal anvende overgangskravene i afsnit 7.2.21-7.2.26 på den relevante dato for den første anvendelse. En virksomhed må kun anvende de enkelte overgangbestemmelser i afsnit 7.2.3-7.2.14 og 7.2.17-7.2.26 én gang (dvs. hvis en virksomhed vælger at anvende IFRS 9 på en måde, som omfatter mere end ét tidspunkt for førstegangsanvendelse, må den ikke anvende nogen af disse bestemmelser igen, hvis de allerede er blevet anvendt tidligere). (Jf. afsnit 7.2.2. og 7.3.2.)
7.2.28
En virksomhed, som anvendte IFRS 9 (2009), IFRS 9 (2010) eller IFRS 9 (2013) og derefter anvender denne standard:
a)
skal tilbagekalde den tidligere klassifikation af et finansielt aktiv som målt til dagsværdi gennem resultatet, hvis en sådan klassifikation tidligere blev foretaget i henhold til betingelsen i afsnit 4.1.5, men betingelsen ikke længere er opfyldt som følge af anvendelsen af denne standard
b)
kan klassificere et finansielt aktiv som målt til dagsværdi gennem resultatet, hvis en sådan klassifikation ikke tidligere opfyldte betingelsen i afsnit 4.1.5, men nu opfylder betingelsen som følge af anvendelsen af denne standard
c)
skal tilbagekalde den tidligere klassifikation af en finansiel forpligtelse som målt til dagsværdi gennem resultatet, hvis en sådan klassifikation tidligere blev foretaget i henhold til betingelsen i afsnit 4.2.2, litra a), men betingelsen ikke længere er opfyldt som følge af anvendelsen af denne standard, og
d)
kan klassificere en finansiel forpligtelse som målt til dagsværdi gennem resultatet, hvis en sådan klassifikation ikke tidligere opfyldte betingelsen i afsnit 4.2.2, litra a), men nu opfylder betingelsen som følge af anvendelsen af denne standard.
En sådan klassifikation og tilbagekaldelse foretages på grundlag af de forhold og omstændigheder, der er gældende på tidspunktet for førstegangsanvendelsen af denne standard. Klassifikationen anvendes med tilbagevirkende kraft.
Overgangen til førtidig indfrielse med negativ kompensation
7.2.29
En virksomhed skal anvende 
førtidig indfrielse med negativ kompensation
 (Ændringer til IFRS 9) med tilbagevirkende kraft i overensstemmelse med IAS 8, undtagen som angivet i afsnit 7.2.30-7.2.34.
7.2.30
En virksomhed, der anvender disse ændringer for første gang, samtidig med at den anvender denne standard for første gang, skal anvende afsnit 7.2.1-7.2.28 i stedet for afsnit 7.2.31-7.2.34.
7.2.31
En virksomhed, der anvender disse ændringer for første gang, efter at den har anvendt denne standard for første gang, skal anvende afsnit 7.2.32-7.2.34. Virksomheden skal desuden anvende de andre overgangskrav i denne standard, som er nødvendige for anvendelsen af disse ændringer. Med henblik herpå skal henvisninger til tidspunktet for førstegangsanvendelsen læses som henvisninger til begyndelsen af det regnskabsår, hvor en virksomhed anvender disse ændringer for første gang (tidspunktet for førstegangsanvendelsen af disse ændringer).
7.2.32
Med hensyn til klassificeringen af et finansielt aktiv eller en finansiel forpligtelse som målt til dagsværdi gennem resultatet gælder, at en virksomhed:
a)
skal tilbagekalde den tidligere klassifikation af et finansielt aktiv som målt til dagsværdi gennem resultatet, hvis en sådan klassifikation tidligere blev foretaget i henhold til betingelsen i afsnit 4.1.5, men betingelsen ikke længere er opfyldt som følge af anvendelsen af disse ændringer
b)
kan klassificere et finansielt aktiv som målt til dagsværdi gennem resultatet, hvis en sådan klassifikation ikke tidligere opfyldte betingelsen i afsnit 4.1.5, men nu opfylder betingelsen som følge af anvendelsen af disse ændringer
c)
skal tilbagekalde den tidligere klassifikation af en finansiel forpligtelse som målt til dagsværdi gennem resultatet, hvis en sådan klassifikation tidligere blev foretaget i henhold til betingelsen i afsnit 4.2.2, litra a), men betingelsen ikke længere er opfyldt som følge af anvendelsen af disse ændringer, og
d)
kan klassificere en finansiel forpligtelse som målt til dagsværdi gennem resultatet, hvis en sådan klassifikation ikke tidligere opfyldte betingelsen i afsnit 4.2.2, litra a), men nu opfylder betingelsen som følge af anvendelsen af disse ændringer.
En sådan klassifikation og tilbagekaldelse foretages på grundlag af de forhold og omstændigheder, der er gældende på datoen for den første anvendelse af disse ændringer. Klassifikationen anvendes med tilbagevirkende kraft.
7.2.33
En virksomhed er ikke forpligtet til at tilpasse tidligere regnskabsperioder for at afspejle anvendelsen af disse ændringer. Virksomheden kan tilpasse tidligere perioder, hvis — og kun hvis — det er muligt uden at efterrationalisere og de tilpassede årsregnskaber afspejler alle kravene i denne standard. Hvis en virksomhed ikke tilpasser tidligere regnskabsperioder, skal den indregne en eventuel forskel mellem den tidligere regnskabsmæssige værdi og den regnskabsmæssige værdi i begyndelsen af den årlige regnskabsperiode, der omfatter tidspunktet for førstegangsanvendelsen af disse ændringer, primo i overført resultat (eller et andet egenkapitalelement, alt efter hvad der er hensigtsmæssigt) i den årlige regnskabsperiode, der omfatter tidspunktet for førstegangsanvendelsen af disse ændringer.
7.2.34
I den regnskabsperiode, der omfatter tidspunktet for førstegangsanvendelsen af disse ændringer, skal virksomheden give følgende oplysninger pr. nævnte dato for den første anvendelse for hver kategori af de finansielle aktiver og forpligtelser, som var berørt af disse ændringer:
a)
den tidligere målingskategori og regnskabsmæssige værdi fastlagt umiddelbart før anvendelsen af disse ændringer
b)
den nye målingskategori og regnskabsmæssige værdi fastlagt umiddelbart efter anvendelsen af disse ændringer
c)
den regnskabsmæssige værdi af eventuelle finansielle aktiver og finansielle forpligtelser i balancen, som tidligere blev klassificeret som målt til dagsværdi gennem resultatet, men som ikke længere er klassificeret sådan, og
d)
årsagerne til klassifikation eller ophør af klassifikation af finansielle aktiver eller finansielle forpligtelser som målt til dagsværdi gennem resultatet.
Overgang til det årlige forbedringsprojekt vedrørende IFRS-standarder
7.2.35
En virksomhed skal anvende 
Det årlige forbedringsprojekt vedrørende IFRS-standarder for perioden 2018-2020
 på finansielle forpligtelser, som ændres eller udveksles samtidigt med eller efter begyndelsen af det regnskabsår, hvor den anvender ændringen for første gang.
Overgang til IFRS 17 som ændret i juni 2020
7.2.36
En virksomhed skal anvende de ændringer til IFRS 9, der er foretaget som følge af IFRS 17 som ændret i juni 2020, med tilbagevirkende kraft i overensstemmelse med IAS 8, undtagen som specificeret i afsnit 7.2.37-7.2.42.
7.2.37
En virksomhed, der anvender IFRS 17 for første gang som ændret i juni 2020, samtidig med at den anvender denne standard for første gang, skal anvende afsnit 7.2.1-7.2.28 i stedet for afsnit 7.2.38-7.2.42.
7.2.38
En virksomhed, der for første gang anvender IFRS 17 som ændret i juni 2020, efter at den for første gang anvender denne standard, skal anvende afsnit 7.2.39-7.2.42. Virksomheden skal desuden anvende de andre overgangskrav i denne standard, som er nødvendige for anvendelsen af disse ændringer. Med henblik herpå skal henvisninger til tidspunktet for førstegangsanvendelsen læses som henvisninger til begyndelsen af det regnskabsår, hvor en virksomhed anvender disse ændringer for første gang (tidspunktet for førstegangsanvendelsen af disse ændringer).
7.2.39
Med hensyn til at klassificere en finansiel forpligtelse som målt til dagsværdi gennem resultatet, gælder det, at en virksomhed
a)
skal tilbagekalde den tidligere klassifikation af en finansiel forpligtelse som målt til dagsværdi gennem resultatet, hvis en sådan klassifikation tidligere blev foretaget i henhold til betingelsen i afsnit 4.2.2, litra a), men betingelsen ikke længere er opfyldt som følge af anvendelsen af disse ændringer, og
b)
kan klassificere en finansiel forpligtelse som målt til dagsværdi gennem resultatet, hvis en sådan klassifikation ikke tidligere opfyldte betingelsen i afsnit 4.2.2, litra a), men nu opfylder betingelsen som følge af anvendelsen af disse ændringer.
En sådan klassifikation og tilbagekaldelse foretages på grundlag af de forhold og omstændigheder, der er gældende på datoen for den første anvendelse af disse ændringer. Klassifikationen anvendes med tilbagevirkende kraft.
7.2.40
En virksomhed er ikke forpligtet til at tilpasse tidligere regnskabsperioder for at afspejle anvendelsen af disse ændringer. Virksomheden må kun tilpasse tidligere regnskabsperioder, hvis det er muligt at gøre dette uden at efterrationalisere. Hvis en virksomhed tilpasser tidligere regnskabsperioder, skal de tilpassede regnskaber afspejle alle krav i denne standard for de berørte finansielle instrumenter. Hvis en virksomhed ikke tilpasser tidligere regnskabsperioder, skal den indregne en eventuel forskel mellem den tidligere regnskabsmæssige værdi og den regnskabsmæssige værdi i begyndelsen af den årlige regnskabsperiode, der omfatter tidspunktet for førstegangsanvendelsen af disse ændringer, primo i overført resultat (eller et andet egenkapitalelement, alt efter hvad der er hensigtsmæssigt) i den årlige regnskabsperiode, der omfatter tidspunktet for førstegangsanvendelsen af disse ændringer.
7.2.41
I den regnskabsperiode, der omfatter datoen for den første anvendelse af disse ændringer, behøver virksomhed ikke at præsentere de kvantitative oplysninger, som kræves i afsnit 28, litra f), i IAS 8
7.2.42
I den regnskabsperiode, der omfatter tidspunktet for førstegangsanvendelsen af disse ændringer, skal virksomheden give følgende oplysninger pr. nævnte dato for den første anvendelse for hver kategori af de finansielle aktiver og forpligtelser, som var berørt af disse ændringer:
a)
den tidligere klassifikation, herunder den tidligere målingskategori, hvis det er relevant, og den regnskabsmæssige værdi, der er fastsat umiddelbart før anvendelsen af disse ændringer,
b)
den nye målingskategori og regnskabsmæssige værdi fastlagt umiddelbart efter anvendelsen af disse ændringer
c)
den regnskabsmæssige værdi af eventuelle finansielle forpligtelser i balancen, som tidligere blev klassificeret som målt til dagsværdi gennem resultatet, men som ikke længere er klassificeret sådan, og
d)
årsagerne til klassifikation eller ophør af klassifikation af finansielle forpligtelser målt til dagsværdi gennem resultatet.
Overgang for Rentebenchmarkreform — Fase 2
7.2.43
En virksomhed skal anvende 
Rentebenchmarkreform — Fase 2
 med tilbagevirkende kraft i overensstemmelse med IAS 8, undtagen som anført i afsnit 7.2.44-7.2.46.
7.2.44
En virksomhed skal kun klassificere et nyt sikringsforhold (f.eks. som beskrevet i afsnit 6.9.13) fremadrettet (dvs. at en virksomhed forbydes at klassificere et nyt regnskabsmæssigt sikringsforhold i tidligere regnskabsperioder). En virksomhed skal dog genoprette et sikringsforhold, der er bragt til ophør, hvis, og kun hvis, følgende betingelser er opfyldt:
a)
virksomheden havde bragt det pågældende sikringsforhold til ophør udelukkende som følge af ændringer krævet i forbindelse med en rentebenchmarkreform, og virksomheden ville ikke have været forpligtet til at bringe dette sikringsforhold til ophør, hvis disse ændringer var blevet anvendt på det pågældende tidspunkt, og
b)
ved begyndelsen af den regnskabsperiode, hvor virksomheden for første gang anvender disse ændringer (tidspunktet for førstegangsanvendelsen af disse ændringer), opfylder det pågældende sikringsforhold, der er bragt til ophør, kvalifikationskriterierne for regnskabsmæssig sikring (efter hensyntagen til disse ændringer).
7.2.45
Hvis en virksomhed ved anvendelsen af afsnit 7.2.44 genopretter et sikringsforhold, der er bragt til ophør, skal virksomheden læse henvisningerne i afsnit 6.9.11 og 6.9.12 til det tidspunkt, hvor det alternative rentebenchmark for første gang klassificeres som en ikke kontraktligt fastsat risikokomponent, som henvisninger til tidspunktet for førstegangsanvendelsen af disse ændringer (dvs. at 24-måneders perioden for det pågældende rentebenchmark, der er klassificeret som en ikke kontraktligt fastsat risikokomponent, begynder på tidspunktet for førstegangsanvendelsen af disse ændringer).
7.2.46
En virksomhed er ikke forpligtet til at tilpasse tidligere regnskabsperioder for at afspejle anvendelsen af disse ændringer. Virksomheden må kun tilpasse tidligere regnskabsperioder, hvis det er muligt uden at efterrationalisere. Hvis en virksomhed ikke tilpasser tidligere regnskabsperioder, skal den indregne en eventuel forskel mellem den tidligere regnskabsmæssige værdi og den regnskabsmæssige værdi i begyndelsen af den årlige regnskabsperiode, der omfatter tidspunktet for førstegangsanvendelsen af disse ændringer, primo i overført resultat (eller et andet egenkapitalelement, alt efter hvad der er hensigtsmæssigt) i den årlige regnskabsperiode, der omfatter tidspunktet for førstegangsanvendelsen af disse ændringer.
7.3   OPHÆVELSE AF IFRIC 9, IFRS 9 (2009), IFRS 9 (2010) OG IFRS 9 (2013)
7.3.1
Denne standard erstatter IFRIC 9 
Omvurdering af indbyggede afledte finansielle instrumenter
. De krav, der blev tilføjet IFRS 9 i oktober 2010, indarbejdede de krav, der tidligere indgik i afsnit 5 og 7 i IFRIC 9. Som en konsekvensændring indarbejdede IFRS 1 
Førstegangsanvendelse af internationale regnskabsstandarder
 de krav, der tidligere indgik i afsnit 8 i IFRIC 9.
7.3.2
Denne standard erstatter IFRS 9 (2009), IFRS 9 (2010) og IFRS 9 (2013). For regnskabsår, der begynder før den 1. januar 2018, kan en virksomhed imidlertid vælge at anvende disse tidligere versioner af IFRS 9 i stedet for at anvende denne standard, forudsat at virksomhedens relevante tidspunkt for førstegangsanvendelse er før den 1. februar 2015.
Appendiks A
Definerede termer
Dette appendiks er en integreret del af standarden.
forventede kredittab over 12 måneder
Den del af 
forventede kredittab i løbetiden
, som repræsenterer de 
forventede kredittab
, der hidrører fra misligholdelse af et finansielt instrument, som er muligt inden for 12 måneder efter balancedagen.
et finansielt aktivs eller en finansiel forpligtelses amortiserede kostpris
Det beløb, hvortil det finansielle aktiv eller den finansielle forpligtelse måles ved første indregning, med fradrag af betalte afdrag på hovedstolen, med tillæg eller fradrag af akkumulerede afskrivninger ved hjælp af den 
effektive rentemetode
 på en eventuel forskel mellem det oprindelige beløb og det beløb, der betales ved udløb, og reguleret for en eventuel 
hensættelse til tab
 for finansielle aktiver.
kontraktaktiver
De rettigheder, som ifølge IFRS 15 
Omsætning fra kontrakter med kunder
 regnskabsmæssigt behandles i henhold til denne standard med henblik på indregning og måling af gevinster og tab ved værdiforringelse.
værdiforringet finansielt aktiv
Et finansielt aktiv er værdiforringet, når en eller flere begivenheder, som har en negativ indvirkning på det finansielle aktivs skønnede fremtidige pengestrømme, er indtruffet. Indikation af, at et finansielt aktiv er værdiforringet, omfatter observerede data om følgende begivenheder:
a)
udsteders eller låntagers væsentlige økonomiske vanskeligheder
b)
kontraktbrud, såsom misligholdelse af betaling eller 
forfalden
 betaling
c)
nedslag fra långiver(e) til låntager af økonomiske eller kontraktlige årsager forbundet med låntagers økonomiske vanskeligheder, som långiver(e) 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)
erhvervelse eller oprettelse af et finansielt aktiv til en betragtelig underkurs, som afspejler opståede 
kredittab
.
I nogle tilfælde er det ikke muligt at identificere en enkeltstående, isoleret begivenhed. Det er snarere den samlede virkning af flere begivenheder, som kan have forårsaget værdiforringelsen af de finansielle aktiver.
kredittab
Forskellen mellem alle kontraktlige pengestrømme, som skal udbetales til en virksomhed i henhold til kontrakten, og alle pengestrømme, som virksomheden forventer at modtage (dvs. alle kontantunderskud), diskonteret med den oprindelige 
effektive rente
 (eller 
kreditjusterede effektive rente
 for 
erhvervede eller oprettede værdiforringede finansielle aktiver
). En virksomhed skal foretage skøn over pengestrømme under hensyntagen til alle kontraktlige vilkår for det finansielle instrument (eksempelvis optioner på førtidig indfrielse eller forlængelse, call-optioner og lignende optioner) i løbet af det finansielle instruments forventede løbetid. De pengestrømme, der skal indgå i skønnet, omfatter pengestrømme fra salg af sikkerhedsstillelse eller andre udvidelser af kreditværdigheden, der er en integreret del af de kontraktlige vilkår. Der gælder en formodning om, at der kan foretages et pålideligt skøn over det finansielle instruments forventede løbetid. I de sjældne tilfælde, hvor det ikke er muligt at foretage et pålideligt skøn over det finansielle instruments forventede løbetid, skal virksomheden imidlertid anvende den resterende kontraktlige løbetid for det finansielle instrument.
kreditjusteret effektiv rente
Den rente, som nøjagtigt diskonterer forventede fremtidige ind- og udbetalinger i det finansielle aktivs forventede løbetid til den 
amortiserede kostpris for et finansielt aktiv
, som er et 
erhvervet eller oprettet værdiforringet finansielt aktiv
. Ved beregning af den kreditjusterede effektive rente skal virksomheden foretage skøn over forventede pengestrømme under hensyntagen til alle kontraktlige vilkår for det finansielle aktiv (eksempelvis optioner på førtidig indfrielse eller forlængelse, call-optioner og lignende optioner) og 
forventede kredittab
. Beregningen skal medtage alle gebyrer og rentetillæg kontrahenterne imellem, som udgør en integreret del af den effektive rente (jf. afsnit B5.4.1-B5.4.3), 
transaktionsomkostninger
 samt anden over- eller underkurs. Der gælder 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 den resterende 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
Fjernelse af et tidligere indregnet finansielt aktiv eller en finansiel forpligtelse fra virksomhedens balance.
afledt finansielt instrument
Et finansielt instrument eller anden kontrakt, som er omfattet af denne standard, 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 instrument")
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
c)
det afregnes på et fremtidigt tidspunkt.
udbytte
Udlodning af overskud til indehavere af egenkapitalinstrumenter i forhold til deres andel af en bestemt aktieklasse.
effektiv rentemetode
Den metode, der bruges til beregning af et 
finansielt aktivs eller en finansiel forpligtelses amortiserede kostpris
 samt til allokering og indregning af renteindtægter eller -udgifter i resultatet over den relevante periode.
effektiv rente
Den rente, som nøjagtigt diskonterer forventede fremtidige ind- og udbetalinger i det finansielle aktivs eller den finansielle forpligtelses forventede løbetid til den 
regnskabsmæssige bruttoværdi for et finansielt aktiv
 eller til en 
finansiel forpligtelses amortiserede kostpris
. Ved beregning af den effektive rente skal virksomheden foretage skøn over de forventede pengestrømme under hensyntagen til alle kontraktlige vilkår for det finansielle instrument (eksempelvis optioner på førtidig indfrielse eller forlængelse, call-optioner og lignende optioner), men ikke til 
forventede kredittab
. Beregningen skal medtage alle gebyrer og rentetillæg kontrahenterne imellem, som udgør en integreret del af den effektive rente (jf. afsnit B5.4.1-B5.4.3), 
transaktionsomkostninger
 samt anden over- eller underkurs. Der gælder 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).
forventede kredittab
Det vægtede gennemsnit af 
kredittab
 med de respektive risici for misligholdelse som vægte.
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 forpligtelse til dagsværdi gennem resultatet
En finansiel forpligtelse, som opfylder en af følgende betingelser:
a)
den opfylder definitionen på 
som besiddes med henblik på handel
b)
virksomheden klassificerer den ved første indregning som til dagsværdi gennem resultatet i henhold til afsnit 4.2.2 eller 4.3.5
c)
den klassificeres enten ved første indregning eller efterfølgende som til dagsværdi gennem resultatet i henhold til afsnit 6.7.1.
fast aftale
En bindende aftale om udveksling af en bestemt mængde af ressourcer til en bestemt pris på et bestemt tidspunkt eller tidspunkter i fremtiden.
forventet transaktion
En transaktion, som virksomheden ikke har forpligtet sig til, men som forventes.
et finansielt aktivs regnskabsmæssige bruttoværdi
Et 
finansielt aktivs amortiserede kostpris
 før regulering for en eventuel 
hensættelse til tab
.
sikringsrate
Forholdet mellem mængden af sikringsinstrumentet og mængden af den sikrede post med hensyn til deres relative vægtning.
som besiddes med henblik på handel
Et finansielt aktiv eller en finansiel forpligtelse, som:
a)
primært blev anskaffet eller påtaget med henblik på salg eller tilbagekøb på kort sigt
b)
ved første indregning udgjorde en del af en portefølje af identificerede finansielle instrumenter, som blev forvaltet sammen, og som udviste et nyligt mønster af kortsigtet realisation af gevinster, eller
c)
er et 
afledt finansielt instrument
 (bortset fra afledte finansielle instrumenter, som er finansielle garantikontrakter, eller som er klassificeret som og udgør effektive sikringsinstrumenter).
gevinst eller tab ved værdiforringelse
Gevinster eller tab, som indregnes i resultatet i henhold til afsnit 5.5.8, og som opstår som følge af anvendelsen af kravene til værdiforringelse i afsnit 5.5.
forventede kredittab i løbetiden
De 
forventede kredittab
, der hidrører fra alle mulige tilfælde af misligholdelse i et finansielt instruments forventede løbetid.
hensættelse til tab
Hensættelse til 
forventede kredittab
 på finansielle aktiver målt i henhold til afsnit 4.1.2, leasingtilgodehavender og 
kontraktaktiver
, den akkumulerede værdiforringelse for finansielle aktiver målt i henhold til afsnit 4.1.2A og hensættelsen til forventede kredittab på lånetilsagn og 
finansielle garantikontrakter
.
gevinst eller tab ved regulering
Det beløb, der fremkommer efter regulering af et 
finansielt aktivs regnskabsmæssige bruttoværdi
, som afspejler de genforhandlede eller ændrede kontraktlige pengestrømme. Virksomheden omberegner et finansielt aktivs regnskabsmæssige bruttoværdi som nutidsværdien af de forventede fremtidige ind- og udbetalinger i det genforhandlede eller ændrede finansielle aktivs forventede løbetid, der diskonteres med det finansielle aktivs oprindelige 
effektive rente
 (eller den oprindelige 
kreditjusterede effektive rente
 for 
erhvervede eller oprettede værdiforringede finansielle aktiver
), eller, hvor det relevant, den ændrede 
effektive rente
 beregnet i overensstemmelse med afsnit 6.5.10. Ved vurdering af de forventede pengestrømme for et finansielt aktiv skal en virksomhed tage hensyn til alle de kontraktlige vilkår for det finansielle aktiv (eksempelvis optioner på førtidig indfrielse, call-optioner eller andre optioner), men skal ikke tage hensyn til de 
forventede kredittab
, medmindre det finansielle aktiv er et 
erhvervet eller oprettet værdiforringet aktiv
, i hvilket tilfælde virksomheden også skal tage hensyn til de første forventede kredittab, der blev anvendt i beregningen af den oprindelige
kreditjusterede effektive rente
.
forfalden
Et finansielt aktiv er forfaldent, når en modpart har undladt at foretage en betaling, da den forfaldt i henhold til kontrakten.
erhvervet eller oprettet værdiforringet finansielt aktiv
Et eller flere erhvervede eller oprettede finansielle aktiver, som er 
værdiforringet
 ved første indregning.
omklassificeringsdato
Den første dag i den første regnskabsperiode efter den ændring i forretningsmodellen, der betyder, at en virksomhed skal omklassificere finansielle aktiver.
almindeligt køb eller salg
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
Omkostninger, som er direkte tilknyttet anskaffelse, udstedelse eller afhændelse af et finansielt aktiv eller en finansiel forpligtelse (jf. afsnit B5.4.8). Herved forstås omkostninger, der ikke ville være opstået, hvis virksomheden ikke havde anskaffet, udstedt eller afhændet det finansielle instrument.
Følgende udtryk er defineret i afsnit 11 i IAS 32, appendiks A i IFRS 7, appendiks A i IFRS 13 eller appendiks A i IFRS 15 og bruges i denne standard med den i IAS 32, IFRS 7, IFRS 13 eller IFRS 15 anførte betydning:
a)
kreditrisiko 
(
52
)
b)
egenkapitalinstrument
c)
dagsværdi
d)
finansielt aktiv
e)
finansielt instrument
f)
finansiel forpligtelse
g)
transaktionspris.
Appendiks B
Anvendelsesvejledning
Dette appendiks er en integreret del af standarden.
ANVENDELSESOMRÅDE (KAPITEL 2)
B2.1
Visse kontrakter 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 er omfattet af IFRS 17 
Forsikringskontrakter
, er de omfattet af denne standard.
B2.2
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 IFRS 15 
Omsætning fra kontrakter med kunder
.
B2.3
En virksomhed kan undertiden foretage, hvad den anser som en "strategisk investering" i egenkapitalinstrumenter, som er udstedt af en anden virksomhed, med henblik på at etablere eller fortsætte et langsigtet operationelt samarbejde med den virksomhed, der investeres i. Den investerende eller joint venture-deltagende virksomhed anvender IAS 28 
Investeringer i associerede virksomheder og joint ventures
 ved vurderingen af, om det er hensigtsmæssigt at behandle en sådan investering efter den indre værdis metode.
B2.4
Denne standard finder anvendelse på forsikringsgiveres finansielle aktiver og forpligtelser, med undtagelse af rettigheder og forpligtelser, som udelukkes i medfør af afsnit 2.1, litra e), idet de er opstået i henhold til kontrakter, som er omfattet af IFRS 17.
B2.5
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 2.1, litra e)):
a)
Selv om en finansiel garantikontrakt opfylder definitionen på en forsikringskontrakt i IFRS 17 (jf. afsnit 7, litra e), i IFRS 17), skal udsteder anvende denne standard, hvis den overdragne risiko er væsentlig, 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 17 på sådanne finansielle garantikontrakter. Hvis denne standard finder anvendelse, skal udsteder i henhold til afsnit 5.1.1 første gang indregne en finansiel garantikontrakt til dagsværdi. Hvis den finansielle garantikontrakt blev udstedt til en ikke-nærtstående part i en separat handel mellem indbyrdes uafhængige parter, kan dagsværdien ved indgåelsen forventes at svare til den modtagne præmie, medmindre der er dokumentation for det modsatte. Efterfølgende skal udsteder måle den til den højeste værdi af de nedenstående alternativer, medmindre den finansielle garantikontrakt ved indgåelsen blev klassificeret til dagsværdi med indregning i resultatopgørelsen, eller medmindre afsnit 3.2.15-3.2.23 og B3.2.12-B3.2.17 finder anvendelse (når en overdragelse af et finansielt aktiv ikke opfylder kriterierne for ophør af indregning, eller når metoden for fortsat engagement finder anvendelse):
i)
det beløb, der er opgjort i overensstemmelse med afsnit 5.5 og
ii)
det oprindeligt indregnede beløb med fradrag af eventuelle akkumulerede indtægter, der er indregnet i overensstemmelse med principperne i IFRS 15 (jf. afsnit 4.2.1, litra c)).
b)
Visse kreditrelaterede garantier kræver ikke som forudsætning for betaling, at ihændehaver er udsat for, og har lidt et tab på grund af, debitors 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 17. Sådanne garantier udgør 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 IFRS 15 til at vurdere, hvornår omsætningen fra garantien og fra salg af varer skal indregnes.
B2.6
Oplysningen om, at en udsteder betragter kontrakter som forsikringskontrakter, vil normalt fremgå af udsteders korrespondance med kunder og myndigheder og af hans kontrakter, forretningsmæssige dokumentation 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 så fald indeholder udsteders årsregnskaber normalt en erklæring om, at udsteder har fulgt de pågældende regnskabskrav.
INDREGNING OG OPHØR AF INDREGNING (KAPITEL 3)
Første indregning (afsnit 3.1)
B3.1.1
Som følge af princippet i afsnit 3.1.1 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 B3.2.14). 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 B3.2.15).
B3.1.2
Følgende er eksempler på anvendelsen af princippet i afsnit 3.1.1:
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 2.4-2.7, indregnes aftalens nettodagsværdi som et aktiv eller en forpligtelse ved aftalens indgåelse (jf. afsnit B4.1.30, litra c)). 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 6.5.8, litra b) og 6.5.9)).
c)
En terminskontrakt, som er omfattet af denne standard (jf. afsnit 2.1) 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 2.1), 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.
Almindeligt køb eller salg af finansielle aktiver
B3.1.3
Et almindeligt køb eller salg af finansielle aktiver skal indregnes enten på handelsdatoen eller afregningsdatoen som beskrevet i afsnit B3.1.5 og B3.1.6. En virksomhed skal anvende den samme metode konsekvent for alle køb og salg af finansielle aktiver, som klassificeres på samme måde i henhold til denne standard. Aktiver, som skal måles til dagsværdi gennem resultatet, udgør en separat kategori i forhold til aktiver, som klassificeres som målt til dagsværdi gennem resultatet. Endvidere udgør investeringer i egenkapitalinstrumenter, der regnskabsmæssigt behandles i henhold til afsnit 5.7.5, en separat kategori.
B3.1.4
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.
B3.1.5
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.
B3.1.6
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 måles til amortiseret kostpris. Den indregnes i resultatet, for så vidt angår aktiver, der klassificeres som finansielle aktiver målt til dagsværdi gennem resultatet, og den indregnes i anden totalindkomst, for så vidt angår finansielle aktiver målt til dagsværdi gennem anden totalindkomst, i henhold til afsnit 4.1.2A og for investeringer i egenkapitalinstrumenter, der regnskabsmæssigt behandles i henhold til afsnit 5.7.5.
Ophør af indregning af finansielle aktiver (afsnit 3.2)
B3.2.1
Følgende diagram illustrerer vurderingen af, om og i hvilket omfang indregningen af et finansielt aktiv er ophørt.
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 (afsnit3.2.4,litrab)).
B3.2.2
Den i afsnit 3.2.4, litra b), 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 fond, som udsteder ejendomsretsbeviser 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 3.2.5 og 3.2.6 er opfyldt.
B3.2.3
Ved anvendelse af afsnit 3.2.5 kunne virksomheden eksempelvis være ophavsmanden til det finansielle aktiv eller en koncern, som omfatter en dattervirksomhed, der har erhvervet det finansielle aktiv og overdrager pengestrømme til investorer i form af ikkenærtstående tredjeparter.
Vurdering af overdragelse af risiko og afkast tilknyttet ejendomsretten (afsnit 3.2.6)
B3.2.4
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).
B3.2.5
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 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.
B3.2.6
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 en fremtidig periode, medmindre den tilbagekøber det overdragne aktiv ved en ny transaktion.
Vurdering af overdragelse af kontrol
B3.2.7
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.
B3.2.8
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
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).
B3.2.9
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
B3.2.10
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 3.2.13, 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.
B3.2.11
Ved vurderingen af dagsværdierne af den del, som fortsat indregnes og den del, som ikke længere indregnes, med henblik på anvendelsen af afsnit 3.2.13, skal virksomheden anvende kravene til måling af dagsværdi, som er angivet i IFRS 13 
Måling af dagsværdi
 ud over afsnit 3.2.14.
Overdragelser, som ikke opfylder kriterierne for ophør af indregning
B3.2.12
Følgende er en beskrivelse af anvendelsen af princippet i afsnit 3.2.15. 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
B3.2.13
Følgende er eksempler på, hvordan en virksomhed måler et overdraget aktiv og den tilknyttede forpligtelse i henhold til afsnit 3.2.16.
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, når (eller efterhånden som) forpligtelsen opfyldes (i overensstemmelse med principperne i IFRS 15), og aktivets regnskabsmæssige værdi reduceres af eventuelle hensættelser til tab.
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 regnskabsmæssige bruttoværdi ved optionens udløbstidspunkt. Det antages eksempelvis, at aktivets regnskabsmæssige bruttoværdi på overdragelsestidspunktet er 98 CU, og det modtagne vederlag er 95 CU. Aktivets regnskabsmæssige bruttoværdi 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
B3.2.14
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.
B3.2.15
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 måle sit tilgodehavende til amortiseret kostpris, hvis kriterierne i afsnit 4.1.2 er opfyldt.
Eksempler
B3.2.16
Følgende eksempler illustrerer anvendelsen af principperne for ophør af indregning i denne standard.
a)
Tilbagekøbsaftaler og udlån af værdipapirer
. 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 værdipapirer — 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 B3.2.9). 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 B3.2.9 og litra 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 på 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 return swaps
". En virksomhed kan sælge et finansielt aktiv til en erhverver og indgå en "total-return-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.
r)
Afskrivning
. En virksomhed har ikke nogen rimelig forventning om at genindvinde de kontraktlige pengestrømme på hele eller dele af et finansielt aktiv.
B3.2.17
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 indfries 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 andel på 1,000 CU, indtil denne rente er udtømt. Lånenes dagsværdi på transaktionstidspunktet er på 10,000 CU, og den skønnede dagsværdi af det overskydende spænd på 0,5 % er på 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 % af 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 andel på 90 % og den bibeholdte del på 10 % ikke er tilgængelige på overdragelsestidspunktet, allokerer virksomheden aktivets regnskabsmæssige værdi i overensstemmelse med afsnit 3.2.14 i IFRS 9 som følger:
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 perioder 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 værdiforringelse på det indregnede aktiv. Som eksempel på sidstnævnte antages det, at der i det efterfølgende år er en værdiforringelse 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 værdiforringelse), og reducerer den indregnede forpligtelse med 300 CU. Nettoresultatet er en indregnet omkostning i resultatet for værdiforringelse på 300 CU.
Ophør af indregning af finansielle forpligtelser (afsnit 3.3)
B3.3.1
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.)
B3.3.2
Hvis udsteder af et gældsinstrument tilbagekøber dette instrument, ophører gælden, selv om udsteder er market maker i dette instrument eller har til hensigt at sælge det i nær fremtid.
B3.3.3
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.
B3.3.4
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 B3.3.1, litra b) 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.
B3.3.5
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 3.2.1-3.2.23 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.
B3.3.6
Med hensyn til afsnit 3.3.2 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. Ved fastsættelsen af disse betalte honorarer med fradrag af modtagne honorarer medtager en låntager kun honorarer, der betales eller modtages mellem låntager og långiver, herunder honorarer, der betales eller modtages af enten låntageren eller långiveren på den anden parts vegne.
B3.3.6A
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.
B3.3.7
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.
KLASSIFIKATION (KAPITEL 4)
Klassifikation af finansielle aktiver (afsnit 4.1)
Virksomhedens forretningsmodel til styring af finansielle aktiver
B4.1.1
I henhold til afsnit 4.1.1, litra a), skal en virksomhed omklassificere finansielle aktiver på grundlag af virksomhedens forretningsmodel til styring af finansielle aktiver, medmindre afsnit 4.1.5 finder anvendelse. En virksomhed vurderer, hvorvidt dens finansielle aktiver opfylder betingelsen i afsnit 4.1.2, litra a), eller betingelsen i afsnit 4.1.2A, litra a), på grundlag af forretningsmodellen som fastlagt af nøglepersoner i virksomhedens ledelse (som defineret i IAS 24 
Oplysning om nærtstående parter
).
B4.1.2
En virksomheds forretningsmodel fastlægges på et niveau, der viser, hvordan grupper af finansielle aktiver forvaltes sammen for at opfylde et bestemt forretningsmål. Virksomhedens forretningsmodel afhænger ikke af ledelsens hensigter med et individuelt instrument. Følgelig er denne betingelse ikke en fremgangsmåde til klassifikation af et enkelt instrument, men bør behandles på et højere aggregeringsniveau. Én virksomhed kan imidlertid have mere end én forretningsmodel til styring af sine finansielle instrumenter. Derfor behøver klassifikationen ikke at blive fastlagt for den regnskabsaflæggende virksomhed som helhed. En virksomhed kan f.eks. have en portefølje af investeringer, som den forvalter for at modtage kontraktlige pengestrømme, og en anden portefølje af investeringer, som den forvalter for at realisere ændringer i dagsværdien. Tilsvarende kan det under nogle omstændigheder være hensigtsmæssigt at opdele en portefølje af finansielle aktiver i underporteføljer for at afspejle det niveau, hvor virksomheden forvalter sine finansielle aktiver. Det kan eksempelvis være tilfældet, hvis en virksomhed opretter eller erhverver en portefølje af realkreditlån og forvalter nogle af lånene med det formål at modtage kontraktlige pengestrømme og forvalter de andre lån med salg for øje.
B4.1.2A
En virksomheds forretningsmodel beskriver, hvordan en virksomhed forvalter sine finansielle aktiver for at modtage kontraktlige pengestrømme. Det vil sige, at virksomhedens forretningsmodel angiver, hvorvidt den vil opnå pengestrømme ved at modtage kontraktlige pengestrømme, sælge finansielle aktiver eller begge dele. Derfor udføres denne vurdering ikke på grundlag af scenarier, som virksomheden ikke med rimelighed forventer vil forekomme, som f.eks. såkaldte "worst case"-scenarier eller stressscenarier. Hvis en virksomhed eksempelvis forventer, at den kun vil sælge en bestemt portefølje af finansielle aktiver i et stressscenarie, vil det ikke påvirke virksomhedens vurdering af forretningsmodellen for de aktiver, hvis virksomheden med rimelighed forventer, at et sådan scenarie ikke vil forekomme. Hvis virksomheden realiserer pengestrømme på en anden måde end forventet på den dato, hvor virksomheden vurderede forretningsmodellen (eksempelvis hvis virksomheden sælger flere eller færre finansielle aktiver, end den forventede, da den klassificerede aktiverne), vil det ikke give anledning til en fejl vedrørende en tidligere periode i virksomhedens årsregnskaber (jf. IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
), ligesom den ikke ændrer klassifikationen af de resterende finansielle aktiver, som besiddes i den forretningsmodel (dvs. de aktiver, som virksomheden indregnede i tidligere perioder og stadig besidder), så længe virksomheden har taget hensyn til alle relevante oplysninger, der var tilgængelige på det tidspunkt, hvor den vurderede sin forretningsmodel. Når en virksomhed vurderer forretningsmodellen for nyoprettede eller nyerhvervede finansielle aktiver, skal den imidlertid tage hensyn til oplysninger om, hvordan pengestrømme tidligere blev realiseret, samt alle andre relevante oplysninger.
B4.1.2B
En virksomheds forretningsmodel til styring af finansielle aktiver er en kendsgerning og ikke blot en påstand. Den kan normalt observeres ved de aktiviteter, virksomheden gennemfører for at opfylde målene med forretningsmodellen. En virksomhed skal foretage et skøn, når den vurderer sin forretningsmodel til styring af finansielle aktiver, og vurderingen afhænger ikke af en enkelt faktor eller aktivitet. I stedet skal virksomheden tage hensyn til alle de oplysninger, der er tilgængelige på datoen for vurderingen. Disse relevante oplysninger omfatter, men er ikke begrænset til:
a)
hvordan resultaterne for forretningsmodellen og de finansielle aktiver, der besiddes i forretningsmodellen, evalueres og rapporteres til nøglepersoner i virksomhedens ledelse
b)
de risici, der påvirker resultaterne for forretningsmodellen (og de aktiver, der besiddes i forretningsmodellen), og navnlig den måde, hvorpå disse risici styres, og
c)
hvordan virksomhedens ledelse aflønnes (eksempelvis om aflønningen er baseret på dagsværdien af de aktiver, der styres, eller på de kontraktlige pengestrømme, der modtages).
En forretningsmodel, hvis formål er besiddelse af aktiver med henblik på modtagelse af kontraktlige pengestrømme
B4.1.2C
Finansielle aktiver, der besiddes i en forretningsmodel, hvis formål er besiddelse af aktiver med henblik på modtagelse af kontraktlige pengestrømme, forvaltes med henblik på at realisere pengestrømme ved at modtage kontraktlige betalinger i instrumentets løbetid. Det vil sige, at virksomheden forvalter de aktiver, der besiddes i porteføljen, med henblik på at modtage disse kontraktlige pengestrømme (i stedet for at forvalte det overordnede afkast af porteføljen ved både at besidde og sælge aktiver). I vurderingen af, hvorvidt den vil realisere pengestrømme ved at modtage de finansielle aktivers kontraktlige pengestrømme, er det nødvendigt at tage hensyn til hyppigheden og værdien af samt tidspunktet for salg i tidligere perioder, årsagerne til dette salg og forventningerne om fremtidig salgsaktivitet. Salg i sig selv danner imidlertid ikke grundlag for forretningsmodellen og kan derfor ikke betragtes isoleret. I stedet viser oplysninger om tidligere salg og forventninger om fremtidigt salg, hvordan virksomheden vil opfylde sit mål for styringen af de finansielle aktiver, og specifikt hvordan pengestrømme realiseres. En virksomhed skal overveje oplysninger om tidligere salg i forhold til årsagerne til et sådant salg og de betingelser, der var gældende på det tidspunkt, sammenlignet med de aktuelle betingelser.
B4.1.3
Selv om formålet med en virksomheds forretningsmodel måtte være at besidde finansielle aktiver med henblik på at modtage kontraktlige pengestrømme, behøver virksomheden ikke at holde alle instrumenterne til udløb. Derfor kan en virksomheds forretningsmodel være at besidde finansielle aktiver for at modtage kontraktlige pengestrømme, selv når salget af finansielle aktiver finder sted eller forventes at ville finde sted i fremtiden.
B4.1.3A
Forretningsmodellen kan være at besidde aktiver for at modtage kontraktlige pengestrømme, selv hvis virksomheden sælger finansielle aktiver, når aktivernes kreditrisiko stiger. For at vurdere hvorvidt aktivernes kreditrisiko er steget, overvejer virksomheden rimelige og dokumenterede oplysninger, herunder oplysninger om fremtiden. Uanset deres hyppighed og værdi er salg som følge af en stigning i aktivernes kreditrisiko ikke uforenelig med en forretningsmodel, som har til formål at besidde finansielle aktiver for at modtage kontraktlige pengestrømme, fordi de finansielle aktivers kreditkvalitet har betydning for virksomhedens mulighed for at modtage kontraktlige pengestrømme. Kreditrisikostyringsaktiviteter, som har til formål at minimere de potentielle kredittab som følge af kreditforringelse, er en integreret del af en sådan forretningsmodel. At sælge et finansielt aktiv, fordi det ikke længere opfylder de kreditkriterier, der er vedtaget i virksomhedens dokumenterede investeringspolitik, er et eksempel på et sådant salg, der er gennemført på grund af en stigning i kreditrisikoen. Hvis virksomheden ikke har en sådan politik, skal den imidlertid påvise, at salget skyldtes en stigning i kreditrisikoen, på en anden måde.
B4.1.3B
Salg, der finder sted af andre grunde, f.eks. for at styre kreditkoncentrationsrisikoen (uden en stigning i aktivernes kreditrisiko), kan også være forenelig med en forretningsmodel, som har til formål at besidde finansielle aktiver for at modtage kontraktlige pengestrømme. Sådanne salg kan navnlig være forenelige med en forretningsmodel, som har til formål at besidde finansielle aktiver for at modtage kontraktlige pengestrømme, hvis de sker sjældent (uanset om værdien er betydelig) eller er af ubetydelig værdi, både hver for sig og samlet (uanset om de sker hyppigt). Hvis der mere end sjældent foretages salg fra en portefølje, og disse salg er af en mere end ubetydelig værdi (enten hver for sig eller samlet), skal virksomheden vurdere, hvorvidt og hvordan sådanne salg er forenelige med formålet om at modtage kontraktlige pengestrømme. Det er ikke relevant for denne vurdering, om en tredjepart kræver, at de finansielle aktiver skal sælges, eller om salget sker på virksomhedens initiativ. En stigning i hyppigheden eller værdien af salg i en bestemt periode er ikke nødvendigvis forenelig med et formål om at besidde finansielle aktiver for at modtage kontraktlige pengestrømme, hvis en virksomhed kan forklare årsagerne til et sådant salg og påvise, hvorfor det ikke afspejler en ændring i virksomhedens forretningsmodel. Endvidere kan salg være forenelig med formålet om at besidde finansielle aktiver for at modtage kontraktlige pengestrømme, hvis salget foretages tæt på de finansielle aktivers udløb, og provenuet fra salget er på niveau med de resterende kontraktlige pengestrømme.
B4.1.4
Følgende er eksempler på, at formålet med en virksomheds forretningsmodel er at besidde finansielle aktiver for at modtage kontraktlige pengestrømme. Listen over eksempler er ikke udtømmende. Endvidere har eksemplerne ikke til formål at beskrive alle faktorer af relevans for vurderingen af virksomhedens forretningsmodel eller at sige noget om faktorernes relative betydning.
Eksempel
Analyse
Eksempel 1
En virksomhed har investeringer for at modtage kontraktlige pengestrømme deraf. Virksomhedens finansieringsbehov er forudsigeligt, og virksomhedens finansielle aktivers løbetid er tilpasset virksomhedens anslåede finansieringsbehov.
Virksomheden udfører kreditrisikostyringsaktiviteter med henblik på at minimere kredittab. Tidligere har virksomheden normalt solgt, når de finansielle aktivers kreditrisiko er steget så meget, at aktiverne ikke længere opfylder kreditkriterierne i virksomhedens dokumenterede investeringspolitik. Desuden har virksomheden i sjældne tilfælde solgt som følge af uventede finansieringsbehov.
Rapporterne til nøglepersonerne i ledelsen fokuserer på de finansielle aktivers kreditkvalitet og det kontraktlige afkast. Virksomheden overvåger bl.a. også de finansielle aktivers dagsværdi.
Selv om virksomheden bl.a. vurderer de finansielle aktivers dagsværdi ud fra et likviditetsperspektiv (dvs. de likvide midler, der ville blive realiseret, hvis virksomheden må sælge aktiver), er virksomhedens mål at besidde de finansielle aktiver for at modtage kontraktlige pengestrømme. Salg er ikke uforeneligt med formålet, hvis de foretages som følge af en stigning i aktivernes kreditrisiko, eksempelvis hvis aktiverne ikke længere opfylder kreditkriterierne i virksomhedens dokumenterede investeringspolitik. Sjældne salg, som sker på grund af uventede finansieringsbehov (f.eks. i et stressscenarie), ville heller ikke være uforenelige med formålet, selv om de er af en betydelig værdi.
Eksempel 2
En virksomheds forretningsmodel går ud på at købe porteføljer af finansielle aktiver som f.eks. lån. Disse porteføljer kan omfatte finansielle aktiver, som er værdiforringede.
Hvis afdrag på lånene ikke bliver betalt til tiden, forsøger virksomheden at realisere de kontraktlige pengestrømme på forskellige måder — eksempelvis ved at kontakte debitoren pr. post, telefon eller ved andre metoder. Virksomhedens formål er at modtage de kontraktlige pengestrømme, og den forvalter ikke nogen af lånene i denne portefølje for at realisere pengestrømme ved at sælge dem.
I nogle tilfælde indgår virksomheden renteswaps for at ændre renten på et bestemt finansielt aktiv i en portefølje fra en variabel rente til en fast rente.
Formålet med virksomhedens forretningsmodel er at besidde de finansielle aktiver for at modtage de kontraktlige pengestrømme.
Det vil være den samme analyse, hvis virksomheden ikke forventer at modtage alle de kontraktlige pengestrømme (f.eks. hvis nogle af de finansielle aktiver er værdiforringede ved første indregning).
Endvidere betyder det forhold, at virksomheden indgår afledte finansielle instrumenter for at ændre porteføljens pengestrømme, ikke i sig selv, at virksomhedens forretningsmodel ændres.
Eksempel 3
En virksomhed har en forretningsmodel, som har til formål at oprette lån til kunder og derefter sælge dem til en securitisationsvirksomhed. Securitationsvirksomheden udsteder instrumenter til investorer.
Den virksomhed, der har oprettet lånene, kontrollerer securitisationsvirksomheden og konsoliderer den.
Securitationsvirksomheden modtager de kontraktlige pengestrømme fra lånene og overfører dem til investorerne.
Det antages i dette eksempel, at lånene fortsat indregnes i koncernbalancen, fordi securitisationsvirksomheden ikke ophører med at indregne dem.
Koncernen oprettede lånene for at besidde dem for at modtage de kontraktlige pengestrømme.
Den virksomhed, der har oprettet lånene, har imidlertid et mål om at realisere pengestrømme fra låneporteføljen ved at sælge lånene til securitisationsvirksomheden, så i virksomhedens separate årsregnskab vil den ikke blive anset for at forvalte porteføljen for at modtage de kontraktlige pengestrømme.
Eksempel 4
Et finansieringsinstitut besidder finansielle aktiver for at opfylde likviditetsbehov i et stressscenarie (f.eks. et stormløb på bankens indeståender). Virksomheden forventer ikke at sælge aktiverne, medmindre sådanne scenarier opstår.
Virksomheden overvåger de finansielle aktivers kreditkvalitet, og målet med forvaltningen af de finansielle aktiver er at modtage de kontraktlige pengestrømme. Virksomheden vurderer aktivernes afkast på grundlag af renteindtægter og kredittab.
Virksomheden overvåger imidlertid også de finansielle aktivers dagsværdi fra et likviditetsperspektiv for at sikre, at de likvide midler, der ville blive realiseret, hvis virksomheden fik brug for at sælge aktiverne i et stressscenarie, ville være tilstrækkelige til at opfylde virksomhedens likviditetsbehov. Virksomheden foretager af og til salg af en ubetydelig værdi for at påvise, at aktiverne er likvide.
Formålet med virksomhedens forretningsmodel er at besidde de finansielle aktiver for at modtage kontraktlige pengestrømme.
Analysen vil være den samme, selv om virksomheden i et tidligere stressscenarie havde foretaget salg af en betydelig værdi for at opfylde sine likviditetsbehov. Tilsvarende er hyppige salg af en ubetydelig værdi ikke forenelige med målet om at besidde finansielle aktiver for at modtage kontraktlige pengestrømme.
Hvis en virksomhed derimod besidder finansielle aktiver for at opfylde sine daglige likviditetsbehov, og dette mål kun kan opfyldes, hvis virksomheden foretager hyppige salg af en betydelig værdi, er formålet med virksomhedens forretningsmodel ikke at besidde de finansielle aktiver for at modtage kontraktlige pengestrømme.
Tilsvarende gælder det, at hvis tilsynsmyndighederne kræver, at virksomheden rutinemæssigt skal sælge finansielle aktiver for at påvise, at aktiverne er likvide, og værdien af de solgte aktiver er betydelig, er formålet med virksomhedens forretningsmodel ikke at besidde finansielle aktiver for at modtage kontraktlige pengestrømme. Det er ikke relevant for denne analyse, om en tredjepart kræver, at de finansielle aktiver skal sælges, eller om salget sker på virksomhedens initiativ.
En forretningsmodel, hvis formål er både modtagelse af kontraktlige pengestrømme og salg af finansielle aktiver
B4.1.4A
En virksomhed kan besidde finansielle aktiver i en forretningsmodel, der har til formål både at modtage kontraktlige pengestrømme og sælge finansielle aktiver. I denne type forretningsmodel har nøglepersonerne i virksomhedens ledelse truffet beslutning om, at både modtagelse af kontraktlige pengestrømme og salg af finansielle aktiver er integrerede dele af opfyldelsen af formålet med forretningsmodellen. Der er forskellige mål, der kan være forenelige med denne type forretningsmodel. Formålet med forretningsmodellen kan eksempelvis være at styre det daglige likviditetsbehov, at have en bestemt renteafkastprofil eller at matche de finansielle aktivers varighed med varigheden af de forpligtelser, som aktiverne finansierer. For at opfylde et sådant formål vil virksomheden både modtage kontraktlige pengestrømme og sælge finansielle aktiver.
B4.1.4B
Sammenholdt med en forretningsmodel, som har til formål at besidde finansielle aktiver for at modtage kontraktlige pengestrømme, vil denne forretningsmodel normalt være forbundet med hyppigere salg af en større værdi. Grunden er, at salg af finansielle aktiver er en integreret del af opfyldelsen af formålet med forretningsmodellen og ikke blot en nødvendig følge af den. Der er imidlertid ikke nogen grænse for, hvor hyppigt salg skal gennemføres, og hvilken værdi de skal have, i denne forretningsmodel, fordi både modtagelse af kontraktlige pengestrømme og salg af finansielle aktiver er en integreret del af opfyldelsen af formålet.
B4.1.4C
Følgende er eksempler på, at formålet med virksomhedens forretningsmodel kan opfyldes ved både at modtage kontraktlige pengestrømme og sælge finansielle aktiver. Listen over eksempler er ikke udtømmende. Endvidere har eksemplerne ikke til formål at beskrive alle faktorer af relevans for vurderingen af virksomhedens forretningsmodel eller at specificere faktorernes relative betydning.
Eksempel
Analyse
Eksempel 5
En virksomhed forventer anlægsinvesteringer inden for nogle år. Virksomheden investerer sin overskydende likviditet i kort- og langfristede finansielle aktiver, så den kan finansiere anlægsinvesteringerne, når behovet opstår. Mange af de finansielle aktivers kontraktlige løbetid er længere end virksomhedens forventede investeringsperiode.
Virksomheden besidder finansielle aktiver for at modtage de kontraktlige pengestrømme, og den vil, når den får mulighed for det, sælge finansielle aktiver for at geninvestere midlerne i finansielle aktiver med et højere afkast.
De forvaltere, der er ansvarlige for porteføljen, aflønnes på grundlag af det overordnede afkast af porteføljen.
Formålet med forretningsmodellen opfyldes ved både at modtage kontraktlige pengestrømme og sælge finansielle aktiver. Virksomheden træffer løbende beslutninger om, hvorvidt modtagelse af kontraktlige pengestrømme eller salg af finansielle aktiver vil maksimere afkastet af porteføljen, indtil den får behov for de investerede midler.
Som kontrast dertil kan man forestille sig en virksomhed, som forventer udgående pengestrømme om fem år til finansiering af anlægsinvesteringer, og som investerer overskydende likviditet i kortfristede finansielle aktiver. Når investeringerne udløber, geninvesterer virksomheden midlerne i nye kortfristede finansielle aktiver. Virksomheden fører denne strategi, indtil den har behov for likviditeten, og bruger så provenuet fra de udløbne finansielle aktiver til at finansiere anlægsinvesteringerne. Før udløbet foretager virksomheden kun salg af en ubetydelig værdi (medmindre kreditrisikoen stiger). Formålet med denne anden forretningsmodel er at besidde de finansielle aktiver for at modtage kontraktlige pengestrømme.
Eksempel 6
Et finansieringsinstitut besidder finansielle aktiver for at opfylde sit daglige likviditetsbehov. Virksomheden søger at minimere udgifterne til forvaltning af dette likviditetsbehov og forvalter derfor aktivt afkastet af porteføljen. Afkastet omfatter modtagelse af kontraktlige betalinger samt gevinster og tab på salget af finansielle aktiver.
Dermed besidder virksomheden finansielle aktiver for at modtage kontraktlige pengestrømme og sælger finansielle aktiver for at geninvestere i finansielle aktiver med et højere afkast eller for bedre at matche forpligtelsernes varighed. Denne strategi har tidligere givet anledning til hyppige salg, som har været af en betydelig værdi. Denne aktivitet forventes at ville fortsætte.
Formålet med forretningsmodellen er at maksimere afkastet af porteføljen for at opfylde det daglige likviditetsbehov, og virksomheden opfylder dette formål ved både at modtage kontraktlige pengestrømme og sælge finansielle aktiver. Med andre ord er både modtagelse af kontraktlige pengestrømme og salg af finansielle aktiver integrerede dele af opfyldelsen af formålet med forretningsmodellen.
Eksempel 7
En forsikringsgiver besidder finansielle aktiver for at finansiere forpligtelser i henhold til forsikringskontrakter. Forsikringsgiveren bruger provenuet fra de kontraktlige pengestrømme fra de finansielle aktiver til at indfri forpligtelserne i henhold til forsikringskontrakter i takt med, at de forfalder. For at sikre at de kontraktlige pengestrømme fra de finansielle aktiver kan indfri disse forpligtelser, foretager forsikringsgiveren regelmæssigt betydelige køb og salg for at genskabe balancen i sin portefølje af aktiver og opfylde sine likviditetsbehov i takt med, at de opstår.
Formålet med forretningsmodellen er at finansiere forpligtelserne i henhold til forsikringskontrakter. For at opfylde dette formål modtager virksomheden kontraktlige pengestrømme i takt med, at de forfalder, og sælger finansielle aktiver for at opretholde den ønskede profil for aktivporteføljen. Dermed er både modtagelse af kontraktlige pengestrømme og salg af finansielle aktiver integrerede dele af opfyldelsen af formålet med forretningsmodellen.
Andre forretningsmodeller
B4.1.5
Finansielle aktiver måles til dagsværdi gennem resultatet, hvis de ikke besiddes i en forretningsmodel, som har til formål at besidde aktiver for at modtage kontraktlige pengestrømme, eller i en forretningsmodel, som har til formål både at modtage kontraktlige pengestrømme og sælge finansielle aktiver (jf. også afsnit 5.7.5). I en forretningsmodel, som omfatter måling til dagsværdi gennem resultatet, forvalter en virksomhed de finansielle aktiver med henblik på at realisere pengestrømme ved salg af aktiverne. Virksomheden træffer beslutninger ud fra aktivernes dagsværdi og forvalter aktiverne for at realisere dagsværdien. I dette tilfælde vil virksomhedens formål normalt omfatte aktivt køb og salg. Selv om virksomheden modtager kontraktlige pengestrømme, mens den besidder de finansielle aktiver, opfyldes formålet med en sådan forretningsmodel ikke ved både at modtage kontraktlige pengestrømme og sælge finansielle aktiver. Grunden er, at modtagelse af kontraktlige pengestrømme ikke er en integreret del af opfyldelsen af formålet med forretningsmodellen, men blot en nødvendig følge af den.
B4.1.6
En portefølje af finansielle aktiver, der forvaltes, og hvis afkast vurderes på grundlag af dagsværdien (som beskrevet i afsnit 4.2.2, litra b)), besiddes hverken for at modtage kontraktlige pengestrømme eller både for at modtage kontraktlige pengestrømme og sælge finansielle aktiver. Virksomheden fokuserer primært på oplysninger om dagsværdi og bruger disse oplysninger til at vurdere aktivernes afkast og træffe beslutninger. Desuden besiddes en portefølje af finansielle aktiver, der opfylder definitionen af "som besiddes med henblik på handel", ikke for at modtage kontraktlige pengestrømme eller både for at modtage kontraktlige pengestrømme og sælge finansielle aktiver. For sådanne porteføljer er modtagelse af kontraktlige pengestrømme blot en nødvendig følge af opfyldelsen af formålet med forretningsmodellen. Derfor skal sådanne porteføljer af finansielle aktiver måles til dagsværdi gennem resultatet.
Kontraktlige pengestrømme, som alene består af betaling af afdrag og renter på hovedstolen
B4.1.7
I henhold til afsnit 4.1.1, litra b), skal en virksomhed klassificere et finansielt aktiv på grundlag af de kontraktlige pengestrømmes egenskaber, hvis det finansielle aktiv besiddes i en forretningsmodel, som har til formål at besidde aktiver for at modtage kontraktlige pengestrømme, eller i en forretningsmodel, som har til formål både at modtage kontraktlige pengestrømme og sælge finansielle aktiver, medmindre afsnit 4.1.5 finder anvendelse. For at gøre dette skal virksomheden i henhold til betingelsen i afsnit 4.1.2, litra b), og 4.1.2A, litra b), vurdere, hvorvidt aktivets kontraktlige pengestrømme alene består af betaling af afdrag og renter på hovedstolen.
B4.1.7A
Kontraktlige pengestrømme, som alene består af betaling af afdrag og renter på hovedstolen, svarer til en basal låneaftale. I en basal låneaftale er godtgørelse af den tidsmæssige værdi af penge (se afsnit B4.1.9A-B4.1.9E) og kreditrisiko normalt de vigtigste renteelementer. I en sådan aftale kan renten imidlertid også omfatte andre grundlæggende udlånsrisici (f.eks. likviditetsrisiko) og omkostninger (f.eks. administrationsomkostninger) forbundet med besiddelse af det finansielle aktiv i et bestemt tidsrum. Derudover kan renten omfatte en fortjenstmargin, der er forenelig med en basal låneaftale. Under ekstreme økonomiske omstændigheder kan renten være negativ, hvis indehaveren af et finansielt aktiv f.eks. enten eksplicit eller implicit betaler for at indskyde sine penge i et bestemt tidsrum (og dette beløb overstiger den godtgørelse, som indehaveren modtager for den tidsmæssige værdi af penge, kreditrisiko og andre grundlæggende udlånsrisici og omkostninger). De kontraktlige vilkår, der beskriver eksponeringen for risici eller volatilitet i de kontraktlige pengestrømme, som ikke er omfattet af en basal låneaftale, som f.eks. eksponering for ændringer i kurser på egenkapitalinstrumenter eller råvarepriser, giver ikke anledning til kontraktlige pengestrømme, som alene består af betaling af afdrag og renter på hovedstolen. Et oprettet eller erhvervet finansielt aktiv kan være en basal låneaftale, uanset om det i sin juridiske form er et lån.
B4.1.7B
I henhold til afsnit 4.1.3, litra a), er hovedstolen dagsværdien af det finansielle aktiv ved første indregning. Hovedstolen kan imidlertid ændre sig i det finansielle aktivs løbetid (f.eks. hvis der er afdrag på hovedstolen).
B4.1.8
En virksomhed skal vurdere, hvorvidt kontraktlige pengestrømme alene består af betaling af afdrag og renter på hovedstolen for den valuta, som det finansielle aktiv er angivet i.
B4.1.9
Gearing er en af egenskaberne ved nogle finansielle aktivers kontraktlige pengestrømme. Gearing øger udsvingene i de kontraktlige pengestrømme, således at de ikke har samme økonomiske egenskaber som renter. En ikke-indbygget option, terminskontrakter og swap-kontrakter er eksempler på finansielle aktiver med en sådan gearing. Derfor opfylder sådanne kontrakter ikke betingelsen i afsnit 4.1.2, litra b), og 4.1.2A, litra b), og kan ikke efterfølgende måles til amortiseret kostpris eller dagsværdi gennem anden totalindkomst.
Godtgørelse af den tidsmæssige værdi af penge
B4.1.9A
Den tidsmæssige værdi af penge er et renteelement, der kun yder godtgørelse for tidsforløbet. Det vil sige, at den tidsmæssige værdi af penge ikke yder godtgørelse for andre risici eller omkostninger forbundet med besiddelse af det finansielle aktiv. For at vurdere om elementet kun yder godtgørelse for tidsforløbet, foretager virksomheden en skønsmæssig vurdering og overvejer de relevante faktorer som f.eks. den valuta, det finansielle aktiv er angivet i, og den tidshorisont, som renten er fastsat for.
B4.1.9B
I nogle tilfælde kan den tidsmæssige værdi af penge imidlertid være ændret (dvs. mangelfuld). Det ville f.eks. være tilfældet, hvis renten på et finansielt aktiv regelmæssigt ændres, men hyppigheden af disse tilpasninger ikke matcher rentens forløb (f.eks. hvis renten tilpasses hver måned til en etårig rente), eller hvis et finansielt aktivs rente regelmæssigt tilpasses til et gennemsnit af bestemte korte og lange renter. I sådanne tilfælde skal virksomheden vurdere ændringen for at bestemme, om de kontraktlige pengestrømme alene udgør betaling af afdrag og renter på hovedstolen. I nogle tilfælde vil virksomheden kunne gøre dette ved at foretage en kvalitativ vurdering af den tidsmæssige værdi af penge, hvorimod det i andre tilfælde vil være nødvendigt at foretage en kvantitativ vurdering.
B4.1.9C
Ved vurderingen af en ændret tidsmæssig værdi af penge er målet at vurdere, hvad forskellen vil være mellem de kontraktlige (ikke-diskonterede) pengestrømme og de (ikke-diskonterede) pengestrømme, der ville opstå, hvis den tidsmæssige værdi af penge ikke blev ændret (referencepengestrømmene). Hvis f.eks. det finansielle aktiv, der vurderes, har en variabel rente, der ændres hver måned til en etårig rente, skulle virksomheden sammenligne det finansielle aktiv med et finansielt instrument med de samme kontraktlige vilkår og den samme kreditrisiko, bortset fra at den variable rente tilpasses hver måned til en månedlig rente. Hvis den ændrede tidsmæssige værdi af penge kunne medføre kontraktlige (ikke-diskonterede) pengestrømme, som er væsentligt forskellige fra de (ikke-diskonterede) referencepengestrømme, opfylder det finansielle aktiv ikke betingelsen i afsnit 4.1.2, litra b), og 4.1.2A, litra b). For at foretage denne vurdering skal virksomheden overveje virkningen af den ændrede tidsmæssige værdi af penge i hver enkelt regnskabsperiode og akkumuleret i det finansielle instruments løbetid. Begrundelsen for, hvorfor renten fastsættes på denne måde, er ikke relevant for analysen. Hvis det med en begrænset eller ingen analyse står klart, om de kontraktlige (ikke-diskonterede) pengestrømme på det finansielle aktiv, som bliver vurderet, kunne (eller ikke kunne) være væsentligt forskellige fra de (ikke-diskonterede) referencepengestrømme, behøver en virksomhed ikke at foretage en detaljeret vurdering.
B4.1.9D
Når en virksomhed vurderer en ændret tidsmæssig værdi af penge, skal den overveje faktorer, som kunne påvirke de fremtidige kontraktlige pengestrømme. Hvis en virksomhed eksempelvis vurderer en obligation med en løbetid på fem år, og den variable rente tilpasses hver sjette måned til en femårig rente, kan virksomheden ikke konkludere, at de kontraktlige pengestrømme alene består af betaling af afdrag og renter på hovedstolen, blot fordi at rentekurven på tidspunktet for vurderingen viser, at forskellen mellem en femårig rente og en seksmåneders rente er uvæsentlig. I stedet skal virksomheden også vurdere, hvorvidt forholdet mellem den femårige rente og den seksmåneders rente kunne ændre sig i instrumentets løbetid, så de kontraktlige (ikke-diskonterede) pengestrømme i instrumentets løbetid kunne være væsentlige forskellige fra de (ikke-diskonterede) referencepengestrømme. En virksomhed skal imidlertid kun tage stilling til rimeligt mulige scenarier og ikke alle mulige scenarier. Hvis en virksomhed konkluderer, at de kontraktlige (ikke-diskonterede) pengestrømme kunne være væsentligt forskellige fra de (ikke-diskonterede) referencepengestrømme, opfylder det finansielle aktiv ikke betingelsen i afsnit 4.1.2, litra b), og 4.1.2A, litra b), og kan derfor ikke måles til amortiseret kostpris eller dagsværdi gennem anden totalindkomst.
B4.1.9E
I visse jurisdiktioner er det staten eller en tilsynsmyndighed, der fastsætter renten. Eksempelvis kan statens fastsættelse af renten ske som led i en bredere makroøkonomisk politik eller have til formål at tilskynde virksomheder til at investere i en bestemt økonomisk sektor. I nogle af disse tilfælde er formålet med den tidsmæssige værdi af penge ikke kun at yde godtgørelse for tidsforløbet. Uanset afsnit B4.1.9A-B4.1.9D skal en statsligt fastsat rente betragtes som en erstatning for den tidsmæssige værdi af penge med henblik på anvendelsen af betingelserne i afsnit 4.1.2, litra b), og 4.1.2A, litra b), hvis denne rente yder en godtgørelse, der stort set svarer til tidsforløbet og ikke medfører eksponering for risici eller volatilitet i de kontraktlige pengestrømme, som er uforenelige med en basal låneaftale.
Kontraktlige vilkår, der ændrer tidspunkt eller beløbsmæssig størrelse forbundet med kontraktlige pengestrømme
B4.1.10
Hvis et finansielt aktiv omfatter et kontraktligt vilkår, der kan ændre tidspunktet eller den beløbsmæssige størrelse forbundet med kontraktlige pengestrømme (f.eks. hvis aktivet kan førtidigt indfries før udløb, eller løbetiden kan forlænges), skal virksomheden vurdere, hvorvidt de kontraktlige pengestrømme, der kan opstå i instrumentets løbetid som følge af dette kontraktlige vilkår, alene består af betaling af afdrag og renter på hovedstolen. Som led i denne vurdering skal virksomheden vurdere de kontraktlige pengestrømme, der kan opstå både før og efter ændringen i de kontraktlige pengestrømme. Virksomheden skal eventuelt også vurdere arten af en eventuel betinget begivenhed (dvs. den udløsende begivenhed), som ville ændre tidspunktet eller den beløbsmæssige størrelse forbundet med de kontraktlige pengestrømme. Arten af den betingede begivenhed er ikke i sig selv bestemmende for vurderingen af, hvorvidt de kontraktlige pengestrømme alene består af betaling af afdrag og renter, men den kan give en indikation. Eksempelvis kan man sammenligne et finansielt instrument med en rente, der forhøjes, hvis debitor misligholder et bestemt antal betalinger, med et finansielt instrument med en rente, der forhøjes, hvis et bestemt aktieindeks når et bestemt niveau. Det er mere sandsynligt i det førstnævnte tilfælde, at de kontraktlige pengestrømme i instrumentets løbetid udelukkende vil være betaling af afdrag og renter på hovedstolen, som følge af forholdet mellem misligholdte betalinger og en stigning i kreditrisikoen. (Jf. også afsnit B4.1.18.)
B4.1.11
Følgende er eksempler på kontraktlige vilkår, der medfører kontraktlige pengestrømme, som alene består af betaling af afdrag og renter på hovedstolen:
a)
en variabel rente, der omfatter godtgørelse for den tidsmæssige værdi af penge, for kreditrisikoen forbundet med den udestående hovedstol i en bestemt periode (godtgørelsen for kreditrisiko kan kun fastlægges ved første indregning og kan derfor være fast) og for andre grundlæggende udlånsrisici og omkostninger samt fortjenstmargin
b)
et kontraktligt vilkår, der giver udstederen (dvs. debitor) ret til førtidig indfrielse af et gældsinstrument, eller giver indehaveren (dvs. kreditor) ret til at levere et gældsinstrument tilbage til udsteder før udløb, og det førtidigt indfriede beløb i alt væsentligt svarer til ikke-betalte afdrag og renter på hovedstolen, hvilket kan omfatte rimelig kompensation for førtidig opsigelse af kontrakten, og
c)
et kontraktligt vilkår, der giver udstederen eller indehaveren ret til at forlænge et gældsinstruments kontraktlige løbetid (dvs. en option på forlængelse), og vilkårene for optionen på forlængelse medfører kontraktlige pengestrømme i den forlængede løbetid, som alene består af betaling af afdrag og renter på hovedstolen, hvilket kan omfatte rimelig supplerende kompensation for forlængelse af kontrakten.
B4.1.12
Uanset afsnit B4.1.10 opfylder et finansielt aktiv, som ellers ville opfylde betingelsen i afsnit 4.1.2, litra b), og 4.1.2A, litra b), men ikke gør det på grund af et kontraktligt vilkår, der giver udstederen ret til (eller pålægger udstederen) at indfri et gældsinstrument førtidigt, eller giver indehaveren ret til (eller pålægger indehaveren) at levere et gældsinstrument tilbage til udstederen før udløb, kriterierne for at blive målt til amortiseret kostpris eller dagsværdi gennem anden totalindkomst (forudsat at betingelsen i afsnit 4.1.2, litra a), eller i afsnit 4.1.2A, litra a), er opfyldt), hvis:
a)
virksomheden erhverver eller opretter det finansielle aktiv til over- eller underkurs i forhold til den kontraktlige pålydende værdi
b)
det førtidigt indfriede beløb i alt væsentligt svarer til den kontraktlige pålydende værdi og (ikke-betalt) kontraktlig rentetilskrivning, som kan omfatte rimelig kompensation for førtidig opsigelse af kontrakten, og
c)
dagsværdien af den førtidige indfrielse er ubetydelig, når virksomheden først indregner det finansielle aktiv.
B4.1.12A
Ved anvendelse af afsnit B4.1.11, litra b), og B4.1.12, litra b), uanset hvilken begivenhed eller omstændighed, som forårsager den førtidige opsigelse af kontrakten, kan en part betale eller modtage rimelig kompensation for denne førtidige opsigelse. For eksempel kan en part betale eller modtage rimelig kompensation, når denne vælger at opsige kontrakten før tid (eller på anden måde forårsager den førtidige opsigelse).
B4.1.13
Følgende eksempler illustrerer kontraktlige pengestrømme, som alene består af betaling af afdrag og renter på hovedstolen. Listen over eksempler er ikke udtømmende.
Instrument
Analyse
Instrument A
Instrument A er en obligation med et fastsat udløbstidspunkt. Betaling af afdrag og renter på hovedstolen er knyttet til et inflationsindeks for den valuta, som instrumentet er udstedt i. Inflationsindekseringen er ikke gearet, og hovedstolen er sikret.
De kontraktlige pengestrømme er alene betaling af afdrag og renter på hovedstolen. At knytte betaling af afdrag og renter på hovedstolen til et ikke-gearet inflationsindeks ændrer den tidsmæssige værdi af penge til et aktuelt niveau. Med andre ord afspejler renten på instrumentet den "reelle" rente. Rentebetalingerne er imidlertid godtgørelse for den tidsmæssige værdi af penge på den udestående hovedstol.
Hvis rentebetalingerne imidlertid var indekseret til en anden variabel såsom debitors resultater (f.eks. debitors nettoindkomst) eller et aktieindeks, er de kontraktlige pengestrømme ikke betaling af afdrag og renter på hovedstolen (medmindre indekseringen til debitors resultater giver anledning til en ændring, der udelukkende kompenserer indehaveren for ændringer i instrumentets kreditrisiko, således at de kontraktlige pengestrømme alene består af afdrag og renter på hovedstolen). Grunden til dette er, at de kontraktlige pengestrømme afspejler et afkast, der er uforeneligt med en basal låneaftale (jf. afsnit B4.1.7A).
Instrument B
Instrument B er et instrument med en variabel rente og et fastsat udløbstidspunkt, som giver låntager ret til løbende at vælge markedsrenten. Låntager kan f.eks. på rentetilpasningsdatoen vælge at betale 3-måneders LIBOR i tre måneder eller 1-måneds LIBOR i én måned.
De kontraktlige pengestrømme er alene betaling af afdrag og renter på hovedstolen, så længe den rente, der er betalt i instrumentets løbetid, svarer til godtgørelse for den tidsmæssige værdi af penge, for den kreditrisiko, der er forbundet med instrumentet, og for andre grundlæggende udlånsrisici og omkostninger samt fortjenstmargin (jf. afsnit B4.1.7A). Det, at LIBOR-renten tilpasses i instrumentets løbetid medfører ikke i sig selv, at instrumentet ikke opfylder kriterierne.
Hvis låntager kan vælge at betale en 1-måneds rente, som tilpasses hver tredje måned, matcher hyppigheden af rentetilpasningerne ikke rentens forløb. Derfor ændres den tidsmæssige værdi af penge. Tilsvarende gælder det, at hvis et instrument har en kontraktlig rente, der løber i en periode, som kan være længere end instrumentets resterende løbetid (hvis f.eks. et instrument med en løbetid på fem år har en variabel rente, som nulstilles regelmæssigt, men som altid afspejler en løbetid på fem år), ændres den tidsmæssige værdi af penge. Grunden til dette er, at den rente, der skal betales i de enkelte perioder, ikke hænger sammen med renteperioden.
I sådanne tilfælde skal virksomheden kvalitativt eller kvantitativt vurdere de kontraktlige pengestrømme i forhold til de kontraktlige pengestrømme i et instrument, som er identisk i alle henseender bortset fra, at rentens forløb matcher renteperioden, for at vurdere, om pengestrømmene alene består af betaling af afdrag og renter på hovedstolen. (Jf. dog afsnit B4.1.9E, som indeholder vejledning om statsligt fastsatte renter.)
Når en virksomhed eksempelvis vurderer en obligation med en løbetid på fem år, som har en variabel rente, der tilpasses hver sjette måned, men som altid afspejler en løbetid på fem år, skal den vurdere de kontraktlige pengestrømme for et instrument, der tilpasses hver sjette måned til en 6-måneders rente, men som ellers er identisk.
Det vil være samme analyse, hvis låntager kan vælge mellem långivers forskellige offentliggjorte rentesatser (f.eks. kan låntager vælge mellem långivers offentliggjorte 1-måneds variable rente og långivers offentliggjorte 3-måneders variable rente).
Instrument C
Instrument C er en obligation med et fastsat udløbstidspunkt og en variabel markedsrente. Der er en cap på den variable rente.
De kontraktlige pengestrømme for både:
a)
et instrument med en fast rente og
b)
et instrument med en variabel rente
er betaling af afdrag og renter på hovedstolen, så længe renten udgør godtgørelse for den tidsmæssige værdi af penge, for kreditrisikoen forbundet med instrumentet i instrumentets løbetid og for andre grundlæggende udlånsrisici og omkostninger samt fortjenstmargin. (Jf. afsnit B4.1.7A.)
Dermed kan et instrument, som er en kombination af litra a) og litra b), (f.eks. en obligation med rentecap) have pengestrømme, som alene består af betaling af afdrag og renter på hovedstolen. En sådan kontraktlig løbetid kan reducere udsvingene i pengestrømmene ved at sætte en grænse for en variabel rente (f.eks. rentecap eller -floor) eller øge dem, fordi den faste rente bliver variabel.
Instrument D
Instrument D er et lån med fuld regresret, som er sikret ved sikkerhedsstillelse.
Den omstændighed, at der er stillet sikkerhed for et lån med fuld regresret, påvirker ikke i sig selv analysen af, om de kontraktlige pengestrømme alene består af betaling af afdrag og renter på hovedstolen.
Instrument E
Instrument E udstedes af en reguleret bank og har et fastsat udløbstidspunkt. Instrumentet har en fast rente, og alle kontraktlige pengestrømme er ikke-diskretionære.
Udstederen er imidlertid underlagt lovgivning, som berettiger eller forpligter en national afviklingsmyndighed til at overføre tab til indehavere af bestemte instrumenter, herunder instrument E, under visse omstændigheder. Den nationale afviklingsmyndighed har eksempelvis beføjelse til at nedskrive den pålydende værdi af instrument E eller at konvertere det til et fast antal af udstederens ordinære aktier, hvis den nationale afviklingsmyndighed vurderer, at udstederen har store økonomiske problemer, har behov for supplerende lovpligtig kapital eller er ved at gå konkurs.
Indehaveren vil da analysere det finansielle instruments 
kontraktlige vilkår
 for at vurdere, om de giver anledning til pengestrømme, der alene består af betalinger af afdrag og renter på hovedstolen og dermed er forenelige med en basal låneaftale.
Analysen skal omfatte de betalinger, der kun opstår som følge af den nationale afviklingsmyndigheds beføjelse til at overføre tab til indehaverne af instrument E. Grunden til dette er, at beføjelsen og de deraf følgende betalinger ikke er 
kontraktlige vilkår
 for det finansielle instrument.
Derimod vil de kontraktlige pengestrømme ikke alene bestå af betalinger af afdrag og renter på hovedstolen, hvis det finansielle instruments 
kontraktlige vilkår
 giver udstederen eller en anden virksomhed ret eller pligt til at overføre tab til indehaveren (f.eks. ved at nedskrive den pålydende værdi eller konvertere instrumentet til et fast antal af udstederens ordinære aktier), så længe at disse kontraktlige vilkår er ægte, selv om sandsynligheden for, at et sådant tab vil blive overført, er lille.
B4.1.14
Følgende eksempler illustrerer kontraktlige pengestrømme, som ikke alene består af betaling af afdrag og renter på hovedstolen. Listen over eksempler er ikke udtømmende.
Instrument
Analyse
Instrument F
Instrument F er en obligation, der kan konverteres til et fast antal af udstederens egenkapitalinstrumenter.
Indehaveren skal analysere den konvertible obligation i sin helhed.
De kontraktlige pengestrømme består ikke af betalinger af afdrag og renter på hovedstolen, fordi de afspejler et afkast, der er foreneligt med en basal låneaftale (jf. afsnit B4.1.7A), hvilket vil sige, at afkastet er knyttet til værdien af udsteders egenkapital.
Instrument G
Instrument G er et lån, der har en invers variabel rentesats (dvs. at renten bevæger sig modsat i forhold til markedsrenten).
De kontraktlige pengestrømme består ikke alene af betaling af afdrag og renter på hovedstolen.
Rentebetalingerne er ikke godtgørelse for den tidsmæssige værdi af penge på den udestående hovedstol.
Instrument H
Instrument H er et instrument med uendelig løbetid, men udstederen kan konvertere instrumentet på ethvert tidspunkt og betale indehaveren den pålydende værdi plus tilskrevne renter.
Instrument H betaler markedsrente, men betaling af renter kan kun ske, såfremt udstederen kan forblive solvent umiddelbart efter betaling heraf.
Der tilskrives ikke yderligere rente efter udskudt rentebetaling.
De kontraktlige pengestrømme består ikke af betaling af afdrag og renter på hovedstolen. Det skyldes, at udstederen kan være forpligtet til at udskyde rentebetalinger, og fordi yderligere renter ikke tilskrives disse udskudte rentebetalinger. Rentebetalingerne er derfor ikke godtgørelse for den tidsmæssige værdi af penge på den udestående hovedstol.
Hvis der er tilskrevet renter på de udskudte beløb, kan de kontraktlige pengestrømme bestå af betaling af afdrag og renter på hovedstolen.
Den omstændighed, at instrument H har uendelig løbetid betyder ikke i sig selv, at de kontraktlige pengestrømme ikke er betaling af afdrag og renter på hovedstolen. Et instrument med uendelig løbetid har løbende (flere) muligheder for forlængelse. Sådanne optioner kan resultere i kontraktlige pengestrømme, som er betalinger af afdrag og renter på hovedstolen, hvis rentebetalingerne er obligatoriske og skal betales i uendelighed.
Også den omstændighed, at instrument H er konverterbart betyder ikke i sig selv, at de kontraktlige pengestrømme ikke er betaling af afdrag og renter på hovedstolen, medmindre det er konverterbart til et beløb, der ikke i det væsentlige afspejler betaling af hovedstol samt renter heraf. De kontraktlige pengestrømme kan også være betaling af afdrag og renter på hovedstolen, selv om det konverterbare beløb omfatter rimelig kompensation for førtidig opsigelse til indehaveren af instrumentet. (Jf. også afsnit B4.1.12.)
B4.1.15
I nogle tilfælde kan et finansielt aktiv have kontraktlige pengestrømme, som beskrives som hovedstol og renter, men sådanne pengestrømme er ikke betaling af afdrag og renter på hovedstolen som beskrevet i afsnit 4.1.2, litra b), 4.1.2A, litra b), og 4.1.3 i denne standard.
B4.1.16
Dette kan være tilfældet, hvis det finansielle aktiv er en investering i bestemte aktiver eller pengestrømme, og derfor er de kontraktlige pengestrømme ikke alene betalinger af afdrag og renter på hovedstolen. Hvis det eksempelvis i de kontraktlige vilkår fastsættes, at det finansielle aktivs pengestrømme øges, når flere biler bruger en bestemt betalingsvej, er disse kontraktlige pengestrømme uforenelige med en basal låneaftale. Derfor ville instrumentet ikke opfylde betingelsen i afsnit 4.1.2, litra b), og 4.1.2A, litra b). Dette kunne være tilfældet, hvis en kreditors krav er begrænset til bestemte aktiver tilhørende debitor eller pengestrømmene fra bestemte aktiver (f.eks. et finansielt aktiv uden regres).
B4.1.17
Det, at et finansielt aktiv er uden regres, betyder ikke nødvendigvis, at det finansielle aktiv opfylder betingelsen i afsnit 4.1.2, litra b), og 4.1.2A, litra b). I sådanne situationer skal kreditor vurdere ("se igennem til") de underliggende aktiver eller pengestrømme for at bestemme, om de kontraktlige pengestrømme for det finansielle aktiv, der skal klassificeres, er betalinger af afdrag og renter på hovedstolen. Hvis vilkårene for det finansielle aktiv giver anledning til andre pengestrømme eller begrænser pengestrømmene på en måde, der er uforenelig med betalinger af afdrag og renter, opfylder det finansielle aktiv ikke betingelsen i 4.1.2, litra b), og 4.1.2A, litra b). Hvorvidt de underliggende aktiver er finansielle aktiver eller ikke-finansielle aktiver påvirker ikke i sig selv denne vurdering.
B4.1.18
En egenskab ved kontraktlige pengestrømme berører ikke klassifikationen af det finansielle aktiv, hvis den kun kunne have en ubetydelig virkning på det finansielle aktivs kontraktlige pengestrømme. For at foretage denne vurdering skal en virksomhed overveje den mulige virkning af de kontraktlige pengestrømmes egenskaber i hver enkelt regnskabsperiode og akkumuleret i det finansielle instruments løbetid. Hvis en egenskab ved kontraktlige pengestrømme kunne have en virkning på de kontraktlige pengestrømme, som er mere end ubetydelig (enten i én regnskabsperiode eller akkumuleret), men denne egenskab ikke er reel, påvirker det endvidere ikke klassifikationen af et finansielt aktiv. En egenskab ved pengestrømme er ikke reel, hvis den kun påvirker instrumentets kontraktlige pengestrømme i tilfælde af en begivenhed, der er meget sjælden, unormal og usandsynlig.
B4.1.19
I næsten alle udlånstransaktioner er kreditors instrument rangeret i forhold til debitors andre kreditorers instrumenter. Et instrument, som er efterstillet andre instrumenter, kan have kontraktlige pengestrømme, som er betalinger af afdrag og renter på hovedstolen, hvis debitors manglende betaling udgør misligholdelse af en kontrakt, og indehaveren i henhold til kontrakten har ret til at modtage ubetalte afdrag og renter på hovedstolen, selv om debitor går konkurs. Eksempelvis ville et tilgodehavende fra salg, hvor kreditor er uprivilegeret kreditor, blive anset for at have betalinger af afdrag og renter på hovedstolen. Dette er også tilfældet, selv om debitor har udstedt lån, som er sikrede, og som derfor i tilfælde af konkurs ville give indehaveren af lånetilsagnet prioritet over den uprivilegerede kreditors krav med hensyn til sikkerheden, men som ikke berører den uprivilegerede kreditors ret i henhold til kontrakten til ubetalte afdrag og andre skyldige beløb.
Kontraktligt forbundne instrumenter
B4.1.20
I nogle typer transaktioner kan en udsteder prioritere betalinger til indehavere af finansielle aktiver ved hjælp af flere kontraktligt forbundne instrumenter, som skaber koncentrationer af kreditrisiko (trancher). Hver enkelt tranche har en rangorden, der angiver, hvilken rækkefølge eventuelle pengestrømme, som udstederen opnår, har i tranchen. I sådanne situationer har indehaverne af en tranche kun ret til betalinger af afdrag og renter på hovedstolen, hvis udstederen opnår tilstrækkelige pengestrømme til at dække de højere rangerende trancher.
B4.1.21
I sådanne transaktioner har tranchen pengestrømsegenskaber, som kun er betalinger af afdrag og renter på hovedstolen, hvis:
a)
de kontraktlige vilkår for den tranche, der vurderes med henblik på klassifikation (uden at se igennem til den underliggende pulje af finansielle instrumenter), giver anledning til pengestrømme, der alene er betalinger af afdrag og renter på hovedstolen (f.eks. hvor renten på tranchen ikke er knyttet til et råvareindeks)
b)
den underliggende pulje af finansielle instrumenter har de pengestrømsegenskaber, der er omhandlet i afsnit B4.1.23 og B4.1.24, og
c)
eksponeringen for kreditrisiko i den underliggende pulje af finansielle instrumenter, der er forbundet med tranchen, svarer til eller er lavere end eksponeringen for kreditrisiko i den underliggende pulje af finansielle instrumenter (f.eks. hvor kreditvurderingen af den tranche, der vurderes med henblik på klassifikation, svarer til eller er højere end den kreditvurdering, som en enkelt tranche, der finansierede den underliggende pulje af finansielle instrumenter, ville få).
B4.1.22
En virksomhed skal se igennem til de underliggende puljer, indtil den kan identificere den underliggende pulje af instrumenter, der skaber (og ikke viderefører) pengestrømmene. Dette er den underliggende pulje af finansielle instrumenter.
B4.1.23
Den underliggende pulje skal omfatte et eller flere instrumenter, der har kontraktlige pengestrømme, som alene består af betaling af afdrag og renter på hovedstolen.
B4.1.24
Den underliggende pulje af instrumenter kan også omfatte instrumenter, som:
a)
reducerer udsvingene i pengestrømmene for instrumenterne i afsnit B4.1.23 og, i kombination med instrumenterne i afsnit B4.1.23, resulterer i pengestrømme, der alene er betalinger af afdrag og renter på hovedstolen (f.eks. rentecap eller -floor eller en kontrakt, der reducerer kreditrisikoen på nogle af eller alle instrumenterne i afsnit B4.1.23), eller
b)
tilpasser tranchernes pengestrømme med pengestrømmene for den underliggende pulje af instrumenter i afsnit B4.1.23 i forhold til forskelle i og kun i:
i)
om renten er fast eller variabel
ii)
den valuta, som pengestrømmene er angivet i, herunder inflation i den pågældende valuta, eller
iii)
tidspunktet for pengestrømmene.
B4.1.25
Hvis et af instrumenterne i puljen ikke opfylder betingelserne i enten afsnit B4.1.23 eller afsnit B4.1.24, er betingelsen i afsnit B4.1.21, litra b), ikke opfyldt. Det er ikke sikkert, at det er nødvendigt at foretage en detaljeret analyse af de enkelte instrumenter i puljen i forbindelse med denne vurdering. En virksomhed skal imidlertid foretage et skøn og en passende analyse for at vurdere, hvorvidt instrumenterne i puljen opfylder betingelserne i afsnit B4.1.23-B4.1.24. (Afsnit B4.1.18 indeholder vejledning om kontraktlige pengestrømmes egenskaber, som kun har en ubetydelig virkning.)
B4.1.26
Hvis indehaveren ikke kan vurdere betingelserne i afsnit B4.1.21 ved første indregning, skal tranchen måles til dagsværdi gennem resultatet. Hvis den underliggende pulje af instrumenter kan ændres efter første indregning på en sådan måde, at puljen muligvis ikke opfylder betingelserne i afsnit B4.1.23-B4.1.24, opfylder tranchen ikke betingelserne i afsnit B4.1.21 og skal måles til dagsværdi gennem resultatet. Hvis den underliggende pulje imidlertid omfatter instrumenter, som er sikret ved aktiver, der ikke opfylder betingelserne i afsnit B4.1.23-B4.1.24, skal muligheden for at tiltræde sådanne aktiver imidlertid lades ude af betragtning i anvendelsen af dette afsnit, medmindre virksomhedens hensigt med at erhverve tranchen var at kontrollere aktivet.
Mulighed for at klassificere et finansielt aktiv eller en finansiel forpligtelse til dagsværdi gennem resultatet (afsnit 4.1. og 4.2)
B4.1.27
Med forbehold af betingelserne i afsnit 4.1.5 og 4.2.2 tillader denne standard, at en virksomhed klassificerer et finansielt aktiv, en finansiel forpligtelse eller en gruppe af finansielle instrumenter (finansielle aktiver, finansielle forpligtelser eller begge dele) som til dagsværdi gennem resultatet, forudsat at dette giver mere relevant information.
B4.1.28
Virksomhedens beslutning om at klassificere et finansielt aktiv eller en finansiel forpligtelse som til dagsværdi gennem resultatet svarer til et valg af regnskabspraksis (selv om klassifikationen i modsætning til valg af regnskabspraksis ikke kræves anvendt ensartet på alle tilsvarende transaktioner). Hvis en virksomhed har et sådant valg, kræves det i afsnit 14, litra b), i IAS 8, at den valgte regnskabspraksis 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. I forbindelse med klassifikation af en finansiel forpligtelse som til dagsværdi gennem resultatet beskriver afsnit 4.2.2 eksempelvis de to forhold, hvor kravet om mere relevant information vil være opfyldt. Derfor skal virksomheden for at vælge en sådan klassifikation i overensstemmelse med afsnit 4.2.2 dokumentere, at den falder ind under et af (eller begge) disse to forhold.
Klassifikation fjerner eller væsentligt reducerer en regnskabsmæssig inkonsistens
B4.1.29
Målingen af et finansielt aktiv eller en finansiel forpligtelse og klassifikationen af indregnede ændringer i postens værdi bestemmes af postens klassifikation og af, om posten er en del af et klassificeret sikringsforhold. Disse krav kan forårsage en målings- eller indregningsuoverensstemmelse (af og til omtalt som regnskabsmæssig inkonsistens), når eksempelvis et finansielt aktiv, hvis der ikke foretages en klassifikation som til dagsværdi gennem resultatet, ville have været klassificeret som efterfølgende målt til dagsværdi gennem resultatet, og en forpligtelse, som virksomheden anser for at være forbundet dermed, efterfølgende 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 målt som til dagsværdi gennem resultatet.
B4.1.30
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 som til dagsværdi gennem resultatet, hvis de opfylder princippet i afsnit 4.1.5 eller 4.2.2, litra a):
a)
en virksomhed har kontrakter, som er omfattet af IFRS 17, (målingen indeholder aktuelle oplysninger og finansielle aktiver, den anser for at være forbundne dermed, som ellers ville have været målt enten til dagsværdi gennem anden totalindkomst eller målt til amortiseret kostpris.
b)
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 gennem resultatet (som eksempelvis er afledte finansielle instrumenter, eller som klassificeres som besiddelse med henblik på handel). Det kan også være, at kravene til regnskabsmæssig sikring ikke er opfyldt, eksempelvis fordi kravene til sikringseffektiviteten i afsnit 6.4.1 ikke er opfyldt.
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, og ingen af de finansielle aktiver eller finansielle forpligtelser opfylder kriterierne for klassifikation som et sikringsinstrument, fordi de ikke måles til dagsværdi gennem resultatet. Desuden er der i mangel af regnskabsmæssig sikring en væsentlig uoverensstemmelse i indregningen af gevinster og tab. Eksempelvis har virksomheden 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 gennem resultatet 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.
B4.1.31
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, som til dagsværdi gennem resultatet 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 som til dagsværdi gennem resultatet ved den første indregning, og at man på det tidspunkt forventer, at de eventuelle resterende transaktioner vil finde sted.
B4.1.32
Det ville ikke kunne accepteres kun at klassificere en del af de finansielle aktiver og finansielle forpligtelser, der giver anledning til uoverensstemmelsen, som til dagsværdi gennem resultatet, 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, 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) som til dagsværdi gennem resultatet. Eftersom klassifikation som til dagsværdi gennem resultatet 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.
En gruppe finansielle forpligtelser eller finansielle aktiver og finansielle forpligtelser forvaltes, og afkastet vurderes på grundlag af dagsværdien
B4.1.33
En virksomhed kan forvalte og vurdere indtjeningen af en gruppe af finansielle forpligtelser eller finansielle aktiver og finansielle forpligtelser på en sådan måde, at måling af gruppen til dagsværdi gennem resultatet 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.
B4.1.34
En virksomhed kan eksempelvis anvende denne betingelse til at klassificere finansielle forpligtelser som til dagsværdi gennem resultatet, hvis den opfylder princippet i afsnit 4.2.2, litra b), og 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.
B4.1.35
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 forpligtelser som til dagsværdi gennem resultatet på grundlag af denne betingelse, foretage en tilsvarende klassifikation af alle finansielle forpligtelser, der opfylder kriterierne, og som forvaltes og vurderes sammen.
B4.1.36
Dokumentationen for virksomhedens strategi behøver ikke være omfattende, men dog tilstrækkelig til at dokumentere overholdelse af afsnit 4.2.2, litra b). 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 dette grundlag, kræves der ingen yderligere dokumentation for at dokumentere overholdelse af afsnit 4.2.2, litra b).
Indbyggede afledte finansielle instrumenter (afsnit 4.3)
B4.3.1
Når en virksomhed bliver part i en sammensat kontrakt med en hovedkontrakt, der ikke er et aktiv, som ligger inden for denne standards anvendelsesområde, skal virksomheden i henhold til afsnit 4.3.3 identificere et eventuelt indbygget afledt finansielt instrument, vurdere, om det skal udskilles fra hovedkontrakten, og for dem, der skal udskilles, måle de afledte finansielle instrumenter til dagsværdi ved første indregning og efterfølgende til dagsværdi gennem resultatet.
B4.3.2
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.
B4.3.3
Et indbygget afledt finansielt instrument, som ikke er en option (eksempelvis en indbygget termins- eller swap-kontrakt), udskilles 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) udskilles fra hovedkontrakten på basis af de angivne vilkår for optionselementet. Hovedinstrumentets oprindelige regnskabsmæssige værdi er restværdien efter udskillelse af det indbyggede afledte finansielle instrument.
B4.3.4
Flere indbyggede afledte finansielle instrumenter i en enkelt sammensat kontrakt behandles normalt som et enkelt sammensat indbygget afledt finansielt instrument. For indbyggede afledte finansielle instrumenter, som klassificeres som egenkapital (jvf. IAS 32 
Finansielle Instrumenter: Præsentation
), foretages dog separat regnskabsmæssig behandling i forhold til de instrumenter, som klassificeres som aktiver eller forpligtelser. Desuden gælder det, at hvis en sammensat kontrakt 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.
B4.3.5
De økonomiske karakteristika og risici forbundet med et indbygget afledt finansielt instrument er ikke nært forbundet med hovedkontrakten (afsnit 4.3.3, litra a)) i følgende eksempler. Under forudsætning af, at betingelserne i afsnit 4.3.3, litra b) 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 aktie- eller råvarepris eller et aktie- eller råvareindeks, er ikke nært forbundet med hovedgældsinstrumentet.
b)
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.
c)
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.
d)
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.
e)
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:
i)
optionens udnyttelseskurs omtrent svarer til hovedlåneaftalens amortiserede kostpris eller den regnskabsmæssige værdi af hovedforsikringskontrakten på de respektive udnyttelsestidspunkter, eller
ii)
udnyttelseskursen for en option ved førtidig indfrielse godtgør långiveren et beløb på op til den tilnærmelsesvise nutidsværdi af rentetab i hovedaftalens resterende løbetid. Rentetabet er produktet af den førtidigt indfriede hovedstol ganget med renteforskellen. Renteforskellen er det beløb, hvormed hovedkontraktens effektive rente overstiger den effektive rente, som virksomheden ville modtage på datoen for den førtidige indfrielse, hvis den geninvesterede den førtidigt indfriede hovedstol under en lignende kontrakt i kontraktens resterende løbetid.
Vurderingen af, om call- eller put-optionen er nært forbundet med hovedlåneaftalen, foretages før udskillelse af egenkapitalelementet af et konvertibelt gældsinstrument i overensstemmelse med IAS 32.
f)
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.
B4.3.6
Som eksempel på en sammensat kontrakt 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 aktie- 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 gennem resultatet, skal udsteder udskille et afledt finansielt instrument (dvs. betalingen af indekseret afdrag) i henhold til afsnit 4.3.3, idet hovedkontrakten er et gældsinstrument i henhold til afsnit B4.3.2, og betalingen af indekseret afdrag ikke er nært forbundet med hovedgældsinstrumentet i henhold til afsnit B4.3.5, litra a). 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.
B4.3.7
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 den sammensatte kontrakt måles til det indløsningsbeløb, der skal betales ved udgangen af regnskabsperioden, hvis indehaveren har udnyttet sin ret til at levere instrumentet tilbage til udsteder.
B4.3.8
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 instrument 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 den sammensatte kontrakt 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 det 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 cap og 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 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 
Valutaomregning
 kræver, at gevinster og tab på monetære poster ved valutaomregning indregnes i årets resultat.
d)
Et indbygget afledt 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 handelen 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 leasingydelser i forhold til et forbrugerprisindeks (forudsat at leasingkontrakten ikke er gearet, og indekseringen vedrører inflation i virksomhedens egne økonomiske omgivelser), ii) variable leasingydelser baseret på relateret omsætning eller iii) variable leasingydelser 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
B4.3.9
Som beskrevet i afsnit B4.3.1 skal en virksomhed, når den bliver part i en sammensat kontrakt med en hovedkontrakt, der ikke er et aktiv, som ligger inden for denne standards anvendelsesområde, og med ét eller flere indbyggede afledte finansielle instrumenter, i henhold til afsnit 4.3.3 identificere et sådant indbygget afledt finansielt instrument, vurdere, om det skal udskilles fra hovedkontrakten, og for dem, der skal udskilles, måle de afledte finansielle instrumenter til dagsværdi ved første indregning og efterfølgende. Disse krav kan være mere komplicerede eller resultere i mindre pålidelige målinger, end hvis hele instrumentet måles til dagsværdi gennem resultatet. Derfor tillader denne standard, at hele den sammensatte kontrakt klassificeres som til dagsværdi gennem resultatet.
B4.3.10
En sådan klassifikation kan anvendes, uanset om afsnit 4.3.3 kræver, at de indbyggede afledte instrumenter udskilles fra hovedkontrakten, eller ikke tillader en sådan udskillelse. Afsnit 4.3.5 berettiger imidlertid ikke til en klassifikation af den sammensatte kontrakt som til dagsværdi gennem resultatet i de tilfælde, der er beskrevet i afsnit 4.3.5, litra a) og b), eftersom dette hverken ville reducere kompleksiteten eller øge pålideligheden.
Omvurdering af indbyggede afledte finansielle instrumenter
B4.3.11
I henhold til afsnit 4.3.3 skal en virksomhed vurdere, om et indbygget afledt finansielt instrument skal udskilles 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 revurdering 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 betydelig i forhold til de tidligere forventede pengestrømme forbundet med kontrakten.
B4.3.12
Afsnit B4.3.11 finder ikke anvendelse på indbyggede afledte finansielle instrumenter i kontrakter, der er erhvervet ved:
a)
en virksomhedssammenslutning (som defineret i IFRS 3 
Virksomhedssammenslutninger
)
b)
en sammenslutning af virksomheder under samme bestemmende indflydelse som beskrevet i afsnit B1-B4 i IFRS 3 eller
c)
oprettelse af et joint venture som defineret i IFRS 11 
Fælles ordninger
eller en eventuel omvurdering heraf på overtagelsestidspunktet 
(
53
)
.
Omklassifikation af finansielle aktiver (afsnit 4.4)
Omklassifikation af finansielle aktiver
B4.4.1
I henhold til afsnit 4.4.1 skal en virksomhed omklassificere finansielle aktiver, hvis virksomheden ændrer sin forretningsmodel til styring af disse finansielle aktiver. Det forventes, at sådanne ændringer vil være ret sjældne. Sådanne ændringer vedtages af virksomhedens øverste ledelse efter eksterne eller interne ændringer og skal være væsentlig for virksomhedens drift og kunne påvises over for eksterne parter. Følgelig vil en ændring i virksomhedens forretningsmodel kun være nødvendig, når en virksomhed enten begynder eller ophører med at udføre en aktivitet, der er væsentlig for dens drift. Det gælder eksempelvis, hvis virksomheden har erhvervet, solgt eller afviklet en branche. Eksempler på en sådan ændring i en forretningsmodel omfatter følgende:
a)
En virksomhed har en portefølje af lån på markedsvilkår, som den har til hensigt at sælge på kort sigt. Virksomheden opkøber en virksomhed, som forvalter lån på markedsvilkår og har en forretningsmodel, der går ud på at besidde lån for at modtage de kontraktlige pengestrømme. Porteføljen af lån på markedsvilkår er ikke længere til salg, og porteføljen forvaltes nu sammen med de erhvervede lån på markedsvilkår og besiddes for at modtage de kontraktlige pengestrømme.
b)
Et finansieringsselskab beslutter at nedlægge sin realkreditforretning for detailkunder. Der tages ikke flere nye kunder ind, og finansieringsselskabet markedsfører aktivt sin realkreditlåneportefølje.
B4.4.2
En ændring i formålet med virksomhedens forretningsmodel skal gennemføres før omklassificeringsdatoen. Hvis et finansieringsselskab f.eks. den 15. februar beslutter at nedlægge sin realkreditforretning for detailkunder og derfor skal omklassificere alle berørte finansielle aktiver den 1. april (dvs. den første dag i virksomhedens næste regnskabsperiode), må virksomheden ikke tage nye kunder ind eller på anden måde foretage aktiviteter, der er forenelige med den tidligere forretningsmodel, efter den 15. februar.
B4.4.3
Følgende er ikke ændringer i en forretningsmodel:
a)
En ændring i virksomhedens hensigt vedrørende bestemte finansielle aktiver (selv i tilfælde af betydelige ændringer i markedsforholdene).
b)
Midlertidigt bortfald af et bestemt marked for finansielle aktiver.
c)
Overførsel af finansielle aktiver mellem dele af virksomheden med forskellige forretningsmodeller.
MÅLING (KAPITEL 5)
Første måling (afsnit 5.1)
B5.1.1
Dagsværdien af et finansielt instrument ved første indregning er normalt transaktionsprisen (dvs. dagsværdien af det betalte eller modtagne vederlag, jf. også afsnit B5.1.2A og IFRS 13). Hvis en del af det betalte vederlag dækker noget andet end det finansielle instrument, skal en virksomhed måle dagsværdien af det finansielle instrument. 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.
B5.1.2
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.
B5.1.2A
Den bedste indikation af dagsværdien af et finansielt instrument ved første indregning er normalt transaktionsprisen (dvs. dagsværdien af det betalte eller modtagne vederlag), jf. også IFRS 13). Hvis en virksomhed fastslår, at der er en forskel mellem dagsværdien ved første indregning og transaktionsprisen som nævnt i afsnit 5.1.1A, skal virksomheden tage dette instrument i betragtning på dette tidspunkt som følger:
a)
ved målingen i henhold til afsnit 5.1.1, hvis dagsværdien indikeres af en officiel markedskurs på et aktivt marked for et aktiv eller en forpligtelse af samme type (dvs. et niveau 1-input), eller baseret på en værdiansættelsesmetode, der kun anvender oplysninger fra observerede markeder. En virksomhed skal indregne forskellen mellem dagsværdien ved første indregning og transaktionsprisen i resultatopgørelsen
b)
i alle andre tilfælde, ved målingen i henhold til afsnit 5.1.1, tilpasset til at udligne forskellen mellem dagsværdien ved første indregning og transaktionsprisen. Efter første indregning skal en virksomhed kun indregne denne udskudte forskel i resultatopgørelsen i det omfang, at den er opstået som følge af en ændring i en faktor (herunder tid), som markedsdeltagere ville tage i betragtning ved værdiansættelsen af aktivet eller forpligtelsen.
Efterfølgende måling (afsnit 5.2 og 5.3)
B5.2.1
Hvis et finansielt instrument, som tidligere blev indregnet som et finansielt aktiv, måles til dagsværdi gennem resultatet, og denne er negativ, er det en finansiel forpligtelse målt i overensstemmelse med afsnit 4.2.1. Sammensatte kontrakter med hovedkontrakter, der er aktiver, som ligger inden for denne standards anvendelsesområde, måles altid i overensstemmelse med afsnit 4.3.2.
B5.2.2
Følgende eksempel illustrerer den regnskabsmæssige behandling af transaktionsomkostninger ved den første og efterfølgende måling af et finansielt aktiv målt til dagsværdi med ændringer gennem anden totalindkomst i overensstemmelse med enten afsnit 5.7.5 eller 4.1.2A. En virksomhed køber et finansielt aktiv for 100 CU med tillæg af en købsprovision på 2 CU. Først indregner virksomheden aktivet til 102 CU. Regnskabsperioden udløber 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 måler virksomheden aktivet til 100 CU (uden hensyntagen til den eventuelle provision af salget) og indregner et tab på 2 CU i anden totalindkomst. Hvis det finansielle aktiv måles til dagsværdi gennem anden totalindkomst i overensstemmelse med afsnit 4.1.2A, afskrives transaktionsomkostningerne over resultatet ved hjælp af den effektive rentemetode.
B5.2.2A
Den efterfølgende måling af det finansielle aktiv eller den finansielle forpligtelse og den efterfølgende indregning af gevinster eller tab som omhandlet i afsnit B5.1.2A skal være i overensstemmelse med kravene i denne standard.
Investeringer i egenkapitalinstrumenter og kontrakter vedrørende disse investeringer
B5.2.3
Alle investeringer i egenkapitalinstrumenter og kontrakter vedrørende disse instrumenter skal måles til dagsværdi. I begrænsede tilfælde kan kostprisen dog være et passende skøn over dagsværdien. Dette kan være tilfældet, hvis der er en utilstrækkelig mængde af nyere oplysninger til rådighed til at måle dagsværdien, eller hvis der er en bred vifte af mulige dagsværdimålinger, og kostprisen repræsenterer det bedste skøn over dagsværdien inden for dette område.
B5.2.4
Eksempler på indikationer på, at kostprisen ikke repræsenterer dagsværdien:
a)
En væsentlig ændring i resultaterne for den virksomhed, der er investeret i, i forhold til budgetter, planer eller milepæle.
b)
Ændringer i forventningerne til, at de tekniske produktmilepæle for den virksomhed, der er investeret i, vil blive opfyldt.
c)
En væsentlig ændring i markedet for aktierne eller produkterne eller de potentielle produkter fra den virksomhed, der er investeret i.
d)
En væsentlig ændring i den globale økonomi eller det økonomiske miljø, hvor den virksomhed, der er investeret i, har sine aktiviteter.
e)
En væsentlig ændring i resultaterne for sammenlignelige virksomheder eller i de værdiansættelser, som det samlede marked medfører.
f)
Interne anliggender i den virksomhed, der er investeret i, som f.eks. svig, handelstvister, retssager, ledelses- eller strategiændringer.
g)
Oplysninger fra eksterne transaktioner i aktier fra den virksomhed, der er investeret i, enten fra virksomheden selv (som f.eks. nyudstedelse af egenkapitalinstrumenter) eller i form af overførsel af egenkapitalinstrumenter mellem tredjeparter.
B5.2.5
Listen i afsnit B5.2.4 er ikke udtømmende. En virksomhed skal anvende alle oplysninger om resultaterne og driften i den virksomhed, der er investeret i, som bliver tilgængelige efter datoen for første indregning. I det omfang, at der foreligger sådanne relevante faktorer, kan det være en indikation på, at kostprisen muligvis ikke er repræsentativ for dagsværdien. I sådanne tilfælde skal virksomheden måle dagsværdien.
B5.2.6
Kostprisen er aldrig det bedste skøn over dagsværdien for investeringer i børsnoterede egenkapitalinstrumenter (eller kontrakter vedrørende børsnoterede egenkapitalinstrumenter).
Måling til amortiseret kostpris (afsnit 5.4)
Den effektive rentemetode
B5.4.1
Når en virksomhed anvender den effektive rentemetode, identificerer den gebyrer, som er en integreret del af et finansielt instruments effektive rente. Beskrivelsen af gebyrer for finansielle tjenesteydelser afspejler muligvis ikke de udførte tjenesteydelsers art og indhold. Gebyrer, som er en integreret del af et finansielt instruments effektive rente, behandles som en justering af den effektive rente, medmindre det finansielle instrument måles til dagsværdi, og ændringen i dagsværdien indregnes i resultatet. I disse tilfælde indregnes gebyrerne som indtægter eller udgifter, når instrumentet først indregnes.
B5.4.2
Gebyrer, der er en integreret del af det finansielle instruments effektive rente, omfatter:
a)
Oprettelsesgebyrer som virksomheden modtager for oprettelse eller erhvervelse af et finansielt aktiv. Sådanne gebyrer kan omfatte betaling for aktiviteter som f.eks. vurdering af låntagers finansielle situation, vurdering og registrering af garantier, sikkerhed eller andre sikkerhedsordninger, forhandling af vilkårene for instrumentet, udarbejdelse og behandling af dokumenter og afslutning af transaktionen. Disse gebyrer er en integreret del af det at etablere et engagement i det resulterende finansielle instrument.
b)
Tilsagnsprovision, som virksomheden modtager for at oprette et lån, når lånetilsagnet ikke måles i overensstemmelse med afsnit 4.2.1, litra a), og det er sandsynligt, at virksomheden vil indgå en specifik låneaftale. Denne provision anses for godtgørelse for et løbende engagement med hensyn til erhvervelsen af et finansielt instrument. Hvis tilsagnet udløber, uden at virksomheden har udstedt lånet, indregnes provisionen som en indtægt ved udløbet.
c)
Oprettelsesgebyrer, som betales ved udstedelse af finansielle forpligtelser, der måles til amortiseret kostpris. Disse gebyrer er en integreret del af det at etablere et engagement i en finansiel forpligtelse. En virksomhed skelner gebyrer og omkostninger, der er en integreret del af den finansielle forpligtelses effektive rente, fra oprettelsesgebyr og transaktionsomkostninger, der vedrører retten til at udføre tjenesteydelser, som f.eks. porteføljeforvaltning.
B5.4.3
Gebyrer, som ikke er en integreret del af et finansielt instruments effektive rente, og som regnskabsmæssigt behandles i overensstemmelse med IFRS 15, omfatter:
a)
gebyrer for afdrag på lån
b)
tilsagnsprovision for at oprette et lån, når lånetilsagnet ikke måles i overensstemmelse med afsnit 4.2.1, litra), og det er usandsynligt, at virksomheden vil indgå en specifik låneaftale, og
c)
gebyrer for syndikering af lån, som en virksomhed, der etablerer et lån og ikke selv beholder noget af lånepakken (eller beholder en del til samme effektive rente for en sammenlignelig risiko som de andre deltagere).
B5.4.4
Når en virksomhed anvender den effektive rentemetode, skal den normalt afskrive eventuelle gebyrer, rentetillæg kontrahenterne imellem, transaktionsomkostninger og øvrig over- eller underkurs, som er medtaget i beregningen af den effektive rente over det finansielle instruments forventede løbetid. Hvis gebyrer, rentetillæg kontrahenterne imellem, 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 kontrahenterne imellem, transaktionsomkostninger eller over- eller underkurs knytter sig til, tilpasses til markedsrenter før det finansielle instruments forventede udløb. I sådanne tilfælde udgør den relevante afskrivningsperiode perioden frem til næste rentetilpasningstidspunkt. Hvis en over- eller underkurs på et variabelt forrentet finansielt instrument eksempelvis afspejler påløbne renter på det finansielle instrument 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 det finansielle instrument, eller andre variabler, som ikke tilpasses til markedsrenten, afskrives over- eller underkursen over det finansielle instruments forventede løbetid.
B5.4.5
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.
B5.4.6
Hvis en virksomhed ajourfører sine skøn over ind- eller udbetalinger (herunder ændringer i overensstemmelse med afsnit 5.4.3 og ændringer i skøn over forventede kredittab), skal virksomheden regulere det finansielle aktivs regnskabsmæssige værdi eller den finansielle forpligtelses (eller gruppen af finansielle instrumenters) amortiserede kostpris for at afspejle faktiske og ændrede skønnede kontraktlige pengestrømme. Virksomheden omberegner det finansielle aktivs regnskabsmæssige bruttoværdi eller den finansielle forpligtelses amortiserede kostpris som nutidsværdien af de skønnede fremtidige kontraktlige pengestrømme, der diskonteres med det finansielle instruments oprindelige effektive rente (eller kreditjusterede effektive rente for erhvervede eller oprettede værdiforringede finansielle aktiver), eller, hvor det relevant, den ændrede effektive rente beregnet i overensstemmelse med afsnit 6.5.10. Reguleringen indregnes i resultatet som indtægt eller omkostning.
B5.4.7
I nogle tilfælde betragtes et finansielt aktiv som værdiforringet ved første indregning, fordi kreditrisikoen er meget høj, og det i forbindelse med et køb erhverves til en betragtelig underkurs. En virksomhed skal indregne de oprindeligt forventede kredittab i de skønnede pengestrømme, når den beregner den kreditjusterede effektive rente for finansielle aktiver, der anses for at være blevet erhvervet eller oprettet og værdiforringet ved første indregning. Dette betyder imidlertid ikke, at en kreditjusteret effektiv rente ikke skal anvendes, blot fordi det finansielle aktiv har en høj kreditrisiko ved første indregning.
Transaktionsomkostninger
B5.4.8
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.
Afskrivning
B5.4.9
En afskrivning kan foretages på hele eller dele af et finansielt aktiv. En virksomhed har eksempelvis planer om at inddrive sikkerheden på et finansielt aktiv og forventer, at den højst vil dække 30 % af det finansielle aktiv. Hvis virksomheden ikke har nogen rimelig udsigt til at modtage yderligere pengestrømme fra det finansielle aktiv, bør den afskrive de resterende 70 % af det finansielle aktiv.
Værdiforringelse (afsnit 5.5)
Samlet og individuelt vurderingsgrundlag
B5.5.1
For at kunne indregne forventede kredittab i løbetiden for væsentlige stigninger i kreditrisikoen siden første indregning kan det være nødvendigt at udføre vurderingen af væsentlige stigninger i kreditrisikoen samlet ved at vurdere oplysninger, som indikerer væsentlige stigninger i kreditrisikoen på f.eks. en gruppe eller undergruppe af finansielle instrumenter. Dette er for at sikre, at virksomheden opfylder målet om at indregne forventede kredittab i levetiden, når der er væsentlige stigninger i kreditrisikoen, selv om oplysninger om sådanne væsentlige stigninger i kreditrisikoen for de enkelte instrumenter endnu ikke foreligger.
B5.5.2
Forventede kredittab i løbetiden forventes generelt at blive indregnet, før et finansielt instrument forfalder. Kreditrisikoen stiger normalt væsentligt, før et instrument forfalder, eller andre forsinkende faktorer forbundet med låntager (f.eks. ændring eller omlægning) observeres. Derfor skal rimelige og dokumenterede oplysninger, som er mere fremadrettede end forfaldsstatus, og som virksomheden har adgang til uden urimelig udgift eller indsats, bruges til at vurdere ændringer i kreditrisikoen.
B5.5.3
Afhængigt af arten af de finansielle instrumenter og de oplysninger om kreditrisikoen, som er tilgængelige for bestemte grupper af finansielle instrumenter, vil en virksomhed muligvis ikke være i stand til at identificere væsentlige ændringer i kreditrisikoen for individuelle finansielle instrumenter, før det finansielle instrument forfalder. Dette kan være tilfældet for finansielle instrumenter som lån til detailkunder, hvor der kun er begrænsede eller slet ingen ajourførte oplysninger om kreditrisikoen, som rutinemæssigt indhentes og overvåges for et individuelt instrument, indtil en kunde misligholder de kontraktlige vilkår. Hvis der ikke tages højde for ændringer i kreditrisikoen for individuelle finansielle instrumenter, før de forfalder, vil en hensættelse til tab, der kun er baseret på kreditoplysninger om et individuelt finansielt instrument, ikke pålideligt afspejle ændringerne i kreditrisikoen siden første indregning.
B5.5.4
I nogle tilfælde har en virksomhed ikke adgang til rimelige og dokumenterede oplysninger uden urimelig udgift eller indsats til at måle de forventede kredittab i løbetiden for et individuelt instrument. I så fald indregnes de forventede kredittab i løbetiden samlet under hensyntagen til samlede oplysninger om kreditrisikoen. De samlede oplysninger om kreditrisikoen skal ikke kun omfatte forfaldsstatus, men også alle relevante kreditoplysninger, herunder fremadrettede makroøkonomiske oplysninger, for at tilnærme resultatet af indregningen af forventede kredittab i løbetiden, hvis der har været en væsentlig stigning i kreditrisikoen siden første indregning for et individuelt instrument.
B5.5.5
For at vurdere væsentlige stigninger i kreditrisikoen og indregne en hensættelse til tab samlet kan en virksomhed gruppere finansielle instrumenter på grundlag af deres fælles kreditrisikokarakteristika med henblik på at foretage en analyse, der skal gøre det muligt, at væsentlige ændringer i kreditrisikoen kan identificeres rettidigt. Virksomheden bør ikke tilsløre disse oplysninger ved at gruppere finansielle instrumenter med forskellige risikokarakteristika. Eksempler på fælles kreditrisikokarakteristika kan omfatte, men er ikke begrænset til:
a)
instrumenttype
b)
kreditrisikovurderinger
c)
type af sikkerhedsstillelse
d)
dato for første indregning
e)
restløbetid
f)
branche
g)
låntagers geografiske placering og
h)
værdien af sikkerhed i forhold til det finansielle aktiv, hvis den har indflydelse på sandsynligheden for misligholdelse (f.eks. lån uden regres i visse jurisdiktioner eller lån til værdi-forholdet).
B5.5.6
I henhold til afsnit 5.5.4 skal forventede kredittab i løbetiden indregnes for alle finansielle instrumenter, hvor der har været væsentlige stigninger i kreditrisikoen siden første indregning. For at opfylde dette mål bør en virksomhed, hvis den ikke kan gruppere finansielle instrumenter, for hvilke kreditrisikoen vurderes at være steget væsentligt siden første indregning på grundlag af de fælles kreditrisikokarakteristika, indregne de forventede kredittab i løbetiden for en del af de finansielle aktiver, som kreditrisikoen vurderes at være steget væsentligt for. Aggregeringen af finansielle instrumenter til vurdering af, hvorvidt der samlet er ændringer i kreditrisikoen, kan ændre sig over tid, efterhånden som virksomheden får nye oplysninger om grupper af eller individuelle finansielle instrumenter.
Tidspunkt for indregning af forventede kredittab i løbetiden
B5.5.7
Vurderingen af, hvorvidt forventede kredittab i løbetiden skal indregnes, er baseret på væsentlige stigninger i sandsynligheden eller risikoen for misligholdelse siden første indregning (uanset om et finansielt instrument er blevet rentetilpasset for at afspejle en stigning i kreditrisikoen) i stedet for indikation af, at et finansielt aktiv er værdiforringet på balancedagen, eller af en faktisk misligholdelse. Der vil generelt være en væsentlig stigning i kreditrisikoen, før et finansielt aktiv bliver værdiforringet, eller før en faktisk misligholdelse.
B5.5.8
For lånetilsagn vurderer en virksomhed ændringer i risikoen for misligholdelse af det lån, som et lånetilsagn vedrører. For finansielle garantikontrakter vurderer en virksomhed ændringer i risikoen for, at den pågældende debitor misligholder aftalen.
B5.5.9
Hvorvidt en ændring i kreditrisikoen siden første indregning er væsentlig, afhænger af risikoen for misligholdelse på tidspunktet for første indregning. Dermed vil en given ændring, i absolutte tal, i risikoen for misligholdelse være mere væsentlig for et finansielt instrument med en oprindeligt lavere risiko for misligholdelse i forhold til et finansielt instrument med en oprindeligt højere risiko for misligholdelse.
B5.5.10
Risikoen for misligholdelse for finansielle instrumenter, der har en sammenlignelig kreditrisiko, er højere, jo længere instrumentets forventede løbetid er. Risikoen for misligholdelse for en obligation med en AAA-rating og en forventet løbetid på 10 år er eksempelvis højere end for en obligation med en AAA-rating og en forventet løbetid på fem år.
B5.5.11
Som følge af forholdet mellem den forventede løbetid og risikoen for misligholdelse kan ændringen i kreditrisikoen ikke vurderes blot ved at sammenligne ændringen i den absolutte risiko for misligholdelse over tid. Hvis risikoen for misligholdelse for et finansielt instrument med en forventet løbetid på 10 år ved første indregning eksempelvis er identisk med risikoen for misligholdelse for det finansielle instrument, når den forventede løbetid i en efterfølgende periode kun er fem år, kan det indikere, at kreditrisikoen er steget. Det sker, fordi risikoen for misligholdelse i den forventede løbetid normalt falder med tiden, hvis kreditrisikoen er uændret, og det finansielle instrument er tættere på udløb. For finansielle instrumenter, der kun har væsentlige betalingsforpligtelser tæt på det finansielle instruments udløb, vil risikoen for misligholdelse ikke nødvendigvis falde med tiden. I det tilfælde bør en virksomhed også overveje andre kvalitative faktorer, der kan indikere, om kreditrisikoen er steget væsentligt siden første indregning.
B5.5.12
En virksomhed kan anvende forskellige fremgangsmåder til vurdering af, om kreditrisikoen for et finansielt instrument er steget væsentligt siden første indregning, eller til vurdering af forventede kredittab. En virksomhed kan anvende forskellige fremgangsmåder for forskellige finansielle instrumenter. En fremgangsmåde, som ikke omfatter den eksplicitte sandsynlighed for misligholdelse som et input i sig selv, eksempelvis en fremgangsmåde baseret på procenten af kredittab, kan være forenelig med kravene i denne standard, forudsat at en virksomhed kan adskille ændringerne i risikoen for misligholdelse og ændringer i andre årsager til forventede kredittab, herunder sikkerhed, og tager følgende i betragtning i vurderingen:
a)
ændringen i risikoen for misligholdelse siden første indregning
b)
det finansielle instruments forventede løbetid og
c)
rimelige og dokumenterede oplysninger, som virksomheden kan få adgang til uden urimelig udgift eller indsats, og som kan påvirke kreditrisikoen.
B5.5.13
De metoder, der anvendes til at vurdere, hvorvidt kreditrisikoen er steget væsentligt for et finansielt instrument siden første indregning, bør også omfatte det finansielle instruments (eller gruppen af finansielle instrumenters) karakteristika og tidligere misligholdelsesmønstre for sammenlignelige finansielle instrumenter. Uanset kravet i afsnit 5.5.9 gælder det for finansielle instrumenter, hvor misligholdelsesmønstrene ikke er koncentreret på et bestemt tidspunkt i det finansielle instruments forventede løbetid, at ændringer i risikoen for misligholdelse i løbet af de næste 12 måneder kan være en rimelig tilnærmelse af ændringerne i risikoen for misligholdelse i løbetiden. I sådanne tilfælde kan en virksomhed anvende ændringer i risikoen for misligholdelse i løbet af de næste 12 måneder til at vurdere, hvorvidt kreditrisikoen er steget væsentligt siden første indregning, medmindre omstændighederne taler for, at det er nødvendigt at foretage en vurdering for hele løbetiden.
B5.5.14
For nogle finansielle instrumenter eller i nogle tilfælde er det muligvis ikke korrekt at anvende ændringer i risikoen for misligholdelse i løbet af de næste 12 måneder til at vurdere, hvorvidt forventede kredittab i løbetiden bør indregnes. Ændringen i risikoen for misligholdelse i løbet af de næste 12 måneder vil eksempelvis ikke være et korrekt grundlag for at vurdere, hvorvidt kreditrisikoen er steget for et finansielt instrument med en løbetid på mere end 12 måneder, hvis:
a)
det finansielle instrument kun har væsentlige betalingsforpligtelser efter de første 12 måneder
b)
der sker ændringer i de relevante makroøkonomiske eller andre kreditrelaterede faktorer, som ikke afspejles korrekt i risikoen for misligholdelse i løbet af de næste 12 måneder, eller
c)
ændringer i kreditrelaterede faktorer kun har en virkning på kreditrisikoen for det finansielle instrument (eller har en mere udtalt virkning) efter 12 måneder.
Vurdering af, hvorvidt kreditrisikoen er steget væsentligt siden første indregning
B5.5.15
Når en virksomhed vurderer, hvorvidt den skal indregne forventede kredittab i løbetiden, skal den tage hensyn til rimelige og dokumenterede oplysninger, som virksomheden kan få adgang til uden urimelig udgift eller indsats, og som kan berøre kreditrisikoen for et finansielt instrument i henhold til afsnit 5.5.17, litra c). En virksomhed behøver ikke at foretage en grundig søgning efter oplysninger til vurdering af, om kreditrisikoen er steget væsentligt siden første indregning.
B5.5.16
En kreditrisikoanalyse er en helhedsanalyse med flere faktorer. Hvorvidt en bestemt faktor er relevant, og dens betydning i forhold til andre faktorer, afhænger af produkttype, de finansielle instrumenters og låntagers karakteristika samt geografisk område. En virksomhed skal vurdere rimelige og dokumenterede oplysninger, som den kan få adgang til uden urimelig udgift eller indsats, og som er relevante for det finansielle instrument, der vurderes. Nogle faktorer eller indikatorer kan imidlertid muligvis ikke identificeres for individuelle finansielle instrumenter. I så fald skal faktorerne eller indikatorerne vurderes for relevante porteføljer, grupper af porteføljer eller dele af en portefølje af finansielle instrumenter for at vurdere, hvorvidt kravet i afsnit 5.5.3 om indregning af forventede kredittab i løbetiden er opfyldt.
B5.5.17
Følgende ikke-udtømmende liste over oplysninger kan være relevant for vurderingen af ændringer i kreditrisikoen:
a)
væsentlige ændringer i interne prisindikatorer for kreditrisiko som følge af en ændring i kreditrisikoen siden indgåelsen, herunder, men ikke begrænset til, det kreditspænd, der ville være, hvis et bestemt finansielt instrument eller et lignende finansielt instrument med samme vilkår og samme modpart, var nyoprettet eller udstedt på balancedagen
b)
andre ændringer i rente eller vilkår for et eksisterende finansielt instrument, som ville være væsentligt anderledes, hvis instrumentet var nyoprettet eller udstedt på balancedagen (som f.eks. strengere bestemmelser, større sikkerheds- eller garantibeløb eller indkomstafdækning) som følge af ændringer i det finansielle instruments kreditrisiko siden første indregning
c)
væsentlige ændringer i eksterne markedsindikatorer for kreditrisiko for et bestemt finansielt instrument eller lignende finansielle instrumenter med samme forventede løbetid. Ændringer i markedsindikatorer for kreditrisiko omfatter, men er ikke begrænset til:
i)
kreditspændet
ii)
credit default swap-priser for låntageren
iii)
hvor længe eller i hvilket omfang et finansielt aktivs dagsværdi har været mindre end den amortiserede kostpris og
iv)
andre markedsoplysninger vedrørende låntager, såsom ændringer i kursen på en låntagers gælds- og egenkapitalinstrumenter
d)
en faktisk eller forventet væsentlig ændring i det finansielle instruments eksterne kreditvurdering
e)
en faktisk eller forventet nedjustering af den interne kreditvurdering for låntager eller et fald i den adfærdsscore, der bruges til at vurdere kreditrisikoen internt. Interne kreditvurderinger og intern adfærdsscoring er mere pålidelige, hvis de knyttes til eksterne vurderinger eller understøttes af undersøgelser vedrørende misligholdelse
f)
eksisterende eller forventet negativ udvikling i erhvervsmæssige, finansielle eller økonomiske forhold, der forventes at ville medføre en væsentlig ændring i låntagers evne til at opfylde sine gældsforpligtelser, som f.eks. en faktisk eller forventet rentestigning eller en faktisk eller forventet væsentlig stigning i arbejdsløsheden
g)
en faktisk eller forventet væsentlig ændring i låntagers driftsresultat. Som eksempel kan nævnes faktisk eller forventet nedgang i omsætning eller marginer, stigende operationelle risici, driftskapitalunderskud, faldende aktivkvalitet, øget gearing af balancen, likviditet, ledelsesproblemer eller ændringer i forretningsomfang eller organisationsstruktur (som f.eks. nedlæggelse af et forretningssegment), som medfører en væsentlig ændring i låntagers evne til at opfylde sine gældsforpligtelser
h)
væsentlige stigninger i kreditrisikoen for den samme låntagers andre finansielle instrumenter
i)
en faktisk eller forventet væsentlig negativ udvikling i låntagers lovmæssige, økonomiske eller teknologiske miljø, som medfører en væsentlig ændring i låntagers evne til at opfylde sine gældsforpligtelser, som f.eks. en nedgang i efterspørgslen efter låntagers salgsprodukt som følge af et teknologiskift
j)
væsentlige ændringer i værdien af sikkerhed, der understøtter forpligtelsen, eller i kvaliteten af tredjepartsgaranti eller udvidelser af kreditværdigheden, som forventes at ville reducere låntagers økonomiske incitament til at foretage planlagte betalinger i henhold til kontrakten eller på anden måde påvirke sandsynligheden for misligholdelse. Hvis værdien af sikkerhed eksempelvis falder, fordi huspriserne falder, har låntagere i nogle jurisdiktioner et større incitament til at misligholde deres realkreditlån
k)
en væsentlig ændring i kvaliteten af en garanti udstedt af en aktionær (eller en persons forældre), hvis aktionæren (eller forældrene) har et incitament og økonomisk mulighed for at undgå misligholdelse ved at indskyde kapital eller kontanter
l)
væsentlige ændringer, som f.eks. reduktion i den økonomiske støtte fra en modervirksomhed eller anden indbyrdes forbundet virksomhed eller en faktisk eller forventet ændring i kvaliteten af kreditforbedringer, som forventes at ville reducere låntagers økonomiske incitament til at foretage planlagte betalinger i henhold til kontrakten. I forbindelse med kreditkvalitetsforbedringer eller støtte skal der tages hensyn til garantens finansielle situation og/eller, for interesser udstedt i securitisationer, hvorvidt efterstillede interesser forventes at kunne absorbere forventede kredittab (f.eks. på de lån, der ligger til grund for sikkerheden)
m)
forventede ændringer i lånedokumenterne, herunder forventet misligholdelse af kontrakt, som kan føre til afkald på bestemmelser eller ændringer, rentefrihed, rentestigninger, krav om supplerende sikkerhed eller garantier eller andre ændringer af instrumentets kontraktlige rammer
n)
væsentlige ændringer i låntagers forventede resultater og adfærd, herunder ændringer i låntageres betalingsstatus i gruppen (f.eks. en stigning i det forventede antal eller omfanget af forsinkede kontraktlige betalinger eller væsentlige stigninger i det forventede antal kreditkortlånere, som forventes at nå eller har overskredet deres kreditmaksimum, eller som forventes at betale den månedlige minimumsydelse)
o)
ændringer i virksomhedens kreditstyringsmetode i relation til det finansielle instrument, dvs. at virksomhedens kreditrisikostyringspraksis på grundlag af nye indikationer på ændringer i kreditrisikoen for det finansielle instrument forventes at blive mere aktiv eller koncentreret med hensyn til styring af instrumentet, hvor instrumentet bl.a. overvåges eller kontrolleres bedre, eller hvor virksomheden specifikt henvender sig til låntageren
p)
oplysninger om forfaldne beløb, herunder den afkræftelige formodning beskrevet i afsnit 5.5.11.
B5.5.18
I nogle tilfælde vil de kvalitative og ikke-statistiske kvantitative oplysninger, der er til rådighed, være tilstrækkelige til at vurdere, om et finansielt instrument har opfyldt kriteriet for indregning af en hensættelse til tab til et beløb, der svarer til de forventede kredittab i løbetiden. Det vil sige, at oplysningerne ikke behøver at gennemgå en statistisk model eller kreditvurderingsproces, for at det kan vurderes, om der har været en væsentlig stigning i det finansielle instruments kreditrisiko. I andre tilfælde skal en virksomhed muligvis anvende andre oplysninger, herunder fra sine statistiske modeller eller kreditvurderingsprocesser. Alternativt kan en virksomhed basere vurderingen på begge typer oplysninger, altså kvalitative faktorer, som ikke fanges i den interne vurderingsproces, og en bestemt intern vurderingskategori på balancedagen, hvor den tager højde for kreditrisikokarakteristika ved første indregning, hvis begge typer oplysninger er relevante.
Afkræftelig formodning vedrørende betalinger, der er overskredet med mere end 30 dage
B5.5.19
Den afkræftelige formodning i afsnit 5.5.11 er ikke en absolut indikator for, at forventede kredittab i løbetiden bør indregnes, men det formodes at være det seneste tidspunkt, hvor forventede kredittab i løbetiden bør indregnes, selv under anvendelse af oplysninger om fremtiden (herunder makroøkonomiske faktorer på porteføljeplan).
B5.5.20
En virksomhed kan afkræfte denne formodning. Det kan imidlertid kun ske med rimelige og dokumenterede oplysninger, som viser, at et finansielt instruments kreditrisiko ikke stiger væsentligt, selv om kontraktlige betalinger har været forfaldne i mere end 30 dage. Hvis den manglende betaling eksempelvis skyldes en administrativ fejl og ikke låntagers økonomiske problemer, eller hvis virksomheden har adgang til historiske data, der viser, at der ikke er nogen sammenhæng mellem væsentlige stigninger i risikoen for misligholdelse og finansielle aktiver, hvor betalinger har været forfaldne i mere end 30 dage, men hvor disse data viser, at der er en sådan sammenhæng, når betalingerne har været forfaldne i mere end 60 dage.
B5.5.21
En virksomhed må ikke tilpasse tidspunkterne for væsentlige stigninger i kreditrisikoen og indregningen af forventede kredittab i løbetiden i forhold til, hvornår et finansielt aktiv anses for at være værdiforringet, eller til en virksomheds interne definition af misligholdelse.
Finansielle instrumenter, som har en lav kreditrisiko på balancedagen
B5.5.22
Kreditrisikoen for et finansielt instrument anses for at være lav med hensyn til afsnit 5.5.10, hvis det finansielle instrument har en lav risiko for misligholdelse, låntager har gode muligheder for at opfylde sine forpligtelser vedrørende kontraktlige pengestrømme på kort sigt, og en negativ udvikling i de økonomiske og erhvervsmæssige forhold på længere sigt kan, men ikke nødvendigvis vil, gøre det vanskeligere for låntager at opfylde sine forpligtelser vedrørende kontraktlige pengestrømme. Finansielle instrumenter anses ikke for at have en lav kreditrisiko, når de anses for at have en lav risiko for tab, blot fordi værdien af sikkerhed og det finansielle instrument uden sikkerheden ikke ville blive anset for en lav kreditrisiko. Finansielle instrumenter anses heller ikke for at have en lav kreditrisiko, blot fordi de har en lavere risiko for misligholdelse end virksomhedens andre finansielle instrumenter eller i forhold til kreditrisikoen i den jurisdiktion, hvor en virksomhed har sine aktiviteter.
B5.5.23
For at vurdere, om et finansielt instrument har en lav kreditrisiko, skal en virksomhed bruge sine interne kreditrisikovurderinger eller andre metoder, som er forenelige med en generelt anerkendt definition af lav kreditrisiko, og som dækker de risici og den type finansielle instrumenter, der vurderes. En ekstern vurdering som "investment grade" er et eksempel på et finansielt instrument, som kan anses for at have en lav kreditrisiko. Finansielle instrumenter behøver imidlertid ikke gennemgå en ekstern vurdering for at blive anset for at have en lav kreditrisiko. De bør imidlertid anses for at have en lav kreditrisiko fra et markedsdeltagerperspektiv under hensyntagen til alle vilkår og betingelser for det finansielle instrument.
B5.5.24
Forventede kredittab i løbetiden indregnes ikke for et finansielt instrument, blot fordi det blev anset for at have en lav kreditrisiko i den foregående regnskabsperiode og ikke anses for at have en lav kreditrisiko på balancedagen. I et sådant tilfælde skal en virksomhed vurdere, hvorvidt der har været en betydelig stigning i kreditrisikoen siden første indregning, og dermed om forventede kredittab i løbetiden skal indregnes i henhold til afsnit 5.5.3.
Ændringer
B5.5.25
I nogle tilfælde kan genforhandling eller ændring af et finansielt aktivs kontraktlige pengestrømme føre til ophør af indregning af det eksisterende finansielle aktiv i overensstemmelse med denne standard. Når ændring af et finansielt aktiv fører til ophør af indregning af det eksisterende finansielle aktiv og efterfølgende indregning af det ændrede finansielle aktiv, anses det ændrede aktiv som et "nyt" finansielt aktiv i denne standard.
B5.5.26
Derfor anses ændringsdatoen for at være datoen for første indregning af det finansielle aktiv i forbindelse med anvendelse af kravene til værdiforringelse på det ændrede finansielle aktiv. Dette betyder normalt, at hensættelsen til tab skal måles til et beløb svarende til forventede kredittab over 12 måneder, indtil kravene vedrørende indregning af forventede kredittab i løbetiden i afsnit 5.5.3 er opfyldt. I nogle usædvanlige omstændigheder efter en ændring, der medfører ophør af indregning af det oprindelige finansielle aktiv, kan der være indikation af, at det finansielle aktiv er værdiforringet ved første indregning og dermed skal det finansielle aktiv indregnes som et oprettet værdiforringet finansielt aktiv. Dette kan f.eks. være tilfældet i en situation, hvor et nødlidende aktiv er blevet væsentligt ændret, hvilket har resulteret i ophør af indregning af det oprindelige finansielle aktiv. I et sådant tilfælde kan ændringen resultere i et nyt finansielt aktiv, som er værdiforringet ved første indregning.
B5.5.27
Hvis de kontraktlige pengestrømme for et finansielt aktiv er blevet genforhandlet eller på anden måde ændret, men virksomheden ikke ophører med at indregne det finansielle aktiv, anses det finansielle aktiv ikke automatisk for at have en lavere kreditrisiko. En virksomhed skal vurdere, om kreditrisikoen er steget væsentligt siden første indregning på grundlag af alle rimelige og dokumenterede oplysninger, som virksomheden kan få adgang til uden urimelig udgift eller indsats. Dette omfatter historiske og fremadrettede oplysninger og en vurdering af kreditrisikoen i det finansielle aktivs forventede løbetid, hvilket omfatter oplysninger om de omstændigheder, der førte til ændringen. Indikation af, at kriterierne for indregning af forventede kredittab i løbetiden ikke længere er opfyldt, kan omfatte en historik for ajourført og rettidig betaling i forhold til de ændrede kontraktlige vilkår. Normalt vil en kunde skulle påvise konsekvent god betalingsadfærd i løbet af en periode, før kreditrisikoen anses for at være faldet. Hvis kunden f.eks. gentagne gange har undladt at betale eller har betalt for lidt, vil dette normalt ikke blive opvejet af én rettidig betaling efter en ændring af de kontraktlige vilkår.
Måling af forventede kredittab
Forventede kredittab
B5.5.28
Forventede kredittab er et sandsynlighedsvægtet skøn over kredittab (dvs. nutidsværdien af alle kontantunderskud) i det finansielle instruments forventede løbetid. Et kontantunderskud er forskellen mellem de pengestrømme, virksomheden skal modtage i henhold til kontrakten, og de pengestrømme, virksomheden forventer at modtage. Eftersom forventede kredittab omfatter den beløbsmæssige størrelse og timingen af betalinger, opstår et kredittab, selv om virksomheden forventer at modtage fuld betaling senere end på forfaldsdatoen i henhold til kontrakten.
B5.5.29
For finansielle aktiver er et kredittab nutidsværdien af forskellen mellem:
a)
de kontraktlige pengestrømme, virksomheden skal modtage i henhold til kontrakten, og
b)
de pengestrømme, virksomheden forventer at modtage.
B5.5.30
For uudnyttede lånetilsagn er et kredittab nutidsværdien af forskellen mellem:
a)
de kontraktlige pengestrømme, virksomheden skal modtage, hvis indehaveren af lånetilsagnet trækker på lånet, og
b)
de pengestrømme, virksomheden forventer at modtage, hvis der trækkes på lånet.
B5.5.31
En virksomheds skøn over forventede kredittab på lånetilsagn skal stemme overens med virksomhedens forventninger om træk på lånetilsagnet. Det vil sige, at virksomheden i sit skøn over forventede kredittab over 12 måneder skal tage hensyn til den del af lånetilsagnet, den forventer vil blive trukket inden for 12 måneder af balancedagen, og i sit skøn over forventede kredittab i løbetiden den del af lånetilsagnet, den forventer vil blive trukket i lånetilsagnets forventede løbetid.
B5.5.32
For en finansiel garantikontrakt er virksomheden kun forpligtet til at foretage betaling i tilfælde af debitors misligholdelse i overensstemmelse med vilkårene for det instrument, garantien dækker. Følgelig er kontantunderskud de forventede betalinger til godtgørelse af indehaveren for et kredittab med fradrag af eventuelle beløb, som virksomheden forventer at modtage fra indehaveren, debitor eller en anden part. Hvis aktivet garanteres fuldt ud, vil skønnet over kontantunderskud for en finansiel garantikontrakt stemme overens med skønnene over kontantunderskud for det aktiv, der er dækket af garantien.
B5.5.33
For et finansielt aktiv, der er værdiforringet på balancedagen, men som ikke er et erhvervet eller oprettet værdiforringet finansielt aktiv, skal en virksomhed måle de forventede kredittab som forskellen mellem aktivets regnskabsmæssige bruttoværdi og nutidsværdien af skønnede fremtidige pengestrømme diskonteret med det finansielle aktivs oprindelige effektive rente. En eventuel regulering indregnes i resultatet som en gevinst eller et tab ved værdiforringelse.
B5.5.34
Ved måling af en hensættelse til tab for et leasingtilgodehavende, skal de pengestrømme, der bruges til at bestemme de forventede kredittab, stemme overens med de pengestrømme, der bruges til at måle leasingtilgodehavendet i overensstemmelse med IFRS 16 
Leasingkontrakter
.
B5.5.35
En virksomhed kan anvende praktiske foranstaltninger ved måling af forventede kredittab, hvis de er forenelige med principperne i afsnit 5.5.17. Et eksempel på en praktisk foranstaltning er beregning af forventede kredittab på tilgodehavender fra salg ved hjælp af en hensættelsesmatrix. Virksomheden bruger sin kredittabshistorik (om nødvendigt justeret i overensstemmelse med afsnit B5.5.51-B5.5.52) for tilgodehavender fra salg til at foretage et skøn over enten de forventede kredittab over 12 måneder eller de forventede kredittab i løbetiden på det finansielle aktiv. En hensættelsesmatrix kan f.eks. indeholde en fast hensættelsesprocent afhængigt af, i hvor mange dage et tilgodehavende fra salg har været forfaldent (f.eks. 1 %, hvis det ikke er forfaldent, 2 %, hvis det har været forfaldent i mindre end 30 dage, 3 %, hvis det har været forfaldent i mere end 30 dage, men mindre end 90 dage, 20 %, hvis det har været forfaldent i 90-180 dage osv.). Afhængigt af, hvor stor variationen i virksomhedens kunder er, vil virksomheden inddele dem i passende grupper, hvis dens kredittabshistorik viser, at tabsmønstrene er meget forskellige for de enkelte kundesegmenter. Eksempler på kriterier, der kan bruges til at inddele aktiver i grupper, omfatter geografisk område, produkttype, kundevurdering, sikkerhed eller handelskreditforsikring og kundetype (f.eks. engros eller detail).
Definition af misligholdelse
B5.5.36
I henhold til afsnit 5.5.9 skal en virksomhed ved vurderingen af, hvorvidt kreditrisikoen for et finansielt instrument er steget væsentligt, tage højde for ændringen i risikoen for misligholdelse siden første indregning.
B5.5.37
Når en virksomhed definerer misligholdelse med henblik på bestemmelse af risikoen for misligholdelse, skal den anvende en definition, der er forenelig med den definition, der anvendes i den interne kreditrisikostyring for det relevante finansielle instrument, og tage højde for kvalitative indikatorer (f.eks. finansielle bestemmelser), hvor det er relevant. Der er imidlertid en afkræftelig formodning om, at misligholdelse ikke kan forekomme senere, end når et finansielt aktiv har været forfaldent i 90 dage, medmindre en virksomhed har rimelige og dokumenterede oplysninger, der viser, at et længere misligholdelseskriterium er berettiget. Den definition af misligholdelse, der bruges til dette formål, skal anvendes konsekvent på alle finansielle instrumenter, medmindre virksomheden får adgang til oplysninger, der viser, at en anden definition er mere relevant for et bestemt finansielt instrument.
Periode for skøn over forventede kredittab
B5.5.38
I henhold til afsnit 5.5.19 skal de forventede kredittab højst måles over kontraktens maksimale kontraktperiode, hvor virksomheden er eksponeret for kreditrisiko. For lånetilsagn og finansielle garantikontrakter er dette den maksimale kontraktperiode, hvor en virksomhed har en gældende kontraktlig forpligtelse til at give kredit.
B5.5.39
Nogle finansielle instrumenter omfatter imidlertid i henhold til afsnit 5.5.20 både lån og uudnyttede forpligtelser, og virksomhedens ret i henhold til kontrakten til at kræve tilbagebetaling og annullere den uudnyttede forpligtelse begrænser ikke virksomhedens eksponering for kredittab til kontraktens opsigelsesperiode. Eksempelvis kan revolverende lånefaciliteter som kreditkort og kassekredit i henhold til kontrakten opsiges af långiver med helt ned til én dags varsel. I praksis fortsætter långivere imidlertid med at give kredit i længere tid og kan kun opsige faciliteten, hvis låntagers kreditrisiko stiger, hvilket kan være for sent til at undgå nogle af eller alle de forventede kredittab. Disse finansielle instrumenter har generelt følgende karakteristika afhængigt af arten af det finansielle instrument, den måde, de finansielle instrumenter forvaltes på, og hvilke oplysninger der er tilgængelige om væsentlige stigninger i kreditrisikoen:
a)
de finansielle instrumenter har ikke en fast løbetid eller afdragsstruktur og har normalt en kort opsigelsesfrist i henhold til kontrakten (f.eks. én dag)
b)
retten til at opsige kontrakten udnyttes ikke i den daglige forvaltning af det finansielle instrument, og kontrakten kan først blive opsagt, når virksomheden bliver bekendt med stigninger i kreditrisikoen for en facilitet, og
c)
de finansielle instrumenter forvaltes samlet.
B5.5.40
Ved vurdering af, hvor længe virksomheden forventes at være eksponeret for kreditrisiko, men hvor de forventede kredittab ikke vil blive reduceret ved tiltag til styring af kreditrisikoen, bør en virksomhed tage hensyn til faktorer som historik og erfaring vedrørende:
a)
den periode, hvor virksomheden var eksponeret for kreditrisiko for lignende finansielle instrumenter
b)
hvor længe der er gået, indtil misligholdelse har fundet sted for lignende finansielle instrumenter efter en væsentlig stigning i kreditrisikoen, og
c)
de tiltag til styring af kreditrisikoen, som virksomheden forventer at iværksætte, når kreditrisikoen for det finansielle instrument er steget, som f.eks. nedsættelse eller fjernelse af beløb på kreditten, der ikke er trukket.
Sandsynlighedsvægtet udfald
B5.5.41
Formålet med at foretage et skøn over forventede kredittab er hverken at vurdere et worst case-scenarie eller best case-scenariet. I stedet skal et skøn over forventede kredittab altid afspejle muligheden for, at der vil opstå et kredittab, og muligheden for, at der ikke vil opstå et kredittab, selv når det mest sandsynlige er intet kredittab.
B5.5.42
I henhold til afsnit 5.5.17, litra a), skal et skøn over forventede kredittab afspejle et objektivt og sandsynlighedsvægtet beløb, der fastlægges på grundlag af et interval af mulige udfald. I praksis behøver dette ikke at være en kompleks analyse. I nogle tilfælde kan en forholdsvis enkel model være nok uden at kræve et større antal detaljerede simuleringer af scenarier. Eksempelvis kan de gennemsnitlige kredittab for en stor gruppe finansielle instrumenter med fælles risikokarakteristika være et rimeligt skøn over det sandsynlighedsvægtede beløb. I andre situationer vil der sandsynligvis være behov for at identificere scenarier, som angiver den beløbsmæssige størrelse og tidspunktet forbundet med pengestrømme for bestemte udfald og den skønnede sandsynlighed for disse udfald. I disse situationer skal de forventede kredittab i henhold til afsnit 5.5.18 afspejle mindst to udfald.
B5.5.43
For forventede kredittab i løbetiden skal en virksomhed foretage et skøn over risikoen for misligholdelse for det finansielle instrument i løbetiden. Forventede kredittab over 12 måneder er en del af de forventede kredittab i løbetiden og repræsenterer de kontantunderskud i løbetiden, der vil opstå, hvis misligholdelse finder sted inden for 12 måneder af balancedagen (eller en kortere periode, hvis et finansielt instruments forventede løbetid er mindre end 12 måneder), vægtet med sandsynligheden for en sådan misligholdelse. Derfor er forventede kredittab over 12 måneder hverken de forventede kredittab i løbetiden, som en virksomhed vil få på finansielle instrumenter, hvor den forudsiger misligholdelse i løbet af de næste 12 måneder, eller de kontantunderskud, der forudsiges for de næste 12 måneder.
Den tidsmæssige værdi af pengene
B5.5.44
Forventede kredittab diskonteres til balancedagen, og ikke til den forventede misligholdelse eller en anden dato, med den effektive rente, der blev fastlagt ved første indregning, eller en tilnærmet effektiv rente. Hvis et finansielt instrument har en variabel rente, diskonteres forventede kredittab med den aktuelle effektive rente, der er fastlagt i overensstemmelse med afsnit B5.4.5.
B5.5.45
For erhvervede eller oprettede værdiforringede finansielle aktiver diskonteres forventede kredittab med den kreditjusterede effektive rente, der blev fastlagt ved første indregning.
B5.5.46
Forventede kredittab på leasingtilgodehavender diskonteres med den samme diskonteringssats, der blev brugt til måling af leasingtilgodehavendet i overensstemmelse med IFRS 16.
B5.5.47
De forventede kredittab på et lånetilsagn diskonteres med den effektive rente, eller en tilnærmet effektiv rente, der vil blive brugt ved indregning af det finansielle aktiv, der hidrører fra lånetilsagnet. Det er fordi et finansielt aktiv, der indregnes efter et træk på et lånetilsagn, i henhold til kravene til værdiforringelse skal behandles som en fortsættelse af tilsagnet og ikke som et nyt finansielt instrument. De forventede kredittab på det finansielle aktiv skal derfor måles under hensyntagen til den indledende kreditrisiko på lånetilsagnet fra den dato, hvor virksomheden blev part i det uigenkaldelige tilsagn.
B5.5.48
Forventede kredittab på finansielle garantikontrakter eller på lånetilsagn, for hvilke den effektive rente ikke kan fastsættes, skal diskonteres med en diskonteringssats, der afspejler den aktuelle markedsvurdering af den tidsmæssige værdi af penge og de risici, der specielt vedrører pengestrømmene, men kun hvis, og i det omfang at, der tages højde for risiciene ved at justere diskonteringssatsen og ikke ved at justere de kontantunderskud, der diskonteres.
Rimelige og dokumenterede oplysninger
B5.5.49
I denne standard er rimelige og dokumenterede oplysninger de oplysninger, som virksomheden med rimelighed kan få adgang til på balancedagen uden unødig udgift eller indsats, herunder oplysninger om tidligere begivenheder, aktuelle forhold samt prognoser om fremtidige økonomiske forhold. Oplysninger til brug for regnskabsaflæggelse anses for at være tilgængelige uden urimelig udgift eller indsats.
B5.5.50
En virksomhed skal ikke angive prognoser af fremtidige forhold for hele det finansielle instruments forventede løbetid. Det skøn, der skal anlægges for at vurdere forventede kredittab, afhænger af, hvorvidt der er detaljerede oplysninger til rådighed. Jo længere prognoseperioden er, jo mindre detaljerede oplysninger findes der, og jo større skøn kræves der for at vurdere de forventede kredittab. At vurdere de forventede kredittab kræver ikke et detaljeret skøn for perioder langt ude i fremtiden. For sådanne perioder kan en virksomhed ekstrapolere prognoser på grundlag af de tilgængelige detaljerede oplysninger.
B5.5.51
En virksomhed behøver ikke at foretage en grundig søgning efter oplysninger, men skal tage hensyn til alle rimelige og dokumenterede oplysninger, som virksomheden kan få adgang til uden urimelig udgift eller indsats, og som er relevante for vurderingen af forventede kredittab, herunder virkningen af forventet førtidig indfrielse. Virksomheden skal bruge oplysninger, som omfatter specifikke faktorer vedrørende låntageren, generelle økonomiske forhold og en vurdering af både den aktuelle samt den forventede udvikling i forholdene på balancedagen. En virksomhed kan bruge forskellige datakilder, som kan være både interne (virksomhedsspecifikke) og eksterne. Blandt de mulige datakilder er kredittabshistorik, interne vurderinger, andre virksomheders kredittabshistorik og eksterne vurderinger, rapporter og statistik. Virksomheder, der ikke har nogen, eller ikke nok, kilder til virksomhedsspecifikke data, kan bruge data fra lignende virksomheder med et sammenligneligt finansielt instrument (eller grupper af finansielle instrumenter).
B5.5.52
Historiske data er et vigtigt udgangspunkt for måling af forventede kredittab. En virksomhed skal imidlertid korrigere de historiske data, som f.eks. kredittabshistorik, på grundlag af aktuelle observerede data for at tage hensyn til virkningen af aktuelle forhold og prognoser for fremtidige forhold, som ikke havde nogen betydning i den periode, hvor de historiske data stammer fra, og for at fjerne virkningen af forhold i den historiske periode, som ikke er relevante for de fremtidige kontraktlige pengestrømme. I nogle tilfælde kan de bedste rimelige og dokumenterede oplysninger være ukorrigerede historiske oplysninger, afhængigt af arten af de historiske oplysninger, og hvornår de blev beregnet, i forhold til omstændighederne på balancedagen og karakteristikaene ved det finansielle instrument, der vurderes. Skøn over ændringer i forventede kredittab bør afspejle og være i direkte overensstemmelse med ændringer i tilknyttede observerede data fra periode til periode (eksempelvis ændringer i arbejdsløshedstal, ejendomspriser, råvarepriser, betalingsstatus eller andre faktorer, som afspejler opståede kredittab på det finansielle instrument eller i gruppen af finansielle instrumenter, samt ændringernes størrelse). En virksomhed skal regelmæssigt gennemgå den metode og de antagelser, der er anvendt til skønnet over forventede kredittab, for at reducere eventuelle forskelle mellem skøn og de faktiske kredittab.
B5.5.53
Hvis kredittabshistorik danner grundlag for skøn over forventede kredittab, er det vigtigt, at oplysninger om tidligere tab anvendes på grupper, som defineres på samme måde som de grupper, for hvilke de tidligere tab blev observeret. Den anvendte metode skal derfor give mulighed for, at hver gruppe af finansielle aktiver knyttes til oplysninger om tidligere kredittab i grupper af finansielle aktiver med tilsvarende risikokarakteristika og relevante observerede data, som afspejler aktuelle forhold.
B5.5.54
Forventede kredittab afspejler en virksomheds egne forventninger om kredittab. Når en virksomhed vurderer alle rimelige og dokumenterede oplysninger, som virksomheden kan få adgang til uden urimelig udgift eller indsats, i sit skøn over forventede kredittab, bør den også tage hensyn til observerede markedsoplysninger om kreditrisikoen ved det finansielle instrument eller lignende finansielle instrumenter.
Sikkerhed
B5.5.55
I målingen af forventede kredittab skal skønnet over forventede kontantunderskud afspejle de forventede pengestrømme fra sikkerhed og andre udvidelser af kreditværdigheden, som er fastlagt i de kontraktlige vilkår, og som virksomheden ikke indregner separat. Skønnet over forventede kontantunderskud for et sikret finansielt instrument afspejler den beløbsmæssige størrelse og tidspunktet forbundet med de pengestrømme, der forventes ved overtagelse af sikkerheden, med fradrag af omkostninger forbundet med erhvervelse og salg af sikkerheden, uanset om en sådan overtagelse er sandsynlig (dvs. at der i skønnet over forventede pengestrømme tages hensyn til sandsynligheden for overtagelse og de pengestrømme, virksomheden ville modtage i den forbindelse). Derfor bør eventuelle pengestrømme, der forventes ved overtagelse af sikkerheden efter kontraktens udløb, medtages i analysen. Eventuel sikkerhed, som overtages, indregnes ikke som et aktiv, der er adskilt fra det sikrede finansielle instrument, medmindre det opfylder de relevante kriterier for indregning for et aktiv i denne eller andre standarder.
Omklassifikation af finansielle aktiver (afsnit 5.6)
B5.6.1
Hvis en virksomhed omklassificerer finansielle aktiver i henhold til afsnit 4.4.1, skal den i henhold til afsnit 5.6.1 anvende omklassifikationen fremadrettet fra omklassificeringsdatoen. Både kategorien måling til amortiseret kostpris og kategorien måling til dagsværdi gennem anden totalindkomst kræver, at den effektive rente fastlægges ved første indregning. Begge disse målingskategorier kræver også, at kravene til værdiforringelse anvendes på samme måde. Dermed gælder det, at når en virksomhed omklassificerer et finansielt aktiv mellem kategorierne måling til amortiseret kostpris og måling til dagsværdi gennem anden totalindkomst:
a)
vil indregningen af renteindtægter ikke ændres, og virksomheden fortsætter med at bruge samme effektive rente
b)
vil målingen af forventede kredittab ikke ændres, fordi samme fremgangsmåde til værdiforringelse anvendes for begge målingskategorier. Hvis et finansielt aktiv imidlertid omklassificeres fra måling til dagsværdi gennem anden totalindkomst til måling til amortiseret kostpris, vil en hensættelse til tab blive indregnet som en regulering af det finansielle aktivs regnskabsmæssige bruttoværdi fra omklassificeringsdatoen. Hvis et finansielt aktiv omklassificeres fra måling til amortiseret kostpris til måling til dagsværdi gennem anden totalindkomst, vil virksomheden ophøre med at indregne hensættelsen til tab (så den ikke længere vil blive indregnet som en regulering af den regnskabsmæssige bruttoværdi), men vil i stedet indregne den som en akkumuleret værdiforringelse (et tilsvarende beløb) i anden totalindkomst og oplyse den fra omklassificeringsdatoen.
B5.6.2
En virksomhed skal imidlertid ikke indregne renteindtægter eller gevinster eller tab ved værdiforringelse separat for et finansielt aktiv, som måles til dagsværdi gennem resultatet. Når en virksomhed omklassificerer et finansielt aktiv fra måling til dagsværdi gennem resultatet, fastlægges den effektive rente på grundlag af aktivets dagsværdi på omklassificeringsdatoen. Endvidere behandles omklassificeringsdatoen som tidspunktet for første indregning i forbindelse med anvendelse af afsnit 5.5 på det finansielle aktiv fra omklassificeringsdatoen.
Gevinster og tab (afsnit 5.7)
B5.7.1
I henhold til afsnit 5.7.5 kan en virksomhed træffe en uigenkaldelig beslutning om, at den under anden totalindkomst vil indregne ændringer i dagsværdien af en investering i et egenkapitalinstrument, som ikke besiddes med henblik på handel. Denne beslutning skal træffes for hvert enkelt instrument (dvs. hver enkelt aktie). Beløb, som præsenteres i anden totalindkomst, må ikke efterfølgende overføres til resultatet. Virksomheden kan imidlertid overføre den akkumulerede gevinst eller det akkumulerede tab inden for egenkapitalen. I henhold til afsnit 5.7.6 indregnes udbytte fra sådanne investeringer i resultatet, medmindre udbyttet klart udgør genindvinding af en del af omkostningerne ved investeringen.
B5.7.1A
Medmindre afsnit 4.1.5 finder anvendelse, kræves det i afsnit 4.1.2A, at et finansielt aktiv måles til dagsværdi gennem anden totalindkomst, hvis det finansielle aktivs kontraktlige vilkår på bestemte tidspunkter medfører pengestrømme, som alene består af betaling af afdrag og renter på hovedstolen, og aktivet besiddes i en forretningsmodel, der har til formål både at modtage kontraktlige pengestrømme og sælge finansielle aktiver. Denne målingskategori indregner information i resultatet, som om det finansielle aktiv måles til amortiseret kostpris, mens det finansielle aktiv måles i balancen til dagsværdi. Gevinster og tab, som ikke er indregnet i resultatet i overensstemmelse med afsnit 5.7.10-5.7.11, indregnes i anden totalindkomst. Når indregning af disse finansielle aktiver ophører, omklassificeres de akkumulerede gevinster og tab, der tidligere blev indregnet i anden totalindkomst, til resultatet. Dette afspejler den gevinst eller det tab, der ville være blevet indregnet i resultatet ved ophør af indregning, hvis det finansielle aktiv var blevet målt til amortiseret kostpris.
B5.7.2
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 6.5.11), sikring af en nettoinvestering (jf. afsnit 6.5.13) eller sikring af dagsværdien af et egenkapitalinstrument, hvor virksomheden har valgt at præsentere ændringer i dagsværdien under anden totalindkomst i henhold til afsnit 5.7.5 (jf. afsnit 6.5.8).
B5.7.2A
I forbindelse med indregning af valutakursgevinster og -tab i henhold til IAS 21 behandles et finansielt aktiv, som måles til dagsværdi gennem anden totalindkomst i overensstemmelse med afsnit 4.1.2A, som en monetær post. Derfor behandles et sådant finansielt aktiv som et aktiv, der måles til amortiseret kostpris i den fremmede valuta. Valutakursforskelle i den amortiserede kostpris indregnes derfor i resultatet, og øvrige ændringer i den regnskabsmæssige værdi indregnes i overensstemmelse med afsnit 5.7.10.
B5.7.3
I henhold til afsnit 5.7.5 kan en virksomhed træffe en uigenkaldelig beslutning om, at den under anden totalindkomst vil indregne senere ændringer i dagsværdien af visse investeringer i egenkapitalinstrumenter. En sådan investering er ikke en monetær post. Derfor omfatter den gevinst eller det tab, der præsenteres i anden totalindkomst i overensstemmelse med afsnit 5.7.5, eventuelle tilknyttede valutakurselementer
B5.7.4
Hvis der er et sikringsforhold mellem et ikke afledt monetært aktiv og en ikke afledt monetær forpligtelse, præsenteres ændringer i valutaelementet i sådanne finansielle instrumenter i resultatet.
Forpligtelser klassificeret til dagsværdi gennem resultatet
B5.7.5
Når en virksomhed klassificerer en finansiel forpligtelse som til dagsværdi gennem resultatet, skal den vurdere, om det ville forårsage eller forværre en regnskabsmæssig inkonsistens i resultatet at præsentere virkningerne af ændringer i forpligtelsens kreditrisiko i anden totalindkomst. Det ville forårsage eller forværre en regnskabsmæssig inkonsistens, hvis præsentation af virkningerne af ændringer i forpligtelsens kreditrisiko i anden totalindkomst ville medføre en større inkonsistens i resultatet, end hvis beløbene blev præsenteret i resultatet.
B5.7.6
I denne vurdering skal en virksomhed overveje, om den forventer, at virkningerne af ændringer i forpligtelsens kreditrisiko vil blive udlignet i resultatet af en ændring i dagsværdien af et andet finansielt instrument, som måles til dagsværdi gennem resultatet. En sådan forventning skal baseres på et økonomisk forhold mellem forpligtelsens karakteristika og det andet finansielle instruments karakteristika.
B5.7.7
Denne vurdering foretages ved første indregning, og der foretages ingen omvurdering. Af praktiske årsager behøver virksomheden ikke indgå alle de aktiver og forpligtelser, som giver anledning til en regnskabsmæssig inkonsistens på nøjagtigt samme tidspunkt. Der tillades en rimelig forsinkelse, forudsat at eventuelle resterende transaktioner forventes at ville finde sted. En virksomhed skal anvende metoden til at vurdere, om det ville forårsage eller forværre en regnskabsmæssig inkonsistens i resultatet at præsentere virkningerne af ændringer i forpligtelsens kreditrisiko i anden totalindkomst, konsekvent. En virksomhed kan imidlertid anvende forskellige metoder, når der er forskellige økonomiske forhold mellem karakteristikaene ved de forpligtelser, der klassificeres som til dagsværdi gennem resultatet, og karakteristikaene ved de andre finansielle instrumenter. I henhold til IFRS 7 skal en virksomhed give kvalitative oplysninger i noterne til årsregnskabet om den metode, den anvender til at foretage denne vurdering.
B5.7.8
Hvis det ville forårsage eller forværre en sådan inkonsistens, skal virksomheden præsentere alle ændringer i dagsværdien (herunder virkningerne af ændringer i forpligtelsens kreditrisiko) i resultatet. Hvis det ikke ville forårsage eller forværre en sådan inkonsistens, skal virksomheden præsentere virkningerne af ændringer i forpligtelsens kreditrisiko i anden totalindkomst.
B5.7.9
Beløb, som præsenteres i anden totalindkomst, må ikke efterfølgende overføres til resultatet. Virksomheden kan imidlertid overføre den akkumulerede gevinst eller det akkumulerede tab inden for egenkapitalen.
B5.7.10
Følgende eksempel beskriver en situation, hvor der ville opstå en regnskabsmæssig inkonsistens i resultatet, hvis virkningerne af ændringer i forpligtelsens kreditrisiko blev præsenteret i anden totalindkomst. Et realkreditinstitut yder lån til kunder og finansierer disse lån ved at sælge obligationer med matchende karakteristika (f.eks. udestående beløb, afdragsprofil, løbetid og valuta) på markedet. I henhold til lånets kontraktlige vilkår kan kunden indfri lånet førtidigt (dvs. opfylde sin forpligtelse over for instituttet) ved at købe den tilsvarende obligation til dagsværdi på markedet og overdrage obligationen til realkreditinstituttet. Som følge af denne ret i henhold til kontrakten til førtidig indfrielse, vil realkreditinstituttets låneaktivs dagsværdi falde, hvis obligationens kreditkvalitet (og dermed dagsværdien af realkreditinstituttets forpligtelse) falder. Ændringen i aktivets dagsværdi afspejler kundens ret i henhold til kontrakten til at indfri realkreditlånet førtidigt ved at købe den underliggende obligation til dagsværdi (som i dette eksempel er faldet) og overdrage obligationen til realkreditinstituttet. Dermed vil virkningerne af ændringer i forpligtelsens (obligationens) kreditrisiko blive udlignet i resultatet af en tilsvarende ændring i et finansielt aktivs (lånets) dagsværdi. Hvis virkningerne af ændringer i forpligtelsens kreditrisiko blev præsenteret i anden totalindkomst, ville der være en regnskabsmæssig inkonsistens i resultatet. Derfor skal realkreditinstituttet præsentere alle ændringer i forpligtelsens dagsværdi (herunder virkningerne af ændringer i forpligtelsens kreditrisiko) i resultatet.
B5.7.11
I eksemplet i afsnit B5.7.10 er der en kontraktlig forbindelse mellem virkningerne af ændringer i forpligtelsens kreditrisiko og ændringer i det finansielle aktivs dagsværdi (dvs. som følge af kundens ret i henhold til kontrakten til at indfri lånet førtidigt ved at købe obligationen til dagsværdi og overdrage obligationen til realkreditinstituttet). Der kan også opstå en regnskabsmæssig inkonsistens, hvis der ikke er en kontraktlig forbindelse.
B5.7.12
I forbindelse med anvendelsen af kravene i afsnit 5.7.7 og 5.7.8 opstår der ikke kun en regnskabsmæssig inkonsistens på grund af den målingsmetode, som en virksomhed bruger til at vurdere virkningerne af ændringer i en forpligtelses kreditrisiko. Der vil kun opstå en regnskabsmæssig inkonsistens i resultatet, hvis virkningerne af ændringer i forpligtelsens kreditrisiko (som defineret i IFRS 7) forventes at blive udlignet af ændringer i et andet finansielt instruments dagsværdi. En regnskabsmæssig inkonsistens, som kun opstår som følge af målingsmetoden (dvs. fordi en virksomhed ikke adskiller ændringer i en forpligtelses kreditrisiko fra andre ændringer i dagsværdien), påvirker ikke den vurdering, der skal foretages i henhold til afsnit 5.7.7 og 5.7.8. En virksomhed må eksempelvis ikke adskille ændringer i en forpligtelses kreditrisiko fra ændringer i likviditetsrisikoen. Hvis virksomheden præsenterer den kombinerede virkning af begge faktorer i anden totalindkomst, kan der opstå en inkonsistens, fordi ændringer i likviditetsrisikoen kan blive medtaget i målingen af dagsværdien af virksomhedens finansielle aktiver, og hele ændringen i disse aktivers dagsværdi præsenteres i resultatet. En sådan inkonsistens forårsages af en målingsunøjagtighed og ikke af den udligning, der er beskrevet i afsnit B5.7.6, og påvirker derfor ikke den vurdering, der skal foretages i henhold til afsnit 5.7.7 og 5.7.8.
Betydningen af "kreditrisiko" (afsnit 5.7.7 og 5.7.8)
B5.7.13
I IFRS 7 defineres kreditrisiko som "risikoen for, at et finansielt instruments ene part ikke indfrier en forpligtelse og dermed påfører den anden part et tab". Kravet i afsnit 5.7.7, litra a), vedrører risikoen for, at udstederen ikke indfrier netop den forpligtelse. Det har ikke nødvendigvis noget at gøre med udstederes kreditværdighed. Hvis en virksomhed eksempelvis udsteder en sikret forpligtelse og en ikke-sikret forpligtelse, som ellers er identiske, vil kreditrisikoen på disse to forpligtelser være forskellig, selv om de udstedes af samme virksomhed. Kreditrisikoen på den sikrede forpligtelse vil være mindre end kreditrisikoen på den ikke-sikrede forpligtelse. Kreditrisikoen for en sikret forpligtelse kan være tæt på nul.
B5.7.14
I forbindelse med anvendelsen af kravet i afsnit 5.7.7, litra a), er kreditrisikoen forskellig fra den aktivspecifikke indtjeningsrisiko. Den aktivspecifikke indtjeningsrisiko er ikke forbundet med risikoen for, at en virksomhed ikke vil indfri en bestemt forpligtelse, men er i stedet forbundet med risikoen for, at ét aktiv eller en gruppe af aktiver vil give en dårlig (eller ingen) indtjening.
B5.7.15
Nedenstående er eksempler på aktivspecifik indtjeningsrisiko:
a)
En forpligtelse med et indbygget "unit-link"-element, hvor det beløb, der udbetales til investorerne, fastlægges i kontrakten på grundlag af bestemte aktivers indtjening. Virkningen af dette "unit-link"-element på forpligtelsens dagsværdi er aktivspecifik indtjeningsrisiko og ikke kreditrisiko.
b)
En forpligtelse udgået fra en struktureret virksomhed med følgende egenskaber. Virksomheden er juridisk uafhængig, således at aktiverne i virksomheden udelukkende er øremærket til fordel for virksomhedens investorer, også i tilfælde af konkurs. Virksomheden deltager ikke i andre transaktioner, og aktiverne i virksomheden kan ikke pantsættes. Beløb udbetales udelukkende til virksomhedens investorer, hvis de øremærkede aktiver skaber pengestrømme. Ændringer i forpligtelsens dagsværdi afspejler dermed primært ændringer i aktivernes dagsværdi. Virkningen af aktivernes indtjening på forpligtelsens dagsværdi er aktivspecifik indtjeningsrisiko og ikke kreditrisiko.
Fastlæggelse af virkningerne af ændringer i kreditrisiko
B5.7.16
I forbindelse med anvendelsen af kravet i afsnit 5.7.7, litra a), skal en virksomhed fastlægge den beløbsmæssige størrelse af den ændring i den finansielle forpligtelses dagsværdi, som kan henføres til ændringer i forpligtelsens kreditrisiko, enten:
a)
som den beløbsmæssige størrelse af den ændring i dagsværdien, som ikke kan henføres til ændringer i markedsforhold, der giver anledning til markedsrisiko (jf. afsnit B5.7.17 og B5.7.18), eller
b)
ved brug af en anden metode, som efter virksomhedens opfattelse giver et mere retvisende billede af den beløbsmæssige størrelse af den ændring i forpligtelsens dagsværdi, som kan henføres til ændringer i kreditrisikoen.
B5.7.17
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 kursindeks.
B5.7.18
Hvis de eneste væsentlige ændringer i markedsforholdene for en forpligtelse er ændringer i en observeret (toneangivende) rente, kan der foretages et skøn over beløbet i afsnit B5.7.16, litra a), på følgende måde:
a)
Først beregner virksomheden forpligtelsens interne forrentning ved periodens begyndelse ved brug af forpligtelsens dagsværdi og forpligtelsens kontraktlige pengestrømme ved periodens begyndelse. Fra denne forrentningssats trækkes den observerede (toneangivende) rente ved periodens begyndelse 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 periodens slutning og en diskonteringssats svarende til summen af i) den observerede (toneangivende) rente ved periodens slutning og ii) den del af den interne forrentning, der er specifik for instrumentet, som opgjort i henhold til litra a).
c)
Forskellen mellem forpligtelsens dagsværdi ved slutningen af perioden og det i litra 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 præsenteres i anden totalindkomst i overensstemmelse med afsnit 5.7.7a).
B5.7.19
I eksemplet i afsnit B5.7.18 antages det, at ændringer i dagsværdien, der skyldes andre faktorer end ændringer i instrumentets kreditrisiko eller ændringer i den observerede (toneangivende) rente, ikke er væsentlige. Denne metode vil ikke være den rigtige, hvis ændringerne i dagværdien, der skyldes andre faktorer, er væsentlige. I disse tilfælde skal en virksomhed anvende en alternativ metode, der giver et mere retvisende billede af virkningerne af ændringer i forpligtelsens kreditrisiko (jf. afsnit B5.7.16, litra b)). Hvis instrumentet i eksemplet f.eks. indeholder et indbygget afledt finansielt instrument, udelukkes ændringen i dagsværdien af det indbyggede afledte finansielle instrument i bestemmelsen af det beløb, der skal præsenteres i anden totalindkomst i overensstemmelse med afsnit 5.7.7, litra a).
B5.7.20
Som det er tilfældet med alle målinger af dagsværdien, skal en virksomheds målemetode til bestemmelse af ændringens andel af forpligtelsens dagsværdi, som kan henføres til ændringer i den kreditrisiko, der er forbundet med forpligtelsen, gøre maksimalt brug af observerede input og minimalt brug af ikke-observerede input.
REGNSKABSMÆSSIG SIKRING (AFSNIT 6)
Sikringsinstrumenter (afsnit 6.2)
Instrumenter, som opfylder kriterierne
B6.2.1
Afledte finansielle instrumenter, som er indbygget i sammensatte kontrakter, men for hvilke der ikke foretages separat regnskabsmæssig behandling, kan ikke klassificeres som separate sikringsinstrumenter.
B6.2.2
Virksomhedens egne egenkapitalinstrumenter er ikke en del af virksomhedens finansielle aktiver eller finansielle forpligtelser og kan derfor ikke klassificeres som sikringsinstrumenter.
B6.2.3
Ved sikring af valutarisiko bestemmes valutarisikokomponenten af et ikke-afledt finansielt instrument i overensstemmelse med IAS 21.
Solgte optioner
B6.2.4
Denne standard begrænser ikke de forhold, hvor et afledt finansielt instrument, der måles til dagsværdi gennem resultatet, kan klassificeres som et sikringsinstrument, bortset fra visse solgte optioner. En solgt option opfylder ikke definitionen på et sikringsinstrument, 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).
Klassifikation af sikringsinstrumenter
B6.2.5
For sikring af en anden risiko end valutarisiko, hvor en virksomhed klassificerer et ikke-afledt finansielt aktiv eller en ikke-afledt finansiel forpligtelse, som måles til dagsværdi gennem resultatet, som et sikringsinstrument, må den kun klassificere det ikke-afledte finansielle instrument i sin helhed eller en del af det.
B6.2.6
Et enkelt sikringsinstrument kan klassificeres som et sikringsinstrument for mere end én type risiko, forudsat at der er en specifik klassifikation af sikringsinstrumentet og af de forskellige risikopositioner som sikrede poster. Disse sikrede poster kan indgå i forskellige sikringsforhold.
Sikrede poster (afsnit 6.3)
Poster, som opfylder kriterierne
B6.3.1
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.
B6.3.2
Investeringer indregnet efter den indre værdis metode kan ikke være sikrede poster, for så vidt angår sikring af dagsværdi. Det skyldes, at den indre værdis metode medfører indregning i resultatet af investors andel af resultatet i den virksomhed, der er investeret i, 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. Det skyldes, at 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.
B6.3.3
I henhold til afsnit 6.3.4 kan en virksomhed klassificere aggregerede eksponeringer, der er en kombination af en eksponering og et afledt finansielt instrument, som sikrede poster. Når en virksomhed klassificerer en sådan sikret post, vurderer den, hvorvidt den aggregerede eksponering er en kombination af en eksponering og et afledt finansielt instrument, således at det medfører en anden aggregeret eksponering, der forvaltes som én eksponering for en bestemt risiko (eller flere risici). I det tilfælde kan virksomheden klassificere den sikrede post på grundlag af den aggregerede eksponering. For eksempel:
a)
En virksomhed kan sikre et bestemt antal højst sandsynlige køb af kaffe om 15 måneder mod prisrisikoen (baseret på USD) ved hjælp af en 15 måneders futureskontrakt på kaffe. Kombinationen af de højst sandsynlige køb af kaffe og futureskontrakten på kaffe kan i risikostyringen betragtes som en 15 måneders valutarisikoeksponering for et fast USD-beløb (dvs. som enhver anden udgående pengestrøm af et fast USD-beløb om 15 måneder).
b)
En virksomhed kan sikre valutarisikoen i hele løbetiden for et 10-årigt fastforrentet lån angivet i en udenlandsk valuta. Virksomheden har imidlertid kun brug for en fastforrentet eksponering i sin funktionelle valuta på kort til mellemlang sigt (f.eks. to år) og en variabelt forrentet eksponering i sin funktionelle valuta i den resterende løbetid. Ved udgangen af hver af de toårige perioder (dvs. løbende hvert andet år) fastsætter virksomheden de næste to års renteeksponering (hvis virksomheden i lyset af det aktuelle renteniveau vil fastsætte renten). I en sådan situation kan en virksomhed indgå en 10-årig "fixed-to-floating" kombineret valuta- og renteswap, hvor det fastforrentede lån i udenlandsk valuta udveksles med en variabelt forrentet eksponering i den funktionelle valuta. Dette suppleres med en toårig renteswap, som på grundlag af den funktionelle valuta udveksler det variabelt forrentede lån med et fastforrentet lån. Det fastforrentede lån i fremmed valuta og den 10-årige "fixed-to-floating" kombinerede valuta- og renteswap betragtes således i risikostyringen samlet som en 10-årig variabelt forrentet eksponering i den funktionelle valuta.
B6.3.4
Når en virksomhed klassificerer den sikrede post på grundlag af den aggregerede eksponering, tager den højde for den kombinerede virkning af de poster, som udgør den aggregerede eksponering, med henblik på at vurdere sikringseffektiviteten og måle sikringsineffektiviteten. De poster, der udgør den aggregerede eksponering, bliver imidlertid fortsat regnskabsmæssigt behandlet separat. Det betyder f.eks.:
a)
at afledte finansielle instrumenter, som indgår i en aggregeret eksponering, indregnes som separate aktiver eller forpligtelser målt til dagsværdi, og
b)
at, hvis et sikringsforhold klassificeres mellem de poster, der udgør den aggregerede eksponering, skal den måde, hvorpå et afledt finansielt instrument indregnes i en aggregeret eksponering, være forenelig med klassifikationen af det afledte finansielle instrument som sikringsinstrumentet på det aggregerede niveau. Hvis en virksomhed eksempelvis udelukker terminsdelen af et afledt finansielt instrument fra klassifikationen som sikringsinstrumentet for sikringsforholdet mellem de poster, der udgør den aggregerede eksponering, skal den også udelukke terminsdelen, når den medtager det afledte finansielle instrument som en sikret post som en del af den aggregerede eksponering. Ellers skal den aggregerede eksponering omfatte et afledt finansielt instrument, enten i sin helhed eller en del af det.
B6.3.5
Det anføres i afsnit 6.3.6, at valutarisikoen vedrørende en forventet koncernintern transaktion, som er højst sandsynlig, i koncernregnskabet kan opfylde kriterierne for en sikret post i en sikring af pengestrømme, forudsat at transaktionen er angivet i en anden valuta end den funktionelle valuta, som anvendes af den virksomhed, der foretager den pågældende transaktion, og at valutarisikoen vil påvirke koncernresultatet. I den forbindelse kan en virksomhed være en modervirksomhed, en dattervirksomhed, en associeret virksomhed, en fælles ordning eller en filial. Hvis valutarisikoen vedrørende en forventet koncernintern transaktion ikke påvirker koncernresultatet, kan den koncerninterne transaktion ikke opfylde kriterierne for en sikret post. Dette er normalt tilfældet for royaltybetalinger, rentebetalinger eller administrationsudgifter mellem medlemmer af samme koncern, medmindre der er en hermed forbunden ekstern transaktion. Når valutarisikoen vedrørende en forventet koncernintern transaktion vil påvirke 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.
B6.3.6
Hvis en sikring af en forventet koncernintern transaktion opfylder kriterierne for regnskabsmæssig sikring, bliver gevinster eller tab indregnet i og trukket ud af anden totalindkomst i overensstemmelse med afsnit 6.5.11. Den eller de relevante perioder, hvor valutarisikoen ved den sikrede transaktion påvirker resultatet, er den eller de perioder, hvor den påvirker koncernresultatet.
Klassifikation af sikrede poster
B6.3.7
En komponent er en sikret post, der er mindre end hele den sikrede post. Derfor afspejler en komponent kun nogle af risiciene ved den post, den indgår i, eller afspejler kun risiciene til en vis grad (f.eks. når en del af en post klassificeres).
Risikokomponenter
B6.3.8
For at opfylde kriterierne for klassifikation som en sikret post skal en risikokomponent være en separat identificerbar komponent af den finansielle eller ikke-finansielle post, og ændringerne i postens pengestrømme eller dagsværdi, der kan henføres til ændringer i den risikokomponent, skal kunne måles pålideligt.
B6.3.9
Når en virksomhed skal identificere, hvilke risikokomponenter der kan klassificeres som en sikret post, vurderer den sådanne risikokomponenter på grundlag af den pågældende markedsstruktur, som risiciene vedrører, og hvor sikringsaktiviteten finder sted. Dette kræver en vurdering af de relevante forhold og omstændigheder, der gælder for hver enkelt risiko og hvert enkelt marked.
B6.3.10
Når en virksomhed klassificerer risikokomponenter som sikrede poster, overvejer den, hvorvidt risikokomponenterne er eksplicit angivet i en kontrakt (kontraktligt bestemte risikokomponenter), eller hvorvidt de er implicitte i dagsværdien eller pengestrømmene for en post, som de indgår i (ikke kontraktligt bestemte risikokomponenter). Ikke-kontraktligt bestemte risikokomponenter kan være forbundet med poster, som ikke er en kontrakt (f.eks. forventede transaktioner), eller kontrakter, hvor komponenten ikke er angivet eksplicit (f.eks. en fast aftale, der kun indeholder én pris og ikke en prisformel, der henviser til forskellige underliggende instrumenter). For eksempel:
a)
Virksomhed A har en langsigtet forsyningskontrakt på naturgas, der prissættes ved hjælp af en kontraktligt bestemt formel, som henviser til råvarer og andre faktorer (f.eks. gasolie, brændselsolie og andre komponenter som f.eks. transportomkostninger). Virksomhed A sikrer gasoliekomponenten i forsyningskontrakten med en terminskontrakt på gasolie. Eftersom gasoliekomponenten er fastlagt i forsyningskontraktens vilkår og betingelser, er det en kontraktligt bestemt risikokomponent. På grund af prisformlen konkluderer virksomhed A derfor, at gasoliepriseksponeringen er separat identificerbar. Samtidig er der et marked for terminskontrakter på gasolie. På grund af prisformlen konkluderer virksomhed A derfor, at gasoliepriseksponeringen kan måles pålideligt. Det betyder, at gasoliepriseksponeringen i forsyningskontrakten er en risikokomponent, der opfylder kriterierne for klassifikation som en sikret post.
b)
Virksomhed B sikrer sine fremtidige køb af kaffe på grundlag af sine produktionsforventninger. Sikringen starter op til 15 måneder før levering for en del af den forventede indkøbsmængde. Virksomhed B øger den sikrede mængde over tid (efterhånden som leveringsdatoen kommer nærmere). Virksomhed B bruger to forskellige typer kontrakter til at styre kaffeprisrisikoen:
i)
børshandlede futureskontrakter på kaffe og
ii)
købsaftaler på Arabica-kaffe fra Colombia leveret til et bestemt produktionssted. I disse kontrakter prissættes et ton kaffe på grundlag af prisen på den børshandlede futureskontrakt på kaffe med tillæg af et fast prisspænd og variable logistikomkostninger ved hjælp af en prisformel. Købsaftalen er en kontrakt til senere opfyldelse, i henhold til hvilken virksomhed B faktisk aftager kaffen.
For levering af kaffe fra den nuværende høst giver kaffekontrakterne virksomhed B mulighed for at fastsætte prisspændet mellem den faktiske kaffekvalitet, den har købt, (Arabica-kaffe fra Colombia) og den referencekvalitet, der ligger til grund for den børshandlede futureskontrakt. Købsaftalerne for levering af kaffe fra den næste høst er imidlertid ikke tilgængelige endnu, så prisspændet kan ikke fastsættes. Virksomhed B bruger børshandlede futureskontrakter på kaffe til at sikre referencekvalitetskomponenten af kaffeprisrisikoen for levering af kaffe fra den nuværende høst samt den næste høst. Virksomhed B vurderer, at den er eksponeret for tre forskellige risici: En kaffeprisrisiko, som afspejler referencekvaliteten, en kaffeprisrisiko, som afspejler spændet mellem prisen for referencekvaliteten og den Arabica-kaffe fra Colombia, som den faktisk modtager, og de variable logistikomkostninger. For levering af kaffe fra den nuværende høst er kaffeprisrisikoen, som afspejler referencekvaliteten, efter at virksomhed B indgår en købsaftale, en kontraktligt bestemt risikokomponent, fordi prisformlen omfatter indeksering til prisen på den børshandlede futureskontrakt. Virksomhed B konkluderer, at denne risikokomponent er separat identificerbar og kan måles pålideligt. For levering af kaffe fra den næste høst har virksomhed B endnu ikke indgået nogen købsaftale (dvs. at leveringerne er forventede transaktioner). Derfor er kaffeprisrisikoen, som afspejler referencekvaliteten, ikke en kontraktligt bestemt risikokomponent. Virksomhed B tager i sin analyse af markedsstrukturen højde for prissætningen af senere leveringer af den kaffe, den modtager. Derfor konkluderer virksomhed B på grundlag af denne analyse af markedsstrukturen, at de forventede transaktioner også indebærer en kaffeprisrisiko, som afspejler referencekvaliteten som en risikokomponent, der er separat identificerbar og kan måles pålideligt, selv om den ikke er kontraktligt bestemt. Det betyder, at virksomhed B kan klassificere sikringsforhold på grundlag af risikokomponenter (for kaffeprisrisikoen, som afspejler referencekvaliteten) for købsaftalerne samt forventede transaktioner.
c)
Virksomhed C sikrer en del af sine fremtidige køb af flybrændstof på grundlag af sin forbrugsprognose op til 24 måneder før levering og øger over tid den mængde, der sikres. Virksomhed C sikrer denne eksponering med forskellige typer kontrakter, afhængigt af sikringens tidshorisont, som påvirker de afledte finansielle instrumenters markedslikviditet. For længere tidshorisonter (12-24 måneder) bruger virksomhed C råoliekontrakter, fordi det kun er dem, der har en tilstrækkelig markedslikviditet. For tidshorisonter på 6-12 måneder bruger virksomhed C afledte finansielle instrumenter vedrørende gasolie, fordi de er tilstrækkeligt likvide. For tidshorisonter op til seks måneder bruger virksomhed C flybrændstofkontrakter. Virksomhed C's analyse af markedsstrukturen for olie og olieprodukter og dens vurdering af de relevante forhold og omstændigheder er som følger:
i)
Virksomhed C er aktiv i et geografisk område, hvor Brent er referenceolien. Råolie er reference for råmateriale, der påvirker prisen på forskellige raffinerede olieprodukter som de mest basale rå- og hjælpestoffer. Gasolie er reference for raffinerede olieprodukter, som bruges som prisreference for brændselsolie mere generelt. Dette afspejles også i de typer afledte finansielle instrumenter på markederne for råolie og raffinerede olieprodukter der, hvor virksomhed C har sine aktiviteter, såsom:
—
futurekontrakten på referenceråolie, som er på Brent-råolie
—
futurekontrakten for referencegasolie, som bruges som prisreference for brændselsolie, f.eks. afledte finansielle kontrakter på flybrændstof, som dækker prisspændet mellem flybrændstof og referencegasolien, og
—
det afledte finansielle instrument på raffineringsmargenen (crack spread) på referencegasolie (dvs. det afledte finansielle instrument for prisspændet mellem råolie og gasolie), som er indekseret til Brent-råolie.
ii)
Prissætningen af raffinerede olieprodukter afhænger ikke af, hvilken råolie der forarbejdes af et bestemt raffinaderi, fordi disse raffinerede olieprodukter (såsom gasolie og flybrændstof) er standardiserede produkter.
Derfor konkluderer virksomhed C, at prisrisikoen ved købene af flybrændstof omfatter en risikokomponent vedrørende råolieprisen baseret på Brent-råolie og en risikokomponent vedrørende gasolieprisen, selv om råolie og gasolie ikke er kontraktligt bestemt. Virksomhed C konkluderer, at disse to risikokomponenter er separat identificerbare og kan måles pålideligt, selv om de ikke er kontraktligt bestemt. Derfor kan virksomhed C klassificere sikringsforhold for forventede køb af flybrændstof på grundlag af risikokomponenter (for råolie eller gasolie). Denne analyse betyder også, at hvis virksomhed C f.eks. brugte afledte finansielle instrumenter på råolie baseret på WTI-råolie (West Texas Intermediate), ville ændringer i prisspændet mellem Brent-råolie og WTI-råolie forårsage sikringsineffektivitet.
d)
Virksomhed D har et fastforrentet gældsinstrument. Instrumentet udstedes i et miljø med et marked, hvor der er en meget stor variation af lignende gældsinstrumenter, hvis spænd sammenlignes med en toneangivende rentesats (f.eks. LIBOR), og variabelt forrentede instrumenter i det miljø indekseres normalt til den toneangivende rentesats. Renteswaps bruges ofte til at styre renterisikoen på grundlag af den toneangivende rentesats, uanset gældsinstrumenternes spænd i forhold til den toneangivende rentesats. Prisen på fastforrentede gældsinstrumenter varierer efter ændringer i den toneangivende rentesats, så snart de sker. Virksomhed D konkluderer, at den toneangivende rentesats er en komponent, som kan identificeres separat og måles pålideligt. Derfor kan virksomhed D klassificere sikringsforhold for det fastforrentede gældsinstrument på grundlag af risikokomponenter for risikoen forbundet med den toneangivende rentesats.
B6.3.11
Ved klassifikation af en risikokomponent som en sikret post finder kravene til regnskabsmæssig sikring anvendelse på den risikokomponent på samme måde, som de finder anvendelse på andre sikrede poster, som ikke er risikokomponenter. Kriterierne for klassifikation finder f.eks. anvendelse, herunder at sikringsforholdet skal opfylde kravene til sikringseffektivitet, og en eventuel sikringsineffektivitet skal måles og indregnes.
B6.3.12
Virksomheden kan også nøjes med at klassificere ændringer i pengestrømmene eller dagsværdien af en sikret post, der er større eller mindre end en bestemt pris eller anden variabel ("ensidig risiko"). Den indre værdi af en købt option klassificeret som sikringsinstrument (forudsat, at dennes hovedvilkår er de samme som for den klassificerede risiko) afspejler en ensidig risiko ved en sikret post, men det samme gælder ikke optionens tidsmæssige værdi. Eksempelvis kan en virksomhed klassificere udsving i effekten på fremtidige pengestrømme, der hidrører fra en prisstigning i forbindelse med et forventet køb af en råvare. I denne situation klassificerer virksomheden kun tab af pengestrømme, der hidrører fra en prisstigning, der overstiger det fastsatte niveau. Den sikrede risiko omfatter ikke den tidsmæssige værdi af en købt option, fordi den tidsmæssige værdi ikke er et element af den forventede transaktion, som påvirker resultatet.
B6.3.13
Der gælder en afkræftelig formodning om, at medmindre inflationsrisikoen er kontraktligt bestemt, kan den ikke identificeres separat eller måles pålideligt og kan derfor ikke klassificeres som en risikokomponent af et finansielt instrument. I begrænsede tilfælde er det imidlertid muligt at identificere en risikokomponent for inflationsrisiko, der kan identificeres separat og måles pålideligt, som følge af de særlige omstændigheder i inflationsmiljøet og på det relevante gældsmarked.
B6.3.14
En virksomhed udsteder f.eks. gældsinstrumenter i et miljø, hvor inflationskorrigerede obligationer har en volumen- og rentestruktur, der skaber et tilstrækkeligt likvidt marked, som giver mulighed for en rentestruktur med nulkuponrealrente. Det betyder, at inflationen for den respektive valuta er en relevant faktor, som der tages højde for på gældsmarkederne. I disse tilfælde kan inflationsrisikokomponenten fastlægges ved at diskontere den sikrede gældsforpligtelses pengestrømme med rentestrukturen med nulkuponrealrente (dvs. svarende til, hvor en risikofri (nominel) rentekomponent kan fastlægges). Omvendt kan en inflationsrisikokomponent i mange tilfælde ikke identificeres separat eller måles pålideligt. En virksomhed udsteder eksempelvis kun nominelt forrentede gældsinstrumenter i et miljø med et marked for inflationskorrigerede obligationer, der ikke er likvide nok til en rentestruktur med nulkuponrealrente. I dette tilfælde kan virksomheden ikke på grundlag af analysen af markedsstrukturen samt af forholdene og omstændighederne konkludere, at inflation er en relevant faktor, som gældsmarkederne tager højde for. Derfor kan virksomheden ikke anvende den afkræftelige formodning om, at en inflationsrisiko, som ikke er kontraktligt bestemt, ikke kan identificeres separat eller måles pålideligt. Det betyder, at en inflationsrisikokomponent ikke ville opfylde kriterierne for klassifikation som sikret post. Her er et inflationssikringsinstrument, som virksomheden faktisk har indgået, uden betydning. Virksomheden kan navnlig ikke blot kopiere vilkårene og betingelserne for det faktiske inflationssikringsinstrument ved at anvende dem på den nominelt forrentede gældsforpligtelse.
B6.3.15
En kontraktligt bestemt inflationsrisikokomponent af pengestrømmene fra en indregnet inflationskorrigeret obligation (idet det antages, at der ikke er noget krav om separat regnskabsmæssig behandling af et indbygget afledt finansielt instrument) er separat identificerbar og kan måles pålideligt, så længe andre pengestrømme fra instrumentet ikke påvirkes af inflationsrisikokomponenten.
Komponenterafnominellebeløb
B6.3.16
Der findes to typer komponenter af nominelle beløb, som kan klassificeres som den sikrede post i et sikringsforhold: En komponent, som er en andel af hele posten eller et lag. Komponenttypen ændrer den regnskabsmæssige virkning. En virksomhed skal regnskabsmæssigt klassificere komponenten i overensstemmelse med risikostyringsformålet.
B6.3.17
Et eksempel på en komponent, som er en andel, er 50 % af et låns kontraktlige pengestrømme.
B6.3.18
Et lag kan identificeres i en defineret, men åben, population, eller i et defineret nominelt beløb. Som eksempler herpå kan nævnes:
a)
en del af en monetær transaktionsvolumen, f.eks. de næste 10 FC-pengestrømme fra salg, der er angivet i en udenlandsk valuta efter de første 20 FC i marts 201X 
(
54
)
b)
en del af den fysiske volumen, f.eks. det nederste lag på 5 mio. m3 af den naturgas, der er lagret i XYZ
c)
en del af en fysisk eller anden transaktionsvolumen, f.eks. de første 100 tønder olie købt i juni 201X eller de første 100 Mwh elektricitet solgt i juni 201X, eller
d)
et lag fra den sikrede posts nominelle beløb, f.eks. de sidste 80 mio. CU af en fast aftale på 100 mio. CU, det nederste lag på 20 mio. CU af en fastforrentet obligation på 100 mio. CU eller det øverste lag på 30 mio. CU af det samlede beløb på 100 mio. CU fastforrentet gæld, som kan indfris førtidigt til dagsværdi (det definerede nominelle beløb er 100 mio. CU).
B6.3.19
Hvis et lag klassificeres i en sikring af dagsværdi, skal en virksomhed definere den i et defineret nominelt beløb. For at opfylde kravene til klassifikation af sikringer af dagsværdi, skal virksomheden omvurdere den sikrede post med henblik på ændringer i dagsværdien (dvs. omvurdere posten med henblik på ændringer i dagsværdien, som kan henføres til den sikrede risiko). Justeringen vedrørende sikring af dagsværdien skal senest indregnes i resultatet, når indregning af posten ophører. Derfor er det nødvendigt at følge den post, som justeringen vedrørende sikring af dagsværdien knytter sig til. For et lag i en sikring af dagsværdien kræver det, at en virksomhed følger det nominelle beløb, hvor komponenten defineres. Det samlede definerede nominelle beløb på 100 mio. CU skal f.eks. i afsnit B6.3.18, litra d), følges for at følge det nederste lag på 20 mio. CU eller det øverste lag på 30 mio. CU.
B6.3.20
Et lag, der indeholder en option på førtidig indfrielse, opfylder ikke kriterierne for klassifikation som en sikret post i en sikring af dagsværdien, hvis dagsværdien af optionen på førtidig indfrielse påvirkes af ændringer i den sikrede risiko, medmindre det klassificerede lag omfatter virkningen af den tilknyttede option på førtidig indfrielse i vurderingen af ændringen i den sikrede posts dagsværdi.
Forholdet mellem en posts komponenter og samlede pengestrømme
B6.3.21
Hvis en komponent af en finansiel eller ikke-finansiel posts pengestrømme klassificeres som den sikrede post, skal komponenten være mindre end eller lig med hele postens samlede pengestrømme. Hele postens samlede pengestrømme kan imidlertid klassificeres som den sikrede post og sikres mod én bestemt risiko (f.eks. kun mod de ændringer, der kan henføres til ændringer i LIBOR eller en referenceråvarepris).
B6.3.22
I tilfælde af en finansiel forpligtelse, hvis effektive rente er mindre end LIBOR, kan en virksomhed imidlertid ikke klassificere:
a)
en komponent af forpligtelsen svarende til renten på LIBOR (med tillæg af hovedstolen, hvis det drejer sig om sikring af dagsværdien), og
b)
en negativ restkomponent.
B6.3.23
For en fastforrentet finansiel forpligtelse med en effektiv rente på (eksempelvis) 100 basispoint under LIBOR kan en virksomhed imidlertid klassificere ændringen i værdien af hele forpligtelsen (dvs. hovedstol plus rente til LIBOR-satsen minus 100 basispoint), der kan henføres til ændringer i LIBOR, som den sikrede post. Hvis et fastforrentet finansielt instrument sikres på et tidspunkt, der ligger efter dets oprettelse, og rentesatsen har ændret sig i mellemtiden, kan virksomheden klassificere en risikokomponent svarende til en toneangivende rente, der er højere end den kontraktlige rentesats, der gælder for posten. Dette afhænger dog af, om den toneangivende rentesats er mindre end den effektive rentesats, som er beregnet ud fra den antagelse, at virksomheden havde købt instrumentet på den dag, hvor den første gang klassificerer den sikrede post. 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 klassifikation af den tilknyttede LIBOR-renterisiko som en sikret post, ville aktivets effektive afkast baseret på den daværende dagsværdi på 90 CU have været 9,5 %. Eftersom LIBOR er mindre end dette effektive afkast, kan virksomheden 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).
B6.3.24
Hvis en variabelt forrentet finansiel forpligtelse har en rente på (eksempelvis) 3-måneders LIBOR minus 20 basispoint (med et floor på nul basispoint), kan en virksomhed klassificere den ændring i hele forpligtelsens pengestrømme (dvs. tre måneders LIBOR minus 20 basispoint, herunder floor), der kan henføres til ændringer i LIBOR, som den sikrede post. Så længe den 3-måneders LIBOR-forward-kurve i forpligtelsens resterende løbetid ikke falder til under 20 basispoint, har den sikrede post de samme udsving i pengestrømmene som en forpligtelse, der har en rente på 3-måneders LIBOR med et spænd på nul eller et positivt spænd. Hvis den 3-måneders LIBOR-forward-kurve i forpligtelsens resterende løbetid (eller en del af den) imidlertid falder til under 20 basispoint, har den sikrede post lavere udsving i pengestrømmene end en forpligtelse, der har en rente på 3-måneders LIBOR med et spænd på nul eller et positivt spænd.
B6.3.25
Et lignende eksempel med en ikke-finansiel post er en bestemt type råolie fra et bestemt oliefelt, der prissættes i forhold til den relevante referenceråolie. Hvis en virksomhed sælger den råolie i henhold til en kontrakt med en kontraktlig prisformel, der fastsætter prisen pr. tønde til prisen på referenceråolien minus 10 CU med et floor på 15 CU, kan virksomheden klassificere alle udsvingene i pengestrømmene i henhold til salgsaftalen, der kan henføres til ændringen i prisen på referenceråolien, som den sikrede post. Virksomheden kan imidlertid ikke klassificere en komponent, som svarer til den fulde ændring i prisen på referenceråolien. Så længe terminsprisen (for hver levering) ikke falder til under 25 CU, har den sikrede post derfor de samme udsving i pengestrømmene som salg af råolie til prisen på referenceråolien (eller med et positivt spænd). Hvis terminsprisen for en levering falder til under 25 CU, har den sikrede post imidlertid mindre udsving i pengestrømmene end salg af råolie til prisen på referenceråolien (eller med et positivt spænd).
Kriterier for regnskabsmæssig sikring (afsnit 6.4.)
Sikringseffektivitet
B6.4.1
Sikringseffektivitet angiver, i hvilket omfang ændringer i dagsværdien af eller pengestrømme vedrørende sikringsinstrumentet udlignes af ændringer i dagsværdien af eller pengestrømme vedrørende den sikrede post (f.eks. når den sikrede post er en risikokomponent, er den relevante ændring i dagsværdien eller pengestrømmene den ændring, som kan henføres til den sikrede risiko). Sikringsineffektivitet angiver, i hvilket omfang ændringerne i dagsværdien af eller pengestrømmene vedrørende sikringsinstrumentet er større end eller mindre end dagsværdien af eller pengestrømmene vedrørende den sikrede post.
B6.4.2
En virksomhed skal løbende, og når den klassificerer et sikringsforhold, analysere de kilder til sikringsineffektivitet, der forventes at ville påvirke sikringsforholdet i løbetiden. Denne analyse (herunder eventuelle ajourføringer i overensstemmelse med afsnit B6.5.21, som følger af genskabelse af balancen i et sikringsforhold) danner grundlag for virksomhedens vurdering af, hvorvidt den opfylder kravene til sikringseffektivitet.
B6.4.3
For at undgå tvivl skal virkningerne af at erstatte den oprindelige modpart med en clearingmodpart og at foretage de dermed forbundne ændringer, jf. afsnit 6.5.6, afspejles i målingen af sikringsinstrumentet og således i vurderingen af sikringseffektiviteten og målingen af sikringseffektiviteten.
Det økonomiske forhold mellem den sikrede post og sikringsinstrumentet
B6.4.4
Kravet om, at der skal være et økonomisk forhold, betyder, at sikringsinstrumentets og den sikrede posts værdi generelt bevæger sig i modsat retning som følge af den samme risiko, nemlig den sikrede risiko. Derfor skal der være en forventning om, at værdien af sikringsinstrumentet og værdien af den sikrede post systematisk ændrer sig i takt med bevægelser i den eller de samme underliggende instrumenter, der er økonomisk forbundne på en sådan måde, at de påvirkes på samme måde af den risiko, der sikres (f.eks. Brent- og WTI-råolie).
B6.4.5
Hvis de underliggende instrumenter ikke er de samme, men er økonomisk forbundne, kan der forekomme situationer, hvor sikringsinstrumentets og den sikrede posts værdi bevæger sig i samme retning, hvilket eksempelvis kan skyldes, at prisspændet mellem de to relaterede underliggende instrumenter ændrer sig, mens selve de underliggende instrumenter ikke bevæger sig nævneværdigt. Dette er stadig foreneligt med et økonomisk forhold mellem sikringsinstrumentet og den sikrede post, hvis deres værdi stadig forventes normalt at bevæge sig i modsat retning, når de underliggende instrumenter bevæger sig.
B6.4.6
Vurderingen af, hvorvidt der er et økonomisk forhold, omfatter en analyse af sikringsforholdets mulige adfærd i løbetiden for at vurdere, hvorvidt det kan forventes at opfylde risikostyringsformålet. Det, at der er en statistisk sammenhæng mellem to variabler, giver ikke i sig selv anledning til at konkludere, at der foreligger et økonomisk forhold.
Virkningen af kreditrisiko
B6.4.7
Modellen for regnskabsmæssig sikring er generelt baseret på udligning mellem gevinster og tab på sikringsinstrumentet og den sikrede post, hvorfor sikringseffektiviteten ikke kun bestemmes på grundlag af det økonomiske forhold mellem disse poster (dvs. ændringerne i de underliggende instrumenter), men også af virkningen af kreditrisiko på værdien af både sikringsinstrumentet og den sikrede post. Virkningen af kreditrisiko betyder, at selv om der er et økonomisk forhold mellem sikringsinstrumentet og den sikrede post, kan udligningen blive uberegnelig. Dette kan skyldes en ændring i kreditrisikoen på enten sikringsinstrumentet eller den sikrede post af en sådan størrelse, at kreditrisikoen dominerer de værdiændringer, der følger af det økonomiske forhold (dvs. virkningen af ændringerne i de underliggende instrumenter). En ændring, som er så omfattende, at den giver anledning til dominans, er en ændring, der vil resultere i et tab (eller en gevinst) ved kreditrisikoen, som påvirker virkningerne af ændringerne i de underliggende instrumenter på værdien af sikringsinstrumentet eller den sikrede post, selv om det drejer sig om væsentlige ændringer. Modsat gælder det, at, hvis der i en bestemt periode er få ændringer i de underliggende instrumenter, vil det ikke skabe dominans, at selv små kreditrisikorelaterede ændringer i værdien af sikringsinstrumentet eller den sikrede post kan påvirke værdien mere end de underliggende instrumenter.
B6.4.8
Et eksempel på kreditrisiko, der dominerer et sikringsforhold, er, hvor en virksomhed sikrer en eksponering mod råvareprisrisiko med et ikke-sikret afledt finansielt instrument. Hvis kreditværdigheden for modparten i det afledte finansielle instrument bliver væsentligt forringet, vil virkningen af ændringerne i modpartens kreditværdighed muligvis opveje virkningen af ændringer i råvareprisen på sikringsinstrumentets dagsværdi, hvorimod ændringer i værdien af den sikrede post generelt afhænger af ændringerne i råvareprisen.
Sikringsrate
B6.4.9
I henhold til kravene til sikringseffektivitet skal sikringsforholdets sikringsrate være den samme som den, der følger af den mængde af den sikrede post, som virksomheden faktisk sikrer, og den mængde af sikringsinstrumentet, som virksomheden faktisk bruger til at sikre den pågældende mængde af den sikrede post. Hvis en virksomhed sikrer mindre end 100 % af eksponeringen for en post, f.eks. 85 %, skal den derfor klassificere sikringsforholdet med den sikringsrate, som er den samme som den, der følger af 85 % af eksponeringen, og den mængde af sikringsinstrumentet, som virksomheden faktisk bruger til at sikre de 85 %. Tilsvarende gælder det, at hvis en virksomhed eksempelvis sikrer en eksponering med en nominel mængde på 40 enheder af et finansielt instrument, skal den klassificere sikringsforholdet med den sikringsrate, der er den samme som den, der følger af de 40 enheder (dvs. at virksomheden ikke må bruge en sikringsrate, der er baseret på flere enheder, som den eventuelt besidder, eller på færre enheder), og den mængde af den sikrede post, virksomheden faktisk sikrer med de 40 enheder.
B6.4.10
Klassifikationen af sikringsforholdet med samme sikringsrate som den, der følger af de mængder af den sikrede post og sikringsinstrumentet, som virksomheden faktisk bruger, må imidlertid ikke afspejle en ubalance mellem vægtningen af den sikrede post og sikringsinstrumentet, som ville forårsage sikringsineffektivitet (uanset om det er indregnet eller ej), der kunne medføre en regnskabsmæssig virkning, der var uforenelig med formålet med den regnskabsmæssige sikring. Med henblik på at klassificere et sikringsforhold skal en virksomhed derfor justere den sikringsrate, der gælder for de mængder af den sikrede post og sikringsinstrumentet, som virksomheden faktisk bruger, hvis det er nødvendigt for at undgå en sådan ubalance.
B6.4.11
Eksempler på relevante overvejelser i vurderingen af, hvorvidt en regnskabsmæssig virkning er uforenelig med formålet med den regnskabsmæssige sikring:
a)
hvorvidt den tilsigtede sikringsrate anvendes for at undgå at indregne sikringsineffektivitet for sikringer af pengestrømme eller for at opnå justeringer vedrørende sikring af dagsværdien for flere sikrede poster med henblik på at øge brugen af dagsværdiansættelse, men uden at udligne ændringer i sikringsinstrumentets dagsværdi, og
b)
hvorvidt der en forretningsmæssig årsag til at vægte den sikrede post og sikringsinstrumentet således, selv om det skaber sikringsineffektivitet. En virksomhed indgår og klassificerer eksempelvis en mængde af sikringsinstrumentet, som ikke er den mængde, den har vurderet til at være den bedste sikring af den sikrede post, fordi standardvolumen for sikringsinstrumenterne ikke giver virksomheden mulighed for at indgå netop den mængde af sikringsinstrumentet ("lot size issue"). Som eksempel kan nævnes en virksomhed, der sikrer køb af 100 ton kaffe med en standardfutureskontrakt med en størrelse på 37,500 pund. Virksomheden kan kun bruge enten fem eller seks kontrakter (svarende til henholdsvis 85,0 og 102,1 ton) til at sikre den købte mængde på 100 ton. I det tilfælde klassificerer virksomheden sikringsforholdet med den sikringsrate, der følger af det antal futurekontrakter, den faktisk bruger, fordi den sikringsineffektivitet, der forårsages af inkonsistensen i vægtningen af den sikrede post og sikringsinstrumentet, ikke ville give en regnskabsmæssig virkning, der er uforenelig med formålet med den regnskabsmæssige sikring.
Hvor ofte skal det vurderes, hvorvidt kravene til sikringseffektivitet er opfyldt?
B6.4.12
En virksomhed skal vurdere, hvorvidt sikringsforholdet opfylder kravene til sikringseffektivitet, ved indgåelsen af sikringsforholdet og løbende. En virksomhed skal som minimum foretage den løbende vurdering på balancedagen eller i tilfælde af en væsentlig ændring i de omstændigheder, der påvirker kravene til sikringseffektivitet, alt efter hvilken begivenhed der indtræder først. Vurderingen omfatter forventningerne til sikringseffektiviteten og er derfor kun fremadrettet.
Metoder til vurdering af, hvorvidt kravene til sikringseffektivitet er opfyldt
B6.4.13
Det angives ikke nærmere i denne standard, hvordan en virksomhed skal vurdere, hvorvidt et sikringsforhold opfylder kravene til sikringseffektivitet. En virksomhed skal imidlertid anvende en metode, der tager højde for sikringsforholdets relevante karakteristika, herunder kilderne til sikringsineffektivitet. Metoden kan, afhængigt af disse faktorer, være en kvalitativ eller en kvantitativ vurdering.
B6.4.14
Når de centrale vilkår (såsom det nominelle beløb, løbetiden og det underliggende instrument) for sikringsinstrumentet og den sikrede post f.eks. er de samme eller ligger tæt op ad hinanden, kan det være muligt for en virksomhed ud fra en kvalitativ vurdering af disse centrale vilkår at vurdere, at sikringsinstrumentet og den sikrede post har værdier, som generelt vil bevæge sig i modsatte retninger som følge af den samme risiko, og derfor at der er et økonomisk forhold mellem den sikrede post og sikringsinstrumentet (jf. afsnit B6.4.4-B6.4.6).
B6.4.15
Det forhold, at et afledt finansielt instrument er "out of the money", når det klassificeres som et sikringsinstrument, betyder ikke i sig selv, at der ikke bør udføres en kvalitativ vurdering. Det afhænger af omstændighederne, om den sikringsineffektivitet, dette forårsager, kunne være af et omfang, som ikke ville blive påvist ved en kvalitativ vurdering.
B6.4.16
Modsat gælder det, at hvis de centrale vilkår for sikringsinstrumentet og den sikrede post ikke ligger tæt op ad hinanden, hersker der en større usikkerhed omkring udligningen. Derfor er det mere vanskeligt at forudsige sikringseffektiviteten i løbet af sikringsforholdets løbetid. I en sådan situation vil det muligvis kun være muligt for en virksomhed på grundlag af en kvantitativ vurdering at konkludere, at der er et økonomisk forhold mellem den sikrede post og sikringsinstrumentet (jf. afsnit B6.4.4-B6.4.6). I nogle situationer vil der muligvis også være behov for en kvantitativ vurdering for at vurdere, hvorvidt den sikringsrate, der er brugt ved klassifikationen af sikringsforholdet, opfylder kravene til sikringseffektivitet (jf. afsnit B6.4.9-B6.4.11). En virksomhed kan bruge den samme eller forskellige metoder til disse to forskellige formål.
B6.4.17
Hvis omstændighederne ændrer sig, og dette påvirker sikringseffektiviteten, vil en virksomhed muligvis skulle ændre metoden til vurdering af, hvorvidt et sikringsforhold opfylder kravene til sikringseffektivitet, for at sikre at der stadig tages højde for sikringsforholdets relevante karakteristika, herunder kilderne til sikringsineffektivitet.
B6.4.18
En virksomheds risikostyring er den primære kilde til oplysninger til vurderingen af, hvorvidt et sikringsforhold opfylder kravene til sikringseffektivitet. Det betyder, at de ledelsesoplysninger (eller den analyse), der bruges i beslutningstagningen, kan danne grundlag for vurderingen af, om et sikringsforhold opfylder kravene til sikringseffektivitet.
B6.4.19
En virksomheds dokumentation for sikringsforholdet omfatter, hvordan den vil vurdere kravene til sikringseffektivitet, herunder den eller de anvendte metoder. Dokumentationen for sikringsforholdet skal ajourføres i tilfælde af ændringer i metoderne (jf. afsnit B6.4.17).
Regnskabsmæssig behandling af sikringsforhold, der opfylder kriterierne (afsnit 6.5)
B6.5.1
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.
B6.5.2
Formålet med sikring af pengestrømme er at udskyde gevinsten eller tabet på sikringsinstrumentet til en eller flere perioder, hvor de sikrede forventede fremtidige pengestrømme påvirker resultatet. Et eksempel på en sikring af pengestrømme er brugen af en swap-kontrakt til at ændre variabelt forrentede lån (uanset om de er målt til amortiseret kostpris eller dagsværdi) til fastforrentede lån (dvs. en sikring af en fremtidig transaktion, hvor de sikrede fremtidige pengestrømme er de fremtidige rentebetalinger). Omvendt er et forventet køb af et egenkapitalinstrument, som, når det er anskaffet, regnskabsmæssigt vil blive behandlet til dagsværdi gennem resultatet, et eksempel på en post, der ikke kan være den sikrede post i en sikring af pengestrømme, fordi en gevinst eller et tab på sikringsinstrumentet, som ville blive udskudt, ikke ville kunne blive omklassificeret til resultatet i en periode, hvor det ville blive udlignet. Af samme grund kan et forventet køb af et egenkapitalinstrument, som, når det er anskaffet, regnskabsmæssigt behandles til dagsværdi, hvor ændringer i dagsværdien præsenteres i anden totalindkomst, heller ikke være den sikrede post i en sikring af pengestrømme.
B6.5.3
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 6.5.4 kan en sikring af den med en fast aftale forbundne valutarisiko dog alternativt behandles regnskabsmæssigt som en sikring af pengestrømme.
Måling af sikringsineffektivitet
B6.5.4
Når en virksomhed måler sikringsineffektiviteten, skal den tage den tidsmæssige værdi af penge i betragtning. Det betyder, at virksomheden vurderer værdien af den sikrede post på grundlag af nutidsværdien, hvorfor ændringen i værdien af den sikrede post også omfatter virkningen af den tidsmæssige værdi af penge.
B6.5.5
For at beregne ændringen i værdien af den sikrede post med henblik på måling af sikringsineffektiviteten, kan en virksomhed bruge et afledt finansielt instrument, som ville have vilkår, der stemmer overens med de centrale vilkår for den sikrede post (dette kaldes normalt et "hypotetisk afledt finansielt instrument"), og, f.eks. for en sikring af en forventet transaktion, ville blive kalibreret på grundlag af det sikrede prisniveau (eller renteniveau). Hvis sikring eksempelvis var for en tosidig risiko på det aktuelle markedsniveau, ville det hypotetiske afledte finansielle instrument repræsentere en hypotetisk terminskontrakt, som kalibreres til en værdi på nul på tidspunktet for klassifikation af sikringsforholdet. Hvis sikringen eksempelvis var for en ensidig risiko, ville det hypotetiske afledte finansielle instrument repræsentere den indre værdi af en hypotetisk option, som på tidspunktet for klassifikation af sikringsforholdet, er "at the money", hvis det sikrede prisniveau er det aktuelle markedsniveau, eller "out of the money", hvis det sikrede prisniveau er over (eller under for en sikring af en lang position) det aktuelle markedsniveau. Brug af et hypotetisk afledt finansielt instrument er en af mulighederne for at beregne ændringen i værdien af den sikrede post. Det hypotetiske afledte finansielle instrument replikerer den sikrede post og giver derefter samme udfald, som hvis den ændring i værdien blev bestemt ved hjælp af en anden fremgangsmåde. Derfor er brug af et "hypotetisk afledt finansielt instrument" ikke en selvstændig metode, men et matematisk middel, der kun kan bruges til at beregne værdien af den sikrede post. Derfor kan et "hypotetisk afledt finansielt instrument" ikke bruges til at indregne faktorer i værdien af den sikrede post, som kun eksisterer i sikringsinstrumentet (men ikke i den sikrede post). Et eksempel er en gældsforpligtelse angivet i en udenlandsk valuta (uanset om den er fastforrentet eller variabelt forrentet). Ved brug af et hypotetisk afledt finansielt instrument til beregning af ændringen i værdien af en sådan gældsforpligtelse eller nutidsværdien af den akkumulerede ændring i pengestrømmene, kan det hypotetiske afledte finansielle instrument ikke blot beregne et gebyr for veksling af de forskellige valutaer, selv om de faktiske afledte finansielle instrumenter, hvorunder de forskellige valutaer veksles, kan omfatte et sådant gebyr (f.eks. kombinerede valuta- og renteswaps).
B6.5.6
Ændringen i værdien af den sikrede post bestemt ved hjælp af et hypotetisk afledt finansielt instrument kan også bruges til at vurdere, hvorvidt et sikringsforhold opfylder kravene til sikringseffektivitet.
Genskabelse af balancen i sikringsforholdet og ændringer i sikringsraten
B6.5.7
Genskabelse af balancen henviser til de justeringer, der foretages på de indregnede mængder af den sikrede post eller sikringsinstrumentet af et allerede eksisterende sikringsforhold med henblik på at opretholde en sikringsrate, der opfylder kravene til sikringseffektivitet. Ændringer i de indregnede mængder af en sikret post eller et sikringsinstrument til et andet formål udgør ikke genskabelse af balancen i forbindelse med denne standard.
B6.5.8
Genskabelse af balancen behandles regnskabsmæssigt som en forlængelse af sikringsforholdet i overensstemmelse med afsnit B6.5.9-B6.5.21. Ved genskabelse af balancen fastlægges og indregnes sikringsforholdets sikringsineffektivitet umiddelbart før justering af sikringsforholdet.
B6.5.9
Justering af sikringsraten giver en virksomhed mulighed for at reagere på ændringer i forholdet mellem sikringsinstrumentet og den sikrede post, der opstår som følge af de underliggende instrumenter eller risikovariabler. Et sikringsforhold, hvor sikringsinstrumentet og den sikrede post har forskellige, men forbundne underliggende instrumenter, ændres i tilfælde af en ændring i forholdet mellem disse to underliggende instrumenter (f.eks. forskellige, men forbundne referenceindekser, rentesatser eller priser). Derfor giver genskabelse af balancen mulighed for en fortsættelse af sikringsforholdet i situationer, hvor forholdet mellem sikringsinstrumentet og den sikrede post ændrer sig på en måde, der kan opvejes ved at justere sikringsraten.
B6.5.10
Hvis en virksomhed eksempelvis sikrer en eksponering mod valuta A med et afledt valutainstrument, der henviser til valuta B, og valuta A og B er bundet (dvs. deres valutakurs holdes inden for et bånd eller på en kurs, der fastsættes af en centralbank eller anden myndighed). Hvis valutakursen mellem valuta A og valuta B blev ændret (dvs. fastsættelse af et nyt bånd eller en ny rentesats), ville genskabelse af balancen i sikringsforholdet for at afspejle den nye valutakurs sikre, at sikringsforholdet fortsat ville opfylde kravet til sikringseffektivitet for sikringsraten med de nye omstændigheder. Hvis der på den anden side skete en misligholdelse af det afledte valutainstrument, kunne en ændring af sikringsraten ikke sikre, at sikringsforholdet fortsat kunne opfylde kravet til sikringseffektivitet. Derfor giver genskabelse af balancen ikke mulighed for en fortsættelse af sikringsforholdet i situationer, hvor forholdet mellem sikringsinstrumentet og den sikrede post ændrer sig på en måde, der ikke kan opvejes ved at justere sikringsraten.
B6.5.11
Det er ikke alle ændringer i udligningen mellem ændringerne i sikringsinstrumentets dagsværdi og den sikrede posts dagsværdi eller pengestrømme, der udgør en ændring i forholdet mellem sikringsinstrumentet og den sikrede post. En virksomhed analyserer kilderne til sikringsineffektivitet, som den forventer vil påvirke sikringsforholdet i løbetiden, og vurderer, hvorvidt ændringer i udligningen er:
a)
udsving omkring sikringsraten, som stadig er gældende (dvs. at den stadig afspejler forholdet mellem sikringsinstrumentet og den sikrede post korrekt), eller
b)
en indikation af, at sikringsraten ikke længere afspejler forholdet mellem sikringsinstrumentet og den sikrede post korrekt.
En virksomhed udfører denne vurdering i forhold til kravet til sikringseffektivitet for sikringsraten, dvs. for at sikre at sikringsforholdet ikke afspejler en ubalance mellem vægtningen af den sikrede post og af sikringsinstrumentet, som ville forårsage sikringsineffektivitet (uanset om det er indregnet eller ej), der kunne medføre en regnskabsmæssig virkning, der var uforenelig med formålet med den regnskabsmæssige sikring. Derfor kræver denne vurdering et skøn.
B6.5.12
Udsving omkring en konstant sikringsrate (og dermed den forbundne sikringsineffektivitet) kan ikke reduceres ved at justere sikringsraten i forhold til hvert enkelt udfald. I sådanne tilfælde er ændringen i udligningen derfor et spørgsmål om at måle og indregne sikringsineffektivitet og kræver ikke nogen genskabelse af balancen.
B6.5.13
Modsat gælder det, at hvis ændringer i udligningen viser udsving omkring en sikringsrate, der er forskelligt fra den sikringsrate, der aktuelt bruges på sikringsforholdet, eller hvis der er en tendens væk fra sikringsraten, kan sikringsineffektiviteten reduceres ved at justere sikringsraten, mens det i højere grad ville skabe sikringsineffektivitet, hvis sikringsraten blev bibeholdt. I sådanne tilfælde skal en virksomhed derfor vurdere, hvorvidt sikringsforholdet afspejler en ubalance mellem vægtningen af den sikrede post og af sikringsinstrumentet, som ville forårsage sikringsineffektivitet (uanset om det er indregnet eller ej), der kunne medføre en regnskabsmæssig virkning, der var uforenelig med formålet med den regnskabsmæssige sikring. Hvis sikringsraten justeres, påvirker det også målingen og indregningen af sikringsineffektivitet, fordi sikringsineffektiviteten ved sikringsforholdet i forbindelse med genskabelse af balancen skal fastlægges og indregnes umiddelbart før justeringen af sikringsforholdet i overensstemmelse med afsnit B6.5.8.
B6.5.14
Genskabelse af balancen betyder i forbindelse med regnskabsmæssig sikring, at en virksomhed efter et sikringsforholds start justerer mængderne af sikringsinstrumentet eller den sikrede post som følge af ændringer i omstændigheder, der påvirker sikringsforholdets sikringsrate. Justeringen bør normalt afspejle justeringer i de mængder af sikringsinstrumentet og den sikrede post, den faktisk bruger. En virksomhed skal imidlertid justere den sikringsrate, der følger af de mængder af den sikrede post eller sikringsinstrumentet, den faktisk bruger, hvis:
a)
den sikringsrate, der følger af ændringer i de mængder af sikringsinstrumentet eller den sikrede post, som virksomheden faktisk bruger, ville afspejle en ubalance, som ville forårsage sikringsineffektivitet, der kunne medføre en regnskabsmæssig virkning, der var uforenelig med formålet med den regnskabsmæssige sikring, eller
b)
en virksomhed ville bibeholde de mængder af sikringsinstrumentet og den sikrede post, den faktisk bruger, hvilket ville give en sikringsrate, der under de nye omstændigheder ville afspejle en ubalance, som ville forårsage sikringsineffektivitet, der kunne medføre en regnskabsmæssig virkning, der var uforenelig med formålet med den regnskabsmæssige sikring (dvs. at en virksomhed ikke må skabe en ubalance ved ikke at justere sikringsraten).
B6.5.15
Genskabelse af balancen finder ikke anvendelse, hvis formålet med risikostyringen for et sikringsforhold er ændret. I stedet skal virksomheden ophøre med regnskabsmæssig sikring for det sikringsforhold (på trods af at den muligvis klassificerer et nyt sikringsforhold, der omfatter sikringsinstrumentet eller den sikrede post fra det tidligere sikringsforhold, som beskrevet i afsnit B6.5.28).
B6.5.16
Hvis balancen i et sikringsforhold genskabes, kan justeringen af sikringsraten foretages på forskellige måder:
a)
vægtningen af den sikrede post kan øges (hvilket samtidig reducerer vægtningen af sikringsinstrumentet) ved at:
i)
øge den sikrede posts volumen eller
ii)
reducere sikringsinstrumentets volumen
b)
vægtningen af sikringsinstrumentet kan øges (hvilket samtidig reducerer vægtningen af den sikrede post) ved at:
i)
øge sikringsinstrumentets volumen eller
ii)
reducere den sikrede posts volumen.
Ændringer i volumen henviser til de mængder, der indgår i sikringsforholdet. Derfor betyder fald i volumen ikke nødvendigvis, at posterne eller transaktionerne ikke længere eksisterer eller ikke længere forventes at ville forekomme, men at de ikke er en del af sikringsforholdet. At reducere sikringsinstrumentets volumen kan eksempelvis resultere i, at virksomheden bibeholder et afledt finansielt instrument, men at kun en del af det muligvis bruges som sikringsinstrument i sikringsforholdet. Dette kunne være tilfældet, hvis genskabelse af balancen kun kunne gennemføres ved at reducere sikringsinstrumentets volumen i sikringsforholdet, men hvor virksomheden bibeholder den volumen, der ikke længere er brug for. I dette tilfælde ville den ikke-klassificerede del af det afledte finansielle instrument regnskabsmæssigt blive behandlet til dagsværdi gennem resultatet (medmindre det var klassificeret som et sikringsinstrument i et andet sikringsforhold).
B6.5.17
Justering af sikringsraten ved at øge den sikrede posts volumen påvirker ikke målingen af ændringerne i sikringsinstrumentets dagsværdi. Målingen af ændringerne i den sikrede posts værdi som følge af en tidligere klassificeret volumen påvirkes heller ikke. Fra den dato, hvor balancen genskabes, omfatter ændringerne i den sikrede posts værdi imidlertid også ændringen i værdien af den større volumen af den sikrede post. Disse ændringer måles fra og med henvisning til den dato, hvor balancen genskabes, i stedet for den dato, hvor sikringsforholdet blev klassificeret. Hvis en virksomhed eksempelvis oprindeligt sikrede en volumen på 100 ton af en råvare til en terminspris på 80 CU (terminsprisen ved indgåelsen af sikringsforholdet) og tilføjede en volumen på 10 ton i forbindelse med genskabelse af balancen, hvor terminsprisen var 90 CU, ville den sikrede post efter genskabelse af balancen omfatte to lag: 100 ton sikret til 80 CU og 10 ton sikret til 90 CU.
B6.5.18
Justering af sikringsraten ved at reducere sikringsinstrumentets volumen påvirker ikke målingen af ændringerne i den sikrede posts værdi. Målingen af ændringerne i sikringsinstrumentets dagsværdi knyttet til den volumen, der fortsat klassificeres, påvirkes heller ikke. Fra datoen, hvor balancen genskabes, er den volumen, som sikringsinstrumentet blev reduceret med, imidlertid ikke længere en del af sikringsforholdet. Hvis en virksomhed eksempelvis oprindeligt sikrede prisrisikoen på en råvare med et afledt finansielt instrument med en volumen på 100 ton som sikringsinstrumentet og reducerer den volumen med 10 ton i forbindelse med genskabelse af balancen, ville det resultere i en nominel mængde på 90 ton af sikringsinstrumentets volumen (i afsnit B6.5.16 beskrives konsekvenserne for det afledte finansielle instruments volumen (altså de 10 ton), der ikke længere er en del af sikringsforholdet).
B6.5.19
Justering af sikringsraten ved at øge sikringsinstrumentets volumen påvirker ikke målingen af ændringerne i den sikrede posts værdi. Målingen af ændringerne i sikringsinstrumentets dagsværdi som følge af en tidligere klassificeret volumen påvirkes heller ikke. Fra den dato, hvor balancen genskabes, omfatter ændringerne i sikringsinstrumentets dagsværdi imidlertid også ændringerne i værdien af den større volumen af sikringsinstrumentet. Ændringerne måles fra og med henvisning til den dato, hvor balancen genskabes, i stedet for den dato, hvor sikringsforholdet blev klassificeret. Hvis en virksomhed eksempelvis oprindeligt sikrede prisrisikoen på en råvare med et afledt finansielt instrument med en volumen på 100 ton som sikringsinstrumentet og tilføjede en volumen på 10 ton i forbindelse med genskabelse af balancen, ville sikringsinstrumentet efter genskabelse af balancen omfatte en samlet volumen på 110 ton. Ændringen i sikringsinstrumentets dagsværdi er den samlede ændring i dagsværdien af de afledte finansielle instrumenter, der udgør den samlede volumen på 110 ton. Disse afledte finansielle instrumenter kunne (og ville sandsynligvis) have forskellige vigtige vilkår, som f.eks. deres forwardrente, fordi de blev indgået på forskellige tidspunkter (herunder muligheden for at klassificere afledte finansielle instrumenter til sikringsforhold efter første indregning).
B6.5.20
Justering af sikringsraten ved at reducere den sikrede posts volumen påvirker ikke målingen af ændringerne i sikringsinstrumentets dagsværdi. Målingen af ændringerne i den sikrede posts værdi knyttet til den volumen, der fortsat klassificeres, påvirkes heller ikke. Fra den dato, hvor balancen genskabes, er den volumen, som den sikrede post blev reduceret med, imidlertid ikke længere en del af sikringsforholdet. Hvis en virksomhed eksempelvis oprindeligt sikrede en volumen på 100 ton af en råvare til en terminspris på 80 CU og reducerer den volumen med 10 ton i forbindelse med genskabelse af balancen, ville den sikrede post efter genskabelse af balancen omfatte 90 ton sikret til 80 CU. De 10 ton af den sikrede post, der ikke længere er en del af sikringsforholdet, ville regnskabsmæssigt blive behandlet i overensstemmelse med kravene til ophør af regnskabsmæssig sikring (jf. afsnit 6.5.6-6.5.7 og B6.5.22-B6.5.28).
B6.5.21
Når en virksomhed genskaber balancen i et sikringsforhold, skal den ajourføre sin analyse af kilderne til sikringsineffektivitet, som forventes at ville påvirke sikringsforholdet i løbetiden (den resterende løbetid) (jf. afsnit B6.4.2). Dokumentationen vedrørende sikringsforholdet skal ajourføres i overensstemmelse dermed.
Ophør af regnskabsmæssig sikring
B6.5.22
Ophør af regnskabsmæssig sikring gælder fremadrettet fra den dato, hvor kriterierne ikke længere er opfyldt.
B6.5.23
En virksomhed må ikke ophøre med klassifikation og dermed bringe et sikringsforhold til ophør, som:
a)
stadig opfylder formålet med risikostyringen, på grundlag af hvilket det opfyldte kriterierne for regnskabsmæssig sikring (dvs. at virksomheden stadig forfølger dette formål), og
b)
fortsat opfylder alle andre kriterier (efter hensyntagen til en eventuel genskabelse af balancen i sikringsforholdet, hvis det er relevant).
B6.5.24
I denne standard sondres der mellem en virksomheds risikostyringsstrategi og risikostyringsformål. Risikostyringsstrategien fastlægges på det højeste niveau, hvor en virksomhed beslutter, hvordan den styrer sin risiko. Risikostyringsstrategier identificerer normalt de risici, som virksomheden er eksponeret for, og beskriver, hvordan virksomheden håndterer dem. En risikostyringsstrategi gælder normalt for en længere periode og kan indeholde en vis fleksibilitet til at reagere på ændringer, der finder sted, mens strategien er gældende (f.eks. andre rentesatser eller råvarepriser, som kræver et andet sikringsomfang). Dette er normalt beskrevet i et generelt dokument, som formidles ned gennem en virksomhed i politikker, der indeholder mere specifikke retningslinjer. Derimod gælder risikostyringsformålet for et sikringsforhold for et bestemt sikringsforhold. Det beskriver, hvordan netop dette sikringsinstrument, som er blevet klassificeret, bruges til at sikre netop den eksponering, der er blevet klassificeret som den sikrede post. Derfor kan en risikostyringsstrategi omfatte mange forskellige sikringsforhold, hvis risikostyringsformål knytter sig til gennemførelsen af den overordnede risikostyringsstrategi. For eksempel:
a)
En virksomhed har en strategi for styring af sin renterisiko på gældsfinansiering, der fastsætter intervaller for sammensætningen af variabelt forrentet og fastforrentet finansiering for virksomheden som helhed. Strategien er, at mellem 20 % og 40 % af gælden skal være fastforrentet. Virksomheden beslutter løbende, hvordan denne strategi skal gennemføres (dvs. hvor i intervallet mellem 20 % og 40 % den skal lægge sig for fastforrentet eksponering), afhængigt af renteniveauet. Hvis renten er lav, lægger virksomheden renten fast for mere af gælden, end når renten er høj. Virksomhedens gæld er en variabelt forrentet gæld på 100 CU, hvoraf 30 CU swappes til en fastforrentet eksponering. Virksomheden udnytter den lave rente til at udstede yderligere 50 CU for at finansiere en større investering, hvilket sker ved hjælp af en fastforrentet obligation. Som følge af den lave rente beslutter virksomheden at fastsætte sin fastforrentede eksponering til 40 % af den samlede gæld ved at reducere det omfang, hvormed den tidligere sikrede sin variabelt forrentede eksponering, med 20 CU, således at den fastforrentede eksponering er 60 CU. I denne situation forbliver selve risikostyringsstrategien uændret. Derimod har virksomheden ændret den måde, den gennemfører strategien på, og dette betyder imidlertid, at for den variabelt forrentede eksponering på 20 CU, som tidligere blev sikret, har risikostyringsformålet ændret sig (dvs. for sikringsforholdet). Dermed skal den regnskabsmæssige sikring i denne situation bringes til ophør for 20 CU af den tidligere sikrede variabelt forrentede eksponering. Dette kunne omfatte en reduktion af swappositionen med et nominelt beløb på 20 CU, men en virksomhed kan, afhængigt af omstændighederne, bibeholde sin swapvolumen og f.eks. bruge den til at sikre en anden eksponering, eller lade den indgå i en handelsbeholdning. Hvis en virksomhed i stedet swappede en del af sin nye fastforrentede gæld til en variabelt forrentet eksponering, vil den regnskabsmæssige sikring for den tidligere sikrede variabelt forrentede eksponering skulle bringes til ophør.
b)
Nogle eksponeringer følger af positioner, der ofte ændrer sig, herunder f.eks. renterisikoen på en åben portefølje af gældsinstrumenter. Tilføjelse af nye gældsinstrumenter og ophør af indregningen af gældsinstrumenter ændrer løbende eksponeringen (dvs. at det ikke er det samme som blot at afhænde en position, der udløber). Dette er en dynamisk proces, hvor både eksponeringen og de sikringsinstrumenter, der bruges til at styre den, ændres hurtigt. En virksomhed med en sådan eksponering justerer derfor ofte de sikringsinstrumenter, der bruges til at styre renterisikoen, efterhånden som eksponeringen ændres. Gældsinstrumenter med en resterende løbetid på 24 måneder klassificeres eksempelvis som den sikrede post for en renterisiko i 24 måneder. Den samme procedure anvendes på andre tidsintervaller eller forfaldsperioder. Efter kort tid bringer virksomheden alle, nogle eller en del af de tidligere klassificerede sikringsforhold til ophør for forfaldsperioder og klassificerer nye sikringsforhold for forfaldsperioder på grundlag af deres størrelse og de sikringsinstrumenter, der findes på det pågældende tidspunkt. I denne situation afspejler ophør af den regnskabsmæssige sikring, at disse sikringsforhold er oprettet på en sådan måde, at virksomheden ser på et nyt sikringsinstrument og en ny sikret post i stedet for det sikringsinstrument og den sikrede post, der tidligere var klassificeret. Risikostyringsstrategien forbliver den samme, men ingen af risikostyringsformålene fortsætter for disse tidligere klassificerede sikringsforhold, der som sådan ikke længere eksisterer. I en sådan situation finder ophør af den regnskabsmæssige sikring anvendelse i det omfang, at risikostyringsformålet er ændret. Dette afhænger af en virksomheds situation og kunne f.eks. påvirke alle eller nogle af sikringsforholdene i en forfaldsperiode, eller kun en del af et sikringsforhold.
c)
En virksomhed har en risikostyringsstrategi, med hvilken den styrer valutarisikoen på forventede salg og de deraf følgende tilgodehavender. I henhold til denne strategi forvalter virksomheden kun valutarisikoen som et bestemt sikringsforhold frem til det tidspunkt, hvor tilgodehavender indregnes. Derefter forvalter virksomheden ikke længere valutarisikoen ved netop det sikringsforhold. I stedet forvalter den valutarisikoen på tilgodehavender, forpligtelser og afledte finansielle instrumenter (som ikke vedrører forventede transaktioner, der stadig ikke er gennemført), som er angivet i samme valuta, sammen. Dette fungerer regnskabsmæssigt som en "naturlig" sikring, fordi gevinsterne og tabene på valutarisikoen for alle disse poster straks indregnes i resultatet. Hvis sikringsforholdet klassificeres for perioden frem til betalingsdatoen, skal det derfor regnskabsmæssigt bringes til ophør, når tilgodehavendet indregnes, fordi det oprindelige sikringsforholds risikostyringsformål ikke længere finder anvendelse. Valutarisikoen styres nu efter samme strategi, men på et andet grundlag. Modsat gælder det, at hvis en virksomhed havde et andet risikostyringsformål og styrede valutarisikoen som ét løbende sikringsforhold for netop det forventede salg og det deraf følgende tilgodehavende frem til afregningsdatoen, ville den regnskabsmæssige sikring fortsætte frem til den dato.
B6.5.25
Ophør af regnskabsmæssig sikring kan påvirke:
a)
et sikringsforhold i sin helhed eller
b)
en del af et sikringsforhold (hvilket betyder, at den regnskabsmæssige sikring fortsætter for det resterende sikringsforhold).
B6.5.26
Et sikringsforhold i sin helhed bringes til ophør, når det ikke længere opfylder kriterierne. For eksempel:
a)
sikringsforholdet opfylder ikke længere formålet med risikostyringen, på grundlag af hvilket det opfyldte kriterierne for regnskabsmæssig sikring (dvs. at virksomheden ikke længere forfølger dette formål)
b)
sikringsinstrumentet eller -instrumenterne er blevet solgt eller afviklet (for hele den volumen, der indgik i sikringsforholdet), eller
c)
der er ikke længere et økonomisk forhold mellem den sikrede post og sikringsinstrumentet, eller virkningen af kreditrisikoen begynder at dominere de værdiændringer, der følger af det økonomiske forhold.
B6.5.27
En del af et sikringsforhold bringes til ophør (og den regnskabsmæssige sikring fortsætter for den resterende del), når kun en del af sikringsforholdet ikke længere opfylder kriterierne. For eksempel:
a)
i forbindelse med genskabelse af balancen i sikringsforholdet kan sikringsraten justeres, således at noget af den sikrede posts volumen ikke længere er en del af sikringsforholdet (jf. afsnit B6.5.20), og derfor bringes den regnskabsmæssige sikring kun til ophør for den volumen af den sikrede post, der ikke længere er en del af sikringsforholdet, eller
b)
hvis noget af den sikrede posts volumen, som er (eller er en komponent af) en forventet transaktion, ikke længere er højst sandsynlig, bringes den regnskabsmæssige sikring kun til ophør for den volumen af den sikrede post, der ikke længere er højst sandsynlig. Hvis en virksomhed tidligere har klassificeret sikringer af forventede transaktioner og efterfølgende vurderet, at de forventede transaktioner ikke længere forventes, drages virksomhedens evne til at forudsige forventede transaktioner korrekt, når den forudsiger lignende forventede transaktioner, i tvivl. Dette påvirker vurderingen af, hvorvidt lignende forventede transaktioner er højst sandsynlige (jf. afsnit 6.3.3), og dermed hvorvidt de opfylder kriterierne for sikrede poster.
B6.5.28
En virksomhed kan klassificere et nyt sikringsforhold, som omfatter sikringsinstrumentet eller den sikrede post i et tidligere sikringsforhold, for hvilket regnskabsmæssig sikring (helt eller delvist) er bragt til ophør. Dette er ikke fortsættelse af et sikringsforhold, men genoptagelse. For eksempel:
a)
Et sikringsinstrument kreditforringes i en sådan grad, at virksomheden erstatter det med et nyt sikringsinstrument. Det betyder, at det oprindelige sikringsforhold ikke opfyldte risikostyringsformålet og derfor bringes til ophør i sin helhed. Det nye sikringsinstrument klassificeres som sikringen af den samme eksponering, som tidligere blev klassificeret, og skaber et nyt sikringsforhold. Derfor måles ændringerne i den sikrede posts dagsværdi eller pengestrømme fra og med henvisning til datoen for klassifikation af det nye sikringsforhold i stedet for den dato, hvor det oprindelige sikringsforhold blev klassificeret.
b)
Et sikringsforhold bringes til ophør før udløb. Sikringsinstrumentet i sikringsforholdet kan klassificeres som sikringsinstrumentet i et andet sikringsforhold (f.eks. ved justering af sikringsraten i forbindelse med genskabelse af balancen ved at øge sikringsinstrumentets volumen, eller ved klassifikation af et helt nyt sikringsforhold).
Regnskabsmæssig behandling af optioners tidsmæssige værdi
B6.5.29
En option kan betragtes som værende relateret til en tidsperiode, fordi dens tidsmæssige værdi udgør et vederlag for at yde beskyttelse til indehaveren af optionen i en periode. Det relevante for vurderingen af, hvorvidt en option sikrer en transaktion eller en tidsperioderelateret sikret post, er imidlertid karakteristikaene ved den sikrede post, herunder hvordan og hvornår den påvirker resultatet. En virksomhed skal derfor vurdere, hvilken type den sikrede post er (jf. afsnit 6.5.15, litra a)), på grundlag af arten af den sikrede post (uanset om sikringsforholdet er en sikring af pengestrømme eller en sikring af dagsværdi):
a)
En options tidsmæssige værdi er knyttet til en transaktionsrelateret sikret post, hvis den sikrede post er en transaktion, hvor den tidsmæssige værdi bærer præg af omkostninger ved transaktionen. Et eksempel er, hvis den tidsmæssige værdi af en option er relateret til en sikret post, der resulterer i indregning af en post, hvis første måling omfatter transaktionsomkostninger (f.eks. hvor en virksomhed sikrer et råvarekøb, enten en forventet transaktion eller en fast aftale, mod råvareprisrisikoen og medregner transaktionsomkostningerne i den første måling af varebeholdningerne). Fordi den tidsmæssige værdi af optionen medregnes i den første måling af den sikrede post, påvirker den tidsmæssige værdi resultatet samtidig som den sikrede post. Tilsvarende gælder det, at en virksomhed, som sikrer et salg af en råvare, enten en forventet transaktion eller en fast aftale, vil medregne den tidsmæssige værdi af optionen i omkostningerne ved salget (hvilket betyder, at den tidsmæssige værdi vil blive indregnet i resultatet i samme periode som indtægterne fra det sikrede salg).
b)
Den tidsmæssige værdi af en option er relateret til en tidsperioderelateret sikret post, hvis den sikrede post er af en sådan art, at den tidsmæssige værdi bærer præg af omkostninger ved at opnå beskyttelse mod en risiko i en vis periode (men den sikrede post ikke resulterer i en transaktion, der involverer transaktionsomkostninger i overensstemmelse med litra a)). Hvis en råvarebeholdning eksempelvis sikres mod et fald i dagsværdien i seks måneder ved hjælp af en råvareoption med en tilsvarende løbetid, vil optionens tidsmæssige værdi blive overført til resultatet (dvs. afskrevet på et systematisk og rationelt grundlag) over perioden på seks måneder. Et andet eksempel er en sikring af en nettoinvestering i en udenlandsk virksomhed, som sikres i 18 måneder ved hjælp af en valutaoption, hvorved optionens tidsmæssige værdi vil blive fordelt over de 18 måneder.
B6.5.30
Den sikrede posts karakteristika, herunder hvordan og hvornår den påvirker resultatet, påvirker også den periode, som den tidsmæssige værdi af en option, der sikrer en tidsperioderelateret sikret post, afskrives over, hvilket svarer til den periode, hvor optionens indre værdi kan påvirke resultatet i forhold til regnskabsmæssig sikring. Hvis en renteoption (en cap) eksempelvis bruges til at sikre mod stigninger i renteudgifterne på en variabelt forrentet obligation, afskrives cappens tidsmæssige værdi til resultatet i samme periode, som cappens indre værdi ville påvirke resultatet:
a)
hvis cappen sikrer mod rentestigninger i de første tre år af en variabelt forrentet obligation med en løbetid på fem år, afskrives dens tidsmæssige værdi over de første tre år, eller
b)
hvis cappen er en option med udskudt start ("forward start option"), som sikrer mod rentestigninger i år to og tre for en variabelt forrentet obligation med en løbetid på fem år, afskrives dens tidsmæssige værdi i år to og tre.
B6.5.31
Den regnskabsmæssige behandling af den tidsmæssige værdi af optioner i overensstemmelse med afsnit 6.5.15 finder også anvendelse på en kombination af en købt og en solgt option (hvor en er en put-option, og en er en call-option), som på den dato, hvor den klassificeres som et sikringsinstrument, har en tidsmæssig værdi på nul ("zero-cost collar"). I den situation skal en virksomhed indregne eventuelle ændringer i den tidsmæssige værdi i anden totalindkomst, selv om den akkumulerede ændring i den tidsmæssige værdi i sikringsforholdets løbetid er nul. Derfor gælder, at hvis optionens tidsmæssige værdi er relateret til:
a)
en transaktionsrelateret sikret post, vil den tidsmæssige værdi ved udløbet af sikringsforholdet, der regulerer den sikrede post, eller som omklassificeres til resultatet (jf. afsnit 6.5.15, litra b)) være nul
b)
en tidsperioderelateret sikret post, er afskrivningsbeløbet vedrørende den tidsmæssige værdi nul.
B6.5.32
Den regnskabsmæssige behandling af den tidsmæssige værdi af optioner i overensstemmelse med afsnit 6.5.15 finder kun anvendelse i det omfang, at den tidsmæssige værdi er relateret til den sikrede post (tilpasset tidsmæssig værdi). Den tidsmæssige værdi af en option er relateret til den sikrede post, hvis optionens centrale vilkår (som f.eks. det nominelle beløb, løbetid og underliggende instrument) stemmer overens med vilkårene for den sikrede post. Hvis de centrale vilkår for en option og den sikrede post ikke stemmer fuldt overens, skal en virksomhed vurdere den tilpassede tidsmæssige værdi, dvs. hvor meget af den tidsmæssige værdi, som indgår i overkursen, (den faktiske tidsmæssige værdi) der er relateret til den sikrede post (og derfor bør behandles i overensstemmelse med afsnit 6.5.15). En virksomhed vurderer den tilpassede tidsmæssige værdi på grundlag af en værdiansættelse af den option, som har centrale vilkår, der stemmer fuldt overens med den sikrede post.
B6.5.33
Hvis den faktiske tidsmæssige værdi og den tilpassede tidsmæssige værdi er forskellige, skal en virksomhed vurdere det beløb, der er akkumuleret i et separat egenkapitalelement i overensstemmelse med afsnit 6.5.15, på følgende måde:
a)
hvis den faktiske tidsmæssige værdi ved indgåelsen af sikringsforholdet er højere end den tilpassede tidsmæssige værdi, skal virksomheden:
i)
bestemme det beløb, der er akkumuleret i et separat egenkapitalelement på grundlag af den tilpassede tidsmæssige værdi, og
ii)
indregne forskellene i ændringerne i dagsværdien mellem de to tidsmæssige værdier i resultatet
b)
hvis den faktiske tidsmæssige værdi ved indgåelsen af sikringsforholdet er lavere end den tilpassede tidsmæssige værdi, bestemme det beløb, der er akkumuleret i et separat egenkapitalelement, med henvisning til det laveste beløb af følgende:
i)
den akkumulerede ændring i dagsværdien af den faktiske tidsmæssige værdi, og
ii)
den akkumulerede ændring i dagsværdien af den tilpassede tidsmæssige værdi.
En eventuel resterende del af ændringen i dagsværdien af den faktiske tidsmæssige værdi skal indregnes i resultatet.
Regnskabsmæssig behandling af terminsdelen af terminskontrakter og finansielle instrumenters valutaspænd
B6.5.34
En terminskontrakt kan betragtes som værende relateret til en tidsperiode, fordi terminsdelen udgør et vederlag over en periode (det forløb, den bestemmes for). Det relevante for vurderingen af, hvorvidt et sikringsinstrument sikrer en transaktion eller en tidsperioderelateret sikret post, er imidlertid karakteristikaene ved den sikrede post, herunder hvordan og hvornår den påvirker resultatet. En virksomhed skal derfor vurdere, hvilken type den sikrede post er (jf. afsnit 6.5.16 og 6.5.15, litra a)), på grundlag af arten af den sikrede post (uanset om sikringsforholdet er en sikring af pengestrømme eller en sikring af dagsværdi):
a)
En terminskontrakts terminsdel er knyttet til en transaktionsrelateret sikret post, hvis den sikrede post er en transaktion, hvor terminsdelen bærer præg af omkostninger ved transaktionen. Et eksempel er, hvis terminsdelen er relateret til en sikret post, der resulterer i indregning af en post, hvis første måling omfatter transaktionsomkostninger (f.eks. hvor en virksomhed sikrer et varekøb, der er angivet i en fremmed valuta, enten en forventet transaktion eller en fast aftale, mod valutarisikoen og medregner transaktionsomkostningerne i den første måling af varebeholdningerne). Fordi terminsdelen medregnes i den første måling af den sikrede post, påvirker terminsdelen resultatet samtidig som den sikrede post. Tilsvarende gælder det, at en virksomhed, som sikrer et salg af en råvare, der er angivet i en fremmed valuta, mod valutarisiko, enten en forventet transaktion eller en fast aftale, vil medregne terminsdelen i omkostningerne ved salget (hvilket betyder, at terminsdelen vil blive indregnet i resultatet i samme periode som indtægterne fra det sikrede salg).
b)
Terminsdelen af en terminskontrakt er relateret til en tidsperioderelateret sikret post, hvis den sikrede post er af en sådan art, at terminsdelen bærer præg af omkostninger ved at opnå beskyttelse mod en risiko i en vis periode (men den sikrede post ikke resulterer i en transaktion, der involverer transaktionsomkostninger i overensstemmelse med litra a)). Hvis en råvarebeholdning eksempelvis sikres mod ændringer i dagsværdien i seks måneder ved hjælp af en råvareterminskontrakt med en tilsvarende løbetid, vil terminsdelen af terminskontrakten blive overført til resultatet (dvs. afskrevet på et systematisk og rationelt grundlag) over perioden på seks måneder. Et andet eksempel er en sikring af en nettoinvestering i en udenlandsk virksomhed, som sikres i 18 måneder ved hjælp af en valutaterminskontrakt, hvorved terminsdelen af terminskontrakten vil blive fordelt over de 18 måneder.
B6.5.35
Den sikrede posts karakteristika, herunder hvordan og hvornår den påvirker resultatet, påvirker også den periode, som terminsdelen af en terminskontrakt, der sikrer en tidsperioderelateret sikret post, afskrives over, hvilket er den periode, som terminsdelen er relateret til. Hvis en terminskontrakt eksempelvis sikrer eksponering mod udsving i 3-måneders renten i en periode på tre måneder, som starter om seks måneder, afskrives terminsdelen fra den syvende til den niende måned.
B6.5.36
Den regnskabsmæssige behandling af terminsdelen af en terminskontrakt i overensstemmelse med afsnit 6.5.16 finder også anvendelse, hvis terminsdelen er nul på den dato, hvor terminskontrakten klassificeres som et sikringsinstrument. I den situation skal en virksomhed indregne eventuelle ændringer i dagsværdien, der kan henføres til terminsdelen, i anden totalindkomst, selv om den akkumulerede ændring i dagsværdien, der kan henføres til terminsdelen, i sikringsforholdets løbetid er nul. Derfor gælder det, at, hvis terminsdelen af en terminskontrakt er relateret til:
a)
en transaktionsrelateret sikret post, vil det beløb, der med hensyn til terminsdelen ved udløbet af sikringsforholdet, der regulerer den sikrede post, eller som omklassificeres til resultatet (jf. afsnit 6.5.15b) og 6.5.16) være nul
b)
en tidsperioderelateret sikret post, er afskrivningsbeløbet vedrørende terminsdelen nul.
B6.5.37
Den regnskabsmæssige behandling af terminsdelen af terminskontakter i overensstemmelse med afsnit 6.5.16 finder kun anvendelse i det omfang, at terminsdelen er relateret til den sikrede post (tilpasset terminsdel). Terminsdelen af en terminskontrakt er relateret til den sikrede post, hvis terminskontraktens centrale vilkår (som f.eks. det nominelle beløb, løbetid og underliggende instrument) stemmer overens med den sikrede post. Hvis de centrale vilkår for terminskontrakten og den sikrede post ikke stemmer fuldt overens, skal en virksomhed vurdere den tilpassede terminsdel, dvs. hvor meget af terminsdelen, som indgår i terminskontrakten (den faktiske terminsdel), der er relateret til den sikrede post (og derfor bør behandles i overensstemmelse med afsnit 6.5.16). En virksomhed vurderer den tilpassede terminsdel på grundlag af en værdiansættelse af terminskontrakten, som har centrale vilkår, der stemmer fuldt overens med den sikrede post.
B6.5.38
Hvis den faktiske terminsdel og den tilpassede terminsdel er forskellige, skal en virksomhed vurdere det beløb, der er akkumuleret i et separat egenkapitalelement i overensstemmelse med afsnit 6.5.16, på følgende måde:
a)
hvis det absolutte beløb for den faktiske terminsdel ved indgåelsen af sikringsforholdet er højere end den tilpassede terminsdel, skal virksomheden:
i)
bestemme det beløb, der er akkumuleret i et separat egenkapitalelement på grundlag af den tilpassede terminsdel, og
ii)
indregne forskellene i ændringerne i dagsværdien mellem de to terminsdele i resultatet
b)
hvis det absolutte beløb for den faktiske terminsdel ved indgåelsen af sikringsforholdet er lavere end den tilpassede terminsdel, skal virksomheden bestemme det beløb, der er akkumuleret i et separat egenkapitalelement, med henvisning til det laveste beløb af følgende:
i)
den akkumulerede ændring i dagsværdien af det absolutte beløb for den faktiske terminsdel og
ii)
den akkumulerede ændring i dagsværdien af det absolutte beløb for den tilpassede terminsdel.
En eventuel resterende del af ændringen i dagsværdien af den faktiske terminsdel skal indregnes i resultatet.
B6.5.39
Hvis en virksomhed udskiller valutaspændet fra et finansielt instrument og udelukker det fra klassifikationen af det finansielle instrument som sikringsinstrumentet (jf. afsnit 6.2.4, litra b)), finder anvendelsesvejledningen i afsnit B6.5.34-B6.5.38 anvendelse på valutaspændet på samme måde, som den anvendes på terminsdelen af en terminskontrakt.
Sikring af en gruppe af poster (afsnit 6.6)
Sikring af en nettoposition
Opfyldelse af kriterierne for regnskabsmæssig sikring og klassifikation af en nettoposition
B6.6.1
En nettoposition opfylder kun kriterierne for regnskabsmæssig sikring, hvis en virksomhed sikrer på nettobasis i sin risikostyring. Hvorvidt en virksomhed sikrer på denne måde, er en kendsgerning (og ikke blot en påstand eller et spørgsmål om dokumentation). Derfor kan en virksomhed ikke anvende regnskabsmæssig sikring på en nettoposition udelukkende for at opnå en bestemt regnskabsmæssig virkning, hvis det ikke er foreneligt med dens risikostyring. Sikring af en nettoposition skal indgå som en del af en vedtaget risikostyringsstrategi. Dette vil normalt blive godkendt af nøglepersoner i virksomhedens ledelse som defineret i IAS 24.
B6.6.2
Virksomhed A, hvis funktionelle valuta er den lokale valuta, har f.eks. en fast aftale om at betale 150,000 FC i reklameudgifter om ni måneder samt en fast aftale om at sælge færdigvarer for 150,000 FC om 15 måneder. Virksomhed A indgår et afledt valutainstrument, der afregnes om ni måneder, i henhold til hvilket den vil modtage 100 FC og betale 70 CU. Virksomhed A har ingen andre eksponeringer for FC. Virksomhed A styrer ikke sin valutarisiko på nettobasis. Derfor kan virksomhed A ikke anvende regnskabsmæssig sikring på et sikringsforhold mellem det afledte valutainstrument og en nettoposition på 100 FC (bestående af 150,000 FC fra den faste købsaftale, dvs. reklametjenester, og 149,900 FC (af de 150,000 FC) fra den faste salgsaftale) i en periode på ni måneder.
B6.6.3
Hvis virksomhed A i stedet forvaltede sin valutarisiko på nettobasis og ikke indgik det afledte valutainstrument (fordi den øger sin valutarisikoeksponering i stedet for at reducere den), ville virksomheden naturligt være i en sikret position i ni måneder. Denne sikrede position ville ikke afspejles i årsregnskabet, fordi transaktionerne indregnes i forskellige fremtidige regnskabsperioder. Den udlignede position ville kun opfylde kriterierne for regnskabsmæssig sikring, hvis betingelserne i afsnit 6.6.6 er opfyldt.
B6.6.4
Når en gruppe poster, der udgør en nettoposition, klassificeres som en sikret post, skal en virksomhed klassificere hele gruppen af poster, der omfatter de poster, der kan udgøre nettopositionen. En virksomhed må ikke klassificere et uspecifikt, abstrakt beløb for en nettoposition. En virksomhed har f.eks. en gruppe faste salgsaftaler om ni måneder for 100 FC og en gruppe faste købsaftaler om 18 måneder for 120 FC. Virksomheden må ikke klassificere et abstrakt beløb for en nettoposition op til 20 FC. Den skal i stedet klassificere et bruttobeløb for køb og et bruttobeløb for salg, der tilsammen giver anledning til den sikrede nettoposition. En virksomhed skal klassificere bruttopositioner, der giver anledning til nettopositionen, så virksomheden kan opfylde kravene til regnskabsmæssig behandling af sikringsforhold, der opfylder kriterierne.
Anvendelse af kravene til sikringseffektivitet på sikring af en nettoposition
B6.6.5
Når en virksomhed vurderer, hvorvidt kravene til sikringseffektivitet i afsnit 6.4.1, litra c), er opfyldt, når den sikrer en nettoposition, skal den tage hensyn til ændringerne i værdien af posterne i nettopositionen, der har den samme virkning som sikringsinstrumentet i forbindelse med ændringen i dagsværdien for sikringsinstrumentet. En virksomhed har f.eks. en gruppe faste salgsaftaler om ni måneder for 100 FC og en gruppe faste købsaftaler om 18 måneder for 120 FC. Den sikrer valutarisikoen på nettopositionen på 20 FC med en valutaterminskontrakt på 20 FC. Når virksomheden vurderer, hvorvidt kravene til sikringseffektivitet i afsnit 6.4.1, litra c), er opfyldt, skal den tage hensyn til forholdet mellem:
a)
ændringen i dagsværdien for valutaterminskontrakten sammen med ændringer i værdien af de faste salgsaftaler relateret til valutarisikoen og
b)
ændringerne i værdien af de faste købsaftaler relateret til valutarisikoen.
B6.6.6
Tilsvarende gælder det, at, hvis virksomheden i eksemplet i afsnit B6.6.5 havde en udlignet position, ville den tage hensyn til forholdet mellem ændringerne i værdien af de faste salgsaftaler relateret til valutarisikoen og ændringerne i værdien af de faste købsaftaler relateret til valutarisikoen, når den vurderer, hvorvidt kravene til sikringseffektivitet i afsnit 6.4.1, litra c), er opfyldt.
Sikring af pengestrømme, der udgør en nettoposition
B6.6.7
Når en virksomhed sikrer en gruppe poster med udlignende risikopositioner (dvs. en nettoposition), afhænger det af sikringstypen, om kriterierne for regnskabsmæssig sikring er opfyldt. Hvis sikringen er en sikring af dagsværdien, kan nettopositionen opfylde kriterierne for sikrede poster. Hvis sikringen imidlertid er en sikring af pengestrømme, kan nettopositionen kun opfylde kriterierne for sikrede poster, hvis der er tale om en sikring af valutakursrisiko, og klassifikationen af nettopositionen angiver, i hvilken regnskabsperiode de forventede transaktioner forventes at ville påvirke resultatet, samt deres art og mængde.
B6.6.8
En virksomhed har f.eks. en nettoposition, der består af et nederste lag af salg på 100 FC og et nederste lag af køb på 150 FC. Både salg og køb er angivet i samme valuta. For at sikre at klassifikationen af den sikrede nettoposition er tilstrækkeligt udspecificeret, angiver virksomheden i den oprindelige dokumentation for sikringsforholdet, at salg kan være af produkt A eller produkt B, mens køb kan være af maskintype A, maskintype B og råmateriale A. Virksomheden angiver også transaktionernes mængde efter art. Virksomheden dokumenterer, at det nederste lag af salg (100 FC) består af det forventede salg af de første 70 FC af produkt A og de første 30 FC af produkt B. Hvis dette salg forventes at påvirke resultatet i forskellige regnskabsperioder, vil virksomheden medtage det i dokumentationen. Eksempelvis de første 70 FC fra salget af produkt A, der forventes at påvirke resultatet i den første regnskabsperiode, og de første 30 FC fra salget af produkt B, der forventes at påvirke resultatet i den anden regnskabsperiode. Virksomheden dokumenterer også, at det nederste lag af købene (150 FC) omfatter køb af de første 60 FC af maskintype A, de første 40 FC af maskintype B og de første 50 FC af råmateriale A. Hvis disse køb forventes at påvirke resultatet i forskellige regnskabsperioder, vil virksomheden i dokumentationen have en opdeling af de købte mængder efter de regnskabsperioder, hvor de forventes at påvirke resultatet (ligesom den dokumenterer salget). Den forventede transaktion ville f.eks. blive angivet således;
a)
de første 60 FC af købet af maskintype A, der forventes at påvirke resultatet fra den tredje regnskabsperiode i de næste 10 regnskabsperioder
b)
de første 40 FC af købet af maskintype B, der forventes at påvirke resultatet fra den fjerde regnskabsperiode i de næste 20 regnskabsperioder, og
c)
de første 50 FC af købet af råmateriale A, der forventes at blive modtaget i den tredje regnskabsperiode og solgt, dvs. påvirke resultatet, i den og den næste regnskabsperiode.
De oplysninger, der skulle angives om arten af de forventede transaktionsmængder, ville omfatte aspekter som afskrivningsmønster for materielle anlægsaktiver af samme type, hvis arten af disse betyder, at afskrivningsmønstret kan variere afhængigt af, hvordan virksomheden bruger dem. Hvis virksomheden f.eks. bruger dele af maskintype A i to forskellige produktionsprocesser, der omfatter afskrivning efter den lineære metode over 10 regnskabsperioder og efter produktionsintensitetsmetoden, vil den i dokumentationen vedrørende det forventede køb af maskintype A opdele mængderne efter det relevante afskrivningsmønster.
B6.6.9
For en sikring af pengestrømme for en nettoposition skal de beløb, der er bestemt i overensstemmelse med afsnit 6.5.11, indregne ændringerne i værdien af posterne i nettopositionen, der har den samme virkning som sikringsinstrumentet i forbindelse med ændringen i dagsværdien for sikringsinstrumentet. Ændringerne i værdien af posterne i nettopositionen, der har den samme virkning som sikringsinstrumentet, indregnes imidlertid først, når de transaktioner, de vedrører, indregnes, f.eks. når et forventet salg indregnes som en indtægt. En virksomhed har f.eks. en gruppe højst sandsynlige forventede salg om ni måneder for 100 FC og en gruppe højst sandsynlige forventede køb om 18 måneder for 120 FC. Den sikrer valutarisikoen på nettopositionen på 20 FC med en valutaterminskontrakt på 20 FC. Når virksomheden bestemmer de beløb, der indregnes i reserven vedrørende sikring af pengestrømme i overensstemmelse med afsnit 6.5.11, litra a)-6.5.11, litra b), sammenligner den:
a)
ændringen i dagsværdien for valutaterminskontrakten sammen med ændringer i værdien af de højst sandsynlige forventede salg relateret til valutarisikoen med
b)
ændringerne i værdien af de højst sandsynlige forventede køb relateret til valutarisikoen.
Virksomheden indregner imidlertid kun beløb, der er relateret til valutaterminskontrakten, indtil de højst sandsynlige forventede salgstransaktioner indregnes i årsregnskabet, på hvilket tidspunkt gevinster eller tab på disse forventede transaktioner indregnes (dvs. ændringen i værdien, der kan henføres til ændringen i valutakursen mellem klassifikationen af sikringsforholdet og indregningen af indtægter).
B6.6.10
Tilsvarende gælder det, at hvis virksomheden i eksemplet havde en udlignet position, ville den sammenligne ændringerne i værdien af de højst sandsynlige forventede salg relateret til valutarisikoen og ændringerne i værdien af de højst sandsynlige forventede køb relateret til valutakursrisikoen. Disse beløb indregnes imidlertid først, når de relaterede forventede transaktioner indregnes i årsregnskabet.
Lag af grupper af poster klassificeret som den sikrede post
B6.6.11
Af de samme årsager, som er beskrevet i afsnit B6.3.19, kræver klassifikation af lag i grupper af eksisterende poster specifik identifikation af det nominelle beløb for den gruppe af poster, som det sikrede lag defineres fra.
B6.6.12
Et sikringsforhold kan omfatte lag fra flere forskellige grupper af poster. I en sikring af en nettoposition af en gruppe aktiver og en gruppe forpligtelser kan sikringsforholdet f.eks. omfatte en kombination af et lag i gruppen af aktiver og et lag i gruppen af forpligtelser.
Præsentation af gevinster og tab på sikringsinstrumenter
B6.6.13
Hvis poster sikres sammen som en gruppe i en sikring af pengestrømme, kan de påvirke forskellige poster i resultatopgørelsen og anden totalindkomst. Præsentationen af sikringsgevinster og -tab i opgørelsen afhænger af gruppen af poster.
B6.6.14
Hvis gruppen af poster ikke har nogen udlignende risikopositioner (f.eks. en gruppe valutaomkostninger, der påvirker forskellige poster i resultatopgørelsen og anden totalindkomst, som sikres mod valutakursrisikoen), vil de omklassificerede gevinster og tab på sikringsinstrumentet blive fordelt mellem de poster, der påvirkes af de sikrede poster. Denne fordeling foretages på et systematisk og rationelt grundlag og må ikke omfatte opregning af nettogevinster eller -tab på et enkelt sikringsinstrument.
B6.6.15
Hvis gruppen af poster har udlignende risikopositioner (f.eks. en gruppe af salg og omkostninger angivet i en fremmed valuta, der sikres sammen mod valutarisikoen), skal en virksomhed præsentere sikringsgevinster eller -tab i en separat post i resultatopgørelsen eller anden totalindkomst. Som eksempel kan nævnes sikring af valutarisikoen for en nettoposition af salg i fremmed valuta på 100 FC og omkostninger i fremmed valuta på 80 FC ved hjælp af en valutaterminskontrakt på 20 FC. Gevinsten eller tabet på valutaterminskontrakten, som omklassificeres fra reserven vedrørende sikring af pengestrømme til resultatet (når nettopositionen påvirker resultatet), skal præsenteres i en anden post end de sikrede salg og omkostninger. Hvis salget imidlertid ligger i en tidligere periode end omkostningerne, måles salgsomsætningen stadig til spotkursen i overensstemmelse med IAS 21. De dermed forbundne sikringsgevinster eller -tab præsenteres i en separat post, så resultatet afspejler virkningen af sikringen af nettopositionen med en tilsvarende regulering af reserven vedrørende sikring af pengestrømme. Når de sikrede omkotninger påvirker resultatet i en senere periode, bliver de sikringsgevinster eller -tab, som tidligere blev indregnet i reserven vedrørende sikring af pengestrømme i forbindelse med salget, omklassificeret til resultatet og præsenteret som en anden post end den, der indeholder de sikrede omkostninger, som måles til spotkursen i overensstemmelse med IAS 21.
B6.6.16
For nogle typer sikringer af dagsværdien er det primære formål med sikringen ikke at udligne ændringen i dagsværdien af den sikrede post, men at omdanne den sikrede posts pengestrømme. En virksomhed sikrer f.eks. dagsværdien mod renterisikoen for et fastforrentet gældsinstrument ved hjælp af en renteswap. Virksomhedens sikringsformål er at omdanne de fastforrentede pengestrømme til variabelt forrentede pengestrømme. Dette formål afspejles i den regnskabsmæssige behandling af sikringsforholdet, hvor virksomheden akkumulerer nettorentetilskrivningen på renteswappen i resultatet. I forbindelse med sikring af en nettoposition (f.eks. en nettoposition af et fastforrentet aktiv og en fastforrentet forpligtelse) skal denne nettorentetilskrivning præsenteres i en separat post i resultatopgørelsen og anden totalindkomst. Dette sker for at undgå opregning af ét instruments nettogevinster og -tab til udlignende bruttobeløb og indregning af disse i forskellige poster (det forhindrer f.eks. opregning af en nettorenteindtægt på én renteswap til bruttorenteindtægter og bruttorenteudgifter).
IKRAFTTRÆDELSESTIDSPUNKT OG OVERGANG (KAPITEL 7)
Overgang (afsnit 7.2)
Finansielle aktiver, som besiddes med henblik på handel
B7.2.1
På tidspunktet for den første anvendelse af denne standard skal en virksomhed vurdere, hvorvidt formålet med virksomhedens forretningsmodel til styring af sine finansielle aktiver opfylder betingelsen i afsnit 4.1.2, litra a) eller betingelsen i afsnit 4.1.2A, litra a), eller om et finansielt aktiv opfylder kriterierne for beslutningen i afsnit 5.7.5. I den forbindelse skal en virksomhed vurdere, hvorvidt de finansielle aktiver opfylder definitionen af "som besiddes med henblik på handel", som om virksomheden havde købt aktiverne på datoen for den første anvendelse.
Værdiforringelse
B7.2.2
Ved overgangen bør en virksomhed forsøge at tilnærme kreditrisikoen ved første indregning ved at vurdere alle rimelige og dokumenterede oplysninger, som virksomheden kan få adgang til uden urimelig udgift eller indsats. En virksomhed behøver ikke at foretage en grundig søgning efter oplysninger til vurdering på overgangstidspunktet af, hvorvidt kreditrisikoen er steget væsentligt siden første indregning. Hvis en virksomhed ikke kan foretage denne vurdering uden urimelig udgift eller indsats, finder afsnit 7.2.20 anvendelse.
B7.2.3
For at vurdere hensættelsen til tab på finansielle instrumenter, der oprindeligt blev indregnet (eller låneaftaler eller finansielle garantikontrakter, som virksomheden blev part i) før datoen for den første anvendelse, både ved overgangen og indtil ophør af indregning af disse poster, skal en virksomhed tage stilling til oplysninger, der er relevante for at bestemme eller tilnærme kreditrisikoen ved første indregning. For at bestemme eller tilnærme den indledende kreditrisiko kan en virksomhed tage stilling til interne og eksterne oplysninger, herunder porteføljeoplysninger, i overensstemmelse med afsnit B5.5.1-B5.5.6.
B7.2.4
En virksomhed med kun få historiske oplysninger kan bruge oplysninger fra interne rapporter og statistikker (som muligvis blev udarbejdet, da virksomheden skulle beslutte, om den skulle lancere et nyt produkt), oplysninger om lignende produkter eller erfaringer fra lignende virksomheder med sammenlignelige finansielle instrumenter, hvis det er relevant.
DEFINITIONER (APPENDIKS A)
Afledte finansielle instrumenter
BA.1
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, hvis 6-måneders LIBOR stiger med 100 basispoint. En sådan kontrakt er et afledt finansielt instrument, selv om der ikke er angivet en beregningsmæssig hovedstol.
BA.2
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. Denne standard finder imidlertid anvendelse på sådanne kontrakter for en virksomheds forventede behov for køb, salg eller forbrug, hvis virksomheden foretager en klassifikation i overensstemmelse med afsnit 2.5 (jf. afsnit 2.4-2.7).
BA.3
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.
BA.4
Ved et 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 3.1.2 og B3.1.3-B3.1.6).
BA.5
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.
Finansielle aktiver og forpligtelser, som besiddes med henblik på handel
BA.6
Handel afspejler normalt aktive og hyppige køb og salg, og finansielle instrumenter, som besiddes med henblik på handel, anvendes normalt med det formål at skabe en gevinst på basis af kortsigtede udsving i kurser eller handelsmarginaler.
BA.7
Finansielle aktiver, som besiddes med henblik på handel, 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.
BA.8
Det, at en forpligtelse bruges til at finansiere handelsaktiviteter, medfører ikke i sig selv, at forpligtelsen besiddes med handel for øje.
IFRS 10
Koncernregnskaber
FORMÅL
1
Formålet med denne IFRS er at fastlægge principperne for fremlæggelsen og udarbejdelsen af koncernregnskaber i de tilfælde, hvor en virksomhed har bestemmende indflydelse på en eller flere virksomheder.
Opfyldelse af målsætningen
2
For at opfylde målsætningen i afsnit 1 indeholder denne IFRS:
a)
et krav om, at en virksomhed (
modervirksomheden
), der har bestemmende indflydelse på en eller flere virksomheder (
dattervirksomheder
), skal fremlægge koncernregnskab
b)
en definition af princippet om 
bestemmende indflydelse
 samt en fastlæggelse af, at bestemmende indflydelse udgør grundlaget for konsolidering
c)
en beskrivelse af, hvordan princippet om bestemmende indflydelse skal anvendes til identifikation af, hvorvidt en investor har bestemmende indflydelse på en virksomhed, der er investeret i, og derfor skal konsolidere den pågældende virksomhed
d)
en fastlæggelse af regnskabskravene i forbindelse med udarbejdelsen af koncernregnskab og
e)
en definition af en investeringsvirksomhed og en beskrivelse af en fritagelse for konsolidering af visse af en investeringsvirksomheds dattervirksomheder.
3
Denne IFRS omhandler ikke regnskabskrav i forbindelse med virksomhedssammenslutninger og deres indvirkning på konsolideringen, herunder goodwill opstået ved en virksomhedssammenslutning (jf. IFRS 3 
Virksomhedssammenslutninger
).
ANVENDELSESOMRÅDE
4
En virksomhed, der optræder som modervirksomhed, skal udarbejde et koncernregnskab. Denne IFRS finder anvendelse på alle virksomheder, undtagen følgende:
a)
en modervirksomhed skal ikke udarbejde koncernregnskab, såfremt alle de nedenstående betingelser er opfyldt:
i)
den er en 100 % ejet dattervirksomhed, eller modervirksomheden er en dattervirksomhed, der ejes delvist af en anden virksomhed, og samtlige øvrige ejere, herunder ejere, som ikke på anden vis har stemmeret, er blevet informeret om og har ikke gjort indsigelser imod, at modervirksomheden ikke udarbejder koncernregnskab
ii)
selskabets gælds- eller egenkapitalinstrumenter handles ikke på et offentligt marked (en inden- eller udenlandsk fondsbørs eller et OTC-marked, herunder lokale og regionale markeder)
iii)
selskabet har ikke indsendt og er ikke 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)
virksomhedens øverste modervirksomhed eller mellemliggende modervirksomhed fremlægger årsregnskaber, der er tilgængelige for offentligheden og i overensstemmelse med IFRS-standarder, hvor datterselskaber er konsoliderede eller måles til dagsværdi gennem resultatet i overensstemmelse med denne IFRS.
b)
[ophævet]
c)
[ophævet]
4A
Denne IFRS finder ikke anvendelse på pensionsordninger eller andre langsigtede personaleydelsesordninger, som IAS 19 
Personaleydelser
 finder anvendelse på.
4B
En modervirksomhed, som er en investeringsvirksomhed, skal ikke udarbejde koncernregnskab, hvis der i henhold til afsnit 31 i denne IFRS er krav om, at alle denne virksomheds dattervirksomheder skal måles til dagsværdi gennem resultatet.
BESTEMMENDE INDFLYDELSE
5
Uanset karakteren af investorens deltagelse i en virksomhed (den virksomhed, der er investeret i) skal investoren fastslå, hvorvidt den er en modervirksomhed, ved at vurdere, om den har bestemmende indflydelse på den virksomhed, der er investeret i.
6
En investor har bestemmende indflydelse på en virksomhed, der er investeret i, såfremt investoren er eksponeret for eller er berettiget til variable afkast fra sin deltagelse i den virksomhed, der er investeret i, og har mulighed for at påvirke dette afkast gennem sin indflydelse i den virksomhed, der er investeret i.
7
En investor har således bestemmende indflydelse på en virksomhed, der er investeret i, hvis, og kun hvis, investoren opfylder alle de nedenstående betingelser:
a)
investoren har indflydelse på den virksomhed, der er investeret i (jf. afsnit 10-14)
b)
investoren er eksponeret for eller er berettiget til variabelt afkast fra sin deltagelse i den virksomhed, der er investeret i (jf. afsnit 15 og 16), og
c)
investoren har mulighed for at bruge sin indflydelse på den virksomhed, der er investeret i, til at påvirke størrelsen af afkastet fra den virksomhed, der er investeret i (jf. afsnit 17 og 18).
8
En investor skal tage højde for alle forhold og omstændigheder, når det vurderes, hvorvidt denne har bestemmende indflydelse på en virksomhed, der er investeret i. Investoren skal foretage en fornyet vurdering af, hvorvidt han har bestemmende indflydelse på en virksomhed, der er investeret i, hvis forholdene og omstændighederne antyder, at der er sket ændringer med hensyn til et eller flere af de tre kontrolelementer, der er anført i afsnit 7 (jf. afsnit B80-B85).
9
To eller flere investorer har fælles bestemmende indflydelse på en virksomhed, der er investeret i, når de skal handle i forening for at styre de relevante aktiviteter. Da ingen af disse investorer således kan styre aktiviteterne uden den eller de andres samtykke, er der ikke tale om en investor, der egenhændigt har bestemmende indflydelse på den virksomhed, der er investeret i. Hver enkelt investor foretager regnskabsmæssig behandling af sine kapitalandele i den virksomhed, der er investeret i, i overensstemmelse med de relevante IFRS-standarder, f.eks. IFRS 11 
Fælles ordninger
, IAS 28 
Investeringer i associerede selskaber og joint ventures
 eller IFRS 9 
Finansielle instrumenter
.
Indflydelse
10
En investor har indflydelse på en virksomhed, der er investeret i, hvis investoren har eksisterende rettigheder, som giver investoren den aktuelle mulighed for at styre de 
relevante aktiviteter
, dvs. de aktiviteter, der i væsentlig grad påvirker afkastet fra den virksomhed, der er investeret i.
11
Rettigheder giver indflydelse. Nogle gange er det ligetil at foretage en vurdering af indflydelsen, f.eks. når indflydelsen på en virksomhed, der er investeret i, direkte og udelukkende er et resultat af de stemmerettigheder, der bliver tildelt gennem egenkapitalinstrumenter såsom aktier, og kan vurderes ved at tage stemmerettighederne fra disse aktieposter i betragtning. I andre tilfælde er vurderingen mere kompliceret og kræver, at der tages højde for mere end en enkelt faktor, f.eks. når indflydelse er resultatet af en eller flere kontraktlige aftaler.
12
En investor, der aktuelt har mulighed for at styre de relevante aktiviteter, har indflydelse, selv om vedkommende endnu ikke har udøvet disse rettigheder. Dokumentation for, at investoren har styret relevante aktiviteter, kan bidrage til at fastslå, hvorvidt investoren har indflydelse, men dokumentation af denne art er ikke i sig selv et afgørende bevis på, at investoren har indflydelse på en virksomhed, der er investeret i.
13
Hvis to eller flere investorer hver især har eksisterende rettigheder, der giver dem en ensidig mulighed for at styre forskellige, relevante aktiviteter, har den investor, som aktuelt har mulighed for at styre de aktiviteter, der har den væsentligste indvirkning på afkastet i den virksomhed, der er investeret i, indflydelse på den virksomhed, der er investeret i.
14
En investor kan også have indflydelse på en virksomhed, der er investeret i, hvis andre virksomheder har eksisterende rettigheder, der aktuelt giver dem mulighed for at deltage i styringen af de relevante aktiviteter, f.eks. hvis en anden virksomhed har 
betydelig indflydelse
. En investor, der udelukkende har beskyttelsesrettigheder, har ikke indflydelse på en virksomhed, der er investeret i (jf. afsnit B26-B28), og har som følge heraf ikke bestemmende indflydelse på den virksomhed, der er investeret i.
Afkast
15
En investor er eksponeret for eller er berettiget til variable afkast fra sin deltagelse i den virksomhed, der er investeret i, hvis investorens afkast fra deltagelsen kan variere i overensstemmelse med de resultater, som den virksomhed, der er investeret i, frembringer. Investorens afkast kan være udelukkende positive, udelukkende negative eller både positive og negative.
16
Selv om kun en investor kan have bestemmende indflydelse på en virksomhed, der er investeret i, kan en eller flere parter få andel i afkastet fra en virksomhed, der er investeret i. Indehavere af minoritetsinteresser kan eksempelvis få andel i fortjenesten eller udbyttet fra en virksomhed, der er investeret i.
Sammenhæng mellem indflydelse og afkast
17
En investor har bestemmende indflydelse på en virksomhed, der er investeret i, hvis investoren ikke blot har indflydelse på den virksomhed, der er investeret i, og er eksponeret for eller er berettiget til variable afkast fra sin deltagelse i den virksomhed, der er investeret i, men også har mulighed for at bruge sin indflydelse til at påvirke investorens afkast fra deltagelsen i den virksomhed, der er investeret i.
18
En investor med beslutningstagningsrettigheder skal således fastslå, om han er fuldmagtsgiver eller befuldmægtiget. En investor, der er befuldmægtiget i henhold til afsnit B58-B72, har ikke bestemmende indflydelse på en virksomhed, der er investeret i, ved at udøve de beslutningstagningsrettigheder, der er overdraget til ham.
REGNSKABSKRAV
19
Modervirksomheder skal udarbejde koncernregnskaber ved anvendelse af ensartet regnskabspraksis for ensartede transaktioner og andre begivenheder under samme omstændigheder.
20
Konsolideringen af en virksomhed, der er investeret i, skal påbegyndes fra den dato, hvor investoren får bestemmende indflydelse på den virksomhed, der er investeret i, og ophøre, hvis investoren mister den bestemmende indflydelse på den virksomhed, der er investeret i.
21
Afsnit B86-B93 indeholder en vejledning til udarbejdelse af koncernregnskaber.
Minoritetsinteresser
22
En modervirksomhed skal i koncernbalancen præsentere minoritetsinteressernes andel af egenkapitalen separat fra modervirksomhedens ejeres andel af egenkapitalen.
23
Ændringer i en modervirksomheds ejerandel i en dattervirksomhed, der ikke medfører tab af den bestemmende indflydelse, er egenkapitaltransaktioner (dvs. transaktioner med ejere i deres egenskab af ejere).
24
Afsnit B94-B96 indeholder en vejledning til regnskabsmæssig behandling af minoritetsinteresser i koncernregnskaber.
Tab af bestemmende indflydelse
25
Hvis en modervirksomhed mister sin bestemmende indflydelse på en dattervirksomhed, skal den:
a)
ophøre med at indregne den tidligere dattervirksomheds aktiver og forpligtelser i koncernbalancen
b)
indregne enhver investering, der er bevaret i den tidligere dattervirksomhed, til dagsværdien i tilfælde af tab af den bestemmende indflydelse og efterfølgende regnskabsmæssigt behandle denne investering og ethvert beløb, der skyldes til eller er skyldigt fra den tidligere dattervirksomhed, i overensstemmelse med de relevante IFRS-standarder. Denne dagsværdi skal betragtes som dagsværdien ved første indregning af et finansielt aktiv i overensstemmelse med IFRS 9 eller, hvis dette er relevant, kostprisen ved første indregning af en investering i en associeret virksomhed eller et joint venture
c)
indregne den fortjeneste eller det tab, der er forbundet med det tab af bestemmende indflydelse, som vedrører den tidligere bestemmende indflydelse.
26
Afsnit B97-B99 indeholder en vejledning om regnskabsmæssig behandling af tab af bestemmende indflydelse.
FASTLÆGGELSE AF, OM EN VIRKSOMHED ER EN INVESTERINGSVIRKSOMHED
27
En modervirksomhed skal fastlægge, om den er en investeringsvirksomhed. En investeringsvirksomhed er en virksomhed, som:
a)
modtager midler fra en eller flere investorer for at udføre investeringsforvaltningstjenester for denne eller disse investorer
b)
over for sin eller sine investorer forpligter sig til kun at investere med henblik på at opnå kapitalgevinst, investeringsafkast eller begge og
c)
måler og evaluerer resultatet af alle væsentlige investeringer til dagsværdi.
Afsnit B85A–B85M indeholder anvendelsesvejledning i denne forbindelse.
28
Når en virksomhed skal bestemme, hvorvidt den opfylder definitionen i afsnit 27, skal den vurdere, om den har følgende af en investeringsvirksomheds typiske egenskaber:
a)
den har mere end én investering (jf. afsnit B85O-B85P)
b)
den har mere end én investor (jf. afsnit B85Q-B85S)
c)
den har investorer, som ikke er nærtstående parter til virksomheden (jf. afsnit B85T-B85U), og
d)
den har ejerandele i form af egenkapitalinstrumenter eller lignende kapitalandele (jf. afsnit B85V-B85W).
Hvis ikke alle disse typiske egenskaber finder anvendelse på en virksomhed, betyder det ikke nødvendigvis, at den pågældende virksomhed ikke kan klassificeres som en investeringsvirksomhed. En investeringsvirksomhed, som ikke har alle disse typiske egenskaber, skal afgive yderligere oplysninger i henhold til afsnit 9A i IFRS 12 
Oplysninger om kapitalandele i andre virksomheder
.
29
Hvis der ifølge forholdene eller omstændighederne er ændringer til en eller flere af de tre elementer i definitionen af en investeringsvirksomhed, som beskrevet i afsnit 27, eller de typiske egenskaber for en investeringsvirksomhed, som beskrevet i afsnit 28, skal en modervirksomhed revurdere, om den er en investeringsvirksomhed.
30
En modervirksomhed, som enten ophører med at være en investeringsvirksomhed, eller som bliver en investeringsvirksomhed, skal gøre rede for ændringen i sin status fremadrettet fra datoen for statusændringen (jf. afsnit B100-B101).
INVESTERINGSVIRKSOMHEDER: FRITAGELSE FOR KONSOLIDERING
31
En investeringsvirksomhed skal ikke konsolidere sine dattervirksomheder eller anvende IFRS 3, når den får bestemmende indflydelse på en anden virksomhed, jf. dog afsnit 32. I stedet skal en investeringsvirksomhed måle en investering i en dattervirksomhed til dagsværdi over resultatet i overensstemmelse med IFRS 9
 
(
55
)
.
32
Uanset kravet i afsnit 31 skal en investeringsvirksomhed, som har en dattervirksomhed, der ikke selv er en investeringsvirksomhed, og hvis vigtigste formål og aktiviteter er at udføre tjenesteydelser, som er relateret til investeringsvirksomhedens investeringsaktiviteter (jf. afsnit B85C-B85E), konsolidere den pågældende dattervirksomhed i overensstemmelse med afsnit 19-26 i denne IFRS og anvende kravene i IFRS 3 på erhvervelsen af enhver sådan dattervirksomhed.
33
En modervirksomhed til en investeringsvirksomhed skal konsolidere alle virksomheder, som den har bestemmende indflydelse på, herunder gennem en investeringsdattervirksomhed, medmindre modervirksomheden selv er en investeringsvirksomhed.
Appendiks A
Definerede termer
Dette appendiks er en integreret del af standarden.
koncernregnskab
Regnskabet for en 
koncern
, hvori 
modervirksomhedens
 og dens 
dattervirksomheders
 aktiver, forpligtelser, egenkapital, indtægter, omkostninger og pengestrømme er præsenteret som for en enkelt økonomisk enhed.
bestemmende indflydelse på en virksomhed, der er investeret i
En investor har bestemmende indflydelse på en virksomhed, der er investeret i, såfremt investoren er eksponeret for eller er berettiget til variable afkast fra sin deltagelse i den virksomhed, der er investeret i, og har mulighed for at påvirke dette afkast gennem sin indflydelse i den virksomhed, der er investeret i.
beslutningstager
En virksomhed med beslutningstagningsrettigheder, der enten er fuldmagtsgiver eller befuldmægtiget for andre parter.
koncern
En 
modervirksomhed
 og dens 
dattervirksomheder
.
investeringsvirksomhed
En virksomhed, som:
a)
modtager midler fra en eller flere investorer for at udføre investeringsforvaltningstjenester for denne eller disse investorer
b)
over for sin eller sine investorer forpligter sig til kun at investere med henblik på at opnå kapitalgevinst, investeringsafkast eller begge og
c)
måler og evaluerer resultatet af alle væsentlige investeringer til dagsværdi.
minoritetsinteresser
Kapitalandel i en 
dattervirksomhed
, der ikke direkte eller indirekte kan henføres til en 
modervirksomhed.
modervirksomhed
En virksomhed, der har 
bestemmende indflydelse
 på en eller flere virksomheder.
indflydelse
Eksisterende rettigheder, som giver aktuel mulighed for at styre 
relevante aktiviteter
.
beskyttelsesrettigheder
Rettigheder, der er beregnet til at beskytte rettighedsindehaverens interesser uden at give denne part indflydelse på den virksomhed, som disse rettigheder vedrører.
relevante aktiviteter
I forbindelse med denne IFRS er relevante aktiviteter de aktiviteter hos den virksomhed, der er investeret i, der i væsentlig grad påvirker afkastet i den virksomhed, der er investeret i.
fjernelsesret
Retten til at fratage beslutningstageren dennes beslutningstagningsbeføjelser.
dattervirksomhed
En virksomhed, hvorpå en anden virksomhed har bestemmende indflydelse.
Nedenstående begreber er defineret i IFRS 11, IFRS 12 
Oplysninger om kapitalandele i andre virksomheder
, IAS 28 (som ajourført i 2011) eller IAS 24 
Oplysning om nærtstående parter
 og anvendes i denne IFRS med den betydning, der er angivet i disse IFRS-standarder:
—
associeret virksomhed
—
kapitalandel i en anden virksomhed
—
joint venture
—
nøglepersoner i ledelsen
—
nærtstående part
—
betydelig indflydelse.
Appendiks B
Anvendelsesvejledning
Dette appendiks er en integreret del af standarden. Det indeholder en beskrivelse af anvendelsen af afsnit 1-33 og har samme gyldighed som de øvrige dele af standarden.
B1
Eksemplerne i dette appendiks er en fremstilling af hypotetiske situationer. Selv om nogle aspekter i eksemplerne kan forekomme i virkelige situationer, vil alle faktiske omstændigheder og forhold i en nærmere bestemt virkelig situation skulle vurderes ved anvendelsen af IFRS 10.
VURDERING AF BESTEMMENDE INDFLYDELSE
B2
Med henblik på at fastslå, hvorvidt en investor har bestemmende indflydelse på en virksomhed, der er investeret i, skal denne investor vurdere, om alle følgende betingelser er opfyldt:
a)
indflydelse på den virksomhed, der er investeret i
b)
eksponering for eller ret til variabelt afkast fra sin deltagelse i den virksomhed, der er investeret i, og
c)
mulighed for at bruge sin indflydelse på den virksomhed, der er investeret i, til at påvirke størrelsen af afkastet fra den virksomhed, der er investeret i.
B3
Følgende faktorer kan bidrage til besvarelsen af dette spørgsmål, hvis de tages i betragtning:
a)
formålet med og opbygningen af den virksomhed, der er investeret i (jf. afsnit B5-B8)
b)
hvilke aktiviteter der er tale om, og hvordan beslutningerne om disse aktiviteter tages (jf. afsnit B11-B13)
c)
hvorvidt investorens rettigheder giver investoren aktuel mulighed for at styre de relevante aktiviteter (jf. afsnit B14-B54)
d)
hvorvidt investoren er eksponeret for eller er berettiget til variabelt afkast fra sin deltagelse i den virksomhed, der er investeret i (jf. afsnit B55-B57), og
e)
hvorvidt investoren har mulighed for at bruge sin indflydelse på den virksomhed, der er investeret i, til at påvirke størrelsen af afkastet fra den virksomhed, der er investeret i (jf. afsnit B58-B72).
B4
I forbindelse med vurderingen af den bestemmende indflydelse på en virksomhed, der er investeret i, skal en investor tage højde for sin forbindelse til andre parter (jf. afsnit B73-B75).
Formålet med og opbygningen af den virksomhed, der er investeret i
B5
I forbindelse med vurderingen af den bestemmende indflydelse på en virksomhed, der er investeret i, skal investoren tage højde for formålet med og opbygningen af den virksomhed, der er investeret i, med henblik på en kortlægning af de relevante aktiviteter, hvordan beslutningerne vedrørende de relevante aktiviteter tages, hvem der aktuelt har mulighed for at styre disse aktiviteter, og hvem der modtager afkast fra disse aktiviteter.
B6
Når der tages højde for formålet med og opbygningen af en virksomhed, der er investeret i, kan det fremstå tydeligt, at en virksomhed, der er investeret i, kontrolleres ved hjælp af egenkapitalinstrumenter, der giver indehaveren heraf en forholdsmæssig stemmeret, f.eks. ordinære aktier i den virksomhed, der er investeret i. I dette tilfælde, og såfremt der ikke er tale om supplerende ordninger, der ændrer beslutningstagningen, fokuseres der i vurderingen af den bestemmende indflydelse på, hvilken part, om nogen, der er i besiddelse af tilstrækkelige stemmerettigheder til at kunne bestemme drifts- og finanspolitikkerne i den virksomhed, der er investeret i (jf. afsnit B34-B50). I de mest enkle tilfælde har den investor, der er i besiddelse af flertallet af disse stemmerettigheder, uden at der foreligger andre faktorer, bestemmende indflydelse på den virksomhed, der er investeret i.
B7
I mere komplicerede tilfælde kan det være nødvendigt at tage højde for nogle eller alle de øvrige faktorer i afsnit B3 for at fastslå, hvorvidt en investor har bestemmende indflydelse på en virksomhed, der er investeret i.
B8
En virksomhed, der er investeret i, kan være opbygget således, at stemmerettighederne ikke er den altafgørende faktor i vurderingen af, hvem der har den bestemmende indflydelse på den virksomhed, der er investeret i, f.eks. hvis stemmerettighederne udelukkende vedrører administrative opgaver, og de relevante aktiviteter styres i henhold til kontraktlige aftaler. I disse tilfælde skal investorens vurdering af formålet med og opbygningen af den virksomhed, der er investeret i, også omfatte en overvejelse af de risici, som den virksomhed, der er investeret i, er opbygget med henblik på at påtage sig, de risici, som det var meningen, at den virksomhed, der er investeret i, skulle overdrage til de parter, der deltager i den virksomhed, der er investeret i, og hvorvidt investoren er udsat for nogle eller samtlige disse risici. En vurdering af risiciene omfatter ikke blot den nedadgående risiko, men også stigningspotentialet.
Indflydelse
B9
For at have indflydelse på en virksomhed, der er investeret i, skal en investor have eksisterende rettigheder, der giver investoren aktuel mulighed for at styre de relevante aktiviteter. Med henblik på at foretage en vurdering af indflydelsen tages kun materielle rettigheder og rettigheder, der ikke omfatter beskyttelsesrettigheder, i betragtning (jf. afsnit B22-B28).
B10
Vurderingen af, om en investor har indflydelse, afhænger af de relevante aktiviteter, den måde, hvorpå beslutningerne vedrørende de relevante aktiviteter tages, og de rettigheder, som investoren og andre parter har i forhold til den virksomhed, der er investeret i.
Relevante aktiviteter og styring af relevante aktiviteter
B11
Det gælder for mange virksomheder, der er investeret i, at en lang række drifts- og finansieringsaktiviteter påvirker deres afkast i betydelig grad. Eksempler på aktiviteter, der afhængigt af omstændighederne kan være relevante aktiviteter, omfatter, men er ikke begrænset til:
a)
salg og køb af varer eller tjenesteydelser
b)
forvaltning af finansielle aktiver i deres levetid (herunder ved misligholdelse)
c)
udvælgelse, anskaffelse eller afhændelse af aktiver
d)
forskning i og udvikling af nye produkter eller processer og
e)
valg af finansieringsstruktur eller tilvejebringelse af finansiering.
B12
Eksempler på beslutninger om relevante aktiviteter omfatter, men er ikke begrænset til:
a)
udarbejdelse af drifts- og kapitalbeslutninger i den virksomhed, der er investeret i, herunder budgetter, og
b)
udpegning og aflønning af nøglepersoner i ledelsen eller tjenesteudbydere i en virksomhed, der er investeret i, og opsigelse af disse tjenesteydelser eller ansættelser.
B13
I nogle situationer kan aktiviteter både før og efter, at en nærmere bestemt række omstændigheder eller begivenheder indtræffer, være relevante aktiviteter. Når to eller flere investorer har aktuel mulighed for at styre relevante aktiviteter, og disse aktiviteter gennemføres på forskellige tidspunkter, skal investorerne fastslå, hvilken investor der kan styre de aktiviteter, der har den væsentligste indvirkning på dette afkast i overensstemmelse med behandlingen af konkurrerende beslutningstagningsrettigheder (jf. afsnit 13). Investorerne skal med tiden foretage en fornyet vurdering, hvis der sker en ændring i relevante faktiske forhold eller omstændigheder.
Eksempler på anvendelse
Eksempel 1
To investorer etablerer en virksomhed, der bliver investeret i, med henblik på at udvikle og markedsføre et lægemiddel. En investor er ansvarlig for udviklingen og indhentningen af den administrative godkendelse af lægemidlet, og dette ansvar indebærer, at kun denne investor har mulighed for at træffe enhver beslutning vedrørende udviklingen af produktet og indhentningen af den administrative godkendelse. Når myndighederne har godkendt produktet, vil den anden investor fremstille og markedsføre produktet, og kun denne investor har mulighed for at træffe enhver beslutning vedrørende fremstillingen og markedsføringen af produktet. Hvis alle aktiviteterne, dvs. udviklingen og indhentningen af den administrative godkendelse samt fremstillingen og markedsføringen af lægemidlet, er relevante aktiviteter, er det nødvendigt, at hver enkelt investor fastslår, hvorvidt den har mulighed for at styre de aktiviteter, der har den 
væsentligste
 indvirkning på afkastet fra den virksomhed, der er investeret i. Det er således nødvendigt, at hver enkelt investor vurderer, hvorvidt udviklingen og indhentningen af den administrative godkendelse eller fremstillingen og markedsføringen af lægemidlet er den aktivitet, der har den 
væsentligste
 indvirkning på afkastet fra den virksomhed, der er investeret i, og hvorvidt den pågældende investor har mulighed for at styre denne aktivitet. Ved vurderingen af, hvilken investor der har indflydelse, foretager investorerne en vurdering af:
a)
formålet med og opbygningen af den virksomhed, der er investeret i
b)
de faktorer, der er afgørende for fortjenesten og omsætningen i og værdien af den virksomhed, der er investeret i, samt værdien af lægemidlet
c)
indvirkningen på afkastet fra den virksomhed, der er investeret i, som følge af den enkelte investors beslutningstagningsbeføjelser med hensyn til faktorerne i litra b), og
d)
investorernes eksponering for variabilitet i afkast.
I dette særlige eksempel ville investorerne ligeledes overveje:
e)
den usikkerhed og den indsats, der er forbundet med indhentningen af den administrative godkendelse (idet der tages højde for investorens positive erfaringer med at udvikle og indhente administrative godkendelser af lægemidler), og
f)
hvilken investor der har den bestemmende indflydelse på lægemidlet, når udviklingsfasen er afsluttet med et positivt resultat.
Eksempel 2
Et investeringsselskab (den virksomhed, der er investeret i) etableres og finansieres med et gældsbevis, der indehaves af investoren (gældsinvestoren), og egenkapitalinstrumenter, der indehaves af en række andre investorer. Egenkapitaltranchen udformes med henblik på absorbering af de første tab og modtagelse af ethvert restafkast fra den virksomhed, der er investeret i. En af egenkapitalinvestorerne, der ejer 30 % af egenkapitalen, er også formueforvalter. Den virksomhed, der er investeret i, bruger indtægterne til at købe en beholdning af finansielle aktiver, hvorved den virksomhed, der er investeret i, bliver udsat for den kreditrisiko, der er forbundet med en eventuelt manglende betaling af hovedstol og renter i forbindelse med disse aktiver. Transaktionen markedsføres over for gældsinvestoren som en investering, hvor der er minimal sandsynlighed for at blive udsat for den kreditrisiko, der er forbundet med den eventuelle manglende betaling af aktiverne i porteføljen som følge af disse aktivers karakter og som følge af, at egenkapitaltranchen er udformet således, at de første tab, som den virksomhed, der er investeret i, bliver absorberet. Afkastet fra den virksomhed, der er investeret i, påvirkes i væsentlig grad af forvaltningen af den aktivportefølje, som ejes af den virksomhed, der er investeret i, og som omfatter beslutninger om udvælgelse, anskaffelse og afhændelse af aktiverne inden for rammerne af retningslinjerne for porteføljen samt forvaltningen i tilfælde af misligholdelse af et eller flere af porteføljeaktiverne. Alle disse aktiviteter forvaltes af formueforvalteren, indtil misligholdelsen når op på en nærmere bestemt andel af porteføljeværdien (dvs. hvor værdien af porteføljen har nået et niveau, hvor den egenkapitaltranche, som ejes af den virksomhed, der er investeret i, er blevet spist op). Fra dette tidspunkt forvalter en tredjepartsadministrator aktiverne i overensstemmelse med gældsinvestorens instrukser. Forvaltningen af den aktivportefølje, der ejes af den virksomhed, der er investeret i, er den relevante aktivitet i den virksomhed, der er investeret i. Formueforvalteren har mulighed for at styre de relevante aktiviteter, indtil de misligholdte aktiver når op på den nærmere angivne andel af porteføljeværdien. Gældsinvestoren har mulighed for at styre de relevante aktiviteter, når værdien af de misligholdte aktiver overstiger denne nærmere angivne andel af porteføljeværdien. Formueforvalteren og gældsinvestoren er begge nødt til at fastslå, hvorvidt det er muligt for dem at styre de aktiviteter, som har den 
væsentligste
 indvirkning på afkastet fra den virksomhed, der er investeret i, og denne vurdering omfatter overvejelser om formålet med og opbygningen af den virksomhed, der er investeret i, samt parternes individuelle eksponering for variabilitet i afkast.
Rettigheder, der giver en investor indflydelse på en virksomhed, der er investeret i
B14
Rettigheder giver indflydelse. For at få indflydelse på en virksomhed, der er investeret i, skal en investor have eksisterende rettigheder, der giver investoren aktuel mulighed for at styre de relevante aktiviteter. De rettigheder, der kan give en investor indflydelse, kan variere mellem de virksomheder, der er investeret i.
B15
Eksempler på rettigheder, der enten sammen eller hver for sig kan give en investor indflydelse, omfatter, men er ikke begrænset til:
a)
rettigheder i form af stemmerettigheder (eller potentielle stemmerettigheder) vedrørende en virksomhed, der er investeret i (jf. afsnit B34-B50)
b)
rettigheder til at udpege, forflytte eller afsætte nøglepersoner i ledelsen i en virksomhed, der er investeret i, som har mulighed for at styre de relevante aktiviteter
c)
rettigheder til at udpege eller afsætte en anden enhed, der styrer de relevante aktiviteter
d)
rettigheder til at styre den virksomhed, der er investeret i, således at denne indgår i, eller nedlægger veto mod enhver ændring af, transaktioner til fordel for investoren, og
e)
øvrige rettigheder (f.eks. beslutningstagningsrettigheder, der er nærmere angivet i en forvaltningskontrakt), som giver rettighedsindehaveren mulighed for at styre de relevante aktiviteter.
B16
Generelt forholder det sig sådan, at når en virksomhed, der er investeret i, har en lang række drifts- og finansieringsaktiviteter, der har væsentlig indvirkning på afkastet fra den virksomhed, der er investeret i, og hvis der løbende er behov for beslutningstagning om materielle emner i forbindelse med disse aktiviteter, vil det være stemmerettigheder eller tilsvarende rettigheder, enten alene eller i kombination med andre ordninger, som giver en investor indflydelse.
B17
Hvis stemmerettigheder ikke kan indvirke i væsentlig grad på afkastet i en virksomhed, der er investeret i, hvis stemmerettighederne eksempelvis udelukkende vedrører administrative opgaver, og kontraktlige aftaler er afgørende for styringen af de relevante aktiviteter, er investoren nødt til at vurdere disse kontraktlige aftaler for at fastslå, om den har tilstrækkelige rettigheder til at få indflydelse på den virksomhed, der er investeret i. For at fastslå, om en investor har rettigheder, der er tilstrækkelige til at give denne indflydelse, skal investoren tage højde for formålet med og opbygningen af den virksomhed, der er investeret i (jf. afsnit B5-B8), og kravene i afsnit B51-B54 sammenholdt med afsnit B18-B20.
B18
Det kan i nogle tilfælde være vanskeligt at fastslå, om en investor har tilstrækkelige rettigheder til at få indflydelse på en virksomhed, der er investeret i. For at gøre det muligt at foretage en vurdering af indflydelsen skal investoren i disse tilfælde tage højde for dokumentation for, om denne har praktisk mulighed for alene at styre de relevante aktiviteter Hvis der foretages en betragtning af nedenstående aspekter, der ikke er udtømmende, sammen med en vurdering af investorens rettigheder og indikatorerne i afsnit B19 og B20, kan resultatet heraf godtgøre, at investorens rettigheder er tilstrækkelige til, at investoren har indflydelse på den virksomhed, der er investeret i:
a)
Investoren kan uden aftaleretlige beføjelser i denne henseende udpege eller godkende nøglepersoner i ledelsen i den virksomhed, der er investeret i, som har mulighed for at styre de relevante aktiviteter.
b)
Investoren kan uden kontraktlige beføjelser i denne henseende styre den virksomhed, der er investeret i, således at denne indgår i, eller nedlægger veto mod enhver ændring af, væsentlige transaktioner til fordel for investoren.
c)
Investoren kan indtage en fremtrædende position i enten udvælgelsesprocessen med henblik på valg af medlemmer af ledelsesorganet i den virksomhed, der er investeret i, eller med henblik på indsamling af fuldmagter fra andre indehavere af stemmerettigheder.
d)
Nøglepersonerne i ledelsen i den virksomhed, der er investeret i, er parter, der har tilknytning til investoren (f.eks. er den administrerende direktør i den virksomhed, der er investeret i, og den administrerende direktør i investorens virksomhed en og samme person).
e)
Hovedparten af medlemmerne af ledelsesorganet i den virksomhed, der er investeret i, er parter med tilknytning til investoren.
B19
I nogle tilfælde vil der være tegn på, at investoren har særlige forbindelser med den virksomhed, der er investeret i, hvilket peger i retning af, at investoren har mere end en passiv interesse i den virksomhed, der er investeret i. Tilstedeværelsen af en enkelt indikator eller af en bestemt kombination af indikatorer er ikke nødvendigvis ensbetydende med, at kravet om indflydelse er opfyldt. En mere end passiv interesse i den virksomhed, der er investeret i, kan imidlertid tyde på, at investoren har andre relaterede rettigheder, der er tilstrækkelige til at give den indflydelse eller udgøre bevis på eksisterende indflydelse på en virksomhed, der er investeret i. Eksempelvis er nedenstående et tegn på, at investoren har en mere end passiv interesse i den virksomhed, der er investeret i, og kan i kombination med andre rettigheder indikere, at investoren har indflydelse:
a)
Nøglepersoner i ledelsen i den virksomhed, der er investeret i, som har mulighed for at styre de relevante aktiviteter, er nuværende eller tidligere medarbejdere hos investoren.
b)
Driften af den virksomhed, der er investeret i, afhænger af investoren, f.eks. i følgende situationer:
i)
Den virksomhed, der er investeret i, er afhængig af, at investoren finansierer en væsentlig del af driften.
ii)
Investoren står som garant for en væsentlig del af de forpligtelser, som den virksomhed, der er investeret i, har påtaget sig.
iii)
Den virksomhed, der er investeret i, er afhængig af investoren i forbindelse med kritiske tjenester, teknologi, materialer eller råvarer.
iv)
Investoren ejer aktiver, såsom licenser eller varemærker, der er af afgørende betydning for driften af den virksomhed, der er investeret i.
v)
Den virksomhed, der er investeret i, er afhængig af investoren med hensyn til nøglepersoner i ledelsen, f.eks. i tilfælde, hvor investorens personale har specialviden om driften af den virksomhed, der er investeret i.
c)
En væsentlig del af aktiviteterne i den virksomhed, der er investeret i, udføres enten med deltagelse af eller på vegne af investoren.
d)
Investorens eksponering for eller ret til afkast fra sin deltagelse i den virksomhed, der er investeret i, er uforholdsmæssigt større end investorens stemmerettigheder eller tilsvarende rettigheder. Der kan f.eks. være tale om en situation, hvor en investor er berettiget til eller eksponeret for mere end halvdelen af afkastet fra den virksomhed, der er investeret i, men besidder mindre end halvdelen af stemmerettighederne i den virksomhed, der er investeret i.
B20
Jo større investorens eksponering for eller ret til variabilitet i afkastet fra sin deltagelse i en virksomhed, der er investeret i, jo større er investorens incitament til at erhverve rettigheder, der er tilstrækkelige til at give denne indflydelse. En stor eksponering for variabilitet i afkastet er således en indikator for, at investoren kan have indflydelse. Omfanget af investorens eksponering er imidlertid i sig selv ikke afgørende for, om en investor har indflydelse på den virksomhed, der er investeret i.
B21
Hvis der foretages en samlet vurdering af de faktorer, der er beskrevet i afsnit B18, og de indikatorer, der er beskrevet i afsnit B19 og B20, samt en investors rettigheder, bør der lægges større vægt på den dokumentation for indflydelse, der er beskrevet i afsnit B18.
Materielle rettigheder
B22
En investor skal ved vurderingen af, hvorvidt den har indflydelse, udelukkende tage højde for materielle rettigheder (der besiddes af den pågældende investor og andre) vedrørende en virksomhed, der er investeret i. For at en rettighed kan anses for at være materiel, skal indehaveren have praktisk mulighed for at udøve denne rettighed.
B23
Bestemmelsen af, hvorvidt rettigheder er af materiel karakter, forudsætter en bedømmelse, hvori der skal tages højde for alle faktiske forhold og omstændigheder. De faktorer, der skal tages i betragtning i forbindelse med denne vurdering, omfatter, men er ikke begrænset til følgende:
a)
Hvorvidt der er (økonomiske eller andre) hindringer for, at indehaveren (eller indehaverne) udøver disse rettigheder. Eksempler på disse hindringer omfatter, men er ikke begrænset til:
i)
økonomiske sanktioner og incitamenter, der vil hindre indehaveren i (eller afskrække denne fra) at udøve sine rettigheder
ii)
en udøvelses- eller konverteringskurs, der udgør en økonomisk hindring, som vil hindre indehaveren i (eller afskrække ham fra) at udøve sine rettigheder
iii)
vilkår og betingelser, der gør en udøvelse af rettighederne usandsynlig, f.eks. betingelser, der omfatter strenge grænser for, hvornår rettighederne kan udøves
iv)
manglen på en udtrykkelig, rimelig mekanisme i stiftelsesdokumenterne for en virksomhed, der er investeret i, eller i gældende lovgivning eller forskrifter, som tillader indehaveren at udøve sine rettigheder
v)
rettighedsindehaverens manglende mulighed for at indhente de oplysninger, der er nødvendige for at udøve de pågældende rettigheder
vi)
driftsmæssige hindringer eller incitamenter, der hindrer indehaveren i (eller afholder ham fra) at udøve sine rettigheder (f.eks. den manglende tilstedeværelse af andre forvaltere, der er villige til eller i stand til at levere specialiserede tjenesteydelser eller formidle de tjenesteydelser og påtage sig andre interesser, der påhviler den nuværende forvalter)
vii)
juridiske eller lovmæssige krav, der hindrer indehaveren i at udøve sine rettigheder (f.eks. hvis der er forbud mod, at en udenlandsk investor udøver sine rettigheder).
b)
Hvis udøvelsen af rettigheder forudsætter samtykke fra mere end en part, eller hvis rettighederne indehaves af mere end en part, uanset om der er en mekanisme, der giver disse parter praktisk mulighed for at udøve deres rettigheder i fællesskab, hvis de måtte vælge at gøre dette. Den manglende tilstedeværelse af mekanismer af denne karakter er et tegn på, at rettighederne muligvis ikke er materielle. Jo flere parter, der kræves samtykke fra med henblik på udøvelsen af rettighederne, jo mindre er sandsynligheden for, at disse rettigheder er materielle. En bestyrelse, hvis medlemmer er uafhængige af beslutningstageren, kan imidlertid fungere som et forum, hvor adskillige investorer kan handle i fællesskab om at udøve deres rettigheder. Derfor er det mere sandsynligt, at en fjernelsesret, som kan udøves af en uafhængig bestyrelse, er af materiel karakter, end hvis disse rettigheder kunne udøves individuelt af et stort antal investorer.
c)
Hvorvidt den eller de parter, der er rettighedsindehavere, vil drage fordel af udøvelsen af disse rettigheder. Eksempelvis skal indehaveren af potentielle stemmerettigheder i en virksomhed, der er investeret i (jf. afsnit B47-B50), overveje udøvelses- eller konverteringskursen vedrørende instrumentet. Det er mere sandsynligt, at vilkårene og betingelserne for potentielle stemmerettigheder er materielle, hvis instrumentet er "in the money", eller hvis investoren vil drage fordel af andre årsager (f.eks. ved at opnå synergieffekter mellem investoren og den virksomhed, der er investeret i) som følge af udøvelsen eller konverteringen af instrumentet.
B24
For at rettigheder kan anses for at være af materiel karakter, skal de også kunne udøves, hvis det er nødvendigt at træffe beslutninger om styringen af de relevante aktiviteter. Almindeligvis forholder det sig sådan, at rettigheder for at kunne betragtes som værende materielle skal kunne udøves umiddelbart. Imidlertid kan rettigheder nogle gange være materielle, selv om de ikke kan udøves umiddelbart.
Eksempler på anvendelse
Eksempel 3
Den virksomhed, der er investeret i, afholder en årlig generalforsamling, hvor beslutninger om styring af de relevante aktiviteter træffes. Den næste ordinære generalforsamling er om otte måneder. De aktionærer, der alene eller i fællesskab besidder mindst 5 % af stemmerettighederne, kan imidlertid indkalde til en ekstraordinær generalforsamling for at ændre de nuværende politikker vedrørende de relevante aktiviteter, men kravet om underretning af de øvrige aktionærer betyder, at denne generalforsamling først kan afholdes om tidligst 30 dage. Politikker vedrørende de relevante aktiviteter kan kun ændres på ekstraordinære eller ordinære generalforsamlinger. Dette omfatter godkendelse af væsentlige salg af aktiver samt gennemførelse eller afvikling af væsentlige investeringer.
Den ovenstående model finder anvendelse på nedenstående eksempler 3A-3D. Alle eksemplerne behandles særskilt.
Eksempel 3A
En investor har flertallet af stemmerettighederne i en virksomhed, der er investeret i. Investorens stemmerettigheder er materielle, da investoren kan træffe beslutninger om styringen af de relevante aktiviteter, når det er nødvendigt at træffe sådanne beslutninger. Det forhold, at der går 30 dage, inden investoren kan udøve sine stemmerettigheder, ændrer ikke på, at investoren har umiddelbar mulighed for at styre de relevante aktiviteter fra det tidspunkt, hvor investoren køber aktieposten.
Eksempel 3B
En investor er part i en terminsforretning, der omhandler køb af aktiemajoriteten i den virksomhed, der er investeret i. Terminsforretningens afregningsdato er om 25 dage. De nuværende aktionærer kan ikke ændre de gældende politikker vedrørende de relevante aktiviteter, da der ikke kan afholdes en ekstraordinær generalforsamling før om tidligst 30 dage, og på dette tidspunkt vil terminsforretningen være afregnet. Investorens rettigheder svarer således grundlæggende til dem, der indehaves af majoritetsaktionæren i ovenstående eksempel 3A (dvs. at den investor, der er indehaver af terminsforretningen, kan træffe beslutninger om styringen af de relevante aktiviteter, når disse beslutninger skal træffes). Investorens terminsforretning er en materiel rettighed, der giver investoren aktuel mulighed for at styre de relevante aktiviteter, også inden afregningen af terminsforretningen.
Eksempel 3C
En investor har en materiel option til majoriteten af aktier i den virksomhed, der er investeret i, og denne forkøbsret løber i 25 dage, og optionen er i væsentlig grad "in the money". Man ville nå frem til samme konklusion som i eksempel 3B.
Eksempel 3D
En investor er part i en terminsforretning, der omhandler køb af aktiemajoriteten i den virksomhed, der er investeret i, mens der ikke er andre relaterede rettigheder med hensyn til den virksomhed, der er investeret i. Terminsforretningens afregningsdato er om seks måneder. I modsætning til de ovenstående eksempler har investoren ikke aktuel mulighed for at styre de relevante aktiviteter. De nuværende aktionærer har aktuel mulighed for at styre de relevante aktiviteter, da de kan ændre de nuværende politikker vedrørende de relevante aktiviteter inden terminsforretningens afregningsdato.
B25
Materielle rettigheder, der kan udøves af andre parter, kan hindre en investor i at have bestemmende indflydelse på den virksomhed, der er investeret i, og som disse rettigheder vedrører. Disse materielle rettigheder forudsætter ikke, at indehaverne har mulighed for at tage initiativet til beslutninger. I det omfang at disse rettigheder ikke er udelukkende beskyttelsesrettigheder (jf. afsnit B26-B28), kan andre parters materielle rettigheder hindre investoren i at have bestemmende indflydelse på den virksomhed, der er investeret i, og dette gælder også, hvis rettighederne kun giver indehaverne aktuel mulighed for at godkende eller forkaste beslutninger, der vedrører de relevante aktiviteter.
Beskyttelsesrettigheder
B26
Ved vurderingen af, hvorvidt rettigheder giver en investor indflydelse på en virksomhed, der er investeret i, skal investoren vurdere, hvorvidt hans rettigheder og andres rettigheder er beskyttelsesrettigheder. Beskyttelsesrettigheder omhandler grundlæggende ændringer af aktiviteterne i en virksomhed, der er investeret i, eller finder anvendelse under ekstraordinære omstændigheder. Ikke alle rettigheder, der finder anvendelse under ekstraordinære omstændigheder, eller som er betinget af begivenheder, er imidlertid beskyttelsesrettigheder (jf. afsnit B13 og B53).
B27
Da formålet med beskyttelsesrettigheder er at beskytte deres indehavers interesser, uden at give denne indflydelse på den virksomhed, der er investeret i, og som disse rettigheder vedrører, kan en investor, der udelukkende har beskyttelsesrettigheder, ikke have indflydelse eller hindre andre parter i at have indflydelse på en virksomhed, der er investeret i (jf. afsnit 14).
B28
Eksempler på beskyttelsesrettigheder omfatter, men er ikke begrænset til:
a)
en långivers ret til at hindre en låntager i at udøve aktiviteter, der i væsentlig grad kan ændre låntagerens kreditrisiko til skade for långiveren
b)
den ret, som en part, der har en minoritetsinteresse i en virksomhed, der er investeret i, har til at godkende kapitaludgifter, der er større end påkrævet i den almindelige forretningsgang, eller til at godkende udstedelsen af egenkapital- eller gældsinstrumenter
c)
en långivers ret til at beslaglægge en låntagers aktiver, hvis låntageren ikke opfylder konkrete betingelser for tilbagebetalingen af lånet.
Franchisevirksomheder
B29
En franchiseaftale, hvori den virksomhed, der er investeret i, er franchisetager, giver ofte franchisegiveren rettigheder, der har til formål at beskytte franchisemærket. Franchiseaftaler giver typisk franchisegivere nogle beslutningstagningsrettigheder med hensyn til franchisetagerens drift.
B30
Generelt begrænser franchisegiverens rettigheder ikke andre parter end franchisegiverens mulighed for at træffe beslutninger, der har en væsentlig indvirkning på franchisetagerens afkast. Franchisegiverens rettigheder i franchiseaftaler giver heller ikke nødvendigvis franchisegiveren aktuel mulighed for at styre de aktiviteter, der påvirker franchisetagerens afkast i væsentlig grad.
B31
Det er nødvendigt at skelne mellem at have aktuel mulighed for at træffe beslutninger, der i væsentlig grad påvirker franchisetagerens afkast, og at have mulighed for at træffe beslutninger, der beskytter franchisemærket. Franchisegiveren har ikke indflydelse på franchisetageren, hvis andre parter har eksisterende rettigheder, der giver dem aktuel mulighed for at styre franchisetagerens relevante aktiviteter.
B32
Franchisetageren har ved indgåelsen af franchiseaftalen truffet en ensidig beslutning om at drive sin virksomhed i overensstemmelse med vilkårene i franchiseaftalen, men for egen regning.
B33
Den bestemmende indflydelse på grundlæggende beslutninger, f.eks. franchisetagerens juridiske form samt finansieringsstruktur, kan bestemmes af andre parter end franchisegiveren og kan påvirke franchisetagerens afkast i væsentlig grad. Jo lavere franchisegiverens økonomiske støtte er, og jo lavere franchisegiverens eksponering for variabilitet i afkastet fra franchisetageren er, jo mere sandsynligt er det, at franchisegiveren kun har beskyttelsesrettigheder.
Stemmerettigheder
B34
En investor har ofte aktuel mulighed for at styre de relevante aktiviteter gennem stemmerettigheder eller tilsvarende rettigheder. En investor skal tage højde for kravene i denne del (afsnit B35-B50), hvis de relevante aktiviteter i en virksomhed, der er investeret i, bliver styret ved hjælp af stemmerettigheder.
Indflydelse med en majoritet af stemmerettighederne
B35
En investor, der er i besiddelse af mere end halvdelen af stemmerettighederne i en virksomhed, der er investeret i, har indflydelse i de nedenstående situationer, medmindre afsnit B36 eller afsnit B37 finder anvendelse:
a)
de relevante aktiviteter bliver styret ved hjælp af en stemme afgivet af indehaveren af majoriteten af stemmerettighederne, eller
b)
et flertal af medlemmerne af det ledelsesorgan, der styrer de relevante aktiviteter, bliver udpeget ved hjælp af en stemme afgivet af indehaveren af majoriteten af stemmerettighederne.
Majoritet af stemmerettigheder, men ingen indflydelse
B36
For at en investor, der er indehaver af mere end halvdelen af stemmerettighederne i en virksomhed, der er investeret i, kan have indflydelse over en virksomhed, der er investeret i, skal denne investors stemmerettigheder være materielle i overensstemmelse med afsnit B22-B25 og give investoren aktuel mulighed for at styre de relevante aktiviteter, hvilket ofte vil være i form af fastlæggelse af drifts- og finansieringspolitikker. Hvis en anden virksomhed har eksisterende rettigheder, der giver denne virksomhed ret til at styre de relevante aktiviteter, og denne virksomhed ikke er investorens befuldmægtigede, har investoren ikke indflydelse på den virksomhed, der er investeret i.
B37
En investor har ikke indflydelse på en virksomhed, der er investeret i, selv om denne investor er i besiddelse af majoriteten af stemmerettighederne i den virksomhed, der er investeret i, hvis disse stemmerettigheder ikke er materielle. En investor, der er i besiddelse af mere end halvdelen af stemmerettighederne i en virksomhed, der er investeret i, kan eksempelvis ikke have indflydelse, hvis de relevante aktiviteter er underlagt styring fra staten, retsvæsenet, administratorer, kuratorer i et konkursbo, likvidatorer eller tilsynsmyndigheder.
Indflydelse uden en majoritet af stemmerettighederne
B38
En investor kan også have indflydelse, hvis denne besidder mindre end majoriteten af stemmerettighederne i en virksomhed, der er investeret i. En investor kan have indflydelse med mindre end majoriteten af stemmerettighederne i en virksomhed, der er investeret i, i henhold til f.eks.:
a)
en kontraktlig aftale mellem investoren og andre stemmeberettigede (jf. afsnit B39)
b)
rettigheder, der hidrører fra andre kontraktlige aftaler (jf. afsnit B40),
c)
investorens stemmerettigheder (jf. afsnit B41-B45)
d)
potentielle stemmerettigheder (jf. afsnit B47-B50) eller
e)
en kombination af litra a)-d).
Kontraktlig aftale med andre stemmeberettigede
B39
En kontraktlig aftale mellem en investor og andre stemmeberettigede kan give investoren ret til at udøve stemmerettigheder, der er tilstrækkelige til at give investoren indflydelse, også hvis investoren ikke har tilstrækkelige stemmerettigheder til at få indflydelse uden denne aftale. En kontraktlig aftale kan imidlertid sikre, at investoren kan instruere et tilstrækkeligt antal øvrige stemmeberettigede i, hvordan de skal stemme for at gøre det muligt for investoren at træffe beslutninger om de relevante aktiviteter.
Rettigheder opstået som følge af andre kontraktlige aftaler
B40
Andre beslutningstagningsrettigheder i kombination med stemmerettigheder kan give en investor aktuel mulighed for at styre de relevante aktiviteter. Eksempelvis kan de rettigheder, der er beskrevet i en kontraktlig aftale, kombineret med stemmerettigheder være tilstrækkelige til at give en investor aktuel mulighed for at styre produktionsprocesserne i en virksomhed, der er investeret i, eller at styre andre drifts- eller finansieringsaktiviteter i en virksomhed, der er investeret i, som i væsentlig grad påvirker afkastet fra den virksomhed, der er investeret i. Såfremt der ikke er andre rettigheder til stede, indebærer økonomisk afhængighed fra den virksomhed, der er investeret i, i forhold til investoren (f.eks. forholdet mellem en leverandør og leverandørens største kunde) imidlertid ikke, at investoren har indflydelse på den virksomhed, der er investeret i.
Investorens stemmerettigheder
B41
En investor med mindre end majoriteten af stemmerettighederne har rettigheder, der er tilstrækkelige til, at denne investor har indflydelse, hvis investoren har praktisk mulighed for at styre de relevante aktiviteter alene.
B42
Ved vurderingen af, hvorvidt en investors stemmerettigheder er tilstrækkelige til, at investoren har indflydelse, foretager en investor en vurdering af alle de faktiske forhold og omstændigheder, herunder:
a)
størrelsen af investorens stemmerettigheder i forhold til størrelsen og spredningen af de øvrige stemmeberettigedes besiddelser, idet det bemærkes, at:
i)
jo flere stemmerettigheder en investor har, jo mere sandsynligt er det, at denne investor har eksisterende rettigheder, der giver investoren aktuel mulighed for at styre de relevante aktiviteter
ii)
jo flere stemmerettigheder en investor har i forhold til andre stemmeberettigede, jo mere sandsynligt er det, at denne investor har eksisterende rettigheder, der giver investoren aktuel mulighed for at styre de relevante aktiviteter
iii)
jo flere parter, der vil være nødt til at stå sammen om at nedstemme investoren, jo mere sandsynligt er det, at denne investor har eksisterende rettigheder, der giver investoren aktuel mulighed for at styre de relevante aktiviteter
b)
investorens, andre stemmeberettigedes eller andre parters potentielle stemmerettigheder (jf. afsnit B47-B50)
c)
rettigheder, der hidrører fra andre kontraktlige aftaler (jf. afsnit B40), og
d)
ethvert andet forhold eller faktisk omstændighed, der indikerer, at investoren har eller ikke har aktuel mulighed for at styre de relevante aktiviteter på det tidspunkt, hvor der skal træffes beslutninger, herunder stemmemønstre på tidligere generalforsamlinger.
B43
Hvis styringen af relevante aktiviteter afgøres ved flertalsafgørelser, og en investor har væsentligt flere stemmerettigheder end enhver anden stemmeberettiget eller enhver anden organiseret gruppe af stemmeberettigede, og de øvrige aktiebeholdninger er spredt meget ud, kan det efter en vurdering af blot de faktorer, der står anført i afsnit B42, litra a)-c), fremstå klart, at investoren har indflydelse på den virksomhed, der er investeret i.
Eksempler på anvendelse
Eksempel 4
En investor køber 48 % af stemmerettighederne i en virksomhed, der er investeret i. De resterende stemmerettigheder besiddes af tusindvis af aktionærer, hvoraf ingen alene besidder mere end 1 % af stemmerettighederne. Ingen af aktionærerne har aftaler om at konsultere nogen af de andre eller at træffe kollektive beslutninger. Ved vurderingen af den andel af stemmerettighederne, der skulle erhverves, besluttede investoren, at en beholdning på 48 % af aktierne ville være tilstrækkeligt til at få indflydelse, når der blev henset til de øvrige aktiebeholdningers forholdsmæssige størrelse. På grundlag af sin aktiebeholdnings absolutte størrelse og de øvrige aktiebeholdningers forholdsmæssige størrelse konkluderer investoren i dette tilfælde, at denne har et tilstrækkelig stort antal stemmerettigheder, der gør det muligt at opfylde kravet om indflydelse, uden at det er nødvendigt at tage højde for anden dokumentation for indflydelse.
Eksempel 5
Investor A besidder 40 % af stemmerettighederne i en virksomhed, der er investeret i, og tolv andre investorer har hver især 5 % af stemmerettighederne i den virksomhed, der er investeret i. En aktionæraftale giver investor A retten til at udpege, afsætte og fastlægge aflønningen af den ledelse, der er ansvarlig for styringen af de relevante aktiviteter. For at ændre aftalen er det nødvendigt med et flertal bestående af to tredjedele af aktionærernes stemmer. I dette tilfælde konkluderer investor A, at den absolutte størrelse af investorens beholdning og den relative størrelse af de øvrige aktionærers beholdninger ikke alene er afgørende for, hvorvidt investoren har tilstrækkelige rettigheder til at få indflydelse. Investor A beslutter imidlertid, at dennes kontraktlige ret til at udpege, afsætte og fastsætte aflønningen af ledelsen er tilstrækkelig til at konkludere, at den har indflydelse på den virksomhed, der er investeret i. Det forhold, at investor A måske ikke har udøvet denne ret, eller sandsynligheden for at investor A udøver sin ret til at udvælge, udpege eller afsætte ledelsen, skal ikke tages i betragtning ved vurderingen af, hvorvidt investor A har indflydelse.
B44
I andre situationer kan det efter en vurdering af de faktorer, der står anført i afsnit B42, litra a)-c), isoleret set være klart, at en investor ikke har indflydelse.
Eksempel på anvendelse
Eksempel 6
Investor A besidder 45 % af stemmerettighederne i en virksomhed, der er investeret i. To andre investorer ejer hver især 26 % af stemmerettighederne i den virksomhed, der er investeret i. De resterende stemmerettigheder besiddes af tre andre aktionærer, som hver især besidder 1 % af stemmerettighederne. Der er ingen andre ordninger, der påvirker beslutningstagningen. I dette tilfælde er størrelsen af investor A's stemmerettigheder og størrelsen heraf i forhold til de øvrige aktiebeholdninger tilstrækkelig til at konkludere, at investor A ikke har indflydelse. Kun to andre investorer ville skulle samarbejde for at kunne hindre investor A i at styre de relevante aktiviteter i den virksomhed, der er investeret i.
B45
Det kan imidlertid være, at de faktorer, der står opført i afsnit B42, litra a)-c), ikke alene kan være afgørende. Hvis en investor efter af have taget disse faktorer i betragtning er i tvivl om, hvorvidt han har indflydelse, skal denne investor tage højde for supplerende forhold og omstændigheder, f.eks. hvorvidt andre aktionærer af natur er passive som påvist ved hjælp af stemmemønstret på tidligere generalforsamlinger. Dette omfatter en vurdering af de faktorer, der er fastlagt i afsnit B18, samt af indikatorerne i afsnit B19 og B20. Jo færre stemmerettigheder investoren er i besiddelse af, og jo færre parter, der ville skulle samarbejde om at nedstemme investoren, jo større vægt ville der blive tillagt de supplerende forhold og omstændigheder i forbindelse med vurderingen af, hvorvidt investorens rettigheder er tilstrækkelige til, at investoren kunne få indflydelse. Når forholdene og omstændighederne i afsnit B18-B20 bliver sammenholdt med investorens rettigheder, skal der tillægges større betydning til den dokumentation for indflydelse, der er beskrevet i afsnit B18, end til de indikatorer for indflydelse, der er beskrevet i afsnit B19 og B20.
Eksempler på anvendelse
Eksempel 7
En investor besidder 45 % af stemmerettighederne i en virksomhed, der er investeret i. Elleve andre aktionærer besidder hver især 5 % af stemmerettighederne i den virksomhed, der er investeret i. Ingen af aktionærerne har kontraktlige aftaler om at konsultere nogen af de andre eller at træffe kollektive beslutninger. I dette tilfælde er den absolutte størrelse af investorens beholdning og den relative størrelse af de øvrige aktionærers beholdninger ikke alene afgørende for, hvorvidt investoren har tilstrækkelige rettigheder til at få indflydelse på den virksomhed, der er investeret i. Der skal tages højde for supplerende forhold og omstændigheder, der kan dokumentere, at investoren har eller ikke har indflydelse.
Eksempel 8
En investor besidder 35 % af stemmerettighederne i en virksomhed, der er investeret i. Tre andre aktionærer ejer hver især 5 % af stemmerettighederne i den virksomhed, der er investeret i. De resterende stemmerettigheder besiddes af adskillige andre aktionærer, hvoraf ingen alene besidder mere end 1 % af stemmerettighederne. Ingen af aktionærerne har aftaler om at konsultere nogen af de andre eller at træffe kollektive beslutninger. Beslutninger om de relevante aktiviteter i den virksomhed, der er investeret i, forudsætter godkendelse fra et flertal af de stemmer, der bliver afgivet på relevante generalforsamlinger — 75 % af stemmerettighederne i den virksomhed, der er investeret i, er blevet afgivet på nylige generalforsamlinger. I dette tilfælde tyder de øvrige aktionærers aktive deltagelse på nylige generalforsamlinger på, at investoren ikke ville have praktisk mulighed for at styre de relevante aktiviteter alene, uanset om investoren har styret de relevante aktiviteter, fordi et tilstrækkeligt antal andre aktionærer stemte på samme måde som investoren.
B46
Hvis det efter en vurdering af de faktorer, der er anført i afsnit B42, litra a)-d), ikke er klart, at investoren har indflydelse, har investoren ikke bestemmende indflydelse på den virksomhed, der er investeret i.
Potentielle stemmerettigheder
B47
Ved vurderingen af den bestemmende indflydelse tager investoren højde for sine potentielle stemmerettigheder samt for de stemmerettigheder, der ejes af andre parter, for at fastslå, om denne har indflydelse. Potentielle stemmerettigheder er rettigheder til at erhverve stemmerettigheder i en virksomhed, der er investeret i, f.eks. de rettigheder, der hidrører fra konvertible instrumenter eller optioner, herunder terminsforretninger. Der tages kun højde for potentielle stemmerettigheder, hvis disse rettigheder er materielle (jf. afsnit B22-B25).
B48
Når der tages højde for potentielle stemmerettigheder, skal en investor vurdere formålet med og opbygningen af instrumentet samt formålet med og opbygningen af eventuelt andre måder, hvorpå investoren er involveret i den virksomhed, der er investeret i. Dette omfatter en vurdering af de forskellige vilkår og betingelser i forbindelse med instrumentet samt investorens åbenlyse forventninger, baggrunde og begrundelser for at acceptere disse vilkår og betingelser.
B49
Hvis investoren også har stemmerettigheder eller andre beslutningstagningsrettigheder vedrørende aktiviteterne i den virksomhed, der er investeret i, vurderer investoren, hvorvidt disse rettigheder kombineret med potentielle stemmerettigheder giver investoren indflydelse.
B50
Materielle potentielle stemmerettigheder alene eller i kombination med andre rettigheder kan give en investor aktuel mulighed for at styre de relevante aktiviteter. Eksempelvis vil dette sandsynligvis være tilfældet, hvis en investor besidder 40 % af stemmerettighederne i en virksomhed, der er investeret i, og i overensstemmelse med afsnit B23 er i besiddelse af materielle rettigheder, der hidrører fra optioner, med henblik på erhvervelse af yderligere 20 % af stemmerettighederne.
Eksempler på anvendelse
Eksempel 9
Investor A besidder 70 % af stemmerettighederne i en virksomhed, der er investeret i. Investor B har 30 % af stemmerettighederne i den virksomhed, der er investeret i, samt en option på at købe halvdelen af investor A's stemmerettigheder. Denne option kan udnyttes inden for de næste to år til en fast kurs, der i væsentlig grad er "out of the money" (og forventes at forblive således i den pågældende toårsperiode). Investor A har udøvet sin stemmeret og styrer aktivt de relevante aktiviteter i den virksomhed, der er investeret i. I dette tilfælde er det sandsynligt, at investor A opfylder kravet om indflydelse, da investoren tilsyneladende har aktuel mulighed for at styre de relevante aktiviteter. Selv om investor B er i besiddelse af optioner, der umiddelbart kan udnyttes, med henblik på erhvervelse af yderligere stemmerettigheder (der, hvis disse optioner bliver udnyttet, ville give investor B majoriteten af stemmerettighederne i den virksomhed, der er investeret i), er de vilkår og betingelser, der er forbundet med disse optioner af en sådan karakter, at optionerne ikke anses for at være materielle.
Eksempel 10
Investor A og to andre investorer besidder hver især en tredjedel af stemmerettighederne i en virksomhed, der er investeret i. Den erhvervsmæssige aktivitet i den virksomhed, der er investeret i, er tæt forbundet med investor A. Ud over sine egenkapitalinstrumenter har investor A også gældsinstrumenter, der til enhver tid kan konverteres til ordinære aktier i den virksomhed, der er investeret i, til en fast kurs, der er "out of the money" (men ikke i væsentlig grad "out of the money"). Hvis gælden blev konverteret, ville investor A være i besiddelse af 60 % af stemmerettighederne i den virksomhed, der er investeret i. Investor A ville drage fordel af udnyttelsen af synergieffekter, hvis gældsinstrumenterne blev konverteret til ordinære aktier. Investor A har indflydelse på den virksomhed, der er investeret i, da investor A er i besiddelse af stemmerettigheder i den virksomhed, der er investeret i, som sammen med materielle, potentielle stemmerettigheder giver aktuel mulighed for at styre de relevante aktiviteter.
Indflydelse, hvis stemmerettigheder eller tilsvarende rettigheder ikke har en væsentlig indvirkning på afkastet i den virksomhed, der er investeret i
B51
Ved vurderingen af formålet med og opbygningen af en virksomhed, der er investeret i (jf. afsnit B5-B8), skal en investor tage højde for sin deltagelse i virksomheden og de beslutninger, der blev truffet ved etableringen af den virksomhed, der er investeret i, som led i opbygningen af denne virksomhed, samt foretage en vurdering af, hvorvidt transaktionsvilkårene og de forhold, der kendetegner deltagelsen i virksomheden, giver investoren tilstrækkelige rettigheder til at få indflydelse. Deltagelsen i opbygningen af en virksomhed, der er investeret i, er isoleret set ikke tilstrækkeligt til, at investoren får bestemmende indflydelse. Deltagelsen i opbygningen kan imidlertid tyde på, at investoren havde mulighed for at erhverve rettigheder, der er tilstrækkelige til at give denne indflydelse over den virksomhed, der er investeret i.
B52
Desuden skal en investor tage højde for kontraktlige aftaler, f.eks. købsrettigheder, salgsrettigheder og likvidationsrettigheder, der er stiftet ved etableringen af den virksomhed, der er investeret i. Hvis disse kontraktlige aftaler omfatter aktiviteter, der er tæt forbundet med den virksomhed, der er investeret i, er disse aktiviteter i realiteten en integreret del af de overordnede aktiviteter, som den virksomhed, der er investeret i, udøver, selv om de kan gennemføres uden for de juridiske rammer for den virksomhed, der er investeret i. Derfor skal eksplicitte eller implicitte beslutningstagningsrettigheder, der er omfattet af kontraktlige aftaler, som er tæt forbundet med den virksomhed, der er investeret i, tages i betragtning som relevante aktiviteter ved vurderingen af graden af indflydelse på den virksomhed, der er investeret i.
B53
Det gælder for nogle virksomheder, der er investeret i, at relevante aktiviteter først bliver synlige, hvis særlige omstændigheder eller begivenheder indtræffer. Den virksomhed, der er investeret i, kan være opbygget således, at styringen af virksomhedens aktiviteter og afkastet herfra ligger fast, medmindre og indtil disse særlige omstændigheder eller begivenheder indtræffer. I disse tilfælde kan kun beslutningerne om aktiviteterne i den virksomhed, der er investeret i, når disse omstændigheder eller begivenheder indtræffer, påvirke virksomhedens afkast i væsentlig grad og således være relevante aktiviteter. Det er ikke nødvendigt, at disse omstændigheder eller begivenheder er indtruffet, for at en investor med mulighed for at træffe disse beslutninger har indflydelse. Det forhold, at retten til at træffe beslutninger afhænger af omstændigheder eller begivenheder, der indtræffer, indebærer ikke i sig selv, at disse rettigheder er beskyttelsesrettigheder.
Eksempler på anvendelse
Eksempel 11
Den eneste erhvervsmæssige aktivitet i en virksomhed, der er investeret i, er, som det fremgår af virksomhedens stiftelsesdokumenter, at købe udestående fordringer og dagligt betale renter og afdrag på dem for virksomhedens investorer. Den daglige betaling af renter og afdrag omfatter opkrævning og overdragelse af hovedstol og renteindbetalinger, når disse forfalder. Ved misligholdelse af fordringer sælger den virksomhed, der er investeret i, automatisk fordringen til en investor, hvilket fremgår særskilt af en salgsaftale mellem investoren og den virksomhed, der er investeret i. Den eneste relevante aktivitet er forvaltningen af fordringer ved misligholdelse, da dette er den eneste aktivitet, der kan påvirke afkastet fra den virksomhed, der er investeret i, i væsentlig grad. Forvaltningen af fordringer inden misligholdelsen er ikke en relevant aktivitet, da dette ikke forudsætter, at der skal træffes materielle beslutninger, som i væsentlig grad kan påvirke afkastet fra den virksomhed, der er investeret i. Aktiviteterne forud for misligholdelsen ligger fast og omfatter udelukkende opkrævning af likvide midler i takt med, at disse forfalder, og overdragelse af disse midler til investorer. Det er derfor kun investorens ret til at forvalte aktiverne ved misligholdelse, som bør tages i betragtning ved vurderingen af samtlige de aktiviteter i den virksomhed, der er investeret i, som i væsentlig grad påvirker afkastet fra den virksomhed, der er investeret i. I dette eksempel sikrer opbygningen af den virksomhed, der er investeret i, at investoren har beslutningstagningsbeføjelsen med hensyn til de aktiviteter, der i væsentlig grad påvirker afkastet, på det eneste tidspunkt, hvor denne beslutningstagningsbeføjelse er påkrævet. Vilkårene for salgsaftalen er en integreret del af transaktionen som helhed og af etableringsgrundlaget for den virksomhed, der er investeret i. Vilkårene i salgsaftalen kombineret med stiftelsesdokumenterne for den virksomhed, der er investeret i, fører således til den konklusion, at investoren har indflydelse på den virksomhed, der er investeret i, selv om investoren først kommer i besiddelse af tilgodehavenderne ved misligholdelse og forvalter de misligholdte tilgodehavender uden for de juridiske rammer for den virksomhed, der er investeret i.
Eksempel 12
De eneste aktiver i en virksomhed, der er investeret i, er tilgodehavender. Ved vurderingen af formålet med og opbygningen af den virksomhed, der er investeret i, fastslås det, at den eneste relevante aktivitet er forvaltningen af tilgodehavenderne ved misligholdelse. Den part, der har mulighed for at forvalte de misligholdte tilgodehavender, har indflydelse på den virksomhed, der er investeret i, uanset om nogen af låntagerne har misligholdt deres tilgodehavender.
B54
En investor kan være eksplicit eller implicit forpligtet til at sikre, at en virksomhed, der er investeret i, fortsat bliver drevet i overensstemmelse med formålet. Denne forpligtelse kan øge investorens eksponering for variabilitet i afkastet og således øge investorens incitament til at erhverve tilstrækkelige rettigheder til at få indflydelse. En forpligtelse til at sikre, at en virksomhed, der er investeret i, bliver drevet i overensstemmelse med formålet, kan således være en indikator for, at investoren har indflydelse, men giver ikke i sig selv en investor indflydelse eller hindrer andre parter i at have indflydelse.
Eksponering for eller ret til variable afkast fra en virksomhed, der er investeret i
B55
Ved vurderingen af, hvorvidt en investor har bestemmende indflydelse på en virksomhed, der er investeret i, fastslår denne investor, hvorvidt denne er eksponeret for eller har ret til variable afkast fra sin deltagelse i den virksomhed, der er investeret i.
B56
Variable afkast er afkast, der ikke er faste, og som kan variere som følge af de resultater, som den virksomhed, der er investeret i, opnår. Variable afkast kan være udelukkende positive, udelukkende negative eller både positive og negative (jf. afsnit 15). En investor vurderer, hvorvidt afkast fra en virksomhed, der er investeret i, er variable, og hvor variable disse afkast er på grundlag af ordningens indhold og uanset afkastets juridiske form. En investor kan f.eks. være indehaver af en obligation med fast rentebetaling. De faste rentebetalinger defineres i denne IFRS som variable afkast, da der er risiko for misligholdelse, og de eksponerer investoren for udstederens kreditrisiko. Variabilitetens omfang (dvs. hvor variable disse afkast er) afhænger af den kreditrisiko, der er forbundet med obligationen. På samme måde er faste resultathonorarer for forvaltning af aktiverne i en virksomhed, der er investeret i, variable afkast, da de eksponerer investoren for den indtjeningsrisiko, der kendetegner den virksomhed, der er investeret i. Variabilitetens omfang afhænger af evnen i den virksomhed, der er investeret i, til at skabe tilstrækkelige indtægter til at betale dette honorar.
B57
Som eksempler på afkast kan nævnes:
a)
dividender, andre udlodninger af økonomiske fordele fra en virksomhed, der er investeret i (f.eks. renter fra gældsbeviser udstedt af den virksomhed, der er investeret i), og ændringer i værdien af investorens investering i den pågældende virksomhed, der er investeret i
b)
vederlag for honorering af de aktiver og forpligtelser, som en virksomhed, der er investeret i, besidder, honorarer og eksponering for tab som følge af formidling af kredit- eller likviditetsstøtte, restinteresser i de aktiver og forpligtelser, som en virksomhed, der er investeret i, besidder, ved likvidation af denne virksomhed, der er investeret i, skattemæssige fordele og adgang til fremtidig likviditet, som en investor har fra sin deltagelse i en virksomhed, der er investeret i.
c)
afkast, der ikke er tilgængelige for andre interessehavere. Eksempelvis kan en investor bruge sine aktiver i kombination med aktiverne i den virksomhed, der er investeret i, f.eks. ved at kombinere driftsfunktioner for at opnå stordriftsfordele, omkostningsbesparelser, indkøb af knappe varer, tilvejebringelse af adgang til beskyttet viden eller begrænsning af visse funktioner eller aktiver med henblik på forøgelse af værdien af investorens øvrige aktiver.
Sammenhæng mellem indflydelse og afkast
Delegeret beføjelse
B58
Når en investor med beslutningstagningsrettigheder (en beslutningstager) vurderer, hvorvidt han har bestemmende indflydelse på en virksomhed, der er investeret i, skal det fastslås, om investoren er en fuldmagtsgiver eller befuldmægtiget. En investor skal ligeledes fastslå, om en anden enhed med beslutningstagningsrettigheder handler som befuldmægtiget for investoren. En befuldmægtiget er en part, der primært er antaget med henblik på at handle på vegne af og til fordel for en anden part eller flere parter (fuldmagtsgiver(ne)) og derfor ikke har bestemmende indflydelse på den virksomhed, der er investeret i, ved udøvelsen af sine beslutningstagningsbeføjelser (jf. afsnit 17 og 18). Nogle gange kan en befuldmægtiget således være i besiddelse af og udøve en fuldmagtsgivers beføjelser, men dette sker på vegne af fuldmagtsgiveren. En beslutningstager er ikke en befuldmægtiget, blot fordi andre parter kan drage fordel af de beslutninger, som denne træffer.
B59
En investor kan uddelegere sine beslutningstagningsbeføjelser til en befuldmægtiget vedrørende nogle konkrete emner eller vedrørende alle de relevante aktiviteter. Ved vurderingen af, hvorvidt investoren har bestemmende indflydelse på den virksomhed, der er investeret i, skal investoren betragte de beslutningstagningsrettigheder, der er uddelegeret til investorens befuldmægtigede, som var det rettigheder, som investoren selv var i besiddelse af. I situationer, hvor der er mere end én fuldmagtsgiver, skal hver enkelt fuldmagtsgiver vurdere, hvorvidt denne har indflydelse på den virksomhed, der er investeret i, ved at tage højde for kravene i afsnit B5-B54. Afsnit B60-B72 indeholder vejledning om, hvordan det kan fastslås, om en beslutningstager er en befuldmægtiget eller en fuldmagtsgiver.
B60
En beslutningstager skal tage højde for forholdet som helhed mellem beslutningstageren selv, den virksomhed, der er investeret i, og som bliver forvaltet, og andre parter, der deltager i den virksomhed, der er investeret i, herunder især alle de nedenstående faktorer, når det skal fastslås, om beslutningstageren er en befuldmægtiget:
a)
omfanget af beslutningstagerens beslutningstagningsbeføjelser over den virksomhed, der er investeret i (afsnit B62 og B63)
b)
andre parters rettigheder (afsnit B64-B67)
c)
det honorar, som beslutningstageren er berettiget til i overensstemmelse med honoraraftale(r) (afsnit B68-B70)
d)
beslutningstagerens eksponering for variabilitet i afkastet fra andre kapitalandele, som beslutningstageren er i besiddelse af med hensyn til den virksomhed, der er investeret i (afsnit B71 og B72).
Alle disse faktorer skal hver især vægtes forskelligt på grundlag af særlige forhold og omstændigheder.
B61
For at kunne fastslå om en beslutningstager er en befuldmægtiget, forudsættes der en vurdering af alle de faktorer, der er anført i afsnit B60, medmindre en enkelt part er i besiddelse af materielle rettigheder til at afsætte beslutningstageren (fjernelsesret) og kan afsætte beslutningstageren uden begrundelse (jf. afsnit B65).
Beslutningstagningsbeføjelsernes omfang
B62
Omfanget af en beslutningstagers beslutningstagningsbeføjelser vurderes ved at tage højde for:
a)
de aktiviteter, der er tilladt i henhold til beslutningstagningsaftale(r) og anført i lovgivningen, og
b)
den skønsmæssige beføjelse, som beslutningstageren har, når han træffer beslutninger om disse aktiviteter.
B63
En beslutningstager skal tage højde for formålet med og opbygningen af den virksomhed, der er investeret i, de risici, som den virksomhed, der er investeret i, er opbygget med henblik på at blive eksponeret for, de risici, som den virksomhed, der er investeret i, er opbygget med henblik på at overdrage til de deltagende parter, og niveauet for beslutningstagerens inddragelse i opbygningen af den virksomhed, der er investeret i. Hvis en beslutningstager eksempelvis i væsentlig grad har været inddraget i opbygningen af den virksomhed, der er investeret i (herunder i fastlæggelsen af omfanget af beslutningstagningsbeføjelserne), kan denne inddragelse være et tegn på, at beslutningstageren havde mulighed for og incitament til at erhverve rettigheder, der ville gøre det muligt for beslutningstageren at styre de relevante aktiviteter.
Andre parters rettigheder
B64
Andre parters materielle rettigheder kan påvirke beslutningstagerens mulighed for at styre de relevante aktiviteter i den virksomhed, der er investeret i. Materielle rettigheder med hensyn til afsættelse eller andre rettigheder kan indikere, at beslutningstageren er befuldmægtiget.
B65
Hvis en enkelt part har en materiel fjernelsesret og kan afsætte beslutningstageren uden begrundelse, er dette isoleret set tilstrækkeligt til at konkludere, at beslutningstageren er befuldmægtiget. Hvis mere end én part er i besiddelse af disse rettigheder (og ingen part selv kan afsætte beslutningstageren uden andre parters samtykke), spiller disse rettigheder isoleret set ikke en afgørende rolle med hensyn til at fastslå, at en beslutningstager primært handler på vegne af og til fordel for andre. Desuden forholder det sig sådan, at jo flere parter, der skal handle i fællesskab for at udøve rettigheder til at afsætte en beslutningstager, og jo større omfang af og variabilitet i beslutningstagerens andre økonomiske interesser (dvs. honorarer og andre interesser), jo mindre vægt skal denne faktor tillægges.
B66
Andre parters materielle rettigheder, som begrænser en beslutningstagers skønsmæssige beføjelse, skal vurderes på samme måde som retten til afsættelse ved vurderingen af, hvorvidt beslutningstageren er befuldmægtiget. F.eks. er en beslutningstager, der skal indhente godkendelse til sine handlinger fra et lille antal andre parter, generelt en befuldmægtiget. (Jf. afsnit B22-B25 med henblik på yderligere vejledning om rettigheder og om, hvorvidt disse er materielle.)
B67
Betragtningerne om andre parters rettigheder skal omfatte en vurdering af enhver rettighed, der kan udøves af bestyrelsen i den virksomhed, der er investeret i (eller af et andet ledelsesorgan), og virkningen heraf på beslutningstagningsbeføjelsen (jf. afsnit B23, litra b)).
Honorar
B68
Jo højere og jo mere varieret beslutningstagerens honorar er i forhold til de afkast, der forventes fra aktiviteterne i den virksomhed, der er investeret i, jo mere sandsynligt er det, at beslutningstageren er fuldmagtsgiver.
B69
Ved vurderingen af, hvorvidt beslutningstageren er fuldmagtsgiver eller befuldmægtiget, skal beslutningstageren ligeledes overveje, om følgende betingelser er opfyldt:
a)
Beslutningstagerens honorar står i et rimeligt forhold til de tjenesteydelser, der leveres.
b)
Honoraraftalen omfatter kun vilkår, betingelser eller beløb, der sædvanligvis er medtaget i ordninger vedrørende tilsvarende tjenesteydelser og kvalifikationer, der forhandles på normale vilkår.
B70
En beslutningstager kan ikke være befuldmægtiget, medmindre de betingelser, der er fastlagt i afsnit B69, litra a) og b), er opfyldt. Det er imidlertid ikke tilstrækkeligt at opfylde disse betingelser for at konkludere, at en beslutningstager er befuldmægtiget.
Eksponering for variabilitet i afkast fra andre kapitalandele
B71
En beslutningstager, der er i besiddelse af andre kapitalandele i en virksomhed, der er investeret i (f.eks. investeringer i den virksomhed, der er investeret i, eller garantistillelse med hensyn til de resultater, der leveres af den virksomhed, der er investeret i), skal tage højde for sin eksponering for variabilitet i afkast fra disse kapitalandele i forbindelse med vurderingen af, hvorvidt beslutningstageren er befuldmægtiget. Hvis beslutningstageren har andre kapitalandele i en virksomhed, der er investeret i, tyder det på, at beslutningstageren kan være fuldmagtsgiver.
B72
Ved vurderingen af sin eksponering for variabilitet i afkast fra andre kapitalandele i den virksomhed, der er investeret i, skal beslutningstageren tage højde for det nedenstående:
a)
jo større og mere varierede beslutningstagerens økonomiske interesser er, idet der tages hensyn til beslutningstagerens honorar og andre kapitalandele samlet set, jo mere sandsynligt er det, at beslutningstageren er fuldmagtsgiver
b)
hvorvidt beslutningstagerens eksponering for variabilitet i afkast adskiller sig fra andre investorers eksponering herfor, og, hvis dette er tilfældet, hvorvidt dette kan få indflydelse på beslutningstagerens handlinger. Dette kan eksempelvis være tilfældet, hvis en beslutningstager er i besiddelse af underordnede kapitalandele i eller formidler andre former for lempelser af gældsvilkår til en virksomhed, der er investeret i.
Beslutningstageren skal vurdere sin eksponering i forhold til den samlede variabilitet i afkastet fra den virksomhed, der er investeret i. Denne vurdering foretages hovedsagelig på grundlag af afkast, der forventes fra aktiviteterne i den virksomhed, der er investeret i, men skal ligeledes omfatte en vurdering af beslutningstagerens maksimale eksponering for variabilitet i afkast fra den virksomhed, der er investeret i, som følge af andre kapitalandele, som beslutningstageren måtte være i besiddelse af.
Eksempler på anvendelse
Eksempel 13
En beslutningstager (fondsforvalter) stifter, markedsfører og forvalter en offentlig handlet og reguleret fond i henhold til nærmere fastlagte parametre, der er beskrevet i investeringsmandatet som krævet i lokale lovbestemmelser og forskrifter. Fonden blev markedsført over for investorer som en investering i en diversificeret portefølje af egenkapitalinstrumenter i børsnoterede virksomheder. Inden for rammerne af de fastlagte parametre har fondsforvalteren en skønsmæssig beføjelse vedrørende de aktiver, hvori der skal investeres. Fondsforvalteren har foretaget en 10 % pro rata-investering i fonden og modtager et markedsbaseret honorar for sine tjenesteydelser svarende til 1 % af fondens nettoaktivværdi. Dette honorar står i rimeligt forhold til de tjenesteydelser, der leveres. Fondsforvalteren har ingen forpligtelse til at finansiere tab ud over sin investering på 10 %. Fonden er ikke forpligtet til at indsætte og har ikke indsat en uafhængig bestyrelse. Investorerne er ikke i besiddelse af materielle rettigheder, der vil påvirke fondsforvalterens beslutningstagningsbeføjelser, men kan indløse deres kapitalandele inden for nærmere fastlagte begrænsninger, der er fastlagt af fonden.
Selv om fondsforvalteren handler inden for rammerne af de parametre, der er fastlagt i investeringsmandatet og i overensstemmelse med lovkravene, har han beslutningstagningsrettigheder, der giver aktuel mulighed for at styre fondens relevante aktiviteter. Investorerne er ikke i besiddelse af materielle rettigheder, der kan påvirke fondsforvalterens beslutningstagningsbeføjelser. Fondsforvalteren modtager et markedsbaseret honorar for sine tjenesteydelser, der står i rimeligt forhold til de tjenesteydelser, der leveres, og har også foretaget en pro rata-investering i fonden. Fondsforvalterens honorar og investering eksponerer denne over for variabilitet i afkast fra fondens aktiviteter uden at give anledning til en eksponering, der er så væsentlig, at den tyder på, at fondsforvalteren er fuldmagtsgiver.
I dette eksempel tyder betragtningen af fondsforvalterens eksponering for variabilitet i afkast fra fonden kombineret med fondsforvalterens beslutningstagningsbeføjelser inden for rammerne af begrænsede parametre på, at fondsforvalteren er befuldmægtiget. Fondsforvalteren konkluderer således, at denne ikke har bestemmende indflydelse på fonden.
Eksempel 14
En beslutningstager stifter, markedsfører og forvalter en fond, der formidler investeringsmuligheder til en række investorer. Beslutningstageren (fondsforvalteren) skal træffe beslutninger, der tilgodeser alle investorer mest muligt, og som er i overensstemmelse med fondens styringsaftaler. Fondsforvalteren har ikke desto mindre vide skønsmæssige beføjelser med hensyn til beslutningstagning. Fondsforvalteren modtager et markedsbaseret honorar for sine tjenesteydelser, som svarer til 1 % af de forvaltede aktiver og 20 % af fondens totale fortjeneste, hvis der opnås en nærmere fastlagt fortjeneste. Dette honorar står i rimeligt forhold til de tjenesteydelser, der leveres.
Selv om fondsforvalteren skal træffe beslutninger, der tilgodeser alle investorer mest muligt, har denne vide beslutningstagningsbeføjelser med hensyn til styringen af fondens relevante aktiviteter. Fondsforvalteren får et fast honorar, der er præstationsorienteret, og som står i rimeligt forhold til de tjenesteydelser, der leveres. Desuden bringer honoraret fondsforvalterens interesser på linje med de øvrige investorers interesser med henblik på en forøgelse af fondens værdi, uden at der skabes en så væsentlig eksponering for variabilitet i afkast fra fondens aktiviteter, at honoraret isoleret set indikerer, at fondsforvalteren er fuldmagtsgiver.
Den ovenstående model og analyse finder anvendelse på nedenstående eksempler 14A-14C. Alle eksemplerne behandles særskilt.
Eksempel 14 A
Fondsforvalteren er ligeledes i besiddelse af en investering på 2 % i fonden, der bringer fondsforvalterens interesser på linje med de øvrige investorers interesser. Fondsforvalteren har ingen forpligtelse til at finansiere tab ud over sin investering på 2 %. Investorerne kan afsætte fondsforvalteren ved simpel flertalsafstemning, men kun ved kontraktbrud.
Fondsforvalterens investering på 2 % øger dennes eksponering for variabilitet i afkast fra fondens aktiviteter, uden at der skabes en så væsentlig eksponering, der indikerer, at fondsforvalteren er fuldmagtsgiver. De øvrige investorers rettigheder til at afsætte fondsforvalteren anses for at være beskyttelsesrettigheder, da de udelukkende kan udøves i tilfælde af kontraktbrud. I dette eksempel indikerer fondsforvalterens eksponering, at fondsforvalteren er befuldmægtiget, selv om fondsforvalteren har vide beslutningstagningsbeføjelser og er eksponeret for variabilitet i afkastet fra sin kapitalandel og sit honorar. Fondsforvalteren konkluderer således, at denne ikke har bestemmende indflydelse på fonden.
Eksempel 14 B
Fondsforvalteren er i besiddelse af en mere omfattende pro rata-investering i fonden, men har ingen forpligtelse til at finansiere tab ud over denne investering. Investorerne kan afsætte fondsforvalteren ved simpel flertalsafstemning, men kun ved kontraktbrud.
I dette eksempel anses de øvrige investorers rettigheder til at afsætte fondsforvalteren for at være beskyttelsesrettigheder, da de udelukkende kan udøves i tilfælde af kontraktbrud. Selv om fondsforvalteren får et fast honorar, der er præstationsorienteret, og som står i rimeligt forhold til de tjenesteydelser, der leveres, kan kombinationen af fondsforvalterens investering og fondsforvalterens honorar skabe eksponering for variabilitet i afkast fra fondens aktiviteter, der er af så stor betydning, at det indikerer, at fondsforvalteren er fuldmagtsgiver. Jo større omfang af og jo større variabilitet i fondsforvalterens økonomiske interesser (ud fra en samlet betragtning af fondsforvalterens honorar og andre kapitalandele), jo større vægt ville fondsforvalteren lægge på disse økonomiske interesser i analysen, og jo mere sandsynligt er det, at fondsforvalteren er fuldmagtsgiver.
Efter at have taget højde for sit honorar og de øvrige faktorer kan fondsforvalteren eksempelvis måske anse en investering på 20 % for at være tilstrækkelig til at konkludere, at denne har bestemmende indflydelse på fonden. Under andre omstændigheder (dvs. hvis honoraret eller andre faktorer var ændrede) kunne der imidlertid være tale om bestemmende indflydelse, hvis investeringsniveauet var ændret.
Eksempel 14C
Fondsforvalteren er i besiddelse af en pro rata-investering på 20 % i fonden, men har ingen forpligtelse til at finansiere tab ud over denne investering. Fonden har en bestyrelse, hvor samtlige medlemmer er uafhængige af fondsforvalteren og udpeges af de øvrige investorer. Bestyrelsen udpeger fondsforvalteren årligt. Hvis bestyrelsen beslutter ikke at forny fondsforvalterens kontrakt, kan de tjenesteydelser, som fondsforvalteren har leveret, leveres af andre forvaltere i branchen.
Selv om fondsforvalteren får et fast honorar, der er præstationsorienteret, og som står i rimeligt forhold til de tjenesteydelser, der leveres, skaber kombinationen af fondsforvalterens investering på 20 % og fondsforvalterens honorar eksponering for variabilitet i afkast fra fondens aktiviteter, der er af så stor betydning, at det indikerer, at fondsforvalteren er fuldmagtsgiver. Investorerne har imidlertid materielle rettigheder, der gør det muligt for dem at afsætte fondsforvalteren. Bestyrelsen fungerer som en mekanisme, der sikrer, at investorerne kan afsætte fondsforvalteren, hvis de måtte beslutte at gøre dette.
I dette eksempel lægger fondsforvalteren større vægt på den materielle fjernelsesret i analysen. Selv om fondsforvalteren har vide beslutningstagningsbeføjelser og er eksponeret for variabilitet i afkastet fra fonden som følge af sit honorar og sin investering, indikerer de øvrige investorers materielle rettigheder imidlertid, at fondsforvalteren er befuldmægtiget. Fondsforvalteren konkluderer således, at denne ikke har bestemmende indflydelse på fonden.
Eksempel 15
Der etableres en virksomhed, der investeres i, med henblik på køb af en portefølje bestående af fastforrentede værdipapirer med sikkerhed i aktiver, som finansieres af fastforrentede gældsinstrumenter og egenkapitalinstrumenter. Formålet med egenkapitalinstrumenterne er at yde first-loss-beskyttelse til gældsinvestorerne og modtage eventuelt restafkast fra den virksomhed, der er investeret i. Transaktionen blev markedsført over for potentielle gældsinvestorer som en investering i en portefølje af værdipapirer med sikkerhed i aktiver med eksponering for den kreditrisiko, der er forbundet med eventuel misligholdelse fra udstederne af porteføljens værdipapirer med sikkerhed i aktiver, og for den renterisiko, der er forbundet med forvaltningen af porteføljen. Ved stiftelsen udgør egenkapitalinstrumenterne 10 % af værdien af de erhvervede aktiver. En beslutningstager (formueforvalteren) forvalter den aktive aktivportefølje ved at træffe investeringsbeslutninger inden for rammerne af de parametre, der er fastlagt i prospektet for den virksomhed, der er investeret i. For disse tjenesteydelser modtager formueforvalteren et markedsbaseret fast honorar (dvs. 1 % af de forvaltede aktiver) og præstationsorienterede honorarer (dvs. 10 % af fortjenesten), hvis fortjenesten i den virksomhed, der er investeret i, kommer over et nærmere fastlagt niveau. Dette honorar står i rimeligt forhold til de tjenesteydelser, der leveres. Formueforvalteren besidder 35 % af egenkapitalen i den virksomhed, der er investeret i.
De resterende 65 % af egenkapitalen og alle gældsinstrumenterne ejes af et stort antal meget spredte tredjepartsinvestorer uden tilknytning til virksomheden. Formueforvalteren kan afsættes uden begrundelse ved en afstemning med simpelt flertal blandt de øvrige investorer.
Formueforvalteren får et fast honorar, der er præstationsorienteret, og som står i rimeligt forhold til de tjenesteydelser, der leveres. Honoraret indebærer, at fondsforvalterens interesser bringes på linje med de øvrige investorers interesser med henblik på at forøge fondens værdi. Formueforvalteren er eksponeret for variabilitet i afkastet fra fondens aktiviteter som følge af sin besiddelse af 35 % af egenkapitalen og sit honorar.
Selv om formueforvalteren handler inden for rammerne af de parametre, der er fastlagt i prospektet for den virksomhed, der er investeret i, har han aktuel mulighed for at træffe investeringsbeslutninger, der i væsentlig grad påvirker afkastet i den virksomhed, der er investeret i. De øvrige investorers fjernelsesret tillægges ikke stor betydning i analysen, da indehaverne af disse rettigheder er et stort antal meget spredte investorer. I dette eksempel lægger formueforvalteren større vægt på sin eksponering for variabilitet i fonden som følge af sin egenkapitalinteresse, der er underordnet gældsinstrumenterne. Besiddelsen af 35 % af egenkapitalen skaber en underordnet eksponering for tab og rettigheder vedrørende afkast fra den virksomhed, der er investeret i, der er af en så væsentlig betydning, at det tyder på, at formueforvalteren er fuldmagtsgiver. Formueforvalteren konkluderer således, at denne har bestemmende indflydelse på den virksomhed, der er investeret i.
Eksempel 16
En beslutningstager (sponsoren) sponserer en "multiseller"-forbindelse, der udsteder kortfristede gældsinstrumenter til tredjepartsinvestorer uden tilknytning. Transaktionen blev markedsført over for potentielle investorer som en investering i en portefølje af højt vurderede mellemfristede aktiver med en minimal eksponering for den kreditrisiko, der er forbundet med en eventuel misligholdelse fra udstederne af porteføljens aktiver. Forskellige overdragere sælger mellemfristede aktivporteføljer af høj kvalitet til forbindelsen. Den enkelte overdrager servicerer den portefølje af aktiver, som vedkommende sælger til forbindelsen, og forvalter misligholdte fordringer mod et markedsreguleret serviceringsgebyr. Hver enkelt overdrager formidler ligeledes first-loss-beskyttelse mod kredittab fra sin aktivportefølje gennem forhøjet sikkerhedsstillelse for de aktiver, der overdrages til forbindelsen. Sponsoren fastlægger vilkårene for forbindelsen og forvalter driften af forbindelsen mod et markedsbestemt honorar. Dette honorar står i rimeligt forhold til de tjenesteydelser, der leveres. Sponsoren godkender de sælgere, der har tilladelse til at sælge til forbindelsen, godkender de aktiver, som forbindelsen skal købe, og træffer beslutninger om finansiering af forbindelsen. Sponsoren skal handle i alle investorers bedste interesse.
Sponsoren er berettiget til restafkast fra forbindelsen og formidler ligeledes lempelser af gældsvilkår og likviditetsfaciliteter til forbindelsen. Den lempelse af gældsvilkårene, som sponsoren formidler, absorberer tab på op til 5 % af alle forbindelsens aktiver, efter at tab er blevet absorberet af overdragerne. Likviditetsfaciliteterne anvendes ikke i tilfælde af misligholdte aktiver. Investorerne er ikke i besiddelse af materielle rettigheder, der kan påvirke sponsorens beslutningstagningsbeføjelser.
Selv om sponsoren får udbetalt et markedsbestemt honorar for sine tjenesteydelser, der står i rimeligt forhold til de leverede tjenesteydelser, eksponeres sponsoren for variabilitet i afkast fra forbindelsens aktiviteter som følge af sine rettigheder til ethvert resttab i forbindelsen og formidlingen af kreditforbedringer og likviditetsfaciliteter (dvs. forbindelsen er eksponeret for en likviditetsrisiko ved at anvende kortfristede gældsinstrumenter til finansieringen af mellemfristede aktiver). Selv om alle overdragerne har beslutningstagningsrettigheder, der påvirker værdien af aktiverne i forbindelsen, har sponsoren vide beslutningstagningsbeføjelser, der giver aktuel mulighed for at styre de aktiviteter, der har den 
væsentligste
 indvirkning på afkastet fra forbindelsen (dvs. at den sponsor, der har fastlagt vilkårene for forbindelsen, har ret til at træffe beslutninger om aktiverne (ved at godkende de aktiver, der er købt, og overdragerne af disse aktiver) og finansieringen af forbindelsen (hvilket indebærer, at der regelmæssigt skal findes nye investeringer)). Retten til restafkast fra forbindelsen og formidlingen af lempelige gældsvilkår og likviditetsfaciliteter indebærer, at sponsoren eksponeres over for en variabilitet i afkast fra aktiviteterne i forbindelsen, som adskiller sig fra de øvrige investorers eksponering. Som følge heraf indikeres det med denne eksponering, at sponsoren er fuldmagtsgiver, og sponsoren konkluderer således, at han har bestemmende indflydelse på forbindelsen. Sponsorens forpligtelse til at handle i alle investorers bedste interesse er ikke til hinder for, at sponsoren kan være fuldmagtsgiver.
Forbindelse til andre parter
B73
I forbindelse med vurderingen af den bestemmende indflydelse skal en investor tage højde for arten af sin forbindelse med andre parter, og om disse andre parter handler på vegne af investoren (dvs. at de egentlig er befuldmægtigede). Vurderingen af, hvorvidt andre parter handler som egentlige befuldmægtigede, forudsætter en bedømmelse, der ikke blot omfatter forbindelsens art, men ligeledes, hvordan samspillet er mellem disse parter og i forhold til investoren.
B74
En sådan forbindelse skal ikke nødvendigvis omfatte en kontraktlig aftale. En part er egentlig befuldmægtiget, hvis investoren eller dem, der styrer investorens aktiviteter, har mulighed for at styre denne part, således at denne handler på investorens vegne. Under disse omstændigheder skal investoren tage højde for sin egentlige befuldmægtigedes beslutningstagningsbeføjelser og sin indirekte eksponering for eller ret til variable afkast gennem den egentlige befuldmægtigede kombineret med sin egen ret eller eksponering ved vurderingen af den bestemmende indflydelse på en virksomhed, der er investeret i.
B75
Nedenstående er eksempler på disse andre parter, der som følge af arten af deres forbindelse kan fungere som egentlige befuldmægtigede for investoren:
a)
investorens tilknyttede parter
b)
en part, der har modtaget sine kapitalandele i den virksomhed, der er investeret i, som et bidrag eller lån fra investoren
c)
en part, der har indvilliget i ikke at sælge, overdrage eller behæfte sine kapitalandele i den virksomhed, der er investeret i, uden investorens forudgående godkendelse (undtagen i situationer, hvor investoren og den anden part har ret til forhåndsgodkendelse, og disse rettigheder bygger på indbyrdes aftalte vilkår mellem villige, uafhængige parter).
d)
en part, der ikke kan finansiere sin drift uden underordnet økonomisk støtte fra investoren
e)
en virksomhed, der er investeret i, og hvor hovedparten af medlemmerne af ledelsesorganet eller nøglepersonerne i ledelsen er de samme som hos investoren
f)
en part, der har et nært forretningsforhold til investoren, f.eks. forbindelsen mellem en professionel tjenesteudbyder og en af dennes store kunder.
Bestemmende indflydelse på specificerede aktiver
B76
En investor skal vurdere, hvorvidt denne behandler en andel i den virksomhed, der er investeret i, som en skønsmæssig separat enhed og, hvis dette er tilfældet, hvorvidt investoren har bestemmende indflydelse på denne skønsmæssigt separate enhed.
B77
En investor skal behandle en andel i en virksomhed, der er investeret i, som en skønsmæssigt separat enhed, hvis, og kun hvis, følgende betingelse er opfyldt:
Specificerede aktiver i den virksomhed, der er investeret i (og eventuelle lempelige gældsvilkår i forbindelse hermed), er den eneste kilde til betaling af specificerede forpligtelser eller specificerede andre andele i den virksomhed, der er investeret i. Ingen andre parter end dem med den specificerede forpligtelse har rettigheder eller pligter, der knytter sig til de specificerede aktiver eller til resterende likviditet fra disse aktiver. I realiteten kan intet afkast fra de specificerede aktiver anvendes af den tilbageværende virksomhed, der er investeret i, og ingen af forpligtelserne fra den skønsmæssigt separate enhed forfalder til betaling med aktiverne i den tilbageværende virksomhed, der er investeret i. Alle aktiver, forpligtelser og egenkapital i denne skønsmæssigt separate enhed er således i realiteten øremærket fra den overordnede virksomhed, der er investeret i. En sådan skønsmæssigt separat enhed kaldes ofte en "silo".
B78
Hvis betingelsen i afsnit B77 er opfyldt, skal en investor kortlægge de aktiviteter, der i væsentlig grad påvirker afkastet i den skønsmæssigt separate enhed, og hvordan disse aktiviteter styres, med henblik på at vurdere, hvorvidt investoren har indflydelse på denne andel af den virksomhed, der er investeret i. I sin vurdering af den bestemmende indflydelse på den skønsmæssigt separate enhed skal investoren ligeledes vurdere, om han er eksponeret for eller er berettiget til variable afkast fra sin deltagelse i denne skønsmæssigt separate enhed og har mulighed for at anvende sin indflydelse på denne andel af den virksomhed, der er investeret i, til at påvirke omfanget af afkastet til investoren.
B79
Hvis investoren har bestemmende indflydelse på den skønsmæssigt separate enhed, skal investoren konsolidere denne andel af den virksomhed, der er investeret i. I dette tilfælde udelader andre parter denne andel af den virksomhed, der er investeret i, ved deres vurdering af den bestemmende indflydelse på og ved konsolidering af den virksomhed, der er investeret i.
Løbende vurdering
B80
En investor skal foretage en fornyet vurdering af, hvorvidt denne har bestemmende indflydelse på en virksomhed, der er investeret i, hvis forholdene og omstændighederne antyder, at der er sket ændringer med hensyn til et eller flere af de tre elementer for bestemmende indflydelse, der er anført i afsnit 7.
B81
Hvis der er sket en ændring med hensyn til, hvordan indflydelse på en virksomhed, der er investeret i, kan udøves, skal denne ændring afspejles i, hvordan en investor vurderer sin indflydelse på en virksomhed, der er investeret i. Eksempelvis kan ændrede beslutningstagningsrettigheder indebære, at de relevante aktiviteter ikke længere styres via stemmerettigheder, men at andre aftaler, f.eks. kontrakter, i stedet giver en anden part eller andre parter aktuel mulighed for at styre de relevante aktiviteter.
B82
En begivenhed kan medføre, at en investor får eller mister indflydelse på en virksomhed, der er investeret i, uden at investoren er en del af denne begivenhed. Eksempelvis kan en investor få indflydelse på en virksomhed, der er investeret i, som følge af at beslutningstagningsrettigheder, der tidligere tilhørte en anden part eller flere parter, og som tidligere hindrede investoren i at få bestemmende indflydelse på en virksomhed, der er investeret i, er udløbet.
B83
En investor vurderer ligeledes ændringer, der påvirker investorens eksponering for eller rettigheder til variable afkast fra investorens deltagelse i den virksomhed, der er investeret i. F.eks. kan en investor, der har indflydelse på en virksomhed, der er investeret i, miste sin bestemmende indflydelse på en virksomhed, der er investeret i, hvis investoren ophører med at være berettiget til at modtage afkast eller være eksponeret for forpligtelser, fordi investoren ikke opfylder betingelserne i afsnit 7, litra b) (f.eks. hvis en kontrakt om at modtage præstationsorienterede honorarer ophæves).
B84
En investor skal tage højde for, om vurderingen af, at investoren handler som befuldmægtiget eller fuldmagtsgiver er ændret. Ændringer i det overordnede forhold mellem investoren og andre parter kan indebære, at en investor ikke længere handler som befuldmægtiget, selv om denne tidligere har handlet som befuldmægtiget og omvendt. Hvis der f.eks. sker ændringer i investorens eller andre parters rettigheder, skal investoren foretage en fornyet vurdering af sin stilling som fuldmagtsgiver eller befuldmægtiget.
B85
En investors oprindelige vurdering af den bestemmende indflydelse eller af sin status som fuldmagtsgiver eller befuldmægtiget ændres ikke blot som følge af en ændring af markedsbetingelserne (f.eks. en ændring af afkastet fra den virksomhed, der er investeret i, som følge af markedsbetingelserne), medmindre ændringerne i markedsbetingelserne ændrer et eller flere af de tre kontrolelementer, der står anført i afsnit 7, eller ændringer i det overordnede forhold mellem en fuldmagtsgiver og en befuldmægtiget.
FASTLÆGGELSE AF, OM EN VIRKSOMHED ER EN INVESTERINGSVIRKSOMHED
B85A
En virksomhed skal tage højde for alle forhold og omstændigheder, når det vurderes, hvorvidt den er en investeringsvirksomhed, herunder formål og opbygning. En virksomhed, der opfylder alle tre elementer i definitionen af en investeringsvirksomhed ifølge afsnit 27, er en investeringsvirksomhed. Afsnit B85B–B85M beskriver elementerne i definitionen nærmere.
Forretningsmæssigt formål
B85B
Ifølge definitionen af en investeringsvirksomhed skal virksomhedens formål være udelukkende at investere med henblik på at opnå kapitalgevinst, investeringsafkast (såsom udbytte, rente eller lejeindtægter) eller begge. Dokumenter, der angiver, hvad virksomhedens investeringsformål er, såsom virksomhedens tegningsprospekt, publikationer udsendt af virksomheden samt andre selskabs- eller partnerskabsmæssige dokumenter, vil typisk udgøre dokumentation for en investeringsvirksomheds forretningsmæssige formål. Yderligere dokumentation kan omfatte den måde, hvorpå virksomheden præsenterer sig over for andre parter (såsom potentielle investorer eller potentielle virksomheder, der skal investeres i), hvor en virksomhed f.eks. kan præsentere sin forretning som en virksomhed, der foretager mellemlange investeringer med henblik på at opnå kapitalgevinst. Derimod har en virksomhed, som præsenterer sig som en investor, hvis formål er at udvikle, fremstille eller markedsføre produkter i fællesskab med de virksomheder, denne investerer i, et forretningsmæssigt formål, som er uforeneligt med en investeringsvirksomheds forretningsmæssige formål, fordi virksomheden vil opnå en indtjening på udvikling, fremstilling eller markedsføring ud over sine investeringer (se afsnit B85I).
B85C
En investeringsvirksomhed kan udføre investeringsrelaterede tjenesteydelser (f.eks. investeringsrådgivning, investeringsforvaltning, investeringsstøtte samt administrative tjenesteydelser), enten direkte eller gennem en dattervirksomhed, for tredjeparter samt for investorer, selv om sådanne aktiviteter er væsentlige for virksomheden, forudsat at virksomheden stadig opfylder definitionen på en investeringsvirksomhed.
B85D
En investeringsvirksomhed kan også deltage i følgende investeringsrelaterede aktiviteter, enten direkte eller gennem en dattervirksomhed, hvis disse aktiviteter udføres for at maksimere investeringsafkastet (kapitalgevinst eller investeringsindkomst) fra de virksomheder, den investerer i, og ikke udgør en særskilt væsentlig forretningsaktivitet eller en særskilt væsentlig indtægtskilde for investeringsvirksomheden:
a)
udførelse af forvaltningstjenester og ydelse af strategisk rådgivning for en virksomhed, den investerer i, og
b)
ydelse af finansiel støtte til en virksomhed, der er investeret i, som f.eks. et lån, en investeringsforpligtelse eller en garanti.
B85E
Hvis en investeringsvirksomhed har en dattervirksomhed, der ikke selv er en investeringsvirksomhed, og hvis vigtigste formål og aktiviteter er at udføre investeringsrelaterede tjenesteydelser eller aktiviteter, som er relateret til investeringsvirksomhedens investeringsaktiviteter, som f.eks. de i afsnit B85C-B85D beskrevne, for virksomheden eller andre parter, skal den konsolidere den pågældende dattervirksomhed i overensstemmelse med afsnit 32. Hvis en dattervirksomhed, som udfører de investeringsrelaterede tjenesteydelser eller aktiviteter, selv er en investeringsvirksomhed, skal moderinvesteringsvirksomheden måle denne dattervirksomhed til dagsværdi gennem resultatet i overensstemmelse med afsnit 31.
Exitstrategier
B85F
En virksomheds investeringsplaner udgør også dokumentation for det forretningsmæssige formål. Et kendetegn, der adskiller en investeringsvirksomhed fra andre virksomheder, er, at en investeringsvirksomhed ikke planlægger at beholde sine investeringer på ubestemt tid, men kun for en begrænset periode. Eftersom investeringer i egenkapitalinstrumenter og ikke-finansielle aktiver kan beholdes på ubestemt tid, skal en investeringsvirksomhed have en exitstrategi, der dokumenterer, hvordan virksomheden planlægger at opnå kapitalgevinst fra stort set alle sine investeringer i egenkapitalinstrumenter og ikke-finansielle aktiver. En investeringsvirksomhed skal også have en exitstrategi for gældsinstrumenter, der kan beholdes på ubestemt tid, f.eks. investeringer i uamortisable lån. Virksomheden behøver ikke at dokumentere specifikke exitstrategier for hver enkelt investering, men skal identificere forskellige potentielle strategier for forskellige typer eller porteføljer af investeringer, herunder en fast betydelig tidshorisont for afhændelse af investeringerne. Exitmekanismer, der kun iværksættes for visse misligholdelseshændelser, f.eks. kontraktbrud eller manglende opfyldelse af kontrakt, betragtes ikke som exitstrategier i forbindelse med denne vurdering.
B85G
Exitstrategier kan variere efter investeringstype. For investeringer i private egenkapitalinstrumenter kan exitstrategier være børsintroduktion, privat placering, salg af en virksomhed, udlodning (til investorer) af ejerandele i virksomheder, der er investeret i, samt salg af aktiver (herunder salg af aktiver i en virksomhed, der er investeret i, efterfulgt af likvidation af den pågældende virksomhed). For investeringer i egenkapitalinstrumenter, der handles på en offentlig børs, kan exitstrategier være salg af investeringen i en privat placering eller på en offentlig børs. For ejendomsinvesteringer kan exitstrategien være salg af ejendommen gennem specialiserede ejendomshandlere eller på det åbne marked.
B85H
En investeringsvirksomhed kan have en investering i en anden investeringsvirksomhed, som stiftes i forbindelse med virksomheden af juridiske, lovgivningsmæssige, skattemæssige eller lignende forretningsmæssige årsager. I dette tilfælde behøver investeringsvirksomheden ikke at have en exitstrategi for denne investering, hvis den virksomhed, investeringsvirksomheden har investeret i, har passende exitstrategier for sine investeringer.
Investeringsafkast
B85I
En virksomhed investerer ikke udelukkende med henblik på at opnå kapitalgevinst, investeringsafkast eller begge, hvis virksomheden eller et andet medlem af den koncern, hvori virksomheden indgår (dvs. den koncern, som investeringsvirksomhedens øverste modervirksomhed har bestemmende indflydelse på), opnår eller har som mål at opnå andre fordele ved virksomhedens investeringer, som ikke er tilgængelige for andre parter, der ikke har forbindelse til den virksomhed, der er investeret i. Sådanne fordele omfatter:
a)
Erhvervelse, brug, udveksling eller udnyttelse af processer, aktiver eller teknologi tilhørende en virksomhed, der er investeret i. Dette omfatter, at virksomheden eller et andet koncernmedlem har uforholdsmæssigt vidtgående, eller eksklusive, rettigheder til at erhverve aktiver, teknologi, produkter eller tjenesteydelser fra en virksomhed, der er investeret i, f.eks. i form af en forkøbsret til et aktiv fra en virksomhed, der er investeret i, hvis aktivet vurderes at udvikle sig positivt.
b)
Fælles ordninger (som defineret i IFRS 11) eller andre ordninger mellem virksomheden eller et andet koncernmedlem og en virksomhed, der er investeret i, om udvikling, fremstilling, markedsføring eller levering af produkter eller tjenesteydelser.
c)
Finansielle garantier eller aktiver, som en virksomhed, der er investeret i, stiller som sikkerhed for virksomhedens eller et andet koncernmedlems lån (en investeringsvirksomhed vil imidlertid stadig kunne bruge en investering i en virksomhed som sikkerhed for et hvilket som helst lån).
d)
En forkøbsret for en af virksomhedens nærtstående parter til fra den pågældende virksomhed eller et andet koncernmedlem at købe en ejerandel i en virksomhed, som virksomheden har investeret i.
e)
Med forbehold af afsnit B85J, transaktioner mellem virksomheden eller et andet koncernmedlem og en virksomhed, der er investeret i, som
i)
foregår på betingelser, som ikke kan opnås af virksomheder, som ikke er nærtstående parter til enten virksomheden, et andet koncernmedlem eller den virksomhed, der er investeret i
ii)
ikke er til dagsværdi eller
iii)
udgør en væsentlig del af forretningsaktiviteten for den virksomhed, der er investeret i, eller virksomheden, herunder andre koncernvirksomheders forretningsaktiviteter.
B85J
En investeringsvirksomhed kan have en strategi om at investere i flere virksomheder inden for samme branche, marked eller geografiske område med henblik på at udnytte synergier, som øger kapitalgevinsten eller investeringsafkastet fra investeringerne i disse virksomheder. Uanset afsnit B85I, litra e), udelukkes en virksomhed ikke fra at blive klassificeret som en investeringsvirksomhed, blot fordi de virksomheder, den investerer i, handler med hinanden.
Dagsværdimåling
B85K
En vigtig del af definitionen af en investeringsvirksomhed er, at den måler og evaluerer resultatet af alle væsentlige investeringer til dagsværdi, fordi brugen af dagsværdi giver mere relevante oplysninger end f.eks. at konsolidere dattervirksomhederne eller bruge den indre værdis metode på sine kapitalandele i associerede virksomheder eller joint ventures. For at påvise, at den opfylder denne del af definitionen, skal en investeringsvirksomhed:
a)
give investorerne dagsværdioplysninger og måle alle væsentlige investeringer til dagsværdi i sit årsregnskab, hvor dagsværdi kræves eller tillades i henhold til IFRS-standarden, og
b)
rapportere dagsværdioplysninger internt til nøglepersoner i virksomhedens ledelse (som defineret i IAS 24), som bruger dagsværdi som det primære måleparameter til evaluering af resultaterne af alle sine væsentlige investeringer samt til at træffe investeringsbeslutninger.
B85L
For at opfylde kravet i B85K, litra a), vil en investeringsvirksomhed:
a)
vælge at gøre rede for investeringsejendom efter dagsværdimodellen i IAS 40 
Investeringsejendom
b)
vælge undtagelsen fra anvendelse af den indre værdis metode i IAS 28 på investeringer i associerede virksomheder og joint ventures og
c)
måle sine finansielle aktiver til dagsværdi under anvendelse af kravene i IFRS 9.
B85M
En investeringsvirksomhed kan have nogle ikke-investeringsaktiver, som f.eks. domicilejendom og dertilhørende udstyr, og kan også have finansielle forpligtelser. Den del af definitionen af en investeringsvirksomhed i afsnit 27, litra c), der omhandler dagsværdimåling, gælder for en investeringsvirksomheds investeringer. Derfor behøver en investeringsvirksomhed ikke at måle sine ikke-investeringsaktiver eller forpligtelser til dagsværdi.
Typiske egenskaber for en investeringsvirksomhed
B85N
Når en virksomhed skal beslutte, hvorvidt den opfylder definitionen af en investeringsvirksomhed, skal den vurdere, om den har de typiske egenskaber for en sådan virksomhed (se afsnit 28). Det, at virksomheden ikke har en eller flere af disse egenskaber, betyder ikke nødvendigvis, at den er udelukket fra at blive klassificeret som en investeringsvirksomhed, men at det er nødvendigt at undersøge nærmere, om virksomheden er en investeringsvirksomhed.
Mere end én investering
B85O
En investeringsvirksomhed har normalt flere investeringer for at diversificere sin risiko og maksimere afkastet. En virksomhed kan have en portefølje af investeringer direkte eller indirekte, f.eks. én investering i en anden investeringsvirksomhed, som selv har flere investeringer.
B85P
Det kan forekomme, at virksomheden har én investering. Dette betyder dog ikke nødvendigvis, at virksomheden ikke opfylder definitionen af en investeringsvirksomhed. Eksempelvis har en investeringsvirksomhed måske kun én investering, når virksomheden:
a)
er i en opstartsperiode og endnu ikke har identificeret passende investeringer og derfor endnu ikke har gennemført sin investeringsplan om at erhverve flere investeringer
b)
endnu ikke har foretaget andre investeringer til at erstatte afhændede investeringer
c)
har til formål at samle investorers midler for at investere i én investering, når denne investering ikke er mulig for de enkelte investorer at foretage alene (f.eks. når den krævede minimumsinvestering er for høj for én investor alene), eller
d)
er under likvidation.
Mere end én investor
B85Q
Normalt vil en investeringsvirksomhed have flere investorer, som samler deres midler for at få adgang til investeringsforvaltningstjenester og investeringsmuligheder, som de muligvis ikke ville have haft adgang til alene. At have flere investorer betyder, at det er mindre sandsynligt, at virksomheden, eller andre medlemmer af den koncern, hvori virksomheden indgår, vil opnå andre fordele end kapitalgevinst eller investeringsafkast (se afsnit B85I).
B85R
Alternativt kan en investeringsvirksomhed stiftes af eller for én investor, der repræsenterer eller støtter en større gruppe investorers interesser (f.eks. en pensionsfond, offentlig investeringsfond eller familietrust).
B85S
Det kan også forekomme, at virksomheden midlertidigt har én investor. En investeringsvirksomhed kan f.eks. kun have én investor, når virksomheden:
a)
befinder sig i den indledende udbudsperiode, som ikke er udløbet, og virksomheden aktivt er i færd med at identificere egnede investorer
b)
endnu ikke har identificeret egnede investorer til at erstatte ejerandele, som er blevet indløst, eller
c)
er under likvidation.
Ikke-nærtstående investorer
B85T
En investeringsvirksomhed har normalt flere investorer, der ikke er nærtstående parter (som defineret i IAS 24) til virksomheden eller andre medlemmer af den koncern, hvori virksomheden indgår. At have ikke-nærtstående investorer betyder, at det er mindre sandsynligt, at virksomheden, eller andre medlemmer af den koncern, hvori virksomheden indgår, vil opnå andre fordele end kapitalgevinst eller investeringsafkast (se afsnit B85I).
B85U
En virksomhed kan imidlertid stadig klassificeres som en investeringsvirksomhed, selv om dens investorer er nærtstående. En investeringsvirksomhed kan f.eks. oprette en særskilt "parallel" fond for en gruppe medarbejdere (som f.eks. nøglepersoner i ledelsen) eller en eller flere andre nærtstående investorer, som har de samme investeringer som virksomhedens primære investeringsfond. Denne "parallelle" fond kan klassificeres som en investeringsvirksomhed, selv om alle investorer er nærtstående parter.
Ejerandele
B85V
En investeringsvirksomhed er normalt en særskilt juridisk enhed, men dette er ikke et krav. Ejerandele i en investeringsvirksomhed består normalt i egenkapitalinstrumenter eller lignende andele (f.eks. partnerskabsandele), som giver ret til en forholdsvis andel af investeringsvirksomhedens nettoaktiver. At have forskellige klasser af investorer, hvoraf nogle kun har ret til en bestemt investering eller grupper af investeringer, eller som har forskellige forholdsvise andele af nettoaktiverne, udelukker ikke en virksomhed fra at være en investeringsvirksomhed.
B85W
Endvidere kan en virksomhed, som har betydelige ejerandele i form af gældsinstrumenter, som i overensstemmelse med andre gældende standarder ikke opfylder definitionen af egenkapital, stadig klassificeres som en investeringsvirksomhed, hvis gældsindeindehaverne risikerer variable afkast som følge af ændringer i virksomhedens nettoaktivers dagsværdi.
REGNSKABSKRAV
Konsolideringsprocedurer
B86
Koncernregnskab
a)
kombinerer poster i form af aktiver, forpligtelser, egenkapital, indtægter, omkostninger og pengestrømme i modervirksomheden med lignende poster i dattervirksomhederne
b)
udligner (fjerner) den regnskabsmæssige værdi af modervirksomhedens investering i hver enkelt dattervirksomhed og modervirksomhedens andel af egenkapitalen i hver enkelt dattervirksomhed (IFRS 3 indeholder en forklaring af, hvordan eventuel goodwill i forbindelse hermed skal behandles regnskabsmæssigt)
c)
eliminerer fuldstændigt koncerninterne aktiver og forpligtelser, egenkapital, indtægter, omkostninger og pengestrømme, der vedrører transaktioner mellem enheder i koncernen (fortjeneste eller 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.
Ensartede regnskabspolitikker
B87
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 for at sikre overensstemmelse med koncernens regnskabspolitikker.
Måling
B88
En virksomhed medtager en dattervirksomheds indtægter og omkostninger i koncernregnskabet fra den dato, hvor den får bestemmende indflydelse, indtil den dato, hvor enheden ophører med at have bestemmende indflydelse på dattervirksomheden. Dattervirksomhedens indtægter og omkostninger er baseret på værdierne af de aktiver og forpligtelser, der er indregnet i koncernregnskabet på anskaffelsestidspunktet. Eksempelvis er afskrivningsomkostninger, der er indregnet i den konsoliderede totalindkomstopgørelse efter anskaffelsestidspunktet, baseret på dagsværdien af de tilknyttede afskrivningsberettigede aktiver, der er indregnet i koncernregnskabet på anskaffelsestidspunktet.
Potentielle stemmerettigheder
B89
Hvis der er potentielle stemmerettigheder eller andre derivater, der omfatter potentielle stemmerettigheder, skal de andele af fortjeneste eller tab og egenkapitalbevægelser, som allokeres til modervirksomheden og minoritetsinteresser, udelukkende fastlægges på grundlag af de eksisterende ejerandele og ikke afspejle den eventuelle udnyttelse eller konvertering af potentielle stemmerettigheder og andre derivater, medmindre afsnit B90 finder anvendelse.
B90
I visse tilfælde har en enhed i realiteten en eksisterende ejerandel som følge af en transaktion, der aktuelt giver enheden adgang til de afkast, der er forbundet med en ejerandel. I disse tilfælde fastlægges den andel, der allokeres til modervirksomheden og minoritetsinteresser ved udarbejdelsen af koncernregnskab, ved at tage højde for udøvelsen af disse potentielle stemmerettigheder og andre derivater, der aktuelt giver enheden adgang til afkastet.
B91
IFRS 9 finder ikke anvendelse på kapitalandele i dattervirksomheder, der er konsoliderede. Hvis instrumenter, der omfatter potentielle stemmerettigheder, i realiteten giver aktuel adgang til afkast, der er forbundet med en ejerandel i en dattervirksomhed, er instrumenterne ikke omfattet af kravene i IFRS 9. I alle andre tilfælde tages der højde for instrumenter, der omfatter potentielle stemmerettigheder i en dattervirksomhed, i overensstemmelse med IFRS 9.
Balancedag
B92
De årsregnskaber for modervirksomheden og dens dattervirksomheder, som lægges til grund for udarbejdelsen af koncernregnskabet, skal udarbejdes pr. samme balancedag. Når modervirksomheden afslutter regnskabsåret på en anden dato end en dattervirksomhed, skal dattervirksomheden til brug for koncernregnskabet forelægge yderligere regnskabsoplysninger pr. samme dato som modervirksomhedens årsregnskab for at gøre det muligt for modervirksomheden at konsolidere dattervirksomhedens regnskabsoplysninger, medmindre dette er praktisk umuligt.
B93
Hvis dette er praktisk umuligt, skal modervirksomheden konsolidere dattervirksomhedens regnskabsoplysninger ved anvendelse af dattervirksomhedens seneste årsregnskab korrigeret for virkningerne af væsentlige transaktioner eller begivenheder, der indtræffer i perioden mellem datoen for dette årsregnskab og datoen for koncernregnskabet. Forskellen mellem datoen for dattervirksomhedens regnskab og datoen for koncernregnskabet må under ingen omstændigheder være over tre måneder, og balanceperiodernes længde og enhver forskel mellem regnskabsdatoerne skal være den samme fra periode til periode.
Minoritetsinteresser
B94
En virksomhed skal henføre resultatet og hvert element af anden totalindkomst til ejerne af modervirksomheden og minoritetsinteresserne. Virksomheden skal ligeledes henføre den samlede totalindkomst til ejerne af modervirksomheden samt minoritetsinteresserne, selv om dette måtte betyde, at minoritetsinteresserne får en negativ saldo.
B95
Hvis en dattervirksomhed har kumulative præferenceaktier i omløb, som klassificeres som egenkapital og besiddes af minoritetsinteresser, skal virksomheden beregne sin andel af resultatet efter at have korrigeret for udbyttet fra sådanne aktier, uanset om udbyttet er blevet indberettet.
Ændringer i minoritetsinteressernes andel
B96
Hvis der foretages ændringer i den andel af egenkapitalen, som ejes af minoritetsinteresser, skal en virksomhed korrigere den regnskabsmæssige værdi af den andel, der ejes af virksomheder med bestemmende indflydelse, og minoritetsinteressernes andel, således at disse tal afspejler ændringerne i deres relative interesser i dattervirksomheden. Virksomheden skal indregne enhver forskel mellem det beløb, som minoritetsinteresserne korrigeres med, og dagsværdien af det betalte eller modtagne vederlag, direkte i egenkapitalen og henføre dette beløb til ejerne af modervirksomheden.
Tab af bestemmende indflydelse
B97
En modervirksomhed kan miste sin bestemmende indflydelse på en dattervirksomhed gennem to eller flere aftaler (transaktioner). Undertiden kan der imidlertid være omstændigheder, der betyder, at sådanne adskilte aftaler bør behandles regnskabsmæssigt som en enkelt transaktion. I forbindelse med modervirksomhedens vurdering af, om aftalerne skal behandles regnskabsmæssigt som en enkelt transaktion, skal den overveje alle aftalernes vilkår og deres økonomiske virkninger. Et eller flere af følgende forhold indikerer, at modervirksomheden regnskabsmæssigt skal behandle de adskilte aftaler som en enkelt transaktion:
a)
de indgås på samme tid eller i forventning om, at de øvrige aftaler bliver indgået
b)
de udgør en enkelt transaktion, der er beregnet på at opnå en samlet kommerciel virkning
c)
tilstedeværelsen af én aftale er afhængig af tilstedeværelsen af mindst én anden aftale
d)
den enkelte aftale er ikke økonomisk berettiget ud fra en selvstændig betragtning, men kun hvis den ses i sammenhæng med andre aftaler. Et eksempel på dette er, når afståelsen af aktier foretages til under markedsprisen, og der kompenseres for dette gennem et efterfølgende salg til over markedsprisen.
B98
Hvis en modervirksomhed mister sin bestemmende indflydelse på en dattervirksomhed, skal den:
a)
ophøre med at indregne:
i)
dattervirksomhedens aktiver (herunder eventuel goodwill) og forpligtelser til den regnskabsmæssige værdi fra den dato, hvor den bestemmende indflydelse mistes, og
ii)
den regnskabsmæssige værdi af minoritetsinteresser i den tidligere dattervirksomhed fra den dato, hvor den bestemmende indflydelse mistes (herunder alle elementer af anden totalindkomst, der kan henføres til disse).
b)
indregne:
i)
dagsværdien af et eventuelt vederlag hidrørende fra transaktionen, begivenheden eller forholdet, der medførte tabet af den bestemmende indflydelse
ii)
den pågældende udlodning, såfremt transaktionen, begivenheden eller forholdet, der medførte tabet af den bestemmende indflydelse, omfatter en udlodning af aktier i dattervirksomheden til ejere i deres egenskab af ejere, og
iii)
en eventuel bevaret kapitalandel i den tidligere dattervirksomhed til dagsværdi på den dato, hvor den bestemmende indflydelse blev mistet.
c)
foretage omklassifikation til resultat eller overførsel direkte til overført resultat, hvis dette kræves i henhold til andre IFRS-standarder, af de beløb, der er indregnet i anden totalindkomst i forbindelse med dattervirksomheden på det grundlag, der er beskrevet i afsnit B99.
d)
indregne den eventuelle difference, der måtte opstå, som gevinst eller tab i den del af resultatet, der kan henføres til modervirksomheden.
B99
Hvis en modervirksomhed mister sin bestemmende indflydelse på en dattervirksomhed, skal modervirksomheden behandle alle beløb, der tidligere er indregnet i anden totalindkomst vedrørende dattervirksomheden, på samme regnskabsmæssige grundlag, som ville være krævet, hvis modervirksomheden havde afhændet de tilknyttede aktiver eller forpligtelser direkte. Således gælder det, at hvis en gevinst eller et tab, der tidligere er indregnet i anden totalindkomst, skal omklassificeres til resultatet ved afståelsen af de tilknyttede aktiver eller forpligtelser, skal modervirksomheden omklassificere gevinsten eller tabet fra egenkapitalen til resultatet (som en omklassifikationsregulering), når den mister sin bestemmende indflydelse på dattervirksomheden. Hvis en reserve for opskrivninger, der tidligere blev indregnet i anden totalindkomst, ville være blevet overført direkte til overført resultat ved afståelsen af aktivet, skal modervirksomheden overføre reserven for opskrivninger direkte til det overførte resultat, når den mister sin bestemmende indflydelse på dattervirksomheden.
REGNSKABSMÆSSIG BEHANDLING AF ÆNDRING I INVESTERINGSVIRKSOMHEDSSTATUS
B100
Når en virksomhed ophører med at være en investeringsvirksomhed, skal den anvende IFRS 3 på enhver dattervirksomhed, som tidligere blev målt til dagsværdi over resultatet i overensstemmelse med afsnit 31. Datoen for statusændringen er den skønnede anskaffelsesdato. Dagsværdien af dattervirksomheden på det skønnede anskaffelsestidspunkt udgør det skønnede erlagte vederlag i forbindelse med måling af goodwill eller gevinst hidrørende fra et tilbudskøb som følge af den skønnede anskaffelse. Alle dattervirksomheder konsolideres i overensstemmelse med denne standards afsnit 19-24 fra datoen for statusændringen.
B101
Når en virksomhed bliver en investeringsvirksomhed, ophører den med at konsolidere sine dattervirksomheder på datoen for statusændringen, bortset fra enhver dattervirksomhed, som fortsat skal konsolideres i henhold til afsnit 32. Investeringsvirksomheden anvender kravene i afsnit 25 og 26 på de dattervirksomheder, den ophører med at konsolidere, som om investeringsvirksomheden havde mistet den bestemmende indflydelse på disse dattervirksomheder på den pågældende dato.
Appendiks C
Ikrafttrædelsestidspunkt og overgang
Dette appendiks er en integreret del af IFRS-standarden og har samme gyldighed som de øvrige dele af standarden.
IKRAFTTRÆDELSESTIDSPUNKT
C1
Virksomheder skal anvende denne IFRS for årsregnskaber, som begynder den 1. januar 2013 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender denne IFRS tidligere, skal den give oplysning om dette og samtidig anvende IFRS 11, IFRS 12, IFRS 27 
Separate årsregnskaber
 og IAS 28 (som ajourført i 2011).
C1A
Koncernregnskaber, fælles ordninger og oplysninger om kapitalandele i andre virksomheder: Overgangsretningslinjer
 (ændringer til IFRS 10, IFRS 11 og IFRS 12), udstedt i juni 2012, medførte ændring af afsnit C2–C6 og tilføjelse af afsnit C2A–C2B, C4A–C4C, C5A og C6A–C6B. En virksomhed skal anvende disse ændringer på regnskabsår, som begynder den 1. januar 2013 eller derefter. Hvis en virksomhed anvender IFRS 10 på et tidligere regnskabsår, skal den anvende disse ændringer på dette tidligere regnskabsår.
C1B
Investeringsvirksomheder
 (ændringer til IFRS 10, IFRS 12 og IAS 27), udstedt i oktober 2012, medførte ændring af afsnit 2, 4, C2A, C6A og appendiks A og tilføjelse af afsnit 27-33, B85A-B85W, B100-B101 og C3A-C3F. En virksomhed skal anvende disse ændringer på regnskabsår, som begynder den 1. januar 2014 eller derefter. Det er tilladt at anvende dem tidligere. Hvis en virksomhed anvender disse ændringer tidligere, skal den oplyse herom og samtidigt anvende alle ændringerne i 
Investeringsvirksomheder
.
C1D
Investeringsvirksomheder: Anvendelse af konsolideringsfritagelsen
 (ændringer af IFRS 10, IFRS 12 og IAS 28), udstedt i december 2014, medførte ændring af afsnit 4, 32, B85C, B85E og C2A og tilføjelse af afsnit 4A-4B. En virksomhed skal anvende disse ændringer på regnskabsår, som begynder den 1. januar 2016 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender disse ændringer på en tidligere regnskabsperiode, skal den oplyse herom.
OVERGANG
C2.
Virksomheder skal anvende denne IFRS med tilbagevirkende kraft i overensstemmelse med IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
, jf. dog i afsnit C2A-C6.
C2A
Uanset kravene i afsnit 28 i IAS 8 skal en virksomhed, når denne IFRS anvendes første gang, og, hvis dette er senere, når ændringerne til denne IFRS vedrørende 
Investeringsvirksomheder og Investeringsvirksomheder: Anvendelse af konsolideringsfritagelsen
 anvendes første gang, kun forelægge de kvantitative oplysninger, der kræves i afsnit 28, litra f), i IAS 8 for det regnskabsår, der ligger umiddelbart forud for tidspunktet for førstegangsanvendelsen af denne IFRS ("den umiddelbart foregående periode"). En virksomhed kan også forelægge disse oplysninger for den indeværende periode eller for tidligere sammenligningsperioder, men det er ikke påkrævet.
C2B
I forbindelse med denne IFRS er tidspunktet for førstegangsanvendelsen begyndelsen af den årlige regnskabsperiode, for hvilken denne IFRS anvendes for første gang.
C3
På tidspunktet for førstegangsanvendelsen kræves det ikke af en virksomhed, at den foretager reguleringer i tidligere regnskaber vedrørende dens inddragelse i forbindelse med enten:
a)
virksomheder, der vil blive konsolideret på dette tidspunkt i henhold til IAS-27 
Koncernregnskaber og separate regnskaber
 og SIC-12 
Konsolidering - særlige virksomheder
, og som stadig konsolideres i henhold til denne IFRS, eller
b)
virksomheder, som ikke vil blive konsolideret på dette tidspunkt i henhold til IAS 27 og SIC-12, og som ikke konsolideres i henhold til denne IFRS.
C3A
På tidspunktet for førstegangsanvendelsen skal en virksomhed vurdere, hvorvidt den er en investeringsvirksomhed, på grundlag af de forhold og omstændigheder, der gør sig gældende på dette tidspunkt. Hvis en virksomhed på tidspunktet for førstegangsanvendelsen konkluderer, at den er en investeringsvirksomhed, skal den anvende kravene i afsnit C3B-C3F i stedet for afsnit C5-C5A.
C3B
Med undtagelse af en dattervirksomhed, som konsolideres i henhold til afsnit 32 (som enten afsnit C3 og C6 eller afsnit C4-C4C finder anvendelse på), skal en investeringsvirksomhed måle sin investering i hver enkelt dattervirksomhed til dagsværdi over resultatet, som om kravene i denne standard altid havde været gældende. Investeringsvirksomheden regulerer med tilbagevirkende kraft både det regnskabsår, der ligger umiddelbart forud for tidspunktet for førstegangsanvendelsen, og egenkapitalen i begyndelsen af den umiddelbart foregående periode for en eventuel forskel mellem:
a)
dattervirksomhedens tidligere regnskabsmæssige værdi og
b)
dagsværdien af investeringsvirksomhedens investering i dattervirksomheden.
Den samlede værdi af dagsværdireguleringer, der tidligere er indregnet i anden totalindkomst, overføres til det overførte resultat i begyndelsen af det regnskabsår, der ligger umiddelbart forud for tidspunktet for førstegangsanvendelsen.
C3C
Før tidspunktet for anvendelsen af IFRS 13 
Måling af dagsværdi
 skal en investeringsvirksomhed bruge de dagsværdibeløb, der tidligere blev rapporteret til investorer eller til ledelsen, hvis sådanne beløb repræsenterer det beløb, som investeringen kunne have været udvekslet til ved en handel mellem kvalificerede, villige, indbyrdes uafhængige parter på datoen for vurderingen.
C3D
Hvis det ikke er muligt i overensstemmelse med afsnit C3B-C3C (som defineret i IAS 8) at måle investeringen i en dattervirksomhed, skal investeringsvirksomheden anvende kravene i denne IFRS ved begyndelsen af den tidligste periode, hvor anvendelsen af afsnit C3B-C3C er mulig, hvilket kan være den indeværende periode. Investoren regulerer det regnskabsår med tilbagevirkende kraft, der ligger umiddelbart forud for tidspunktet for førstegangsanvendelsen, medmindre påbegyndelsen af den tidligste periode, hvor anvendelsen af dette afsnit er mulig, er den indeværende periode. Hvis dette er tilfældet, indregnes reguleringen af egenkapitalen fra begyndelsen af den indeværende periode.
C3E
Hvis en investeringsvirksomhed har afhændet eller har mistet den bestemmende indflydelse på en dattervirksomhed før tidspunktet for førstegangsanvendelsen af denne IFRS, er det ikke et krav, at investeringsvirksomheden foretager reguleringer i de tidligere regnskaber for den pågældende dattervirksomhed.
C3F
Hvis en virksomhed anvender ændringerne vedrørende 
Investeringsvirksomheder
 i en periode senere end det tidspunkt, hvor den anvender IFRS 10 første gang, læses alle henvisninger til "tidspunktet for førstegangsanvendelsen" i afsnit C3A-C3E som "begyndelsen af det regnskabsår, for hvilket ændringerne i 
Investeringsvirksomheder
 (ændringer til IFRS 10, IFRS 12 og IAS 27), udstedt i oktober 2012, anvendes første gang."
C4
Hvis en investor konkluderer på tidspunktet for førstegangsanvendelsen, at denne vil konsolidere en virksomhed, der er investeret i, som ikke var blevet konsolideret i henhold til IAS 27 og SIC-12, skal denne investor:
a)
hvis den virksomhed, der er investeret i, er en forretningsvirksomhed (som defineret i IFRS 3 
Virksomhedssammenslutninger
), måle aktiver, forpligtelser og minoritetsinteresser i denne virksomhed, der er investeret i, og som hidtil ikke har været konsolideret, som hvis denne virksomhed, der er investeret i, havde været konsolideret (og således havde anvendt overtagelsesbogføring i overensstemmelse med IFRS 3) fra den dato, hvor investoren fik bestemmende indflydelse på den pågældende virksomhed, der er investeret i, på grundlag af kravene i denne IFRS. Investoren regulerer det regnskabsår med tilbagevirkende kraft, der ligger umiddelbart forud for tidspunktet for førstegangsanvendelsen. Hvis den dato, hvor investoren fik bestemmende indflydelse, ligger før begyndelsen af den umiddelbart foregående periode, indregner investor som en regulering af egenkapitalen ved begyndelsen af den umiddelbart foregående periode enhver forskel mellem:
i)
værdien af de aktiver, forpligtelser og minoritetsinteresser, der er indregnet, og
ii)
den tidligere regnskabsmæssige værdi af investorens deltagelse i den virksomhed, der er investeret i.
b)
hvis den virksomhed, der er investeret i, ikke er en forretningsvirksomhed (som defineret i IFRS 3), måle aktiver, forpligtelser og minoritetsinteresser i denne virksomhed, der er investeret i, og som hidtil ikke har været konsolideret, som hvis denne virksomhed, der er investeret i, havde været konsolideret (ved anvendelse af den overtagelsesmetode, der er beskrevet i IFRS 3, uden at indregne eventuel goodwill til den virksomhed, der er investeret i) fra den dato, hvor investoren fik bestemmende indflydelse på den pågældende virksomhed, der er investeret i, på grundlag af kravene i denne IFRS. Investoren regulerer det regnskabsår med tilbagevirkende kraft, der ligger umiddelbart forud for tidspunktet for førstegangsanvendelsen. Hvis den dato, hvor investoren fik bestemmende indflydelse, ligger før begyndelsen af den umiddelbart foregående periode, indregner investor som en regulering af egenkapitalen ved begyndelsen af den umiddelbart foregående periode enhver forskel mellem:
i)
værdien af de aktiver, forpligtelser og minoritetsinteresser, der er indregnet, og
ii)
den tidligere regnskabsmæssige værdi af investorens deltagelse i den virksomhed, der er investeret i.
C4A
Hvis målingen af aktiver, forpligtelser og minoritetsinteresser vedrørende en virksomhed, der er investeret i, i overensstemmelse med afsnit C4, litra a) eller b), er praktisk umulig (som defineret i IAS 8), skal investoren:
a)
hvis den virksomhed, der er investeret i, er en forretningsvirksomhed, anvende kravene i IFRS 3 fra det skønnede anskaffelsestidspunkt. Det skønnede anskaffelsestidspunkt er datoen for påbegyndelsen af den tidligste periode, hvor anvendelsen af afsnit C4, litra a), er mulig, hvilket kan være den indeværende periode
b)
hvis den virksomhed, der er investeret i, ikke er en forretningsvirksomhed, anvende den overtagelsesmetode, der er beskrevet i IFRS 3, uden at indregne eventuel goodwill til den virksomhed, der er investeret i, fra det skønnede anskaffelsestidspunkt. Det skønnede anskaffelsestidspunkt er datoen for påbegyndelsen af den tidligste periode, hvor anvendelsen af afsnit C4, litra b), er mulig, hvilket kan være den indeværende periode.
Investoren regulerer det regnskabsår med tilbagevirkende kraft, der ligger umiddelbart forud for tidspunktet for førstegangsanvendelsen, medmindre påbegyndelsen af den tidligste periode, hvor anvendelsen af dette afsnit er mulig, er den indeværende periode. Hvis det skønnede anskaffelsestidspunkt ligger før begyndelsen af den umiddelbart foregående periode, indregner investor som en regulering af egenkapitalen ved begyndelsen af den umiddelbart foregående periode enhver forskel mellem:
c)
værdien af de aktiver, forpligtelser og minoritetsinteresser, der er indregnet, og
d)
den tidligere regnskabsmæssige værdi af investorens deltagelse i den virksomhed, der er investeret i.
Hvis den tidligste periode, hvor anvendelsen af dette afsnit er mulig, er den indeværende periode, indregnes reguleringen af egenkapitalen fra begyndelsen af den indeværende periode.
C4B
Hvis en investor anvender afsnit C4–C4A, og den dato, hvor investoren fik bestemmende indflydelse i overensstemmelse med denne IFRS, er senere end den dato, hvor IFRS 3 trådte i kraft som ajourført i 2008 (IFRS 3 (2008)), skal henvisningen til IFRS 3 i afsnit C4 og C4A være til IFRS 3 (2008). Hvis der blev opnået bestemmende indflydelse inden den dato, hvor IFRS 3 (2008) trådte i kraft, anvender en investor enten IFRS 3 (2008) eller IFRS 3 (udstedt i 2004).
C4C
Hvis en investor anvender afsnit C4–C4A, og den dato, hvor investoren fik bestemmende indflydelse i overensstemmelse med denne IFRS, er senere end den dato, hvor IAS 27 trådte i kraft som ændret i 2008 (IAS 27 (2008)), anvender investoren kravene i denne IFRS på alle de perioder, hvor den virksomhed, der er investeret i, konsolideres med tilbagevirkende kraft, i overensstemmelse med afsnit C4–C4A. Hvis der blev opnået bestemmende indflydelse inden den dato, hvor IAS 27 (2008) trådte i kraft, anvender investoren enten:
a)
kravene i denne IFRS på alle de perioder, hvor den virksomhed, der er investeret i, konsolideres med tilbagevirkende kraft, i overensstemmelse med afsnit C4–C4A eller
b)
kravene i den udgave af IAS 27, der blev udstedt i 2003 (IAS 27 (2003)), på de perioder, der ligger før den dato, hvor IAS 27 (2008) trådte i kraft, og derefter kravene i denne IFRS på de efterfølgende perioder.
C5
Hvis en investor på tidspunktet for førstegangsanvendelsen konkluderer, at denne ikke længere vil konsolidere en virksomhed, der er investeret i, som var konsolideret i overensstemmelse med IAS 27 og SIC-12, skal investoren måle sine kapitalandele i den virksomhed, der er investeret i, til den værdi, som de ville være blevet målt til, hvis kravene i denne IFRS havde været gældende, da investoren blev engageret i (men ikke opnåede bestemmende indflydelse i henhold til denne IFRS) eller mistede sin bestemmende indflydelse på den virksomhed, der er investeret i. Investoren regulerer det regnskabsår med tilbagevirkende kraft, der ligger umiddelbart forud for tidspunktet for førstegangsanvendelsen. Hvis den dato, hvor investoren blev engageret i (men ikke opnåede bestemmende indflydelse i henhold til denne IFRS) eller mistede sin bestemmende indflydelse på den virksomhed, der er investeret i, ligger før begyndelsen af den umiddelbart foregående periode, indregner investor som en regulering af egenkapitalen ved begyndelsen af den umiddelbart foregående periode enhver forskel mellem:
a)
den regnskabsmæssige værdi af de aktiver, forpligtelser og minoritetsinteresser, der er indregnet, og
b)
det beløb, der er indregnet i forbindelse med investorens kapitalandel i den virksomhed, der er investeret i.
C5A
Hvis det ikke er muligt i overensstemmelse med afsnit C5 (som defineret i IAS 8) at måle kapitalandelen i den virksomhed, der er investeret i, skal investoren anvende kravene i denne IFRS ved begyndelsen af den tidligste periode, hvor anvendelsen af afsnit C5 er mulig, hvilket kan være den indeværende periode. Investoren regulerer det regnskabsår med tilbagevirkende kraft, der ligger umiddelbart forud for tidspunktet for førstegangsanvendelsen, medmindre påbegyndelsen af den tidligste periode, hvor anvendelsen af dette afsnit er mulig, er den indeværende periode. Hvis den dato, hvor investoren blev engageret i (men ikke opnåede bestemmende indflydelse i henhold til denne IFRS) eller mistede sin bestemmende indflydelse på den virksomhed, der er investeret i, ligger før begyndelsen af den umiddelbart foregående periode, indregner investor som en regulering af egenkapitalen ved begyndelsen af den umiddelbart foregående periode enhver forskel mellem:
a)
den regnskabsmæssige værdi af de aktiver, forpligtelser og minoritetsinteresser, der er indregnet, og
b)
det beløb, der er indregnet i forbindelse med investorens kapitalandel i den virksomhed, der er investeret i.
Hvis den tidligste periode, hvor anvendelsen af dette afsnit er mulig, er den indeværende periode, indregnes reguleringen af egenkapitalen fra begyndelsen af den indeværende periode.
C6
Afsnit 23, 25, B94 og B96–B99 var ændringer til IAS 27, der blev foretaget i 2008 og blev videreført i IFRS 10. Virksomheden skal anvende kravene i disse afsnit som følger, undtagen hvis en virksomhed anvender afsnit C3 eller er nødt til at anvende afsnit C4–C5A:
a)
En virksomhed skal ikke omregne fordelingen af resultater for regnskabsår, der ligger forud for førstegangsanvendelse af ændringen af afsnit B94.
b)
Kravene i afsnit 23 og B96 om regnskabsmæssig behandling af ejerandele i en dattervirksomhed efter opnåelse af bestemmende indflydelse finder ikke anvendelse på ændringer, der blev foretaget forud for virksomhedens førstegangsanvendelse af disse ændringer.
c)
En virksomhed skal ikke omregne den regnskabsmæssige værdi af en kapitalandel i en tidligere dattervirksomhed, hvis den bestemmende indflydelse blev mistet før virksomhedens førstegangsanvendelse af ændringerne i afsnit 25 og B97-B99. Desuden skal en virksomhed ikke omberegne eventuelle tab eller gevinster hidrørende fra et tab af bestemmende indflydelse på en virksomhed, som fandt sted før førstegangsanvendelse af ændringerne i afsnit 25 og B97-B99.
Henvisninger til "den umiddelbart foregående periode"
C6A
Uanset henvisningerne til det regnskabsår, der ligger umiddelbart forud for tidspunktet for førstegangsanvendelsen ("den umiddelbart foregående periode"), i afsnit C3B-C5A kan en virksomhed også forelægge regulerede sammenligningstal for en tidligere forelagt periode, men er ikke nødt til det. Hvis en virksomhed alligevel forelægger regulerede sammenligningstal for en tidligere periode, læses alle henvisninger til "den umiddelbart foregående periode" i afsnit C3B-C5A som "den tidligst regulerede sammenligningsperiode, der er forelagt."
C6B
Hvis en virksomhed forelægger ikke-regulerede sammenlignelige oplysninger for en tidligere periode, skal den klart udpege de oplysninger, der ikke er blevet reguleret, anføre, at de er udarbejdet på et andet grundlag, og redegøre for dette grundlag.
Henvisninger til IFRS 9
C7
Hvis en virksomhed anvender denne standard, men endnu ikke anvender IFRS 9, læses enhver henvisning i denne standard til IFRS 9 som en henvisning til IAS 39 
Finansielle instrumenter: Indregning og måling
OPHÆVELSE AF ANDRE IFRS-STANDARDER
C8
Denne IFRS erstatter kravene vedrørende koncernregnskaber i IAS 27 (som ajourført i 2008).
C9
Denne IFRS erstatter ligeledes SIC-12 
Konsolidering - særlige virksomheder
.
IFRS 11
Fælles ordninger
FORMÅL
1
Formålet med denne IFRS er at fastlægge principperne for regnskaber udarbejdet af virksomheder, der har kapitalandele i ordninger med fælles bestemmende indflydelse (dvs. 
fælles ordninger
).
Opfyldelse af målsætningen
2
For at opfylde målsætningen i punkt 1 indeholder denne IFRS en definition af 
fælles bestemmende indflydelse
 og et krav om, at en virksomhed, der er 
part i en fælles ordning
, skal fastslå den type fælles ordning, som den deltager i, ved at vurdere sine rettigheder og forpligtelser og gøre rede for disse rettigheder og forpligtelser i overensstemmelse med den pågældende type fælles ordning.
ANVENDELSESOMRÅDE
3
Denne IFRS skal anvendes af alle virksomheder, der er part i en fælles ordning.
FÆLLES ORDNINGER
4
Et fælles arrangement er et arrangement, på hvilket to eller flere parter har fælles bestemmende indflydelse.
5
En fælles ordning har følgende kendetegn:
a)
Parterne er bundet af en kontraktlig aftale (jf. afsnit B2-B4).
b)
I henhold til den kontraktlige aftale har to eller flere af disse parter fælles bestemmende indflydelse på ordningen (jf. afsnit 7-13).
6
En fælles ordning er enten et 
driftsfællesskab
 eller et 
joint venture
.
Fælles bestemmende indflydelse
7
Fælles bestemmende indflydelse er en kontraktlig aftale om delt bestemmende indflydelse på et arrangement og eksisterer kun, når de beslutninger, som er knyttet til de pågældende aktiviteter, kræver enstemmighed mellem de parter, der deler den bestemmende indflydelse.
8
En virksomhed, der er part i en ordning, skal vurdere, hvorvidt den kontraktlige aftale giver alle parterne eller en gruppe af parterne fælles bestemmende indflydelse på ordningen. Alle parterne eller en gruppe af parterne har fælles bestemmende indflydelse på ordningen, når de skal handle i fællesskab for at styre de aktiviteter, der i væsentlig grad påvirker ordningens afkast (dvs. de relevante aktiviteter).
9
Når det er blevet fastslået, at alle parterne eller en gruppe af parterne har fælles bestemmende indflydelse, eksisterer der udelukkende fælles bestemmende indflydelse, når beslutninger om de relevante aktiviteter forudsætter enstemmigt samtykke fra de parter, der har fælles bestemmende indflydelse på ordningen.
10
I en fælles ordning er der ikke en enkelt part, der alene har bestemmende indflydelse på ordningen. En part med fælles bestemmende indflydelse på en ordning kan hindre enhver af de øvrige parter eller en gruppe af parterne i at have bestemmende indflydelse på ordningen.
11
En ordning kan være en fælles ordning, selv om ikke alle parterne i ordningen har fælles bestemmende indflydelse på ordningen. I denne IFRS sondres der mellem parter, der har fælles bestemmende indflydelse på en fælles ordning (
driftsfællesskabspartnere
 eller 
partnere i joint ventures
), og parter, der deltager i, men ikke har fælles bestemmende indflydelse på en fælles ordning.
12
En virksomhed skal foretage en bedømmelse ved vurderingen af, hvorvidt alle parterne eller en gruppe af parterne har fælles bestemmende indflydelse på en ordning. Virksomheden skal foretage denne vurdering ved at tage højde for alle forhold og omstændigheder (jf. afsnit B5-B11).
13
Hvis der sker ændringer i forholdene og omstændighederne, skal virksomheden foretage en ny vurdering af, om den stadig har fælles bestemmende indflydelse på ordningen.
Typer af fælles ordninger
14
En virksomhed skal fastslå, hvilken type fælles ordning den deltager i. Klassifikationen af en fælles ordning som et driftsfællesskab eller et joint venture afhænger af de rettigheder og forpligtelser, som parterne i ordningen har.
15
Et driftsfællesskab er en fælles ordning, hvor de parter, der har fælles bestemmende indflydelse på ordningen, har rettigheder til aktiverne og gældsforpligtelser, der vedrører ordningen. Disse parter benævnes driftsfællesskabspartnere.
16
Et joint venture er et fælles arrangement, hvorved de parter, der har fælles bestemmende indflydelse på arrangementet, har rettigheder til arrangementets nettoaktiver. Disse parter benævnes partnere i joint ventures.
17
En virksomhed foretager en bedømmelse ved vurderingen af, om en fælles ordning er et driftsfællesskab eller et joint venture. En virksomhed skal fastslå den type fælles ordning, som den deltager i, ved at tage højde for sine rettigheder og forpligtelser, der følger af denne ordning. En virksomhed vurderer sine rettigheder og forpligtelser ved at tage højde for ordningens struktur og juridiske form, de vilkår, som parterne har aftalt i den kontraktlige aftale, og, hvor dette er relevant, øvrige forhold og omstændigheder (jf. afsnit B12-B33).
18
Parterne er til tider bundet af en rammeaftale, hvori de almindelige kontraktvilkår for gennemførelsen af en eller flere aktiviteter er fastlagt. Denne rammeaftale kan indeholde en bestemmelse om, at parterne fastlægger forskellige fælles ordninger vedrørende specifikke aktiviteter, der udgør en del af aftalen. Selv om disse fælles ordninger vedrører den samme rammeaftale, kan typen af ordninger være forskellige, hvis parternes rettigheder og forpligtelser er forskellige, afhængig af de forskellige aktiviteter, der er omhandlet i rammeaftalen. Driftsfællesskaber og joint ventures kan følgelig eksistere side om side, hvis parterne gennemfører forskellige aktiviteter, der er omfattet af den samme rammeaftale.
19
Hvis der sker ændringer i forholdene og omstændighederne, skal virksomheden foretage en ny vurdering af, hvorvidt den type fælles ordning, som den deltager i, har ændret sig.
ÅRSREGNSKABER UDARBEJDET AF PARTER I EN FÆLLES ORDNING
Driftsfællesskaber
20
En driftsfællesskabspartner skal i forbindelse med sin kapitalandel i et driftsfællesskab indregne:
a)
sine aktiver, herunder sin andel af alle de aktiver, der ejes i fællesskab,
b)
sine forpligtelser, herunder sin andel af alle de forpligtelser, som parterne har pådraget sig i fællesskab,
c)
sine indtægter fra salget af sin del af resultatet af driftsfællesskabet,
d)
sin del af indtægterne fra salget af resultatet af driftsfællesskabet, og
e)
sine omkostninger, herunder sin andel af alle de fællesomkostninger, der er påløbet.
21
En driftsfællesskabspartner skal gøre rede for de aktiver, forpligtelser, indtægter og omkostninger, der vedrører partnerens kapitalandel i et driftsfællesskab, i overensstemmelse med de IFRS-standarder, der finder anvendelse på de pågældende aktiver, forpligtelser, indtægter og omkostninger.
21A
Hvis en virksomhed erhverver en kapitalandel i et driftsfællesskab, hvis aktiviteter udgør en virksomhed som defineret i IFRS 3 
Virksomhedssammenslutninger
, skal den for sin andels vedkommende i overensstemmelse med afsnit 20 anvende samtlige principper for regnskabsmæssig behandling af virksomhedssammenslutninger i IFRS 3 og andre IFRS-standarder, der ikke strider imod vejledningen i denne standard, og offentliggøre de oplysninger om virksomhedssammenslutninger, der kræves i disse IFRS-standarder. Dette gælder erhvervelsen af både den oprindelige kapitalandel og yderligere kapitalandele i et driftsfællesskab, hvis aktiviteter udgør en virksomhed. Den regnskabsmæssige behandling af erhvervelse af en kapitalandel i et sådant driftsfællesskab er beskrevet i afsnit B33A–B33D.
22
Den regnskabsmæssige behandling af transaktioner som f.eks. salg af, bidrag med eller køb af aktiver mellem en virksomhed og et driftsfællesskab, som den pågældende virksomhed er driftsfællesskabspartner i, er beskrevet i afsnit B34-B37.
23
En part, der deltager i, men som ikke har fælles bestemmende indflydelse på et driftsfællesskab, skal også foretage regnskabsmæssig behandling af sin kapitalandel i ordningen i overensstemmelse med afsnit 20-22, hvis denne part har rettigheder til aktiverne og gældsforpligtelser, der vedrører driftsfællesskabet. Hvis en part, der deltager i, men som ikke har fælles bestemmende indflydelse på et driftsfællesskab, ikke har rettigheder til aktiverne og gældsforpligtelser, der vedrører det pågældende driftsfællesskab, skal denne part foretage regnskabsmæssig behandling af sin kapitalandel i driftsfællesskabet i overensstemmelse med de IFRS-standarder, der finder anvendelse på denne kapitalandel.
Joint ventures
24
En partner i et joint venture skal indregne sin kapitalandel i et joint venture som en investering og skal foretage regnskabsmæssig behandling af denne investering ved anvendelse af den indre værdis metode i overensstemmelse med IAS 28 
Investeringer i associerede virksomheder og joint ventures
, medmindre denne virksomhed er fritaget fra at anvende den indre værdis metode som anført i den standard.
25
En part, der deltager i, men som ikke har fælles bestemmende indflydelse på et joint venture, skal foretage regnskabsmæssig behandling af sin kapitalandel i ordningen i overensstemmelse med IFRS 9 
Finansielle instrumenter
, medmindre denne part har betydelig indflydelse på det pågældende joint venture. I disse tilfælde skal den pågældende part foretage regnskabsmæssig behandling af den i overensstemmelse med IAS 28 (som ajourført i 2011).
SEPARATE ÅRSREGNSKABER
26
I sit separate årsregnskab skal en driftsfællesskabspartner eller partner i et joint venture foretage regnskabsmæssig behandling af sin kapitalandel i:
a)
et driftsfællesskab i henhold til afsnit 20-22
b)
et joint venture i henhold til afsnit 10 i IAS 27 
Separate årsregnskaber
.
27
I sit separate årsregnskab skal en part, der deltager i, men som ikke har fælles bestemmende indflydelse på en fælles ordning, foretage regnskabsmæssig behandling af sin kapitalandel i:
a)
et driftsfællesskab i henhold til afsnit 23
b)
et joint venture i henhold til IFRS 9, medmindre virksomheden har betydelig indflydelse på det pågældende joint venture. I disse tilfælde skal den pågældende part anvende afsnit 10 i IAS 27 (som ajourført i 2011).
Appendiks A
Definerede termer
Dette appendiks er en integreret del af standarden.
fælles ordning
En ordning, hvor to eller flere parter har 
fælles bestemmende indflydelse
.
fælles kontrol
Kontraktlig aftalt delt bestemmende indflydelse på en ordning, der kun eksisterer, når beslutninger om de relevante aktiviteter forudsætter enstemmigt samtykke fra de parter, der deler den bestemmende indflydelse.
driftsfællesskab
En 
fælles ordning
, hvorefter de parter, der har 
fælles bestemmende indflydelse
 på ordningen, har rettigheder til aktiverne og gældsforpligtelser, der vedrører ordningen.
driftsfællesskabspartner
En part i et 
driftsfællesskab
, der har fælles bestemmende indflydelse på dette driftsfællesskab.
joint venture
En 
fælles ordning
, hvor de parter, der har 
fælles bestemmende indflydelse
 på ordningen, har rettigheder til ordningens nettoaktiver.
joint venturedeltager
En part i et 
joint venture
, der har 
fælles bestemmende indflydelse
 på dette joint venture.
part i en fælles ordning
En virksomhed, der deltager i en 
fælles ordning
, uanset om denne virksomhed har 
fælles bestemmende indflydelse
 på denne ordning.
særskilt formidlende virksomhed
En særskilt, identificerbar finansiel struktur, herunder separate juridiske enheder eller enheder, der er anerkendt i henhold til vedtægter, uanset om disse enheder er en juridisk person.
De nedenstående begreber er defineret i IAS 27 (som ajourført i 2011), IAS 28 (som ajourført i 2011) eller IFRS 10 
Koncernregnskaber
 og anvendes i nærværende IFRS med den betydning, der er anført i disse IFRS-standarder:
—
bestemmende indflydelse på en virksomhed, der er investeret i
—
den indre værdis metode
—
indflydelse
—
beskyttelsesrettigheder
—
relevante aktiviteter
—
separate årsregnskaber
—
betydelig indflydelse.
Appendiks B
Anvendelsesvejledning
Dette appendiks er en integreret del af standarden. Det indeholder en beskrivelse af anvendelsen af afsnit 1-27 og har samme gyldighed som de øvrige dele af standarden.
B1
Eksemplerne i dette appendiks er en fremstilling af hypotetiske situationer. Selv om nogle aspekter i eksemplerne kan forekomme i virkelige situationer, vil alle relevante faktiske omstændigheder og forhold i en nærmere bestemt virkelig situation skulle vurderes ved anvendelsen af IFRS 11.
FÆLLES ORDNINGER
Kontraktlig aftale (afsnit 5)
B2
Kontraktlige aftaler kan stadfæstes på adskillige måder. En retskraftig kontraktlig aftale er ofte, men ikke altid, skriftlig, og almindeligvis i form af en kontrakt eller dokumenterede indbyrdes drøftelser parterne imellem. Lovpligtige mekanismer kan også afføde retskraftige ordninger, som enten står uafhængige eller i forbindelse med kontrakter parterne imellem.
B3
Hvis fælles ordninger struktureres ved hjælp af en 
særskilt formidlende virksomhed
 (jf. afsnit B19-B33), vil den kontraktlige aftale eller nogle aspekter af den kontraktlige aftale i nogle tilfælde være indarbejdet i denne formidlende virksomheds vedtægter, fundatser eller selskabsvedtægter.
B4
Den kontraktlige aftale indeholder vilkårene for parternes deltagelse i den aktivitet, der er genstand for aftalen. Den kontraktlige aftale omhandler generelt spørgsmål som:
a)
den fælles ordnings formål, aktivitet og varighed
b)
hvordan medlemmerne af bestyrelsen eller et tilsvarende ledelsesorgan i forbindelse med den fælles ordning udpeges
c)
beslutningsprocessen: De spørgsmål, der forudsætter, at parterne træffer beslutning, parternes stemmeret og det påkrævede flertal i forbindelse med disse spørgsmål. Den beslutningsproces, der afspejles i den kontraktlige aftale, fastlægger fælles bestemmende indflydelse på ordningen (jf. afsnit B5-B11)
d)
den kapital eller andre bidrag, der kræves af parterne
e)
hvordan parterne deler aktiver, forpligtelser, indtægter, omkostninger eller fortjeneste eller tab i forbindelse med den fælles ordning.
Fælles bestemmende indflydelse (afsnit 7-13)
B5
I forbindelse med vurderingen af, om en virksomhed har fælles bestemmende indflydelse på en ordning, skal virksomheden indledningsvist vurdere, om alle parterne eller en gruppe af parterne har bestemmende indflydelse på ordningen. I IFRS 10 defineres bestemmende indflydelse, og denne standard skal anvendes til at fastslå, om alle parterne eller en gruppe af parterne er eksponeret for eller er berettiget til variable afkast fra deres deltagelse i ordningen og har mulighed for at påvirke disse afkast i kraft af deres beføjelser inden for rammerne af ordningen. Hvis alle parterne eller en gruppe af parterne kollektivt set kan styre de aktiviteter, der i væsentlig grad påvirker ordningens afkast (dvs. de relevante aktiviteter), har parterne fælles bestemmende indflydelse på ordningen.
B6
Hvis det konkluderes, at alle parterne eller en gruppe af parterne har fælles bestemmende indflydelse på ordningen, skal virksomheden vurdere, hvorvidt den har fælles bestemmende indflydelse på ordningen. Fælles bestemmende indflydelse eksisterer udelukkende, når beslutninger om de relevante aktiviteter forudsætter enstemmigt samtykke fra de parter, der har fælles bestemmende indflydelse på ordningen. Vurderingen af, hvorvidt alle parterne i ordningen eller en gruppe af disse parter har fælles bestemmende indflydelse på ordningen, eller om en af ordningens parter alene har bestemmende indflydelse på denne, kan kræve, at der foretages en bedømmelse.
B7
Nogle gange indebærer den beslutningsproces, som parterne er nået til enighed om i deres kontraktlige aftale, implicit fælles bestemmende indflydelse. Lad os f.eks. antage, at to parter fastlægger en ordning, hvor hver part ejer 50 % af stemmeretten, og at det i parternes indbyrdes kontraktlige aftale er fastslået, at det er nødvendigt med mindst 51 % af stemmeretten for at træffe beslutninger om de relevante aktiviteter. I dette tilfælde har parterne implicit aftalt, at de har fælles bestemmende indflydelse på ordningen, da der ikke kan træffes beslutninger om de relevante aktiviteter, uden at begge parter er enige.
B8
I andre situationer kræves der i den kontraktlige aftale en minimumsandel af stemmeretten for at træffe beslutninger om de relevante aktiviteter. Hvis denne påkrævede minimumsandel af stemmeretten kan opnås ved, at mere end en kombination af parterne bliver enige, er denne ordning ikke en fælles ordning, medmindre det i den kontraktlige aftale står beskrevet, hvilke parter (eller kombinationer af parter) der kræves for at opnå enstemmighed vedrørende beslutninger om de relevante aktiviteter i forbindelse med ordningen.
Eksempler på anvendelse
Eksempel 1
Lad os antage, at tre parter fastlægger en ordning: A ejer 50 % af stemmerettighederne i ordningen, B ejer 30 %, og C har 20 %. I den kontraktlige aftale mellem A, B og C er det anført, at der kræves mindst 75 % af stemmerettighederne for at træffe beslutninger om de relevante aktiviteter i ordningen. Selv om A kan blokere enhver beslutning, har denne ikke bestemmende indflydelse på ordningen, eftersom dette forudsætter B's samtykke. De vilkår i deres kontraktlige aftale, hvorefter der kræves mindst 75 % af stemmerettighederne for at træffe beslutninger om de relevante aktiviteter, indebærer, at A og B har fælles bestemmende indflydelse på ordningen, da der ikke kan træffes beslutninger om de relevante aktiviteter inden for rammerne af ordningen, uden at både A og B er enige.
Eksempel 2
Lad os antage, at der er tre parter i en ordning: A ejer 50 % af stemmerettighederne i ordningen, og B og C ejer hver især 25 %. I den kontraktlige aftale mellem A, B og C er det anført, at der kræves mindst 75 % af stemmerettighederne for at træffe beslutninger om de relevante aktiviteter i ordningen. Selv om A kan blokere enhver beslutning, har denne ikke bestemmende indflydelse på ordningen, eftersom det forudsætter enten B's eller C's samtykke. I dette eksempel har A, B og C fælles bestemmende indflydelse på ordningen. Der er imidlertid mere end en kombination af parter, der kan nå til enighed og dermed nå op på 75 % af stemmerettighederne (dvs. enten A og B eller A og C). For at ordningen kan betegnes som en fælles ordning, ville det i denne situation være nødvendigt at anføre i den kontraktlige aftale, hvilken kombination af parterne der er nødvendig for at opnå enstemmighed med hensyn til beslutninger om de relevante aktiviteter i ordningen.
Eksempel 3
Det antages, at vi har at gøre med en ordning, hvori A og B hver især har 35 % af stemmerettighederne i ordningen, og at de resterende 30 % er meget spredte. Beslutninger om de relevante aktiviteter forudsætter et flertal af de stemmeberettigedes godkendelse. A og B har kun fælles bestemmende indflydelse på ordningen, hvis det i den kontraktlige aftale er anført, at beslutninger om de relevante aktiviteter inden for rammerne af ordningen forudsætter, at både A og B er enige.
B9
Kravet om enstemmighed betyder, at enhver part med fælles bestemmende indflydelse på ordningen kan hindre enhver af de øvrige parter eller en gruppe af parterne i at træffe ensidige beslutninger (om de relevante aktiviteter) uden den førstnævnte parts samtykke. Hvis kravet om enstemmighed kun vedrører beslutninger, der giver en part beskyttelsesrettigheder, og ikke beslutninger om de relevante aktiviteter inden for rammerne af ordningen, er denne part ikke en part med fælles bestemmende indflydelse på ordningen.
B10
En kontraktlig aftale kan indeholde bestemmelser om tvistbilæggelse, som f.eks. voldgift. I henhold til disse bestemmelser kan det være muligt at træffe beslutninger uden enstemmighed blandt de parter, der har fælles bestemmende indflydelse. Tilstedeværelsen af sådanne bestemmelser er ikke til hinder for, at det kan være en ordning med fælles bestemmende indflydelse og således en fælles ordning.
Vurdering af fælles bestemmende indflydelse
B11
Hvis en ordning ligger uden for anvendelsesområdet for IFRS 11, skal en virksomhed foretage regnskabsmæssig behandling af sin kapitalandel i ordningen i overensstemmelse med de relevante regnskabsstandarder som f.eks. IFRS 10, IAS 28 (som ajourført i 2011) eller IFRS 9.
TYPER AF FÆLLES ORDNINGER (AFSNIT 14-19)
B12
Der etableres fælles ordninger af en række årsager (f.eks. som en måde, hvorpå parterne kan være fælles om omkostninger og risici, eller som en måde, hvorpå parterne kan få adgang til ny teknologi eller nye markeder), og de kan etableres ved anvendelse af forskellige strukturer og juridiske former.
B13
I nogle ordninger kræves det ikke, at den aktivitet, der er genstand for ordningen, kan gennemføres i en særskilt formidlende virksomhed. Andre ordninger indebærer imidlertid etablering af en særskilt formidlende virksomhed.
B14
Den klassificering af fælles ordninger, der kræves i denne IFRS, afhænger af parternes rettigheder og forpligtelser i henhold til ordningen i forbindelse med almindelig virksomhedsdrift. I denne IFRS er fælles ordninger klassificeret som enten driftsfællesskaber eller joint ventures. Hvis en virksomhed har rettigheder til aktiverne og gældsforpligtelser, der vedrører ordningen, er ordningen et driftsfællesskab. Hvis en virksomhed har rettigheder til nettoaktiverne inden for rammerne af ordningen, er ordningen et joint venture. Afsnit B16-B33 indeholder en beskrivelse af den vurdering, som en virksomhed skal foretage for at fastslå, om den har en kapitalandel i et driftsfællesskab eller en kapitalandel i et joint venture.
Klassificering af en fælles ordning
B15
Som anført i afsnit B14 kræver klassificeringen af fælles ordninger, at parterne skal foretage en vurdering af deres rettigheder og forpligtelser i medfør af ordningen. I forbindelse med denne vurdering skal virksomheden tage højde for følgende:
a)
den fælles ordnings struktur (jf. afsnit B16-B21)
b)
såfremt den fælles ordning er opbygget omkring en særskilt formidlende virksomhed:
i)
denne særskilte formidlende virksomheds juridiske form (jf. afsnit B22-B24)
ii)
vilkårene i den kontraktlige aftale (jf. afsnit B25-B28), og
iii)
hvis dette er relevant, andre forhold og omstændigheder (jf. afsnit B29-B33).
Den fælles ordnings struktur
Fælles ordninger, der ikke er bygget op omkring en særskilt formidlende virksomhed
B16
En fælles ordning, der ikke er bygget op omkring en særskilt formidlende virksomhed, er et driftsfællesskab. I disse tilfælde indeholder den kontraktlige aftale bestemmelser om parternes rettigheder til aktiverne og gældsforpligtelser, der vedrører ordningen, og parternes rettigheder til de dermed forbundne indtægter og forpligtelser med hensyn til de tilsvarende omkostninger.
B17
Den kontraktlige aftale indeholder ofte en beskrivelse af de aktiviteter, der er genstand for ordningen, og hvordan parterne agter at gennemføre disse aktiviteter i fællesskab. Parterne i en fælles ordning kan f.eks. nå til enighed om at fremstille et produkt i fællesskab, hvor hver af parterne er ansvarlig for en konkret opgave, og hver især bruger sine egne aktiver og pådrager sig sine egne forpligtelser. Den kontraktlige aftale kan ligeledes indeholde en angivelse af, hvordan parternes fælles indtægter og omkostninger skal deles mellem parterne. I disse tilfælde indregner driftsfællesskabspartnerne hver især i deres årsregnskaber de aktiver og forpligtelser, der er anvendt til den konkrete opgave, og indregner deres andel af indtægterne og omkostningerne i henhold til den kontraktlige aftale.
B18
I andre tilfælde kan parterne i en fælles aftale f.eks. være enige om at dele og drive et aktiv i fællesskab. I disse tilfælde indeholder den kontraktlige aftale en angivelse af parternes rettigheder til det aktiv, der drives i fællesskab, og hvordan resultatet eller indtægten fra dette aktiv og driftsudgifterne deles mellem parterne. Driftsfællesskabspartnerne foretager hver især regnskabsmæssig behandling af det fælles aktiv og den aftalte andel af alle forpligtelserne og indregner hver især deres respektive andel af resultatet, indtægterne og omkostningerne i henhold til den kontraktlige aftale.
Fælles ordninger, der er bygget op omkring en særskilt formidlende virksomhed
B19
En fælles ordning, hvor aktiverne og forpligtelserne i forbindelse med ordningen ejes af en særskilt formidlende virksomhed, kan enten være et joint venture eller et driftsfællesskab.
B20
Hvorvidt en part er en driftsfællesskabspartner eller en partner i et joint venture, afhænger af den pågældende parts rettigheder til aktiverne og gældsforpligtelser, der vedrører ordningen, som ejes af den særskilte formidlende virksomhed.
B21
Som anført i afsnit B15 er det, når parterne har bygget en fælles ordning op om en særskilt formidlende virksomhed, nødvendigt, at parterne foretager en vurdering af, hvorvidt denne særskilte formidlende virksomheds juridiske form, vilkårene i den kontraktlige aftale og, hvor dette er relevant, alle andre forhold og omstændigheder giver dem:
a)
rettigheder til aktiverne og gældsforpligtelser, der vedrører ordningen (dvs. ordningen er et driftsfællesskab) eller
b)
rettigheder til nettoaktiverne i ordningen (dvs. ordningen er et joint venture).
Klassificering af en fælles ordning: vurdering af parternes rettigheder og forpligtelser hidrørende fra ordningen
Den særskilte formidlende virksomheds juridiske form
B22
Den særskilte formidlende virksomheds juridiske form er relevant ved vurderingen af typen af den fælles ordning. Den juridiske form bidrager til den indledende vurdering af parternes rettigheder til aktiver og forpligtelser med hensyn til gæld i den særskilte formidlende virksomhed, som f.eks. hvorvidt parterne har kapitalandele i aktiverne i den særskilte formidlende virksomhed, og hvorvidt de hæfter for forpligtelserne i den særskilte formidlende virksomhed.
B23
Parterne kan f.eks. lede den fælles ordning gennem en særskilt formidlende virksomhed, hvis juridiske form indebærer, at den særskilte formidlende virksomhed skal behandles som en selvstændig enhed (dvs. aktiver og forpligtelser i den særskilte formidlende virksomhed er den særskilte formidlende virksomheds aktiver og forpligtelser og ikke parternes aktiver og forpligtelser). I disse tilfælde indikerer vurderingen af parternes rettigheder og forpligtelser i medfør af den særskilte formidlende virksomheds juridiske form, at ordningen er et joint venture. De vilkår, som parterne har fastlagt indbyrdes i deres kontraktlige aftale (jf. B25-B28), og, hvor dette er relevant, andre forhold og omstændigheder (jf. afsnit B29-B33) kan imidlertid have forrang for vurderingen af parternes rettigheder og forpligtelser i henhold til den særskilte formidlende virksomheds juridiske form.
B24
Vurderingen af parternes rettigheder og forpligtelser i henhold til den særskilte formidlende virksomheds juridiske form er kun tilstrækkelig til at konkludere, at ordningen er et driftsfællesskab, hvis parternes fælles ordning drives i en særskilt formidlende virksomhed, hvis juridiske form ikke indebærer adskillelse af parterne og den særskilte formidlende virksomhed (dvs. aktiver og forpligtelser i den særskilte formidlende virksomhed er parternes aktiver og forpligtelser).
Vurdering af vilkårene i den kontraktlige aftale
B25
I mange tilfælde er de rettigheder og forpligtelser, som parterne er blevet enige om i deres kontraktlige aftaler, i overensstemmelse, eller ikke i strid, med parternes rettigheder og forpligtelser i henhold til den juridiske form af den særskilte formidlende virksomhed, som ordningen er bygget op om.
B26
I andre tilfælde anvender parterne den kontraktlige aftale til at omgøre eller ændre de rettigheder og forpligtelser, der er gældende i henhold til den juridiske form af den særskilte formidlende virksomhed, som ordningen er bygget op om.
Eksempel på anvendelse
Eksempel 4
Det antages, at to parter opbygger en fælles ordning i en juridisk enhed. Hver af parterne ejer en kapitalandel på 50 % af den juridiske enhed. Stiftelsen af denne juridiske enhed gør det muligt at adskille virksomheden fra dens ejere, og aktiverne og forpligtelserne i virksomheden er således den juridiske enheds aktiver og forpligtelser. I disse tilfælde indikerer vurderingen af parternes rettigheder og forpligtelser i medfør af den særskilte formidlende virksomheds juridiske form, at parterne er berettiget til ordningens nettoaktiver.
Parterne ændrer imidlertid bestemmelser vedrørende selskabet i deres kontraktlige aftale, således at de hver især har en kapitalandel af aktiverne i den juridiske enhed, og hver især hæfter for forpligtelserne i den juridiske enhed i et nærmere bestemt omfang. Disse kontraktlige ændringer af bestemmelserne vedrørende et selskab kan medføre, at en ordning bliver til et driftsfællesskab.
B27
I nedenstående tabel sammenlignes almindelige vilkår i kontraktlige aftaler mellem parter i et driftsfællesskab og almindelige vilkår i kontraktlige aftaler mellem parter i et joint venture. Eksemplerne på de kontraktlige vilkår i nedenstående tabel er ikke udtømmende.
Vurdering af vilkårene i den kontraktlige aftale
Driftsfællesskab
Joint venture
Vilkårene i den kontraktlige aftale
Den kontraktlige aftale giver parterne i den fælles ordning rettigheder til aktiverne og gældsforpligtelser, der vedrører ordningen.
Den kontraktlige aftale giver parterne i den fælles ordning rettigheder til nettoaktiverne i ordningen (dvs. det er den særskilte formidlende virksomhed, og ikke parterne, der har rettigheder til aktiverne og gældsforpligtelser, der vedrører ordningen).
Rettigheder til aktiver
Det fastslås i den kontraktlige aftale, at parterne i den fælles ordning er fælles om alle kapitalandele (f.eks. rettigheder, adkomst eller ejendomsret) til de aktiver, der vedrører ordningen, i henhold til en nærmere bestemt fordeling (f.eks. i overensstemmelse med parternes kapitalandel i ordningen eller i overensstemmelse med den aktivitet, der er gennemføres inden for rammerne af ordningen, og som direkte tilskrives parterne).
Det fastslås i den kontraktlige aftale, at de aktiver, der er bragt med ind i ordningen, eller som efterfølgende er anskaffet inden for rammerne af den fælles ordning, er ordningens aktiver. Parterne har ingen kapitalandele (dvs. ingen rettigheder, adkomst eller ejendomsret) i aktiverne i ordningen.
Gældsforpligtelser
Det fastsættes i den kontraktlige aftale, at parterne i den fælles ordning er fælles om alle former for gæld, forpligtelser, udgifter og omkostninger i henhold til en nærmere bestemt fordeling (f.eks. i overensstemmelse med parternes kapitalandel i ordningen eller i overensstemmelse med den aktivitet, der er gennemføres inden for rammerne af ordningen, og som direkte tilskrives parterne).
Det fastsættes i den kontraktlige aftale, at den fælles ordning hæfter for gæld og forpligtelser inden for rammerne af ordningen.
Det fastslås i den kontraktlige aftale, at parterne i den fælles ordning kun hæfter inden for rammerne af ordningen for deres respektive investeringer i ordningen eller for deres respektive forpligtelser til at bidrage med ubetalt og/eller supplerende kapital til ordningen.
Det fastslås i den kontraktlige aftale, at parterne i den fælles ordning hæfter for tredjeparters krav.
Det anføres i den kontraktlige aftale, at kreditorer i den fælles ordning ikke har ret til at søge regres mod parterne med hensyn til gæld eller forpligtelser inden for rammerne af ordningen.
Indtægter, omkostninger, fortjeneste eller tab
Fordelingen af indtægter og omkostninger fastsættes i den kontraktlige aftale på grundlag af de respektive parters forholdsmæssige andel i den fælles ordning. Det kan f.eks. fastsættes i den kontraktlige aftale, at indtægter og omkostninger fordeles på grundlag af den kapacitet, som de respektive parter udnytter på en fabrik eller et anlæg, der drives i fællesskab, hvilket kan være forskellig fra parternes ejerandele i den fælles ordning. I andre situationer kan parterne være nået til enighed om at dele fortjenesten eller tabet vedrørende ordningen på grundlag af en nærmere fastlagt fordeling, som f.eks. parternes ejerandel i ordningen. Dette er ikke til hinder for, at ordningen kan klassificeres som et driftsfællesskab, hvis parterne har rettigheder til aktiverne og gældsforpligtelser, der vedrører ordningen.
Den kontraktlige aftale indeholder en angivelse af de respektive parters andel af den fortjeneste eller det tab, der vedrører aktiviteterne i ordningen.
Garantier
Det er ofte et krav, at parterne i fælles ordninger udsteder garantier over for tredjeparter, som f.eks. modtager en tjenesteydelse fra eller yder finansiering til den fælles ordning. Udstedelsen af en sådan garanti eller parternes forpligtelse til at udstede disse garantier er ikke i sig selv ensbetydende med, at den fælles ordning er et driftsfællesskab. Det, der er afgørende for, om den fælles ordning er et driftsfællesskab eller et joint venture, er hvorvidt parterne har gældsforpligtelser, der vedrører ordningen (det er ikke en betingelse, at parterne har stillet en garanti).
B28
Hvis det i den kontraktlige aftale er anført, at parterne har rettigheder til aktiverne og gældsforpligtelser, der vedrører ordningen, er de parter i et driftsfællesskab, og det er således ikke nødvendigt at tage højde for andre forhold og omstændigheder (afsnit B29-B33) med henblik på en klassificering af den fælles ordning.
Vurdering af øvrige forhold og omstændigheder
B29
Hvis det i vilkårene i den kontraktlige aftale ikke er anført, at parterne har rettigheder til aktiverne og gældsforpligtelser, der vedrører ordningen, skal parterne tage højde for andre forhold og omstændigheder for at vurdere, hvorvidt ordningen er et driftsfællesskab eller et joint venture.
B30
En fælles ordning kan være bygget op om en særskilt formidlende virksomhed, hvis juridiske form indebærer adskillelse af parterne og den særskilte formidlende virksomhed. De af parterne aftalte kontraktvilkår indeholder ikke til enhver tid en angivelse af parternes rettigheder til aktiverne og forpligtelser med hensyn til gælden, men når der tages højde for andre forhold og omstændigheder, kan dette resultere i, at en sådan ordning bliver klassificeret som et driftsfællesskab. Dette vil være tilfældet, hvis parterne som følge af andre forhold og omstændigheder har rettigheder til aktiverne og gældsforpligtelser, der vedrører ordningen.
B31
Hvis aktiviteterne i en ordning hovedsagelig er udformet med henblik på frembringelse af produktionsresultater til parterne, indikerer dette, at parterne har ret til praktisk talt enhver økonomisk fortjeneste fra aktiverne i ordningen. Parterne i denne type ordninger sikrer ofte, at de har adgang til produktionsresultatet fra ordningen, ved at hindre at produktionsresultatet bliver solgt til tredjeparter inden for rammerne af ordningen.
B32
Virkningerne af en ordning, der er opbygget således, og som har dette formål, er at de forpligtelser, der er indgået inden for rammerne af ordningen, i realiteten bliver dækket af de pengestrømme, der kommer fra parterne som følge af deres køb af produktionsresultatet. Hvis parterne i realiteten er den eneste kilde til de pengestrømme, som bidrager til kontinuiteten i ordningens aktiviteter, indikerer dette, at parterne har en forpligtelse med hensyn til gælden i forbindelse med ordningen.
Eksempel på anvendelse
Eksempel 5
Lad os antage, at to parter opbygger en fælles ordning i form af en juridisk enhed (virksomhed C), hvor hver part ejer 50 % af ejerandelen. Formålet med ordningen er at producere materialer, som parterne har brug for i deres egne, individuelle produktionsprocesser. Ordningen sikrer, at parterne driver det anlæg, der producerer materialerne, i overensstemmelse med parternes specifikationer af mængde og kvalitet.
Den juridiske form af virksomhed C (en juridisk enhed), hvori aktiviteterne gennemføres, indikerer ved første øjekast, at aktiverne og forpligtelserne i virksomhed C er aktiver og forpligtelser, der ejes af virksomhed C. Den kontraktlige aftale mellem parterne indeholder ingen angivelse af, at parterne har rettigheder til aktiverne eller forpligtelser med hensyn til gælden i virksomhed C. Som følge heraf indikeres det i kraft af virksomhed C's juridiske form og vilkårene i den kontraktlige aftale, at ordningen er et joint venture.
Parterne tager imidlertid også højde for nedenstående aspekter, der vedrører ordningen:
—
Parterne har aftalt at købe alle produktionsresultater fra virksomhed C i forholdet 50:50. Virksomhed C må ikke sælge noget af produktionsresultaterne til tredjeparter, medmindre dette godkendes af de to parter i ordningen. Da formålet med ordningen er at levere det produktionsresultat til parterne, som parterne har brug for, ventes et sådant salg til tredjeparter at være usædvanligt og urealistisk.
—
Prisen på det produktionsresultat, der sælges til parterne, fastsættes af begge parter til et niveau, hvor virksomheds C's produktionsomkostninger og administrationsomkostninger er dækket. På grundlag af denne driftsmodel er det hensigten at køre ordningen efter en metode, hvor indtægter og omkostninger balancerer.
I lyset af det ovenstående mønster er følgende forhold og omstændigheder relevante:
—
Parternes forpligtelse til at købe alle de produktionsresultater, der fremstilles af virksomhed C, afspejler, at virksomhed C udelukkende er afhængig af parterne med henblik på generering af pengestrømme, og parterne har således en forpligtelse til at finansiere udgifterne til de forpligtelser, som virksomhed C har indgået.
—
Det forhold, at parterne har ret til alle de produktionsresultater, der frembringes af virksomhed C, betyder at parterne forbruger og derfor er berettiget til den totale økonomiske gevinst af virksomhed C's aktiver.
Disse forhold og omstændigheder indikerer, at ordningen er et driftsfællesskab. Konklusionen med hensyn til klassificeringen af den fælles ordning under disse omstændigheder ville ikke blive ændret, hvis parterne i stedet for selv at anvende deres andel af produktionsresultatet i en efterfølgende produktionsproces solgte deres andel af produktionsresultatet til tredjeparter.
Hvis parterne ændrede vilkårene i den kontraktlige aftale, således at det inden for rammerne af ordningen ville være muligt at sælge produktionsresultatet til tredjeparter, ville dette indebære, at virksomhed C blev pålagt efterspørgsels-, lager- og kreditrisici. Hvis dette var tilfældet, ville en sådan ændring af forholdene og omstændighederne kræve en revurdering af klassificeringen af den fælles ordning. Sådanne forhold og omstændigheder ville indikere, at ordningen er et joint venture.
B33
I nedenstående flowdiagram afspejles den vurdering, en virksomhed følger med henblik på klassificering af en ordning, hvis den fælles ordning er bygget op omkring en særskilt formidlende virksomhed:
Klassificering af en fælles ordning, der er bygget op omkring en særskilt formidlende virksomhed
ÅRSREGNSKABER UDARBEJDET AF PARTER I EN FÆLLES ORDNING (AFSNIT 21A–22)
Regnskabsmæssig behandling af erhvervelse af kapitalandele i driftsfællesskaber
B33A
Hvis en virksomhed erhverver en kapitalandel i et driftsfællesskab, hvis aktiviteter udgør en virksomhed som defineret i IFRS 3, skal den for sin andels vedkommende i overensstemmelse med afsnit 20 anvende samtlige principper for regnskabsmæssig behandling af virksomhedssammenslutninger i IFRS 3 og andre IFRS-standarder, der ikke strider imod vejledningen i denne standard, og offentliggøre de oplysninger om virksomhedssammenslutninger, der kræves i disse IFRS-standarder. Disse principper for regnskabsmæssig behandling af virksomhedssammenslutninger, som ikke strider imod vejledningen i denne standard, omfatter, men er ikke begrænset til:
a)
opgørelse af identificerbare aktiver og forpligtelser til dagsværdi, undtagen poster, for hvilke IFRS 3 og andre IFRS-standarder indeholder undtagelser
b)
indregning af erhvervelsesrelaterede omkostninger som udgifter i de perioder, i hvilke omkostningerne er påløbet og tjenesteydelserne er modtaget, bortset fra at omkostninger i forbindelse med udstedelse af gældsinstrumenter eller egenkapitalinstrumenter indregnes i henhold til IAS 32 
Finansielle instrumenter: Præsentation
 og IFRS 9 
(
56
)
c)
indregning af udskudte skatteaktiver og udskudte skatteforpligtelser, der opstår som følge af den oprindelige indregning af aktiver eller forpligtelser, undtagen for så vidt angår udskudte skatteforpligtelser, der opstår som følge af den oprindelige indregning af goodwill, jf. IFRS 3 og IAS 12 
Indkomstskatter
 for virksomhedssammenslutninger
d)
indregning af det beløb, hvormed det overførte vederlag måtte overstige nettobeløbet af de erhvervede identificerbare aktiver og forpligtelser målt på erhvervelsestidspunktet, som goodwill og
e)
gennemførelse af test for værdiforringelse vedrørende en pengestrømsfrembringende enhed, som der er blevet overført goodwill til, mindst en gang om året, og når der er tegn på, at enheden kan være værdiforringet, således som det kræves i henhold til IAS 36 
Værdiforringelse af aktiver
 for så vidt angår goodwill, der er erhvervet i en virksomhedssammenslutning.
B33B
Afsnit 21A og B33A anvendes også på oprettelsen af et driftsfællesskab, hvis, og kun hvis, en af de parter, der deltager i driftsfællesskabet, bidrager med en eksisterende virksomhed, som defineret i IFRS 3, til driftsfællesskabet ved dets oprettelse. De nævnte afsnit anvendes dog ikke på oprettelsen af et driftsfællesskab, hvis alle de parter, der deltager i driftsfællesskabet, kun bidrager med aktiver eller grupper af aktiver, der ikke udgør virksomheder, til driftsfællesskabet ved dets oprettelse.
B33C
En driftsfællesskabspartner kan øge sin kapitalandel i et driftsfællesskab, hvis aktiviteter udgør en virksomhed som defineret i IFRS 3, ved at erhverve yderligere kapitalandele i driftsfællesskabet. I sådanne tilfælde foretages der ikke en omvurdering af tidligere erhvervede kapitalandele i driftsfællesskabet, hvis driftsfællesskabspartneren bibeholder fælles bestemmende indflydelse.
B33CA
En part, der deltager i, men som ikke har fælles bestemmende indflydelse i et driftsfællesskab, kan opnå fælles bestemmende indflydelse i driftsfællesskabet, hvis aktiviteterne i driftsfællesskabet udgør en virksomhed som defineret i IFRS 3. I sådanne tilfælde foretages der ikke en omvurdering af tidligere erhvervede kapitalandele i driftsfællesskabet.
B33D
Afsnit 21A og B33A-B33C anvendes ikke på erhvervelse af en kapitalandel i et driftsfællesskab, hvis de parter, der har fælles bestemmende indflydelse, herunder den virksomhed, der erhverver kapitalandelen i driftsfællesskabet, er under samme bestemmende indflydelse fra den eller de samme øverste parter med bestemmende indflydelse både før og efter erhvervelsen, og denne bestemmende indflydelse ikke er midlertidig.
Regnskabsmæssig behandling af salg af eller bidrag med aktiver til et driftsfællesskab
B34
Hvis en virksomhed deltager i en transaktion med et driftsfællesskab, hvori den er driftsfællesskabspartner, som f.eks. salg af eller bidrag med aktiver, gennemfører den en transaktion med de øvrige parter i driftsfællesskabet, og driftsfællesskabspartneren skal derfor kun indregne gevinst og tab fra en sådan transaktion i forhold til de øvrige parters kapitalandele i driftsfællesskabet.
B35
Hvis disse transaktioner viser, at nettosalgsværdien af de aktiver, der skal sælges eller bidrages med til driftsfællesskabet, er faldet, eller at disse aktiver er blevet værdiforringet, og at der således er lidt et tab, skal disse tab indregnes fuldt ud af driftsfællesskabspartneren.
Regnskabsmæssig behandling af aktiver fra et driftsfællesskab
B36
Hvis en virksomhed deltager i en transaktion med et driftsfællesskab, hvori virksomheden er driftsfællesskabspartner, som f.eks. i forbindelse med et køb af aktiver, skal den ikke indregne sin del af gevinsten eller tabet, før disse aktiver videresælges til tredjemand.
B37
Hvis disse transaktioner viser, at nettosalgsværdien af de aktiver, der skal købes, er faldet, eller at der er lidt et tab ved værdiforringelse af disse aktiver, skal driftsfællesskabspartneren indregne sin del af disse tab.
Appendiks C
Ikrafttrædelsestidspunkt, overgang og ophævelse af andre IFRS-standarder
Dette appendiks er en integreret del af IFRS-standarden og har samme gyldighed som de øvrige dele af standarden.
IKRAFTTRÆDELSESTIDSPUNKT
C1
Virksomheder skal anvende denne IFRS for årsregnskaber, som begynder den 1. januar 2013 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender denne IFRS før denne dato, skal virksomheden oplyse dette og samtidig anvende IFRS 10, IFRS 12 
Oplysninger om kapitalandele i andre virksomheder
, IAS 27 (som ajourført i 2011) og IAS 28 (som ajourført i 2011).
C1A
Koncernregnskaber, fælles ordninger og oplysninger om kapitalandele i andre virksomheder: Overgangsretningslinjer
 (ændringer til IFRS 10, IFRS 11 og IFRS 12), udstedt i juni 2012, medførte ændring af afsnit C2–C5, C7–C10 og C12 og tilføjelse af afsnit C1B og C13A–C13B. En virksomhed skal anvende disse ændringer på regnskabsår, som begynder den 1. januar 2013 eller derefter. Hvis en virksomhed anvender IFRS 11 på et tidligere regnskabsår, skal den anvende disse ændringer på dette tidligere regnskabsår.
C1AA
Ved 
Regnskabsmæssig behandling af erhvervelse af kapitalandele i driftsfællesskaber
 (ændringer til IFRS 11), udstedt i maj 2014, blev overskriften efter afsnit B33 ændret, og afsnit 21A, B33A–B33D og C14A og de dertil hørende overskrifter blev indsat. Virksomheder skal anvende disse ændringer fremadrettet for regnskabsår, som begynder den 1. januar 2016 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender disse ændringer på en tidligere regnskabsperiode, skal den oplyse herom.
C1AB
Det årlige forbedringsprojekt vedrørende IFRS-standarder for perioden 2015-2017
, som blev udstedt i december 2017, medførte tilføjelse af afsnit B33CA. En virksomhed skal anvende disse ændringer på transaktioner, hvor den opnår fælles bestemmende indflydelse samtidigt med eller efter begyndelsen af det første regnskabsår, der begynder den 1. januar 2019 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender disse ændringer tidligere, skal den oplyse herom.
Overgang
C1B
Uanset kravene i afsnit 28 i IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
 vil en virksomhed, når denne IFRS anvendes første gang, kun skulle forelægge de kvantitative oplysninger, der kræves i afsnit 28, litra f), i IAS 8 for det regnskabsår, der går umiddelbart forud for det første regnskabsår, hvor IFRS 11 anvendes ("den umiddelbart foregående periode"). En virksomhed kan også forelægge disse oplysninger for den indeværende periode eller for tidligere sammenligningsperioder, men det er ikke påkrævet.
Joint ventures — overgang fra pro rata-konsolidering til den indre værdis metode
C2
Ved overgangen fra pro rata-konsolidering til den indre værdis metode skal en virksomhed indregne sin investering i det pågældende joint venture ved begyndelsen af den umiddelbart foregående periode. Denne begyndelsesinvestering skal udregnes som den samlede regnskabsmæssige værdi af de aktiver og forpligtelser, som virksomheden tidligere havde pro rata-konsolideret, herunder eventuel goodwill fra anskaffelsen heraf. Hvis denne goodwill tidligere tilhørte en stor pengestrømsfrembringende enhed eller en gruppe af pengestrømsfrembringende enheder, skal virksomheden tildele goodwill til det pågældende joint venture på grundlag af den forholdsmæssige regnskabsmæssige værdi af dette joint venture og den pengestrømsfrembringende enhed eller gruppe af pengestrømsfrembringende enheder, som denne goodwill tilhørte.
C3
Åbningsbalancen for den investering, der er fastslået i overensstemmelse med afsnit C2, anses for at være investeringens fastsatte kostpris ved første indregning. En virksomhed skal anvende afsnit 40–43 i IAS 28 (som ajourført i 2011) på investeringens åbningsbalance for at vurdere, om investeringen er blevet værdiforringet, og skal indregne eventuelle værditab som en regulering af det overførte resultat ved begyndelsen af den umiddelbart foregående periode. Undtagelsen vedrørende første indregning, der er anført i afsnit 15 og 24 i IAS 12 
Indkomstskat
, finder ikke anvendelse, hvis virksomheden indregner en investering i et joint venture, der hidrører fra anvendelsen af overgangskravene for joint ventures, der tidligere er blevet pro rata-konsolideret.
C4
Hvis den totale værdi af alle tidligere pro rata-konsoliderede aktiver og forpligtelser resulterer i negative nettoaktiver, skal virksomheden vurdere, hvorvidt den har juridiske eller konstruktive forpligtelser med hensyn til de negative nettoaktiver, og hvis dette er tilfældet, skal virksomheden indregne den tilsvarende gæld. Hvis virksomheden konkluderer, at den ikke har juridiske eller konstruktive forpligtelser i forbindelse med de negative nettoaktiver, skal den ikke indregne den tilsvarende gæld, men skal tilpasse det overførte resultat ved begyndelsen af den umiddelbart foregående periode. Virksomheden skal oplyse dette samt dens kumulative ikke indregnede andel af tabet i dens joint ventures ved begyndelsen af den umiddelbart foregående periode og på tidspunktet for førstegangsanvendelsen af denne IFRS.
C5
En virksomhed skal oplyse en fordeling af de aktiver og forpligtelser, der er blevet sammenlagt til en enkelt linje i investeringsbalancen, ved begyndelsen af den umiddelbart foregående periode. Denne oplysning skal udarbejdes som en totalværdi af alle joint ventures, hvorpå virksomheden anvender overgangskravene som beskrevet i afsnit C2–C6.
C6
Efter den første indregning skal virksomheden foretage regnskabsmæssig behandling af sin investering i det pågældende joint venture ved anvendelse af den indre værdis metode i henhold til IAS 28 (som ajourført i 2011).
Driftsfællesskab — overgang fra den indre værdis metode til regnskabsmæssig behandling af aktiver og forpligtelser
C7
I forbindelse med overgangen fra den indre værdis metode til regnskabsmæssig behandling af aktiver og forpligtelser med hensyn til en virksomheds kapitalandel i et driftsfællesskab, skal denne virksomhed ved begyndelsen af den umiddelbart foregående periode ikke indregne den investering, der tidligere var blevet regnskabsmæssigt behandlet ved anvendelse af den indre værdis metode, og enhver anden post, der var omfattet af virksomhedens nettoinvestering i ordningen i henhold til afsnit 38 i IAS 28 (som ajourført i 2011), men indregne sin andel af de enkelte aktiver og forpligtelser i forhold til virksomhedens kapitalandel i driftsfællesskabet, herunder eventuel goodwill, der kan have været omfattet af den regnskabsmæssige værdi af investeringen.
C8
En virksomhed skal fastslå sin kapitalandel af aktiverne og forpligtelserne vedrørende driftsfællesskabet på grundlag af sine rettigheder og pligter ud fra en nærmere fastlagt fordeling i henhold til den kontraktlige aftale. En virksomhed beregner aktivernes og forpligtelsernes oprindelige regnskabsmæssige værdi ved at fratrække dem den regnskabsmæssige værdi af investeringen ved begyndelsen af den umiddelbart foregående periode på grundlag af de oplysninger, som virksomheden har benyttet ved anvendelsen af den indre værdis metode.
C9
Eventuelle forskelle, der måtte opstå i forbindelse med den investering, der tidligere er blevet regnskabsmæssigt behandlet ved anvendelse af den indre værdis metode, samt eventuelle andre poster, der var omfattet af virksomhedens nettoinvestering i ordningen i henhold til afsnit 38 i IAS 28 (som ajourført i 2011), og nettoværdien af aktiver og forpligtelser, herunder eventuel goodwill, der er indregnet, skal:
a)
modregnes i eventuel goodwill vedrørende investeringen, idet eventuelle resterende forskelle reguleres i det overførte resultat ved begyndelsen af den umiddelbart foregående periode, hvis nettoværdien af aktiver og forpligtelser, herunder eventuel goodwill, der er indregnet, er højere end den investering (og eventuelle andre poster, der var omfattet af virksomhedens nettoinvesteringer), der ikke var indregnet
b)
reguleres i det overførte resultat ved begyndelsen af den umiddelbart foregående periode, hvis nettoværdien af aktiver og forpligtelser, herunder eventuel goodwill, der er indregnet, er lavere end den investering (og eventuelle andre poster, der var omfattet af virksomhedens nettoinvesteringer), der ikke var indregnet.
C10
En virksomhed, der overgår fra den indre værdis metode til regnskabsmæssig behandling af aktiver og forpligtelser, skal foretage en afstemning af den ikke indregnede investering og de aktiver og forpligtelser, der er indregnet, samt eventuelle resterende forskelle, der er reguleret i det overførte resultat, ved begyndelsen af den umiddelbart foregående periode.
C11
Undtagelsen vedrørende den første indregning, der er anført i afsnit 15 og 24 i IAS 12, finder ikke anvendelse, hvis virksomheden indregner aktiver og forpligtelser vedrørende sin kapitalandel i et driftsfællesskab.
Overgangsbestemmelser i virksomhedernes separate årsregnskaber
C12
En virksomhed, der i henhold til afsnit 10 i IAS 27 tidligere foretog regnskabsmæssig behandling i sit separate årsregnskab af sin kapitalandel i et driftsfællesskab som en investering til kostpris eller i overensstemmelse med IFRS 9, skal:
a)
ikke indregne investeringen, men indregne aktiver og forpligtelser med hensyn til kapitalandelen i driftsfællesskabet til den værdi, der er fastsat i henhold til afsnit C7–C9
b)
foretage en afstemning mellem den investering, der ikke er indregnet, og de aktiver og forpligtelser, der er indregnet, sammen med en eventuel resterende forskel, der er reguleret i det overførte resultat, ved begyndelsen af den umiddelbart foregående periode.
C13
Undtagelsen vedrørende den første indregning i afsnit 15 og 24 i IAS 12 finder ikke anvendelse, hvis virksomheden indregner aktiver og forpligtelser vedrørende sin kapitalandel i et driftsfællesskab i sit separate årsregnskab som følge af anvendelsen af overgangskravene vedrørende driftsfællesskaber, der er beskrevet i afsnit C12.
Henvisninger til "den umiddelbart foregående periode"
C13A
Uanset henvisningerne til "den umiddelbart foregående periode" i afsnit C2–C12 kan en virksomhed også forelægge regulerede sammenligningstal for enhver tidligere forelagt periode, men er ikke nødt til det. Hvis en virksomhed alligevel forelægger regulerede sammenligningstal for en tidligere periode, læses alle henvisninger til "den umiddelbart foregående periode" i afsnit C2-C12 som "den tidligst regulerede sammenligningsperiode, der er forelagt."
C13B
Hvis en virksomhed forelægger ikke-regulerede sammenlignelige oplysninger for en tidligere periode, skal den klart udpege de oplysninger, der ikke er blevet reguleret, anføre, at de er udarbejdet på et andet grundlag, og redegøre for dette grundlag.
Henvisninger til IFRS 9
C14
Hvis en virksomhed anvender denne IFRS, men endnu ikke anvender IFRS 9, læses enhver henvisning i denne standard til IFRS 9 som en henvisning til IAS 39 
Finansielle instrumenter. Indregning og måling
Regnskabsmæssig behandling af erhvervelse af kapitalandele i driftsfællesskaber
C14A
Ved 
Regnskabsmæssig behandling af erhvervelse af kapitalandele i driftsfællesskaber
 (ændringer til IFRS 11), udstedt i maj 2014, blev overskriften efter afsnit B33 ændret, og afsnit 21A, B33A–B33D og C1AA og de dertil hørende overskrifter blev indsat. Virksomheder skal anvende disse ændringer fremadrettet for erhvervelse af kapitalandele i driftsfællesskaber, hvis aktiviteter udgør en virksomhed som defineret i IFRS 3, for så vidt angår erhvervelse, der finder sted fra begyndelsen af den første periode, i hvilken disse ændringer anvendes. Beløb, der indregnes for erhvervelse af kapitalandele i driftsfællesskaber, der finder sted i forudgående perioder, skal således ikke reguleres.
OPHÆVELSE AF ANDRE IFRS-STANDARDER
C15
Denne IFRS erstatter følgende IFRS-standarder:
a)
IAS 31 
Kapitalandele i joint ventures
 og
b)
SIC-13 
Fælles kontrollerede virksomheder — ikkemonetære indskud fra venturedeltagere
.
IFRS 12
Oplysninger om kapitalandele i andre virksomheder
FORMÅL
1
Formålet med denne IFRS er at fastsætte krav om, at virksomheder i deres årsregnskaber skal give oplysninger, der gør det muligt for brugere af årsregnskabet at bedømme:
a)
karakteren af og de med virksomhedens 
kapitalandele i andre virksomheder
 forbundne risici og
b)
disse kapitalandeles indvirkning på virksomhedens balance, indtjening og pengestrømme.
Opfyldelse af målsætningen
2
For at opfylde målsætningen i afsnit 1 skal en virksomhed fremlægge følgende oplysninger:
a)
de væsentlige bedømmelser og antagelser, den har foretaget i forbindelse med fastlæggelsen af:
i)
karakteren af sine kapitalandele i andre virksomheder eller ordninger
ii)
den type fælles ordning, hvori den har kapitalandele (afsnit 7-9)
iii)
at den opfylder definitionen af en investeringsvirksomhed, hvis det er relevant (afsnit 9A), og
b)
oplysninger om kapitalandele i:
i)
dattervirksomheder (afsnit 10-19)
ii)
fælles ordninger og associerede virksomheder (afsnit 20-23) og
iii)
strukturerede virksomheder
, som virksomheden ikke har bestemmende indflydelse på (ukonsoliderede, strukturerede virksomheder) (afsnit 24-31).
3
Hvis de oplysninger, der er påkrævet i henhold til denne IFRS, samt de oplysninger, der er påkrævet i henhold til andre IFRS-standarder, ikke opfylder målsætningen i afsnit 1, skal en virksomhed fremlægge de øvrige oplysninger, der måtte være nødvendige for at nå denne målsætning.
4
En virksomhed skal overveje, hvor detaljerede oplysninger der er nødvendige for at opfylde målsætningen om oplysninger, og hvor meget vægt der skal lægges på hvert af kravene i denne IFRS. Den skal tilføje eller fjerne oplysninger, således at nyttige oplysninger ikke bliver skjult, ved at der enten medtages store mængder ubetydelige detaljer eller tilføjes oplysninger, der vedrører andre emner (jf. afsnit B2-B6).
ANVENDELSESOMRÅDE
5
Denne IFRS skal anvendes af virksomheder med kapitalandele i en eller flere af de nedenstående:
a)
dattervirksomheder
b)
fælles ordninger (dvs. driftsfællesskaber eller joint ventures)
c)
associerede virksomheder
d)
ukonsoliderede, ustrukturerede virksomheder.
5A
Kravene i denne IFRS finder anvendelse på en virksomheds kapitalandele som anført i afsnit 5, der er klassificeret som besiddelse (eller bliver medtaget i en afståelsesgruppe, der klassificeres som besiddelse) med henblik på salg eller ophørte aktiviteter i henhold til IFRS 5 
Anlægsaktiver, som besiddes med henblik på salg og ophørte aktiviteter
, bortset fra som anført i afsnit B17.
6
Denne standard finder ikke anvendelse på:
a)
pensionsordninger eller andre langsigtede personaleydelser, hvor IAS 19 
Personaleydelser
 finder anvendelse
b)
virksomheders separate årsregnskaber, hvor IAS 27 
Separate årsregnskaber
 finder anvendelse. Dog gælder følgende:
i)
Hvis en virksomhed imidlertid har kapitalandele i ukonsoliderede, strukturerede virksomheder og udarbejder separate årsregnskaber som sine eneste årsregnskaber, skal den anvende kravene i afsnit 24-31 i forbindelse med udarbejdelsen af disse separate årsregnskaber.
ii)
En investeringsvirksomhed, som udarbejder årsregnskaber, hvori alle dens datterselskaber måles til dagsværdi gennem resultatet i overensstemmelse med afsnit 31 i IFRS 10, skal fremlægge de oplysninger vedrørende investeringsvirksomheder, der kræves i denne standard.
c)
en kapitalandel, der ejes af en virksomhed, som deltager i, men som ikke har fælles bestemmende indflydelse på en fælles ordning, medmindre denne kapitalandel medfører betydelig indflydelse på ordningen eller er en kapitalandel i en struktureret virksomhed
d)
en kapitalandel i en anden virksomhed, som bliver regnskabsmæssigt behandlet i overensstemmelse med IFRS 9 
Finansielle instrumenter
. Virksomheden skal imidlertid anvende denne IFRS:
i)
hvis den pågældende kapitalandel er en kapitalandel i en associeret virksomhed eller et joint venture, som i henhold til IAS 28 
Investeringer i associerede virksomheder og joint ventures
 måles til dagsværdi gennem resultatet, eller
ii)
hvis denne kapitalandel er en kapitalandel i en ukonsolideret, struktureret virksomhed.
VÆSENTLIGE BEDØMMELSER OG ANTAGELSER
7
En virksomhed skal fremlægge oplysninger om sine væsentlige bedømmelser og antagelser (og ændringer i disse bedømmelser og antagelser) i forbindelse med fastlæggelsen af:
a)
at den har bestemmende indflydelse på en anden virksomhed, dvs. en virksomhed, der er investeret i, som beskrevet i afsnit 5 og 6 i IFRS 10 
Koncernregnskaber
,
b)
at den har fælles bestemmende indflydelse på en ordning eller betydelig indflydelse på en anden virksomhed, og
c)
typen af fælles ordning (dvs. driftsfællesskab eller joint venture), hvis ordningen er blevet struktureret i form af en særskilt formidlende virksomhed.
8
De væsentlige bedømmelser og antagelser, der skal oplyses i overensstemmelse med afsnit 7, omfatter dem, som virksomheden foretager, hvis ændringer i forhold og omstændigheder er af en sådan karakter, at konklusionen om, hvorvidt den har bestemmende indflydelse, fælles bestemmende indflydelse eller betydelig indflydelse, ændrer sig i løbet af regnskabsperioden.
9
For at handle i overensstemmelse med afsnit 7 skal en virksomhed f.eks. oplyse om sine væsentlige bedømmelser og antagelser i forbindelse med fastlæggelsen af, at:
a)
den ikke har bestemmende indflydelse på en anden virksomhed, selv om den besidder mere end halvdelen af stemmerettighederne i den anden virksomhed
b)
den har bestemmende indflydelse på en anden virksomhed, selv om den besidder mindre end halvdelen af stemmerettighederne i den anden virksomhed
c)
den er en befuldmægtiget eller en fuldmagtsgiver (jf. afsnit B58-B72 i IFRS 10)
d)
den ikke har betydelig indflydelse, selv om den besidder 20 % eller derover af stemmerettighederne i en anden virksomhed
e)
den har betydelig indflydelse, selv om den besidder mindre end 20 % af stemmerettighederne i en anden virksomhed.
Status som investeringsvirksomhed
9A
Hvis en modervirksomhed fastlægger, at den er en investeringsvirksomhed i henhold til afsnit 27 i IFRS 10, fremlægger investeringsvirksomheden oplysninger om de væsentlige bedømmelser og antagelser, den har foretaget i forbindelse med fastlæggelsen af, at den er en investeringsvirksomhed. Hvis en investeringsvirksomhed ikke har en eller flere af de typiske egenskaber for en investeringsvirksomhed (se afsnit 28 i IFRS 10), skal den oplyse, hvorfor den alligevel har konkluderet, at den er en investeringsvirksomhed.
9B
Når en virksomhed bliver eller ophører med at være en investeringsvirksomhed, oplyser den om ændringen i investeringsvirksomhedsstatus og årsagerne til ændringen. Endvidere skal en virksomhed, som bliver investeringsvirksomhed, oplyse om konsekvenserne af statusændringen for årsregnskabet for den fremlagte periode, herunder
a)
den samlede dagsværdi opgjort på datoen for statusændringen for de dattervirksomheder, der ophører med at blive konsolideret
b)
samlet eventuel gevinst eller eventuelt tab beregnet i overensstemmelse med afsnit B101 i IFRS 10 og
c)
de poster i resultatopgørelsen, hvor gevinsten eller tabet er indregnet (hvis det ikke er fremlagt særskilt).
KAPITALANDELE I DATTERVIRKSOMHEDER
10
En virksomhed skal fremlægge oplysninger, der gør det muligt for brugerne af dens koncernregnskaber
a)
at få viden om:
i)
koncernens sammensætning og
ii)
de kapitalandele, som minoritetsinteresser har i koncernens aktiviteter og pengestrømme (afsnit 12), og
b)
at vurdere:
i)
karakteren og omfanget af væsentlige begrænsninger i virksomhedens mulighed for at få adgang til eller anvende koncernens aktiver og betale dens gæld (afsnit 13)
ii)
karakteren af og ændringer i de risici, der er forbundet med virksomhedens kapitalandele i konsoliderede, strukturerede virksomheder (afsnit 14-17)
iii)
konsekvenserne af ændringer i virksomhedens ejerandele i en dattervirksomhed, der ikke medfører tab af bestemmende indflydelse (afsnit 18), og
iv)
konsekvenserne af at miste bestemmende indflydelse på en dattervirksomhed i regnskabsperioden (afsnit 19).
11
Når en dattervirksomheds årsregnskab, som indgår i udarbejdelsen af et koncernregnskab, udarbejdes pr. en dato eller for en periode, der afviger fra den, der anvendt i koncernregnskabet (jf. afsnit B92 og B93 i IFRS 10), skal virksomheden oplyse:
a)
datoen for afslutningen af regnskabsåret i den pågældende dattervirksomheds årsregnskab og
b)
årsagen til, at der er anvendt en anden dato eller periode.
De kapitalandele, som minoritetsinteresser har i koncernens aktiviteter og pengestrømme
12
Virksomheden skal for hver af sine dattervirksomheder, der har minoritetsinteresser, som er væsentlige for den regnskabsaflæggende virksomhed, oplyse:
a)
dattervirksomhedens navn
b)
dattervirksomhedens hovedforretningssted (og registreringsland, hvis dette afviger fra hovedforretningsstedet)
c)
minoritetsinteressers ejerandele
d)
den andel af stemmerettighederne, der besiddes af minoritetsinteresser, hvis denne afviger fra andelen af ejerandele
e)
det resultat, der er tildelt dattervirksomhedens minoritetsinteresser i regnskabsåret
f)
akkumulerede minoritetsinteresser i dattervirksomheden ved regnskabsårets afslutning
g)
sammenfattede finansielle oplysninger om dattervirksomheden (jf. afsnit B10).
Karakteren og omfanget af væsentlige begrænsninger
13
En virksomhed skal oplyse følgende:
a)
væsentlige begrænsninger (f.eks. vedtægtsbestemte, kontraktlige og lovbestemte begrænsninger) i virksomhedens mulighed for at få adgang til eller anvende koncernens aktiver eller betale dens gæld, som f.eks.:
i)
dem, der begrænser en modervirksomheds eller dens dattervirksomheders mulighed for at overføre likvide midler eller andre aktiver til (eller fra) andre virksomheder i koncernen
ii)
garantier eller andre krav, der kan begrænse udbetalingen af dividender og andre former for udlodning, eller der kan begrænse optagelsen af lån og gennemførelsen af forskudsbetalinger til (eller fra) andre virksomheder i koncernen
b)
karakteren og omfanget af minoritetsinteressers beskyttelsesrettigheders væsentlige begrænsning af virksomhedens mulighed for at få adgang til eller anvende koncernens aktiver og betale dens gæld (som f.eks. hvis en modervirksomhed er forpligtet til at betale en dattervirksomheds gæld, før den betaler sin egen, eller hvis minoritetsinteressers godkendelse er påkrævet for enten at få adgang til dattervirksomhedens aktiver eller betale dens gæld)
c)
den i koncernregnskabet anførte regnskabsmæssige værdi af de aktiver og forpligtelser, hvorpå disse begrænsninger finder anvendelse.
Karakteren af de risici, der er forbundet med en virksomheds kapitalandele i konsoliderede, strukturerede virksomheder
14
En virksomhed skal fremlægge oplysninger om de vilkår i en eventuel kontraktlig aftale, der kan medføre, at modervirksomheden eller dens dattervirksomheder skal yde økonomisk støtte til en konsolideret, struktureret virksomhed, herunder begivenheder eller omstændigheder, der kan medføre tab for den regnskabsaflæggende virksomhed (f.eks. likviditetsordninger eller kreditvurderingsudløsere, der er forbundet med forpligtelser til at købe aktiver i den strukturerede virksomhed eller yde økonomisk støtte).
15
Hvis en modervirksomhed eller en af dens dattervirksomheder i regnskabsåret har ydet økonomisk eller anden støtte til en konsolideret, struktureret virksomhed (f.eks. i form af anskaffelse af aktiver fra eller instrumenter udstedt af den strukturerede virksomhed) uden at være kontraktligt forpligtet dertil, skal denne virksomhed oplyse:
a)
typen og omfanget af den støtte, der er ydet, herunder situationer, hvor modervirksomheden eller dens dattervirksomheder bistod den strukturerede virksomhed med at opnå økonomisk støtte, og
b)
årsagerne til, at der er ydet støtte.
16
Hvis en modervirksomhed eller en af dens dattervirksomheder i regnskabsåret har ydet økonomisk eller anden støtte til en hidtil ukonsolideret, struktureret virksomhed uden at være kontraktlig forpligtet dertil, og denne støtte medførte, at virksomheden fik bestemmende indflydelse på den strukturerede virksomhed, skal denne virksomhed fremlægge en redegørelse for de relevante faktorer, der lå til grund for denne beslutning.
17
En virksomhed skal oplyse om en eventuel aktuel hensigt med hensyn til at yde økonomisk eller anden støtte til en konsolideret, struktureret virksomhed, herunder en eventuel hensigt med hensyn til at bistå den strukturerede virksomhed med at opnå økonomisk støtte.
Konsekvenser af ændringer i en modervirksomheds ejerandel i en dattervirksomhed, som ikke medfører tab af bestemmende indflydelse
18
En virksomhed skal fremlægge en oversigt, der viser virkningerne af eventuelle ændringer i modervirksomhedens ejerandel i en dattervirksomhed, som ikke medfører tab af bestemmende indflydelse på den del af egenkapitalen, der kan henføres til ejerne af modervirksomheden.
Konsekvenserne af at miste bestemmende indflydelse på en dattervirksomhed i regnskabsåret
19
En virksomhed skal oplyse om eventuel gevinst eller tab, der er beregnet i overensstemmelse med afsnit 25 i IFRS 10, og:
a)
den del af et sådant tab eller en sådan gevinst, der kan henføres til måling af en eventuel bevaret kapitalandel i den tidligere dattervirksomhed til dagsværdien på den dato, hvor den bestemmende indflydelse blev mistet, og
b)
de poster i resultatopgørelsen, hvor gevinsten eller tabet er indregnet (hvis det ikke er fremlagt særskilt).
KAPITALANDELE I UKONSOLIDEREDE DATTERVIRKSOMHEDER (INVESTERINGSVIRKSOMHEDER)
19A
En investeringsvirksomhed, som i henhold til IFRS 10 skal anvende fritagelsen for konsolidering og i stedet behandle sin investering i en dattervirksomhed regnskabsmæssigt til dagsværdi over resultatet, skal oplyse derom.
19B
For hver ukonsolideret dattervirksomhed skal en investeringsvirksomhed oplyse:
a)
dattervirksomhedens navn
b)
dattervirksomhedens hovedforretningssted (og registreringsland, hvis dette afviger fra hovedforretningsstedet), og
c)
den ejerandel, der besiddes af investeringsvirksomheden og, hvis dette afviger herfra, den andel af stemmerettigheder, der besiddes.
19C
Hvis en investeringsvirksomhed er modervirksomhed for en anden investeringsvirksomhed, skal modervirksomheden også fremlægge oplysningerne i 19B, litra a)-c), for investeringer, som investeringsdattervirksomheden har bestemmende indflydelse på. Oplysningen kan fremlægges ved i modervirksomhedens årsregnskab at medtage dattervirksomhedens (eller dattervirksomhedernes) årsregnskab, som indeholder ovennævnte oplysninger.
19D
En investeringsvirksomhed skal oplyse:
a)
karakteren og omfanget af eventuelle begrænsninger (f.eks. som følge af låneordninger, lovkrav eller kontraktlige aftaler) med hensyn til en ukonsolideret dattervirksomheds muligheder for at overføre midler til investeringsvirksomheden i form af udbytte eller for at tilbagebetale lån eller forskudsbetalinger foretaget til den ukonsoliderede dattervirksomhed af investeringsvirksomheden og
b)
eventuel aktuel forpligtelse eller hensigt med hensyn til at yde økonomisk eller anden støtte til en ukonsolideret dattervirksomhed, herunder forpligtelse eller hensigt med hensyn til at bistå dattervirksomheden med at opnå økonomisk støtte.
19E
Hvis en investeringsvirksomhed eller en af dens dattervirksomheder i regnskabsåret har ydet økonomisk eller anden støtte til en ukonsolideret dattervirksomhed (f.eks. i form af anskaffelse af aktiver fra eller instrumenter udstedt af dattervirksomheden eller bistand til dattervirksomheden med at opnå økonomisk støtte) uden at være kontraktligt forpligtet dertil, skal denne virksomhed oplyse:
a)
typen og omfanget af den støtte, der er ydet til hver enkelt ukonsolideret dattervirksomhed, og
b)
årsagerne til, at der er ydet støtte.
19F
En investeringsvirksomhed skal fremlægge oplysninger om de vilkår i en eventuel kontraktlig aftale, der kan medføre, at virksomheden eller dens ukonsoliderede dattervirksomheder skal yde økonomisk støtte til en ukonsolideret, struktureret virksomhed, som den har bestemmende indflydelse på, herunder begivenheder eller omstændigheder, der kan medføre tab for den regnskabsaflæggende virksomhed (f.eks. likviditetsordninger eller kreditvurderingsudløsere, der er forbundet med forpligtelser til at købe aktiver i den strukturerede virksomhed eller yde økonomisk støtte).
19G
Hvis en investeringsvirksomhed eller en af dens ukonsoliderede dattervirksomheder i regnskabsåret har ydet økonomisk eller anden støtte til en ukonsolideret, struktureret virksomhed, som investeringsvirksomheden ikke havde bestemmende indflydelse på, uden at være kontraktligt forpligtet dertil, og denne støtte medførte, at investeringsvirksomheden fik bestemmende indflydelse på den strukturerede virksomhed, skal denne investeringsvirksomhed fremlægge en redegørelse for de relevante faktorer, der lå til grund for beslutningen om at yde støtte.
KAPITALANDELE I FÆLLES ORDNINGER OG ASSOCIEREDE VIRKSOMHEDER
20
En virksomhed skal fremlægge oplysninger, der gør det muligt for brugerne af dens årsregnskaber at vurdere:
a)
karakteren, omfanget og de økonomiske virkninger af virksomhedens kapitalandele i fælles ordninger og associerede virksomheder, herunder karakteren og virkningerne af virksomhedens kontraktforhold med de øvrige investorer med fælles bestemmende indflydelse eller betydelig indflydelse på fælles ordninger og associerede virksomheder (afsnit 21 og 22), og
b)
karakteren af og ændringer i de risici, der er forbundet med virksomhedens kapitalandele i joint ventures og associerede virksomheder (afsnit 23).
Karakteren, omfanget og de økonomiske virkninger af en virksomheds kapitalandele i fælles ordninger og associerede virksomheder
21
En virksomhed skal oplyse følgende:
a)
for hver eneste fælles ordning og associeret virksomhed, der er væsentlig for den regnskabsaflæggende virksomhed:
i)
navnet på den fælles ordning eller associerede virksomhed
ii)
karakteren af virksomhedens forbindelse til den fælles ordning eller associerede virksomhed (f.eks. i form af en beskrivelse af karakteren af aktiviteterne i den fælles ordning eller associerede virksomhed, og hvorvidt disse er af strategisk betydning for virksomhedens aktiviteter)
iii)
den fælles ordnings eller associerede virksomheds hovedforretningssted (og registreringsland, hvis dette er relevant og afviger fra hovedforretningsstedet)
iv)
den ejerandel eller aktie med ret til yderligere udbytte, der besiddes af virksomheden og, hvis dette afviger herfra, den andel af stemmerettigheder, der besiddes (hvis dette er relevant)
b)
for hver enkelt joint venture og associeret virksomhed, der er væsentlig for den regnskabsaflæggende virksomhed:
i)
hvorvidt investeringen i joint venturet eller den associerede virksomhed måles ved anvendelse af den indre værdis metode eller til dagsværdi
ii)
sammenfattede finansielle oplysninger om joint venturet eller den associerede virksomhed som beskrevet i afsnit B12 og B13
iii)
hvorvidt joint venturet eller den associerede virksomhed behandles regnskabsmæssigt ved anvendelse af den indre værdis metode, til dagsværdien af investeringen i joint venturet eller den associerede virksomhed, for så vidt som der er en børsnoteret markedspris for investeringen
c)
finansielle oplysninger som beskrevet i afsnit B16 om virksomhedens investeringer i joint ventures og associerede virksomheder, der ikke er individuelt materielle:
i)
samlet set for alle individuelle, immaterielle joint ventures og, særskilt
ii)
samlet set for alle individuelle, immaterielle associerede virksomheder.
21A
En investeringsvirksomhed behøver ikke at fremlægge de oplysninger, der kræves i afsnit 21, litra b)-c).
22
En virksomhed skal ligeledes oplyse følgende:
a)
karakteren og omfanget af eventuelle begrænsninger (f.eks. som følge af låneordninger, lovkrav eller kontraktlige aftaler indbyrdes mellem investorer med fælles bestemmende indflydelse eller betydelig indflydelse på et joint venture eller en associeret virksomhed) med hensyn til joint ventures' eller associerede virksomheders muligheder for at overføre midler til virksomheden i form af udbytte eller for at tilbagebetale lån eller forskudsbetalinger foretaget af virksomheden
b)
hvis et joint ventures eller en associeret virksomheds årsregnskab, der er anvendt i forbindelse med den indre værdis metode, er opgjort pr. en dato eller for en periode, der afviger fra den dato eller periode, som virksomheden har lagt til grund:
i)
datoen for afslutningen af regnskabsåret i årsregnskabet for det pågældende joint venture eller den pågældende associerede virksomhed og
ii)
årsagen til, at der er anvendt en anden dato eller periode.
c)
den ikkeindregnede andel af tabet i et joint venture eller en associeret virksomhed, både for regnskabsåret og totalt set, hvis virksomheden er ophørt med at indregne sin del af tabet i joint venturet eller den associerede virksomhed ved anvendelsen af den indre værdis metode.
Risici forbundet med en virksomheds kapitalandele i joint ventures og associerede virksomheder
23
En virksomhed skal oplyse følgende:
a)
forpligtelserne, som vedrører dens joint ventures, særskilt fra andre forpligtelser som beskrevet i afsnit B18-B20
b)
virksomhedens eventualforpligtelser, som vedrører dens kapitalandele i joint ventures eller associerede virksomheder (herunder virksomhedens andel af eventualforpligtelser, som deles med andre investorer med fælles bestemmende indflydelse eller betydelig indflydelse på joint venturet eller den associerede virksomhed), særskilt fra øvrige eventualforpligtelser, i overensstemmelse med IAS 37 
Hensatte forpligtelser, eventualforpligtelser og eventualaktiver
, medmindre der er ringe sandsynlighed for tab.
KAPITALANDELE I UKONSOLIDEREDE, STRUKTUREREDE VIRKSOMHEDER
24
En virksomhed skal give oplysninger, der gør det muligt for regnskabsbrugere:
a)
at få indblik i karakteren og omfanget af virksomhedens kapitalandele i ukonsoliderede, strukturerede virksomheder (afsnit 26-28) og
b)
at vurdere karakteren af og ændringer i de risici, der er forbundet med virksomhedens kapitalandele i ukonsoliderede, strukturerede virksomheder (afsnit 29-31).
25
De oplysninger, der er nødvendige i henhold til afsnit 24, litra b), omfatter oplysninger om virksomhedens eksponering for risici som følge af dens deltagelse i ukonsoliderede, strukturerede virksomheder i tidligere perioder (f.eks. i form af støtte til den strukturerede virksomhed), også selv om virksomheden ikke længere har kontraktlige forpligtelser med den strukturerede virksomhed på balancedagen.
25A
En investeringsvirksomhed behøver ikke at fremlægge de oplysninger, der kræves i afsnit 24, for en ukonsolideret, struktureret dattervirksomhed, som den har bestemmende indflydelse på, og for hvilken den fremlægger de oplysninger, der kræves i afsnit 19A-19G.
Kapitalandelenes karakter
26
En virksomhed skal fremlægge kvalitative og kvantitative oplysninger om dens kapitalandele i ukonsoliderede, strukturerede virksomheder, herunder, men ikke begrænset til, karakteren af, formålet med, størrelsen af og aktiviteterne i den strukturerede virksomhed, og hvordan den strukturerede virksomhed bliver finansieret.
27
Hvis en virksomhed har støttet en ukonsolideret, struktureret virksomhed, som den ikke har fremlagt de i afsnit 29 anførte oplysninger om (f.eks. fordi den ikke ejer kapitalandele i virksomheden på balancedagen), skal virksomheden oplyse:
a)
hvordan den har fastslået, hvilke strukturerede virksomheder den har støttet,
b)
indkomsten fra disse strukturerede virksomheder
 i regnskabsåret, herunder en beskrivelse af de fremlagte typer indkomst, og
c)
den regnskabsmæssige værdi (på overførselstidspunktet) af alle aktiver, der er overført til de strukturerede virksomheder i regnskabsåret.
28
En virksomhed skal fremlægge oplysningerne i afsnit 27, litra b) og c), i tabelformat, medmindre et andet format er mere hensigtsmæssigt, og klassificere sine støtteaktiviteter i relevante kategorier (jf. afsnit B2-B6).
Karakteren af risici
29
En virksomhed skal i tabelformat, medmindre et andet format er mere hensigtsmæssigt, fremlægge et sammendrag af:
a)
den regnskabsmæssige værdi af de aktiver og forpligtelser, der er indregnet i virksomhedens årsregnskaber med hensyn til dens kapitalandele i ukonsoliderede, strukturerede virksomheder
b)
de poster i balancen, hvor disse aktiver og forpligtelser er indregnet
c)
det beløb, der på bedste vis repræsenterer virksomhedens maksimale eksponering for tab som følge af dens kapitalandele i ukonsoliderede, strukturerede virksomheder, herunder hvordan den maksimale eksponering for tab er fastslået. Hvis en virksomhed ikke kan kvantificere sin maksimale eksponering for tab fra deres kapitalandele i ukonsoliderede, strukturerede virksomheder, skal den oplyse herom og om årsagerne hertil
d)
en sammenligning af den regnskabsmæssige værdi af virksomhedens aktiver og forpligtelser, som vedrører virksomhedens kapitalandele i ukonsoliderede, strukturerede virksomheder, og virksomhedens maksimale eksponering for tab fra disse virksomheder.
30
Hvis en virksomhed i løbet af regnskabsåret har ydet økonomisk eller anden støtte til en ukonsolideret, struktureret virksomhed, hvori den tidligere har ejet eller på nuværende tidspunkt ejer en kapitalandel (f.eks. køb af aktiver fra eller instrumenter udstedt af den strukturerede virksomhed) uden at være kontraktlig forpligtet til dette, skal den oplyse:
a)
typen og omfanget af den støtte, der er ydet, herunder situationer, hvor virksomheden bistod den strukturerede virksomhed med at opnå økonomisk støtte, og
b)
årsagerne til, at der er ydet støtte.
31
En virksomhed skal oplyse om en eventuel aktuel hensigt med hensyn til at yde økonomisk eller anden støtte til en ukonsolideret, struktureret virksomhed, herunder en eventuel hensigt med hensyn til at bistå den strukturerede virksomhed med at opnå økonomisk støtte.
Appendiks A
Definerede termer
Dette appendiks er en integreret del af standarden.
indkomst fra en struktureret virksomhed
I denne IFRS omfatter indkomst fra en 
struktureret virksomhed
tilbagevendende og ikketilbagevendende gebyrer, kapitalandele, dividender, gevinst eller tab på omvurdering eller ophør af indregning af kapitalandele i strukturerede virksomheder samt gevinst eller tab fra overførsel af aktiver og forpligtelser til den strukturerede virksomhed, men indkomsten er ikke begrænset hertil.
kapitalandel i anden virksomhed
I denne IFRS omfatter en kapitalandel i en anden virksomhed kontraktlig og ikkekontraktlig medvirken, der eksponerer en virksomhed for en række forskellige afkast i kraft af den anden virksomheds resultater. En kapitalandel i en anden virksomhed kan bl.a. have form af egenkapital- eller gældsinstrumenter samt andre former for medvirken, som f.eks. tilvejebringelse af finansiering, likviditetsstøtte, kreditforbedringer og garantier. Det omfatter de midler, som gør, at en virksomhed har bestemmende eller fælles bestemmende eller betydelig indflydelse på en anden virksomhed. En virksomhed har ikke nødvendigvis kapitalandele i en anden virksomhed udelukkende som følge af et typisk kunde/leverandørforhold.
Afsnit B7-B9 indeholder yderligere oplysninger om kapitalandele i andre virksomheder.
I afsnit B55-B57 i IFRS 10 defineres begrebet "variabilitet i afkast".
struktureret virksomhed
En virksomhed, der er udformet således, at stemmerettigheder eller tilsvarende rettigheder ikke er den altafgørende faktor i vurderingen af, hvem der har den bestemmende indflydelse på virksomheden, som f.eks. hvis stemmerettighederne udelukkende vedrører administrative opgaver, og de relevante aktiviteter styres i henhold til kontraktlige aftaler.
Afsnit B22-B24 indeholder yderligere oplysninger om strukturerede virksomheder.
Nedenstående termer er defineret i IAS 27 (som ajourført i 2011), IAS 28 (som ajourført i 2011), IFRS 10 og IFRS 11 
Fælles ordninger
 og anvendes i nærværende IFRS med den betydning, der er anført i disse IFRS-standarder:
—
associeret virksomhed
—
koncernregnskab
—
bestemmende indflydelse på en virksomhed
—
den indre værdis metode
—
koncern
—
investeringsvirksomhed
—
fælles ordning
—
fælles kontrol
—
driftsfællesskab
—
joint venture
—
minoritetsinteresser
—
modervirksomhed
—
beskyttelsesrettigheder
—
relevante aktiviteter
—
separate årsregnskaber
—
særskilt formidlende virksomhed
—
betydelig indflydelse
—
dattervirksomhed.
Appendiks B
Anvendelsesvejledning
Dette appendiks er en integreret del af standarden. Det indeholder en beskrivelse af anvendelsen af afsnit 1-31 og har samme gyldighed som de øvrige dele af standarden.
B1
Eksemplerne i dette appendiks er en fremstilling af hypotetiske situationer. Selv om nogle aspekter i eksemplerne kan forekomme i virkelige situationer, vil alle relevante faktiske omstændigheder og forhold i en nærmere bestemt virkelig situation skulle vurderes ved anvendelsen af IFRS 12.
SAMMENFATNING (AFSNIT 4)
B2
En virksomhed afgør på grundlag af sine egne forhold, hvor detaljerede oplysninger den skal give for at opfylde brugernes informationsbehov, hvor stor vægt den vil lægge på forskellige aspekter af kravene, og hvordan den vil sammenfatte oplysningerne. Det er nødvendigt at finde en balancegang mellem overfyldte årsregnskaber med for mange oplysninger, som ikke vil være til hjælp for årsregnskabsbrugere, og sløring af vigtige oplysninger som følge af, at for mange oplysninger aggregeres.
B3
En virksomhed kan aggregere de oplysninger, der kræves i henhold til nærværende IFRS, for så vidt angår kapitalandele i tilsvarende virksomheder, hvis denne aggregering er i overensstemmelse med målsætningen om oplysning og kravet i afsnit B4 og ikke slører de fremlagte oplysninger. En virksomhed skal oplyse, hvordan aggregeringen af virksomhedens kapitalandele i tilsvarende virksomheder er foretaget.
B4
En virksomhed skal fremlægge særskilte oplysninger vedrørende kapitalandele i:
a)
dattervirksomheder
b)
joint ventures
c)
driftsfællesskaber
d)
associerede virksomheder og
e)
ukonsoliderede, ustrukturerede virksomheder.
B5
Ved fastlæggelsen af, hvorvidt oplysninger skal sammenfattes, skal en virksomhed tage højde for kvantitative og kvalitative oplysninger om de forskellige karakteristika vedrørende risiko og afkast med hensyn til hver enkelt virksomhed, som den overvejer at medtage i sammenfatningen, og betydningen af hver enkelt virksomhed for den regnskabsaflæggende virksomhed. Virksomheden skal fremlægge oplysningerne på en måde, der gør det tydeligt for brugerne af årsregnskaber at forstå karakteren og omfanget af virksomhedens kapitalandele i disse andre virksomheder.
B6
Blandt eksemplerne på niveauet af sammenfatninger inden for de kategorier af virksomheder, der er beskrevet i afsnit B4, og som kan være hensigtsmæssige, er:
a)
aktiviteternes karakter (f.eks. en forsknings- og udviklingsvirksomhed, en revolverende kreditkortsecuritiseringsvirksomhed)
b)
brancheklassifikation
c)
geografisk beliggenhed (f.eks. land eller region).
KAPITALANDELE I ANDRE VIRKSOMHEDER
B7
En kapitalandel i en anden virksomhed vedrører kontraktlig og ikkekontraktlig medvirken, der eksponerer en virksomhed for en variabilitet i afkast i kraft af den anden virksomheds resultater. Det kan hjælpe den regnskabsaflæggende virksomhed med at tage højde for den anden virksomheds formål og udformning i forbindelse med vurderingen af, hvorvidt den har en kapitalandel i den pågældende virksomhed, og derfor, om den skal fremlægge de oplysninger, der er beskrevet i denne IFRS. Denne vurdering skal omfatte betragtninger om de risici, som den anden virksomhed var udformet til at give anledning til, og de risici, som den anden virksomhed var udformet til at lade gå videre til den regnskabsaflæggende virksomhed og andre parter.
B8
En regnskabsaflæggende virksomhed eksponeres typisk for en variabilitet i afkastet fra en anden virksomheds resultater ved at eje instrumenter (som f.eks. egenkapital- eller gældsinstrumenter, der er udstedt af den anden virksomhed) eller at deltage på en anden måde, der absorberer variabiliteten. Det antages f.eks., at en struktureret virksomhed har en låneportefølje. Den strukturerede virksomhed opnår en credit default swap fra en anden virksomhed (den regnskabsaflæggende virksomhed) for at beskytte sig mod misligholdelse af kapitalandele og afdrag på lånene. Den regnskabsaflæggende virksomhed medvirker på en sådan måde, at den eksponeres for variabilitet i afkast fra den strukturerede virksomheds resultater, da den førnævnte credit default swap absorberer variabiliteten i afkastet fra den strukturerede virksomhed.
B9
Nogle instrumenter er udformet med henblik på at overføre risici fra en regnskabsaflæggende virksomhed til en anden virksomhed. Disse instrumenter skaber variabilitet i afkast for den anden virksomhed, men eksponerer typisk ikke den regnskabsaflæggende virksomhed for variabilitet i afkast fra den anden virksomheds resultater. Hvis det f.eks. antages, at en struktureret virksomhed etableres med henblik på at formidle investeringsmuligheder for investorer, der ønsker at blive eksponeret for virksomhed Z's kreditrisiko (virksomhed Z er ikke knyttet til nogen af parterne i ordningen). Den strukturerede virksomhed opnår finansiering ved at udstede gældsbeviser, der er knyttet til virksomhed Z's kreditrisiko (kreditrelaterede gældbeviser), til disse investorer, og anvender indtægterne herfra til at investere i en portefølje af risikofrie finansielle aktiver. Den strukturerede virksomhed eksponeres for virksomhed Z's kreditrisiko ved at indgå i en credit default swap (CDS) med en swap-modpart. Den pågældende CDS indebærer, at virksomhed Z's kreditrisiko overgår til den strukturerede virksomhed til gengæld for et honorar, der betales af swapmodparten. Investorerne i den strukturerede virksomhed modtager et højere afkast, der både afspejler den strukturerede virksomheds afkast fra sin aktivportefølje og CDS-gebyret. Swapmodparten deltager ikke på en sådan måde i den strukturerede virksomhed, så den bliver eksponeret for variabilitet i afkastene i kraft af den strukturerede virksomheds resultat, da CDS'en snarere indebærer, at variabiliteten overføres til den strukturerede virksomhed end, at den absorberer den strukturerede virksomheds variabilitet i afkastene.
SAMMENFATTEDE FINANSIELLE OPLYSNINGER FOR DATTERVIRKSOMHEDER, JOINT VENTURES OG ASSOCIEREDE VIRKSOMHEDER (AFSNIT 12 OG 21)
B10
Virksomheden skal for hver dattervirksomhed, der har minoritetsinteresser, som er væsentlige for den regnskabsaflæggende virksomhed, oplyse:
a)
de dividender, der er udbetalt til minoritetsinteresser
b)
sammenfattede finansielle oplysninger om dattervirksomhedens aktiver, forpligtelser, resultat og pengestrømme, som gør det muligt for brugerne at få kendskab til den kapitalandel, som minoritetsinteresser har i koncernens aktiviteter og pengestrømme. Disse oplysninger kan omfatte, men er ikke begrænset til, f.eks. omsætningsaktiver, anlægsaktiver, kortfristet gæld, langfristet gæld, omsætning, resultat og samlet totalindkomst.
B11
De sammenfattede finansielle oplysninger, der kræves i afsnit B10, litra b), skal være beløbene før interne elimineringer.
B12
For hver enkelt joint venture og associeret virksomhed, der er væsentlig for den regnskabsaflæggende virksomhed, skal virksomheden oplyse:
a)
dividender, som den har modtaget fra joint venturet eller den associerede virksomhed
b)
sammenfattede finansielle oplysninger vedrørende joint venturet eller den associerede virksomhed (jf. afsnit B14 og B15), herunder, men ikke nødvendigvis begrænset til:
i)
omsætningsaktiver
ii)
anlægsaktiver
iii)
kortfristet gæld
iv)
langfristet gæld
v)
omsætning
vi)
resultat fra fortsættende aktiviteter
vii)
resultat efter skat fra ophørte aktiviteter
viii)
anden totalindkomst
ix)
samlet totalindkomst.
B13
Ud over de sammenfattede finansielle oplysninger, der kræves i afsnit B12, skal en virksomhed for hvert enkelt joint venture, der er væsentligt for den regnskabsaflæggende virksomhed, oplyse omfanget af:
a)
likvide beholdninger og tilsvarende likvide midler, der er omfattet af afsnit B12, litra b), nr. i)
b)
kortfristede finansielle forpligtelser (undtagen leverandørforpligtelser og andre forpligtelser samt hensatte forpligtelser), der er omfattet af afsnit B12, litra b), nr. iii)
c)
langfristede finansielle forpligtelser (undtagen leverandørforpligtelser og andre forpligtelser samt hensatte forpligtelser), der er omfattet af afsnit B12, litra b), nr. iv)
d)
nedskrivning og afskrivning
e)
renteindtægter
f)
renteudgifter
g)
skatteomkostninger eller –indtægter,
B14
De sammenfattede finansielle oplysninger, der fremlægges i overensstemmelse med afsnit B12 og B13, skal være de beløb, der er indeholdt i årsregnskabet i henhold til IFRS for joint venturet eller den associerede virksomhed (og ikke virksomhedens andel af disse beløb). Hvis virksomheden regnskabsmæssigt behandler sin kapitalandel i joint venturet eller den associerede virksomhed ved anvendelse af den indre værdis metode:
a)
skal beløbene i det årsregnskab, der er udarbejdet i henhold til IFRS, for joint venturet eller den associerede virksomhed reguleres med henblik på at afspejle de reguleringer, som virksomheden har foretaget, da den anvendte den indre værdis metode, f.eks. reguleringer af dagsværdien, der er foretaget på erhvervelsestidspunktet, og reguleringer for forskelle i regnskabspolitikker
b)
skal virksomheden afstemme de sammenfattede finansielle oplysninger med den regnskabsmæssige værdi af virksomhedens kapitalandel i joint venturet eller den associerede virksomhed.
B15
Virksomheden kan fremlægge de sammenfattede finansielle oplysninger, der er krævet i henhold til afsnit B12 og B13, på grundlag af joint venturets eller den associerede virksomheds årsregnskab, hvis:
a)
virksomheden opgør sin kapitalandel i joint venturet eller den associerede virksomhed til dagsværdi i henhold til IAS 28 (som ajourført i 2011), og
b)
joint venturet eller den associerede virksomhed ikke udarbejder årsregnskabet i henhold til IFRS, og udarbejdelsen af regnskabet på det grundlag ville være praktisk umulig eller medføre unødige omkostninger.
I disse tilfælde skal virksomheden oplyse om grundlaget for udarbejdelsen af de sammenfattede finansielle oplysninger.
B16
Virksomheden skal oplyse den samlede regnskabsmæssige værdi af sine kapitalandele i alle individuelle, immaterielle joint ventures eller associerede virksomheder, som er regnskabsmæssigt behandlet ved anvendelse af den indre værdis metode. Virksomheden skal ligeledes særskilt oplyse den samlede værdi af sin andel i disse joint ventures' eller associerede virksomheders:
a)
resultat fra fortsættende aktiviteter
b)
resultat efter skat fra ophørte aktiviteter
c)
anden totalindkomst
d)
samlet totalindkomst.
Virksomheden skal fremlægge disse oplysninger særskilt for joint ventures og associerede virksomheder.
B17
Hvis virksomhedens kapitalandel i en dattervirksomhed, et joint venture eller en associeret virksomhed (eller en del af virksomhedens kapitalandel i et joint venture eller en associeret virksomhed) er klassificeret som besiddelse (eller bliver medtaget i en afståelsesgruppe, der klassificeres som besiddelse) med henblik på salg i henhold til IFRS 5, kræves det ikke, at virksomheden fremlægger sammenfattede finansielle oplysninger for dattervirksomheden, joint venturet eller den associerede virksomhed i overensstemmelse med afsnit B10-B16.
FORPLIGTELSER MED HENSYN TIL JOINT VENTURES (AFSNIT 23, litra a))
B18
En virksomhed skal oplyse om de samlede forpligtelser, den har indgået, men ikke indregnet på balancedagen (herunder virksomhedens andel af forpligtelser, der er indgået i fællesskab med andre investorer med fælles bestemmende indflydelse på et joint venture), og som vedrører virksomhedens kapitalandele i joint ventures. Forpligtelser er dem, der kan give anledning til fremtidige udgående pengestrømme eller andre ressourcer.
B19
Ikkeindregnede forpligtelser, der kan give anledning til fremtidige udgående pengestrømme eller andre ressourcer, omfatter:
a)
ikkeindregnede forpligtelser til at bidrage med midler eller ressourcer som følge af f.eks.:
i)
aftaler og overenskomster om stiftelse og anskaffelse af et joint venture (som f.eks. kræver, at en virksomhed bidrager med midler i en nærmere angivet periode)
ii)
kapitalintensive projekter, der gennemføres af et joint venture
iii)
ubetingede købsforpligtelser, der omfatter anskaffelse af udstyr, lager eller tjenesteydelser, som en virksomhed er forpligtet til at købe fra eller på vegne af et joint venture
iv)
ikkeindregnede forpligtelser til at yde lån eller andre former for finansiel støtte til et joint venture
v)
ikkeindregnede forpligtelser til at bidrage med ressourcer til et joint venture, som f.eks. aktiver eller tjenesteydelser
vi)
andre ikkeindregnede forpligtelser, der ikke kan annulleres, og som vedrører et joint venture
b)
ikkeindregnede forpligtelser til at købe en anden parts ejerandel (eller en del af den ejerandel) i et joint venture, hvis en bestemt hændelse indtræder eller ikke indtræder i fremtiden.
B20
Kravene og eksemplerne i afsnit B18 og B19 illustrerer nogle af de former for oplysninger, der kræves i afsnit 18 i IAS 24 
Oplysning om nærtstående parter
.
KAPITALANDELE I UKONSOLIDEREDE, STRUKTUREREDE VIRKSOMHEDER (AFSNIT 24-31)
Strukturerede virksomheder
B21
En struktureret virksomhed er en virksomhed, der udformet således, at stemmerettigheder eller tilsvarende rettigheder ikke er den altafgørende faktor i vurderingen af, hvem der har den bestemmende indflydelse på virksomheden, som f.eks. hvis stemmerettighederne udelukkende vedrører administrative opgaver, og de relevante aktiviteter styres i henhold til kontraktlige aftaler.
B22
En struktureret virksomhed har ofte nogle eller alle de følgende egenskaber eller karakteristiske træk:
a)
begrænsede aktiviteter
b)
en snæver og veldefineret målsætning, f.eks. med henblik på gennemførelse af skatteeffektiv leasing, gennemførelse af forsknings- og udviklingsaktiviteter, formidling af en kapital- eller finansieringskilde til en virksomhed eller formidling af investeringsmuligheder for investorer ved at overføre risici og vederlag, der er forbundet med den strukturerede virksomheds aktiver, til investorer
c)
utilstrækkelig egenkapital til at gøre det muligt for den strukturerede virksomhed at finansiere sine aktiviteter uden underordnet økonomisk støtte
d)
finansiering i form af flere kontraktligt forbundne instrumenter til investorer, der resulterer i koncentrationer af kredit eller andre risici (trancher).
B23
Eksempler på virksomheder, der anses for at være strukturerede virksomheder, er aktive inden for, men er ikke begrænset til:
a)
securitisationsvirksomheder
b)
finansiering ydet med sikkerhed i specificerede aktiver
c)
visse investeringsfonde.
B24
En virksomhed, der styres ved hjælp af stemmerettigheder, er ikke en struktureret virksomhed, blot fordi den f.eks. modtager midler fra tredjepart efter en omstrukturering.
Karakteren af risici som følge af kapitalandele i ukonsoliderede, strukturerede virksomheder (afsnit 29-31)
B25
Ud over de oplysninger, der kræves i afsnit 29-31, skal en virksomhed fremlægge yderligere oplysninger, der er nødvendige for at opfylde målsætningen om oplysning i afsnit 24, litra b).
B26
Eksempler på yderligere oplysninger, der, afhængigt af omstændighederne, kan være relevante for en vurdering af de risici, som en virksomhed eksponeres for, hvis den ejer en kapitalandel i en ukonsolideret, struktureret virksomhed, omfatter:
a)
vilkårene i en ordning, der kunne kræve, at virksomheden skal yde økonomisk støtte til en ukonsolideret, struktureret virksomhed (f.eks. likviditetsordninger eller kreditvurderingsudløsere, der er knyttet til forpligtelser til at købe aktiver i den strukturerede virksomhed eller yde økonomisk støtte), herunder:
i)
en beskrivelse af begivenheder eller omstændigheder, der kan eksponere den regnskabsaflæggende virksomhed for et tab
ii)
hvorvidt der er vilkår, som vil begrænse forpligtelsen
iii)
hvorvidt der er andre parter, der yder økonomisk støtte, og i bekræftende fald, hvordan den regnskabsaflæggende virksomheds forpligtelse rangerer i forhold til disse andre parters forpligtelser
b)
virksomhedens tab i regnskabsåret, som vedrører virksomhedens kapitalandele i ukonsoliderede, strukturerede virksomheder
c)
de typer af indkomst, som virksomheden modtog i regnskabsåret som følge af sine kapitalandele i ukonsoliderede, strukturerede virksomheder
d)
hvorvidt det kræves, at virksomheden skal absorbere tab fra en ukonsolideret, struktureret virksomhed før andre parter, virksomhedens loft for disse tab og (hvis dette er relevant) rangordningen og størrelsen af potentielle tab, der bæres af parter, hvis kapitalandele rangerer lavere end virksomhedens kapitalandel i den ukonsoliderede, strukturerede virksomhed
e)
oplysninger om eventuelle likviditetsordninger, garantier eller andre forpligtelser over for tredjeparter, der kan påvirke dagsværdien eller risikoen med hensyn til virksomhedens kapitalandele i ukonsoliderede, strukturerede virksomheder
f)
eventuelle vanskeligheder, som en ukonsolideret, struktureret virksomhed har oplevet i forbindelse med finansieringen af sine aktiviteter i regnskabsåret
g)
i forbindelse med finansieringen af en ukonsolideret, struktureret virksomhed, de former for finansiering (f.eks. kortfristede omsætningspapirer eller mellemfristede gældsbeviser) og deres vægtede gennemsnitsløbetid. Disse oplysninger kan omfatte løbetidsanalyser af en ukonsolideret, struktureret virksomheds aktiver og finansiering, hvis den strukturerede virksomhed har langfristede aktiver, der er finansieret med kortfristede midler.
Appendiks C
Ikrafttrædelsestidspunkt og overgang
Dette appendiks er en integreret del af IFRS-standarden og har samme gyldighed som de øvrige dele af standarden.
IKRAFTTRÆDELSESTIDSPUNKT OG OVERGANG
C1
Virksomheder skal anvende denne IFRS for årsregnskaber, som begynder den 1. januar 2013 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt.
C1A
Koncernregnskaber, fælles ordninger og oplysninger om kapitalandele i andre virksomheder: Overgangsretningslinjer
 (ændringer til IFRS 10, IFRS 11 og IFRS 12), udstedt i juni 2012, vedrørte tilføjelse af afsnit C2A–C2B. En virksomhed skal anvende disse ændringer på regnskabsår, som begynder den 1. januar 2013 eller derefter. Hvis en virksomhed anvender IFRS 12 på et tidligere regnskabsår, skal den anvende disse ændringer på dette tidligere regnskabsår.
C1B
Investeringsvirksomheder
 (ændringer til IFRS 10, IFRS 12 og IAS 27), udstedt i oktober 2012, vedrørte ændring af afsnit 2 og appendiks A og tilføjelse af afsnit 9A-9B, 19A-19G, 21A og 25A. En virksomhed skal anvende disse ændringer på regnskabsår, som begynder den 1. januar 2014 eller derefter. Det er tilladt at anvende ændringerne tidligere. Hvis en virksomhed anvender disse ændringer tidligere, skal den oplyse herom og samtidigt anvende alle ændringerne i 
Investeringsvirksomheder
.
C1C
Investeringsvirksomheder: Anvendelse af konsolideringsfritagelsen
 (ændringer til IFRS 10, IFRS 12 og IAS 28), udstedt i december 2014, vedrørte ændring af afsnit 6. Virksomheder skal anvende denne ændring for regnskabsår, som begynder den 1. januar 2016 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender ændringen på en tidligere regnskabsperiode, skal den oplyse herom.
C1D
Det årlige forbedringsprojekt vedrørende IFRS-standarder for perioden 2014-2016
, som blev udstedt i december 2016, medførte tilføjelse af afsnit 5A og ændring af afsnit B17. Virksomheder skal anvende disse ændringer med tilbagevirkende kraft i overensstemmelse med IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
 for regnskabsår, der begynder den 1. januar 2017 eller derefter.
C2
En virksomhed tilskyndes til at formidle oplysninger, der kræves i henhold til denne IFRS, på et tidligere tidspunkt end de regnskabsår, der begynder den 1. januar 2013 eller derefter. Fremlæggelsen af nogle af de oplysninger, der er krævet i henhold til denne IFRS, forpligter ikke virksomheden til at opfylde alle kravene i denne standard eller anvende IFRS 10, IFRS 11, IAS 27 (som ajourført i 2011) og IAS 28 (som ajourført i 2011) tidligt.
C2A
Det er ikke nødvendigt at anvende kravene til oplysning i denne IFRS for en periode, der begynder før det regnskabsår, der går umiddelbart forud for det første regnskabsår, hvor IFRS 12 anvendes.
C2B
Det er ikke nødvendigt at anvende kravene til oplysning i afsnit 24–31 og den tilsvarende vejledning i afsnit B21–B26 i denne IFRS for en periode, der begynder før det første regnskabsår, hvor IFRS 12 anvendes.
HENVISNINGER TIL IFRS 9
C3
Hvis en virksomhed anvender denne IFRS, men endnu ikke anvender IFRS 9, læses enhver henvisning i denne standard til IFRS 9 som en henvisning til IAS 39 
Finansielle instrumenter. Indregning og måling
IFRS 13
Måling af dagsværdi
FORMÅL
1
Denne IFRS:
a)
definerer 
dagsværdi
b)
fastsætter i en enkelt IFRS rammerne for måling af dagsværdi og
c)
stiller krav om oplysninger om måling af dagsværdi.
2
Dagsværdi er en markedsbaseret, ikke en virksomhedsspecifik måling. For nogle aktiver og forpligtelser kan der eventuelt foreligge observerbare markedstransaktioner eller markedsoplysninger. For andre aktiver og forpligtelser foreligger der muligvis ikke observerbare markedstransaktioner eller markedsoplysninger. Formålet med en måling af dagsværdien er imidlertid i begge tilfælde det samme - at beregne den pris, hvorved en 
velordnet transaktion
 med det formål at sælge aktivet eller overdrage forpligtelsen ville finde sted mellem 
markedsdeltagere
 på målingsdagen under aktuelle markedsforhold (dvs. en 
exitpris
 på målingstidspunktet set fra den markedsdeltagers synspunkt, der er i besiddelse af aktivet, eller som har forpligtelsen).
3
Når prisen på identiske aktiver eller forpligtelser ikke kan observeres, måler en virksomhed dagsværdien med en anden værdiansættelsesmetode, som maksimerer brugen af relevante 
observerbare input
 og minimerer brugen af 
ikkeobserverbare input
. Eftersom dagsværdi er en markedsbaseret måling, bliver den målt ved brug af de forudsætninger, som markedsdeltagerne bruger ved prisfastsættelsen af aktivet eller forpligtelsen, herunder forudsætninger om risici. En virksomheds hensigt om at besidde et aktiv eller indfri eller på anden måde opfylde en forpligtelse er således ikke relevant i forbindelse med målingen af dagsværdien.
4
Definitionen på dagsværdi fokuserer på aktiver og forpligtelser, fordi disse er et primært forhold i den regnskabsmæssige måling. Denne IFRS skal endvidere anvendes på en virksomheds egne egenkapitalinstrumenter målt til dagsværdi.
ANVENDELSESOMRÅDE
5
Denne IFRS finder anvendelse, når en anden IFRS stiller krav om eller tillader dagsværdimålinger eller oplysninger om dagsværdimålinger (og målinger, såsom dagsværdi med fradrag af salgsomkostninger, baseret på dagsværdi eller oplysninger om disse målinger), undtagen som anført i afsnit 6 og 7.
6
Kravene om måling og oplysninger i denne IFRS finder ikke anvendelse på følgende:
a)
aktiebaseret vederlæggelse, der er omfattet af IFRS 2 
Aktiebaseret vederlæggelse
,
b)
leasingtransaktioner, der regnskabsmæssigt behandles i overensstemmelse med IFRS 16 
Leasingkontrakter
, og
c)
målinger, der kan have lighedspunkter med dagsværdi, men som ikke er dagsværdi, f.eks. nettorealisationsværdi i IAS 2 
Varebeholdninger
 eller værdi anvendt i IAS 36 
Værdiforringelse af aktiver
.
7
De oplysninger, der stilles krav om i denne IFRS, er ikke nødvendige til følgende:
a)
ordningers aktiver målt til dagsværdi i overensstemmelse med IAS 19 
Personaleydelser
b)
fratrædelsesordningers investeringer målt til dagsværdi i overensstemmelse med IAS 26 
Regnskabsmæssig behandling og præsentation af fratrædelsesordninger
 og
c)
aktiver for hvilket genindvindingsværdien er dagsværdien med fradrag af afhændelsesomkostninger i overensstemmelse med IAS 36.
8
Rammerne for måling af dagsværdi beskrevet i denne IFRS-standard gælder både indledende og efterfølgende måling, hvis dagsværdi er påkrævet eller tilladt i henhold til andre IFRS-standarder.
MÅLING
Definition af dagsværdi
9
I denne IFRS defineres dagsværdi som den pris, der ville blive opnået ved salg af et aktiv eller betalt for at overdrage en forpligtelse i en normal transaktion mellem markedsdeltagere på målingstidspunktet.
10
I afsnit B2 beskrives den generelle metode til måling af dagsværdi.
Aktivet eller forpligtelsen
11
En dagsværdimåling vedrører et bestemt aktiv eller en bestemt forpligtelse. Ved måling af dagsværdien skal en virksomhed derfor tage hensyn til aktivets eller forpligtelsens kendetegn, hvis markedsdeltagerne ville tage disse kendetegn i betragtning ved prisfastsættelsen af aktivet eller forpligtelsen på målingstidspunktet. Disse kendetegn omfatter f.eks. følgende:
a)
aktivets tilstand og placering og
b)
eventuelle begrænsninger på salget eller anvendelsen af aktivet.
12
Et bestemt kendetegns indvirkning på målingen vil afhænge af, hvordan det pågældende kendetegn betragtes af markedsdeltagerne.
13
Aktivet eller forpligtelsen målt til dagsværdi kan være:
a)
et selvstændigt aktiv eller en selvstændig forpligtelse (f.eks. et finansielt instrument eller et ikkefinansielt aktiv) eller
b)
en gruppe af aktiver, en gruppe af forpligtelser eller en gruppe af aktiver og forpligtelser (f.eks. en pengestrømsfrembringende enhed eller en forretningsenhed).
14
Hvorvidt aktivet eller forpligtelsen er et selvstændigt aktiv, en selvstændig forpligtelse, en gruppe af aktiver, en gruppe af forpligtelser eller en gruppe af aktiver og forpligtelser til indregning eller oplysning afhænger af 
regningsenheden
. Regningsenheden for aktivet eller forpligtelsen fastsættes i overensstemmelse med den IFRS-standard, der kræver eller tillader dagsværdimålingen under hensyntagen til denne IFRS-standard.
Transaktionen
15
En dagsværdimåling forudsætter, at aktivet eller forpligtelsen omsættes i en velordnet transaktion mellem markedsdeltagere med henblik på at sælge aktivet eller overdrage forpligtelsen på målingstidspunktet under aktuelle markedsforhold.
16
En dagsværdimåling forudsætter, at transaktionen med det formål at sælge aktivet eller overdrage forpligtelsen sker enten:
a)
på det 
primære marked
 for aktivet eller forpligtelsen eller
b)
hvis der ikke er et primært marked, på det 
mest fordelagtige marked
 for aktivet eller forpligtelsen.
17
En virksomhed behøver ikke foretage en udtømmende søgning efter samtlige mulige markeder for at identificere det primære marked eller, hvis der ikke er et primært marked, det mest fordelagtige marked, men skal tage hensyn til alle oplysninger, som er rimeligt tilgængelige. Hvis der ikke er bevis på det modsatte, antages det, at markedet, som virksomheden normalt anvender til at sælge aktivet eller overdrage forpligtelsen, er det primære marked eller, hvis der ikke er et primært marked, så det mest fordelagtige marked.
18
Hvis der er et primært marked for aktivet eller forpligtelsen, afspejler dagsværdimålingen prisen på dette marked (uanset om denne pris kan observeres direkte eller skønnes ved hjælp af en anden værdiansættelsesmetode), selv om prisen på et andet marked er potentielt mere fordelagtig på målingstidspunktet.
19
Virksomheden skal have adgang til det primære (eller mest fordelagtige) marked på målingstidspunktet. Eftersom forskellige virksomheder (og forretningsenheder inden for disse virksomheder) med forskellige aktiviteter kan have adgang til forskellige markeder, kan det primære (eller mest fordelagtige) marked for det samme aktiv eller den samme forpligtelse variere for forskellige virksomheder (og forretningsenheder inden for disse virksomheder). Det primære (eller mest fordelagtige) marked (og dermed markedsdeltagerne) skal derfor ses ud fra virksomhedens synspunkt og således give mulighed for forskelle mellem og blandt virksomheder med forskellige aktiviteter.
20
Selv om en virksomhed skal have adgang til markedet, behøver virksomheden ikke kunne sælge det pågældende aktiv eller overdrage den pågældende forpligtelse på målingstidspunktet for at kunne måle dagsværdien på basis af prisen på det pågældende marked.
21
Selv når der ikke er et observerbart marked, hvorfra prisoplysninger kan indhentes om salget af et aktiv eller overdragelsen af en forpligtelse på målingstidspunktet, forudsætter en dagsværdimåling, at en transaktion finder sted på det pågældende tidspunkt, set fra en markedsdeltagers synspunkt, som er i besiddelse af aktivet, eller som har forpligtelsen. Denne forudsatte transaktion tilvejebringer et grundlag for at vurdere prisen på at sælge aktivet eller overdrage forpligtelsen.
Markedsdeltagere
22
En virksomhed skal måle dagsværdien af et aktiv eller en forpligtelse ved at anvende de forudsætninger, som markedsdeltagerne ville anvende ved prisfastsættelsen af aktivet eller forpligtelsen, idet det forudsættes, at markedsdeltageren handler i bedste økonomiske interesse.
23
En virksomhed behøver ikke identificere specifikke markedsdeltagere ved udviklingen af disse forudsætninger. Virksomheden skal i stedet identificere kendetegn, der sondrer mellem markedsdeltagere generelt under hensyntagen til faktorer, der er specifikke for alle følgende:
a)
aktivet eller forpligtelsen
b)
det primære (eller mest fordelagtige) marked for aktivet eller forpligtelsen og
c)
markedsdeltagerne, med hvem virksomheden ville indgå i en transaktion på det pågældende marked.
Prisen
24
Dagsværdien er den pris, der kunne opnås ved at sælge et aktiv, eller der skulle betales for at overdrage en forpligtelse i en velordnet transaktion på det primære (eller mest fordelagtige) marked på målingstidspunktet under aktuelle markedsforhold (dvs. en exitpris), uanset om den pågældende pris kan observeres direkte eller skønnes ved hjælp af en anden værdiansættelsesmetode.
25
Prisen på det primære (eller mest fordelagtige) marked, der anvendes til at måle dagsværdien af aktivet eller forpligtelsen, reguleres ikke for 
transaktionsomkostninger
. Transaktionsomkostninger skal behandles regnskabsmæssigt i overensstemmelse med andre IFRS-standarder. Transaktionsomkostninger er ikke et kendetegn ved et aktiv eller en forpligtelse, men er derimod specifikke for en transaktion og varierer afhængigt af, hvordan en virksomhed indgår i en transaktion for et aktiv eller en forpligtelse.
26
Transaktionsomkostninger omfatter ikke 
transportomkostninger
. Hvis placering er et kendetegn for aktivet (hvilket f.eks. kan være tilfældet ved en råvare), reguleres prisen på det primære (eller mest fordelagtige) marked for eventuelle omkostninger, der påløber til transport af aktivet fra den aktuelle placering til det pågældende marked.
Anvendelse på ikkefinansielle aktiver
Højeste og bedste anvendelse af ikkefinansielle aktiver
27
En dagsværdimåling af et ikkefinansielt aktiv tager hensyn til en markedsdeltagers evne til at frembringe økonomiske fordele ved at anvende aktivet 
mest og bedst muligt
 eller ved at sælge det til en anden markedsdeltager, som ville anvende aktivet mest og bedst muligt.
28
Den højeste og bedste anvendelse af et ikkefinansielt aktiv ser på aktivets anvendelse med hensyn til, hvad der er fysisk muligt, lovligt i juridisk henseende og finansielt opnåeligt, som følger:
a)
En anvendelse, der er fysisk mulig, tager hensyn til aktivets fysiske kendetegn, som markedsdeltagerne tager i betragtning, når aktivet prisfastsættes (f.eks. beliggenhed eller størrelse af en ejendom).
b)
En anvendelse, der er lovlig i juridisk henseende, tager hensyn til eventuelle lovmæssige begrænsninger ved brugen af aktivet, som markedsdeltagere tager i betragtning, når aktivet prisfastsættes (f.eks. områderegulering gældende for en ejendom).
c)
En anvendelse, der er finansielt opnåelig, tager hensyn til, hvorvidt en anvendelse af aktivet, der er fysisk mulig og lovlig i juridisk henseende, frembringer tilstrækkelige indtægter eller pengestrømme (under hensyntagen til omkostningerne ved at konvertere aktivet til den pågældende anvendelse) til at resultere i et investeringsafkast, som markedsdeltagerne ville kræve fra en investering i det pågældende aktiv anvendt på den pågældende måde.
29
Den højeste og bedste anvendelse fastsættes ud fra markedsdeltagernes perspektiv, også selv om virksomheden påtænker en anden anvendelse. Dog anses en virksomheds aktuelle anvendelse af et ikkefinansielt aktiv for at være den højeste og bedste anvendelse, medmindre markedet eller andre faktorer tyder på, at aktivets værdi kunne maksimeres, hvis markedsdeltagerne anvendte aktivet på en anden måde.
30
For at beskytte sin konkurrencemæssige stilling eller af andre grunde kan en virksomhed have til hensigt ikke at anvende et anskaffet ikkefinansielt aktiv aktivt, eller den kan have til hensigt ikke at anvende aktivet mest og bedst muligt. Dette kan f.eks. være tilfældet i forbindelse med et anskaffet immaterielt aktiv, som virksomheden planlægger at anvende defensivt ved at forhindre andre i at anvende det. Virksomheden skal ikke desto mindre måle dagsværdien af et ikkefinansielt aktiv under forudsætning af markedsdeltagernes højeste og bedste anvendelse.
Værdiansættelsesforudsætning for ikkefinansielle aktiver
31
Den højeste og bedste anvendelse af et ikkefinansielt aktiv fastsætter den værdiansættelsesforudsætning, der anvendes til at måle aktivets dagsværdi, som følger:
a)
Den højeste og bedste anvendelse af et ikkefinansielt aktiv kan give markedsdeltagerne den maksimale værdi via dets anvendelse i kombination med andre aktiver som en gruppe (installeret eller på anden måde konfigureret til brug) eller i kombination med andre aktiver eller forpligtelser (f.eks. en forretningsenhed).
i)
Hvis den højeste og bedste anvendelse af et aktiv er at anvende det i kombination med andre aktiver eller med andre aktiver og forpligtelser, er aktivets dagsværdi prisen, der kunne opnås i en aktuel transaktion med det formål at sælge aktivet under forudsætning af, at aktivet ville blive anvendt sammen med andre aktiver eller med andre aktiver og forpligtelser, og at disse aktiver og forpligtelser (dvs. de supplerende aktiver og tilknyttede forpligtelser) ville være tilgængelige for markedsdeltagerne.
ii)
Forpligtelser forbundet med aktivet og med de supplerende aktiver omfatter forpligtelser, der finansierer driftskapital, men omfatter ikke forpligtelser, der anvendes til at finansiere andre aktiver end dem, der er i gruppen af aktiver.
iii)
Forudsætningerne om den højeste og bedste anvendelse af et ikkefinansielt aktiv skal være overensstemmende for alle aktiverne (for hvilken den højeste og bedste anvendelse er relevant) i den gruppe af aktiver eller gruppe af aktiver og forpligtelser, hvor aktivet ville finde anvendelse.
b)
Den højeste og bedste anvendelse af et ikkefinansielt aktiv kan separat give markedsdeltagerne den maksimale værdi. Hvis den højeste og bedste anvendelse af aktivet er at anvende det separat, er aktivets dagsværdi den pris, der kunne opnås i en aktuel transaktion med det formål at sælge aktivet til markedsdeltagere, som ville anvende aktivet separat.
32
Dagsværdimålingen af et ikkefinansielt aktiv forudsætter, at aktivet sælges i overensstemmelse med den regningsenhed, der er anført i andre IFRS-standarder (hvilket kan være et enkelt aktiv). Dette er tilfældet, selv når den pågældende dagsværdimåling forudsætter, at den højeste og bedste anvendelse af aktivet er at anvende det i kombination med andre aktiver eller med andre aktiver og forpligtelser, fordi en dagsværdimåling forudsætter, at markedsdeltageren allerede er i besiddelse af de supplerende aktiver og de tilknyttede forpligtelser.
33
Anvendelsen af værdiansættelsesprincippet for ikkefinansielle aktiver beskrives i afsnit B3.
Anvendelse på forpligtelser og en virksomheds egne egenkapitalinstrumenter
Generelle principper
34
En dagsværdimåling forudsætter, at en finansiel eller ikkefinansiel forpligtelse eller en virksomheds eget egenkapitalinstrument (f.eks. egenkapitalinteresser udstedt som vederlag ved en virksomhedssammenslutning) overdrages til en markedsdeltager på målingstidspunktet. Overdragelsen af en forpligtelse eller en virksomheds eget egenkapitalinstrument forudsætter følgende:
a)
En forpligtelse ville fortsat være udestående, og den markedsdeltagende erhverver ville skulle opfylde forpligtelsen. Forpligtelsen ville ikke være afregnet med modparten eller på anden måde ophørt på målingstidspunktet.
b)
En virksomheds eget egenkapitalinstrument ville fortsat være udestående, og den markedsdeltagende erhverver ville påtage sig rettighederne og forpligtelserne forbundet med instrumentet. Instrumentet ville ikke blive annulleret eller på anden måde ophøre på målingstidspunktet.
35
Selv når der ikke er et observerbart marked til at give prisfastsættelsesoplysninger om overdragelsen af en forpligtelse eller en virksomheds eget egenkapitalinstrument (f.eks. fordi kontraktmæssige eller andre juridiske begrænsninger forhindrer overdragelsen af sådanne poster), kan der være et observerbart marked for sådanne poster, hvis de besiddes af andre parter som aktiver (f.eks. en erhvervsobligation eller en call-option på en virksomheds aktier).
36
En virksomhed skal i alle tilfælde maksimere anvendelsen af relevante observerbare input og mindske anvendelsen af ikkeobserverbare input til at opfylde målet om en dagsværdimåling, som skal vurdere prisen, ved hvilken en velordnet transaktion med det formål at overdrage forpligtelsen eller egenkapitalinstrumentet ville finde sted mellem markedsdeltagere på målingstidspunktet under aktuelle markedsforhold.
Forpligtelser og egenkapitalinstrumenter, der besiddes af andre parter som aktiver
37
Når en officiel pris for overdragelsen af en identisk eller en lignende forpligtelse eller virksomhedens eget egenkapitalinstrument ikke er tilgængelig, og den identiske post besiddes af en anden part som et aktiv, skal virksomheden måle forpligtelsens eller egenkapitalinstrumentets dagsværdi fra en markedsdeltagers perspektiv, der besidder den identiske post som et aktiv på målingstidspunktet.
38
I sådanne tilfælde skal en virksomhed måle dagsværdien af forpligtelsen eller egenkapitalinstrumentet som følger:
a)
ved hjælp af den officielle pris på et 
aktivt marked
 for den identiske post besiddet af en anden part som et aktiv, hvis denne pris er tilgængelig
b)
hvis denne pris ikke er tilgængelig, ved hjælp af andre observerbare input, f.eks. den officielle pris på et marked, der ikke er aktivt for den identiske post besiddet af en anden part som et aktiv
c)
hvis de observerbare priser under punkt a) og b) ikke er tilgængelige, ved hjælp af en anden værdiansættelsesmetode, f.eks.:
i)
indkomstmetoden
 (f.eks. en nutidsværdimetode, der tager hensyn til de fremtidige pengestrømme, som en markedsdeltager forventer at opnå ved at besidde forpligtelsen eller egenkapitalinstrumentet som et aktiv, jf. afsnit B10 og B11)
ii)
markedsmetoden
 (f.eks. ved hjælp af officielle priser for lignende forpligtelser eller egenkapitalinstrumenter, der besiddes af andre parter som aktiver, jf. afsnit B5–B7).
39
En virksomhed regulerer kun den officielle pris på en forpligtelse eller en virksomheds eget egenkapitalinstrument, som besiddes af en anden part som et aktiv, hvis der er specifikke faktorer i forbindelse med aktivet, som ikke gælder for dagsværdimålingen af forpligtelsen eller egenkapitalinstrumentet. En virksomhed skal sikre, at prisen på aktivet ikke afspejler virkningen af en begrænsning, der forhindrer salget af det pågældende aktiv. Nogle faktorer kan indikere, at den officielle pris på aktivet skal reguleres til at omfatte følgende:
a)
Den officielle pris på aktivet vedrører en lignende (men ikke identisk) forpligtelse eller et lignende (men ikke identisk) egenkapitalinstrument, der besiddes af en anden part som et aktiv. Forpligtelsen eller egenkapitalinstrumentet kan f.eks. have et særligt kendetegn (f.eks. udsteders kreditkvalitet), som afviger fra det, der afspejles i dagsværdien af den lignende forpligtelse eller egenkapitalinstrument, der besiddes som et aktiv.
b)
Regningsenheden for aktivet er ikke den samme som for forpligtelsen eller egenkapitalinstrumentet. Med hensyn til forpligtelser afspejler prisen på et aktiv f.eks. i nogle tilfælde en kombineret pris på en pakke, der indeholder både udeståender fra udstederen og en tredjemands kreditværdighed. Hvis regningsenheden for forpligtelsen ikke er for den kombinerede pakke, er formålet at måle dagsværdien af udstederens forpligtelse, ikke dagsværdien af den kombinerede pakke. I disse tilfælde regulerer virksomheden således den observerede pris på aktivet, så det ikke omfatter virkningen af tredjemands kreditforbedring.
Forpligtelser og egenkapitalinstrumenter, der ikke besiddes af andre parter som aktiver
40
Når en officiel pris for overdragelsen af en identisk eller en lignende forpligtelse eller et identisk eller et lignende egenkapitalinstrument i virksomheden ikke er tilgængelig, og den identiske post ikke besiddes af en anden part som et aktiv, skal virksomheden måle forpligtelsens eller egenkapitalinstrumentets dagsværdi ved hjælp af en værdiansættelsesmetode fra en markedsdeltagers perspektiv, der har forpligtelsen eller har fremsat kravet om finansiel ejendomsret.
41
Ved anvendelsen af en nutidsværdimetode kan en virksomhed eksempelvis tage hensyn til:
a)
de fremtidige udgående pengestrømme, som en markedsdeltager vil forvente at pådrage sig ved opfyldelsen af forpligtelsen, herunder godtgørelsen, som en markedsdeltager vil kræve for at påtage sig forpligtelsen (jf. afsnit B31-B33)
b)
det beløb, som en markedsdeltager vil opnå ved at indgå eller udstede en identisk forpligtelse eller et identisk egenkapitalinstrument med de forudsætninger, som markedsdeltagerne ville anvende ved prisfastsættelsen af den identiske post (f.eks. med de samme kreditkarakteristika) på det primære (eller mest fordelagtige) marked ved at udstede en forpligtelse eller et egenkapitalinstrument med de samme kontraktmæssige betingelser.
Risiko for manglende opfyldelse
42
Dagsværdien af en forpligtelse afspejler virkningen af 
risikoen for manglende opfyldelse
. Risiko for manglende overholdelse omfatter, men er eventuelt ikke begrænset til, en virksomheds egen kreditrisiko (som defineret i IFRS 7 
Finansielle instrumenter: Oplysninger
). Risikoen for manglende opfyldelse antages at være den samme før og efter overdragelsen af forpligtelsen.
43
Ved målingen af en forpligtelses dagsværdi skal virksomheden tage hensyn til virkningen af sin kreditrisiko (kreditværdighed) og alle andre faktorer, der kan indvirke på sandsynligheden for, at forpligtelsen opfyldes. Denne virkning kan variere afhængigt af forpligtelsen, f.eks.:
a)
hvorvidt forpligtelsen er en forpligtelse til at overdrage likvide beholdninger (en finansiel forpligtelse) eller en forpligtelse til at overdrage varer eller tjenesteydelser (en ikkefinansiel forpligtelse)
b)
eventuelle betingelser for kreditforbedringer i forbindelse med forpligtelsen.
44
En forpligtelses dagsværdi afspejler virkningen af risikoen for manglende opfyldelse på grundlag af dens regningsenhed. Udstederen af en forpligtelse udstedt med en uadskillelig tredjemands kreditforbedring, som behandles regnskabsmæssigt separat i forhold til forpligtelsen, må ikke medtage virkningen af kreditforbedringen (f.eks. en tredjemands gældsgaranti) i dagsværdimålingen af forpligtelsen. Hvis kreditforbedringen behandles regnskabsmæssigt separat i forhold til forpligtelsen, tager udstederen hensyn til sin egen kreditværdighed og ikke tredjemandsgarantens kreditværdighed ved målingen af forpligtelsens dagsværdi.
Begrænsning, der forhindrer overdragelsen af en forpligtelse eller en virksomheds eget egenkapitalinstrument
45
Ved dagsværdimålingen af en forpligtelse eller en virksomheds eget egenkapitalinstrument må virksomheden ikke medtage et særskilt input eller en regulering af andre 
input
, der vedrører tilstedeværelsen af en begrænsning, der forhindrer overdragelsen af posten. Virkningen af en begrænsning, der forhindrer overdragelsen af en forpligtelse eller virksomhedens eget egenkapitalinstrument, er enten implicit eller eksplicit medtaget i de andre input til dagsværdimålingen.
46
Eksempelvis accepterede både kreditor og den forpligtede på transaktionstidspunktet transaktionsprisen for forpligtelsen velvidende, at forpligtelsen indeholder en begrænsning, der forhindrer dens overdragelse. Som følge af begrænsningens inklusion i transaktionsprisen er et særskilt input eller en regulering af et eksisterende input ikke nødvendig på transaktionstidspunktet med det formål at afspejle virkningen af begrænsningen af overdragelsen. Et særskilt input eller en regulering af et eksisterende input er heller ikke nødvendigt på efterfølgende målingstidspunkter til at afspejle begrænsningen af overdragelsen.
Finansiel forpligtelse med et anfordringselement
47
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.
Anvendelse på finansielle aktiver og finansielle forpligtelser med modsvarende positioner i forbindelse med markedsrisici eller modpartens kreditrisiko
48
En virksomhed, der besidder en gruppe af finansielle aktiver og finansielle forpligtelser, er udsat for markedsrisici (som defineret i IFRS 7) og for de enkelte modparters kreditrisiko (som defineret i IFRS 7). Hvis virksomheden forvalter denne gruppe af finansielle aktiver og finansielle forpligtelser på grundlag af sin nettorisiko over for enten markedsrisici eller kreditrisiko, kan virksomheden gøre brug af en undtagelse fra denne IFRS ved dagsværdimålingen. Denne undtagelse tillader virksomheden at måle dagsværdien af en gruppe af finansielle aktiver og finansielle forpligtelser baseret på den pris, der kunne opnås ved at sælge en lang nettoposition (dvs. et aktiv) til en bestemt risikoeksponering, eller der skulle betales for at overdrage en kort nettoposition (dvs. en forpligtelse) til en bestemt risikoeksponering i en velordnet transaktion mellem markedsdeltagere på målingstidspunktet under aktuelle markedsforhold. En virksomhed skal derfor måle dagsværdien af gruppen af finansielle aktiver og finansielle forpligtelser i overensstemmelse med, hvordan markedsdeltagerne ville prisfastsætte nettorisikoen på målingstidspunktet.
49
En virksomhed må kun benytte undtagelsen i afsnit 48, hvis virksomheden opfylder alle følgende betingelser:
a)
forvalter gruppen af finansielle aktiver og finansielle forpligtelser på grundlag af virksomhedens nettorisiko over for en bestemt markedsrisiko (eller -risici) eller over for en bestemt modparts kreditrisiko i overensstemmelse med virksomhedens dokumenterede risikostyrings- eller investeringsstrategi
b)
på dette grundlag oplyser virksomhedens nøglepersoner i ledelsen om gruppen af finansielle aktiver og finansielle forpligtelser, som defineret i IAS 24 
Oplysninger om nærtstående parter
, og
c)
skal eller har valgt at måle disse finansielle aktiver og finansielle forpligtelser til dagsværdi i balancen ved udgangen af hver regnskabsperiode.
50
Undtagelsen i afsnit 48 vedrører ikke præsentationen af årsregnskaber. I nogle tilfælde adskiller grundlaget for præsentationen af finansielle instrumenter i balancen sig fra grundlaget for målingen af finansielle instrumenter, hvis f.eks. en IFRS ikke kræver eller tillader, at finansielle instrumenter præsenteres som nettobeløb. I sådanne tilfælde kan en virksomhed være nødt til at fordele reguleringerne på porteføljeniveau (se afsnit 53-56) på de enkelte aktiver eller forpligtelser, som udgør gruppen af finansielle aktiver og finansielle forpligtelser forvaltet på grundlag af virksomhedens nettorisiko. En virksomhed skal foretage disse fordelinger på et rimeligt og konsekvent grundlag ved hjælp af en metode, der er relevant under omstændighederne.
51
En virksomhed skal træffe en beslutning om regnskabspraksis i henhold til IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
 for at anvende undtagelsen i afsnit 48. En virksomhed, der gør brug af undtagelsen, skal anvende denne regnskabspraksis, herunder praksis om fordeling af købs-salgs-reguleringer (se afsnit 53-55) og kreditreguleringer (se afsnit 56), hvis relevant, konsekvent fra regnskabsår til regnskabsår for en bestemt portefølje.
52
Undtagelsen i afsnit 48 finder kun anvendelse på finansielle aktiver, finansielle forpligtelser og andre kontrakter inden for anvendelsesområdet for IFRS 9 
Finansielle instrumenter
 (eller IAS 39 
Finansielle instrumenter: Indregning og måling
, hvis IFRS 9 endnu ikke er vedtaget). Henvisningerne til finansielle aktiver og finansielle forpligtelser i afsnit 48-51 og 53-56 bør læses som henvisninger til alle kontrakter, som er omfattet af og behandles regnskabsmæssigt i overensstemmelse med IFRS 9 (eller IAS 39, hvis IFRS 9 endnu ikke er vedtaget), uanset om de opfylder definitionerne af finansielle aktiver eller finansielle forpligtelser i IAS 32 
Finansielle instrumenter: Præsentation
.
Eksponering for markedsrisici
53
Når undtagelsen i afsnit 48 anvendes til at måle dagsværdien af en gruppe af finansielle aktiver og finansielle forpligtelser forvaltet på grundlag af virksomhedens nettoeksponering for en bestemt markedsrisiko (eller -risici), skal virksomheden anvende den pris inden for købs-salgs-spændet, som bedst afspejler dagsværdien under omstændighederne for virksomhedens nettoeksponering for disse markedsrisici (se afsnit 70 og 71).
54
Når undtagelsen i afsnit 48 anvendes, skal virksomheden sikre, at markedsrisikoen (eller -risiciene), som virksomheden eksponeres for i den pågældende gruppe af finansielle aktiver og finansielle forpligtelser, i det væsentlige er den samme. En virksomhed ville eksempelvis ikke kombinere renterisikoen forbundet med et finansielt aktiv med råvareprisrisikoen forbundet med en finansiel forpligtelse, eftersom dette ikke ville mindske virksomhedens eksponering for renterisiko eller råvareprisrisiko. Når undtagelsen i afsnit 48 anvendes, skal der tages hensyn til alle grundlæggende risici, der er resultatet af de ikkeidentiske markedsrisikoparametre, i dagsværdimålingen af de finansielle aktiver og de finansielle forpligtelser i gruppen.
55
Ligeledes skal varigheden af virksomhedens eksponering for en bestemt markedsrisiko (eller -risici) som følge af de finansielle aktiver og finansielle forpligtelser i det væsentlige være den samme. En virksomhed, der f.eks. anvender en 12-måneders futureskontrakt over for pengestrømmene forbundet med 12 måneders renterisikoeksponering på et femårigt finansielt instrument i en gruppe sammensat udelukkende af disse finansielle aktiver og finansielle forpligtelser, måler dagsværdien af eksponeringen for 12 måneders renterisiko på et nettogrundlag og den resterende renterisikoeksponering (dvs. år 2-5) på et bruttogrundlag.
Eksponering for en bestemt modparts kreditrisiko
56
Når undtagelsen i afsnit 48 anvendes til at måle dagsværdien af en gruppe af finansielle aktiver og finansielle forpligtelser indgået med en bestemt modpart, skal virksomheden medtage virkningen af virksomhedens nettoeksponering for den pågældende modparts kreditrisiko eller modpartens nettoeksponering for virksomhedens kreditrisiko i dagsværdimålingen, når markedsdeltagere ville tage hensyn til eventuelle eksisterende ordninger, som mindsker kreditrisikoen i tilfælde af misligholdelse (f.eks. en masternettingaftale med modparten eller en aftale, der kræver udveksling af sikkerhedsstillelse på grundlag af hver parts nettoeksponering for den anden parts kreditrisiko). Dagsværdimålingen skal afspejle markedsdeltagernes forventninger til sandsynligheden for, at en sådan aftale vil have retsvirkning i tilfælde af misligholdelse.
Dagsværdi ved første indregning
57
Når et aktiv anskaffes eller en forpligtelse overtages i en transaktion for det pågældende aktiv eller den pågældende forpligtelse, er transaktionsprisen den pris, der betales for at anskaffe aktivet, eller som opnås ved at overtage forpligtelsen (en 
entrypris
). Dagsværdien af aktivet eller forpligtelsen er derimod den pris, der ville blive opnået ved at sælge aktivet, eller som ville blive betalt for at overdrage forpligtelsen (en exitpris). Virksomheder sælger ikke nødvendigvis aktiver til de priser, der er betalt for at anskaffe dem. Virksomheder overdrager heller ikke nødvendigvis forpligtelser til de priser, der er modtaget for at overtage dem.
58
I mange tilfælde svarer transaktionsprisen til dagsværdien (det kan f.eks. være tilfældet, når købet af aktivet på transaktionstidspunktet finder sted på det marked, hvor aktivet ville blive solgt).
59
Når det skal fastslås, om dagsværdien ved første indregning svarer til transaktionsprisen, skal virksomheden tage hensyn til de faktorer, der er specifikke for transaktionen og for aktivet eller forpligtelsen. Afsnit B4 beskriver situationer, hvor transaktionsprisen muligvis ikke repræsenterer dagsværdien af et aktiv eller en forpligtelse ved første indregning.
60
Hvis en anden IFRS-standard kræver eller tillader, at en virksomhed første gang måler et aktiv eller en forpligtelse til dagsværdi, og transaktionsprisen afviger fra dagsværdien, skal virksomheden indregne den deraf følgende gevinst eller det deraf følgende tab i resultatet, medmindre den pågældende IFRS-standard angiver andet.
Værdiansættelsesmetoder
61
En virksomhed skal anvende de værdiansættelsesmetoder, der er relevante i situationen, og for hvilke der foreligger tilstrækkelige data til at måle dagsværdien, så anvendelsen af relevante observerbare input maksimeres, og anvendelsen af ikkeobserverbare input minimeres.
62
Formålet med at anvende en værdiansættelsesmetode er at skønne prisen, ved hvilken en velordnet transaktion med henblik på at sælge aktivet eller overdrage forpligtelsen ville finde sted mellem markedsdeltagere på målingstidspunktet under aktuelle markedsforhold. Tre meget anvendte værdiansættelsesmetoder er markedsmetoden, 
kostprismetoden
 og indkomstmetoden. Hovedtrækkene i disse metoder er gengivet i afsnit B5-B11. En virksomhed skal anvende værdiansættelsesmetoder i overensstemmelse med en eller flere af disse metoder til måling af dagsværdi.
63
I nogle tilfælde vil en enkelt værdiansættelsesmetode være hensigtsmæssig (f.eks. ved værdiansættelsen af et aktiv eller en forpligtelse ved hjælp af officielle priser på et aktivt marked for identiske aktiver eller forpligtelser). I andre tilfælde er det hensigtsmæssigt med flere værdiansættelsesmetoder (det kan f.eks. være tilfældet ved værdiansættelsen af en pengestrømsfrembringende enhed). Hvis der anvendes flere værdiansættelsesmetoder til at måle dagsværdien, skal resultaterne (dvs. indikationer af dagsværdi) vurderes under hensyntagen til rimeligheden af den række værdier, som disse resultater er udtryk for. En dagsværdimåling er den værdi i intervallet, som bedst afspejler dagsværdien i situationen.
64
Hvis transaktionsprisen er dagsværdien ved den første indregning, og en værdiansættelsesmetode, som benytter ikkeobserverbare input, anvendes til at måle dagsværdien i efterfølgende perioder, skal værdiansættelsesmetoden afstemmes, så resultatet af værdiansættelsen ved første indregning svarer til transaktionsprisen. Afstemning sikrer, at værdiansættelsesmetoden afspejler aktuelle markedsforhold, og den hjælper en virksomhed med at afgøre, om det er nødvendigt med en regulering af værdiansættelsesmetoden (der kan eksempelvis være et kendetegn ved aktivet eller forpligtelsen, som ikke afspejles af metoden). Efter første indregning skal en virksomhed i forbindelse med måling af dagsværdien ved hjælp af en eller flere værdiansættelsesmetoder, der anvender ikkeobserverbare input, sikre, at disse metoder afspejler observerbare markedsdata (f.eks. prisen på et lignende aktiv eller en lignende forpligtelse) på målingstidspunktet.
65
Værdiansættelsesmetoder benyttet til at måle dagsværdi skal anvendes konsekvent. Dog er det hensigtsmæssigt at foretage en ændring i en værdiansættelsesmetode eller anvendelsen heraf (f.eks. en ændring i dens vægtning, når der anvendes flere værdiansættelsesmetoder, eller en ændring i en regulering af en værdiansættelsesmetode), hvis ændringen fører til en måling, der svarer til eller bedre afspejler dagsværdien i situationen. Dette kan f.eks. være tilfældet, hvis følgende forekommer:
a)
nye markeder udvikles
b)
der fremkommer nye oplysninger
c)
tidligere anvendte oplysninger er ikke længere tilgængelige
d)
værdiansættelsesmetoderne forbedres, eller
e)
markedsforholdene ændrer sig.
66
Ajourføringer som følge af en ændring af værdiansættelsesmetoden eller anvendelsen heraf skal behandles regnskabsmæssigt som en ændring i det regnskabsmæssige skøn i henhold til IAS 8. Dog er oplysningerne i IAS 8 om en ændring i det regnskabsmæssige skøn ikke nødvendige i forbindelse med ajourføring som følge af en ændring i en værdiansættelsesmetode eller anvendelsen heraf.
Input til værdiansættelsesmetoder
Generelle principper
67
Værdiansættelsesmetoder anvendt til at måle dagsværdien skal maksimere brugen af relevante observerbare input og minimere brugen af ikkeobserverbare input.
68
Eksempler på markeder, hvor der kan være observerbare input for nogle aktiver og forpligtelser (f.eks. finansielle instrumenter), omfatter valutamarkeder, fondshandlermarkeder, mæglermarkeder og ejer-til-ejer-markeder (se afsnit B34).
69
En virksomhed skal vælge input, som er i overensstemmelse med de kendetegn for aktivet eller forpligtelsen, som markedsdeltagerne ville tage hensyn til i en transaktion for aktivet eller forpligtelsen (se afsnit 11 og 12). I nogle tilfælde fører disse kendetegn til anvendelsen af en regulering, såsom en præmie (overkurs) eller en rabat (underkurs) (f.eks. en kontrolpræmie eller en minoritetsrabat). Dog må en dagsværdimåling ikke indeholde en præmie eller en rabat, som er i strid med regningsenheden i den IFRS-standard, der kræver eller tillader dagsværdimålingen (se afsnit 13 og 14). Præmier eller rabatter, der afspejler størrelse som et kendetegn for virksomhedens besiddelse (særligt en blokerende faktor, som regulerer den officielle pris på et aktiv eller en forpligtelse, fordi markedets normale daglige omfang af transaktioner ikke er tilstrækkeligt til at absorbere den mængde, som virksomheden besidder, som beskrevet i afsnit 80) snarere end som et kendetegn for aktivet eller forpligtelsen (f.eks. en kontrolpræmie ved målingen af dagsværdien af en kontrollerende interesse), er ikke tilladt ved dagsværdimålingen. Hvis der er en officiel pris på et aktivt marked (dvs. et 
niveau 1-input
) for et aktiv eller en forpligtelse, skal virksomheden i alle tilfælde anvende denne pris uden regulering ved målingen af dagsværdi, undtagen som anført i afsnit 79.
Input baseret på købs- og salgspriser
70
Hvis et aktiv eller en forpligtelse målt til dagsværdi har en købspris og en salgspris (f.eks. et input fra et fondshandlermarked), skal prisen inden for købs-salgs-spændet, som bedst afspejler dagsværdien i situationen, anvendes til at måle dagsværdien, uanset hvor inputtet er kategoriseret inden for dagsværdihierarkiet (dvs. niveau 1, 2 eller 3, jf. afsnit 72–90). Brugen af købspriser som aktivpositioner og salgspriser som forpligtelsespositioner er tilladt, men ikke påkrævet.
71
Denne IFRS udelukker ikke anvendelsen af middelkurser eller andre prisfastsættelseskonventioner, som benyttes af markedsdeltagerne som en praktisk måde at foretage dagsværdimålinger på inden for et købs-salgs-spænd.
Dagsværdihierarki
72
Med det formål at forbedre overensstemmelse og sammenlignelighed i forbindelse med dagsværdimålinger og dermed forbundne oplysninger fastsætter denne IFRS et dagsværdihierarki, som kategoriserer input til de værdiansættelsesmetoder, der benyttes til at måle dagsværdien, på tre niveauer (se afsnit 76-90). Dagsværdihierarkiet giver højeste prioritet til officielle kurser (ikkeregulerede) på aktive markeder for identiske aktiver eller forpligtelser (niveau 1-input) og laveste prioritet til ikkeobserverbare input (
niveau 3-input
).
73
I nogle tilfælde kan input anvendt til at måle dagsværdien af et aktiv eller en forpligtelse kategoriseres på forskellige niveauer i dagsværdihierarkiet. I disse tilfælde kategoriseres dagsværdimålingen i sin helhed på samme niveau i dagsværdihierarkiet som inputtet på det laveste niveau, der har betydning for den samlede måling. Vurdering af betydningen af et bestemt input på hele målingen kræver bedømmelse, der tager hensyn til faktorer, som er specifikke for aktivet eller forpligtelsen. Der skal ikke tages hensyn til reguleringer for at finde frem til målinger baseret på dagsværdi, såsom omkostninger i forbindelse med salg ved måling af dagsværdi med fradrag af salgsomkostninger, ved fastsættelsen af niveauet i dagsværdihierarkiet, inden for hvilket en dagsværdimåling er kategoriseret.
74
Tilgængeligheden af relevante input og disses forholdsmæssige subjektivitet kan indvirke på valget af relevante værdiansættelsesmetoder (se afsnit 61). Dagsværdihierarkiet prioriterer imidlertid inputtene til værdiansættelsesmetoder, ikke værdiansættelsesmetoder anvendt til at måle dagsværdi. En dagsværdimåling udviklet ved hjælp af en nutidsværdimetode kan eksempelvis kategoriseres på niveau 2 eller 3, afhængigt af de input, der er af betydning for hele målingen, og niveauet i dagsværdihierarkiet, på hvilket disse input er kategoriseret.
75
Hvis et observerbart input skal reguleres ved hjælp af et ikkeobserverbart input, og denne regulering fører til en væsentligt højere eller lavere dagsværdimåling, kategoriseres den deraf følgende måling på niveau 3 i dagsværdihierarkiet. Hvis en markedsdeltager f.eks. tager hensyn til en begrænsnings indvirkning på salget af et aktiv ved skønnet af prisen for aktivet, vil en virksomhed regulere den officielle kurs til at afspejle indvirkningen af den pågældende begrænsning. Hvis denne officielle kurs er et 
niveau 2-input
, og reguleringen er et ikkeobserverbart input, der er af betydning for hele målingen, vil målingen blive kategoriseret på niveau 3 i dagsværdihierarkiet.
Niveau 1-input
76
Niveau 1-input er officielle kurser (ikkeregulerede) på aktive markeder for identiske aktiver eller forpligtelser, som virksomheden har adgang til på målingstidspunktet.
77
En officiel kurs på et aktivt marked giver den mest pålidelige dokumentation for dagsværdien og skal anvendes uden regulering til at måle dagsværdien, når den foreligger, undtagen som anført i afsnit 79.
78
Et niveau 1-input vil foreligge for mange finansielle aktiver og finansielle forpligtelser, hvoraf nogle kan udveksles på flere aktive markeder (f.eks. på forskellige børser). På niveau 1 lægges der derfor vægt på at bestemme både:
a)
det primære marked for aktivet eller forpligtelsen eller, hvis der ikke er et primært marked, det mest fordelagtige marked for aktivet eller forpligtelsen og
b)
hvorvidt virksomheden kan indgå i transaktionen for aktivet eller forpligtelsen til prisen på det pågældende marked på målingstidspunktet.
79
En virksomhed må ikke regulere et niveau 1-input undtagen under følgende omstændigheder:
a)
hvis en virksomhed besidder et stort antal aktiver eller forpligtelser (f.eks. obligationer), der ligner hinanden (men ikke er identiske), og som måles til dagsværdi, og en officiel kurs er tilgængelig på et aktivt marked, men ikke let tilgængelig for hvert af disse aktiver eller forpligtelser enkeltvis (dvs. i betragtning af det store antal aktiver eller forpligtelser, som ligner hinanden, og som besiddes af virksomheden, ville det være vanskeligt at indhente prisfastsættelsesoplysninger for hvert enkelt aktiv eller forpligtelse på målingstidspunktet). I dette tilfælde kan en virksomhed som en praktisk udvej måle dagsværdien ved hjælp af en alternativ prisfastsættelsesmetode, som ikke udelukkende afhænger af officielle kurser (f.eks. matrix prisfastsættelse). Anvendelsen af en alternativ prisfastsættelsesmetode medfører imidlertid en dagsværdimåling, som kategoriseres på et lavere niveau i dagsværdihierarkiet
b)
hvis en officiel kurs på et aktivt marked ikke afspejler dagsværdien på målingstidspunktet. Dette kan være tilfældet, hvis f.eks. væsentlige begivenheder (såsom transaktioner på et ejer-til-ejer-marked, handel på mæglermarked eller offentliggørelser) finder sted efter markedets lukning, men før målingstidspunktet. En virksomhed skal fastlægge og konsekvent anvende en praksis til at identificere de begivenheder, der kan indvirke på dagsværdimålinger. Hvis den officielle kurs reguleres som følge af nye oplysninger, fører reguleringen imidlertid til en dagsværdimåling, som kategoriseres på et lavere niveau i dagsværdihierarkiet
c)
ved måling af dagsværdien af en forpligtelse eller en virksomheds eget egenkapitalinstrument ved hjælp af den officielle kurs for den identiske post omsat som et aktiv på et aktivt marked, og det er nødvendigt at regulere den pågældende pris for faktorer, der er specifikke for posten eller aktivet (se afsnit 39). Hvis det ikke er nødvendigt at regulere aktivets officielle kurs, er resultatet en dagsværdimåling, som kategoriseres på niveau 1 i dagsværdihierarkiet. Enhver regulering af aktivets officielle kurs medfører imidlertid en dagsværdimåling, som kategoriseres på et lavere niveau i dagsværdihierarkiet.
80
Hvis en virksomhed besidder en position i et enkelt aktiv eller en enkel forpligtelse (herunder en position, der består af et stort antal identiske aktiver eller forpligtelser, såsom en beholdning af finansielle instrumenter), og aktivet eller forpligtelsen omsættes på et aktivt marked, skal aktivets eller forpligtelsens dagsværdi måles på niveau 1, som produktet af den officielle kurs for det enkelte aktiv eller den enkelte forpligtelse og antallet, der besiddes af virksomheden. Dette er tilfældet, selv om et markeds normale daglige omfang af transaktioner ikke er tilstrækkeligt til at absorbere den besiddede mængde, og ordrer om at sælge positionen i en enkelt transaktion kan påvirke den officielle kurs.
Niveau 2-input
81
Niveau 2-input er andre input end officielle kurser inkluderet på niveau 1, som kan observeres for et aktiv eller en forpligtelse enten direkte eller indirekte.
82
Hvis aktivet eller forpligtelsen har en specifik (kontraktlig) løbetid, skal der være et observerbart niveau 2-input for størstedelen af aktivets eller forpligtelsens fulde løbetid. Niveau 2-input omfatter følgende:
a)
Officielle kurser for lignende aktiver eller forpligtelser på aktive markeder.
b)
Officielle kurser for identiske eller lignende aktiver eller forpligtelser på markeder, der ikke er aktive.
c)
Andre input end officielle kurser, der kan observeres for aktivet eller forpligtelsen, f.eks.:
i)
rentesatser og afkastkurver, der kan observeres med almindeligt noterede mellemrum,
ii)
implicitte volatiliteter og
iii)
kreditspænd.
d)
Markedsunderstøttede input.
83
Regulering af niveau 2-input varierer afhængigt af faktorer, der er specifikke for aktivet eller forpligtelsen. Disse faktorer omfatter følgende:
a)
aktivets tilstand og placering
b)
i hvor stort omfang inputtene vedrører poster, der kan sammenlignes med aktivet eller forpligtelsen (herunder faktorerne beskrevet i afsnit 39), og
c)
omfanget eller niveauet af aktivitet på de markeder, hvor inputtene observeres.
84
En regulering af et niveau 2-input, som er af betydning for hele målingen, kan medføre en dagsværdimåling kategoriseret på niveau 3 i dagsværdihierarkiet, hvis reguleringen anvender væsentlige ikkeobserverbare input.
85
I afsnit B35 beskrives anvendelsen af niveau 2-input til bestemte aktiver og forpligtelser.
Niveau 3-input
86
Niveau 3-input er ikkeobserverbare input for aktivet eller forpligtelsen.
87
Ikkeobserverbare input skal anvendes til at måle dagsværdien i det omfang, der ikke foreligger relevante observerbare input, hvilket giver mulighed for situationer, hvor der kun er lidt, hvis nogen, markedsaktivitet for aktivet eller forpligtelsen på målingstidspunktet. Formålet med dagsværdimålingen forbliver dog stadig det samme, dvs. en exitpris på målingstidspunktet set fra en markedsdeltagers perspektiv, som besidder aktivet eller har forpligtelsen. Ikkeobserverbare input skal derfor afspejle forudsætningerne, som markedsdeltagerne ville anvende ved prisfastsættelsen af aktivet eller forpligtelsen, herunder forudsætninger om risici.
88
Forudsætninger om risiko omfatter den risiko, der er forbundet med en bestemt værdiansættelsesmetode anvendt til at måle dagsværdi (såsom en prisfastsættelsesmodel) og risikoen i forbindelse med inputtene til værdiansættelsesmetoden. En måling, der ikke omfatter en regulering i forhold til risiko, ville ikke afspejle en dagsværdimåling, hvis markedsdeltagerne medtog en regulering ved prisfastsættelsen af aktivet eller forpligtelsen. Det kan eksempelvis være nødvendigt at inkludere en risikoregulering, hvis der er væsentlig måleusikkerhed (f.eks. hvis der har været et væsentligt fald i omfanget eller niveauet af aktivitet sammenlignet med normal markedsaktivitet for aktivet eller forpligtelsen eller for lignende aktiver eller forpligtelser, og virksomheden har besluttet, at transaktionsprisen eller den officielle pris ikke repræsenterer dagsværdien, som beskrevet i afsnit B37-B47).
89
En virksomhed skal udarbejde ikkeobserverbare input ved hjælp af de bedste oplysninger, der foreligger i situationen, hvilket kan omfatte virksomhedens egne data. Ved udarbejdelsen af ikkeobserverbare input kan en virksomhed begynde med sine egne data, men skal regulere disse data, hvis rimeligt tilgængelige oplysninger tyder på, at andre markedsdeltagere ville anvende andre data, eller hvis der er noget særligt for virksomheden, som ikke er til rådighed for andre markedsdeltagere (f.eks. en virksomhedsspecifik synergi). En virksomhed behøver ikke foretage en grundig indsats for at skaffe oplysninger om markedsdeltagernes antagelser. Men en virksomhed skal tage hensyn til alle oplysninger om markedsdeltagernes antagelser, som er rimeligt tilgængelige. Ikkeobserverbare input udformet på måden beskrevet ovenfor anses for at være markedsdeltagerantagelser og opfylder formålet for en dagsværdimåling.
90
I afsnit B36 beskrives anvendelsen af niveau 3-input til bestemte aktiver og forpligtelser.
OPLYSNINGER
91
En virksomhed skal give oplysninger, som hjælper brugerne af dens årsregnskab med at vurdere begge følgende forhold:
a)
I forbindelse med aktiver og forpligtelser, som måles til dagsværdi på et tilbagevendende eller et ikketilbagevendende grundlag i balancen efter første indregning, er det værdiansættelsesmetoderne og inputtene anvendt til at udforme disse målinger.
b)
I forbindelse med tilbagevendende dagsværdimålinger ved hjælp af væsentlige ikkeobserverbare input (niveau 3) er det målingernes indvirkning på resultatet eller anden totalindkomst i regnskabsåret.
92
En virksomhed skal overveje alle følgende forhold for at opfylde målene i afsnit 91:
a)
den detaljeringsgrad, der er nødvendig for at opfylde oplysningskravene
b)
hvor meget vægt, der skal lægges på de enkelte krav
c)
hvor meget samling eller opdeling der skal foretages, og
d)
hvorvidt brugere af årsregnskabet har behov for yderligere oplysninger for at vurdere de kvantitative oplysninger, der afgives.
Hvis oplysningerne afgivet i henhold til denne IFRS-standard og andre IFRS-standarder er utilstrækkelige til at opfylde målene i afsnit 91, skal en virksomhed afgive yderligere oplysninger, der er nødvendige for at opfylde disse mål.
93
For at opfylde målene i afsnit 91 skal en virksomhed som minimum oplyse følgende for hver kategori af aktiver og forpligtelser (se afsnit 94 om oplysninger om at fastsætte relevante kategorier af aktiver og forpligtelser) målt til dagsværdi (herunder målinger baseret på dagsværdi omfattet af denne IFRS) i balancen efter første indregning:
a)
for så vidt angår tilbagevendende og ikketilbagevendende dagsværdimålinger, dagsværdimålingen ved slutningen af regnskabsåret, og for så vidt angår ikketilbagevendende dagsværdimålinger, baggrunden for målingen. Tilbagevendende dagsværdimålinger af aktiver eller forpligtelser er dem, andre IFRS-standarder kræver eller tillader i balancen ved slutningen af regnskabsåret. Ikketilbagevendende dagsværdimålinger af aktiver eller forpligtelser er dem, som andre IFRS-standarder kræver eller tillader i balancen under særlige omstændigheder (f.eks. hvis en virksomhed måler et aktiv, der besiddes med henblik på salg, til dagsværdien med fradrag af salgsomkostninger i henhold til IFRS 5 
Anlægsaktiver, som besiddes med henblik på salg og ophørte aktiviteter
, fordi aktivets dagsværdi med fradrag af salgsomkostninger er lavere end dets bogførte værdi)
b)
for så vidt angår tilbagevendende og ikketilbagevendende dagsværdimålinger, niveauet i dagsværdihierarkiet, hvorpå dagsværdimålingerne som helhed er kategoriseret på (niveau 1, 2 eller 3)
c)
for så vidt angår aktiver og forpligtelser, der besiddes ved slutningen af regnskabsåret, som er målt til dagsværdi på tilbagevendende basis, beløbene af alle overførsler mellem niveau 1 og 2 i dagsværdihierarkiet, baggrunden for disse overførsler og virksomhedens praksis for bestemmelse af, hvornår der er foregået overførsler mellem niveauerne (se afsnit 95). Overførsler til det enkelte niveau skal oplyses og beskrives separat fra overførsler fra det enkelte niveau
d)
for så vidt angår tilbagevendende og ikketilbagevendende dagsværdimålinger kategoriseret på niveau 2 og 3 i dagsværdihierarkiet, en beskrivelse af værdiansættelsesmetode(r) og inputtene brugt til dagsværdimålingen. Hvis der er foretaget en ændring af værdiansættelsesmetode (f.eks. ændring fra en markedsmetode til en indkomstmetode eller anvendelse af en yderligere værdiansættelsesmetode), skal virksomheden oplyse om denne ændring og baggrunden(e) for at foretage den. I forbindelse med dagsværdimålinger kategoriseret på niveau 3 i dagsværdihierarkiet skal en virksomhed afgive kvantitative oplysninger om de væsentlige, ikkeobserverbare input brugt til dagsværdimålingen. En virksomhed behøver ikke oprette kvantitative oplysninger for at overholde dette oplysningskrav, hvis virksomheden ikke har udarbejdet kvantitative, ikkeobserverbare input ved målingen af dagsværdien (f.eks. hvis en virksomhed anvender priser fra tidligere transaktioner eller tredjemands prisfastsættelsesoplysninger uden regulering). Ved afgivelse af disse oplysninger kan en virksomhed imidlertid ikke se bort fra kvantitative, ikkeobserverbare input, som er væsentlige for dagsværdimålingen, og som er rimeligt tilgængelige for virksomheden
e)
for så vidt angår tilbagevendende dagsværdimålinger kategoriseret på niveau 3 i dagsværdihierarkiet, en afstemning fra primo- til ultimosaldi, idet der separat oplyses om ændringer i regnskabsåret, der kan henføres til følgende:
i)
samlede gevinster eller tab for regnskabsåret indregnet i resultatet, og de poster i resultatet, hvor disse gevinster eller tab er indregnet
ii)
samlede gevinster eller tab for regnskabsåret indregnet i anden totalindkomst, og de poster i anden totalindkomst, hvor disse gevinster eller tab er indregnet
iii)
køb, salg, udstedelser og indfrielser (idet hver type ændring oplyses separat)
iv)
de samlede overførsler til eller fra niveau 3 i dagsværdihierarkiet, baggrundene for disse overførsler og virksomhedens praksis for bestemmelse af, hvornår der er foregået overførsler mellem niveauerne (se afsnit 95). Overførsler til niveau 3 skal oplyses og beskrives separat fra overførsler fra niveau 3
f)
for så vidt angår tilbagevendende dagsværdimålinger kategoriseret på niveau 3 i dagsværdihierarkiet, den beløbsmæssige størrelse af samlede gevinster eller tab for regnskabsåret i litra e), nr. i), inkluderet i resultatet, der kan henføres til ændringen i urealiserede gevinster eller tab, der vedrører de aktiver og forpligtelser, der besiddes ved slutningen af regnskabsåret, og de poster i resultatet, hvori disse urealiserede gevinster eller tab er indregnet
g)
for så vidt angår tilbagevendende og ikketilbagevendende dagsværdimålinger kategoriseret på niveau 3 i dagsværdihierarkiet, en beskrivelse af de værdiansættelsesprocesser, som virksomheden anvender (herunder eksempelvis, hvordan en virksomhed fastsætter sine værdiansættelsespolitikker og -procedurer og analyserer ændringer i dagsværdimålingerne fra regnskabsår til regnskabsår)
h)
for så vidt angår tilbagevendende dagsværdimålinger kategoriseret på niveau 3 i dagsværdihierarkiet:
i)
for så vidt angår alle sådanne målinger, beskrivende information om dagsværdimålingens følsomhed over for ændringer i ikkeobserverbare input, hvis en ændring i disse input til et andet beløb kan medføre en væsentligt højere eller lavere dagsværdimåling. Hvis der er indbyrdes forhold mellem disse input og andre ikkeobserverbare input anvendt til dagsværdimålingen, skal en virksomhed også beskrive disse indbyrdes forhold, og hvordan de kan forstærke eller mindske virkningen af ændringer i de ikkeobserverbare input på dagsværdimålingen. For at opfylde dette oplysningskrav skal den beskrivende information om følsomheden over for ændringer i ikkeobserverbare input som minimum indeholde de ikkeobserverbare input oplyst ved opfyldelsen af d)
ii)
for så vidt angår finansielle aktiver og finansielle forpligtelser, skal en virksomhed, hvis en ændring af et eller flere ikkeobserverbare input til at afspejle rimeligt sandsynlige alternative antagelser ville medføre en væsentligt anderledes dagsværdi, angive dette og oplyse om virkningen af sådanne ændringer. Virksomheden skal oplyse, hvordan virkningen af en ændring for at afspejle et rimeligt sandsynligt alternativ er beregnet. I den forbindelse skal væsentlighed vurderes med hensyn til resultatet og de samlede aktiver eller forpligtelser eller, hvis ændringer i dagsværdi indregnes i anden totalindkomst, den samlede egenkapital
i)
for så vidt angår tilbagevendende og ikketilbagevendende dagsværdimålinger, skal en virksomhed, hvis den højeste og bedste anvendelse af et ikkefinansielt aktiv afviger fra dets aktuelle anvendelse, oplyse denne kendsgerning og årsagen til, at det ikkefinansielle aktiv anvendes på en måde, der afviger fra dets højeste og bedste anvendelse.
94
En virksomhed skal fastsætte hensigtsmæssige kategorier af aktiver og forpligtelser på grundlag af følgende:
a)
aktivets eller forpligtelsens art, kendetegn og risici og
b)
dagsværdimålingens niveau i dagsværdihierarkiet.
Det er muligt, at der er behov for flere kategorier for dagsværdimålinger på niveau 3 i dagsværdihierarkiet, da der indgår en større grad af usikkerhed og subjektivitet i disse målinger. Fastsættelse af hensigtsmæssige kategorier af aktiver og forpligtelser, for hvilke der skal præsenteres oplysninger om dagsværdimålinger, forudsætter en vurdering. En kategori af aktiver og forpligtelser vil ofte kræve større opdeling end posterne præsenteret i balancen. Virksomheden skal dog afgive tilstrækkelige oplysninger til at muliggøre afstemning af balanceposterne. Hvis kategorien for et aktiv eller en forpligtelse specificeres i en anden IFRS-standard, kan virksomheden anvende den pågældende kategori til at præsentere de oplysninger, der kræves i denne IFRS, hvis den pågældende kategori opfylder kravene i dette afsnit.
95
Virksomheden skal oplyse og konsekvent følge sin praksis for bestemmelse af, hvornår det vurderes, at der er foregået overførsler mellem niveauerne i dagsværdihierarkiet, i henhold til afsnit 93, litra c) og e), nr. iv). Praksis for tidspunkterne for indregning af overførsel skal være den samme for overførsler til niveauerne som for overførsler fra niveauerne. Eksempler på praksis til fastsættelse af tidspunkter for overførsler omfatter følgende:
a)
datoen for den hændelse eller de ændrede forhold, der medførte overførslen
b)
begyndelsen af regnskabsåret
c)
slutningen af regnskabsåret.
96
Hvis virksomheden træffer en regnskabspraksisbeslutning om at anvende undtagelsen i afsnit 48, skal denne kendsgerning oplyses.
97
For hver kategori af aktiver og forpligtelser, der ikke er målt til dagsværdi i balancen, men for hvilke dagsværdien er oplyst, skal virksomheden præsentere oplysningerne krævet i henhold til afsnit 93, litra b) og d), nr. i). Virksomheden behøver imidlertid ikke præsentere de kvantitative oplysninger om væsentlige ikkeobserverbare input brugt til dagsværdimålingerne kategoriseret på niveau 3 i dagsværdihierarkiet i henhold til afsnit 93, litra d). For sådanne aktiver og forpligtelser behøver virksomheden ikke præsentere de øvrige oplysninger påkrævet i henhold til denne IFRS.
98
For en forpligtelse målt til dagsværdi og udstedt med en uadskillelig tredjemands kreditværdighed skal udstederen oplyse tilstedeværelsen af den pågældende kreditværdighed, samt hvorvidt den er afspejlet i forpligtelsens dagsværdimåling.
99
Virksomheden skal præsentere de i denne IFRS krævede kvantitative oplysninger i tabelform, medmindre en anden form er mere hensigtsmæssig.
Appendiks A
Definerede termer
Dette appendiks er en integreret del af standarden.
Aktivt marked
Et marked, hvor transaktioner med aktivet eller forpligtelsen finder sted med tilstrækkelig hyppighed og i et tilstrækkeligt omfang til løbende at give prisfastsættelsesoplysninger.
Omkostningsmetode
En værdiansættelsesmetode, der afspejler det beløb, der aktuelt kræves for at erstatte aktivets kapacitet (ofte benævnt aktuel genanskaffelsesværdi).
Entrypris
Den pris, der betales for at anskaffe et aktiv, eller som modtages for at påtage sig en forpligtelse ved en udveksling.
Exitpris
Den pris, der kunne opnås ved at sælge et aktiv, eller som skulle betales for at overdrage en forpligtelse.
Forventet pengestrøm
Det sandsynlighedsvægtede gennemsnit (dvs. gennemsnitlig fordeling) af mulige fremtidige pengestrømme.
dagsværdi
er den pris, der kunne opnås ved at sælge et aktiv, eller der skulle betales for at overdrage en forpligtelse i en velordnet transaktion mellem markedsdeltagere på målingstidspunktet.
Højeste og bedste anvendelse
Markedsdeltagernes anvendelse af et ikkefinansielt aktiv, som ville maksimere værdien af aktivet eller gruppen af aktiver og forpligtelser (f.eks. en forretningsenhed), hvor aktivet ville blive anvendt.
Indkomstmetode
Værdiansættelsesmetode, der konverterer fremtidige beløb (f.eks. pengestrømme eller indtægter og omkostninger) til et enkelt (dvs. tilbagediskonteret) beløb. Dagsværdimålingen fastlægges på grundlag af markedets aktuelle forventninger til disse fremtidige beløb.
Input
De forudsætninger, som markedsdeltagerne ville anvende ved prisfastsættelsen af aktivet eller forpligtelsen, herunder forudsætninger om risici, såsom følgende:
a)
risikoen forbundet med en bestemt værdiansættelsesmetode, der anvendes til at måle dagsværdi (f.eks. en prisfastsættelsesmodel) og
b)
risikoen forbundet med inputtene til værdiansættelsesmetoden.
Input kan være observerbare eller ikkeobserverbare.
Niveau 1-input
Officielle kurser (ikkeregulerede) på aktive markeder for identiske aktiver eller forpligtelser, som virksomheden har adgang til på målingstidspunktet.
Niveau 2-input
Andre input end officielle kurser inkluderet på niveau 1, som kan observeres for et aktiv eller en forpligtelse enten direkte eller indirekte.
Niveau 3-input
Ikkeobserverbare input for aktivet eller forpligtelsen.
Markedsmetode
En værdiansættelsesmetode, der anvender priser og andre relevante oplysninger skabt ved markedstransaktioner med identiske eller sammenlignelige (dvs. lignende) aktiver, forpligtelser eller en gruppe af aktiver og forpligtelser, såsom en forretningsenhed.
Markedsunderstøttede input
Input, der primært er udledt eller understøttes af observerbare markedsdata ud fra sammenhæng eller på anden måde.
Markedsdeltagere
Købere og sælgere på det primære (eller mest fordelagtige) marked for aktivet eller forpligtelsen med alle følgende kendetegn:
a)
De er uafhængige af hinanden, dvs. de er ikke nærtstående parter som defineret i IAS 24, selv om prisen i en transaktion mellem nærtstående parter kan anvendes som input til en dagsværdimåling, hvis virksomheden kan dokumentere, at transaktionen blev indgået på markedsvilkår.
b)
De er kvalificerede, idet de har en rimelig forståelse af aktivet eller forpligtelsen og transaktionen ved hjælp af alle foreliggende oplysninger, herunder oplysninger, som kan være indhentet via normale og sædvanlige due diligence-bestræbelser.
c)
De er i stand til at indgå i en transaktion for aktivet eller forpligtelsen.
d)
De er villige til at indgå i en transaktion for aktivet eller forpligtelsen, dvs. de er motiverede, men ikke tvunget eller på anden måde tilskyndet til at deltage.
Mest fordelagtige marked
Det marked, der maksimerer beløbet, der kunne modtages ved at sælge aktivet, eller som mindsker beløbet, der ville blive betalt ved at overføre forpligtelsen under hensyntagen til transaktionsomkostninger og transportomkostninger.
Risiko for manglende opfyldelse
Risikoen for, at en virksomhed ikke opfylder en forpligtelse. Risiko for manglende opfyldelse omfatter, men er eventuelt ikke begrænset til, virksomhedens egen kreditrisiko.
Observerbare input
Input, der er udviklet ved hjælp af markedsdata, såsom offentligt tilgængelige oplysninger om faktiske begivenheder eller transaktioner, og som afspejler de forudsætninger, markedsdeltagerne ville anvende ved prisfastsættelsen af aktivet eller forpligtelsen.
Velordnet transaktion
En transaktion, der forudsætter markedsrisici i en periode før målingstidspunktet for at tillade markedsføringsaktiviteter, som er normale og sædvanlige for transaktioner i forbindelse med sådanne aktiver eller forpligtelser. Det er ikke en tvungen transaktion (f.eks. en tvungen likvidation eller nødtvunget salg).
Primært marked
Markedet med det største omfang og niveau af aktivitet for aktivet eller forpligtelsen.
Risikopræmie
Godtgørelse til markedsdeltagere, der ikke er villige til at løbe risici ved at påtage sig usikkerheden forbundet med pengestrømme fra et aktiv eller en forpligtelse. Benævnes også "risikoregulering".
transaktionsomkostninger
Omkostningerne i forbindelse med at sælge et aktiv eller overdrage en forpligtelse på det primære (eller mest fordelagtige) marked for aktivet eller forpligtelsen, som er direkte knyttet til afhændelsen af aktivet eller overdragelsen af forpligtelsen, og som opfylder begge følgende kriterier:
a)
De er et direkte resultat af og er væsentlige for den pågældende transaktion.
b)
De ville ikke være påløbet virksomheden, hvis beslutningen om at sælge aktivet eller overdrage forpligtelsen ikke var blevet truffet (på samme måde som omkostninger i forbindelse med salg, som defineret i IFRS 5).
Transportomkostninger
De omkostninger, som ville påløbe til transport af et aktiv fra dets nuværende placering til det primære (eller mest fordelagtige) marked.
Regningsenhed
Niveauet, hvorpå et aktiv eller en forpligtelse samles eller opdeles i en IFRS-standard med henblik på indregning.
Ikkeobserverbare input
Input, for hvilke der ikke foreligger markedsdata, og som er udviklet ved hjælp af de bedste tilgængelige oplysninger om de forudsætninger, som markedsdeltagerne ville anvende ved prisfastsættelsen af aktivet eller forpligtelsen.
Appendiks B
Anvendelsesvejledning
Dette appendiks er en integreret del af standarden. Det indeholder en beskrivelse af anvendelsen af afsnit 1-99 og har samme gyldighed som de øvrige dele af standarden.
B1
Skønnene anvendt i forskellige værdiansættelsessituationer kan være forskellige. I dette appendiks beskrives de skøn, der kan finde anvendelse, når en virksomhed måler dagsværdi i forskellige værdiansættelsessituationer.
METODE TIL MÅLING AF DAGSVÆRDI
B2
Formålet med en dagsværdimåling er at skønne prisen, ved hvilken en velordnet transaktion med henblik på at sælge aktivet eller overdrage forpligtelsen ville finde sted mellem markedsdeltagere på målingstidspunktet under aktuelle markedsforhold. Ved en dagsværdimåling skal virksomheden træffe beslutning om alle følgende forhold:
a)
det bestemte aktiv eller den bestemte forpligtelse, som er genstand for målingen (i overensstemmelse med regningsenheden)
b)
for så vidt angår et ikkefinansielt aktiv, den værdiansættelsesforudsætning, der er hensigtsmæssigt for målingen (i overensstemmelse med den højeste og bedste anvendelse)
c)
det primære (eller mest fordelagtige) marked for aktivet eller forpligtelsen
d)
den/de værdisansættelsesmetode(r), der er hensigtsmæssige for målingen under hensyntagen til tilgængeligheden af data til udvikling af input, der repræsenterer de forudsætninger, som markedsdeltagerne ville anvende ved prisfastsættelsen af aktivet eller forpligtelsen, samt det niveau, inputtene er kategoriseret på i dagsværdihierarkiet.
VÆRDIANSÆTTELSESFORUDSÆTNING FOR IKKEFINANSIELLE AKTIVER (AFSNIT 31-33)
B3
Ved måling af dagsværdien af et ikkefinansielt aktiv anvendt i kombination med andre aktiver som en gruppe (installeret eller på anden måde konfigureret til brug) eller i kombination med andre aktiver og forpligtelser (f.eks. en forretningsenhed) afhænger virkningen af værdiansættelsesforudsætningen af omstændighederne. For eksempel:
a)
Aktivets dagsværdi kan være den samme, uanset om aktivet anvendes separat eller i kombination med andre aktiver eller med andre aktiver og forpligtelser. Dette kan være tilfældet, hvis aktivet er en forretningsenhed, som markedsdeltagerne ville fortsætte med at drive. I dette tilfælde ville transaktionen omfatte værdiansættelse af forretningsenheden som helhed. Anvendelsen af aktiverne som en gruppe i en igangværende forretningsenhed ville skabe synergier, der ville være tilgængelige for markedsdeltagerne (dvs. markedsdeltagersynergier, som derfor burde påvirke aktivets dagsværdi enten som et særskilt aktiv eller i kombination med andre aktiver eller med andre aktiver og forpligtelser).
b)
Et aktiv anvendt i kombination med andre aktiver eller med andre aktiver og forpligtelser kan inkorporeres i dagsværdimålingen via regulering af aktivets værdi anvendt separat. Dette kan være tilfældet, hvis aktivet er en maskine, og dagsværdimålingen er bestemt ved hjælp af en observeret pris for en lignende maskine (ikke installeret eller på anden måde konfigureret til brug), reguleret for transport- og installationsomkostninger, således at dagsværdimålingen afspejler maskinens aktuelle tilstand og placering (installeret og konfigureret til brug).
c)
Et aktiv anvendt i kombination med andre aktiver eller med andre aktiver og forpligtelser kan inkorporeres i dagsværdimålingen gennem markedsdeltagernes forudsætninger anvendt til at måle aktivets dagsværdi. Hvis aktivet eksempelvis er et lager med produkter under fremstilling, som er unikke, og markedsdeltagerne ville forarbejde lageret til færdigvarer, ville det i dagsværdien af lageret forudsættes, at markedsdeltagerne har anskaffet eller ville anskaffe eventuelt specialmaskineri, som er nødvendigt for at forarbejde lageret til færdigvarer.
d)
Et aktivs anvendelse i kombination med andre aktiver eller med andre aktiver og forpligtelser kan inkorporeres i værdiansættelsesmetoden, der anvendes til at måle aktivets dagsværdi. Dette kan være tilfældet, når overskudsvurderingsmetoden for flere perioder anvendes til at måle dagsværdien af et immaterielt aktiv, fordi den pågældende værdiansættelsesmetode specifikt tager hensyn til bidraget fra eventuelle supplerende aktiver og de forbundne forpligtelser i gruppen, hvor et sådan immaterielt aktiv ville blive anvendt.
e)
I mere begrænsede situationer, kan virksomheden, når denne anvender et aktiv i en gruppe af aktiver, måle aktivet til et beløb, der nærmer sig aktivets dagsværdi, når dagsværdien af aktivgruppen allokeres til de enkelte aktiver i gruppen. Dette kan være tilfældet, hvis værdiansættelsen omfatter fast ejendom, og dagsværdien af forbedret ejendom (dvs. en aktivgruppe) er allokeret til de enkelte aktiver (såsom jord og forbedringer af jorden).
DAGSVÆRDI VED FØRSTE INDREGNING (AFSNIT 57-60)
B4
Når det skal fastslås, om dagsværdien ved første indregning svarer til transaktionsprisen, skal virksomheden tage hensyn til de faktorer, der er specifikke for transaktionen og for aktivet eller forpligtelsen. Det er eksempelvis muligt, at transaktionsprisen ikke repræsenterer aktivets eller forpligtelsens dagsværdi ved første indregning, hvis nogle af følgende betingelser er til stede:
a)
Transaktionen foregår mellem nærtstående parter, selv om prisen i en transaktion mellem nærtstående parter kan anvendes som input i en dagsværdimåling, hvis virksomheden kan dokumentere, at transaktionen blev indgået på markedsvilkår.
b)
Transaktionen finder sted under tvang, eller sælgeren er tvunget til at acceptere prisen i transaktionen. Dette kan eksempelvis være tilfældet, hvis sælgeren er i finansielle vanskeligheder.
c)
Regningsenheden, som transaktionsprisen repræsenterer, er forskellig fra regningsenheden for aktivet eller forpligtelsen målt ved dagsværdi. Dette kan eksempelvis være tilfældet, hvis aktivet eller forpligtelsen målt til dagsværdi kun er et af elementerne i transaktionen (f.eks. en virksomhedssammenslutning), hvis transaktionen omfatter ikkeanførte rettigheder og privilegier, der måles separat i overensstemmelse med en anden IFRS, eller hvis transaktionsprisen omfatter transaktionsomkostninger.
d)
Markedet for transaktionen er forskellig fra det primære marked (eller det mest fordelagtige marked). Disse markeder kan eksempelvis være forskellige, hvis virksomheden er en fondshandler, der deltager i transaktioner med kunder på detailmarkedet, men det primære (eller mest fordelagtige) marked for exittransaktionen er med andre fondshandlere på fondshandlermarkedet.
VÆRDIANSÆTTELSESMETODER (AFSNIT 61-66)
Markedsmetode
B5
Markedsmetoden anvender priser og andre relevante oplysninger skabt ved markedstransaktioner med identiske eller sammenlignelige (dvs. lignende) aktiver, forpligtelser eller en gruppe af aktiver og forpligtelser, såsom en forretningsenhed.
B6
Værdiansættelsesmetoder svarende til markedsmetoden anvender f.eks. ofte markedsmultiplikatorer afledt fra et sæt sammenlignelige satser. Multiplikatorerne kan ligge i områder med en forskellig multiplikator for hver sammenlignelig sats. Valget af den hensigtsmæssige multiplikator inden for området kræver skøn, der tager hensyn til de kvalitative og kvantitative faktorer, der er specifikke for målingen.
B7
Værdiansættelsesmetoder, der svarer til markedsmetoden, omfatter matrixprisfastsættelse. Matrixprisfastsættelse er en matematisk metode, der primært anvendes til at værdiansætte nogle typer af finansielle instrumenter, såsom obligationer, uden kun at være afhængig af officielle kurser for de specifikke værdipapirer, men derimod benytte sig af værdipapirernes sammenhæng med andre toneangivende noterede værdipapirer.
Omkostningsmetode
B8
Omkostningsmetoden afspejler det beløb, der aktuelt kræves for at erstatte aktivets kapacitet (ofte benævnt aktuel genanskaffelsesværdi).
B9
Set fra en markedsdeltagende sælgers synspunkt er prisen, der skulle modtages for aktivet, baseret på en markedsdeltagende købers omkostninger ved at anskaffe eller fremstille et erstatningsaktiv af sammenlignelig nytte reguleret for forældelse. Dette skyldes, at en markedsdeltagende køber ikke ville betale mere for et aktiv end det, det ville koste at erstatte det pågældende aktivs kapacitet. Forældelse omfatter fysisk forringelse, funktionel (teknologisk) forældelse og økonomisk (ekstern) forældelse og er bredere end afskrivning i forbindelse med regnskabsaflæggelse (en fordeling af historisk kostpris) eller skattemæssig afskrivning (ved hjælp af specifikke brugstider). I mange tilfælde anvendes metoden med den aktuelle genanskaffelsesværdi til at måle dagsværdien af materielle aktiver, som anvendes i kombination med andre aktiver eller med andre aktiver og forpligtelser.
Indkomstmetode
B10
Indkomstmetoden konverterer fremtidige beløb (f.eks. pengestrømme eller indtægter og omkostninger) til et enkelt (dvs. tilbagediskonteret) beløb. Når indkomstmetoden anvendes, afspejler dagsværdimålingen markedets aktuelle forventninger til disse fremtidige beløb.
B11
Disse værdiansættelsesmetoder omfatter f.eks. følgende:
a)
nutidsværdimetoder (se afsnit B12-B30)
b)
modeller for prisfastsættelse af optioner, såsom Black-Scholes-Merton-formlen eller en binomial model (dvs. en rammemodel), som omfatter nutidsværdimetoder og afspejler både den tidsmæssige værdi og den indre værdi af en option, og
c)
overskudsvurderingsmetoden for flere perioder, som anvendes til at måle dagsværdien af visse immaterielle aktiver.
Nutidsværdimetoder
B12
I afsnit B13-B30 beskrives anvendelsen af nutidsværdimetoder til at måle dagsværdien. I disse afsnit fokuseres der på en metode til regulering for faktorer i diskonteringssatsen samt en forventet 
pengestrømsmetode
 (forventet nutidsværdi). Afsnittene foreskriver ikke anvendelsen af en enkelt specifik nutidsværdimetode og begrænser heller ikke brugen af nutidsværdimetoder til at måle dagsværdi til de anførte metoder. Den nutidsværdimetode, der anvendes til at måle dagsværdi, vil afhænge af kendsgerninger og forhold, som er specifikke for det aktiv eller den forpligtelse, der måles (f.eks. hvorvidt priserne for sammenlignelige aktiver eller forpligtelser kan observeres på markedet) og tilgængeligheden af tilstrækkelige data.
Elementerne i en måling af nutidsværdi
B13
Nutidsværdi (dvs. anvendelse af indkomstmetoden) er et redskab, der anvendes til at forbinde fremtidige beløb (f.eks. pengestrømme eller værdier) med et aktuelt beløb ved hjælp af en diskonteringssats. En dagsværdimåling af et aktiv eller en forpligtelse ved hjælp af en nutidsværdimetode afspejler alle følgende elementer fra markedsdeltagernes synspunkt på målingstidspunktet:
a)
et skøn over fremtidige pengestrømme for det aktiv eller den forpligtelse, der måles
b)
forventninger om mulige variationer i beløb og tidspunkt for de pengestrømme, der repræsenterer usikkerheden forbundet med pengestrømmene
c)
den tidsmæssige værdi af penge, opgjort som renten på risikofrie monetære aktiver med forfaldstidspunkter eller -varigheder, der falder sammen med den periode, der er omfattet af pengestrømmene, og som ikke udgør hverken usikkerhed med hensyn til tidspunkt eller risiko for misligholdelse for indehaveren (dvs. en risikofri rente)
d)
prisen for den usikkerhed, der er forbundet med pengestrømmene (dvs. en 
risikopræmie
)
e)
andre faktorer, som markedsdeltagere ville tage hensyn til under omstændighederne
f)
for så vidt angår en forpligtelse, risikoen for manglende opfyldelse i forbindelse med den pågældende forpligtelse, herunder virksomhedens (dvs. den forpligtedes) egen kreditrisiko.
Generelle principper
B14
Nutidsværdimetoder er forskellige i måden, hvorpå de afspejler elementerne i afsnit B13. Nedenstående generelle principper gælder imidlertid altid ved anvendelsen af nutidsværdimetoder til måling af dagsværdi:
a)
Pengestrømme og diskonteringssatser skal afspejle de forudsætninger, som markedsdeltagerne ville anvende ved prisfastsættelsen af aktivet eller forpligtelsen.
b)
Pengestrømme og diskonteringssatser skal kun tage hensyn til de faktorer, der kan henføres til det aktiv eller den forpligtelse, der måles.
c)
For at undgå dobbelt indregning eller udeladelse af risikofaktorernes indvirkning skal diskonteringssatserne afspejle forudsætninger, der er i overensstemmelse med de forudsætninger, der gælder for pengestrømmene. En diskonteringssats, der afspejler usikkerheden ved forventninger til fremtidig misligholdelse, er eksempelvis hensigtsmæssig, hvis der anvendes kontraktlige pengestrømme hidrørende fra et lån (dvs. en metode til regulering for faktorer i diskonteringssatsen). Denne samme sats kan ikke benyttes, hvis der anvendes forventede (dvs. sandsynlighedsvægtede) pengestrømme (dvs. en metode for forventet nutidsværdi), fordi de forventede pengestrømme allerede afspejler forudsætninger om usikkerheden ved fremtidig misligholdelse. Der skal i stedet anvendes en diskonteringssats, der svarer til risikoen, der er forbundet med de forventede pengestrømme.
d)
Forudsætninger om pengestrømme og diskonteringssatser skal være konsekvente internt. Nominelle pengestrømme, der omfatter inflationens virkninger, skal eksempelvis diskonteres med en sats, der omfatter inflationens virkninger. Den nominelle risikofrie rente omfatter inflationens virkninger. Reelle pengestrømme, der ikke medtager inflationens virkninger, skal diskonteres med en sats, der ikke medtager inflationens virkninger. Tilsvarende skal pengestrømme efter skat diskonteres med en diskonteringssats efter skat. Pengestrømme før skat skal diskonteres med en sats, der svarer til disse pengestrømme.
e)
Diskonteringssatser skal være i overensstemmelse med de underliggende økonomiske faktorer i den valuta, som pengestrømmene er angivet i.
Risici og usikkerhed
B15
En dagsværdimåling ved brug af nutidsværdimetoder foretages under usikre forhold, idet de anvendte pengestrømme er skøn snarere end kendte beløb. I mange tilfælde er både den beløbsmæssige størrelse af og tidspunktet for pengestrømmene usikkert. Selv kontraktligt fastsatte beløb, såsom betalingerne på et lån, er usikre, hvis der er risiko for misligholdelse.
B16
Markedsdeltagere søger generelt godtgørelse (dvs. en risikopræmie) for at påtage sig usikkerheden forbundet med pengestrømme fra et aktiv eller en forpligtelse. En dagsværdimåling skal omfatte en risikopræmie, der afspejler beløbet, som markedsdeltagerne ville kræve som godtgørelse for usikkerheden forbundet med pengestrømmene. Målingen ville ellers ikke give et retvisende billede af dagsværdien. I nogle tilfælde kan det være vanskeligt at fastsætte den relevante risikopræmie. Vanskeligheden alene er dog ikke tilstrækkelig grund til at udelukke en risikopræmie.
B17
Nutidsværdimetoder varierer med hensyn til måden, de regulerer for risiko, og med hensyn til typen af pengestrøm, de anvender. For eksempel:
a)
Metoden til regulering for faktorer i diskonteringssatsen (se afsnit B18-B22) anvender en risikovægtet diskonteringssats og kontraktlige, lovede eller mest sandsynlige pengestrømme.
b)
Metode 1 for den forventede nutidsværdi (se afsnit B25) anvender risikovægtede forventede pengestrømme og en risikofri sats.
c)
Metode 2 for den forventede nutidsværdi (se afsnit B26) anvender forventede pengestrømme, som ikke er risikovægtede, og en diskonteringssats, der er reguleret, så den medtager risikopræmien, som markedsdeltagerne kræver. Denne sats er forskellig fra den sats, der bruges i metoden til regulering for faktorer i diskonteringssatsen.
Metode til regulering for faktorer i diskonteringssatsen
B18
Metoden til regulering for faktorer i diskonteringssatsen anvender et enkelt sæt pengestrømme fra rækken af mulige skønnede beløb, uanset som det er kontraktlige eller lovede (som det er tilfældet med en obligation) eller mest sandsynlige pengestrømme. I alle tilfælde er disse pengestrømme betinget af bestemte begivenheders indtræffen (f.eks. er kontraktlige eller lovede pengestrømme for en obligation betinget af, at debitor ikke misligholder). Diskonteringssatsen, der anvendes i metoden til regulering for faktorer i diskonteringssatsen hidrører fra observerede afkast af sammenlignelige aktiver eller forpligtelser, som handles på markedet. Det følger heraf, at kontraktlige, lovede eller mest sandsynlige pengestrømme diskonteres med en observeret eller skønnet markedssats for sådanne betingede pengestrømme (dvs. markedsafkast).
B19
Metoden til regulering for faktorer i diskonteringssatsen kræver en analyse af markedsdata for sammenlignelige aktiver eller forpligtelser. Sammenlignelighed fastslås under hensyntagen til typen af pengestrømme (f.eks. om pengestrømmene er kontraktlige eller ikkekontraktlige, og om det er sandsynligt, at de reagerer ens på ændringer i økonomiske forhold) samt andre faktorer (f.eks. kreditværdighed, sikkerhed, varighed, begrænsende klausuler og likviditet). Hvis et enkelt sammenligneligt aktiv eller en enkel sammenlignelig forpligtelse ikke på rimelig måde afspejler risikoen forbundet med pengestrømmene for det aktiv eller den forpligtelse, der måles, kan det alternativt være muligt at udlede en diskonteringssats fra data for flere sammenlignelige aktiver eller forpligtelser sammen med den risikofrie rentekurve (dvs. ved hjælp af en "build-up"-metode).
B20
Til at illustrere en build-up-metode forudsættes det, at aktiv A er en kontraktlig rettighed til at modtage 800 CU 
(
57
)
 om ét år (dvs. der er ingen tidsmæssig usikkerhed). Der er et veletableret marked for sammenlignelige aktiver, og oplysninger om disse aktiver, herunder prisoplysninger, er tilgængelige. Af disse sammenlignelige aktiver:
a)
Aktiv B er en kontraktlig rettighed til at modtage 1 200 CU om ét år og har en markedskurs på 1 083 CU. Det implicitte årlige afkast (dvs. et etårigt markedsafkast) er således 10,8 % [(1 200 CU/1 083 CU) – 1].
b)
Aktiv C er en kontraktlig rettighed til at modtage 700 CU om to år, og det har en markedskurs på 566 CU. Det implicitte årlige afkast (dvs. et toårigt markedsafkast) er således 11,2 % [(700 CU/566 CU)^0,5 – 1].
c)
Alle tre aktiver er sammenlignelige med hensyn til risiko (dvs. spredning af muligt udbytte og kredit).
B21
På grundlag af tidspunktet for de kontraktlige betalinger, der skal modtages for aktiv A, i forhold til tidspunktet for aktiv B og aktiv C (dvs. ét år for aktiv B i forhold til to år for aktiv C), skønnes aktiv B at være mere sammenligneligt med aktiv A. Baseret på den kontraktlige betaling, der skal modtages for aktiv A (800 CU) og den etårige markedssats hidrørende fra aktiv B (10,8 %), er dagsværdien af aktiv A 722 CU (800 CU/1 108). Hvis der ikke foreligger markedsoplysninger om aktiv B, kan den etårige markedssats alternativt udledes af aktiv C ved hjælp af build-up-metoden. I dette tilfælde ville den toårige markedssats anført ved aktiv C (11,2 %) blive reguleret til en etårig markedssats ved brug af den risikofrie afkastkurve. Det kan være nødvendigt med yderligere oplysninger og analyse for at bestemme, hvorvidt der er samme risikopræmie for etårige og toårige aktiver. Hvis det fastslås, at der ikke er samme risikopræmie for etårige og toårige aktiver, vil det toårige markedsafkast blive yderligere reguleret for denne virkning.
B22
Når metoden til regulering for faktorer i diskonteringssatsen anvendes på faste ind- eller udbetalinger, er regulering for risiko forbundet med pengestrømmene for det aktiv eller den forpligtelse, der måles, medtaget i diskonteringssatsen. Ved nogle anvendelser af metoden til regulering for faktorer i diskonteringssatsen på pengestrømme, der ikke er faste ind- eller udbetalinger, kan det være nødvendigt med en regulering af pengestrømmene for at opnå sammenlignelighed med det observerede aktiv eller den observerede forpligtelse, hvorfra diskonteringssatsen er udledt.
Metode for forventet nutidsværdi
B23
Metoden for forventet nutidsværdi anvender som udgangspunkt et sæt pengestrømme, der repræsenterer det sandsynlighedsvægtede gennemsnit af samtlige mulige fremtidige pengestrømme (dvs. de forventede pengestrømme). Det heraf følgende skøn er identisk med forventet værdi, som statistisk set er det vægtede gennemsnit af en separat vilkårlig variabels mulige værdier med de respektive sandsynligheder som vægte. Eftersom samtlige mulige pengestrømme er sandsynlighedsvægtede, er den deraf følgende forventede pengestrøm ikke betinget af nogen bestemt begivenheds indtræffen (i modsætning til pengestrømme anvendt i metoden til regulering for faktorer i diskonteringssatsen).
B24
Når der træffes en investeringsbeslutning, ville markedsdeltagere, der ikke er villige til at løbe risici, tage hensyn til risikoen for, at de faktiske pengestrømme kan afvige fra de forventede pengestrømme. Porteføljeteori skelner mellem to typer risici:
a)
Usystematisk (diversificerbar) risiko, som er risikoen, der er specifik for et bestemt aktiv eller en bestemt forpligtelse.
b)
Systematisk (ikke diversificerbar) risiko, som er den risiko, et aktiv eller en forpligtelse deler med de øvrige poster i en diversificeret portefølje.
I henhold til porteføljeteorien godtgøres markedsdeltagerne på et marked i ligevægt kun for at påtage sig den systematiske risiko, der er forbundet med pengestrømmene. (På markeder, der er ineffektive eller ude af ligevægt, kan andre former for afkast eller godtgørelse være tilgængelige.)
B25
Metode 1 med den forventede nutidsværdi regulerer de forventede pengestrømme fra et aktiv for systematisk (dvs. markeds-) risiko ved at fratrække en kontant risikopræmie (dvs. risikovægtede forventede pengestrømme). Disse risikovægtede forventede pengestrømme repræsenterer en "sikkerhedsækvivalent" pengestrøm, som diskonteres med en risikofri rente. En "certainty-equivalent" pengestrøm henviser til en forventet pengestrøm (som defineret), der er reguleret for risiko, således at en markedsdeltager er indifferent over for at omsætte en bestemt pengestrøm i forhold til en forventet pengestrøm. Hvis en markedsdeltager eksempelvis var villig til at omsætte en forventet pengestrøm på 1 200 CU i stedet for en bestemt pengestrøm på 1 000 CU, er de 1 000 CU sikkerhedsækvivalenten af de 1 200 CU (dvs. 200 CU ville udgøre den kontante risikopræmie). I dette tilfælde ville markedsdeltageren være indifferent over for det besiddede aktiv.
B26
Metode 2 for den forventede nutidsværdi regulerer for systematisk (dvs. markeds-) risiko ved anvendelsen af en risikopræmie på den risikofrie rente. De forventede pengestrømme diskonteres således med en sats, der svarer til en forventet sats forbundet med sandsynlighedsvægtede pengestrømme (dvs. et forventet afkast). Modeller anvendt til prisfastsættelse af risikobetonede aktiver, såsom "capital asset pricing"-modellen, kan anvendes til at skønne det forventede afkast. Eftersom diskonteringssatsen anvendt i metoden til regulering for faktorer i diskonteringssatsen er et afkast, der vedrører betingede pengestrømme, er den sandsynligvis højere end diskonteringssatsen anvendt i metode 2 for den forventede nutidsværdi, som er et forventet afkast forbundet med forventede eller sandsynlighedsvægtede pengestrømme.
B27
Til illustration af metode 1 og 2 forudsættes det, at et aktiv har forventede pengestrømme på 780 CU på ét år fastsat på grundlag af de nedenfor viste mulige pengestrømme og sandsynligheder. Den anvendte risikofrie rente for pengestrømme med en etårig tidshorisont er 5 %, og den systematiske risikopræmie for et aktiv med samme risikoprofil er 3 %.
Mulige pengestrømme
Sandsynlighed
Sandsynlighedsvægtede pengestrømme
500 CU
15 %
75 CU
800 CU.
60 %
480 CU
900 CU.
25 %
225 CU
Forventede pengestrømme
780 CU
B28.
I denne simple illustration udgør de forventede pengestrømme (780 CU) det sandsynlighedsvægtede gennemsnit af de tre mulige resultater. I mere realistiske situationer kunne der være mange mulige resultater. For at anvende metoden for den forventede nutidsværdi er det imidlertid ikke altid nødvendigt at tage hensyn til fordeling af samtlige mulige pengestrømme ved brug af komplekse modeller og metoder. Det kan derimod være muligt at udarbejde et begrænset antal separate scenarier og sandsynligheder, som afspejler rækken af mulige pengestrømme. En virksomhed kan f.eks. anvende realiserede pengestrømme for en relevant tidligere periode reguleret for ændringer i forhold, der er forekommet efterfølgende (f.eks. ændringer i eksterne faktorer, herunder økonomiske forhold eller markedsforhold, branchetendenser og konkurrence samt ændringer i interne faktorer med mere specifik indvirkning på virksomheden), under hensyntagen til markedsdeltagernes forudsætninger.
B29
I teorien er nutidsværdien (dvs. dagsværdien) af aktivets pengestrømme den samme, uanset om de er fastsat ved hjælp af metode 1 eller 2, som følger:
a)
Med metode 1 er de forventede pengestrømme reguleret for systematisk (dvs. markeds-) risiko. Hvis der ikke foreligger markedsdata, der direkte indikerer beløbet for regulering af risiko, kan en sådan regulering udledes fra en model for prisfastsættelse af aktiver ved brug af "certainty equivalent"-begrebet. Reguleringen for risiko (dvs. den kontante risikopræmie på 22 CU) kan eksempelvis fastsættes ved hjælp af den systematiske risikopræmie på 3 % (780 CU – [780 CU × (1,05/1,08)]), som medfører en risikovægtet forventet pengestrøm på 758 CU (780 CU – 22 CU). 758 CU er sikkerhedsækvivalenten af 780 CU og diskonteres med den risikofrie rente (5 %). Aktivets nutidsværdi (dvs. dagsværdien) er 722 CU (758 CU/1,05).
b)
Med metode 2 er de forventede pengestrømme ikke reguleret for systematisk (dvs. markeds-) risiko. Reguleringen for den pågældende risiko er derimod medtaget i diskonteringssatsen. De forventede pengestrømme diskonteres således med et forventet afkast på 8 % (dvs. den risikofrie rente på 5 % plus den systematiske risikopræmie på 3 %). Aktivets nutidsværdi (dvs. dagsværdien) er 722 CU (780 CU/1,08).
B30
Når der anvendes en metode for forventet nutidsværdi til at måle dagsværdien, kan enten metode 1 eller metode 2 anvendes. Valget af metode 1 eller metode 2 afhænger af de kendsgerninger og forhold, der er specifikke for det aktiv eller den forpligtelse, der skal måles, i hvilken udstrækning der foreligger tilstrækkelige data, samt de anvendte vurderinger.
ANVENDELSE AF NUTIDSVÆRDIMETODER TIL FORPLIGTELSER OG EN VIRKSOMHEDS EGNE EGENKAPITALINSTRUMENTER, SOM IKKE BESIDDES AF ANDRE PARTER SOM AKTIVER (AFSNIT 40 OG 41)
B31
Når en nutidsværdimetode anvendes til at måle dagsværdien af en forpligtelse, som ikke besiddes af en anden part som et aktiv (f.eks. en forpligtelse i forbindelse med at tage anlæg ud af drift), skal virksomheden bl.a. skønne de fremtidige udgående pengestrømme, som markedsdeltagerne ville forvente at pådrage sig ved opfyldelsen af forpligtelsen. Disse fremtidige udgående pengestrømme skal omfatte markedsdeltagernes forventninger til omkostningerne ved at opfylde forpligtelsen og godtgørelsen, som en markedsdeltager ville kræve for at påtage sig forpligtelsen. En sådan godtgørelse omfatter det afkast, som en markedsdeltager ville kræve for at:
a)
påtage sig aktiviteten (dvs. værdien af at opfylde forpligtelsen, f.eks. ved at anvende ressourcer, der kunne bruges til andre aktiviteter) og
b)
påtage sig risikoen forbundet med forpligtelsen (dvs. en risikopræmie, der afspejler den risiko, der er for, at de faktiske udgående pengestrømme afviger fra de forventede udgående pengestrømme, jf. afsnit B33).
B32
En ikkefinansiel forpligtelse indeholder f.eks. ikke et kontraktligt afkast, og der er intet observerbart markedsafkast for den pågældende forpligtelse. I nogle tilfælde vil elementerne i afkastet, som markedsdeltagerne ville kræve, ikke kunne skelnes fra hinanden (f.eks. når der anvendes en pris, som en underleverandør ville opkræve på fastprisbasis). I andre tilfælde skal virksomheden skønne disse elementer særskilt (f.eks. når der anvendes en pris, som en underleverandør ville opkræve på kostpris-plus-basis, fordi leverandøren i dette tilfælde ikke ville pådrage sig risikoen for fremtidige ændringer i omkostningerne).
B33
Virksomheden kan medtage en risikopræmie i dagsværdimålingen af en forpligtelse eller virksomhedens eget egenkapitalinstrument, som ikke besiddes af en anden part som et aktiv, på en af følgende måder:
a)
ved at regulere pengestrømmene (dvs. som en stigning i det udgående pengestrømsbeløb) eller
b)
ved at regulere den sats, der anvendes til at diskontere de fremtidige pengestrømme til deres nutidsværdi (dvs. som en reduktion af diskonteringssatsen).
Virksomheden skal sikre, at den ikke foretager dobbelt indregning eller undlader regulering for risiko. Hvis de skønnede pengestrømme eksempelvis forhøjes for at tage hensyn til godtgørelsen for at påtage sig risikoen forbundet med forpligtelsen, skal diskonteringssatsen ikke reguleres for at afspejle denne risiko.
INPUT TIL VÆRDIANSÆTTELSESMETODERNE (AFSNIT 67-71)
B34
Markeder, hvor input kan observeres for nogle aktiver og forpligtelser (f.eks. finansielle instrumenter) omfatter bl.a. følgende:
a)
Børsmarkeder
. På et børsmarked er slutkurserne både lettilgængelige og generelt et udtryk for dagsværdien. Et eksempel på et sådant marked er London Stock Exchange.
b)
Fondshandlermarkeder
. På et fondshandlermarked står fondshandlerne klar til at handle (enten købe eller sælge for egen regning) og stiller dermed likviditet til rådighed ved at benytte deres kapital til at besidde en række af de aktiviteter, som de skaber et marked for. Købs- og salgskurser (der afspejler henholdsvis den kurs, fondshandleren er villig til at købe til, og den kurs, som fondshandleren er villig at sælge til) er almindeligvis lettere tilgængelige end slutkurserne. OTC-markeder (for hvilke kurserne er offentligt tilgængelige) er fondshandlermarkeder. Der findes desuden fondshandlermarkeder for andre aktiver og forpligtelser, herunder nogle finansielle instrumenter, råvarer og fysiske aktiver (f.eks. brugt udstyr).
c)
Mæglermarkeder
. På et mæglermarked forsøger mæglere at matche købere og sælgere, men står ikke klar til at handle for egen regning. Mæglere anvender med andre ord ikke deres egen kapital til at besidde en række af de aktiviteter, som de skaber et marked for. Mægleren kender de respektive parters købs- og salgskurs, men parterne kender normalt ikke modpartens kurskrav. Kurserne for afsluttede transaktioner er nogle gange tilgængelige. Mæglermarkeder omfatter elektroniske kommunikationsnet, hvor købs- og salgsordrer matches, samt markeder for erhvervsejendomme og boliger.
d)
Ejer-til-ejer-markeder
. På et ejer-til-ejer-marked forhandles transaktioner, både oprettelser og videresalg, uafhængigt uden nogen formidler. Det er muligt, at der kun offentliggøres begrænsede oplysninger om disse transaktioner.
DAGSVÆRDIHIERARKI (AFSNIT 72-90)
Niveau 2-input (afsnit 81-85)
B35
Niveau 2-input til bestemte aktiver og forpligtelser omfatter bl.a. følgende:
a)
Receiver-, pay-variable-renteswap baseret på LIBOR-swap-renten
. Et niveau 2-input ville være LIBOR-swap-renten, hvis den pågældende rente kan observeres med jævnligt noterede mellemrum i stort set hele swap'ens løbetid.
b)
Receiver-, pay-variable-renteswap baseret på en rentekurve angivet i en udenlandsk valuta
. Et niveau 2-input ville være swap-renten baseret på en rentekurve angivet i en udenlandsk valuta, der kan observeres med jævnligt noterede mellemrum i stort set hele swap'ens løbetid. Dette ville være tilfældet, hvis swap'ens løbetid er 10 år, og den pågældende rente kan observeres med jævnligt noterede mellemrum i 9 år, forudsat at der ikke er væsentlige rimelige ekstrapolationer af rentekurven i det 10. år i forhold til dagsværdimålingen af swap'en i sin helhed.
c)
Renteswaps (receive-fixed pay-variable) baseret på en bestemt banks prime rate
. Et niveau 2-input ville være bankens prime rate afledt via ekstrapolation, hvis de ekstrapolerede værdier understøttes af observerbare markedsdata, eksempelvis ved sammenligning med en rentesats, der kan observeres over stort set hele swap'ens løbetid.
d)
Treårig option på børshandlede aktier
. Et niveau 2-input kunne være den implicitte volatilitet for de aktier, der hidrører fra ekstrapolation til år 3, hvis begge følgende betingelser er opfyldt:
i)
Priserne for etårige og toårige optioner på aktierne er observerbare.
ii)
Den ekstrapolerede implicitte volatilitet for en treårig option understøttes af observerbare markedsdata i stort set hele optionens løbetid.
I dette tilfælde kan den implicitte volatilitet udledes ved at ekstrapolere fra den implicitte volatilitet for de etårige og de toårige optioner på aktierne og understøttes af den implicitte volatilitet for de treårige optioner på sammenlignelige virksomheders aktier, forudsat at der er opnået korrelation med den etårige og den toårige implicitte volatilitet.
e)
Licensordning
. For så vidt angår en licensordning, som anskaffes ved en virksomhedssammenslutning, og som for nyligt er forhandlet med en ikkenærtstående part af den overtagne virksomhed (parten i licensordningen), ville et niveau 2-input være royaltysatsen i kontrakten med den ikkenærtstående part ved ordningens indgåelse.
f)
Færdigvarelager på et salgssted
. For så vidt angår et færdigvarelager, der anskaffes ved en virksomhedssammenslutning, ville et niveau 2-input enten være en pris til kunder på et detailmarked eller en pris til detailhandlere på et engrosmarked reguleret for forskellene mellem lagervarens tilstand og placering og sammenlignelige (dvs. lignende) lagervarers tilstand og placering, således at dagsværdimålingen afspejler den pris, der ville kunne opnås i en transaktion med det formål at sælge lageret til en anden detailhandler, hvilket ville fuldføre den fornødne salgsindsats. Begrebsmæssigt vil dagsværdimålingen være den samme, uanset om reguleringerne foretages af en detailpris (nedad) eller af en engrospris (opad). Generelt skal den pris, der kræver færrest subjektive reguleringer, anvendes til dagsværdimålingen.
g)
Bygning, der besiddes og bruges
. Et niveau 2-input ville være prisen pr. m2 for bygningen (en værdiansættelsesmultiplikator) udledt af observerbare markedsdata, f.eks. multiplikatorer udledt fra priser i observerede transaktioner, der vedrører sammenlignelige (dvs. lignende) bygninger med lignende placeringer.
h)
Pengestrømsfrembringende enhed
. Et niveau 2-input ville være en værdiansættelsesmultiplikator (f.eks. et multiplum af indtjening eller omsætning eller et lignende resultatmål) udledt af observerbare markedsdata, f.eks. multipla udledt af priser i observerbare transaktioner, der vedrører sammenlignelige (dvs. lignende) forretningsenheder, under hensyntagen til driftsmæssige, markedsmæssige, finansielle og ikkefinansielle forhold.
Niveau 3-input (afsnit 86-90)
B36
Niveau 3-input til bestemte aktiver og forpligtelser omfatter bl.a. følgende:
a)
Valutaswap med lang løbetid
. Et niveau 3-input ville være en rente i en anført valuta, der ikke kan observeres og ikke kan understøttes af observerbare markedsdata med jævnligt noterede mellemrum eller på anden måde over stort set hele valutaswap'ens løbetid. Renterne i en valutaswap er de swap-renter, der beregnes på grundlag af de respektive landes rentekurver.
b)
Treårig option på børshandlede aktier
. Et niveau 3-input ville være historisk volatilitet, dvs. aktiernes volatilitet udledt af aktiernes historiske kurser. Historisk volatilitet afspejler almindeligvis ikke nuværende markedsdeltageres forventninger om fremtidig volatilitet, selv hvis det er de eneste oplysninger, der foreligger til prisfastsættelse af en option.
c)
Renteswap
. Et niveau 3-input ville være en regulering til en middelkurs med konsensus (ikkebindende) for swap'en udviklet ved hjælp af data, der ikke kan observeres direkte, og som ikke på anden måde understøttes af observerbare markedsdata.
d)
Forpligtelse i forbindelse med at tage anlæg ud af drift overtaget ved en virksomhedssammenslutning
. Et niveau 3-input ville være et aktuelt skøn ved hjælp af virksomhedens egne data om de fremtidige udgående pengestrømme, der skal betales for at opfylde forpligtelsen (herunder markedsdeltagernes forventninger til omkostninger i forbindelse med opfyldelse af forpligtelsen, og den godtgørelse, som en markedsdeltager ville kræve for at påtage sig forpligtelsen med at afmontere aktivet), hvis der ikke er rimeligt tilgængelige oplysninger, som indikerer, at markedsdeltagerne ville anvende andre forudsætninger. Dette niveau 3-input ville blive anvendt i en nutidsværdimetode sammen med andre input, f.eks. en aktuel risikofri rente eller en kreditreguleret risikofri rente, hvis indvirkningen af virksomhedens kreditværdighed på forpligtelsens dagsværdi afspejles i diskonteringssatsen snarere end i skønnet over fremtidige udgående pengestrømme.
e)
Pengestrømsfrembringende enhed
. Et niveau 3-input ville være en regnskabsprognose (f.eks. for pengestrømme eller resultatet) udarbejdet ved hjælp af virksomhedens egne data, hvis der ikke er rimeligt tilgængelige oplysninger, som indikerer, at markedsdeltagerne ville anvende andre forudsætninger.
MÅLING AF DAGSVÆRDI, HVIS DER HAR VÆRET ET VÆSENTLIGT FALD I OMFANGET ELLER NIVEAUET AF AKTIVITET FOR ET AKTIV ELLER EN FORPLIGTELSE
B37
Dagsværdien af et aktiv eller en forpligtelse kan påvirkes, hvis der har været et væsentligt fald i omfanget eller niveauet af aktivitet for det pågældende aktiv eller den pågældende forpligtelse i forhold til normal markedsaktivitet for aktivet eller forpligtelsen (eller lignende aktiver eller forpligtelser). Til at fastslå, om der på grundlag af den foreliggende dokumentation har været et væsentligt fald i omfanget eller niveauet af aktivitet for aktivet eller forpligtelsen, skal virksomheden vurdere vigtigheden og relevansen af faktorer, som f.eks.:
a)
Der er kun få nylige transaktioner.
b)
Prisnoteringerne er ikke udviklet ved brug af aktuelle oplysninger.
c)
Prisnoteringerne varierer betydeligt over tid eller blandt prisstillere (f.eks. nogle mæglermarkeder).
d)
Indeks, der tidligere var tæt forbundne med aktivets eller forpligtelsens dagsværdi, har påviseligt ingen forbindelse med nye indikationer af dagsværdien for det pågældende aktiv eller den pågældende forpligtelse.
e)
Der er en væsentlig stigning i implicitte likviditetsrisikopræmier, afkast eller resultatindikatorer (f.eks. forfalden gæld eller alvorlige tab) for observerede transaktioner eller officielle kurser sammenlignet med virksomhedens skøn over forventede pengestrømme under hensyntagen til alle foreliggende markedsdata om kreditrisikoen og anden risiko for manglende opfyldelse i forbindelse med aktivet eller forpligtelsen.
f)
Der er et bredt købs-salg-spænd eller en væsentlig stigning i købs-salgs-spændet.
g)
Der er et væsentligt fald i aktiviteten på, eller der mangler, et marked for nyemissioner (dvs. et primært marked) for aktivet eller forpligtelsen eller lignende aktiver eller forpligtelser.
h)
Der er kun få offentligt tilgængelige oplysninger (f.eks. i forbindelse med transaktioner, der finder sted på et ejer-til-ejer-marked).
B38
Hvis en virksomhed konkluderer, at der har været et væsentligt fald i omfanget eller niveauet af aktivitet for aktivet eller forpligtelsen i forhold til normal markedsaktivitet for aktivet eller forpligtelsen (eller lignende aktiver eller forpligtelser), er der behov for yderligere analyse af transaktionerne eller officielle kurser. Et fald i omfanget eller niveauet af aktivitet indikerer i sig selv muligvis ikke, at en transaktionspris eller en officiel kurs ikke afspejler dagsværdi, eller at en transaktion på det pågældende marked ikke er velordnet. Hvis en virksomhed imidlertid fastslår, at en transaktion eller en officiel kurs ikke afspejler dagsværdi (der kan eksempelvis være transaktioner, der ikke er velordnede), vil det være nødvendigt med en regulering af transaktionerne eller de officielle kurser, hvis virksomheden anvender disse priser eller kurser som grundlag for målingen af dagsværdi, og den pågældende regulering kan have væsentlig betydning for dagsværdimålingen som helhed. Reguleringer kan også være nødvendige under andre omstændigheder (f.eks. hvis en pris for et lignende aktiv kræver væsentlig regulering for at gøre den sammenlignelig med prisen på det aktiv, der måles, eller hvis prisen er forældet).
B39
Denne IFRS foreskriver ikke en metode til at foretage væsentlige reguleringer af transaktioner eller officielle kurser. Se afsnit 61-66 og B5-B11 for en drøftelse af brugen af værdiansættelsesmetoder ved måling af dagsværdi. Uanset hvilken værdiansættelsesmetode der anvendes, skal virksomheden medtage hensigtsmæssige reguleringer for risiko, herunder en risikopræmie, der afspejler det beløb, som markedsdeltagere ville kræve som godtgørelse for usikkerheden forbundet med pengestrømme fra et aktiv eller en forpligtelse (se afsnit B17). Ellers giver målingen ikke et retvisende billede af dagsværdien. I nogle tilfælde kan det være vanskeligt at fastsætte den hensigtsmæssige regulering for risiko. Vanskeligheden alene er dog ikke tilstrækkelig grund til at udelukke en regulering af risiko. Reguleringen for risiko skal afspejle en velordnet transaktion mellem markedsdeltagere på målingstidspunktet under aktuelle markedsforhold.
B40
Hvis der har været et væsentligt fald i omfanget eller niveauet af aktivitet for aktivet eller forpligtelsen, kan det være hensigtsmæssigt at ændre værdiansættelsesmetode eller brugen af flere værdiansættelsesmetoder (f.eks. anvende en markedsmetode eller en nutidsværdimetode). Ved vægtning af indikationer af dagsværdi som følge af anvendelsen af flere værdiansættelsesmetoder skal en virksomhed tage hensyn til rimeligheden af intervallet af dagsværdimålinger. Formålet er at fastsætte den værdi inden for intervallet, der bedst afspejler dagsværdi under aktuelle markedsforhold. Et bredt interval af dagsværdimålinger kan indikere, at der er behov for yderligere analyse.
B41
Selv om der har været et væsentligt fald i omfanget eller niveauet af aktivitet for aktivet eller forpligtelsen, forbliver formålet med en dagsværdimåling det samme. Dagsværdi er prisen, der modtages ved at sælge et aktiv eller betales for at overføre en forpligtelse i en velordnet transaktion (dvs. ikke en tvungen likvidation eller nødtvunget salg) mellem markedsdeltagere på målingstidspunktet under aktuelle markedsforhold.
B42
Vurderingen af den pris, som vil betyde, at markedsdeltagere er villige til at indgå i en transaktion på målingstidspunktet under aktuelle markedsforhold, hvis der har været et væsentligt fald i omfanget eller niveauet af aktivitet for aktivet eller forpligtelsen, afhænger af kendsgerningerne og forholdene på målingstidspunktet og forudsætter en vurdering. En virksomheds hensigt om at besidde aktivet eller indfri eller på anden måde opfylde forpligtelsen er ikke relevant i forbindelse med måling af dagsværdi, eftersom dagsværdi er en markedsbaseret måling og ikke en virksomhedsspecifik måling.
Identifikation af transaktioner, der ikke er velordnede
B43
Bestemmelse af, hvorvidt en transaktion er velordnet (eller ikke velordnet) er vanskeligere, hvis der har været et væsentligt fald i omfanget eller niveauet af aktivitet for aktivet eller forpligtelsen i forhold til normal markedsaktivitet for aktivet eller forpligtelsen (eller lignende aktiver eller forpligtelser). Under sådanne omstændigheder er det ikke relevant at konkludere, at ingen af transaktionerne på det pågældende marked er velordnede (dvs. tvungne likvidationer eller nødtvungne salg). Omstændigheder, der kan indikere, at en transaktioner ikke er velordnede, omfatter følgende:
a)
Der har ikke været tilstrækkelig eksponering for markedet i en periode før målingstidspunktet til at tillade markedsføringsaktiviteter, som er normale og sædvanlige for transaktioner, der omfatter sådanne aktiver eller forpligtelser under aktuelle markedsforhold.
b)
Der var en normal og sædvanlig markedsføringsperiode, men sælgeren markedsførte aktivet eller forpligtelsen til en enkelt markedsdeltager.
c)
Sælgeren er eller er tæt på at være gået konkurs eller i betalingsstandsning (dvs. sælgeren er kriseramt).
d)
Sælgeren har været nødt til at sælge for at opfylde lovmæssige krav (dvs. sælgeren var tvunget).
e)
Transaktionsprisen er afvigende sammenlignet med andre nylige transaktioner for samme eller lignende aktiv eller forpligtelse.
En virksomhed skal på grundlag af den foreliggende dokumentation vurdere omstændighederne for at fastslå, om transaktionen er velordnet.
B44
En virksomhed skal tage hensyn til alle følgende forhold ved måling af dagsværdi eller vurdering af risikopræmier på markedet:
a)
Hvis dokumentationen indikerer, at en transaktion ikke er velordnet, tillægger virksomheden kun lidt, hvis nogen, vægt (sammenlignet med andre indikationer af dagsværdi) på den pågældende transaktionspris.
b)
Hvis dokumentationen indikerer, at en transaktion er velordnet, skal virksomheden tage hensyn til den pågældende transaktionspris. Den vægt, der lægges på den pågældende transaktion ved sammenligning med andre indikationer af dagsværdi, afhænger af kendsgerninger og omstændigheder, såsom følgende:
i)
transaktionens omfang
ii)
transaktionens sammenlignelighed med det aktiv eller den forpligtelse, der måles
iii)
transaktionens nærhed i forhold til målingstidspunktet.
c)
Hvis en virksomhed ikke har tilstrækkelige oplysninger til at afgøre, om en transaktion er velordnet, skal den tage hensyn til transaktionsprisen. Den pågældende transaktionspris afspejler dog muligvis ikke dagsværdi (dvs. transaktionsprisen er ikke nødvendigvis det eneste eller primære grundlag for måling af dagsværdi eller vurdering af risikopræmier på markedet). Når en virksomhed ikke har tilstrækkelige oplysninger til at afgøre, hvorvidt bestemte transaktioner er velordnede, skal virksomheden lægge mindre vægt på sådanne transaktioner ved sammenligning med andre transaktioner, der vides at være velordnede.
En virksomhed behøver ikke foretage en grundig indsats for at afgøre, hvorvidt en transaktion er velordnet, men må ikke se bort fra oplysninger, som er rimeligt tilgængelige. Når en virksomhed er part i en transaktion, forudsættes den at have tilstrækkelige oplysninger til at afgøre, om transaktionen er velordnet.
Brug af officielle kurser fra tredjeparter
B45
Denne IFRS udelukker ikke brugen af officielle kurser fra tredjeparter, såsom kursoplysningstjenester eller mæglere, hvis en virksomhed har fastslået, at de officielle kurser fra sådanne parter er udviklet i overensstemmelse med denne IFRS.
B46
Hvis der har været et væsentligt fald i omfanget eller niveauet af aktivitet for aktivet eller forpligtelsen, skal virksomheden vurdere, hvorvidt de officielle kurser fra tredjeparter er udviklet ved hjælp af aktuelle oplysninger, som afspejler velordnede transaktioner eller en værdiansættelsesmetode, der afspejler markedsdeltagernes forudsætninger (herunder forudsætninger om risiko). Ved vægtningen af en officiel kurs som input til en dagsværdimåling lægger en virksomhed mindre vægt (sammenlignet med andre indikationer af dagsværdi, der afspejler resultaterne af transaktioner) på kursnoteringer, der ikke afspejler resultatet af transaktioner.
B47
Der skal desuden tages hensyn til typen af kursnoteringen (f.eks. om noteringen er vejledende eller et bindende tilbud) ved vægtningen af den foreliggende dokumentation, med mere vægt på noteringer fra tredjeparter, der afspejler bindende tilbud.
Appendiks C
Ikrafttrædelsestidspunkt og overgang
Dette appendiks er en integreret del af IFRS-standarden og har samme gyldighed som de øvrige dele af standarden.
C1
Virksomheder skal anvende denne IFRS for årsregnskaber, som begynder den 1. januar 2013 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender denne IFRS på en tidligere regnskabsperiode, skal den oplyse herom.
C2
Denne IFRS skal anvendes fremadrettet fra begyndelsen af det regnskabsår, hvor den blev anvendt første gang.
C3
Oplysningskravene i denne IFRS skal ikke anvendes i sammenligningstal, der er fastsat for perioder inden førstegangsanvendelse af denne standard.
C4
Afsnit 52 ændres som led i 
det årlige forbedringsprojekt vedrørende perioden 2011-2013
, som blev udstedt i december 2013. Virksomheder skal anvende denne ændring for regnskabsår, som begynder den 1. juli 2014 eller derefter. Virksomheden skal anvende denne ændring fremadrettet fra begyndelsen af det regnskabsår, hvor IFRS 13 blev anvendt første gang. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender ændringen på en tidligere regnskabsperiode, skal den oplyse herom.
C5
IFRS 9, udstedt i juli 2014, medførte ændring af afsnit 52. Virksomheder skal anvende denne ændring ved anvendelse af IFRS 9.
C6
IFRS 16 
Leasingkontrakter
, udstedt i januar 2016, medførte ændring af afsnit 6. Virksomheder skal anvende denne ændring ved anvendelse af IFRS 16.
IFRS 15
Omsætning fra kontrakter med kunder
FORMÅL
1
Formålet med denne standard er at fastsætte de principper, som en virksomhed skal anvende ved afgivelse af nyttige oplysninger til regnskabsbrugere om arten og størrelsen af, tidspunktet for samt usikkerheden forbundet med 
omsætning
 og pengestrømme hidrørende fra en 
kontrakt
 med en 
kunde
.
Opfyldelse af målsætningen
2
For at opfylde formålet i afsnit 1 er det grundprincippet i denne standard, at en virksomhed som udtryk for overdragelsen til kunder af aftalte varer eller tjenesteydelser indregner omsætning med et beløb, som afspejler det vederlag, virksomheden forventer at være berettiget til som modydelse for disse varer eller tjenesteydelser.
3
En virksomhed skal tage kontraktvilkårene og alle relevante forhold og omstændigheder i betragtning ved anvendelsen af denne standard. Virksomheden skal anvende denne standard og praktiske fremgangsmåder i tilknytning hertil konsekvent på alle kontrakter med sammenlignelige egenskaber og under sammenlignelige omstændigheder.
4
Denne standard indeholder bestemmelser om den regnskabsmæssige behandling af en individuel kontrakt med en kunde. I praksis kan en virksomhed imidlertid anvende denne standard på en portefølje af kontrakter (eller 
leveringsforpligtelser
) med sammenlignelige egenskaber, hvis virksomheden med rimelighed forventer, at den regnskabsmæssige virkning af at anvende denne standard på porteføljen ikke afviger væsentligt fra virkningen af at anvende denne standard på de individuelle kontrakter (eller leveringsforpligtelser) inden for porteføljen. Ved den regnskabsmæssige behandling af en portefølje skal en virksomhed anvende skøn og forudsætninger, som afspejler porteføljens størrelse og sammensætning.
ANVENDELSESOMRÅDE
5
En virksomhed skal anvende denne standard på alle kontrakter med kunder undtagen følgende:
a)
leasingkontrakter, som er omfattet af IFRS 16 
Leasingkontrakter
b)
kontrakter, som er omfattet af IFRS 17 
Forsikringskontrakter
. En virksomhed kan imidlertid vælge at anvende denne standard på forsikringskontrakter, der som hovedformål har levering af serviceydelser til en fast pris i overensstemmelse med afsnit 8 i IFRS 17.
c)
finansielle instrumenter og andre kontraktlige rettigheder eller forpligtelser, som er omfattet af IFRS 9 
Finansielle instrumenter
, IFRS 10 
Koncernregnskaber
, IFRS 11 
Fælles ordninger
, IAS 27 
Separate årsregnskaber
 og IAS 28 
Investeringer i associerede virksomheder og joint ventures
, og
d)
ikke-monetære udvekslinger mellem virksomheder inden for samme forretningsområde med henblik på at lette salget til kunder eller potentielle kunder. For eksempel gælder denne standard ikke for en kontrakt mellem to olieselskaber, som aftaler at udveksle oliebeholdninger for rettidigt at opfylde efterspørgslen fra deres kunder på forskellige, bestemte steder.
6
En virksomhed skal kun anvende denne standard på en kontrakt (bortset fra de kontrakter, der er anført i afsnit 5), hvis kontraktmodparten er en kunde. En kunde er en part, der har indgået aftale med en virksomhed om mod vederlag at erholde varer eller tjenesteydelser, som er et resultat af virksomhedens ordinære drift. En modpart i en kontrakt er ikke en kunde, hvis modparten for eksempel har indgået aftale med virksomheden om at deltage i en aktivitet eller en proces, hvori kontrahenterne deler risici og fordele, som hidrører fra aktiviteten eller processen (eksempelvis udvikling af et aktiv i et samarbejdsarrangement), og ikke om at erholde resultatet af virksomhedens ordinære drift.
7
En kontrakt med en kunde kan delvist være omfattet af denne standard, delvist af andre af de i afsnit 5 anførte standarder.
a)
Hvis de øvrige standarder indeholder bestemmelser om, hvorledes en eller flere dele af kontrakten skal holdes adskilt og/eller i første omgang måles, skal en virksomhed først anvende de omhandlede standarders krav om adskillelse og/eller måling. En virksomhed skal i 
transaktionsprisen
 ikke medtage det beløb, som vedrører den eller de dele af kontrakten, som i første omgang måles i henhold til andre standarder, og skal anvende afsnit 73–86 til at allokere den eventuelt resterende del af transaktionsprisen til hver enkelt leveringsforpligtelse omfattet af denne standard og til enhver anden del af kontrakten som identificeret ved afsnit 7, litra b).
b)
Hvis de øvrige standarder ikke indeholder bestemmelser om, hvorledes en eller flere dele af kontrakten skal holdes adskilt og/eller i første omgang måles, skal virksomheden anvende denne standard til at adskille og/eller i første omgang måle denne eller disse dele af kontrakten.
8
Denne standard indeholder bestemmelser om den regnskabsmæssige behandling af meromkostninger forbundet med opnåelse af en kontrakt med en kunde og af omkostninger forbundet med opfyldelse af en kontrakt med en kunde, medmindre nævnte omkostninger er omfattet af andre standarder (jf. afsnit 91–104). En virksomhed skal kun anvende disse afsnit på omkostninger forbundet med opfyldelse af en kontrakt med en kunde, hvis kontrakten (eller dele heraf) er omfattet af denne standard.
INDREGNING
Identifikation af kontrakten
9
En virksomhed skal kun regnskabsmæssigt behandle en kontrakt med en kunde omfattet af denne standard, hvis alle de følgende kriterier er opfyldt:
a)
kontrahenterne har godkendt kontrakten (skriftligt, mundtligt eller i overensstemmelse med anden almindelig forretningspraksis) og er forpligtet til at opfylde deres respektive forpligtelser
b)
virksomheden kan identificere hver parts rettigheder i forbindelse med de varer eller tjenester, der skal overdrages
c)
virksomheden kan identificere betalingsvilkårene for de varer eller tjenester, der skal overdrages
d)
kontrakten har forretningsmæssigt indhold (dvs. risikoen ved, tidspunktet for eller størrelsen af virksomhedens fremtidige pengestrømme forventes at ændre sig som følge af kontrakten), og
e)
det er sandsynligt, at virksomheden vil inddrive det vederlag, som den er berettiget til som modydelse for de varer eller tjenester, som overdrages til kunden. Når virksomheden vurderer, hvorvidt inddrivelse af et vederlag er sandsynligt, skal den kun tage hensyn til kundens evne til og hensigt om at betale vederlaget rettidigt. Det vederlag, som virksomheden er berettiget til, kan være mindre end den kontraktmæssigt fastsatte pris, hvis vederlaget er variabelt, fordi virksomheden kan tilbyde kunden et prisnedslag (jf. afsnit 52).
10
En kontrakt er en aftale mellem to eller flere parter, ved hvilken der skabes retsgyldige krav og forpligtelser. Muligheden for håndhævelse af kontraktmæssige rettigheder og forpligtelser er et juridisk spørgsmål. Kontrakter kan være skriftlige, mundtlige eller følge af en virksomheds almindelige forretningspraksis. Praksis og procedurer i forbindelse med indgåelse af kontrakter med kunder varierer alt efter retsområde, branche og virksomhed. De kan desuden variere inden for en virksomhed (f.eks. kan de afhænge af kundegruppen eller arten af de aftalte varer eller serviceydelser). En virksomhed skal tage hensyn til nævnte praksis og procedurer, når den vurderer, hvorvidt og hvornår en aftale med en kunde skaber retsgyldige krav og forpligtelser.
11
I nogle tilfælde har kontrakter med kunder ingen fast varighed og kan ophæves eller ændres af hver af parterne til enhver tid. Andre kontrakter forlænges automatisk for en periode fastsat i kontrakten. En virksomhed skal anvende denne standard på den del af kontraktens løbetid (dvs. den kontraktperiode), under hvilken kontrahenterne har aktuelle retsgyldige krav og forpligtelser.
12
Med henblik på anvendelsen af denne standard foreligger der ingen kontrakt, hvis begge kontrahenter har en ensidig retsgyldig ret til at ophæve en i sin helhed uopfyldt kontrakt uden kompensation til den anden part (eller de andre parter). En kontrakt er i sin helhed uopfyldt, hvis begge de følgende kriterier er opfyldt:
a)
virksomheden har endnu ikke overdraget nogen aftalte varer eller tjenesteydelser til kunden, og
b)
virksomheden har endnu ikke modtaget, og er endnu ikke berettiget til at modtage, noget vederlag som modydelse for aftalte varer eller tjenesteydelser.
13
Hvis en kontrakt med en kunde opfylder kriterierne i afsnit 9 ved indgåelsen, må en virksomhed ikke revurdere nævnte kriterier, medmindre der foreligger en indikation på væsentlige ændringer i forhold og omstændigheder. Hvis eksempelvis en kundes evne til at betale vederlaget forringes væsentligt, vil virksomheden skulle revurdere, om det er sandsynligt, at den kan inddrive det vederlag, som den er berettiget til som modydelse for de resterende varer eller tjenesteydelser, som vil blive overdraget til kunden.
14
Hvis en kontrakt med en kunde ikke opfylder kriterierne i afsnit 9, skal virksomheden løbende vurdere kontrakten med henblik på at afgøre, om kriterierne i afsnit 9 efterfølgende opfyldes.
15
Når en kontrakt med en kunde ikke opfylder kriterierne i afsnit 9, og virksomheden modtager vederlag fra kunden, skal virksomheden kun indregne det modtagne vederlag i omsætningen, såfremt en af følgende begivenheder er indtruffet:
a)
virksomheden har ingen resterende forpligtelser til at overdrage varer eller tjenesteydelser til kunden og hele, eller praktisk talt hele, det i kontakten med kunden aftalte vederlag er modtaget af virksomheden og er ikke refunderbart, eller
b)
kontrakten er opsagt, og det fra kunden modtagne vederlag er ikke refunderbart.
16
En virksomhed skal indregne det vederlag, der er modtaget fra en kunde, som en forpligtelse, indtil en af begivenhederne i afsnit 15 indtræffer, eller indtil kriterierne i afsnit 9 efterfølgende opfyldes (jf. afsnit 14). Afhængigt af forhold og omstændigheder i forbindelse med kontrakten udgør den indregnede forpligtelse virksomhedens forpligtelse til enten at overdrage varer eller tjenesteydelser i fremtiden eller at tilbagebetale det modtagne vederlag. I begge tilfælde måles forpligtelsen ved størrelsen af det vederlag, der er modtaget fra kunden.
Sammenlægning af kontrakter
17
En virksomhed skal sammenlægge to eller flere kontrakter, som den har indgået samtidig eller omtrent samtidig med den samme kunde (eller kundens nærtstående parter), og regnskabsmæssigt behandle kontrakterne som en enkelt kontrakt, hvis et eller flere af de følgende kriterier er opfyldt:
a)
kontrakterne er forhandlet samlet med samme forretningsmæssige mål for øje
b)
det vederlag, der skal betales i henhold til én kontrakt, afhænger af den anden kontrakts pris eller indtjening, eller
c)
de varer eller tjenesteydelser, som er aftalt i kontrakterne (eller nogle af de varer eller tjenesteydelser, som er aftalt i hver af kontrakterne), udgør en enkelt leveringsforpligtelse, jf. afsnit 22–30.
Kontraktændringer
18
En kontraktændring er en ændring i kontraktens anvendelsesområde eller pris (eller begge dele), som er godkendt af kontrahenterne. I nogle brancher og retsområder kan en kontraktændring være omtalt som en tillægskontrakt eller på anden måde. En kontraktændring foreligger, når kontrahenterne godkender en ændring, som enten skaber nye eller ændrer eksisterende retsgyldige krav og forpligtelser for kontrahenterne. En kontraktændring kan godkendes skriftligt eller ved mundtlig aftale eller følge af almindelig forretningspraksis. Såfremt en kontraktændring ikke er godkendt af kontrahenterne, skal virksomheden fortsat anvende denne standard på den gældende kontrakt, indtil kontraktændringen er godkendt.
19
En kontraktændring kan foreligge, selv om kontrahenterne er uenige om ændringens anvendelsesomfang eller pris (eller begge dele), eller kontrahenterne har godkendt en ændring i kontraktens anvendelsesområde, men endnu ikke har fastlagt den hertil svarende ændring i prisen. Ved fastlæggelsen af, om de krav og forpligtelser, som skabes eller ændres ved ændringen, er retsgyldige, skal virksomheden tage hensyn til alle relevante forhold og omstændigheder, herunder kontraktvilkårene og anden dokumentation. Såfremt kontrahenterne har godkendt en ændring i kontraktens anvendelsesområde, men endnu ikke har fastlagt den hertil svarende ændring i prisen, skal virksomheden foretage et skøn over ændringen i transaktionsprisen som følge af ændringen, jf. afsnit 50–54 om skøn over variable vederlag og afsnit 56–58 om begrænsning i skøn over variable vederlag.
20
En virksomhed skal regnskabsmæssigt behandle en kontraktændring som en separat kontrakt, hvis begge de følgende betingelser er opfyldt:
a)
anvendelsesområdet for kontrakten udvides, fordi det aftales at overdrage yderligere varer eller tjenesteydelser af særskilt karakter (jf. afsnit 26–30), og
b)
kontraktprisen øges med et vederlag, som afspejler virksomhedens 
isolerede salgspris
 på de yderligere, aftalte varer eller tjenesteydelser samt eventuelle passende reguleringer af denne pris til afspejling af omstændighederne ved den konkrete kontrakt. En virksomhed kan for eksempel justere den isolerede salgspris på en yderligere vare eller tjenesteydelse for en rabat, som kunden får, i og med at virksomheden kan undgå at afholde de salgsrelaterede omkostninger, som ville være nødvendige ved salg af en tilsvarende vare eller tjenesteydelse til en ny kunde.
21
Hvis en kontraktændring regnskabsmæssigt ikke behandles som en separat kontrakt i henhold til afsnit 20, skal virksomheden behandle de aftalte og på tidspunktet for kontraktændringen endnu ikke overdragne varer eller tjenesteydelser (dvs. de resterende lovede varer eller tjenesteydelser) på en af følgende måder, alt efter hvad der er relevant:
a)
En virksomhed skal regnskabsmæssigt behandle kontraktændringen som en ophævelse af den gældende kontrakt og indgåelsen af en ny, hvis de resterende varer eller tjenesteydelser er af særskilt karakter i forhold til de varer eller tjenesteydelser, som blev overdraget på tidspunktet for eller inden kontraktændringen. Vederlaget, der skal allokeres til de resterende leveringsforpligtelser (eller til de resterende varer eller tjenesteydelser af særskilt karakter, som er omfattet af en enkelt leveringsforpligtelse identificeret i henhold til afsnit 22, litra b)), er summen af:
i)
det i kontrakten med kunden aftalte vederlag (herunder vederlag, der allerede er modtaget fra kunden), som er medtaget i skønnet over transaktionsprisen og ikke indregnet i omsætningen, og
ii)
det i forbindelse med kontraktændringen aftalte vederlag.
b)
En virksomhed skal regnskabsmæssigt behandle kontraktændringen som en del af den gældende kontrakt, hvis de resterende varer eller tjenesteydelser ikke er af særskilt karakter og derfor er en del af en enkelt leveringsforpligtelse, som er delvis opfyldt på tidspunktet for kontraktændringen. Kontraktændringens virkning på transaktionsprisen og på virksomhedens måling af leveringsforpligtelsens færdiggørelsesgrad indregnes som en regulering af omsætningen (enten som en stigning eller et fald i omsætningen) på tidspunktet for kontraktændringen (dvs. reguleringen af omsætningen foretages på en akkumuleret opsamlingsbasis).
c)
Hvis der med hensyn til de resterende varer eller tjenesteydelser er tale om en kombination af litra a) og b), skal virksomheden regnskabsmæssigt behandle ændringens virkninger på de uopfyldte (herunder delvis uopfyldte) leveringsforpligtelser i den ændrede kontrakt på en måde, som er i overensstemmelse med dette afsnits formål.
Identifikation af leveringsforpligtelser
22
Ved kontraktens indgåelse skal en virksomhed vurdere de varer eller tjenesteydelser, som er aftalt i en kontrakt med en kunde, og som leveringsforpligtelse identificere hvert løfte om til kunden at overdrage enten:
a)
en vare eller en tjenesteydelse (eller en gruppe varer eller tjenesteydelser), som er af særskilt karakter, eller
b)
en række varer eller tjenesteydelser af særskilt karakter, som i alt væsentligt er de samme, og som har samme mønster for overdragelse til kunden (jf. afsnit 23).
23
En række varer eller tjenesteydelser af særskilt karakter har samme mønster for overdragelse til kunden, hvis begge de følgende kriterier er opfyldt:
a)
hver særskilt vare eller tjenesteydelse i den række af varer eller tjenesteydelser, som virksomheden som aftalt i kontrakten skal overdrage til kunden, opfylder kriterierne i afsnit 35 for en leveringsforpligtelse, som opfyldes over tid, og
b)
den samme metode anvendes til måling af virksomhedens fremskridt hen imod fuldstændig opfyldelse af leveringsforpligtelsen til at overdrage hver særskilt vare eller tjenesteydelse i rækken til kunden, jf. afsnit 39–40.
Løfter i kontrakter med kunder
24
En kontrakt med en kunde opregner almindeligvis eksplicit de varer eller tjenesteydelser, som en virksomhed i henhold til kontrakten skal overdrage til kunden. Den leveringsforpligtelse, som identificeres i en kontrakt med en kunde, behøver imidlertid ikke at være begrænset til de varer eller tjenesteydelser, som eksplicit opregnes i kontrakten. Dette skyldes, at en kontrakt med en kunde også kan omfatte løfter, som følger af en virksomheds almindelige forretningspraksis, offentliggjorte politik eller specifikke erklæringer, såfremt disse løfter på tidspunktet for kontraktens indgåelse skaber en berettiget forventning hos kunden om, at virksomheden vil overdrage en vare eller en tjenesteydelse til kunden.
25
Leveringsforpligtelser omfatter ikke aktiviteter, som virksomheden foretager med henblik på opfyldelse af en kontrakt, medmindre der med nævnte aktiviteter overdrages en vare eller en tjenesteydelse til en kunde. For eksempel kan det være nødvendigt, at en leverandør af tjenesteydelser udfører visse administrative opgaver i forbindelse med udarbejdelsen af en kontrakt. Med udførelsen af sådanne opgaver overdrages ingen tjenesteydelse til kunden. Disse indledende aktiviteter udgør derfor ingen leveringsforpligtelse.
Særskilte varer eller tjenesteydelser
26
Afhængigt af kontrakten kan aftalte varer eller tjenesteydelser omfatte, men er ikke begrænset til, følgende:
a)
salg af varer, som en virksomhed har fremstillet (eksempelvis en producents varebeholdning)
b)
videresalg af varer, som en virksomhed har erhvervet (eksempelvis en detailhandlers varer)
c)
videresalg af rettigheder til varer eller tjenesteydelser, som en virksomhed har erhvervet (eksempelvis videresalg af en billet gennem en virksomhed, som er principal, som beskrevet i afsnit B34–B38)
d)
udførelse af en eller flere kontraktligt aftalte opgaver for en kunde
e)
levering af en tjenesteydelse bestående i at være parat til at levere varer eller tjenesteydelser (eksempelvis uspecificerede software-opdateringer, som leveres, når og hvis de er tilgængelige) eller i at gøre varer eller tjenesteydelser tilgængelige for en kunde til brug, når og hvis kunden ønsker det
f)
levering af en tjenesteydelse bestående i at sørge for, at en anden part overdrager varer eller tjenesteydelser til en kunde (for eksempel at handle som agent for en anden part som beskrevet i afsnit B34–B38)
g)
tildeling af rettigheder til fremtidig levering af varer eller tjenesteydelser, som en kunde kan videresælge eller levere til sin kunde (f.eks. hvis en virksomhed, som sælger et produkt til en detailhandler, ifølge aftalen skal overdrage en yderligere vare eller tjenesteydelse til en person, som køber produktet af detailhandleren)
h)
opførelse, fremstilling eller videreudvikling af et aktiv på vegne af en kunde
i)
tildeling af licenser (jf. afsnit B52–B63B) og
j)
tildeling af optioner på at erhverve yderligere varer eller tjenesteydelser (såfremt nævnte optioner giver kunden en materiel ret som beskrevet i afsnit B39–B43).
27
En vare eller en tjenesteydelse, som der er indgået aftale om med en kunde, er af særskilt karakter, hvis begge de følgende kriterier er opfyldt:
a)
kunden kan drage fordel af varen eller tjenesteydelsen alene eller sammen med andre ressourcer, som er umiddelbart tilgængelige for kunden (dvs. varen eller tjenesteydelsen har særskilt karakter), og
b)
virksomhedens løfte om at overdrage varen eller tjenesten til kunden kan identificeres separat fra andre løfter i kontrakten (dvs., at løftet om at overdrage varen eller tjenesteydelsen er særskilt inden for rammerne af kontrakten).
28
En kunde kan drage fordel af en vare eller en tjenesteydelse i henhold til afsnit 27, litra a), hvis varen eller tjenesteydelsen kan anvendes, forbruges eller sælges for et beløb, som overstiger scrapværdien, eller på anden måde besiddes med økonomisk fordel til følge. For nogle varer eller tjenesteydelser gælder det, at en kunde kan drage fordel af varen eller tjenesteydelsen alene. For andre varer eller tjenesteydelser gælder det, at en kunde kun kan drage fordel af varen eller tjenesteydelsen sammen med andre umiddelbart tilgængelige ressourcer. En umiddelbart tilgængelig ressource er en vare eller en tjenesteydelse, som sælges separat (af virksomheden eller en anden virksomhed), eller en ressource, som kunden allerede har modtaget fra virksomheden (herunder varer eller tjenesteydelser, som virksomheden allerede har overdraget til kunden i henhold til kontrakten) eller på grundlag af andre transaktioner eller begivenheder. Forskellige forhold kan tjene som grundlag for at antage, at kunden kan drage fordel af en vare eller en tjenesteydelse alene eller sammen med andre umiddelbart tilgængelige ressourcer. For eksempel kan den omstændighed, at virksomheden regelmæssigt sælger en vare eller en tjenesteydelse separat, være en indikator for, at en kunde kan drage fordel af varen eller tjenesteydelsen alene eller sammen med andre umiddelbart tilgængelige ressourcer.
29
Vurderingen af, hvorvidt en virksomheds løfter om at overdrage varer eller tjenesteydelser til kunden kan identificeres separat, jf. afsnit 27, litra b), har til formål at fastslå, om løftet er af en sådan art inden for rammerne af kontrakten, at det indebærer overdragelse af hver enkelt af disse varer eller tjenesteydelser særskilt, eller det i stedet indebærer overdragelse af en eller flere kombinerede enheder, hvori de aftalte varer eller tjenesteydelser indgår som input. Forhold, som kan indikere, at to eller flere løfter om at overdrage varer eller tjenesteydelser til en kunde ikke kan identificeres separat, omfatter, men er ikke begrænset til, følgende:
a)
Virksomheden leverer en væsentlig tjenesteydelse, som har til formål at lade varerne eller tjenesteydelserne indgå sammen med andre varer eller tjenesteydelser aftalt i kontrakten i en gruppe af varer eller tjenesteydelser, som udgør det eller de kombinerede resultater, hvorom kunden har indgået en kontrakt. Virksomheden anvender med andre ord varerne eller tjenesteydelserne som input i forbindelse med produktion eller levering af det eller de af kunden specificerede, kombinerede resultater. Det eller de kombinerede resultater kan indeholde mere end én fase, et element eller en enhed.
b)
En eller flere af varerne eller tjenesteydelserne indebærer en væsentlig ændring eller tilpasning af, eller undergår en væsentlig ændring eller tilpasning som følge af, en eller flere af de andre varer eller tjenesteydelser, som er aftalt i kontrakten.
c)
Varerne eller tjenesteydelserne er i væsentlig grad indbyrdes afhængige af eller indbyrdes forbundne. Med andre ord påvirkes hver af varerne eller tjenesteydelserne i væsentlig grad af en eller flere af de andre varer eller tjenesteydelser i kontrakten. I nogle tilfælde påvirker to eller flere varer eller tjenesteydelserne for eksempel i væsentlig grad hinanden, fordi virksomheden ikke ville være i stand til at opfylde sit løfte ved at overdrage hver af varerne eller tjenesteydelserne uafhængigt af hinanden.
30
Hvis en aftalt vare eller tjenesteydelse ikke er af særskilt karakter, skal en virksomhed kombinere denne vare eller tjenesteydelse og andre aftalte varer eller tjenesteydelser, indtil den kan identificere en gruppe af varer eller tjenesteydelser, som er af særskilt karakter. I nogle tilfælde kan dette betyde, at virksomheden regnskabsmæssigt skal behandle alle varer eller tjenesteydelser aftalt i en kontrakt som en enkelt leveringsforpligtelse.
Opfyldelse af leveringsforpligtelser
31
En virksomhed skal indregne omsætning, når (eller i takt med at) den opfylder en leveringsforpligtelse ved at overdrage en aftalt vare eller tjenesteydelse (dvs. et aktiv) til en kunde. Et aktiv overdrages, når (eller i takt med at) kunden opnår kontrol over aktivet.
32
For hver leveringsforpligtelse, som identificeres i henhold til afsnit 22–30, skal en virksomhed ved kontraktens indgåelse vurdere, hvorvidt den opfylder leveringsforpligtelsen over tid (jf. afsnit 35–37) eller opfylder leveringsforpligtelsen på et bestemt tidspunkt (jf. afsnit 38). Hvis en virksomhed ikke opfylder en leveringsforpligtelse over tid, opfyldes leveringsforpligtelsen på et bestemt tidspunkt.
33
Varer og tjenesteydelser er aktiver, også selv om det kun er kortvarigt, når de modtages og benyttes (som det er tilfældet med mange tjenesteydelser). Ved kontrol over aktivet forstås muligheden for at anvise brugen af, og opnå i det væsentlige samtlige resterende fordele af, aktivet. Kontrol indebærer muligheden for at forhindre andre virksomheder i at styre anvendelsen af og opnå fordele af et aktiv. Fordelene af et aktiv er de mulige pengestrømme (indbetalinger eller sparede udbetalinger), som direkte eller indirekte kan opnås på forskellige måder, f.eks.:
a)
ved anvendelse af aktivet til produktion af varer eller levering af tjenesteydelser (herunder offentlige tjenesteydelser)
b)
ved anvendelse af aktivet til forøgelse af værdien af andre aktiver
c)
ved anvendelse af aktivet til afregning af forpligtelser eller nedbringelse af udgifter
d)
ved salg eller udveksling af aktivet
e)
ved anvendelse af aktivet som sikkerhed for et lån og
f)
ved besiddelse af aktivet.
34
Ved vurderingen af, om en kunde opnår kontrol over et aktiv, skal en virksomhed tage hensyn til eventuelle aftaler om genkøb af aktivet (jf. afsnit B64–B76).
Leveringsforpligtelser, der opfyldes over tid
35
En virksomhed overdrager kontrol over en vare eller en tjenesteydelse over tid og opfylder derfor en leveringsforpligtelse og indregner omsætning over tid, hvis et af følgende kriterier er opfyldt:
a)
kunden modtager og forbruger samtidig fordelene ved virksomhedens ydelser, i takt med at virksomheden præsterer ydelserne (jf. afsnit B3–B4)
b)
virksomhedens ydelser skaber et aktiv eller øger et aktivs værdi (f.eks. varer under fremstilling), og kunden får kontrol over dette aktiv, i takt med at aktivet skabes eller dets værdi øges (jf. afsnit B5), eller
c)
virksomhedens ydelser skaber ikke et aktiv med en alternativ anvendelse for virksomheden (jf. afsnit 36), og virksomheden har et retsgyldigt krav på betaling for ydelser udført til dato (jf. afsnit 37).
36
Et aktiv skabt af en virksomheds ydelser har ingen alternativ anvendelse for en virksomhed, hvis virksomheden enten i medfør af kontrakten er forhindret i uden videre at henføre aktivet til anden anvendelse under skabelsen eller værdiforøgelsen af aktivet eller i praksis har begrænsede muligheder for uden videre at henføre aktivet i færdiggjort tilstand til anden anvendelse. Vurderingen af, hvorvidt et aktiv har en alternativ anvendelse for virksomheden, foretages ved kontraktens indgåelse. Efter kontraktindgåelse må en virksomhed ikke opdatere vurderingen af et aktivs alternative anvendelse, medmindre kontrahenterne godkender en kontraktændring, som indebærer en væsentlig ændring af leveringsforpligtelsen. Afsnit B6–B8 indeholder vejledning til vurdering af, om et aktiv har en alternativ anvendelse for en virksomhed.
37
En virksomhed skal ved vurderingen af, hvorvidt den har et retsgyldigt krav på betaling for ydelser udført til dato, jf. afsnit 35, litra c), tage hensyn til kontraktvilkårene samt eventuel lovgivning, som finder anvendelse på kontrakten. Kravet på betaling for ydelser udført til dato skal ikke nødvendigvis vedrøre et fast beløb. Virksomheden skal imidlertid på ethvert tidspunkt i kontraktens løbetid være berettiget til et beløb, der som minimum kompenserer virksomheden for ydelser udført til dato, i tilfælde af at kunden eller en anden part ophæver kontrakten af andre grunde end virksomhedens manglende opfyldelse af kontrakten. Afsnit B9–B13 indeholder vejledning til vurdering af, hvorvidt der foreligger et krav på betaling, hvorvidt dette krav er retsgyldigt, samt hvorvidt en virksomheds krav på betaling berettiger denne til betaling for ydelser udført til dato.
Leveringsforpligtelser, der opfyldes på et bestemt tidspunkt
38
Hvis en leveringsforpligtelse ikke opfyldes over tid, jf. afsnit 35–37, opfylder en enhed leveringsforpligtelsen på et bestemt tidspunkt. For at fastlægge det tidspunkt, hvor en kunde opnår kontrol over et aftalt aktiv og virksomheden opfylder en leveringsforpligtelse, skal virksomheden tage hensyn til kriterierne vedrørende kontrol i afsnit 31–34. En virksomhed skal desuden tage hensyn til kriterierne for overdragelse af kontrol, som omfatter, men ikke er begrænset til, følgende:
a)
Virksomheden har et aktuelt krav på betaling for aktivet — hvis en kunde aktuelt er forpligtet til at betale for et aktiv, kan dette være en indikator for, at kunden har fået mulighed for at anvise brugen af, og opnå i det væsentlige samtlige resterende fordele af, aktivet som modydelse.
b)
Kunden har ejendomsret til aktivet — ejendomsretten kan indikere, hvilken kontrahent der har muligheden for at anvise brugen af, og opnå i det væsentlige samtlige resterende fordele af, et aktiv eller for at begrænse andre virksomheders adgang til nævnte fordele. Overdragelsen af ejendomsretten til et aktiv kan derfor være en indikator for, at kunden har opnået kontrol over aktivet. Hvis en virksomhed bibeholder ejendomsretten udelukkende som sikkerhed mod kundens manglende betaling, udelukker sådanne rettigheder ikke kunden fra at opnå kontrol over et aktiv.
c)
Virksomheden har overdraget den fysiske besiddelse af aktivet — kundens fysiske besiddelse af et aktiv kan være en indikator for, at kunden har mulighed for at anvise brugen af, og opnå i det væsentlige samtlige resterende fordele af, aktivet eller for at begrænse andre virksomheders adgang til nævnte fordele. Fysisk besiddelse behøver imidlertid ikke at være sammenfaldende med kontrol over et aktiv. I nogle genkøbs- og konsignationsaftaler kan en kunde eller en modtager eksempelvis fysisk være i besiddelse af et aktiv, som virksomheden kontrollerer. Omvendt kan virksomheden i nogle aftaler med fakturering uden overdragelse fysisk være i besiddelse af et aktiv, som kunden kontrollerer. Afsnit B64–B76, B77–B78 og B79–B82 indeholder vejledning om den regnskabsmæssige behandling af henholdsvis genkøbs- og konsignationsaftaler samt aftaler med fakturering uden overdragelse.
d)
Kunden har de væsentlige risici og afkast tilknyttet ejendomsretten til aktivet — overdragelsen til kunden af de væsentlige risici og afkast tilknyttet ejendomsretten til et aktiv kan være en indikator for, at kunden har fået mulighed for at anvise brugen af, og opnå i det væsentlige samtlige resterende fordele af, aktivet. Ved vurdering af risici og afkast tilknyttet ejendomsretten til et aftalt aktiv skal en virksomhed imidlertid udelukke eventuelle risici, som giver anledning til en særskilt leveringsforpligtelse ud over leveringsforpligtelsen til at overdrage aktivet. Eksempelvis kan en virksomhed have overdraget kontrol over et aktiv til en kunde, men endnu ikke have opfyldt en yderligere leveringsforpligtelse til at levere vedligeholdelsestjenester i relation til det overførte aktiv.
e)
Kunden har accepteret aktivet — kundens accept af et aktiv kan være en indikator for, at kunden har fået mulighed for at anvise brugen af, og opnå i det væsentlige samtlige resterende fordele af, aktivet. Med henblik på en vurdering af virkningen af kontraktlige kundeacceptklausuler på, hvornår kontrollen over et aktiv overdrages, skal en virksomhed tage hensyn til vejledningen i afsnit B83–B86.
Måling af fremskridt hen imod fuldstændig opfyldelse af en leveringsforpligtelse
39
For hver leveringsforpligtelse, som opfyldes over tid, jf. afsnit 35–37, skal en virksomhed indregne omsætning over tid ved at måle fremskridtet hen imod fuldstændig opfyldelse af den pågældende leveringsforpligtelse. Ved måling af fremskridt er det målet at udtrykke virksomhedens ydelser med hensyn til at overdrage kontrollen over varer eller tjenesteydelser, som er aftalt i en kontrakt med en kunde (dvs. opfyldelse af en virksomheds leveringsforpligtelse).
40
En virksomhed skal anvende en bestemt metode til måling af fremskridt for hver leveringsforpligtelse, som opfyldes over tid, og virksomheden skal konsekvent anvende denne metode på lignende leveringsforpligtelser og under tilsvarende omstændigheder. Ved hvert regnskabsårs afslutning skal virksomheden foretage en ny måling af dens fremskridt hen imod fuldstændig opfyldelse af en leveringsforpligtelse, som opfyldes over tid.
Metoder til måling af fremskridt
41
Egnede metoder til måling af fremskridt omfatter output- og inputmetoder. Afsnit B14–B19 indeholder vejledning i anvendelsen af output- og inputmetoder til måling af en virksomheds fremskridt hen imod fuldstændig opfyldelse af en leveringsforpligtelse. Ved fastlæggelsen af den egnede metode til måling af fremskridt skal en virksomhed tage hensyn til arten af den vare eller tjenesteydelse, som virksomheden ifølge kontrakten skal overdrage til kunden.
42
Ved anvendelsen af en metode til måling af fremskridt skal en virksomhed ved målingen af fremskridtet ikke medtage eventuelle varer eller tjenesteydelser, for hvilke virksomheden ikke overdrager kontrollen til en kunde. Omvendt skal en virksomhed ved målingen af fremskridtet medtage eventuelle varer eller tjenesteydelser, for hvilke virksomheden overdrager kontrollen til en kunde ved opfyldelsen af leveringsforpligtelsen.
43
I takt med at forholdene ændrer sig over tid, skal en virksomhed opdatere sin måling af fremskridt, således at den afspejler eventuelle ændringer i resultatet af leveringsforpligtelsen. Sådanne ændringer i en virksomheds måling af fremskridt skal regnskabsmæssigt behandles som en ændring i et regnskabsmæssigt skøn i overensstemmelse med IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
.
Rimelige målinger af fremskridt
44
En virksomhed skal kun indregne omsætning vedrørende en leveringsforpligtelse, som opfyldes over tid, hvis virksomheden i rimelig grad kan måle sine fremskridt hen imod fuldstændig opfyldelse af leveringsforpligtelsen. En virksomhed er ikke i stand til i rimelig grad at måle sine fremskridt hen imod fuldstændig opfyldelse af leveringsforpligtelsen, hvis den mangler pålidelige oplysninger, som er nødvendige for at anvende en egnet metode til måling af fremskridt.
45
I visse tilfælde (f.eks. i de indledende faser af en kontrakt) er det ikke muligt for virksomheden i rimelig grad at måle resultatet af en leveringsforpligtelse, men virksomheden forventer at kunne dække de omkostninger, som er forbundet med opfyldelse af leveringsforpligtelsen. I sådanne tilfælde skal virksomheden kun indregne omsætning i et omfang svarende til omkostningerne, indtil den i rimelig grad kan måle resultatet af leveringsforpligtelsen.
MÅLING
46
Når (eller i takt med at) en leveringsforpligtelse opfyldes, skal en virksomhed som omsætning indregne den transaktionspris, der er allokeret til nævnte leveringsforpligtelse (hvilket udelukker skøn over variable vederlag, for hvilken der gør sig en begrænsning gældende, jf. afsnit 56–58).
Fastsættelse af transaktionsprisen
47
En virksomhed skal ved fastsættelse af transaktionsprisen tage hensyn til kontraktvilkårene og sin almindelige forretningspraksis. Transaktionsprisen er det vederlag, som en virksomhed forventer at være berettiget til som modydelse for at overdrage aftalte varer eller tjenesteydelser til en kunde, eksklusive beløb, der er inddrevet på vegne af tredjeparter (f.eks. visse omsætningsafgifter). Det vederlag, som aftales i en kontrakt med en kunde, kan være fast, variabelt eller en kombination heraf.
48
Arten og størrelsen af samt tidspunktet for det vederlag, som er aftalt med kunden, påvirker skønnet over transaktionsprisen. Ved fastsættelse af transaktionsprisen skal en virksomhed tage hensyn til virkningen af følgende:
a)
variable vederlag (jf. afsnit 50–55 og 59)
b)
begrænsning i skøn over variable vederlag (jf. afsnit 56–58)
c)
tilstedeværelsen af et væsentligt finansieringselement i kontrakten (jf. afsnit 60–65)
d)
ikke-kontante vederlag (jf. afsnit 66-69) og
e)
vederlag, som skal betales til en kunde (jf. afsnit 70–72).
49
Med henblik på fastsættelse af transaktionsprisen skal virksomheden antage, at varerne eller tjenesteydelserne overdrages til kunden efter aftalen i den gældende kontrakt, og at kontrakten ikke annulleres, forlænges eller ændres.
Variabelt vederlag
50
Hvis det i kontrakten aftalte vederlag indeholder et variabelt element, skal virksomheden foretage et skøn over det vederlag, som den er berettiget til som modydelse for at overdrage de aftalte varer eller tjenesteydelser til en kunde.
51
Et vederlag kan være variabelt som følge af rabatter, tilbagebetalinger, godtgørelser, prisnedslag, incitamenter, resultatbonusser, bod eller lignende poster. Det aftalte vederlag kan også være variabelt, hvis en virksomheds ret til vederlaget afhænger af, om en fremtidig begivenhed indtræffer eller ej. Et vederlag er f.eks. variabelt, hvis et produkt sælges med returret eller der er aftalt en fast resultatbonus i forbindelse med opnåelsen af et bestemt resultat.
52
Variabiliteten i det aftalte vederlag kan fremgå eksplicit af kontrakten. Ud over hvad der følger af kontraktvilkårene, er det aftalte vederlag variabelt, hvis én af følgende situationer foreligger:
a)
Kunden har på baggrund af virksomhedens almindelige forretningspraksis, offentliggjorte politik eller specifikke tilkendegivelser en berettiget forventning om, at virksomheden vil acceptere et vederlag, som er mindre end den kontraktmæssigt fastsatte pris. Det betyder, at det forventes, at virksomheden vil tilbyde et prisnedslag. Afhængigt af jurisdiktion, branche og kunde benævnes et sådant tilbud undertiden også discount, rabat, godtgørelse eller tilbagebetaling.
b)
Andre forhold og omstændigheder indikerer, at det ved indgåelse af kontrakten med kunden er virksomhedens hensigt at tilbyde et prisnedslag.
53
En virksomhed skal foretage et skøn over et variabelt vederlag ved anvendelse af en af de følgende metoder, afhængigt af hvilken metode virksomheden forventer bedst vil kunne afspejle det vederlag, som den er berettiget til.
a)
Forventningsværdien — forventningsværdien er summen af sandsynlighedsvægtede vederlagsværdier inden for et spænd af mulige vederlag. En forventningsværdi kan være et egnet skøn over det variable vederlag, hvis en virksomhed har et stort antal kontrakter med de samme egenskaber.
b)
Den mest sandsynlige vederlagsværdi — den mest sandsynlige vederlagsværdi er den mest sandsynlige værdi inden for et spænd af mulige vederlag (dvs. det mest sandsynlige udfald af kontrakten). Den mest sandsynlige vederlagsværdi kan være et egnet skøn over det variable vederlag, hvis kontrakten kun har to mulige udfald (f.eks. at en virksomhed enten opnår eller ikke opnår en resultatbonus).
54
En virksomhed skal ved skøn over virkningen af en usikkerhed på et variabelt vederlag, som virksomheden er berettiget til, konsekvent anvende den samme metode på kontrakten i sin helhed. Virksomheden skal desuden tage hensyn til alle oplysninger (historiske, aktuelle og forventede), som den med rimelighed har adgang til, og skal identificere et rimeligt antal mulige vederlagsværdier. De oplysninger, som en virksomhed benytter ved skøn over det variable vederlag, svarer typisk til de oplysninger, som virksomhedens ledelse anvender ved afgivelse af tilbud og fastsættelse af priser på aftalte varer eller tjenesteydelser.
Tilbagebetalingsforpligtelser
55
En virksomhed skal indregne en tilbagebetalingsforpligtelse, hvis virksomheden modtager vederlag fra en kunde og forventer at tilbagebetale dette helt eller delvist til kunden. En tilbagebetalingsforpligtelse måles som den del af det modtagne (eller tilgodehavende) vederlag, som virksomheden ikke forventer at være berettiget til (dvs. beløb, som ikke er medregnet i transaktionsprisen). Tilbagebetalingsforpligtelsen (og tilsvarende ændringer i transaktionsprisen og følgelig i 
den kontraktlige forpligtelse
) skal opdateres for ændringer i forhold ved hvert regnskabsårs afslutning. Ved den regnskabsmæssige behandling af en tilbagebetalingsforpligtelse vedrørende et salg med returret skal en virksomhed anvende vejledningen i afsnit B20–B27.
Begrænsning i skøn over variable vederlag
56
En virksomhed skal kun medregne en del af eller hele det variable vederlag som skønnet i henhold til afsnit 53 i transaktionsprisen, hvis det er meget sandsynligt, at en væsentlig tilbageførsel af akkumuleret, indregnet omsætning ikke vil finde sted, når den usikkerhed, som er knyttet til det variable vederlag, efterfølgende afklares.
57
Ved vurderingen af, hvorvidt det er meget sandsynligt, at en væsentlig tilbageførsel af akkumuleret, indregnet omsætning ikke vil finde sted, når den usikkerhed, som er knyttet til det variable vederlag, efterfølgende afklares, skal en virksomhed tage hensyn til såvel sandsynligheden for som størrelsesordenen af omsætningstilbageførslen. Forhold, som kan øge sandsynligheden for eller størrelsesordenen af en omsætningstilbageførsel, omfatter, men er ikke begrænset til, følgende:
a)
Vederlaget afhænger i vid udstrækning af forhold uden for virksomhedens indflydelse. Der kan være tale om markedsvolatilitet, tredjeparts vurderinger eller handlinger, vejrmæssige forhold og en høj risiko for forældelse af den aftalte vare eller tjenesteydelse.
b)
Usikkerheden om vederlaget forventes at være uafklaret i en længere periode.
c)
Virksomhedens erfaringer med (eller andet vidnesbyrd om) lignende typer kontrakter er begrænset eller har begrænset prognoseværdi.
d)
Det er praksis i virksomheden enten at tilbyde et bredt spænd af prisnedslag eller at ændre betalingsvilkårene og betingelserne for lignende kontrakter under tilsvarende forhold.
e)
I kontrakten opereres der med mange mulige vederlag inden for et bredt spænd.
58
En virksomhed skal anvende afsnit B63 ved den regnskabsmæssige behandling af vederlag i form af salgsbaseret eller brugsbaseret royalty, der er aftalt som modydelse for en licens til intellektuel ejendom.
Omvurdering af variable vederlag
59
Ved hvert regnskabsårs afslutning skal virksomheden opdatere den skønnede transaktionspris (og herunder sin vurdering af, hvorvidt der for et skøn over variable vederlag gør sig en begrænsning gældende), således at denne giver et retvisende billede af de aktuelle forhold ved regnskabsårets afslutning og ændringerne i forholdene i regnskabsårets løb. Virksomheden skal regnskabsmæssigt behandle ændringer i transaktionsprisen i henhold til afsnit 87–90.
Tilstedeværelsen af et væsentligt finansieringselement i kontrakten
60
Ved fastsættelsen af transaktionsprisen skal en virksomhed justere det aftalte vederlag for virkningen af pengenes tidsværdi, hvis de mellem kontrahenterne aftalte betalingstidspunkter (enten eksplicit eller indirekte) giver kunden eller virksomheden en væsentlig finansieringsfordel i forbindelse med overdragelsen af varer eller tjenesteydelser til kunden. I så fald indeholder kontrakten et væsentligt finansieringselement. Et væsentligt finansieringselement kan forekomme, uanset om løftet om finansiering er eksplicit fastsat i kontrakten eller følger af de mellem kontrahenterne aftalte betalingsvilkår.
61
Ved justeringen af det aftalte vederlag for et væsentligt finansieringselement er det målet, at en virksomhed skal indregne omsætning med et beløb, som afspejler den pris, som en kunde skulle have betalt kontant ved (eller i takt med) overdragelsen (dvs. den kontante salgspris). Virksomheden skal tage hensyn til alle relevante forhold og omstændigheder ved vurderingen af, om en kontrakt indeholder et finansieringselement, og om dette finansieringselement er væsentligt for kontrakten, herunder både:
a)
den eventuelle forskel mellem det aftalte vederlag og de aftalte varers eller tjenesteydelsers kontante salgspris og
b)
den samlede virkning af:
i)
det forventede tidsforløb mellem virksomhedens overdragelse af de aftalte varer eller tjenesteydelser til kunden og kundens betaling for de pågældende varer eller tjenesteydelser og
ii)
de gældende rentesatser på det relevante marked.
62
Uanset vurderingen i afsnit 61 indeholder en kontrakt med en kunde ikke noget væsentligt finansieringselement, hvis en eller flere af følgende faktorer gør sig gældende:
a)
kunden har forudbetalt varerne eller tjenesteydelserne, og tidspunktet for overdragelsen af de pågældende varer eller tjenester bestemmes af kunden
b)
en væsentlig del af det med kunden aftalte vederlag er variabelt, og dets størrelse eller betalingstidspunkt varierer, alt afhængigt af om en fremtidig begivenhed, som i alt væsentligt ikke kontrolleres af kunden eller virksomheden (f.eks. hvis vederlaget er en salgsbaseret royalty), indtræffer eller ej
c)
forskellen mellem det aftalte vederlag og varens eller tjenesteydelsens kontante salgspris (som beskrevet i afsnit 61) skyldes andre forhold end kundens eller virksomhedens adgang til finansiering, og forskellen mellem beløbene står i forhold til årsagen til denne. F.eks. kan betalingsvilkårene yde virksomheden eller kunden beskyttelse mod den anden parts undladelse af på fyldestgørende måde at opfylde nogle af eller samtlige sine kontraktlige forpligtelser.
63
I praksis kan en virksomhed undlade at justere det aftalte vederlag for virkningen af et væsentligt finansieringselement, hvis virksomheden ved kontraktens indgåelse forventer, at tidsforløbet mellem virksomhedens overdragelse af en aftalt vare eller tjenesteydelse til en kunde og kundens betaling for denne vare eller tjenesteydelse vil være på et år eller derunder.
64
For at opfylde målet i afsnit 61 skal en virksomhed ved justeringen af det aftalte vederlag for et væsentligt finansieringselement benytte den diskonteringssats, der ville gælde for en særskilt finansieringstransaktion mellem virksomheden og dens kunder ved kontraktindgåelsen. Denne sats afspejler kreditkarakteristika for den part, som modtager finansiering i medfør af kontrakten, samt den af kunden eller virksomheden stillede sikkerhed, herunder aktiver, som overdrages i henhold til kontrakten. Virksomheden kan fastlægge denne sats som den sats, der tilbagediskonterer den nominelle værdi af det aftalte vederlag til den pris, som kunden skulle have betalt kontant for varerne eller tjenesteydelserne ved (eller i takt med) overdragelsen. Efter kontraktindgåelse må en virksomhed ikke opdatere diskonteringssatsen for ændringer i rentesatser eller andre forhold (f.eks. en ændring i vurderingen af kreditrisikoen ved kunden).
65
En virksomhed skal præsentere virkningen af finansielle dispositioner (renteindtægter eller renteudgifter) separat fra omsætning fra kontrakter med kunder i totalindkomstopgørelsen. Renteindtægter eller renteudgifter indregnes kun, i det omfang et 
kontraktligt aktiv
 (eller tilgodehavende) eller en kontraktlig forpligtelse indregnes ved den regnskabsmæssige behandling af en kontrakt med en kunde.
Ikke-kontant vederlag
66
Ved fastsættelsen af transaktionsprisen for kontrakter, der indeholder aftale om, at en kunde skal erlægge et vederlag i en anden form end kontanter, skal en virksomhed måle det ikke-kontante vederlag (eller aftalen om et ikke-kontant vederlag) til dagsværdi.
67
Hvis virksomheden ikke med rimelighed kan foretage et skøn over det ikke-kontante vederlags dagsværdi, skal virksomheden måle vederlaget indirekte ved at tage udgangspunkt i den isolerede salgspris for de varer eller tjenesteydelser, som kunden (eller kundegruppen) ifølge aftalen skal have som modydelse for vederlaget.
68
Det ikke-kontante vederlags dagsværdi kan variere afhængigt af vederlagets form (f.eks. en ændring i prisen på en aktie, som en virksomhed er berettiget til at modtage fra en kunde). Hvis dagsværdien af det ikke-kontante vederlag, som er aftalt med kunden, ændrer sig som følge af andre forhold end netop vederlagets form (f.eks. kan dagsværdien ændre sig på grund af virksomhedens resultater), skal virksomheden anvende kravene i afsnit 56–58.
69
Hvis en kunde yder bidrag i form af varer eller tjenesteydelser (eksempelvis materialer, driftsmidler eller arbejdskraft) for at lette en virksomheds opfyldelse af kontrakten, skal virksomheden vurdere, om den opnår kontrol over de pågældende varer eller tjenesteydelser. Hvis dette er tilfældet, skal virksomheden regnskabsmæssigt behandle de pågældende varer eller tjenesteydelser som ikke-kontant vederlag modtaget fra kunden.
Vederlag, som skal betales til en kunde
70
Vederlag, som skal betales til en kunde, omfatter kontante beløb, som en virksomhed betaler eller forventer at skulle betale til kunden (eller til andre parter, som køber virksomhedens varer eller tjenesteydelser fra kunden). Vederlag, som skal betales til en kunde, omfatter også kreditposter eller andre poster (eksempelvis en kupon eller en voucher), der kan anvendes til udligning af gæld over for virksomheden (eller over for andre parter, som køber virksomhedens varer eller tjenesteydelser fra kunden). En virksomhed skal regnskabsmæssigt behandle vederlag, som skal betales til en kunde, som en reduktion af transaktionsprisen og derfor af omsætningen, medmindre betalingen til kunden sker som modydelse for særskilte varer eller tjenesteydelser (som beskrevet i afsnit 26–30), som kunden overdrager til virksomheden. Hvis det vederlag, som skal betales til en kunde, indeholder et variabelt element, skal virksomheden foretage et skøn over transaktionsprisen (og herunder, hvorvidt der for et skøn over variable vederlag gør sig en begrænsning gældende) i henhold til afsnit 50–58.
71
Hvis det vederlag, som skal betales til en kunde, udgør betalingen for en særskilt vare eller tjenesteydelse fra kunden, skal en virksomhed regnskabsmæssigt behandle købet af varen eller tjenesteydelsen på samme måde, som den regnskabsmæssigt behandler andre køb fra leverandører. Hvis det vederlag, som skal betales til kunden, overstiger dagsværdien af den særskilte vare eller tjenesteydelse, som virksomheden modtager fra kunden, skal virksomheden regnskabsmæssigt behandle et sådant beløb som en reduktion af transaktionsprisen. Hvis virksomheden ikke med rimelighed kan foretage et skøn over dagsværdien af den vare eller tjenesteydelse, som den modtager fra kunden, skal den regnskabsmæssigt behandle hele det vederlag, som skal betales til kunden, som en reduktion af transaktionsprisen.
72
Hvis det vederlag, som skal betales til en kunde, regnskabsmæssigt behandles som en reduktion af transaktionsprisen, skal en virksomhed således indregne reduktionen af omsætningen, når (eller i takt med at) den seneste af følgende begivenheder indtræffer:
a)
virksomheden indregner omsætningen fra overdragelsen af de pågældende varer eller tjenesteydelser til kunden, og
b)
virksomheden betaler eller afgiver løfte om at betale vederlaget (selv om betalingen er afhængig af en fremtidig begivenhed). Et sådant løfte kan følge af virksomhedens almindelige forretningspraksis.
Allokering af transaktionsprisen til leveringsforpligtelser
73
Ved allokeringen af transaktionsprisen er det målet, at en virksomhed skal allokere transaktionsprisen til hver leveringsforpligtelse (eller særskilt vare eller tjenesteydelse) med et beløb, som afspejler det vederlag, virksomheden forventer at være berettiget til som modydelse for at overdrage de aftalte varer eller tjenesteydelser til kunden.
74
For at opfylde allokeringsmålsætningen skal en virksomhed allokere transaktionsprisen til hver leveringsforpligtelse, som identificeres i kontrakten, på basis af en relativ isoleret salgspris i henhold til afsnit 76–80, jf. dog afsnit 81–83 (om allokering af rabatter) og afsnit 84–86 (om allokering af vederlag, som indeholder variable elementer).
75
Afsnit 76–86 finder ikke anvendelse, hvis en kontrakt kun indeholder én leveringsforpligtelse. Imidlertid kan afsnit 84–86 finde anvendelse, hvis en virksomhed ifølge aftalen skal overdrage en række varer eller tjenesteydelser af særskilt karakter som en enkelt leveringsforpligtelse i henhold til afsnit 22, litra b), og det aftalte vederlag indeholder variable elementer.
Allokering på basis af isoleret salgspris
76
For at allokere transaktionsprisen til hver leveringsforpligtelse på basis af en relativ isoleret salgspris skal virksomheden fastsætte den isolerede salgspris ved kontraktens indgåelse for den særskilte vare eller tjenesteydelse, som er knyttet til hver leveringsforpligtelse i kontrakten, og allokere transaktionsprisen i forhold til disse isolerede salgspriser.
77
Den isolerede salgspris er den pris, til hvilken virksomheden vil sælge en aftalt vare eller en tjenesteydelse separat til en kunde. Den bedste indikation af en isoleret salgspris er den observerede pris på en vare eller tjenesteydelse, når virksomheden sælger denne separat under tilsvarende omstændigheder og til lignende kunder. En kontraktmæssigt fastsat pris eller en listepris for en vare eller en tjenesteydelse kan være (men er ikke nødvendigvis) dennes isolerede salgspris.
78
Hvis en isoleret salgspris ikke kan observeres direkte, skal virksomheden foretage et skøn over den isolerede salgspris til et beløb, som indebærer en allokering af transaktionsprisen, der opfylder allokeringsmålsætningen i afsnit 73. Ved skøn over en isoleret salgspris skal virksomheden tage hensyn til alle oplysninger (herunder markedsforholdene, virksomhedsspecifikke faktorer og oplysninger om kunden eller kundegruppen), som den med rimelighed har adgang til. Virksomheden skal i den forbindelse maksimere anvendelsen af observerede input og anvende skønsmetoderne konsekvent under sammenlignelige forhold.
79
Egnede metoder til skøn over den isolerede salgspris på en vare eller en tjenesteydelse omfatter, men er ikke begrænset til, følgende:
a)
den justerede markedsvurderingsmetode — en virksomhed kan vurdere det marked, hvor den sælger varer eller tjenesteydelser, og foretage et skøn over den pris, som en kunde i det pågældende marked er villig til at betale for de pågældende varer eller tjenesteydelser. Metoden kan også indebære, at virksomheden tager udgangspunkt i sine konkurrenters priser på lignende varer og tjenesteydelser og justerer disse priser i nødvendigt omfang, således at de afspejler virksomhedens egne omkostninger og avancer
b)
forventede omkostninger plus avance-metoden — en virksomhed kan skønne over sine forventede omkostninger ved opfyldelse af en leveringsforpligtelse og hertil lægge en for den pågældende vare eller tjenesteydelse passende avance
c)
restværdimetoden — en virksomhed kan foretage et skøn over den isolerede salgspris ved at tage udgangspunkt i den samlede transaktionspris og herfra trække summen af de observerede isolerede salgspriser for andre i kontrakten aftalte varer eller tjenesteydelser. Virksomheden må imidlertid kun anvende restværdimetoden til at foretage skøn over den isolerede salgspris på en vare eller en tjeneste i henhold til afsnit 78, hvis et af følgende kriterier er opfyldt:
i)
virksomheden sælger den samme vare eller tjenesteydelse til forskellige kunder (på samme eller næsten samme tidspunkt) til priser, som ligger inden for et bredt spænd (dvs. salgsprisen er stærkt varierende, fordi en repræsentativ isoleret salgspris ikke kan udledes af tidligere transaktioner eller andre observationer), eller
ii)
virksomheden har endnu ikke fastsat en pris på den pågældende vare eller tjenesteydelse, og denne er ikke tidligere blevet solgt på basis af en isoleret salgspris (dvs. salgsprisen er usikker).
80
Det kan ved skøn over de isolerede salgspriser for de i kontrakten aftalte varer eller tjenesteydelser være nødvendigt at anvende en kombination af metoder, hvis de isolerede salgspriser for to eller flere af disse varer eller tjenesteydelser er stærkt varierende eller usikre. En virksomhed kan eksempelvis anvende restværdimetoden ved skøn over den samlede isolerede salgspris for de i kontrakten aftalte varer eller tjenesteydelser, hvis isolerede salgspriser er stærkt varierende eller usikre, og derefter benytte en anden metode til at foretage et skøn over de isolerede salgspriser for de enkelte varer eller tjenesteydelser med udgangspunkt i den ved hjælp af restværdimetoden fremkomne skønnede samlede isolerede salgspris. Når en virksomhed anvender en kombination af metoder i forbindelse med skøn over den isolerede salgspris for de enkelte i kontrakten aftalte varer og tjenesteydelser, skal virksomheden vurdere, hvorvidt en allokering af transaktionsprisen ved disse skønnede isolerede salgspriser er i overensstemmelse med allokeringsmålsætningen i afsnit 73 og kravene for skøn over den isolerede salgspris i afsnit 78.
Allokering af rabat
81
En kunde modtager en rabat ved køb af en gruppe varer eller tjenesteydelser, hvis summen af de isolerede salgspriser for de pågældende, i kontrakten aftalte varer eller tjenesteydelser overstiger det i kontrakten aftalte vederlag. Medmindre en virksomhed i henhold til afsnit 82 kan dokumentere, at rabatten i sin helhed alene vedrører en eller flere, men ikke alle, leveringsforpligtelser i en kontrakt, skal virksomheden allokere en rabat forholdsmæssigt til alle leveringsforpligtelser kontrakten. Den forholdsmæssige allokering af rabatten i dette tilfælde er en følge af, at virksomheden allokerer transaktionsprisen til hver leveringsforpligtelse på basis af de relative isolerede salgspriser for de tilknyttede, særskilte varer eller tjenesteydelser.
82
En virksomhed skal allokere en rabat i sin helhed til en eller flere, men ikke alle, leveringsforpligtelser i kontrakten, hvis følgende kriterier er opfyldt:
a)
virksomheden sælger regelmæssigt den enkelte særskilte vare eller tjenesteydelse (eller den enkelte gruppe af særskilte varer eller tjenesteydelser) i kontrakten på basis af en isoleret salgspris
b)
virksomheden sælger desuden regelmæssigt på basis af en isoleret salgspris en eller flere grupper af nogle af disse særskilte varer eller tjenesteydelser med en rabat knyttet til den isolerede salgspris på varerne eller tjenesteydelserne i den enkelte gruppe, og
c)
den rabat, som er knyttet til den enkelte gruppe af varer eller tjenesteydelser, jf. afsnit 82, litra b), er i alt væsentligt den samme som rabatten i kontrakten, og en analyse af varerne eller tjenesteydelserne i den enkelte gruppe gør det muligt at identificere den eller de leveringsforpligtelser, som rabatten i kontrakten i sin helhed vedrører.
83
Hvis en rabat i sin helhed allokeres til en eller flere leveringsforpligtelser i kontrakten i henhold til afsnit 82, skal virksomheden allokere rabatten, inden den benytter restværdimetoden til at foretage et skøn over den isolerede salgspris på en vare eller tjenesteydelse, jf. afsnit 79, litra c).
Allokering af variable vederlag
84
Det i en kontrakt aftalte, variable vederlag kan gælde for kontrakten i sin helhed eller en bestemt del af denne, såsom:
a)
en eller flere, men ikke alle, leveringsforpligtelser i kontrakten (en bonus kan f.eks. være afhængig af, om en virksomhed overdrager en aftalt vare eller tjenesteydelse inden for en bestemt periode) eller
b)
en eller flere, men ikke alle, særskilte varer eller tjenesteydelser, som er aftalt som led i en række varer eller tjenesteydelser af særskilt karakter, som udgør en del af en enkelt leveringsforpligtelse i henhold til afsnit 22, litra b), (f.eks. i tilfælde af at det vederlag, som er aftalt for det andet år af en toårig rengøringskontrakt, stiger på grundlag af udviklingen i et bestemt inflationsindeks).
85
En virksomhed skal allokere et variabelt vederlag i sin helhed (samt efterfølgende ændringer heri) til en leveringsforpligtelse eller til en særskilt vare eller tjenesteydelse, som udgør en del af en enkelt leveringsforpligtelse i henhold til afsnit 22, litra b), hvis begge de følgende kriterier er opfyldt:
a)
bestemmelserne om en variabel betaling er specifikt knyttet til virksomhedens bestræbelser på at opfylde leveringsforpligtelsen eller at overdrage den særskilte vare eller tjenesteydelse (eller til et bestemt resultat forbundet med opfyldelse af leveringsforpligtelsen eller overdragelse af den særskilte vare eller tjenesteydelse) og
b)
allokering af det variable vederlag i sin helhed til leveringsforpligtelsen eller den særskilte vare eller tjenesteydelse er i overensstemmelse med allokeringsmålsætningen i afsnit 73, når der tages hensyn til alle leveringsforpligtelser og betalingsvilkår i kontrakten.
86
Allokeringskravene i afsnit 73–83 finder anvendelse ved allokering af den resterende del af transaktionsprisen, som ikke opfylder kriterierne i afsnit 85.
Ændringer i transaktionsprisen
87
Efter kontraktens indgåelse kan transaktionsprisen ændre sig af forskellige grunde, herunder afklaring af usikkerhedsmomenter eller andre ændringer i forhold, som ændrer det vederlag, som en virksomhed forventer at være berettiget til som modydelse for de aftalte varer eller tjenesteydelser.
88
Virksomheden skal allokere enhver efterfølgende ændring i transaktionsprisen til leveringsforpligtelserne i kontrakten på samme basis som ved kontraktindgåelsen. Virksomheden skal følgelig ikke omallokere transaktionsprisen med henblik på at afspejle ændringer i de isolerede salgspriser efter kontraktindgåelsen. Beløb allokeret til en opfyldt leveringsforpligtelse skal indregnes som omsætning, eller reduktion af omsætningen, i det regnskabsår, hvor transaktionsprisen ændres.
89
En virksomhed skal kun allokere en ændring i transaktionsprisen i sin helhed til en eller flere, men ikke alle, leveringsforpligtelser eller særskilte varer eller tjenesteydelser, som er aftalt som led i en række, som udgør en del af en enkelt leveringsforpligtelse i henhold til afsnit 22, litra b), hvis kriterierne i afsnit 85 om allokering af variable vederlag er opfyldt.
90
Virksomheden skal regnskabsmæssigt behandle en ændring i transaktionsprisen hidrørende fra en kontraktændring i henhold til afsnit 18–21. Ved en ændring i transaktionsprisen, som indtræffer efter en kontraktændring, skal virksomheden imidlertid anvende afsnit 87–89 med henblik på at allokere ændringen i transaktionsprisen på en af følgende måder, alt efter hvad der er relevant:
a)
Virksomheden skal allokere ændringen i transaktionsprisen til leveringsforpligtelserne, som identificeret i kontrakten før ændringen, hvis, og i det omfang, ændringen i transaktionsprisen kan henføres til et variabelt vederlag, som er aftalt inden ændringen, og ændringen regnskabsmæssigt behandles i henhold til afsnit 21, litra a).
b)
I alle andre tilfælde, hvor ændringen regnskabsmæssigt ikke er behandlet som en separat kontrakt i henhold til afsnit 20, skal virksomheden allokere ændringen i transaktionsprisen til leveringsforpligtelserne i den ændrede kontrakt (dvs. de leveringsforpligtelser, som var uopfyldte eller delvis uopfyldte umiddelbart efter ændringen).
ENTREPRISEOMKOSTNINGER
Meromkostninger forbundet med opnåelse af en kontrakt
91
En virksomhed skal indregne meromkostninger forbundet med opnåelse af en kontrakt med en kunde som et aktiv, hvis virksomheden forventer at kunne genindvinde de pågældende omkostninger.
92
Meromkostninger forbundet med opnåelse af en kontrakt er sådanne omkostninger, som en virksomhed afholder for at opnå en kontrakt med en kunde, og som den ikke ville have afholdt, hvis den ikke havde opnået kontrakten (f.eks. salgsprovision).
93
Omkostninger i forbindelse med opnåelse af en kontrakt, som afholdes, uanset om kontrakten opnås eller ej, skal indregnes som en omkostning ved afholdelsen, uanset om sådanne omkostninger skal dækkes af kunden, hvad enten kontrakten opnås eller ej.
94
I praksis kan en virksomhed indregne meromkostninger forbundet med opnåelse af en kontrakt som en omkostning ved afholdelsen, hvis afskrivningsperioden for det aktiv, som virksomheden ellers ville have indregnet, er på et år eller derunder.
Omkostninger forbundet med opfyldelse af en kontrakt
95
Hvis omkostninger forbundet med opfyldelse af en kontrakt med en kunde ikke er omfattet af andre standarder (f.eks. IAS 2 
Varebeholdninger
, IAS 16 
Materielle anlægsaktiver
 eller IAS 38 
Immaterielle aktiver
), skal en virksomhed kun indregne sådanne omkostninger som et aktiv, såfremt de opfylder samtlige følgende kriterier:
a)
omkostningerne kan direkte henføres til en kontrakt eller en forventet kontrakt, som virksomheden specifikt kan identificere (f.eks. omkostninger vedrørende tjenesteydelser, som skal leveres i forbindelse med fornyelse af en gældende kontrakt, eller omkostninger i forbindelse med udformningen af et aktiv, som skal overdrages i henhold til en bestemt, endnu ikke godkendt, kontrakt)
b)
omkostningerne frembringer eller sikrer en bedre udnyttelse af ressourcer i virksomheden, som anvendes til opfyldelse (eller fortsat opfyldelse) af leveringsforpligtelser i fremtiden, og
c)
omkostningerne forventes genindvundet.
96
Hvis omkostninger forbundet med opfyldelse af en kontrakt med en kunde er omfattet af andre standarder, skal virksomheden regnskabsmæssigt behandle sådanne omkostninger i henhold til disse standarder.
97
Omkostninger, som direkte kan henføres til en kontrakt (eller en specifik, forventet kontrakt) omfatter følgende:
a)
direkte løn (f.eks. lønninger til ansatte, som leverer de aftalte tjenesteydelser direkte til kunden)
b)
direkte materialer (f.eks. materialer, som benyttes i forbindelse med levering af de aftalte tjenesteydelser til en kunde)
c)
allokerede omkostninger, som direkte kan henføres til kontrakten eller kontraktaktiviteter (f.eks. omkostninger vedrørende kontraktstyring og -overvågning, forsikring og afskrivning på værktøjer, udstyr og brugsretsaktiver anvendt i forbindelse med opfyldelse af kontrakten)
d)
omkostninger, som udtrykkeligt skal dækkes af kunden i henhold til kontrakten, og
e)
andre omkostninger, som kun afholdes, fordi virksomheden indgik kontrakten (f.eks. betalinger til underleverandører).
98
En virksomhed skal indregne følgende omkostninger som omkostninger ved afholdelsen:
a)
administrationsomkostninger og andre generalomkostninger (medmindre sådanne omkostninger i henhold til kontrakten udtrykkeligt skal dækkes af kunden, i hvilket tilfælde virksomheden skal vurdere disse omkostninger i henhold til afsnit 97)
b)
omkostninger i forbindelse med materialespild, løn eller andre ressourcer medgået ved opfyldelse af kontrakten, som ikke afspejles i kontraktprisen
c)
omkostninger, som kan henføres til opfyldte (eller delvis opfyldte) leveringsforpligtelser i kontrakten (dvs. omkostninger, som kan henføres til tidligere ydelser), og
d)
omkostninger, hvor virksomheden ikke er i stand til at afgøre, hvorvidt omkostningerne vedrører uopfyldte eller opfyldte (eller delvist opfyldte) leveringsforpligtelser.
Afskrivning og værdiforringelse
99
Et aktiv, som er indregnet i henhold til afsnit 91 eller 95, skal afskrives på et systematisk grundlag, som er i overensstemmelse med overdragelsen til kunden af de varer eller tjenesteydelser, som aktivet vedrører. Aktivet kan vedrøre varer eller tjenesteydelser, som skal overdrages i henhold til en specifik, forventet kontrakt (som beskrevet i afsnit 95, litra a)).
100
En virksomhed skal opdatere afskrivningen, således at denne afspejler en væsentlig ændring i det forventede tidspunkt for virksomhedens overdragelse til kunden af de varer eller tjenester, som aktivet vedrører. En sådan ændring skal regnskabsmæssigt behandles som en ændring i et regnskabsmæssigt skøn i overensstemmelse med IAS 8.
101
En virksomhed skal indregne et tab ved værdiforringelse i resultatet, i det omfang den regnskabsmæssige værdi af et aktiv indregnet i henhold til afsnit 91 eller 95 overstiger:
a)
det resterende vederlag, som virksomheden forventer at modtage som modydelse for de varer eller tjenesteydelser, som aktivet vedrører, minus
b)
de omkostninger, som direkte kan henføres til levering af disse varer eller tjenesteydelser, og som ikke er indregnet som omkostninger (jf. afsnit 97).
102
Med henblik på anvendelse af afsnit 101 til bestemmelse af det vederlag, som en virksomhed forventer at modtage, skal virksomheden benytte principperne for fastsættelse af transaktionsprisen (bortset fra kravene i afsnit 56–58 om begrænsning i skøn over variable vederlag) og justere beløbet, så det afspejler virkningen af kreditrisikoen ved kunden.
103
Før virksomheden indregner et tab ved værdiforringelse af et aktiv indregnet i henhold til afsnit 91 eller 95, skal denne indregne ethvert tab ved værdiforringelse af aktiver, som kan henføres til kontrakten, og som indregnes i henhold til en anden standard (f.eks. IAS 2, IAS 16 og IAS 38). Efter anvendelse af testen for værdiforringelse i afsnit 101, skal virksomheden medtage den heraf følgende regnskabsmæssige værdi af aktivet, som er indregnet i henhold til afsnit 91 eller 95, i den regnskabsmæssige værdi af den pengestrømsfrembringende enhed, som aktivet tilhører, med henblik på anvendelse af IAS 36 
Værdiforringelse af aktiver
 på den pengestrømsfrembringende enhed.
104
En virksomhed skal i resultatet indregne en hel eller delvis tilbageførsel af et tab ved værdiforringelse, som tidligere er indregnet i henhold til afsnit 101, hvis de omstændigheder, der førte til værdiforringelsen, ikke længere eksisterer eller er forbedret. Den forøgede regnskabsmæssige værdi af aktivet må ikke overstige et beløb svarende til, hvad der (med fradrag af afskrivning) ville være blevet fastsat uden den tidligere indregning af tab ved værdiforringelse.
PRÆSENTATION
105
Når hver kontrahent har opfyldt sin forpligtelse, skal en virksomhed præsentere kontrakten i balancen som et kontraktligt aktiv eller en kontraktlig forpligtelse afhængigt af forholdet mellem virksomhedens ydelser og kundens betaling. Virksomheden skal præsentere enhver ubetinget ret til vederlag separat som et tilgodehavende.
106
Hvis en kunde betaler vederlag, eller en virksomhed har et ubetinget krav på vederlag (dvs. et tilgodehavende), før virksomheden overdrager en vare eller en tjenesteydelse til kunden, skal virksomheden præsentere kontrakten som en kontraktlig forpligtelse, når betalingen er foretaget eller forfalden (alt efter hvad der indtræder først). En kontraktlig forpligtelse er en virksomheds forpligtelse til at overdrage varer eller tjenesteydelser til en kunde, for hvilke virksomheden har modtaget vederlag fra kunden (eller et vederlag er forfaldent).
107
Hvis en virksomhed opfylder sin forpligtelse ved at overdrage varer eller tjenester til en kunde, før kunden betaler vederlag, eller før betaling er forfalden, skal virksomheden præsentere kontrakten som et kontraktligt aktiv, bortset fra beløb, der præsenteres som tilgodehavender. Et kontraktligt aktiv er en virksomheds ret til vederlag som modydelse for varer eller tjenesteydelser, som virksomheden har overdraget til en kunde. En virksomhed skal vurdere et kontraktligt aktiv for værdiforringelse i henhold til IFRS 9. En værdiforringelse af et kontraktligt aktiv skal måles, præsenteres og oplyses på samme grundlag som et finansielt aktiv omfattet af IFRS 9 (jf. også afsnit 113, litra b)).
108
Et tilgodehavende er en virksomheds ubetingede ret til vederlag. En ret til vederlag er ubetinget, hvis det kun er et spørgsmål om tid, før vederlaget forfalder til betaling. En virksomhed vil f.eks. skulle indregne et tilgodehavende, hvis den har et aktuelt krav på betaling, selv om beløbet måske skal tilbagebetales i fremtiden. En virksomhed skal regnskabsmæssigt behandle et tilgodehavende i henhold til IFRS 9. Efter første indregning af et tilgodehavende fra en kontrakt med en kunde skal enhver forskel mellem målingen af tilgodehavendet i henhold til IFRS 9 og den hertil svarende indregnede omsætning præsenteres som en omkostning (f.eks. som et tab ved værdiforringelse).
109
I denne standard anvendes begreberne "kontraktligt aktiv" og "kontraktlig forpligtelse", men standarden er ikke til hinder for, at virksomheden kan anvende andre betegnelser for disse balanceposter. Hvis virksomheden anvender andre betegnelser for et kontraktligt aktiv, skal virksomheden give de fornødne oplysninger til, at regnskabsbrugeren kan skelne mellem tilgodehavender og kontraktlige aktiver.
OPLYSNINGER
110
Det er målet med oplysningskravene, at en virksomhed skal give de fornødne oplysninger til, at regnskabsbrugere kan forstå arten og størrelsen af, tidspunktet for samt usikkerheden forbundet med omsætningen og pengestrømmene hidrørende fra kontrakter med kunder. For at opfylde denne målsætning skal virksomheden fremlægge kvalitative og kvantitative oplysninger om følgende:
a)
sine kontrakter med kunder (jf. afsnit 113–122)
b)
de væsentlige bedømmelser, og ændringer i disse bedømmelser, som følger af anvendelsen af denne standard på nævnte kontrakter (jf. afsnit 123–126), og
c)
enhver indregning som aktiv af omkostninger forbundet med opnåelse eller opfyldelse af en kontrakt med en kunde i henhold til afsnit 91 eller 95 (jf. afsnit 127–128).
111
En virksomhed skal overveje, hvor detaljerede oplysninger der er nødvendige for at opfylde oplysningsmålsætningen, og hvor megen vægt der skal lægges på de enkelte krav. Virksomheden skal tilføje eller fjerne oplysninger, således at nyttige oplysninger ikke bliver skjult, ved at der enten medtages store mængder ubetydelige detaljer eller tilføjes oplysninger, der vedrører helt andre emner.
112
En virksomhed kan undlade at fremlægge oplysninger i henhold til denne standard, hvis den har fremlagt oplysningerne i henhold til en anden standard.
Kontrakter med kunder
113
En virksomhed skal oplyse alle følgende beløb for regnskabsåret, medmindre disse beløb præsenteres separat i totalindkomstopgørelsen i henhold til andre standarder:
a)
omsætning indregnet fra kontrakter med kunder, som virksomheden skal oplyse separat fra sine øvrige omsætningskilder, og
b)
ethvert indregnet tab ved værdiforringelser (i henhold til IFRS 9) af tilgodehavender eller kontraktlige aktiver hidrørende fra en virksomheds kontrakter med kunder, som virksomheden skal oplyse separat fra tab ved værdiforringelser fra andre kontrakter.
Opdeling af omsætning
114
En virksomhed skal opdele indregnet omsætning fra kontrakter med kunder i kategorier, der afspejler, hvordan arten og størrelsen af, tidspunktet for samt usikkerheden forbundet med omsætningen og pengestrømmene påvirkes af økonomiske faktorer. Virksomheden skal anvende vejledningen i afsnit B87–B89, når den vælger de kategorier, den vil anvende ved opdelingen af omsætning.
115
Virksomheden skal desuden give de fornødne oplysninger til, at regnskabsbrugere kan forstå forholdet mellem oplysning om opdelt omsætning (jf. afsnit 114) og oplysning om omsætning for hvert præsentationspligtigt segment, hvis virksomheden anvender IFRS 8 
Driftssegmenter
.
Saldi fra kontrakter
116
Virksomheden skal oplyse følgende:
a)
åbnings- og ultimobalancen for tilgodehavender, kontraktlige aktiver og kontraktlige forpligtelser hidrørende fra kontrakter med kunder, i det omfang de ikke på anden måde præsenteres eller oplyses separat
b)
omsætning indregnet i regnskabsåret, som blev medregnet i balancen for begyndelsen af perioden for kontraktlige forpligtelser, og
c)
omsætning indregnet i regnskabsåret fra leveringsforpligtelser opfyldt (eller delvis opfyldt) i tidligere regnskabsår (f.eks. ændringer i transaktionsprisen).
117
En virksomhed skal redegøre for sammenhængen mellem tidspunktet for opfyldelse af dens leveringsforpligtelser (jf. afsnit 119, litra a)) og det typiske betalingstidspunkt (jf. afsnit 119, litra b)) samt disse faktorers virkning på saldiene for kontraktlige aktiver og kontraktlige forpligtelser. Redegørelsen kan indeholde kvalitative oplysninger.
118
Virksomheden skal redegøre for væsentlige ændringer i regnskabsårets løb i saldiene for kontraktlige aktiver og kontraktlige forpligtelser. Redegørelsen skal indeholde kvalitative og kvantitative oplysninger. Eksempler på ændringer i saldiene for virksomhedens kontraktlige aktiver og kontraktlige forpligtelser omfatter følgende:
a)
ændringer som følge af virksomhedssammenslutninger
b)
akkumulerede opsamlingsreguleringer af omsætningen, som påvirker det tilsvarende kontraktlige aktiv eller den tilsvarende kontraktlige forpligtelse, bl.a. reguleringer som følge af ændringer i målingen af fremskridtet, skønnet over transaktionsprisen (herunder enhver ændring i vurderingen af, hvorvidt der for et skøn over variable vederlag gør sig en begrænsning gældende) eller som følge af en kontraktændring
c)
værdiforringelse af et kontraktligt aktiv
d)
en ændring i tidshorisonten, før en ret til vederlag bliver ubetinget (dvs. før et kontraktligt aktiv omklassificeres til et tilgodehavende), og
e)
en ændring i tidshorisonten for opfyldelsen af en leveringsforpligtelse (dvs. for indregning af omsætning hidrørende fra en kontraktlig forpligtelse).
Leveringsforpligtelser
119
En virksomhed skal fremlægge oplysninger om sine leveringsforpligtelser i kontrakter med kunder, herunder en beskrivelse af følgende:
a)
hvornår virksomheden typisk har opfyldt sine leveringsforpligtelser (f.eks. efter afsendelse, efter levering, i takt med at tjenesteydelser leveres, eller efter afsluttet levering af tjenesteydelser), herunder hvornår leveringsforpligtelser er opfyldt i forbindelse med en aftale med fakturering uden overdragelse
b)
de væsentlige betalingsvilkår (f.eks. hvornår betaling typisk er forfalden, om kontrakten indeholder et væsentligt finansieringselement, om vederlaget er variabelt, og om der for et skøn over variable vederlag gør sig en begrænsning gældende, jf. afsnit 56–58)
c)
arten af de varer eller tjenesteydelser, som virksomheden som aftalt i kontrakten skal overdrage, idet leveringsforpligtelser, som består i at sørge for, at en anden part overdrager varer eller tjenesteydelser (dvs. hvis virksomheden er agent), fremhæves
d)
forpligtelser vedrørende returnering og tilbagebetaling samt andre tilsvarende forpligtelser og
e)
typer af garantier og tilsvarende forpligtelser.
Transaktionspris allokeret til de resterende leveringsforpligtelser
120
Virksomheden skal fremlægge følgende oplysninger om sine resterende leveringsforpligtelser:
a)
den samlede transaktionspris allokeret til de ved regnskabsårets afslutning uopfyldte (eller delvis uopfyldte) leveringsforpligtelser og
b)
en redegørelse for, hvornår virksomheden forventer som omsætning at indregne det i henhold til afsnit 120, litra a), oplyste beløb, som virksomheden skal gøre rede for på en af følgende måder:
i)
på et kvantitativt grundlag under anvendelse af de tidsintervaller, som er mest hensigtsmæssige under hensyn til løbetiden for de resterende leveringsforpligtelser, eller
ii)
ved anvendelse af kvalitative oplysninger.
121
I praksis kan en virksomhed undlade at fremlægge de i afsnit 120 omhandlede oplysninger om en leveringsforpligtelse, hvis en af nedenstående betingelser er opfyldt:
a)
leveringsforpligtelsen er en del af en kontrakt med en oprindelig forventet løbetid på et år eller derunder, eller
b)
virksomheden indregner omsætningen fra opfyldelsen af leveringsforpligtelsen i henhold til afsnit B16.
122
Virksomheden skal give en kvalitativ redegørelse for, hvorvidt den anvender den i afsnit 121 omhandlede praksis, og hvorvidt et eventuelt vederlag fra kontrakter med kunder ikke er medregnet i transaktionsprisen og derfor ikke er medtaget i de oplysninger, som gives i henhold til afsnit 120. Eksempelvis vil et skøn over transaktionsprisen ikke medtage eventuelle skøn over variable vederlag, for hvilke der gør sig en begrænsning gældende (jf. afsnit 56–58).
Væsentlige bedømmelser, som følger af anvendelsen af denne standard
123
En virksomhed skal oplyse om de bedømmelser og ændringer heraf, som følger af anvendelsen af denne standard, og som i væsentlig grad påvirker opgørelsen af størrelsen af og tidspunktet for omsætning fra kontrakter med kunder. Virksomheden skal særligt redegøre for de bedømmelser og ændringer heraf, der anvendes ved opgørelsen af:
a)
tidspunktet for opfyldelse af leveringsforpligtelser (jf. afsnit 124–125) og
b)
transaktionsprisen og de beløb, som er allokeret til leveringsforpligtelser (jf. afsnit 126).
Fastsættelse af tidspunktet for opfyldelse af leveringsforpligtelser
124
For leveringsforpligtelser, som en virksomhed opfylder over tid, skal virksomheden oplyse om:
a)
de metoder, der er anvendt til at indregne omsætning (f.eks. en beskrivelse af de anvendte output- og inputmetoder samt af, hvorledes disse er anvendt), og
b)
en redegørelse for, hvorfor metoderne giver et retvisende billede af overdragelsen af varer eller tjenesteydelser.
125
For leveringsforpligtelser, der opfyldes på et bestemt tidspunkt, skal virksomheden oplyse om de væsentlige bedømmelser, som ligger til grund for vurderingen af, hvornår en kunde opnår kontrol over aftalte varer eller tjenesteydelser.
Fastsættelse af transaktionsprisen og af de beløb, som er allokeret til leveringsforpligtelser
126
En virksomhed skal fremlægge oplysninger om de metoder, input og forudsætninger, der er anvendt i forbindelse med:
a)
fastsættelse af transaktionsprisen, hvilket omfatter, men ikke er begrænset til, skøn over variable vederlag, justering af vederlag for virkningen af pengenes tidsværdi og måling af ikke-kontante vederlag
b)
vurdering af, hvorvidt der for et skøn over variable vederlag gør sig en begrænsning gældende
c)
allokering af transaktionsprisen, herunder skøn over isolerede salgspriser for aftalte varer eller tjenesteydelser og allokering af rabatter og variable vederlag til en bestemt del af kontrakten (hvis det er relevant), og
d)
måling af forpligtelser vedrørende returnering og tilbagebetaling samt andre tilsvarende forpligtelser.
Aktiver hidrørende fra indregning af omkostninger forbundet med opnåelse eller opfyldelse af en kontrakt med en kunde
127
Virksomheden skal beskrive følgende:
a)
de bedømmelser, som ligger til grund for opgørelsen af omkostninger forbundet med opnåelse eller opfyldelse af en kontrakt med en kunde (i henhold til afsnit 91 eller 95), og
b)
den metode, der anvendes ved opgørelsen af afskrivningen for hvert regnskabsår.
128
Virksomheden skal oplyse følgende:
a)
ultimobalancen for aktiver hidrørende fra indregning af omkostninger forbundet med opnåelse eller opfyldelse af en kontrakt med en kunde (i henhold til afsnit 91 eller 95) opgjort for hovedgrupper af aktiver (eksempelvis omkostninger forbundet med opnåelse af kontrakter med kunder, omkostninger forud for entreprisekontrakter og indledende omkostninger) og
b)
afskrivning og eventuelle tab ved værdiforringelse indregnet i regnskabsåret.
Praktiske fremgangsmåder
129
Hvis en virksomhed vælger at anvende den praktiske fremgangsmåde i afsnit 63 (om tilstedeværelsen af et væsentligt finansieringselement) eller afsnit 94 (om meromkostninger forbundet med opnåelse af en kontrakt), skal den oplyse herom.
Appendiks A
Definerede termer
Dette appendiks er en integreret del af standarden.
Kontrakt
En aftale mellem to eller flere parter, ved hvilken der skabes retsgyldige krav og forpligtelser.
kontraktaktiv
En virksomheds ret til vederlag som modydelse for varer eller tjenesteydelser, som virksomheden har overdraget til en 
kunde
, når denne ret er betinget af noget andet end et tidsforløb (f.eks. virksomhedens fremtidige leverancer).
Kontraktlig forpligtelse
En virksomheds forpligtelse til at overdrage en 
kunde
 varer eller tjenesteydelser, for hvilke virksomheden har modtaget vederlag fra kunden (eller for hvilke det pågældende beløb er forfaldent).
Kunde
En part, der har indgået aftale med en virksomhed om mod vederlag at erholde varer eller tjenesteydelser, som er et resultat af virksomhedens ordinære drift.
Indtægter
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.
Leveringsforpligtelse
Et løfte i en 
kontrakt
 med en 
kunde
 om til kunden at overdrage enten:
a)
en vare eller en tjenesteydelse (eller en gruppe varer eller tjenesteydelser), som er af særskilt karakter, eller
b)
en række særskilte varer eller tjenesteydelser, som i hovedsagen er de samme, og som har samme mønster for overdragelse til kunden.
Omsætning
Indtægter
, der opstår som led i en virksomheds ordinære drift.
Isoleret salgspris (for en vare eller en tjenesteydelse)
Den pris, til hvilken en virksomhed vil sælge en aftalt vare eller en tjenesteydelse separat til en 
kunde
.
Transaktionspris (for en kontrakt med en kunde)
Det vederlag, som en virksomhed forventer at være berettiget til som modydelse for at overdrage aftalte varer eller tjenesteydelser til en 
kunde
, eksklusive beløb, der inddrives på vegne af tredjeparter.
Appendiks B
Anvendelsesvejledning
Dette appendiks er en integreret del af standarden. Det indeholder en beskrivelse af anvendelsen af afsnit 1-129 og har samme gyldighed som de øvrige dele af standarden.
B1
Denne anvendelsesvejledning er opdelt i følgende kategorier:
a)
leveringsforpligtelser, der opfyldes over tid (afsnit B2–B13)
b)
metoder til måling af fremskridt hen imod fuldstændig opfyldelse af en leveringsforpligtelse (afsnit B14–B19)
c)
salg med returret (afsnit B20–B27)
d)
garantier (afsnit B28–B33)
e)
principal-agent-betragtninger (afsnit B34–B38)
f)
kundeoptioner vedrørende yderligere varer eller tjenesteydelser (afsnit B39–B43)
g)
kunders uudnyttede rettigheder (afsnit B44–B47)
h)
ikke-refunderbare startbetalinger (og en række omkostninger i tilknytning hertil) (afsnit B48–B51)
i)
licenser (afsnit B52–B63B)
j)
genkøbsaftaler (afsnit B64–B76)
k)
konsignationsaftaler (afsnit B77–B78)
l)
aftaler med fakturering uden overdragelse (afsnit B79–B82)
m)
kundeaccept (afsnit B83–B86) og
n)
oplysning om opdelt omsætning (afsnit B87–B89).
Leveringsforpligtelser, der opfyldes over tid
B2
I henhold til afsnit 35 anses en leveringsforpligtelse for at blive opfyldt over tid, hvis et af følgende kriterier er opfyldt:
a)
kunden modtager og forbruger samtidig fordelene ved virksomhedens ydelser, i takt med at virksomheden præsterer ydelserne (jf. afsnit B3–B4)
b)
virksomhedens ydelser skaber et aktiv eller øger et aktivs værdi (f.eks. varer under fremstilling), og kunden får kontrol over dette aktiv, i takt med at aktivet skabes eller dets værdi øges (jf. afsnit B5), eller
c)
virksomhedens ydelser skaber ikke et aktiv med en alternativ anvendelse for virksomheden (jf. afsnit B6–B8), og virksomheden har et retsgyldigt krav på betaling for ydelser udført til dato (jf. afsnit B9–B13).
Samtidig modtagelse og forbrug af de ydelser, som virksomheden leverer (afsnit 35, litra a))
B3
For nogle typer leveringsforpligtelsers vedkommende vil vurderingen af, hvorvidt en kunde modtager fordelene ved virksomhedens ydelser, i takt med at virksomheden præsterer ydelserne, og samtidig forbruger fordelene, i takt med at de modtages, være ligetil. Som eksempler kan nævnes rutinemæssige eller gentagne tjenesteydelser (f.eks. rengøringsydelser), hvor det er nemt at fastslå, at kunden samtidig modtager og forbruger de ydelser, som virksomheden leverer.
B4
For andre typer leveringsforpligtelser er det ikke altid muligt for en virksomhed at vurdere, om kunden samtidig modtager og forbruger fordelene ved virksomhedens ydelser, i takt med at virksomheden præsterer ydelserne. I sådanne tilfælde anses en leveringsforpligtelse for at blive opfyldt over tid, hvis en virksomhed vurderer, at en anden virksomhed ikke ville være nødt til i væsentlig grad at genudføre det arbejde, som virksomheden har udført til dato, hvis den pågældende anden virksomhed skulle opfylde den resterende leveringsforpligtelse over for kunden. En virksomhed skal, når den vurderer, hvorvidt en anden virksomhed ville være nødt til i væsentlig grad at genudføre det arbejde, som virksomheden har udført til dato, tage udgangspunkt i begge følgende forhold:
a)
se bort fra kontraktlige eller praktiske begrænsninger, som ellers ville forhindre virksomheden i at overdrage den resterende leveringsforpligtelse til en anden virksomhed, og
b)
antage, at en anden virksomhed, der opfylder den resterende leveringsforpligtelse, ikke ville have fordele af et aktiv, som virksomheden på det pågældende tidspunkt har kontrol over, og som virksomheden fortsat ville have kontrol over, hvis leveringsforpligtelsen skulle overgå til en anden virksomhed.
Kunden får kontrol over aktivet, i takt med at det skabes eller dets værdi øges (afsnit 35, litra b)).
B5
En virksomhed skal, når den vurderer, hvorvidt en kunde får kontrol over et aktiv, i takt med at det skabes eller dets værdi øges, jf. afsnit 35, litra b), anvende kriterierne vedrørende kontrol i afsnit 31–34 og 38. Det aktiv, der skabes, eller hvis værdi øges (f.eks. et aktiv i form af varer under fremstilling), kan være materielt eller immaterielt.
Virksomhedens ydelser skaber ikke et aktiv med en alternativ anvendelse (afsnit 35, litra c))
B6
En virksomhed skal ved vurderingen af, hvorvidt et aktiv har en alternativ anvendelse for en virksomhed, jf. afsnit 36, tage hensyn til virkningerne af kontraktlige og praktiske begrænsninger for virksomhedens mulighed for uden videre at kunne henføre det pågældende aktiv til anden anvendelse, f.eks. sælge det til en anden kunde. At der er mulighed for, at kontrakten med kunden opsiges, er ikke relevant ved vurderingen af, hvorvidt virksomheden uden videre kan henføre aktivet til anden anvendelse.
B7
En kontraktlig begrænsning for en virksomheds mulighed for at henføre aktivet til anden anvendelse skal være væsentlig for at have den virkning, at aktivet ikke har en alternativ anvendelse for virksomheden. En kontraktlig begrænsning er væsentlig, hvis en kunde ville kunne håndhæve sin ret til det aftalte aktiv, i tilfælde af at virksomheden forsøgte at henføre aktivet til anden anvendelse. Derimod er en kontraktlig begrænsning ikke væsentlig, hvis et aktiv f.eks. i vidt omfang lader sig erstatte af andre aktiver, som virksomheden kunne overdrage til en anden kunde uden at misligholde kontrakten og uden at pådrage sig væsentlige udgifter, som ellers ikke ville være opstået i tilknytning til den pågældende kontrakt.
B8
En praktisk begrænsning for en virksomheds mulighed for at henføre et aktiv til anden anvendelse foreligger, hvis det for en virksomhed ville medføre væsentlige økonomiske tab at henføre aktivet til anden anvendelse. Et væsentligt økonomisk tab ville kunne opstå, hvis virksomheden skulle afholde væsentlige udgifter til at genforarbejde aktivet eller kun ville kunne sælge aktivet med et væsentligt tab. For eksempel kan en virksomhed i praksis have begrænsede muligheder for til andet formål at henføre aktiver, der enten har kundespecifikke specifikationer, eller som befinder sig på fjerntliggende steder.
Krav på betaling for ydelser udført til dato (afsnit 35, litra c))
B9
I henhold til afsnit 37 har en virksomhed krav på betaling for ydelser udført til dato, hvis virksomheden ville være berettiget til et beløb, der som minimum kompenserer enheden for dens ydelser udført til dato, i tilfælde af at kunden eller en anden part ophæver kontrakten af andre grunde end virksomhedens manglende opfyldelse af kontrakten. Et beløb, der godtgør en virksomhed for ydelser udført til dato, vil være et beløb, der tilnærmelsesvis svarer til salgsprisen for de varer eller tjenesteydelser, der er overdraget til dato (f.eks. dækning af de udgifter, som en virksomhed har afholdt for at opfylde leveringsforpligtelsen, plus en rimelig avance), frem for blot kompensation for virksomhedens potentielle mistede avance, hvis kontrakten blev opsagt. Kompensation for en rimelig avance skal ikke nødvendigvis svare til den forventede avance, hvis kontrakten blev opfyldt som aftalt, men en virksomhed bør være berettiget til kompensation for et af følgende beløb:
a)
en andel af den forventede avance i kontrakten, som i rimelig grad afspejler virksomhedens ydelser i henhold til kontrakten, før kundens (eller en anden parts) opsigelse af denne, eller
b)
et rimeligt afkast af virksomhedens kapitalomkostninger for lignende kontrakter (eller virksomhedens typiske bruttoavance for lignende kontrakter), hvis den kontraktspecifikke avance er højere end det afkast, virksomheden normalt har i lignende kontrakter.
B10
En virksomheds krav på betaling for ydelser udført til dato er ikke nødvendigvis et umiddelbart, ubetinget krav på betaling. I mange tilfælde vil en virksomhed først have et ubetinget krav på betaling ved en aftalt milepæl eller efter fuldstændig opfyldelse af leveringsforpligtelsen. En virksomhed skal ved vurderingen af, hvorvidt den har krav på betaling for ydelser udført til dato, tage hensyn til, om den ville have et retsgyldigt krav på at anmode om eller tilbageholde betaling for ydelser udført til dato, hvis kontrakten blev opsagt før tiden af andre grunde end virksomhedens manglende opfyldelse af kontrakten.
B11
I nogle kontrakter har en kunde kun ret til at opsige kontrakten på bestemte tidspunkter i kontraktens løbetid, eller kunden har slet ingen ret til at opsige kontrakten. Hvis en kunde tager skridt til at opsige en kontrakt uden på det pågældende tidspunkt at have ret til at opsige kontrakten (herunder hvis en kunde misligholder sine forpligtelser), kan kontrakten (eller lovgivningen) give virksomheden ret til at fortsætte med at overdrage kunden de i kontrakten aftalte varer eller tjenesteydelser og kræve, at kunden betaler det aftalte vederlag for disse varer eller tjenesteydelser. I så fald har en virksomhed krav på betaling for ydelser udført til dato, fordi virksomheden har ret til at fortsætte opfyldelsen af sine forpligtelser i henhold til kontrakten og at kræve, at kunden opfylder sine forpligtelser (herunder betaling af det aftalte vederlag).
B12
En virksomhed skal, når den vurderer, hvorvidt der foreligger et krav på betaling for ydelser udført til dato, og hvorvidt dette krav er retsgyldigt, tage hensyn til kontraktens bestemmelser samt lovgivning eller retspraksis, der måtte supplere eller have forrang for disse kontraktbestemmelser. Det skal således bl.a. vurderes, hvorvidt:
a)
lovgivning, administrativ praksis eller retspraksis giver virksomheden krav på betaling for ydelser leveret til dato, selv om dette krav ikke fremgår af kontrakten med kunden
b)
det af relevant retspraksis fremgår, at lignende krav på betaling for ydelser udført til dato i lignende kontrakter ikke har nogen bindende retlig virkning, eller
c)
en virksomheds almindelige forretningspraksis med at vælge ikke at håndhæve et krav på betaling har resulteret i, at kravet slet ikke kan håndhæves inden for de pågældende juridiske rammer. Selv om en virksomhed måtte vælge at give afkald på sit krav på betaling i lignende kontrakter, vil virksomheden dog fortsat have krav på betaling til dato, hvis dens krav på betaling for ydelser leveret til dato ifølge kontrakten stadig er retsgyldigt.
B13
Betalingsplanen i en kontrakt er ikke nødvendigvis en indikator for, hvorvidt en virksomhed har et retsgyldigt krav på betaling for ydelser udført til dato. Selv om betalingsplanen i en kontrakt angiver, hvornår en kunde skal betale, samt vederlagets størrelse, kan det ikke nødvendigvis af betalingsplanen udledes, at virksomheden har krav på betaling for ydelser udført til dato. Dette kan bl.a. være tilfældet, hvis det i kontrakten er fastsat, at det vederlag, der er modtaget fra kunden, er refunderbart også i andre tilfælde end virksomhedens manglende opfyldelse af kontrakten.
Metoder til måling af fremskridt hen imod fuldstændig opfyldelse af en leveringsforpligtelse
B14
Blandt de metoder, der kan anvendes til at måle en virksomheds fremskridt hen imod fuldstændig opfyldelse af en leveringsforpligtelse, der opfyldes over tid, jf. afsnit 35-37, indgår:
a)
outputmetoder (jf. afsnit B15–B17) og
b)
inputmetoder (jf. afsnit B18–B19).
Outputmetoder
B15
Ved outputmetoder indregnes omsætning på grundlag af direkte måling af værdien for kunden af de varer eller tjenesteydelser, der er blevet overdraget til dato, i forhold til de resterende varer og tjenesteydelser, som der er indgået aftale om i kontrakten. Blandt outputmetoder kan nævnes undersøgelser af ydelser udført til dato, vurdering af opnåede resultater, gennemførte etaper, forløbet tid og producerede enheder eller leverede enheder. Når en virksomhed vurderer, om den skal anvende en outputmetode til at måle sine fremskridt, skal den tage hensyn til, hvorvidt det valgte output giver et retvisende billede af virksomhedens ydelser hen imod fuldstændig opfyldelse af leveringsforpligtelsen. En outputmetode vil ikke give et retvisende billede af virksomhedens ydelser, hvis nogle af de varer eller tjenesteydelser, for hvilke kontrollen er overgået til kunden, ikke indgår i det valgte output. Eksempelvis vil outputmetoder baseret på producerede enheder eller leverede enheder ikke give et retvisende billede af en virksomheds fremskridt hen imod opfyldelse af en leveringsforpligtelse, hvis virksomhedens ydelser ved udgangen af regnskabsåret har resulteret i varer under fremstilling eller færdige varer, som kunden har kontrol over, og som ikke indgår i målingen af outputtet.
B16
I praksis kan en virksomhed, hvis den har krav på vederlag fra en kunde i en størrelsesorden, der direkte modsvarer værdien for kunden af virksomhedens ydelser udført til dato (f.eks. en tjenesteydelseskontrakt, i hvilken en virksomhed fakturerer et fast beløb for hver times leveret tjenesteydelse), indregne omsætning med et beløb svarende til det beløb, den har ret til at fakturere.
B17
Ulempen ved outputmetoder er, at det output, der anvendes til at måle fremskridtet, ikke nødvendigvis kan observeres direkte, og at de oplysninger, der er nødvendige for at anvende dem, ikke nødvendigvis kan fremskaffes af virksomheden uden unødige omkostninger. Det kan derfor være nødvendigt at anvende en inputmetode.
Inputmetoder
B18
Ved inputmetoder indregnes omsætning på grundlag af virksomhedens bestræbelser på eller input til opfyldelsen af en leveringsforpligtelse (f.eks. forbrug af ressourcer eller arbejdstimer, påløbne omkostninger, forløbet tid eller forbrug af maskintimer) i forhold til det samlede forventede input til opfyldelsen af den pågældende leveringsforpligtelse. Hvis virksomhedens bestræbelser eller input er fordelt jævnt over ydelsesperioden, kan det være hensigtsmæssigt for virksomheden at indregne omsætning lineært.
B19
En ulempe ved inputmetoder er, at der ikke nødvendigvis er en direkte sammenhæng mellem en virksomheds input og overdragelsen af kontrollen over varer eller tjenesteydelser til en kunde. Hvis en virksomhed anvender inputmetoden, skal den derfor i overensstemmelse med målet om at måle fremskridt i afsnit 39 udelukke virkninger af input, som ikke afspejler virksomhedens indsats med hensyn til at overdrage kontrollen over varer eller tjenesteydelser til kunden. Eksempelvis kan det ved anvendelse af en kostprisbaseret inputmetode være nødvendigt at foretage en justering af målingen af fremskridtet i følgende tilfælde:
a)
Hvis afholdte omkostninger ikke bidrager til virksomhedens fremskridt hen imod opfyldelse af leveringsforpligtelsen. Eksempelvis skal en virksomhed ikke indregne omsætning på grundlag af afholdte omkostninger, der skyldes væsentlig ineffektivitet ved virksomhedens præstation, som ikke var afspejlet i kontraktbeløbet (f.eks. uventede omkostninger i forbindelse med materialespild, arbejdskraft eller andre ressourcer, som er afholdt for at opfylde leveringsforpligtelsen).
b)
Hvis afholdte omkostninger ikke står i forhold til virksomhedens fremskridt hen imod opfyldelse af leveringsforpligtelsen. I så fald kan virksomhedens indsats i forbindelse med at frembringe ydelserne måske bedst afspejles ved at justere inputmetoden, så omsætning kun indregnes svarende til de pågældende afholdte omkostninger. Eksempelvis kan et retvisende billede af en virksomheds indsats i forbindelse med at frembringe ydelserne måske gives ved at indregne omsætning svarende til kostprisen for en vare, der anvendes til at opfylde en leveringsforpligtelse, hvis virksomheden ved kontraktindgåelsen forventer, at alle følgende betingelser vil være opfyldt:
i)
varen er ikke af særskilt karakter
ii)
kunden forventes at få kontrol over varen væsentligt før modtagelsen af tjenesteydelser med tilknytning til varen
iii)
kostprisen for den overdragne vare er væsentlig sammenholdt med de samlede forventede omkostninger ved fuldt ud at opfylde leveringsforpligtelsen, og
iv)
virksomheden anskaffer varen fra tredjepart og er ikke i væsentlig grad involveret i udformning og fremstilling af varen (men virksomheden er principal i overensstemmelse med afsnit B34–B38).
Salg med returret
B20
I nogle kontrakter overdrager en virksomhed kontrollen over en vare til en kunde og giver også kunden ret til at returnere varen af forskellige grunde (f.eks. utilfredshed med varen) og modtage kombinationer af følgende:
a)
hel eller delvis tilbagebetaling af eventuelt betalt vederlag
b)
et tilgodehavende, der kan anvendes til udligning af eksisterende eller fremtidig gæld over for virksomheden, og
c)
en anden vare som erstatning.
B21
En virksomhed skal ved den regnskabsmæssige behandling af overdragelse af varer med returret (og af en række tjenesteydelser omfattet af bestemmelser om tilbagebetaling) indregne følgende:
a)
omsætning vedrørende de overdragne varer svarende til det vederlag, som virksomheden forventer at være berettiget til (der indregnes derfor ikke omsætning vedrørende varer, der forventes returneret)
b)
en tilbagebetalingsforpligtelse og
c)
et aktiv (og tilsvarende regulering af omkostninger i forbindelse med salg) for sin ret til at tage varen tilbage fra kunderne mod at opfylde tilbagebetalingsforpligtelsen.
B22
En virksomheds løfte om at acceptere en returneret vare i returretsperioden behandles regnskabsmæssigt ikke som en leveringsforpligtelse i tillæg til forpligtelsen til at yde tilbagebetaling.
B23
En virksomhed skal anvende kriterierne i afsnit 47–72 (herunder kriterierne vedrørende begrænsning i skøn over variable vederlag i afsnit 56-58) til at bestemme størrelsen af det vederlag, som virksomheden forventer at være berettiget til (dvs. eksklusive de varer, som forventes at blive returneret). For modtagne (eller tilgodehavende) beløb, som en virksomhed ikke forventer at være berettiget til, skal virksomheden ikke indregne omsætning, når den overdrager varer til kunderne, men indregne disse modtagne (eller tilgodehavende) beløb som en tilbagebetalingsforpligtelse. Ved hvert regnskabsårs afslutning skal virksomheden derefter opdatere sin vurdering af beløb, som den forventer at være berettiget til som modydelse for de overdragne varer, og foretage en tilsvarende ændring af transaktionsprisen og følgelig også af størrelsen af den indregnede omsætning.
B24
En virksomhed skal ajourføre målingen af tilbagebetalingsforpligtelsen ved hvert regnskabsårs afslutning for at tage hensyn til ændringer i forventningerne til størrelsen af tilbagebetalinger. En virksomhed skal indregne de hertil svarende justeringer som omsætning (eller reduceret omsætning).
B25
Et aktiv, der indregnes i forbindelse med en virksomheds ret til at tage varer tilbage fra en kunde ved opfyldelse af en tilbagebetalingsforpligtelse, måles første gang på grundlag af varens tidligere regnskabsmæssige værdi (f.eks. lagerværdi) minus forventede omkostninger i forbindelse med tilbagetagelsen af varen (herunder et potentielt fald i returnerede varers værdi for virksomheden). Ved hvert regnskabsårs afslutning skal en virksomhed ajourføre målingen af aktivet som følge af ændringer i forventningerne vedrørende varer, der vil blive returneret. En virksomhed skal opføre aktivet separat fra tilbagebetalingsforpligtelsen.
B26
Kunders ombytning af en vare til en anden af samme type og kvalitet, på samme betingelser og til samme pris (f.eks. en anden farve eller størrelse) anses ikke for returnering i denne standards forstand.
B27
Kontrakter, i henhold til hvilke en kunde kan returnere en fejlbehæftet vare og få en fejlfri vare i stedet, vurderes efter vejledningen om garantier i afsnit B28–B33.
Garantier
B28
Det er sædvane, at virksomheder (i henhold til kontrakten, lovgivningen eller deres almindelige forretningspraksis) yder en garanti ved salget af et produkt (hvad enten det er en vare eller en tjenesteydelse). Typen af garanti kan variere betydeligt alt efter branche og kontrakt. Nogle garantier giver kunden tilsagn om, at det pågældende produkt vil fungere efter parternes hensigt, fordi det opfylder en række aftalte specifikationer. Andre garantier tilsikrer kunden en tjenesteydelse ud over tilsagnet om, at produktet opfylder de aftalte specifikationer.
B29
Hvis kunden har option på at tilkøbe en særskilt garanti (f.eks. fordi garantien prissættes særskilt eller ydes ved en særskilt aftale), er garantien en særskilt tjenesteydelse, fordi virksomheden ifølge aftalen skal levere kunden tjenesteydelsen som supplement til produktet, der har de i aftalen beskrevne egenskaber. I så fald skal en virksomhed regnskabsmæssigt behandle den aftalte garanti som en leveringsforpligtelse i henhold til afsnit 22-30 og allokere en del af transaktionsprisen til denne leveringsforpligtelse i henhold til afsnit 73-86.
B30
Hvis kunden ikke har option på at tilkøbe en garanti særskilt, skal en virksomhed regnskabsmæssigt behandle garantien i henhold til IAS 37 
Hensatte forpligtelser, eventualforpligtelser og eventualaktiver
, medmindre kunden ved den aftalte garanti eller en del heraf får en tjenesteydelse ud over tilsagnet om, at produktet opfylder de aftalte specifikationer.
B31
Ved vurderingen af, hvorvidt kunden ved en garanti får en tjenesteydelse ud over tilsagnet om, at produktet opfylder de aftalte specifikationer, skal en virksomhed tage hensyn til bl.a. følgende faktorer:
a)
Hvorvidt garantien er lovpligtig — hvis virksomheden ifølge lovgivningen skal give en garanti, er denne lovgivning en indikator for, at den aftalte garanti ikke er en leveringsforpligtelse, fordi sådanne krav typisk er indført for at beskytte forbrugerne mod risikoen for at købe fejlbehæftede produkter.
b)
Længden af garantiens dækningsperiode — jo længere dækningsperiode, jo mere sandsynligt er det, at den aftalte garanti er en leveringsforpligtelse, fordi der er større sandsynlighed for, at der skal leveres en tjenesteydelse ud over tilsagnet om, at produktet opfylder de aftalte specifikationer.
c)
Arten af de handlinger, som virksomheden ifølge aftalen skal udføre — hvis det er nødvendigt for en virksomhed at udføre bestemte handlinger for at overholde tilsagnet om, at et produkt opfylder de aftalte specifikationer (f.eks. en tilbagesendelsesordning for en fejlbehæftet vare), så må disse handlinger forventes ikke at give anledning til en leveringsforpligtelse.
B32
Hvis kunden ved en garanti eller en del af en garanti får en tjenesteydelse ud over tilsagnet om, at produktet opfylder de aftalte specifikationer, så er den aftalte tjenesteydelse en leveringsforpligtelse. Derfor skal en virksomhed allokere transaktionsprisen til produktet og tjenesteydelsen. Hvis en virksomhed ifølge aftalen yder både en garanti af forsikringstypen og en garanti af tjenesteydelsestypen, men ikke med rimelighed kan behandle dem særskilt regnskabsmæssigt, skal virksomheden regnskabsmæssigt behandle begge garantier samlet som en enkelt leveringsforpligtelse.
B33
Lovgivning, i henhold til hvilken det kræves, at en virksomhed betaler erstatning, hvis dens produkter forvolder skade, udløser ikke en leveringsforpligtelse. Eksempelvis kan en producent sælge produkter i en jurisdiktion, hvor producenten i henhold til lovgivningen er ansvarlig for skader (f.eks. på privat ejendom), som forvoldes af en forbruger, der anvender et produkt i henhold til dettes påtænkte anvendelse. Tilsvarende opstår der ikke en leveringsforpligtelse ved en virksomheds løfte om at holde kunden skadesløs i forbindelse med krænkelser af patent-, ophavs- eller varemærkerettigheder eller andre krænkelser forårsaget af virksomhedens produkter. Sådanne forpligtelser behandles regnskabsmæssigt i henhold til IAS 37.
Principal-agent-betragtninger
B34
Hvis en anden part er involveret i at levere varer eller tjenesteydelser til en kunde, skal virksomheden vurdere, hvorvidt arten af dens løfte er en leveringsforpligtelse til selv at levere de specificerede varer eller tjenesteydelser (dvs. virksomheden er principal), eller hvorvidt den skal sørge for, at de pågældende varer eller tjenesteydelser leveres af den anden part (dvs. virksomheden er agent). En virksomhed vurderer, hvorvidt den er principal eller agent, for hver af de specificerede varer eller tjenesteydelser, som der er indgået aftale om med en kunde. En specificeret vare eller tjenesteydelse er en særskilt vare eller tjenesteydelse (eller en særskilt gruppe af varer eller tjenesteydelser), som skal leveres til kunden (jf. afsnit 27–30). Hvis en kontrakt med en kunde omfatter mere end én specificeret vare eller tjenesteydelse, kan virksomheden være principal for nogle specificerede varer eller tjenesteydelser og agent for andre.
B34A
I forbindelse med vurderingen af arten af sit løfte (jf. afsnit B34) skal virksomheden:
a)
identificere de specificerede varer eller tjenesteydelser, som skal leveres til kunden (som for eksempel kan være retten til en vare eller en tjenesteydelse, som en anden part skal levere (jf. afsnit 26)), og
b)
vurdere, hvorvidt den har kontrol over (jf. afsnit 33) hver af de specificerede varer eller tjenesteydelser, før den pågældende vare eller tjenesteydelse overdrages til kunden.
B35
En virksomhed er principal, hvis den har kontrol over den specificerede vare eller tjenesteydelse, før den pågældende vare eller tjenesteydelse overdrages til kunden. Virksomheden har imidlertid ikke nødvendigvis kontrol over en specificeret vare, hvis den kun kortvarigt får ejendomsret til det pågældende produkt, før ejendomsretten overgår til en kunde. En virksomhed, der er principal, kan selv opfylde sin leveringsforpligtelse til at levere den specificerede vare eller tjenesteydelse eller antage en anden part (f.eks. en underleverandør) til at opfylde hele eller en del af leveringsforpligtelsen på sine vegne.
B35A
Hvis en anden part er involveret i at levere varer eller tjenesteydelser til en kunde, opnår en virksomhed, som er principal, kontrol over en eller flere af følgende:
a)
en vare eller et andet aktiv fra den anden part, som virksomheden efterfølgende overdrager til kunden
b)
retten til at få udført en tjenesteydelse af den anden part, hvorved virksomheden kan få denne anden part til at levere kunden tjenesteydelsen på virksomhedens vegne
c)
en vare eller en tjenesteydelse fra den anden part, som virksomheden efterfølgende kombinerer med andre varer eller tjenesteydelser ved leveringen af den specificerede vare eller tjenesteydelse til kunden. Hvis en virksomhed eksempelvis leverer en væsentlig tjenesteydelse, som har til formål at lade varer eller tjenesteydelser (jf. afsnit 29, litra a)) leveret af en anden part indgå sammen med den specificerede vare eller tjenesteydelse, hvorom kunden har indgået en kontrakt, har virksomheden kontrol over den specificerede vare eller tjenesteydelse, før den pågældende vare eller tjenesteydelse overdrages til kunden. Dette skyldes, at virksomheden først opnår kontrol over input til den specificerede vare eller tjenesteydelse (herunder varer eller tjenesteydelser fra andre parter) og henfører disse til frembringelsen af det kombinerede resultat, som udgøres af den specificerede vare eller tjenesteydelse.
B35B
Hvis (eller i takt med at) en virksomhed, der er principal, opfylder en leveringsforpligtelse, skal virksomheden indregne omsætning med et beløb svarende til det bruttovederlag, som den forventer at være berettiget til som modydelse for den overdragne specificerede vare eller tjenesteydelse.
B36
En virksomhed er agent, hvis dens leveringsforpligtelse består i at sørge for, at en anden part leverer den specificerede vare eller tjenesteydelse. En virksomhed, der er agent, har ikke kontrol over den specificerede vare eller tjenesteydelse, som en anden part har leveret, før den pågældende vare eller tjenesteydelse overdrages til kunden. Hvis (eller i takt med at) en virksomhed, der er agent, opfylder en leveringsforpligtelse, skal virksomheden indregne omsætning med et beløb svarende til det honorar eller den kommission, som den forventer at være berettiget til som modydelse for at sørge for, at den anden part leverer de specificerede varer eller tjenesteydelser. En virksomheds honorar eller kommission kan være det nettovederlag, som virksomheden har tilbage efter at have betalt den anden part det vederlag, som den har modtaget som modydelse for de varer eller tjenesteydelser, som denne anden part skal levere.
B37
Indikatorerne for, at en virksomhed har kontrol over den specificerede vare eller tjenesteydelse, før den overdrages til kunden (og derfor er principal (jf. afsnit B35)), omfatter, men er ikke begrænset til, følgende:
a)
Virksomheden er hovedansvarlig for at opfylde løftet om at levere den specificerede vare eller tjenesteydelse. Dette omfatter normalt ansvaret for, at den specificerede vare eller tjenesteydelse kan accepteres (eksempelvis hovedansvaret for, at varen eller tjenesteydelsen opfylder kundens specifikationer). Hvis virksomheden er hovedansvarlig for at opfylde løftet om at levere den specificerede vare eller tjenesteydelse, kan dette indikere, at den anden part, som er involveret i at levere den specificerede vare eller tjenesteydelse, handler på virksomhedens vegne.
b)
Virksomheden har lagerrisikoen før overdragelsen af den specificerede vare eller tjenesteydelse til en kunde eller efter overdragelsen af kontrollen til kunden (hvis kunden for eksempel har returret). Hvis virksomheden for eksempel fremstiller eller forpligter sig til at fremstille den specificerede vare eller tjenesteydelse, før den opnår en kontrakt med en kunde, kan dette indikere, at virksomheden har muligheden for at anvise brugen af, og opnå i det væsentlige samtlige resterende fordele af, varen eller tjenesteydelsen, før den overdrages til kunden.
c)
Virksomheden har mulighed for at fastsætte prisen for den specificerede vare eller tjenesteydelse. Fastsættelse af den pris, som kunden betaler for den specificerede vare eller tjenesteydelse, kan indikere, at virksomheden har muligheden for at anvise brugen af, og opnå i det væsentlige samtlige resterende fordele af, den pågældende vare eller tjenesteydelse. I nogle situationer kan en agent imidlertid have mulighed for at fastsætte priser. En agent kan eksempelvis have en vis handlefrihed til at fastsætte priser for at skabe supplerende omsætning fra sin tjenesteydelse, som består i at sørge for, at andre parter leverer varer eller tjenesteydelser til kunder.
B37A
Indikatorerne i afsnit B37 kan være mere eller mindre relevante for vurderingen af kontrol, afhængigt af arten af den specificerede vare eller tjenesteydelse samt kontraktvilkårene og -betingelserne. Afhængigt af den konkrete kontrakt kan andre indikatorer desuden være mere overbevisende.
B38
Hvis en anden part overtager virksomhedens leveringsforpligtelser og rettigheder i henhold til kontrakten, således at virksomheden ikke længere er forpligtet til at opfylde leveringsforpligtelsen i form af at overdrage den specificerede vare eller tjenesteydelse til kunden (dvs. at virksomheden ikke længere er principal), skal virksomheden ikke indregne omsætning for den pågældende leveringsforpligtelse. Virksomheden skal i stedet vurdere, hvorvidt den skal indregne omsætning for opfyldelse af en leveringsforpligtelse til at opnå en kontrakt for den anden part (dvs. hvorvidt virksomheden er agent).
Kundeoptioner vedrørende yderligere varer eller tjenesteydelser
B39
Kundeoptioner på at erhverve yderligere varer eller tjenesteydelser gratis eller med rabat findes i mange former, herunder salgsincitamenter, optjening af bonuspoint, mulighed for kontraktforlængelse eller andre rabatter på fremtidige varer eller tjenesteydelser.
B40
Hvis en virksomhed i henhold til en kontrakt giver en kunde option på at erhverve yderligere varer eller tjenesteydelser, så udløser denne option kun en leveringsforpligtelse i kontrakten, hvis optionen for kunden indebærer en materiel ret, som kunden ikke ville have uden at indgå kontrakten (f.eks. en rabat, der gives som supplement til den rabat, der normalt ydes for sådanne varer eller tjenesteydelser til den pågældende gruppe kunder i det geografiske område eller på det marked, der er tale om). Hvis optionen giver kunden en materiel ret, betaler kunden i realiteten virksomheden på forhånd for fremtidige varer eller tjenesteydelser, og virksomheden skal indregne omsætningen, når disse fremtidige varer eller tjenesteydelser overdrages, eller når optionen udløber.
B41
Hvis en kunde har option på at erhverve en yderligere vare eller tjenesteydelse til en pris, som afspejler den isolerede salgspris for den pågældende vare eller tjenesteydelse, giver denne option ikke kunden en materiel ret, selv om optionen kun kan udnyttes ved at have indgået en kontrakt tidligere. I sådanne tilfælde har virksomheden fremsat et markedsføringstilbud, som den kun skal behandle regnskabsmæssigt i henhold til denne standard, hvis kunden udnytter optionen på at købe de yderligere varer eller tjenesteydelser.
B42
I henhold til afsnit 74 skal en virksomhed allokere transaktionsprisen til leveringsforpligtelser på basis af en relativ isoleret salgspris. Hvis den isolerede salgspris for en kundes option på at erhverve yderligere varer eller tjenesteydelser ikke kan observeres direkte, skal virksomheden foretage et skøn herover. Dette skøn skal afspejle den rabat, som kunden ville få ved at udnytte optionen, justeret for både:
a)
den rabat, som kunden kunne få uden at udnytte optionen, og
b)
sandsynligheden for, at optionen vil blive udnyttet.
B43
Hvis en kunde har en materiel ret til at erhverve fremtidige varer eller tjenesteydelser, og disse varer eller tjenesteydelser svarer til de oprindelige varer eller tjenesteydelser i kontrakten og leveres i henhold til vilkårene i den oprindelige kontrakt, kan en virksomhed som et praktisk alternativ til skønnet over den isolerede salgspris ved udnyttelse af optionen allokere transaktionsprisen til de varer eller tjenesteydelser, der er omfattet af optionen, ved at tage udgangspunkt i de varer eller tjenesteydelser, der forventes at skulle leveres, og det tilsvarende forventede vederlag. Denne type optioner vedrører typisk kontraktforlængelser.
Kunders uudnyttede rettigheder
B44
I henhold til afsnit 106 skal en virksomhed for sin leveringsforpligtelse til at overdrage, eller være parat til at overdrage, varer eller tjenesteydelser i fremtiden ved modtagelse af en forudbetaling fra en kunde indregne en kontraktlig forpligtelse med et beløb svarende til forudbetalingen. En virksomhed skal ophøre med at indregne den kontraktlige forpligtelse (og indregne omsætning), når den overdrager de pågældende varer eller tjenesteydelser og dermed opfylder sin leveringsforpligtelse.
B45
En kundes ikke-refunderbare forudbetaling til en virksomhed giver kunden ret til at modtage en vare eller tjenesteydelse i fremtiden (og forpligter virksomheden til at være parat til at overdrage en vare eller en tjenesteydelse). Det kan imidlertid forekomme, at kunder ikke udnytter alle deres kontraktlige rettigheder. For disse uudnyttede kontraktlige rettigheder bruges ofte den engelske betegnelse "breakage".
B46
Hvis en virksomhed forventer at være berettiget til et "breakage"-beløb i en kontraktlig forpligtelse, skal den indregne det forventede "breakage"-beløb som omsætning i forhold til det mønster, der gælder for kundens rettighedsudnyttelse. Hvis en virksomhed ikke forventer at være berettiget til et "breakage"-beløb, skal den indregne det forventede "breakage"-beløb som omsætning, når der ikke længere er stor sandsynlighed for, at kunden vil udnytte sine resterende rettigheder. Ved vurderingen af, hvorvidt en virksomhed forventer at være berettiget til et "breakage"-beløb, skal virksomheden tage hensyn til kravene i afsnit 56-58 vedrørende begrænsning i skøn over variable vederlag.
B47
En virksomhed skal indregne en forpligtelse (og ikke omsætning) for modtaget vederlag vedrørende en kundes uudnyttede rettigheder, som virksomheden er forpligtet til at overdrage til en anden part, f.eks. en offentlig myndighed i overensstemmelse med gældende lovgivning om aktiver, som der ikke er gjort krav på.
Ikke-refunderbare startbetalinger (og en række omkostninger i tilknytning hertil)
B48
I forbindelse med nogle kontrakter kræver en virksomhed, at kunden skal erlægge en ikke-refunderbar startbetaling ved eller tæt på kontraktindgåelsen. Som eksempler kan nævnes indmeldelsesgebyrer i kontrakter om medlemskab af fitnessklubber, oprettelsesafgifter i telekommunikationskontrakter og andre tjenesteydelseskontrakter og startgebyrer i nogle leveringskontrakter.
B49
For at identificere leveringsforpligtelser i sådanne kontrakter skal en virksomhed vurdere, hvorvidt startbetalingen vedrører overdragelsen af en aftalt vare eller tjenesteydelse. Selv om en ikke-refunderbar startbetaling vedrører en aktivitet, som virksomheden skal udføre ved eller tæt på kontraktindgåelsen for at opfylde kontrakten, resulterer denne aktivitet i mange tilfælde ikke i overdragelsen af en aftalt vare eller tjenesteydelse til kunden (jf. afsnit 25). Startbetalingen er i stedet en forudbetaling for fremtidige varer eller tjenesteydelser og vil derfor blive indregnet som omsætning, når disse fremtidige varer eller tjenesteydelser leveres. Perioden for indregning som omsætning vil være længere end den oprindelige kontraktperiode, hvis virksomheden giver kunden option på at forlænge kontrakten, og denne option giver kunden en materiel ret som beskrevet i afsnit B40.
B50
Hvis den ikke-refunderbare startbetaling vedrører en vare eller tjenesteydelse, skal virksomheden vurdere, hvorvidt den regnskabsmæssigt skal behandle varen eller tjenesteydelsen som en særskilt leveringsforpligtelse i henhold til afsnit 22–30.
B51
En virksomhed kan opkræve et ikke-refunderbart beløb, som delvis udgør godtgørelse for omkostninger i forbindelse med udarbejdelsen af en kontrakt (eller andre administrative opgaver som beskrevet i afsnit 25). Hvis disse indledende aktiviteter ikke opfylder en leveringsforpligtelse, skal virksomheden se bort fra aktiviteterne (og de dertil knyttede omkostninger), når den måler fremskridt i overensstemmelse med afsnit B19. Det skyldes, at omkostningerne til indledende aktiviteter ikke afspejler overdragelsen af tjenesteydelser til kunden. Virksomheden skal vurdere, hvorvidt omkostninger i forbindelse med udarbejdelsen af en kontrakt har resulteret i et aktiv, der skal indregnes i henhold til afsnit 95.
Licenser
B52
En licens giver en kunde ret til at udnytte en virksomheds intellektuelle ejendom. Licenser til intellektuel ejendom kan omfatte, men er ikke begrænset til, licenser til følgende:
a)
software og teknologi
b)
film, musik og andre former for medier og underholdning
c)
franchiser og
d)
patenter, varemærker og ophavsret.
B53
En virksomhed kan ud over et løfte om at tildele kunden en licens (eller licenser) også afgive løfte om at overdrage kunden andre varer eller tjenesteydelser. Disse løfter kan fremgå eksplicit af kontrakten eller følge af en virksomheds almindelige forretningspraksis, offentliggjorte politik eller specifikke erklæringer (jf. afsnit 24). Når en kontrakt med en kunde indbefatter et løfte om at tildele en licens (eller licenser) ud over andre aftalte varer eller tjenesteydelser, skal en virksomhed, som det er tilfældet med andre kontrakter, anvende afsnit 22–30 for at identificere hver af leveringsforpligtelserne i kontrakten.
B54
Hvis løftet om at tildele en licens ikke er klart adskilt fra andre i kontrakten aftalte varer eller tjenesteydelser, jf. afsnit 26–30, skal en virksomhed regnskabsmæssigt behandle løftet om at tildele en licens og de pågældende andre aftalte varer eller tjenesteydelser samlet som en enkelt leveringsforpligtelse. Som eksempler på licenser, som ikke er klart adskilt fra andre i kontrakten aftalte varer eller tjenesteydelser, kan nævnes:
a)
en licens, der udgør en bestanddel af en konkret vare, og uden hvilken varen mister sin funktion, og
b)
en licens, som kunden kun kan udnytte i forbindelse med en tilhørende tjenesteydelse (f.eks. en onlinetjenesteydelse, som virksomheden leverer, og som i kraft af licenstildelingen giver kunden adgang til indhold).
B55
Hvis licensen ikke er klart adskilt, skal en virksomhed anvende afsnit 31–38 for at vurdere, om leveringsforpligtelsen (som indbefatter den aftalte licens) er en leveringsforpligtelse, som opfyldes over tid eller på et bestemt tidspunkt.
B56
Hvis løftet om at tildele licensen er klart adskilt fra de øvrige i kontrakten aftalte varer eller tjenesteydelser, og løftet om at tildele licensen derfor er en særskilt leveringsforpligtelse, skal en virksomhed vurdere, hvorvidt licensen overgår til en kunde på et bestemt tidspunkt eller over tid. Ved denne vurdering skal en virksomhed tage hensyn til, om virksomhedens løfte om at tildele licensen til en kunde er af en art, der giver kunden enten:
a)
en adgangsret til virksomhedens intellektuelle ejendom, som den findes i hele licensperioden, eller
b)
en ret til at anvende virksomhedens intellektuelle ejendom, som den findes på det tidspunkt, hvor licensen tildeles.
Vurdering af, hvori virksomhedens løfte består
B57
[Ophævet]
B58
En virksomheds løfte ved tildelingen af en licens består i et løfte om at give adgangsret til virksomhedens intellektuelle ejendom, hvis følgende kriterier er opfyldt:
a)
det kræves i henhold til kontrakten, eller kunden har en rimelig forventning om, at virksomheden foretager aktiviteter, der i væsentlig grad har indflydelse på den intellektuelle ejendom, som kunden har rettigheder til (jf. afsnit B59 og B59A)
b)
de rettigheder, som licensen giver, udsætter direkte kunden for positive eller negative virkninger af virksomhedens aktiviteter som nævnt i afsnit B58, litra a), og
c)
disse aktiviteter medfører ikke overdragelse af en vare eller en tjenesteydelse til kunden, når disse aktiviteter finder sted (jf. afsnit 25).
B59
Blandt faktorer, der kan indikere, at en kunde med rimelighed kan forvente, at en virksomhed vil foretage aktiviteter, der i væsentlig grad har indflydelse på den intellektuelle ejendom, kan nævnes virksomhedens almindelige forretningspraksis, offentliggjorte politik eller specifikke erklæringer. Selv om det ikke er et afgørende element, kan eksistensen af en fælles økonomisk interesse (f.eks. en salgsbaseret royalty) mellem virksomheden og kunden i tilknytning til den intellektuelle ejendom, som kunden har rettigheder til, også være en indikator for, at kunden med rimelighed kan forvente, at virksomheden vil foretage sådanne aktiviteter.
B59A
En virksomheds aktiviteter har i væsentlig grad indflydelse på den intellektuelle ejendom, som kunden har rettigheder til, hvis enten:
a)
disse aktiviteter forventes i væsentlig grad at ændre den intellektuelle ejendoms form (eksempelvis udformningen eller indholdet) eller funktion (eksempelvis muligheden for at udføre en bestemt opgave), eller
b)
kundens mulighed for at opnå fordel af den intellektuelle ejendom i væsentlig grad er afledt eller afhængig af disse aktiviteter. Eksempelvis er fordelen ved et varemærke ofte afledt eller afhængig af virksomhedens igangværende aktiviteter med henblik på at understøtte eller vedligeholde den intellektuelle ejendoms værdi.
På samme måde gælder det, at hvis den intellektuelle ejendom, som kunden har rettigheder til, har en væsentlig selvstændig funktion, er en væsentlig del af fordelen ved den pågældende intellektuelle ejendom afledt af denne funktion. Kundens mulighed for at opnå fordel af denne intellektuelle ejendom vil følgelig ikke i væsentlig grad blive påvirket af virksomhedens aktiviteter, medmindre disse handlinger i væsentlig grad ændrer den intellektuelle ejendoms form eller funktion. De former for intellektuel ejendom, som ofte har en væsentlig selvstændig funktion, omfatter software, biologiske forbindelser eller lægemiddelformler samt medieprodukter (eksempelvis film, fjernsynsshows og musikoptagelser).
B60
Hvis kriterierne i afsnit B58 er opfyldt, skal en virksomhed regnskabsmæssigt behandle løftet om at tildele en licens som en leveringsforpligtelse, der opfyldes over tid, fordi kunden samtidig modtager og forbruger fordelene ved virksomhedens ydelser i form af adgang til dens intellektuelle ejendom, i takt med at virksomheden præsterer ydelserne (jf. afsnit 35, litra a)). En virksomhed skal anvende afsnit 39–45 for at vælge en egnet metode til at måle sine fremskridt hen imod fuldstændig opfyldelse af leveringsforpligtelsen til at give adgang.
B61
Hvis kriterierne i afsnit B58 ikke er opfyldt, består en virksomheds løfte i at give ret til at anvende virksomhedens intellektuelle ejendom, som denne intellektuelle ejendom forefindes (hvad angår form og funktion) på det tidspunkt, hvor licensen tildeles kunden. Det betyder, at kunden kan anvise brugen af, og opnå i det væsentlige samtlige resterende fordele af, licensen på det tidspunkt, hvor licensen overgår. En virksomhed skal regnskabsmæssigt behandle løftet om at give ret til at anvende virksomhedens intellektuelle ejendom som en leveringsforpligtelse, der opfyldes på et bestemt tidspunkt. En virksomhed skal anvende afsnit 38 for at bestemme det tidspunkt, hvor licensen overgår til kunden. Omsætning kan imidlertid ikke indregnes for en licens, som giver ret til at anvende virksomhedens intellektuelle ejendom, før begyndelsen af den periode, i hvilken kunden kan anvende og drage fordel af licensen. Hvis en softwarelicensperiode f.eks. begynder, før en virksomhed leverer kunden en kode (eller på anden måde stiller den til rådighed for kunden), som giver kunden mulighed for umiddelbart at anvende softwaren, skal virksomheden ikke indregne omsætning, før koden er blevet leveret (eller på anden måde stillet til rådighed).
B62
En virksomhed skal se bort fra følgende faktorer ved vurderingen af, hvorvidt en licens giver adgangsret til virksomhedens intellektuelle ejendom eller en ret til at anvende virksomhedens intellektuelle ejendom:
a)
Restriktioner vedrørende tid, geografisk region eller anvendelse — sådanne restriktioner fastlægger egenskaberne ved den aftalte licens og er ikke bestemmende for, hvorvidt virksomheden opfylder sin leveringsforpligtelse på et bestemt tidspunkt eller over tid.
b)
Garantier fra virksomhedens side for, at den har et gyldigt patent til intellektuel ejendom, og at den vil forsvare patentet mod uautoriseret anvendelse — et løfte om at forsvare en patentrettighed er ikke en leveringsforpligtelse, fordi det at forsvare et patent beskytter værdien af virksomhedens aktiver i form af intellektuel ejendom og for kunden er et tilsagn om, at den overdragne licens opfylder specifikationerne for den i kontrakten aftalte licens.
Salgsbaserede eller brugsbaserede royalties
B63
Uanset kravene i afsnit 56–59 skal en virksomhed kun indregne omsætning for en salgsbaseret eller brugsbaseret royalty, der er aftalt som modydelse for en licens til intellektuel ejendom, når (eller i takt med at) den seneste af følgende begivenheder indtræffer:
a)
det efterfølgende salg eller den efterfølgende brug finder sted, og
b)
leveringsforpligtelsen, som hele eller en del af den salgsbaserede eller brugsbaserede royalty er blevet allokeret til, er blevet opfyldt (eller delvis opfyldt).
B63A
Kravet vedrørende en salgsbaseret eller brugsbaseret royalty i afsnit B63 finder anvendelse, hvis royaltyen kun vedrører en licens til intellektuel ejendom, eller hvis en licens til intellektuel ejendom er den væsentligste post, som royaltyen vedrører (licensen til intellektuel ejendom kan f.eks. være den væsentligste post, som royaltyen vedrører, hvis virksomheden med rimelighed forventer, at kunden vil tillægge licensen en væsentlig højere værdi end de øvrige varer eller tjenesteydelser, som royaltyen vedrører).
B63B
Hvis kravet i afsnit B63A er opfyldt, skal omsætning fra en salgsbaseret eller brugsbaseret royalty indregnes fuldt ud i henhold til afsnit B63. Hvis kravet i afsnit B63A ikke er opfyldt, finder kravene om variabelt vederlag i afsnit 50–59 anvendelse på den salgsbaserede eller brugsbaserede royalty.
Genkøbsaftaler
B64
En genkøbsaftale er en kontrakt, i hvilken en virksomhed sælger et aktiv og samtidig lover eller har option på (enten i samme kontrakt eller i en anden kontrakt) at genkøbe aktivet. Det genkøbte aktiv kan være det samme aktiv som det, der oprindelig blev solgt til kunden, et aktiv, der i alt væsentligt er det samme som dette aktiv, eller et andet aktiv, som det aktiv, der oprindelig blev solgt, er en del af.
B65
Genkøbsaftaler findes almindeligvis i tre former:
a)
en virksomheds forpligtelse til at genkøbe aktivet (en forward)
b)
en virksomheds ret til at genkøbe aktivet (en call-option) og
c)
en virksomheds forpligtelse til at genkøbe aktivet på kundens anmodning (en put-option).
En forward eller en call-option
B66
Hvis en virksomhed har en forpligtelse eller en ret til at genkøbe et aktiv (en forward eller en call-option), får kunden ikke kontrol over aktivet, fordi der for kunden er begrænsede muligheder for at anvise brugen af, og opnå i det væsentlige samtlige resterende fordele af, aktivet, selv om kunden kan være i fysisk besiddelse af aktivet. Virksomheden skal derfor regnskabsmæssigt behandle kontrakten som enten:
a)
en leasingkontrakt i henhold til IFRS 16 
Leasingkontrakter
, hvis virksomheden kan eller skal genkøbe aktivet for et beløb, der er mindre end den oprindelige salgspris for aktivet, medmindre kontrakten udgør en del af en sale-and-leaseback-transaktion. Hvis kontrakten udgør en del af en sale-and-leaseback-transaktion, skal virksomheden fortsat indregne aktivet og skal indregne en finansiel forpligtelse for eventuelle vederlag, som modtages fra kunden. Virksomheden skal regnskabsmæssigt behandle den finansielle forpligtelse i henhold til IFRS 9, eller
b)
en finansieringskontrakt i henhold til afsnit B68, hvis virksomheden kan eller skal genkøbe aktivet for et beløb, der svarer til eller er større end den oprindelige salgspris for aktivet.
B67
Ved sammenligningen af genkøbsprisen og salgsprisen skal en virksomhed tage hensyn til pengenes tidsværdi.
B68
Hvis genkøbsaftalen er en finansieringsordning, skal virksomheden fortsat indregne aktivet og også indregne en finansiel forpligtelse for et eventuelt vederlag, der er modtaget fra kunden. Virksomheden skal indregne forskellen mellem størrelsen af det fra kunden modtagne vederlag og størrelsen af det vederlag, der skal betales kunden som rente og, hvis det er relevant, som administrations- eller besiddelsesomkostninger (f.eks. forsikring).
B69
Hvis optionen udløber uudnyttet, skal en virksomhed ophøre med at indregne forpligtelsen og indregne omsætning.
En put-option
B70
Hvis en virksomhed har en forpligtelse til at genkøbe aktivet på kundens anmodning (en put-option) til en lavere pris end aktivets oprindelige salgspris, skal virksomheden ved kontraktindgåelsen tage hensyn til, hvorvidt kunden har et væsentligt økonomisk incitament til at udnytte denne rettighed. Når kunden udnytter rettigheden, betaler han i realiteten virksomheden vederlag for retten til at bruge et bestemt aktiv i en periode. Hvis kunden har et væsentligt økonomisk incitament til at udnytte rettigheden, skal virksomheden derfor regnskabsmæssigt behandle kontrakten som en leasingkontrakt i henhold til IFRS 16, medmindre kontrakten udgør en del af en sale-and-leaseback-transaktion. Hvis kontrakten udgør en del af en sale-and-leaseback-transaktion, skal virksomheden fortsat indregne aktivet og skal indregne en finansiel forpligtelse for eventuelle vederlag, som modtages fra kunden. Virksomheden skal regnskabsmæssigt behandle den finansielle forpligtelse i henhold til IFRS 9.
B71
Ved vurderingen af, hvorvidt en kunde har et væsentligt økonomisk incitament til at udøve sin rettighed, skal en virksomhed tage hensyn til forskellige faktorer, herunder forholdet mellem genkøbsprisen og aktivets forventede markedsværdi på tidspunktet for genkøbet, og hvor længe det varer, før rettigheden udløber. Hvis genkøbsprisen f.eks. forventes i væsentlig grad at overstige aktivets markedsværdi, så kan dette indikere, at kunden har et væsentligt økonomisk incitament til at udnytte put-optionen.
B72
Hvis kunden ikke har et væsentligt økonomisk incitament til at udøve sin rettighed til en pris, der er lavere end aktivitets oprindelige salgspris, skal virksomheden regnskabsmæssigt behandle kontrakten, som om den vedrørte salget af et produkt med returret som beskrevet i afsnit B20–B27.
B73
Hvis aktivets genkøbspris svarer til eller er større end den oprindelige salgspris og større end aktivets forventede markedsværdi, er kontrakten i realiteten en finansieringsordning, og den skal derfor regnskabsmæssigt behandles som beskrevet i afsnit B68.
B74
Hvis aktivets genkøbspris svarer til eller er større end den oprindelige salgspris og er mindre end eller svarer til aktivets forventede markedsværdi, og kunden ikke har et væsentligt økonomisk incitament til at udnytte sin rettighed, så skal virksomheden regnskabsmæssigt behandle kontrakten, som om den vedrørte salget af et produkt med returret som beskrevet i afsnit B20–B27.
B75
Ved sammenligningen af genkøbsprisen og salgsprisen skal en virksomhed tage hensyn til pengenes tidsværdi.
B76
Hvis optionen udløber uudnyttet, skal en virksomhed ophøre med at indregne forpligtelsen og indregne omsætning.
Konsignationsaftaler
B77
Når en virksomhed leverer et produkt til en anden part (f.eks. en forhandler eller en distributør) med henblik på salg til slutkunder, skal virksomheden vurdere, hvorvidt den anden part har opnået kontrol over produktet på det pågældende tidspunkt. Et produkt, der er blevet leveret til en anden part, kan være omfattet af en konsignationsaftale, hvis den anden part ikke har opnået kontrol over produktet. En virksomhed skal således ikke indregne omsætning efter levering af et produkt til en anden part, hvis det leverede produkt er omfattet af en konsignationsaftale.
B78
Blandt indikatorerne for, at der er tale om en konsignationsaftale, kan nævnes:
a)
virksomheden har kontrol over produktet, indtil en bestemt begivenhed indtræffer, f.eks. salget af produktet til en af forhandlerens kunder, eller indtil en bestemt periode udløber
b)
virksomheden kan kræve produktet returneret eller overdrage produktet til tredjepart (f.eks. en anden forhandler), og
c)
forhandleren har ikke en ubetinget pligt til at betale for produktet (selv om det kan kræves, at der betales et depositum).
Aftaler med fakturering uden overdragelse
B79
En aftale med fakturering uden overdragelse er en kontrakt, i henhold til hvilken en virksomhed fakturerer en kunde for et produkt, men hvor produktet forbliver i virksomhedens fysiske besiddelse, indtil det overdrages til kunden på et tidspunkt i fremtiden. En kunde kan f.eks. anmode en virksomhed om at indgå en sådan kontrakt, fordi kunden ikke har plads nok til produktet, eller fordi der er forsinkelser i kundens produktionsplaner.
B80
En virksomhed skal afgøre, hvornår den har opfyldt sin leveringsforpligtelse til at overdrage et produkt ved at vurdere, hvornår en kunde opnår kontrol over produktet (jf. afsnit 38). I forbindelse med nogle kontrakter overgår kontrollen, enten når produktet leveres på kundens adresse, eller når produktet afsendes, afhængigt af kontraktbestemmelserne (herunder leverings- og forsendelsesbetingelser). I forbindelse med nogle kontrakter kan en kunde imidlertid få kontrol over et produkt, selv om produktet forbliver i en virksomheds fysiske besiddelse. I så fald har kunden mulighed for at anvise brugen af, og opnå i det væsentlige samtlige resterende fordele af, produktet, selv om denne har besluttet ikke at udøve sin ret til at tage produktet i fysisk besiddelse. Virksomheden har således ikke kontrol over produktet. I stedet yder virksomheden kunden en opbevaringstjenesteydelse vedrørende kundens aktiv.
B81
For at en kunde i forbindelse med en aftale med fakturering uden overdragelse kan anses for at have fået kontrol over et produkt, skal — ud over kravene i afsnit 38 — samtlige følgende kriterier være opfyldt:
a)
begrundelsen for aftalen med fakturering uden overdragelse skal være væsentlig (kunden har f.eks. anmodet om aftalen)
b)
det skal klart fremgå af produktet, at det tilhører kunden
c)
produktet skal løbende være klart til fysisk overdragelse til kunden, og
d)
virksomheden må ikke have mulighed for at anvende produktet eller overdrage det til en anden kunde.
B82
Hvis en virksomhed indregner omsætning for salg af et produkt i henhold til en aftale med fakturering uden overdragelse, skal virksomheden vurdere, hvorvidt den har resterende leveringsforpligtelser (f.eks. for så vidt angår opbevaringstjenesteydelser) i henhold til afsnit 22–30, til hvilke virksomheden skal allokere en del af transaktionsprisen i henhold til afsnit 73–86.
Kundeaccept
B83
I henhold til afsnit 38, litra e), kan en kundes accept af et aktiv være en indikator for, at kunden har opnået kontrol over aktivet. Kundeacceptklausuler giver en kunde ret til at ophæve en kontrakt eller kræve, at en virksomhed træffer afhjælpende foranstaltninger, hvis en vare eller en tjenesteydelse ikke opfylder de aftalte specifikationer. En virksomhed skal tage hensyn til sådanne klausuler ved vurderingen af, hvornår en kunde opnår kontrol over en vare eller en tjenesteydelse.
B84
Hvis en virksomhed objektivt kan fastslå, at kontrollen over en vare eller en tjenesteydelse er overgået til kunden i henhold til aftalte specifikationer i kontrakten, så er kundeaccept en formalitet, der ikke påvirker virksomhedens vurdering af, hvornår kunden har opnået kontrol over varen eller tjenesteydelsen. Hvis kundeacceptklausulen f.eks. er baseret på opfyldelsen af bestemte størrelses- og vægtkendetegn, vil en virksomhed kunne vurdere, hvorvidt disse kriterier er opfyldt, før den modtager bekræftelse på kundens accept. Virksomhedens erfaringer med kontrakter om lignende varer eller tjenesteydelser kan tjene som grundlag for at antage, at en vare eller tjenesteydelse, der er leveret til kunden, er i overensstemmelse med de aftalte specifikationer i kontrakten. Hvis omsætning indregnes før kundens accept, skal virksomheden stadig overveje, hvorvidt der resterer leveringsforpligtelser (f.eks. installering af udstyr) og vurdere, hvorvidt de regnskabsmæssigt skal behandles særskilt.
B85
Hvis en virksomhed imidlertid ikke objektivt kan fastslå, at den vare eller tjenesteydelse, der er leveret til kunden, er i overensstemmelse med de aftalte specifikationer i kontrakten, så vil virksomheden ikke kunne konkludere, at kunden har opnået kontrol, før virksomheden modtager kundens accept. Det skyldes, at virksomheden i så fald ikke kan fastslå, at kunden har mulighed for at anvise brugen af, og opnå i det væsentlige samtlige resterende fordele af, varen eller tjenesteydelsen.
B86
Hvis en virksomhed leverer varer til en kunde på prøve eller med henblik på evaluering, og kunden ikke er forpligtet til at betale et vederlag, før prøveperioden udløber, overgår kontrollen over produktet ikke til kunden, før kunden accepterer produktet eller prøveperioden udløber.
Oplysning om opdelt omsætning
B87
I henhold til afsnit 114 skal en virksomhed opdele omsætning fra kontrakter med kunder i kategorier, der afspejler, hvordan arten og størrelsen af, tidspunktet for og usikkerhed med hensyn til omsætning og pengestrømme påvirkes af økonomiske faktorer. I hvor høj grad en virksomheds omsætning opdeles med henblik herpå, afhænger derfor af indholdet i og omstændighederne omkring virksomhedens kontrakter med kunder. Nogle virksomheder kan have brug for at anvende mere end én type kategori for at opfylde kravet i afsnit 114 om opdeling af omsætning. Andre virksomheder kan opfylde kravet ved kun at bruge en type kategori til at opdele omsætning.
B88
En virksomhed skal, når den vælger, hvilken type kategori (eller kategorier) den vil anvende ved opdeling af omsætning, tage hensyn til, hvordan oplysninger om virksomhedens omsætning er blevet præsenteret til andre formål, herunder samtlige følgende forhold:
a)
oplysninger forelagt uden for regnskabssammenhæng (f.eks. i kvartalsmeddelelser, årsberetninger eller investorpræsentationer)
b)
oplysninger, som den øverste beslutningstager regelmæssigt bruger for at evaluere driftssegmenters indtjening, og
c)
andre oplysninger, som svarer til de typer oplysninger, der er anført i afsnit B88, litra a) og b), og som virksomheden eller brugere af virksomhedens regnskaber anvender til at evaluere virksomhedens indtjening eller træffe afgørelser om ressourceallokering.
B89
Som eksempler på kategorier, som det kan være hensigtsmæssigt at anvende, kan nævnes følgende (listen er ikke udtømmende):
a)
type vare eller tjenesteydelse (f.eks. vigtigste produktgrupper)
b)
geografisk område (f.eks. land eller region)
c)
marked eller kundetype (f.eks. offentlige og ikke-offentlige kunder)
d)
kontrakttype (f.eks. fastpriskontrakter og kontrakter om betaling efter tids-og materialeforbrug)
e)
kontraktløbetid (f.eks. korte og lange kontrakter)
f)
tidshorisont for overdragelsen af varer eller tjenesteydelser (f.eks. omsætning fra varer eller tjenesteydelser, der overdrages til kunder på et bestemt tidspunkt, og omsætning fra varer eller tjenesteydelser, der overdrages over tid), og
g)
salgskanaler (f.eks. varer solgt direkte til forbrugere og varer solgt gennem mellemmænd).
Appendiks C
Ikrafttrædelsestidspunkt og overgang
Dette appendiks er en integreret del af standarden og har samme gyldighed som de øvrige dele af standarden.
IKRAFTTRÆDELSESTIDSPUNKT
C1
Virksomheder skal anvende denne standard for regnskabsår, som begynder den 1. januar 2018 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender denne standard tidligere, skal den oplyse herom.
C1A
IFRS 16 
Leasingkontrakter
, udstedt i januar 2016, medførte ændring af afsnit 5, 97, B66 og B70. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 16.
C1B
Præciseringer til IFRS 15
 Omsætning fra kontrakter med kunder, udstedt i april 2016, medførte ændring af afsnit 26, 27, 29, B1, B34–B38, B52–B53, B58, C2, C5 og C7, ophævelse af afsnit B57 og tilføjelse af afsnit B34A, B35A, B35B, B37A, B59A, B63A, B63B, C7A og C8A. Virksomheder skal anvende disse ændringer på regnskabsperioder, som begynder den 1. januar 2018 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender disse ændringer for et tidligere regnskabsår, skal den give oplysning herom.
C1C
IFRS 17, der er udstedt i maj 2017, medførte ændring af afsnit 5. Virksomheder skal anvende denne ændring ved anvendelse af IFRS 17.
OVERGANG
C2.
For så vidt angår overgangsbestemmelserne i afsnit C3–C8A gælder følgende:
a)
tidspunktet for førstegangsanvendelsen er begyndelsen af det regnskabsår, hvor virksomheden første gang anvender denne standard, og
b)
en opfyldt kontrakt er en kontrakt, hvor virksomheden har overdraget alle de pågældende varer eller tjenesteydelser i overensstemmelse med IAS 11 
Entreprisekontrakter
, IAS 18 
Omsætning
 og tilhørende fortolkningsbidrag.
C3
Virksomheder skal anvende denne standard efter en af følgende to metoder:
a)
med tilbagevirkende kraft på hvert tidligere regnskabsår, for hvilket der er aflagt regnskaber i henhold til IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
, jf. dog de praktiske fremgangsmåder i afsnit C5, eller
b)
med tilbagevirkende kraft, idet den akkumulerede virkning af at anvende denne standard første gang indregnes på tidspunktet for førstegangsanvendelsen, jf. afsnit C7–C8.
C4
Uanset kravene i afsnit 28 i IAS 8 vil en virksomhed, når denne IFRS anvendes første gang, kun skulle forelægge de kvantitative oplysninger, der kræves i afsnit 28, litra f), i IAS 8 for det regnskabsår, der går umiddelbart forud for det første regnskabsår, for hvilket denne standard anvendes ("den umiddelbart foregående periode"), og kun, hvis virksomheden anvender denne standard med tilbagevirkende kraft i henhold til afsnit C3, litra a). En virksomhed kan også forelægge disse oplysninger for den indeværende periode eller for tidligere sammenligningsperioder, men det er ikke påkrævet.
C5
En virksomhed kan anvende en eller flere af følgende praktiske fremgangsmåder, når den anvender denne standard med tilbagevirkende kraft i henhold til afsnit C3, litra a):
a)
for så vidt angår opfyldte kontrakter, behøver en virksomhed ikke at foretage tilpasninger for kontrakter, der
i)
begynder og slutter inden for samme regnskabsår eller
ii)
er opfyldte kontrakter ved begyndelsen af det tidligste regnskabsår, for hvilket der er aflagt regnskab
b)
for så vidt angår opfyldte kontrakter med variable vederlag, kan en virksomhed anvende transaktionsprisen på det tidspunkt, hvor kontrakten blev opfyldt, frem for at foretage et skøn over variable vederlag i de sammenlignelige regnskabsperioder
c)
for så vidt angår kontrakter, som er ændret før begyndelsen af det tidligste regnskabsår, for hvilket der er aflagt regnskab, behøver en virksomhed ikke med tilbagevirkende kraft at foretage tilpasninger for sådanne kontraktændringer, jf. afsnit 20–21. I stedet skal virksomheden tage hensyn til den samlede virkning af alle ændringer indtruffet før begyndelsen af det tidligste regnskabsår, for hvilket der er aflagt regnskab, i forbindelse med:
i)
identifikationen af de opfyldte og uopfyldte leveringsforpligtelser
ii)
fastsættelsen af transaktionsprisen og
iii)
allokeringen af transaktionsprisen til de opfyldte og uopfyldte leveringsforpligtelser
d)
for så vidt angår alle regnskabsår, for hvilke der er aflagt regnskab før datoen for førstegangsanvendelsen, behøver en virksomhed ikke at oplyse, hvor stor en del af transaktionsprisen der er allokeret til de resterende leveringsforpligtelser, og at redegøre for, hvornår virksomheden forventer at indregne dette beløb som omsætning (jf. afsnit 120).
C6
Hvis en virksomhed gør brug af en af de praktiske fremgangsmåder i afsnit C5, skal den anvende denne praktiske fremgangsmåde konsekvent på alle kontrakter inden for alle regnskabsår, for hvilke der er aflagt regnskaber. Desuden skal virksomheden offentliggøre samtlige følgende oplysninger:
a)
de praktiske fremgangsmåder, der er blevet anvendt, og
b)
i videst muligt omfang en kvalitativ vurdering af den skønnede virkning af at anvende hver af disse praktiske fremgangsmåder.
C7
Hvis en virksomhed vælger at anvende denne standard med tilbagevirkende kraft i henhold til afsnit C3, litra b), skal virksomheden indregne den akkumulerede virkning af at anvende denne standard første gang som en regulering primo i overført resultat (eller et andet egenkapitalelement, alt efter tilfældet) for det regnskabsår, der indbefatter tidspunktet for førstegangsanvendelsen. I henhold til denne overgangsmetode kan en virksomhed vælge kun at anvende denne standard med tilbagevirkende kraft på kontrakter, der ikke er opfyldte kontrakter på tidspunktet for førstegangsanvendelsen (f.eks. den 1. januar 2018 for en virksomhed med et regnskabsår, der udløber den 31. december).
C7A
En virksomhed, som anvender denne standard med tilbagevirkende kraft i henhold til afsnit C3, litra b), kan også anvende den praktiske fremgangsmåde i afsnit C5, litra c), enten:
a)
på alle kontraktændringer indtruffet før begyndelsen af det tidligste regnskabsår, for hvilket der er aflagt regnskab, eller
b)
på alle kontraktændringer indtruffet før tidspunktet for førstegangsanvendelsen.
Hvis en virksomhed gør brug af denne praktiske fremgangsmåde, skal den anvende fremgangsmåden konsekvent på alle kontrakter og fremlægge de i afsnit C6 krævede oplysninger.
C8
For regnskabsår, der indbefatter tidspunktet for førstegangsanvendelsen, skal en virksomhed give begge følgende yderligere oplysninger, hvis denne standard anvendes med tilbagevirkende kraft i henhold til afsnit C3, litra b):
a)
det beløb, som hver enkelt regnskabspost påvirkes med i det løbende regnskabsår ved anvendelse af denne standard sammenlignet med IAS 11, IAS 18 og dertil knyttede fortolkningsbidrag, der var gældende før ændringen, og
b)
en redegørelse for grundene til væsentlige ændringer, der er påvist i henhold til afsnit C8, litra a).
C8A
Virksomheder skal anvende 
Præciseringer til IFRS 15
 (jf. afsnit C1B) med tilbagevirkende kraft i henhold til IAS 8. Ved anvendelsen af ændringerne med tilbagevirkende kraft skal virksomheder anvende ændringerne, som hvis de havde været omfattet af IFRS 15 på tidspunktet for førstegangsanvendelsen. En virksomhed skal følgelig ikke anvende ændringerne på regnskabsår eller kontrakter, på hvilke kravene i IFRS 15 ikke anvendes i henhold til afsnit C2–C8. Hvis en virksomhed eksempelvis i henhold til afsnit C3, litra b), kun anvender IFRS 15 på kontrakter, som ikke er opfyldte kontrakter på tidspunktet for førstegangsanvendelsen, skal virksomheden ikke foretage tilpasninger for så vidt angår de på tidspunktet for førstegangsanvendelsen af IFRS 15 opfyldte kontrakter for virkningen af disse ændringer.
Henvisninger til IFRS 9
C9
Hvis en virksomhed anvender denne standard, men endnu ikke anvender IFRS 9 
Finansielle instrumenter
, læses enhver henvisning i denne standard til IFRS 9 som en henvisning til IAS 39 
Finansielle instrumenter: Indregning og måling
OPHÆVELSE AF ANDRE STANDARDER
C10
Denne standard erstatter følgende standarder:
a)
IAS 11 
Entreprisekontrakter
b)
IAS 18 
Omsætning
c)
IFRIC 13 
Kundeloyalitetsprogrammer
d)
IFRIC 15 
Aftaler om opførelse af fast ejendom
e)
IFRIC 18 
Overdragelse af aktiver fra kunder
 og
f)
SIC-31 
Omsætning — Byttehandler vedrørende reklameydelser
.
IFRS 16
Leasingkontrakter
FORMÅL
1
I denne standard beskrives principperne for indregning, måling og præsentation af 
leasingkontrakter
 samt oplysning om disse. Formålet er at sikre, at 
leasingtagere
 og 
leasinggivere
 giver relevante oplysninger på en måde, der giver et retvisende billede af sådanne transaktioner. Disse oplysninger giver regnskabsbrugere et grundlag for at vurdere leasingkontrakters virkning på en virksomheds finansielle stilling, indtjening og pengestrømme.
2
En virksomhed skal tage 
kontrakt
vilkårene og -betingelserne samt alle relevante forhold og omstændigheder i betragtning ved anvendelsen af denne standard. Virksomheden skal anvende denne standard konsekvent på alle kontrakter med ensartede karakteristika og under sammenlignelige omstændigheder.
ANVENDELSESOMRÅDE
3
En virksomhed skal anvende denne standard på alle leasingkontrakter, herunder leasing af 
brugsretsaktiver
 i en 
fremleasing
, bortset fra:
a)
leasingkontrakter for efterforskning eller anvendelse af mineraler, olie, naturgas og lignende ikke-regenererende ressourcer
b)
leasingkontrakter vedrørende biologiske aktiver, der er omfattet af IAS 41 
Landbrug
, og som besiddes af leasingtager
c)
koncessionsaftaler, der er omfattet af IFRIC 12 
Koncessionsaftaler
d)
licenser til intellektuel ejendom tildelt af leasinggiver, der er omfattet af IFRS 15 
Omsætning fra kontrakter med kunder
, og
e)
rettigheder, som besiddes af leasingtager i henhold til licensaftaler omfattet af IAS 38 
Immaterielle aktiver
 vedrørende eksempelvis spillefilm, videooptagelser, skuespil, manuskripter, patenter og ophavsret.
4
En leasingtager kan, men skal ikke, anvende denne standard på andre leasingkontrakter vedrørende immaterielle aktiver end dem, som er omhandlet i afsnit 3, litra e).
UNDTAGELSER FRA INDREGNING (AFSNIT B3-B8)
5
En leasingtager kan vælge ikke at anvende kravene i afsnit 22-49 på:
a)
korte leasingkontrakter
 og
b)
leasingkontrakter, hvor det 
underliggende aktiv
 har en lav værdi (som beskrevet i afsnit B3-B8).
6
Hvis en leasingtager vælger ikke at anvende kravene i afsnit 22-49 på enten korte leasingkontrakter eller leasingkontrakter, hvor det underliggende aktiv har en lav værdi, skal leasingtager indregne de med disse kontrakter forbundne 
leasingydelser
 som en omkostning enten lineært over 
leasingperioden
 eller på et andet systematisk grundlag. Leasingtager skal anvende et andet systematisk grundlag, hvis dette giver et mere retvisende billede af dennes fordel.
7
Hvis en leasingtager regnskabsmæssigt behandler korte leasingkontrakter i henhold til afsnit 6, skal leasingtageren ved anvendelsen af denne standard anse leasingkontrakten for at være en ny kontrakt, hvis:
a)
leasingkontrakten ændres
 eller
b)
leasingperioden ændres (hvis f.eks. leasingtager udnytter en option, som denne ikke forinden har indregnet i leasingperioden).
8
For korte leasingkontrakter skal valget foretages for kategorier af underliggende aktiver, som er omfattet af brugsret. En kategori af underliggende aktiver er en gruppe af underliggende aktiver af sammenlignelig art og anvendelse i virksomhedens drift. For leasingkontrakter, hvor det underliggende aktiv har en lav værdi, kan valget foretages fra kontrakt til kontrakt.
IDENTIFIKATION AF LEASINGKONTRAKTER (AFSNIT B9-B33)
9
Ved indgåelsen af en kontrakt skal en virksomhed vurdere, hvorvidt kontrakten er eller indeholder en leasingkontrakt. En kontrakt er eller indeholder en leasingkontrakt, hvis den overdrager retten til mod vederlag at kontrollere brugen af et identificeret aktiv i en periode. Afsnit B9-B31 indeholder en vejledning til brug ved vurderingen af, hvorvidt en kontrakt er eller indeholder en leasingkontrakt.
10
En periode kan beskrives ved den brug, der gøres af et identificeret aktiv (f.eks. det antal producerede enheder, som et driftsmiddel vil blive anvendt til at producere).
11
En virksomhed skal kun revurdere, hvorvidt kontrakten er eller indeholder en leasingkontrakt, hvis kontraktvilkårene og -betingelserne ændres.
Opdeling i kontraktelementer
12
I forbindelse med en kontrakt, som er eller indeholder en leasingkontrakt, skal en virksomhed regnskabsmæssigt behandle hvert leasingelement i kontrakten som en leasingkontrakt adskilt fra kontraktens ikke-leasingelementer, medmindre virksomheden anvender den i afsnit 15 omhandlede praksis. Afsnit B32-B33 indeholder en vejledning om opdeling af kontraktens elementer.
Leasingtager
13
I forbindelse med en kontrakt, som indeholder et leasingelement samt et eller flere andre leasing- eller ikke-leasingelementer, skal leasingtager allokere det kontraktmæssige vederlag til hvert leasingelement på basis af den relative isolerede pris for leasingelementet og den samlede isolerede pris for ikke-leasingelementerne.
14
Den relative isolerede pris for leasing- og ikke-leasingelementerne skal fastsættes på grundlag af den pris, som leasinggiver eller en tilsvarende leverandør isoleret set ville opkræve en virksomhed for det pågældende eller et sammenligneligt element. Hvis en isoleret pris ikke umiddelbart kan observeres, skal leasingtager foretage et skøn over den isolerede pris under udnyttelse af så mange tilgængelige oplysninger som muligt.
15
I praksis kan leasingtager for en kategori af underliggende aktiver vælge ikke at foretage nogen opdeling i ikke-leasing- og leasingelementer og i stedet regnskabsmæssigt behandle hvert leasingelement og dertil knyttede ikke-leasingelementer som ét leasingelement. Leasingtager må ikke anvende denne praksis på indbyggede afledte finansielle instrumenter, som opfylder kriterierne i afsnit 4.3.3 i IFRS 9 
Finansielle instrumenter
.
16
Medmindre den i afsnit 15 omhandlede praksis anvendes, skal leasingtager regnskabsmæssigt behandle ikke-leasingelementer i henhold til andre relevante standarder.
Leasinggiver
17
I forbindelse med kontrakter, som indeholder et leasingelement samt et eller flere andre leasing- eller ikke-leasingelementer, skal leasinggiver allokere det kontraktmæssige vederlag i henhold til afsnit 73-90 i IFRS 15.
LEASINGPERIODE (AFSNIT B34-B41)
18
En virksomhed skal fastsætte leasingperioden som den uopsigelige periode af en leasingkontrakt sammen med:
a)
perioder omfattet af en option på forlængelse af leasingkontrakten, såfremt leasingtager med rimelig sikkerhed vil udnytte en sådan option, og
b)
perioder omfattet af en option på opsigelse af leasingkontrakten, såfremt leasingtager med rimelig sikkerhed ikke vil udnytte en sådan option.
19
Ved vurderingen af, hvorvidt en leasingtager med rimelig sikkerhed vil udnytte en option på forlængelse af en leasingkontrakt eller ikke vil udnytte en option på opsigelse af en leasingkontrakt, skal virksomheden tage hensyn til alle relevante forhold og omstændigheder, som udgør et økonomisk incitament for leasingtager til at udnytte optionen på forlængelse af leasingkontrakten eller til ikke at udnytte optionen på opsigelse af leasingkontrakten, jf. afsnit B37-B40.
20
En leasingtager skal revurdere, hvorvidt denne med rimelig sikkerhed vil udnytte en option på forlængelse eller ikke vil udnytte en option på opsigelse, hvis der indtræffer enten en væsentlig begivenhed eller en væsentlig ændring i forhold, som:
a)
er under leasingtagers kontrol og
b)
har betydning for, hvorvidt leasingtager med rimelig sikkerhed vil udnytte en option, som denne ikke forinden har indregnet i leasingperioden, eller ikke vil udnytte en option, som denne forinden har indregnet i leasingperioden (jf. afsnit B41).
21
En virksomhed skal revidere leasingperioden, hvis den uopsigelige periode af en leasingkontrakt ændres. Den uopsigelige periode af en leasingkontrakt ændres f.eks., hvis:
a)
leasingtager udnytter en option, som virksomheden ikke forinden har indregnet i leasingperioden
b)
leasingtager ikke udnytter en option, som virksomheden forinden har indregnet i leasingperioden
c)
der indtræffer en begivenhed, som i henhold til kontrakten forpligter leasingtager til at udnytte en option, som virksomheden ikke forinden har indregnet i leasingperioden, eller
d)
der indtræffer en begivenhed, som i henhold til kontrakten forbyder leasingtager at udnytte en option, som virksomheden forinden har indregnet i leasingperioden.
LEASINGTAGER
Indregning
22
På 
påbegyndelsesdatoen
 skal leasingtager indregne et brugsretsaktiv og en leasingforpligtelse.
Måling
Første måling
Første måling af brugsretsaktivet
23
På påbegyndelsesdatoen skal leasingtager måle brugsretsaktivet til kostpris.
24
Kostprisen for brugsretsaktivet omfatter:
a)
beløbet fra første måling af leasingforpligtelsen som beskrevet i afsnit 26
b)
eventuelle leasingydelser erlagt på eller før påbegyndelsesdatoen med fradrag af eventuelle modtagne 
leasingincitamenter
c)
eventuelle 
direkte startomkostninger
 afholdt af leasingtager og
d)
et skøn over omkostninger, som leasingtager skal afholde til nedtagning og bortskaffelse af det underliggende aktiv og retablering af det sted, hvor det er placeret, eller retablering af det underliggende aktiv i overensstemmelse med kontraktvilkårene og -betingelserne, medmindre de pågældende omkostninger er medgået til produktionen af varebeholdninger; leasingtageren pådrager sig forpligtelsen til at afholde disse omkostninger enten på påbegyndelsesdatoen eller som følge af, at det underliggende aktiv bruges i en bestemt regnskabsperiode.
25
Leasingtager skal indregne de i afsnit 24, litra d), omhandlede omkostninger som en del af omkostningerne ved brugsretsaktivet, når denne pådrager sig en forpligtelse til at afholde disse. Leasingtager skal anvende IAS 2 
Varebeholdninger
 på omkostninger, som afholdes i en bestemt regnskabsperiode som følge af, at brugsretsaktivet bruges til produktionen af varebeholdninger i den pågældende regnskabsperiode. Forpligtelser forbundet med omkostninger, som regnskabsmæssigt behandles i henhold til denne standard eller IAS 2, indregnes og måles i henhold til IAS 37 
Hensatte forpligtelser, eventualforpligtelser og eventualaktiver
.
Første måling af leasingforpligtelsen
26
På påbegyndelsesdatoen skal leasingtager måle leasingforpligtelsen til nutidsværdien af de pr. den pågældende dato ubetalte leasingydelser. Leasingydelserne skal diskonteres ved anvendelse af den 
interne rente i leasingkontrakten
, hvis denne uden videre kan bestemmes. Hvis denne rente ikke uden videre kan bestemmes, skal 
leasingtagers marginale lånerente
 anvendes.
27
På påbegyndelsesdatoen omfatter de leasingydelser, som indgår i målingen af leasingforpligtelsen, følgende betalinger for brugsretten til det underliggende aktiv i leasingperioden, som ikke er afholdt pr. den pågældende dato:
a)
faste ydelser
 (herunder i substansen faste ydelser, jf. afsnit B42) med fradrag af eventuelle tilgodehavender i form af leasingincitamenter
b)
variable leasingydelser
, som afhænger af et indeks eller en sats, og hvor første måling er sket ved hjælp af indekset eller satsen på påbegyndelsesdatoen (jf. afsnit 28)
c)
betalinger, som leasingtager forventer at skulle afholde i henhold til 
restværdigarantier
d)
udnyttelseskursen for en købsoption, såfremt leasingtager med rimelig sikkerhed vil udnytte en sådan option (vurderet under hensyntagen til de i afsnit B37-B40 beskrevne faktorer), og
e)
betaling af bod for opsigelse af leasingkontrakten, såfremt leasingperioden afspejler, at leasingtager vil udnytte en option på at opsige leasingkontrakten.
28.
Variable leasingydelser, som afhænger af et indeks eller en sats som omhandlet i afsnit 27, litra b), omfatter eksempelvis ydelser knyttet til et forbrugerprisindeks, ydelser knyttet til en toneangivende rente (såsom LIBOR) eller ydelser, som ændres i takt med udviklingen i markedslejen.
Efterfølgende måling
Efterfølgende måling af brugsretsaktivet
29.
Efter påbegyndelsesdatoen skal leasingtager måle brugsretsaktivet ved anvendelse af en kostprismodel, medmindre denne anvender en af de i afsnit 34 og 35 omhandlede målingsmodeller.
Kostprismodel
30
Ved anvendelse af en kostprismodel skal leasingtager måle brugsretsaktivet til kostpris:
a)
med fradrag af akkumulerede afskrivninger og akkumulerede tab ved værdiforringelse og
b)
reguleret for eventuelle omvurderinger af leasingforpligtelsen, jf. afsnit 36, litra c).
31
Leasingtager skal ved afskrivning på brugsretsaktivet anvende afskrivningskravene i IAS 16 
Materielle anlægsaktiver
 med forbehold af kravene i afsnit 32.
32
Hvis ejendomsretten til det underliggende aktiv ved leasingkontrakten overdrages til leasingtager ved leasingperiodens udløb, eller hvis kostprisen for brugsretsaktivet afspejler, at leasingtager vil udnytte en købsoption, skal leasingtager afskrive brugsretsaktivet over en periode fra påbegyndelsesdatoen frem til udløbet af det underliggende aktivs 
brugstid
. Ellers skal leasingtager afskrive brugsretsaktivet over en periode fra påbegyndelsesdatoen frem til enten udløbet af brugsretsaktivets 
brugstid
 eller leasingperiodens udløb, alt efter hvad der kommer først.
33
Leasingtager skal anvende IAS 36 
Værdiforringelse af aktiver
 ved fastsættelsen af, hvorvidt brugsretsaktivet er værdiforringet, samt ved den regnskabsmæssige behandling af et identificeret tab ved værdiforringelse.
Andre målingsmodeller
34
Hvis leasingtager anvender dagsværdimodellen i IAS 40 
Investeringsejendomme
 på sin investeringsejendom, skal leasingtager også anvende den pågældende dagsværdimodel på brugsretsaktiver, som er omfattet af definitionen af investeringsejendomme i IAS 40.
35
Hvis brugsretsaktiver kan henføres til en kategori af materielle anlægsaktiver, på hvilken leasingtager anvender omvurderingsmodellen i IAS 16, kan leasingtager vælge at anvende nævnte omvurderingsmodel på alle brugsretsaktiver, som kan henføres til den pågældende kategori af materielle anlægsaktiver.
Efterfølgende måling af leasingforpligtelsen
36
Efter påbegyndelsesdatoen skal leasingtager måle brugsretsaktivet ved:
a)
at forøge den regnskabsmæssige værdi, således at denne afspejler renterne af leasingforpligtelsen
b)
at reducere den regnskabsmæssige værdi, således at denne afspejler de erlagte leasingydelser, og
c)
at foretage omvurdering af den regnskabsmæssige værdi, således at denne afspejler revurderinger eller ændringer af leasingkontrakten, jf. afsnit 39-46, eller reviderede, i substansen faste leasingydelser (jf. afsnit B42).
37
Renterne af leasingforpligtelsen i hver regnskabsperiode i leasingperioden er det beløb, som frembringer en konstant periodisk forrentning af den resterende leasingforpligtelse. Den periodiske rente er den diskonteringssats, som beskrives i afsnit 26, eller, hvis det er relevant, den reviderede diskonteringssats, som beskrives i afsnit 41, 43 eller 45, litra c).
38
Efter påbegyndelsesdatoen skal leasingtager, medmindre omkostningerne i henhold til andre relevante standarder er medtaget i et andet aktivs regnskabsmæssige værdi, i resultatet indregne både:
a)
renterne af leasingforpligtelsen og
b)
variable leasingydelser, som ikke er medtaget i målingen af leasingforpligtelsen i den regnskabsperiode, hvor den begivenhed eller de forhold, som udløser ydelserne, indtræffer.
Revurdering af leasingforpligtelsen
39
Efter påbegyndelsesdatoen skal leasingtager anvende afsnit 40-43 med henblik på omvurdering af leasingforpligtelsen, således at denne afspejler ændringer i leasingydelserne. Leasingtager skal indregne beløbet fra omvurderingen af leasingforpligtelsen som en regulering af brugsretsaktivet. Hvis brugsretsaktivets regnskabsmæssige værdi reduceres til nul, og der forekommer en yderligere reduktion i målingen af leasingforpligtelsen, skal leasingtager dog indregne sådanne resterende beløb fra omvurderingen i resultatet.
40
Leasingtager skal foretage omvurdering af leasingforpligtelsen ved diskontering af de reviderede leasingydelser med en revideret diskonteringssats, hvis:
a)
leasingperioden ændres som beskrevet i afsnit 20-21. Leasingtager skal fastsætte de reviderede leasingydelser på grundlag af den reviderede leasingperiode, eller
b)
vurderingen af en option på at købe det underliggende aktiv ændres under hensyntagen til de i afsnit 20-21 omhandlede begivenheder og omstændigheder med henblik på en købsoption. Leasingtager skal fastsætte de reviderede leasingydelser, således at de afspejler ændringen i de skyldige betalinger i henhold til købsoptionen.
41
Ved anvendelse af afsnit 40 skal leasingtager fastsætte den reviderede diskonteringssats som den interne rente i leasingkontrakten over den resterende del af leasingperioden, hvis denne uden videre kan bestemmes, eller leasingtagers marginale lånerente på revurderingstidspunktet, hvis den interne rente i leasingkontrakten ikke uden videre kan bestemmes.
42
Leasingtager skal foretage omvurdering af leasingforpligtelsen ved diskontering af de reviderede leasingydelser, hvis:
a)
de betalinger, som forventes at skulle afholdes i henhold til en restværdigaranti, ændres. Leasingtager skal fastsætte de reviderede leasingydelser, således at de afspejler ændringen i de betalinger, som forventes at skulle afholdes i henhold til restværdigarantien, eller
b)
de fremtidige leasingydelser ændres som følge af en ændring i et indeks eller en sats, som anvendes til fastsættelse af disse betalinger, herunder eksempelvis en ændring, som afspejler udviklingen i markedslejen. Leasingtager skal først foretage omvurdering af leasingforpligtelsen, således at den afspejler disse reviderede leasingydelser, når pengestrømmene ændres (dvs., når reguleringen af leasingydelserne får virkning). Leasingtager skal fastsætte de reviderede leasingydelser for den resterende del af leasingperioden på grundlag af de reviderede kontraktmæssige betalinger.
43
Ved anvendelse af afsnit 42 skal leasingtager benytte en uændret diskonteringssats, medmindre ændringen i leasingydelserne skyldes en ændring i variable renter. I så fald skal leasingtager anvende en revideret diskonteringssats, som afspejler ændringerne i renten.
Ændringer af leasingkontrakten
44
Leasingtager skal regnskabsmæssigt behandle en ændring af leasingkontrakten som en separat leasingkontrakt, hvis begge de følgende betingelser er opfyldt:
a)
ændringen øger leasingkontraktens anvendelsesområde ved at tilføje brugsretten til et eller flere underliggende aktiver og
b)
det kontraktmæssige vederlag øges med et beløb, som afspejler den isolerede pris for forøgelsen af anvendelsesområdet samt eventuelle passende reguleringer af denne isolerede pris til afspejling af omstændighederne ved den konkrete kontrakt.
45
I forbindelse med en ændring af leasingkontrakten, som regnskabsmæssigt ikke behandles som en separat leasingkontrakt, skal leasingtager på 
datoen for ikrafttrædelsen af ændringen af leasingkontrakten
:
a)
allokere vederlaget i den ændrede kontrakt i henhold til afsnit 13-16
b)
fastsætte leasingperioden i den ændrede kontrakt i henhold til afsnit 18-19 og
c)
foretage omvurdering af leasingforpligtelsen ved diskontering af de reviderede leasingydelser med en revideret diskonteringssats. Den reviderede diskonteringssats fastsættes som den interne rente i leasingkontrakten over den resterende del af leasingperioden, hvis denne uden videre kan bestemmes, eller leasingtagers marginale lånerente på datoen for ændringens ikrafttrædelse, hvis den interne rente i leasingkontrakten ikke uden videre kan bestemmes.
46
I forbindelse med en ændring af leasingkontrakten, som regnskabsmæssigt ikke behandles som en separat leasingkontrakt, skal leasingtager regnskabsmæssigt behandle omvurderingen af leasingforpligtelsen ved:
a)
i forbindelse med kontraktændringer, som reducerer leasingkontraktens anvendelsesområde, at reducere brugsretsaktivets regnskabsmæssige værdi, således at det afspejler den delvise eller fuldstændige opsigelse af leasingkontrakten. Leasingtager skal indregne eventuelle gevinster og tab forbundet med den delvise eller fuldstændige opsigelse af leasingkontrakten i resultatet
b)
i forbindelse med alle andre kontraktændringer, at foretage en tilsvarende regulering af brugsretsaktivet.
46A
En leasingtager kan i praksis vælge ikke at vurdere, om et lejenedslag, der opfylder betingelserne i afsnit 46B, er en ændring af leasingkontrakten. En leasingtager, der foretager dette valg, skal regnskabsmæssigt behandle eventuelle ændringer i leasingydelserne som følge af lejenedslaget på samme måde, som leasingtager regnskabsmæssigt ville behandle ændringen under anvendelse af denne standard, hvis ændringen ikke var en ændring af leasingkontrakten.
46B
Den i afsnit 46A omhandlede praksis finder kun anvendelse på lejenedslag, der forekommer som en direkte følge af covid-19-pandemien, og kun hvis alle følgende betingelser er opfyldt:
a)
ændringen i leasingydelser resulterer i et revideret vederlag for leasingkontrakten, som i det væsentlige er identisk med eller mindre end vederlaget for leasingkontrakten umiddelbart forud for ændringen
b)
enhver reduktion af leasingydelserne påvirker kun ydelser, der oprindeligt var forfaldne senest den 30. juni 2022 (f.eks. ville et lejenedslag opfylde denne betingelse, hvis det resulterer i reducerede leasingydelser, der er forfaldne senest den 30. juni 2022, og forhøjede leasingydelser, der strækker sig ud over den 30. juni 2022), og
c)
der er ingen væsentlige ændringer af leasingkontraktens øvrige vilkår og betingelser.
Præsentation
47
Leasingtager skal enten i balancen præsentere eller i noterne oplyse om:
a)
brugsretsaktiver separat fra andre aktiver. Hvis leasingtager ikke præsenterer brugsretsaktiver separat i balancen, skal denne:
i)
præsentere brugsretsaktiver under den samme regnskabspost, som ville være blevet anvendt, hvis de pågældende underliggende aktiver havde været ejet, og
ii)
oplyse om, til hvilke regnskabsposter i balancen de omhandlede brugsretsaktiver er henført
b)
leasingforpligtelser separat fra andre forpligtelser. Hvis leasingtager ikke præsenterer leasingforpligtelser separat i balancen, skal denne oplyse om, til hvilke regnskabsposter i balancen de omhandlede forpligtelser er henført.
48
Kravet i afsnit 47, litra a), finder ikke anvendelse på brugsretsaktiver, som er omfattet af definitionen af investeringsejendomme, som i balancen skal præsenteres som investeringsejendomme.
49
Leasingtager skal i resultatopgørelse og anden totalindkomst præsentere renteomkostningerne ved leasingforpligtelsen separat fra afskrivningerne på brugsretsaktivet. Renteomkostningerne ved leasingforpligtelsen indgår i finansieringsomkostningerne, som i henhold til afsnit 82, litra b), i IAS 1 
Præsentation af årsregnskaber
 skal præsenteres separat i resultatopgørelse og anden totalindkomst.
50
I pengestrømsopgørelsen skal leasingtager klassificere:
a)
udbetalinger vedrørende leasingforpligtelsens hovedstol under finansieringsaktivitet
b)
udbetalinger vedrørende leasingforpligtelsens rentedel i henhold til kravene vedrørende rentebetalinger i IAS 7 
Pengestrømsopgørelsen
 og
c)
ydelser vedrørende korte leasingkontrakter og leasingkontrakter, hvor aktiverne har en lav værdi, samt variable leasingydelser, som ikke indgår i målingen af leasingforpligtelsen, under driftsaktivitet.
Oplysninger
51
Formålet med oplysningerne er, at leasingtager i noterne giver oplysninger, som sammen med oplysningerne i balancen, resultatopgørelsen og pengestrømsopgørelsen giver regnskabsbrugere et grundlag for at vurdere leasingkontrakters virkning på leasingtagers finansielle stilling, indtjening og pengestrømme. Afsnit 52-60 indeholder krav, som skal tilgodese dette formål.
52
Leasingtager skal i en særskilt note eller en separat del af årsregnskabet oplyse om leasingkontrakter, hvor denne er leasingtager. Leasingtager behøver imidlertid ikke at reproducere oplysninger, som allerede er præsenteret andetsteds i årsregnskabet, forudsat at der henvises til sådanne oplysninger i den særskilte note eller den separate del om leasingkontrakter.
53
Leasingtager skal oplyse om følgende beløb for regnskabsperioden:
a)
afskrivninger på brugsretsaktiver for kategorier af underliggende aktiver
b)
renteomkostninger ved leasingforpligtelser
c)
omkostninger vedrørende korte leasingkontrakter, som regnskabsmæssigt behandles i henhold til afsnit 6. Disse omkostninger behøver ikke omfatte omkostningerne vedrørende leasingkontrakter med en leasingperiode på højst en måned
d)
omkostninger vedrørende leasingkontrakter, hvor aktiverne har en lav værdi, som regnskabsmæssigt behandles i henhold til afsnit 6. Disse omkostninger må ikke omfatte omkostninger vedrørende korte leasingkontrakter, hvor aktiverne har en lav værdi, omfattet af afsnit 53, litra c)
e)
omkostninger i form af variable leasingydelser, som ikke indgår i målingen af leasingforpligtelserne
f)
indtægter fra fremleasing af brugsretsaktiver
g)
samlede udgående pengestrømme vedrørende leasingkontrakter
h)
tilgang af brugsretsaktiver
i)
gevinster eller tab hidrørende fra sale and leaseback-transaktioner og
j)
brugsretsaktivernes regnskabsmæssige værdi ved regnskabsperiodens afslutning for kategorier af underliggende aktiver.
54
Leasingtager skal afgive de i afsnit 53 omhandlede oplysninger i tabelform, medmindre en anden form er mere hensigtsmæssig. De oplyste beløb skal omfatte omkostninger, som leasingtager i regnskabsperioden har medtaget i et andet aktivs regnskabsmæssige værdi.
55
Leasingtager skal oplyse det beløb vedrørende sine forpligtelser i henhold til korte leasingkontrakter, som regnskabsmæssigt behandles i henhold til afsnit 6, hvis porteføljen af korte leasingkontrakter, som denne er bundet af ved regnskabsperiodens afslutning, ikke svarer til den portefølje af korte leasingkontrakter, som de omkostninger vedrørende korte leasingkontrakter, hvorom der er oplyst i henhold til afsnit 53, litra c), vedrører.
56
Hvis brugsretsaktivet er omfattet af definitionen af investeringsejendomme, skal leasingtager anvende oplysningskravene i IAS 40. Leasingtager skal i så fald ikke afgive de i afsnit 53, litra a), f), h) eller j), omhandlede oplysninger for disse brugsretsaktiver.
57
Hvis leasingtager måler brugsretsaktiver til omvurderet værdi i henhold til IAS 16, skal denne for de pågældende brugsretsaktiver afgive de i afsnit 77 i IAS 16 krævede oplysninger.
58
Leasingtager skal præsentere en løbetidsanalyse af leasingforpligtelser, jf. afsnit 39 og B11 i IFRS 7 
Finansielle instrumenter: Oplysninger
 separat fra løbetidsanalyser af andre finansielle forpligtelser.
59
Ud over oplysningerne i afsnit 53-58 skal leasingtager afgive de supplerende kvalitative og kvantitative oplysninger om sine leasingaktiviteter, som er nødvendige for at leve op til oplysningsformålet i afsnit 51 (jf. afsnit B48). Disse supplerende oplysninger kan omfatte, men er ikke begrænset til, oplysninger, som hjælper regnskabsbrugere med at vurdere:
a)
karakteren af leasingtagers leasingaktiviteter
b)
fremtidige udgående pengestrømme, mod hvilke leasingtager potentielt er eksponeret, og som ikke afspejles i målingen af leasingforpligtelser. Dette omfatter eksponeringer hidrørende fra:
i)
variable leasingydelser (jf. afsnit B49)
ii)
optioner på forlængelse og optioner på opsigelse (jf. afsnit B50)
iii)
restværdigarantier (jf. afsnit B51) og
iv)
endnu ikke påbegyndte leasingkontrakter, som leasingtager er bundet af
c)
begrænsninger eller klausuler i leasingkontrakter og
d)
sale and leaseback-transaktioner (jf. afsnit B52).
60
Hvis leasingtager regnskabsmæssigt behandler korte leasingkontrakter eller leasingkontrakter, hvor aktiverne har en lav værdi, i henhold til afsnit 6, skal denne oplyse herom.
60A
Hvis en leasingtager anvender den i afsnit 46A omhandlede praksis, skal leasingtager oplyse:
a)
at leasingtager har anvendt denne praksis på alle former for lejenedslag, der opfylder betingelserne i afsnit 46B, eller, hvis den ikke anvendes på alle lejenedslag, oplyse om arten af de kontrakter, som leasingtager har anvendt denne praksis på (jf. afsnit 2), og
b)
det beløb, der er indregnet i resultatet for regnskabsperioden, for at afspejle ændringer i leasingydelser, som hidrører fra lejenedslag, som leasingtager har anvendt den i afsnit 46A omhandlede praksis på.
LEASINGGIVER
Klassifikation af leasingkontrakter (afsnit B53-B58)
61
Leasinggiver skal klassificere hver af sine leasingkontrakter som enten en 
operationel leasingkontrakt
 eller en 
finansiel leasingkontrakt
.
62
En leasingkontrakt klassificeres som en finansiel leasingkontrakt, hvis i det væsentlige samtlige risici og fordele forbundet med ejendomsretten til et underliggende aktiv overdrages. En leasingkontrakt klassificeres som en operationel leasingkontrakt, hvis ikke i det væsentlige samtlige risici og fordele forbundet med ejendomsretten til et underliggende aktiv overdrages.
63
Hvorvidt en leasingkontrakt er en finansiel eller en operationel leasingkontrakt, afhænger af indholdet af transaktionen og ikke af kontraktens form. Følgende er eksempler på situationer, som hver for sig eller kombineret normalt vil medføre klassifikation af en leasingkontrakt som en finansiel leasingkontrakt:
a)
ved leasingkontrakten overdrages ejendomsretten til et underliggende aktiv til leasingtager ved leasingperiodens udløb
b)
leasingtager har en option på at købe det underliggende aktiv til en pris, der forventes at være så meget lavere end 
dagsværdien
 på datoen, hvor optionen kan udnyttes, at det på 
indgåelsesdatoen
 er rimeligt sikkert, at købsretten vil blive udnyttet
c)
leasingperioden strækker sig over størstedelen af det underliggende aktivs 
økonomiske levetid
, selv om ejendomsretten ikke overdrages
d)
nutidsværdien af leasingydelserne på indgåelsesdatoen i det væsentlige svarer til mindst hele det underliggende aktivs dagsværdi, og
e)
det underliggende aktiv er af en sådan specialiseret art, at det udelukkende kan anvendes af leasingtager, medmindre der foretages væsentlige modifikationer.
64
Følgende er eksempler på situationer, som hver for sig eller kombineret ligeledes kan medføre klassifikation af en leasingkontrakt som en finansiel leasingkontrakt:
a)
hvis leasingtager kan opsige leasingkontrakten, bæres leasinggivers tab i forbindelse med opsigelsen 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 provenuet fra salget ved leasingperiodens udløb), og
c)
leasingtager har mulighed for at fortsætte leasingkontrakten i yderligere en periode til en lejeydelse, som er væsentligt lavere end markedslejen.
65
Eksemplerne og indikatorerne i afsnit 63-64 fører ikke altid til en klar konklusion. Hvis det på baggrund af andre faktorer tydeligt fremgår, at ikke i det væsentlige samtlige risici og fordele forbundet med ejendomsretten til et underliggende aktiv overdrages ved leasingkontrakten, skal denne klassificeres som en operationel leasingkontrakt. Dette kan eksempelvis være tilfældet, hvis ejendomsretten til det underliggende aktiv overdrages ved leasingperiodens udløb mod en variabel ydelse, som svarer til dagsværdien pr. denne dato, eller hvis der er variable leasingydelser, som medfører, at ikke i det væsentlige samtlige sådanne risici og fordele overdrages af leasinggiver.
66
Klassifikation af en leasingkontrakt foretages på indgåelsesdatoen og revurderes kun, hvis leasingkontrakten ændres. Ændringer i skøn (eksempelvis ændringer i skøn over den økonomiske levetid eller restværdien af det underliggende aktiv) eller ændringer i forhold (eksempelvis leasingtagers misligholdelse af kontrakten) medfører ikke en ny regnskabsmæssig klassifikation af en leasingkontrakt.
Finansielle leasingkontrakter
Indregning og måling
67
På påbegyndelsesdatoen skal leasinggiver indregne finansielt leasede aktiver i sin balance og præsentere disse som et tilgodehavende, der beløbsmæssigt svarer til 
nettoinvesteringen i leasingkontrakten
.
Første måling
68
Leasinggiver skal anvende den interne rente i leasingkontrakten til at måle nettoinvesteringen i leasingkontrakten. I tilfælde af fremleasing kan den mellemliggende leasinggiver, hvis den interne rente i fremleasingkontrakten ikke uden videre kan bestemmes, anvende diskonteringssatsen i den overordnede leasingkontrakt (reguleret for direkte startomkostninger forbundet med fremleasingen) til at måle nettoinvesteringen i fremleasingkontrakten.
69
De direkte startomkostninger ud over dem, som afholdes af producenter eller forhandlere som leasinggivere, medtages i den første måling af nettoinvesteringen i leasingkontrakten og reducerer den indtægt, som indregnes over leasingperioden. Den interne rente i leasingkontrakten er defineret således, at de direkte startomkostninger automatisk medtages i nettoinvesteringen i leasingkontrakten; der er således ingen grund til at lægge dem til særskilt.
Første måling af de leasingydelser, som indgår i nettoinvesteringen i leasingkontrakten
70
På påbegyndelsesdatoen omfatter de leasingydelser, som indgår i målingen af nettoinvesteringen i leasingkontrakten, følgende betalinger for brugsretten til det underliggende aktiv i leasingperioden, som ikke er modtaget på den pågældende dato:
a)
faste ydelser (herunder i substansen faste ydelser, jf. afsnit B42) med fradrag af eventuelle skyldige beløb i form af leasingincitamenter
b)
variable leasingydelser, som afhænger af et indeks eller en sats, og hvor første måling er sket ved hjælp af indekset eller satsen på påbegyndelsesdatoen
c)
eventuelle restværdigarantier stillet over for leasinggiver af leasingtager, en nærtstående part til leasingtager, eller en tredjepart, som ikke er tilknyttet leasinggiver, og som økonomisk er i stand til at indfri forpligtelserne i henhold til garantien
d)
udnyttelseskursen for en købsoption, såfremt leasingtager med rimelig sikkerhed vil udnytte en sådan option (vurderet under hensyntagen til de i afsnit B37 beskrevne faktorer), og
e)
betaling af bod for opsigelse af leasingkontrakten, såfremt leasingperioden afspejler, at leasingtager vil udnytte en option på at opsige leasingkontrakten.
Producenter eller forhandlere som leasinggivere
71
På påbegyndelsesdatoen skal en producent eller forhandler som leasinggiver indregne følgende for hver af sine finansielle leasingkontrakter:
a)
omsætning, som er det underliggende aktivs dagsværdi eller nutidsværdien af de leasingydelser, der tilfalder leasinggiver, diskonteret ved anvendelse af en markedsrente, hvis denne er lavere
b)
salgsomkostning, som er det underliggende aktivs kostpris eller dettes regnskabsmæssige værdi, hvis denne er forskellig herfra, med fradrag af nutidsværdien af den 
ikke-garanterede restværdi
 og
c)
salgsavance eller tab (som er forskellen mellem omsætningen og salgsomkostningen) i overensstemmelse med virksomhedens praksis for direkte salg, hvorpå IFRS 15 finder anvendelse. En producent eller forhandler som leasinggiver skal indregne salgsavance eller tab vedrørende en finansiel leasingkontrakt på påbegyndelsesdatoen, uanset om leasinggiver overdrager det underliggende aktiv som beskrevet i IFRS 15.
72
Producenter eller forhandlere giver ofte kunder mulighed for at vælge mellem enten at købe eller lease et aktiv. Finansielle leasingkontrakter vedrørende et aktiv med en producent eller forhandler som leasinggiver medfører en avance eller et tab svarende til avancen eller tabet fra direkte salg af det underliggende aktiv til normale salgspriser, der afspejler eventuelle mængde- eller forhandlerrabatter.
73
Producenter eller forhandlere som leasinggivere anfører undertiden kunstigt lave rentesatser for at tiltrække kunder. Anvendelsen af en sådan sats vil betyde, at leasinggiver indregner en for stor del af de samlede indtægter fra transaktionen på påbegyndelsesdatoen. Hvis kunstigt lave rentesatser anføres, skal en producent eller forhandler som leasinggiver begrænse salgsavancen til at omfatte den avance, der ville være gældende, hvis en markedsrente var blevet anvendt.
74
En producent eller forhandler som leasinggiver skal indregne omkostninger, som afholdes i forbindelse med opnåelse af en finansiel leasingkontrakt, på påbegyndelsesdatoen, idet de hovedsagelig er tilknyttet frembringelsen af producentens eller forhandlerens salgsavance. Omkostninger afholdt af producenter eller forhandlere som leasinggivere i forbindelse med opnåelse af en finansiel leasingkontrakt er ikke omfattet af definitionen af direkte startomkostninger og indgår derfor ikke i nettoinvesteringen i leasingkontrakten.
Efterfølgende måling
75
Leasinggiver skal indregne finansieringsindtægter over leasingperioden på grundlag af et mønster, der afspejler et konstant periodisk afkast af leasinggivers nettoinvestering i leasingkontrakten.
76
Leasinggiver sigter efter at allokere finansieringsindtægter over leasingperioden på et systematisk og rationelt grundlag. Leasinggiver skal modregne regnskabsperiodens leasingydelser i 
bruttoinvesteringen i leasingkontrakten
 for at reducere både hovedstol og 
ikke-indtjente finansieringsindtægter
.
77
Leasinggiver skal anvende kravene om ophør af indregning og værdiforringelse i IFRS 9 på nettoinvesteringen i leasingkontrakten. Leasinggiver skal med jævne mellemrum gennemgå skøn over ikke-garanterede restværdier, som er anvendt ved beregningen af bruttoinvesteringen i leasingkontrakten. Hvis den skønnede ikke-garanterede restværdi er reduceret, skal leasinggiver revidere allokeringen af indtægter over leasingperioden og straks foretage en eventuel reduktion af indregnede beløb.
78
En leasinggiver, som klassificerer et finansielt leaset aktiv som besiddelse med henblik på salg (eller medtager dette i en afståelsesgruppe, som er klassificeret som besiddelse med henblik på salg) i henhold til IFRS 5 
Anlægsaktiver, som besiddes med henblik på salg og ophørte aktiviteter
, skal regnskabsmæssigt behandle det pågældende aktiv i overensstemmelse med nævnte standard.
Ændringer af leasingkontrakten
79
Leasinggiver skal regnskabsmæssigt behandle en ændring af en finansiel leasingkontrakt som en separat leasingkontrakt, hvis begge de følgende betingelser er opfyldt:
a)
ændringen øger leasingkontraktens anvendelsesområde ved at tilføje brugsretten til et eller flere underliggende aktiver og
b)
det kontraktmæssige vederlag øges med et beløb, som afspejler den isolerede pris for forøgelsen af anvendelsesområdet samt eventuelle passende reguleringer af denne isolerede pris til afspejling af omstændighederne ved den konkrete kontrakt.
80
I forbindelse med en ændring af en finansiel leasingkontrakt, som regnskabsmæssigt ikke behandles som en separat leasingkontrakt, skal leasinggiver regnskabsmæssigt behandle ændringen på følgende måde:
a)
hvis leasingkontrakten ville være blevet klassificeret som en operationel leasingkontrakt, hvis ændringen havde været gældende på indgåelsesdatoen, skal leasinggiver:
i)
regnskabsmæssigt behandle ændringen af leasingkontrakten som en ny leasingkontrakt fra ændringens ikrafttrædelsesdato og
ii)
måle det underliggende aktivs regnskabsmæssige værdi som nettoinvesteringen i leasingkontrakten umiddelbart før ikrafttrædelsesdatoen for ændringen af leasingkontrakten
b)
ellers skal leasinggiver anvende kravene i IFRS 9.
Operationelle leasingkontrakter
Indregning og måling
81
Leasinggiver skal indregne leasingydelser fra operationelle leasingkontrakter som indtægter enten lineært eller på et andet systematisk grundlag. Leasinggiveren skal anvende et andet systematisk grundlag, hvis dette er mere retvisende for det mønster, hvorefter fordelen ved brugen af det underliggende aktiv mindskes.
82
Leasinggiver skal indregne omkostninger, herunder afskrivninger, afholdt ved frembringelsen af leasingindtægterne.
83
Leasinggiver skal lægge direkte startomkostninger, som afholdes i forbindelse med opnåelse af en operationel leasingkontrakt, til den regnskabsmæssige værdi af det underliggende aktiv og indregne disse omkostninger over leasingperioden på samme grundlag som leasingindtægterne.
84
Afskrivningspraksis for afskrivningsberettigede underliggende aktiver, der er genstand for operationelle leasingkontrakter, skal stemme overens med leasinggivers normale afskrivningspraksis for tilsvarende aktiver. Leasinggiver skal beregne afskrivningerne i overensstemmelse med IAS 16 og IAS 38.
85
Leasinggiver skal anvende IAS 36 ved fastsættelsen af, hvorvidt et underliggende aktiv, der er genstand for en operationel leasingkontrakt, er værdiforringet, samt ved den regnskabsmæssige behandling af et identificeret tab ved værdiforringelse.
86
En producent eller forhandler som leasinggiver indregner ikke eventuel salgsavance ved indgåelsen af en operationel leasingkontrakt, idet det ikke svarer til et salg.
Ændringer af leasingkontrakten
87
Leasinggiver skal regnskabsmæssigt behandle en ændring af en operationel leasingkontrakt som en ny leasingkontrakt fra ændringens ikrafttrædelsesdato, idet forudbetalte eller skyldige leasingydelser vedrørende den oprindelige leasingkontrakt betragtes som en del af leasingydelserne i den nye leasingkontrakt.
Præsentation
88
Leasinggiver skal præsentere underliggende aktiver, som er genstand for operationelle leasingkontrakter, i sin balance i overensstemmelse med aktivets art.
Oplysninger
89
Formålet med oplysningerne er, at leasinggiver i noterne giver oplysninger, som sammen med oplysningerne i balancen, resultatopgørelsen og pengestrømsopgørelsen giver regnskabsbrugere et grundlag for at vurdere leasingkontrakters virkning på leasinggivers finansielle stilling, indtjening og pengestrømme. Afsnit 90-97 indeholder krav, som skal tilgodese dette formål.
90
Leasinggiver skal oplyse om følgende beløb for regnskabsperioden:
a)
for finansielle leasingkontrakter:
i)
salgsavance eller tab
ii)
finansieringsindtægter fra nettoinvesteringen i leasingkontrakten og
iii)
indtægter i form af variable leasingydelser, som ikke indgår i målingen af nettoinvesteringen i leasingkontrakten
b)
for operationelle leasingkontrakter, leasingindtægter, idet indtægter i form af variable leasingydelser, som ikke afhænger af et indeks eller en sats, oplyses separat.
91
Leasinggiver skal afgive de i afsnit 90 omhandlede oplysninger i tabelform, medmindre en anden form er mere hensigtsmæssig.
92
Leasinggiver skal afgive de supplerende kvalitative og kvantitative oplysninger om sine leasingaktiviteter, som er nødvendige for at leve op til oplysningsformålet i afsnit 89. Disse supplerende oplysninger omfatter, men er ikke begrænset til, oplysninger, som hjælper regnskabsbrugere med at vurdere:
a)
karakteren af leasinggivers leasingaktiviteter og
b)
hvorledes leasinggiver styrer den risiko, der er forbundet med eventuelle rettigheder til underliggende aktiver, som denne beholder. Leasinggiver skal særlig oplyse om sin risikostyringsstrategi for de rettigheder til underliggende aktiver, som denne beholder, herunder om den måde, hvorpå leasinggiver reducerer denne risiko. Dette kan f.eks. ske gennem buy-back-forretninger, restværdigarantier eller variable leasingydelser i tilfælde af, at brugen overstiger bestemte grænser.
Finansielle leasingkontrakter
93
Leasinggiver skal give en kvalitativ og kvantitativ redegørelse for væsentlige ændringer i den regnskabsmæssige værdi af nettoinvesteringen i finansielle leasingkontrakter.
94
Leasinggiver skal præsentere en løbetidsanalyse af tilgodehavender i form af leasingydelser, som viser de udiskonterede tilgodehavender i form af leasingydelser på årsbasis for mindst hvert af de første fem år samt en sum af beløbene vedrørende de resterende år. Leasinggiver skal afstemme de udiskonterede leasingydelser med nettoinvesteringen i leasingkontrakten. Afstemningen skal identificere de ikke-indtjente finansieringsindtægter fra tilgodehavender i form af leasingydelser samt en ikke-garanteret restværdi.
Operationelle leasingkontrakter
95
I forbindelse med materielle anlægsaktiver, der er genstand for en operationel leasingkontrakt, skal leasinggiver anvende oplysningskravene i IAS 16. Ved anvendelsen af oplysningskravene i IAS 16 skal leasinggiver opdele hver kategori af materielle anlægsaktiver i aktiver, der er genstand for operationelle leasingkontrakter, og aktiver, der ikke er genstand for operationelle leasingkontrakter. På samme måde skal leasinggiver afgive de i IAS 16 krævede oplysninger om aktiver, der er genstand for en operationel leasingkontrakt (for kategorier af underliggende aktiver), separat fra ejede aktiver, som besiddes og bruges af leasinggiver.
96
Leasinggiver skal anvende oplysningskravene i IAS 36, IAS 38, IAS 40 og IAS 41 på aktiver, der er genstand for operationelle leasingkontrakter.
97
Leasinggiver skal præsentere en løbetidsanalyse af leasingydelser, som viser de udiskonterede tilgodehavender i form af leasingydelser på årsbasis for mindst hvert af de første fem år samt en sum af beløbene vedrørende de resterende år.
SALE AND LEASEBACK-TRANSAKTIONER
98
Hvis en virksomhed (sælger/leasingtager) overdrager et aktiv til en anden virksomhed (køber/leasinggiver) og tilbageleaser dette aktiv fra køber/leasinggiver, skal såvel sælger/leasingtager som køber/leasinggiver regnskabsmæssigt behandle overdragelseskontrakten og leasingkontrakten i henhold til afsnit 99-103.
Vurdering af, hvorvidt overdragelsen af aktivet er et salg
99
Virksomheden skal ved afgørelsen af, hvorvidt overdragelsen af et aktiv regnskabsmæssigt skal behandles som et salg af det pågældende aktiv, anvende kravene til, hvornår en leveringsforpligtelse er opfyldt, jf. IFRS 15.
Overdragelsen af aktivet er et salg
100
Hvis sælgers/leasingtagers overdragelse af et aktiv opfylder kravene i IFRS 15 til regnskabsmæssigt at blive behandlet som et salg af aktivet, skal:
a)
sælger/leasingtager måle det brugsretsaktiv, som leaseback-transaktionen giver anledning til, til den andel af aktivets tidligere regnskabsmæssige værdi, som er knyttet til den brugsret, som sælger/leasingtager beholder. På samme måde skal sælger/leasingtager kun indregne en eventuel gevinst eller et eventuelt tab, som er knyttet til den ret, som overdrages til køber/leasinggiver
b)
køber/leasinggiver regnskabsmæssigt behandle købet af aktivet i henhold til relevante standarder og leasingkontrakten i henhold til denne standards regnskabskrav til leasinggiver.
101
Hvis dagsværdien af vederlaget for salget af et aktiv ikke svarer til aktivets dagsværdi, eller leasingydelserne ikke svarer til markedssatsen, skal virksomheden foretage følgende regulering for at måle provenuet fra salget til dagsværdi:
a)
vilkår, der ligger under markedsvilkårene, skal regnskabsmæssigt behandles som forudbetalte leasingydelser, og
b)
vilkår, der ligger over markedsvilkårene, skal regnskabsmæssigt behandles som supplerende finansiering fra køber/leasinggiver til sælger/leasingtager.
102
Virksomheden skal måle enhver potentiel regulering i henhold til afsnit 101 på grundlag af, hvad der mest umiddelbart kan bestemmes af:
a)
forskellen mellem dagsværdien af vederlaget for salget og aktivets dagsværdi og
b)
forskellen mellem nutidsværdien af de kontraktmæssige leasingydelser og nutidsværdien af leasingydelserne til markedssats.
Overdragelsen af aktivet er ikke et salg
103
Hvis sælgers/leasingtagers overdragelse af et aktiv ikke opfylder kravene i IFRS 15 til regnskabsmæssigt at blive behandlet som et salg af aktivet, skal:
a)
sælger/leasingtager fortsat indregne det overdragne aktiv og indregne en finansiel forpligtelse svarende til provenuet fra overdragelsen. Regnskabsmæssigt skal denne behandle den finansielle forpligtelse i henhold til IFRS 9
b)
køber/leasinggiver ikke indregne det overdragne aktiv og skal indregne et finansielt aktiv svarende til provenuet fra overdragelsen. Regnskabsmæssigt skal denne behandle det finansielle aktiv i henhold til IFRS 9.
MIDLERTIDIG UNDTAGELSE SOM FØLGE AF EN RENTEBENCHMARKREFORM
104
En leasingtager skal anvende afsnit 105-106 på alle ændringer af en leasingkontrakt, som ændrer grundlaget for fastsættelse af fremtidige leasingydelser som følge af en rentebenchmarkreform (jf. afsnit 5.4.6 og 5.4.8 i IFRS 9). Disse afsnit finder kun anvendelse på sådanne ændringer af en leasingkontrakt. Med henblik herpå henviser udtrykket "rentebenchmarkreform" til den markedsomfattende reform af et rentebenchmark som beskrevet i afsnit 6.8.2 i IFRS 9.
105
En leasingtager skal som praktisk foranstaltning anvende afsnit 42 til den regnskabsmæssige behandling af en ændring af en leasingkontrakt, der kræves i forbindelse med en rentebenchmarkreform. Denne praktiske foranstaltning finder kun anvendelse på sådanne ændringer. Med henblik herpå er det nødvendigt med en ændring af en leasingkontrakt i forbindelse med en rentebenchmarkreform, hvis, og kun hvis, begge de følgende betingelser er opfyldt:
a)
ændringen er nødvendig som en direkte følge af en rentebenchmarkreform og
b)
det nye grundlag for fastsættelse af leasingydelserne er økonomisk ækvivalent med det tidligere grundlag (dvs. det grundlag, der ligger umiddelbart forud for ændringen).
106
Hvis der foretages ændringer af en leasingkontrakt ud over de ændringer af leasingkontrakten, der kræves i forbindelse med en rentebenchmarkreform, skal leasingtager anvende de gældende krav i denne standard for at tage højde for alle ændringer af leasingkontrakten, der foretages på samme tid, herunder dem, der kræves i forbindelse med rentebenchmarkreformen.
Appendiks A
Definerede termer
Dette appendiks er en integreret del af standarden.
leasingkontraktens påbegyndelsesdato (påbegyndelsesdatoen)
Den dato, hvor 
leasinggiver
 gør et 
underliggende aktiv
 disponibelt til brug for 
leasingtager
.
økonomisk levetid
Enten den periode, i hvilken et aktiv forventes at være til økonomisk nytte for en eller flere brugere, eller antallet af producerede enheder eller tilsvarende enheder, som en eller flere brugere forventer at opnå fra et aktiv.
ændringens ikrafttrædelsesdato
Den dato, hvor parterne indgår aftale om en 
ændring af leasingkontrakten
.
dagsværdi
Med henblik på denne standards regnskabskrav til 
leasinggiver
, det beløb, et aktiv kan omsættes til, eller en forpligtelse kan indfries til, ved en handel mellem kvalificerede, villige, indbyrdes uafhængige parter.
finansiel leasingkontrakt
En 
leasingkontrakt
, ved hvilken i det væsentlige samtlige risici og fordele forbundet med ejendomsretten til et 
underliggende aktiv
 overdrages.
faste ydelser
Ydelser, som 
leasingtager
 erlægger til 
leasinggiver
 for brugsretten til et 
underliggende aktiv
 i 
leasingperioden
, eksklusive 
variable leasingydelser
.
bruttoinvesteringen i leasingkontrakten
Summen af:
a)
leasinggivers
 tilgodehavender i form af 
leasingydelser
 i henhold til en 
finansiel leasingkontrakt
 og
b)
ikke-garanteret restværdi
, der tilfalder leasinggiver.
leasingkontraktens indgåelsesdato (indgåelsesdatoen)
Datoen for en 
leasingkontrakts
 indgåelse eller datoen for parternes indgåelse af en forpligtelse til at opfylde de væsentligste kontraktvilkår og -betingelser, alt efter hvilken dato der kommer først.
direkte startomkostninger
De marginale omkostninger ved opnåelsen af en 
leasingkontrakt
, som ikke skulle afholdes, hvis ikke leasingkontrakten var blevet opnået, med undtagelse af sådanne omkostninger, som afholdes af en producent eller forhandler som 
leasinggiver
 i forbindelse med en 
finansiel leasingkontrakt
.
intern rente i leasingkontrakten
Den rentesats, som får nutidsværdien af a) 
leasingydelserne
 og b) den 
ikke-garanterede restværdi
 til at være lig med summen af i) det 
underliggende aktivs dagsværdi
 og ii) leasinggivers eventuelle 
direkte startomkostninger
.
leasingkontrakt
En kontrakt, eller en del af en kontrakt, ved hvilken brugsretten til et aktiv (det 
underliggende aktiv
) overdrages i en periode mod vederlag.
leasingincitamenter
Leasinggivers
 betalinger til 
leasingtager
 i forbindelse med en 
leasingkontrakt
 eller leasinggivers godtgørelse eller afholdelse af leasingtagers omkostninger.
ændring af leasingkontrakten
En ændring af 
leasingkontraktens
 anvendelsesområde eller det kontraktmæssige vederlag, som ikke var en del af de oprindelige kontraktvilkår og -betingelser (f.eks. gennem tilføjelse eller opsigelse af brugsretten til et eller flere 
underliggende aktiver
 eller forlængelse eller afkortning af den kontraktmæssige 
leasingperiode
).
leasingydelser
Ydelser, som 
leasingtager
 erlægger til 
leasinggiver
 for brugsretten til et 
underliggende aktiv
 i 
leasingperioden
, og som omfatter følgende:
a)
faste ydelser
 (herunder i substansen faste ydelser) med fradrag af eventuelle 
leasingincitamenter
b)
variable leasingydelser
, som afhænger af et indeks eller en sats
c)
udnyttelseskursen for en købsoption, såfremt leasingtager med rimelig sikkerhed vil udnytte en sådan option, og
d)
betaling af bod for opsigelse af 
leasingkontrakten
, såfremt leasingperioden afspejler, at leasingtager vil udnytte en option på at opsige leasingkontrakten.
For leasingtager omfatter leasingydelserne tillige betalinger, som leasingtager forventer at skulle afholde i henhold til 
restværdigarantier
. Leasingydelserne omfatter ikke betalinger allokeret til ikke-leasingelementer i en kontrakt, medmindre leasingtager vælger at slå ikke-leasingelementer sammen med et leasingelement og regnskabsmæssigt behandle dem som ét leasingelement.
For leasinggiver omfatter leasingydelserne tillige eventuelle restværdigarantier stillet over for leasinggiver af leasingtager, en nærtstående part til leasingtager eller en tredjepart, som ikke er tilknyttet leasinggiver, og som økonomisk er i stand til at indfri forpligtelserne i henhold til garantien. Leasingydelserne omfatter ikke betalinger allokeret til ikke-leasingelementer.
leasingperiode
Den uopsigelige periode, i hvilken 
leasingtager
 har brugsretten til et 
underliggende aktiv
, samt:
a)
perioder omfattet af en option på forlængelse af 
leasingkontrakten
, såfremt leasingtager med rimelig sikkerhed vil udnytte en sådan option, og
b)
perioder omfattet af en option på opsigelse af leasingkontrakten, såfremt leasingtager med rimelig sikkerhed ikke vil udnytte en sådan option.
leasingtager
En virksomhed, som opnår brugsretten til et 
underliggende aktiv
 i en periode mod vederlag.
leasingtagers marginale lånerente
Den rente, som 
leasingtager
 under lignende økonomiske rammer skulle betale for over en tilsvarende løbetid og mod en tilsvarende sikkerhed at låne de midler, som er nødvendige for at opnå et aktiv af en værdi svarende til 
brugsretsaktivets
.
leasinggiver
En virksomhed, som stiller brugsretten til et 
underliggende aktiv
 til rådighed i en periode mod vederlag.
nettoinvesteringen i leasingkontrakten
Bruttoinvesteringen i leasingkontrakten
 diskonteret med den 
interne rente i leasingkontrakten
.
operationel leasingkontrakt
En 
leasingkontrakt
, ved hvilken ikke i det væsentlige samtlige risici og fordele forbundet med ejendomsretten til et 
underliggende aktiv
 overdrages.
leasingydelser ved optionsudnyttelse
Ydelser, som 
leasingtager
 erlægger til 
leasinggiver
 for brugsretten til et 
underliggende aktiv
 i perioder omfattet af en option på forlængelse eller opsigelse af 
leasingkontrakten
, som ikke er indregnet i 
leasingperioden
.
brugsperiode
Den samlede periode, hvor et aktiv udnyttes til opfyldelse af en kontrakt med en kunde (herunder eventuelle ikke på hinanden følgende perioder).
restværdigaranti
En garanti stillet over for 
leasinggiver
 af en part, som ikke er tilknyttet leasinggiver, for, at et 
underliggende aktivs
 værdi (eller en del heraf) ved 
leasingperiodens
 udløb mindst vil svare til et bestemt beløb.
brugsretsaktiv
Et aktiv, som repræsenterer 
leasingtagers
 brugsret til et 
underliggende aktiv
 i 
leasingperioden
.
kort leasingkontrakt
En 
leasingkontrakt
, som på 
påbegyndelsesdatoen
 har en 
leasingperiode
 på højst 12 måneder. En leasingkontrakt, som indeholder en købsoption, er ikke en kort leasingkontrakt.
fremleasing
En transaktion, hvor et 
underliggende aktiv
 genleases af 
leasingtager
 ("den mellemliggende leasinggiver") til en tredjepart, og hvor 
leasingkontrakten
 ("den overordnede leasingkontrakt") mellem den overordnede leasinggiver og den overordnede leasingtager fortsat er gældende.
underliggende aktiv
Et aktiv, som er genstand for en 
leasingkontrakt
, og hvor 
leasinggiver
 har stillet brugsretten til aktivet til rådighed for 
leasingtager
.
ikke-indtjente finansieringsindtægter
Forskellen mellem:
a)
bruttoinvesteringen i leasingkontrakten
 og
b)
nettoinvesteringen i leasingkontrakten.
ikke-garanteret restværdi
Den del af det 
underliggende aktivs
 restværdi, der ved realisation foretaget af 
leasinggiver
 ikke er sikret, eller som kun er garanteret af en nærtstående part til leasinggiver.
variable leasingydelser
Den del af ydelserne, som 
leasingtager
 erlægger til 
leasinggiver
 for brugsretten til et 
underliggende aktiv
 i 
leasingperioden
, og som varierer som følge af efter 
påbegyndelsesdatoen
 indtrufne ændringer i andre forhold eller omstændigheder end blot tiden.
Termer defineret i andre standarder, som anvendes i denne standard i samme betydning
kontrakt
En aftale mellem to eller flere parter, ved hvilken der skabes retsgyldige krav og forpligtelser.
brugstid
den periode, i hvilken et aktiv forventes at være disponibelt til brug for virksomheden, eller antallet af producerede enheder eller tilsvarende enheder, som virksomheden forventer at opnå fra et aktiv.
Appendiks B
Anvendelsesvejledning
Dette appendiks er en integreret del af standarden. Det indeholder en beskrivelse af anvendelsen af afsnit 1-103 og har samme gyldighed som de øvrige dele af standarden.
Anvendelse på porteføljer
B1
I denne standard specificeres den regnskabsmæssige behandling af individuelle leasingkontrakter. I praksis kan en virksomhed imidlertid anvende denne standard på en portefølje af leasingkontrakter med ensartede karakteristika, hvis virksomheden med rimelighed kan forvente, at virkningen på årsregnskabet af at anvende denne standard på porteføljen ikke afviger væsentligt fra virkningen af at anvende denne standard på de enkelte leasingkontrakter i den pågældende portefølje. Virksomheden skal ved den regnskabsmæssige behandling af en portefølje anvende skøn og antagelser, som afspejler porteføljens størrelse og sammensætning.
Samlet behandling af kontrakter
B2
Ved anvendelsen af denne standard skal virksomheden slå to eller flere kontrakter, som er indgået samtidig eller omtrent samtidig med den samme modpart (eller nærtstående parter til modparten), sammen og regnskabsmæssigt behandle dem som én kontrakt, hvis et eller flere af følgende kriterier er opfyldt:
a)
kontrakterne er indgået samlet med et overordnet forretningsmæssigt formål, som ikke kan forstås uden at betragte kontrakterne under ét
b)
det vederlag, der skal betales i henhold til én kontrakt, afhænger af den anden kontrakts pris eller indtjening, eller
c)
de brugsrettigheder til underliggende aktiver, der overdrages ved kontrakterne (eller nogle brugsrettigheder til underliggende aktiver, som overdrages ved de respektive kontrakter), udgør et separat leasingelement som beskrevet i afsnit B32.
Undtagelse fra indregning: leasingkontrakter, hvor det underliggende aktiv har en lav værdi (afsnit 5-8).
B3
Med forbehold af afsnit B7 tillader denne standard en leasingtager at anvende afsnit 6 ved den regnskabsmæssige behandling af leasingkontrakter, hvor det underliggende aktiv har en lav værdi. Leasingtager skal vurdere værdien af et underliggende aktiv på grundlag af aktivets nyværdi uanset alderen af det leasede aktiv.
B4
Vurderingen af, hvorvidt det underliggende aktiv har en lav værdi, foretages på et absolut grundlag. Leasingkontrakter, hvor aktiverne har en lav værdi, opfylder kriterierne for den regnskabsmæssige behandling i afsnit 6, uanset om disse leasingkontrakter er væsentlige for leasingtager. Vurderingen påvirkes ikke af leasingtagers størrelse, art eller forhold. Forskellige leasingtagere forventes således at nå til samme konklusion om, hvorvidt et givet underliggende aktiv har en lav værdi.
B5
Et underliggende aktiv kan kun have en lav værdi, hvis:
a)
leasingtager har fordel ved brugen af det underliggende aktiv alene eller sammen med andre ressourcer, som er umiddelbart tilgængelige for leasingtager, og
b)
det underliggende aktiv ikke i nævneværdig grad er afhængigt af eller nært forbundet med andre aktiver.
B6
En leasingkontrakt vedrørende et underliggende aktiv anses ikke for at være en leasingkontrakt, hvor aktivet har en lav værdi, hvis aktivet er af en sådan art, at det som nyt almindeligvis ikke har en lav værdi. Eksempelvis anses leasingkontrakter vedrørende biler ikke for at være leasingkontrakter, hvor aktiverne har en lav værdi, idet en ny bil almindeligvis ikke har en lav værdi.
B7
Hvis leasingtager fremleaser et aktiv eller forventer at fremlease et aktiv, anses den overordnede leasingkontrakt ikke for at være en leasingkontrakt, hvor aktivet har en lav værdi.
B8
Eksempler på underliggende aktiver, som har en lav værdi, er tabletcomputere og personlige computere samt små kontormøbler og telefoner.
Identifikation af leasingkontrakter (afsnit 9-11)
B9
For at vurdere, hvorvidt der ved en kontrakt overdrages en ret til at kontrollere brugen af et identificeret aktiv (jf. afsnit B13-B20) i en periode, skal en virksomhed vurdere, hvorvidt kunden i hele 
brugsperioden
 har begge følgende rettigheder:
a)
retten til at opnå i det væsentlige samtlige økonomiske fordele ved brugen af det identificerede aktiv (som beskrevet i afsnit B21-B23) og
b)
retten til at bestemme over brugen af det identificerede aktiv (som beskrevet i afsnit B24-B30).
B10
Hvis kunden kun har retten til at kontrollere brugen af et identificeret aktiv i en del af kontraktperioden, indeholder kontrakten en leasingkontrakt for denne del af perioden.
B11
En kontrakt om at modtage varer eller tjenester kan indgås af en fælles ordning eller på vegne af en fælles ordning som defineret i IFRS 11 
Fælles ordninger
. I så fald anses den fælles ordning for at være kunden i kontrakten. Ved vurderingen af, hvorvidt en sådan kontrakt indeholder en leasingkontrakt, skal virksomheden således vurdere, om den fælles ordning har retten til at kontrollere brugen af et identificeret aktiv i hele brugsperioden.
B12
Virksomheden skal vurdere, om en kontrakt indeholder en leasingkontrakt for hvert potentielt separate leasingelement. Der henvises til afsnit B32 for vejledning om separate leasingelementer.
Identifikation af aktivet
B13
Et aktiv identificeres almindeligvis ved udtrykkeligt at blive specificeret i en kontrakt. Et aktiv kan imidlertid også identificeres ved at blive implicit specificeret på det tidspunkt, hvor det gøres disponibelt til brug for kunden.
Materiel udskiftningsret
B14
Selv om et aktiv er specificeret, har kunden ikke brugsretten til et identificeret aktiv, hvis leverandøren har en materiel ret til at udskifte aktivet i hele brugsperioden. En leverandørs ret til at udskifte et aktiv er kun materiel, hvis begge de følgende betingelser er opfyldt:
a)
det er praktisk muligt for leverandøren at udskifte aktiver med hinanden i hele brugsperioden (hvis eksempelvis kunden ikke kan forhindre leverandøren i at udskifte aktivet, og alternative aktiver er umiddelbart tilgængelige for leverandøren eller kan tilvejebringes af denne inden for en rimelig frist), og
b)
leverandøren vil drage økonomisk fordel af udnyttelsen af sin ret til at udskifte aktivet (dvs., at de økonomiske fordele ved at udskifte aktivet forventes at overstige de hermed forbundne omkostninger).
B15
Hvis leverandøren alene har en ret eller en forpligtelse til at udskifte aktivet på eller efter en bestemt dato eller i forbindelse med en bestemt begivenhed, er leverandørens udskiftningsret ikke materiel, eftersom det ikke er praktisk muligt for denne at udskifte aktiver med hinanden i hele brugsperioden.
B16
En virksomheds vurdering af, hvorvidt en leverandørs udskiftningsret er materiel, baseres på forhold og omstændigheder ved kontraktens indgåelse og skal ikke tage hensyn til fremtidige begivenheder, som ved kontraktindgåelsen ikke anses for sandsynlige. Eksempler på fremtidige begivenheder, for hvilke det på tidspunktet for kontraktindgåelsen ikke må anses for sandsynligt, at de vil indtræffe, og som derfor ikke bør indgå i vurderingen, omfatter:
a)
en fremtidig kundes tilsagn om at betale en sats over markedssatsen for brugen af aktivet
b)
indførelsen af ny teknologi, som ikke er tilstrækkelig udviklet ved kontraktindgåelsen
c)
en væsentlig forskel mellem kundens brug af aktivet eller aktivets ydeevne og den brug eller ydeevne, som ved kontraktindgåelsen anses for sandsynlig, og
d)
en væsentlig forskel mellem aktivets markedspris i brugsperioden og den markedspris, som ved kontraktindgåelsen anses for sandsynlig.
B17
Hvis aktivet er placeret hos kunden eller andetsteds, er omkostningerne ved udskiftningen almindeligvis højere, end hvis det er placeret hos leverandøren, og omkostningerne vil derfor med større sandsynlighed overstige fordelene ved at udskifte aktivet.
B18
Leverandørens ret eller forpligtelse til at udskifte aktivet i forbindelse med reparation og vedligeholdelse, eller hvis aktivet ikke fungerer korrekt eller skal opgraderes teknisk, udelukker ikke, at kunden har brugsretten til et identificeret aktiv.
B19
Hvis kunden ikke umiddelbart kan fastslå, hvorvidt leverandøren har en materiel udskiftningsret, skal kunden antage, at en udskiftningsret ikke er materiel.
Aktivers dele
B20
En kapacitetsdel ("capacity portion") af et aktiv er et identificeret aktiv, hvis det er fysisk selvstændigt (eksempelvis et gulv i en bygning). En kapacitetsdel eller en anden del af et aktiv, som ikke er fysisk selvstændigt (eksempelvis en kapacitetsdel af et lyslederkabel), er ikke et identificeret aktiv, medmindre det i det væsentlige repræsenterer hele det pågældende aktivs kapacitet og dermed giver kunden retten til at opnå i det væsentlige samtlige økonomiske fordele ved brugen af aktivet.
Retten til at opnå økonomiske fordele ved brug
B21
For at en kunde kan kontrollere brugen af et identificeret aktiv kræves det, at denne har retten til at opnå i det væsentlige samtlige økonomiske fordele ved brugen af aktivet i hele brugsperioden (ved f.eks. at have eneret til at gøre brug af aktivet i hele nævnte periode). Kunden kan opnå økonomiske fordele ved brugen af et aktiv direkte eller indirekte på mange måder, bl.a. gennem brug, besiddelse eller fremleasing. De økonomiske fordele ved brugen af et aktiv omfatter dets hovedprodukt og biprodukter (herunder potentielle pengestrømme hidrørende fra disse) samt andre økonomiske fordele ved brugen af aktivet, som kan realiseres gennem en forretningsmæssig transaktion med en tredjepart.
B22
Ved vurderingen af retten til at opnå i det væsentlige samtlige økonomiske fordele ved brugen af et aktiv skal virksomheden tage hensyn til de økonomiske fordele, som hidrører fra brugen af aktivet inden for de rammer, som er fastsat for kundens brugsret til aktivet (jf. afsnit B30). For eksempel:
a)
hvis brugen af et motorkøretøj i henhold til en kontrakt er begrænset til ét bestemt område i brugsperioden, skal virksomheden alene tage hensyn til de økonomiske fordele ved brugen af motorkøretøjet inden for dette område og ikke uden for
b)
hvis det i en kontrakt er specificeret, at kundens kørsel med motorkøretøjet er begrænset til et bestemt antal kilometer i brugsperioden, skal virksomheden alene tage hensyn til de økonomiske fordele ved brugen af motorkøretøjet inden for kilometerbegrænsningen og ikke uden for.
B23
Hvis kunden i henhold til en kontrakt skal afstå en del af de pengestrømme, der hidrører fra brugen af aktivet, til leverandøren eller en anden part i form af vederlag, skal de pengestrømme, der er betalt som vederlag, anses for at være en del af de økonomiske fordele, som kunden opnår ved brugen af aktivet. Hvis kunden for eksempel skal erlægge en procentdel af salget fra brugen af et salgssted til leverandøren som vederlag for denne brug, er dette krav ikke til hinder for, at kunden har retten til at opnå i det væsentlige samtlige økonomiske fordele ved brugen af salgsstedet. Dette skyldes, at de økonomiske fordele, som kunden opnår ved brugen af salgsstedet, anses for at bestå af de pengestrømme, der hidrører fra det pågældende salg, og af hvilke kunden så efterfølgende betaler en del til leverandøren i form af vederlag for brugsretten til nævnte salgssted.
Retten til at bestemme over brugen
B24
En kunde har alene ret til at bestemme over brugen af et identificeret aktiv i hele brugsperioden, hvis:
a)
kunden har retten til at bestemme, hvorledes og til hvilket formål aktivet bruges i hele brugsperioden (jf. afsnit B25-B30), eller
b)
de relevante beslutninger om, hvorledes og til hvilket formål aktivet bruges, er taget på forhånd og:
i)
kunden har retten til at drive aktivet (eller til at bestemme, at andre skal drive aktivet på en måde, som denne fastsætter) i hele brugsperioden, uden at leverandøren har retten til at ændre driftsinstrukserne, eller
ii)
kunden har udformet aktivet (eller bestemte aspekter heraf), således at det på forhånd er bestemt, hvorledes og til hvilket formål aktivet vil blive brugt i hele brugsperioden.
Hvorledes og til hvilket formål aktivet bruges
B25
En kunde har retten til at bestemme, hvorledes og til hvilket formål aktivet bruges, hvis denne inden for rammerne af sin kontraktligt fastsatte brugsret kan foretage ændringer med hensyn til, hvorledes og til hvilket formål aktivet bruges i hele brugsperioden. Virksomheden tager i forbindelse med denne vurdering hensyn til de beslutningstagningsrettigheder, som er mest relevante for at foretage ændringer med hensyn til, hvorledes og til hvilket formål aktivet bruges i hele brugsperioden. Beslutningstagningsrettigheder er relevante, hvis de påvirker de økonomiske fordele ved brugen. De mest relevante beslutningstagningsrettigheder vil sandsynligvis være forskellige fra kontrakt til kontrakt, afhængigt at aktivets art og kontraktvilkårene og -betingelserne.
B26
Eksempler på beslutningstagningsrettigheder, som afhængigt af omstændighederne giver ret til inden for de rammer, som er fastsat for kundens brugsret, at foretage ændringer med hensyn til, hvorledes og til hvilket formål aktivet bruges, omfatter:
a)
retten til at foretage ændringer med hensyn til den type produkt, der produceres ved hjælp af aktivet (eksempelvis til at beslutte, om en container skal anvendes til varetransport eller til lagring, eller til at tage beslutninger om det produktsortiment, der sælges fra et salgssted)
b)
retten til at foretage ændringer med hensyn til produktionstidspunkt (eksempelvis til at beslutte, hvornår en maskine eller et kraftværk vil blive anvendt)
c)
retten til at foretage ændringer med hensyn til produktionssted (eksempelvis til at tage beslutninger om et transportkøretøjs eller et skibs bestemmelsessted eller om, hvor et driftsmiddel skal anvendes) og
d)
retten til at foretage ændringer med hensyn til, hvorvidt og i hvilken mængde produktet skal produceres (eksempelvis til at tage beslutninger om, hvorvidt og i hvilke mængder der skal produceres energi på et kraftværk).
B27
Eksempler på beslutningstagningsrettigheder, der ikke giver ret til at foretage ændringer med hensyn til, hvorledes og til hvilket formål aktivet bruges, omfatter rettigheder, som er begrænset til at drive eller vedligeholde aktivet. Såvel kunden som leverandøren kan have denne form for rettigheder. Selv om sådanne rettigheder til at drive eller vedligeholde et aktiv ofte er væsentlige for den effektive udnyttelse af aktivet, er der ikke tale om nogen ret til at bestemme, hvorledes og til hvilket formål aktivet bruges, ligesom de ofte afhænger af beslutningerne om, hvorledes og til hvilket formål aktivet bruges. Retten til at drive et aktiv kan imidlertid give kunden retten til at bestemme over brugen af aktivet, hvis de relevante beslutninger om, hvorledes og til hvilket formål aktivet bruges, er taget på forhånd (jf. afsnit B24, litra b), nr. i)).
Beslutninger taget i og forud for brugsperioden
B28
De relevante beslutninger om, hvorledes og til hvilket formål aktivet bruges, kan være taget på forhånd på flere måder: For eksempel kan de relevante beslutninger være taget på forhånd gennem udformningen af aktivet eller kontraktmæssige restriktioner på brugen heraf.
B29
Ved vurderingen af, hvorvidt en kunde har retten til at bestemme over brugen af et aktiv, skal en virksomhed alene tage hensyn til retten til at tage beslutninger om brugen af aktivet i brugsperioden, medmindre kunden har udformet aktivet (eller bestemte aspekter heraf), jf. afsnit B24, litra b), nr. ii). Medmindre betingelserne i afsnit B24, litra b), nr. ii), er opfyldt, skal virksomheden således ikke tage hensyn til beslutninger, som er taget forud for brugsperioden. Hvis kunden eksempelvis alene kan specificere produktet fra aktivet forud for brugsperioden, har denne ikke ret til at bestemme over brugen af det pågældende aktiv. Det, at kunden kan specificere produktet i en kontrakt forud for brugsperioden uden at have andre beslutningstagningsrettigheder vedrørende brugen af aktivet, gør denne sidestillet i henseende til rettigheder med enhver anden kunde, som køber varer eller tjenester.
Beskyttelsesrettigheder
B30
En kontrakt kan indeholde vilkår og betingelser, som enten skal beskytte leverandørens interesser i aktivet eller i andre aktiver eller dennes medarbejdere eller sikre, at denne overholder love eller retsforskrifter. Som eksempler på beskyttelsesrettigheder kan nævnes følgende: En kontrakt kan i) specificere den maksimale udnyttelse af et aktiv eller en begrænsning på, hvor eller hvornår kunden kan gøre brug af aktivet, ii) kræve, at en kunde overholder en særlig driftspraksis, iii) kræve, at en kunde oplyser leverandøren om ændringer med hensyn til brugen af aktivet. Beskyttelsesrettigheder indebærer almindeligvis, at der fastsættes en ramme for kundens brugsret, men er ikke i sig selv til hinder for, at kunden har retten til at bestemme over brugen af et aktiv.
B31
Det følgende flowdiagram kan hjælpe virksomhederne i forbindelse med vurderingen af, hvorvidt en kontrakt er eller indeholder en leasingkontrakt.
Opdeling i kontraktelementer (afsnit 12-17)
B32
Retten til at gøre brug af et underliggende aktiv er et separat leasingelement, hvis begge de følgende betingelser er opfyldt:
a)
leasingtager har fordel ved brugen af det underliggende aktiv enten alene eller sammen med andre ressourcer, som er umiddelbart tilgængelige for leasingtager. Umiddelbart tilgængelige ressourcer er varer og tjenester, som sælges eller leases separat (af leasinggiver eller andre leverandører), eller ressourcer, som leasingtager allerede har opnået (fra leasinggiver eller andre transaktioner eller begivenheder), og
b)
det underliggende aktiv er ikke i nævneværdig grad afhængigt af eller nært forbundet med de andre underliggende aktiver i kontrakten. For eksempel kan den omstændighed, at leasingtager kan beslutte ikke at lease det underliggende aktiv, uden at det i væsentlig grad berører dennes ret til at gøre brug af andre underliggende aktiver i kontrakten, indikere, at det underliggende aktiv ikke i nævneværdig grad er afhængigt af eller nært forbundet med de andre underliggende aktiver.
B33
En kontrakt kan indeholde et beløb, som leasingtager skal betale for aktiviteter og omkostninger, og som ikke indebærer overdragelse af en vare eller tjeneste til leasingtager. Leasinggiver kan eksempelvis i det samlede beløb, som skal betales, medtage et gebyr for administrative opgaver eller andre omkostninger, som denne pådrager sig i forbindelse med leasingkontrakten, og som ikke indebærer overdragelse af en vare eller tjeneste til leasingtager. Sådanne skyldige beløb giver ikke anledning til et separat element i kontrakten, men betragtes om en del af det samlede vederlag, som allokeres til de separat identificerede elementer i kontrakten.
Leasingperiode (afsnit 18-21)
B34
Ved fastsættelsen af leasingperioden og vurderingen af længden af den uopsigelige periode af en leasingkontrakt skal en virksomhed anvende definitionen af en kontrakt og fastsætte den periode, hvor kontrakten er retsgyldig. En leasingkontrakt er ikke længere retsgyldig, når leasingtager og leasinggiver begge har ret til at opsige leasingkontrakten uden den anden parts tilladelse mod kun at betale en ubetydelig bod.
B35
Hvis kun leasingtager har ret til at opsige en leasingkontrakt, betragtes denne ret som en option på opsigelse af leasingkontrakten, som leasingtager har, og som virksomheden tager hensyn til ved fastsættelse af leasingperioden. Hvis kun leasinggiver har ret til at opsige en leasingkontrakt, indregnes den periode, som er omfattet af optionen på opsigelse af leasingkontrakten, i den uopsigelige periode af leasingkontrakten.
B36
Leasingperioden begynder på påbegyndelsesdatoen og omfatter perioder uden lejeydelse, som leasinggiver tilstår leasingtager.
B37
På påbegyndelsesdatoen vurderer virksomheden, hvorvidt leasingtager med rimelig sikkerhed vil udnytte en option på forlængelse af leasingkontrakten eller køb af det underliggende aktiv eller ikke vil udnytte en option på opsigelse af leasingkontakten. Virksomheden tager hensyn til alle relevante forhold og omstændigheder, som udgør et økonomisk incitament for leasingtager til at udnytte eller ikke at udnytte optionen, herunder forventede ændringer i forhold og omstændigheder fra påbegyndelsesdatoen frem til optionens udnyttelsesdato. De forhold, der kan tages hensyn til, omfatter, men er ikke begrænset til:
a)
kontraktvilkår og -betingelser for optionsperioderne sammenlignet med markedssatserne, f.eks.:
i)
leasingydelserne i eventuelle optionsperioder
ii)
variable leasingydelser eller andre betingede betalinger såsom betalinger vedrørende opsigelsesbod og restværdigarantier og
iii)
vilkår og betingelser for optioner, som kan udnyttes efter en indledende optionsperiode (eksempelvis en købsoption, som kan udnyttes ved en forlængelsesperiodes udløb til en sats, som aktuelt er under markedssatsen)
b)
væsentlige lejemålsforbedringer, som er gennemført (eller planlægges gennemført) i kontraktperioden, og som forventes at indebære en betydelig økonomisk fordel for leasingtager, når optionen på at forlænge eller opsige leasingkontrakten eller på at købe det underliggende aktiv kan udnyttes
c)
omkostninger vedrørende opsigelse af leasingkontrakten, eksempelvis forhandlingsomkostninger, flytteomkostninger, omkostninger til at finde frem til et andet underliggende aktiv, som modsvarer leasingtagers behov, omkostninger til optagelse af et nyt aktiv i leasingtagers drift, opsigelsesbod samt lignende omkostninger, herunder omkostninger forbundet med tilbagelevering af det underliggende aktiv i en tilstand eller på en lokalitet som fastsat i kontrakten
d)
betydningen af det pågældende underliggende aktiv for leasingtagers drift under hensyntagen eksempelvis til, hvorvidt det underliggende aktiv er et specialiseret aktiv, det underliggende aktivs lokalitet og adgangen til egnede alternativer og
e)
betingelser knyttet til udnyttelsen af optionen (dvs., at optionen kun kan udnyttes, hvis en eller flere betingelser er opfyldt) samt sandsynligheden for, at disse betingelser vil være opfyldt.
B38
En option på forlængelse eller opsigelse af en leasingkontrakt kan kombineres med en eller flere andre kontraktmæssige bestanddele (eksempelvis en restværdigaranti), således at leasingtager garanterer leasinggiver et kontant afkast i form af et mindsteafkast eller et fast afkast, som er stort set det samme, uanset om optionen udnyttes. I sådanne tilfælde, og uanset vejledningen om i substansen faste ydelser i afsnit B42, skal virksomheden antage, at leasingtager med rimelig sikkerhed vil udnytte optionen på forlængelse af leasingkontrakten eller ikke vil udnytte optionen på opsigelse af leasingkontakten.
B39
Jo kortere den uopsigelige periode af en leasingkontrakt er, desto mere sandsynligt er det, at leasingtager vil udnytte en option på forlængelse af leasingkontrakten eller ikke vil udnytte en option på opsigelse af leasingkontakten. Dette skyldes, at omkostningerne forbundet med opnåelse af et erstatningsaktiv sandsynligvis vil være forholdsvis højere, jo kortere den uopsigelige periode er.
B40
Leasingtagers tidligere praksis vedrørende den periode, hvor denne typisk har gjort brug af bestemte typer aktiver (leasede eller ejede), samt dennes økonomiske motiver til at gøre dette, kan være en nyttig kilde til oplysninger ved vurderingen af, hvorvidt leasingtager med rimelig sikkerhed vil udnytte eller ikke vil udnytte en option. Hvis leasingtager for eksempel typisk har gjort brug af bestemte typer aktiver i en bestemt periode, eller leasingtagers praksis er kendetegnet ved hyppig udnyttelse af optioner i forbindelse med leasingkontrakter vedrørende bestemte typer af underliggende aktiver, skal leasingtager tage hensyn til de økonomiske motiver til den pågældende tidligere praksis ved vurderingen af, hvorvidt denne med rimelig sikkerhed vil udnytte en option i forbindelse med leasingkontrakter vedrørende sådanne aktiver.
B41
I henhold til afsnit 20 revurderer leasingtager efter påbegyndelsesdatoen leasingperioden, hvis der indtræffer en væsentlig begivenhed eller en væsentlig ændring i forhold, som er under leasingtagers kontrol og har betydning for, hvorvidt leasingtager med rimelig sikkerhed vil udnytte en option, som denne ikke forinden har indregnet i leasingperioden, eller ikke vil udnytte en option, som denne forinden har indregnet i leasingperioden. Eksempler på væsentlige begivenheder eller ændringer i forhold omfatter:
a)
væsentlige lejemålsforbedringer, som ikke var planlagt på påbegyndelsesdatoen, og som forventes at indebære en betydelig økonomisk fordel for leasingtager, når optionen på at forlænge eller opsige leasingkontrakten eller på at købe det underliggende aktiv kan udnyttes
b)
en væsentlig ændring eller brugertilpasning af det underliggende aktiv, som ikke var planlagt på påbegyndelsesdatoen
c)
indgåelsen af en fremleasingkontrakt vedrørende det underliggende aktiv for en periode, som går ud over den tidligere fastsatte leasingperiode, og
d)
en forretningsmæssig beslutning fra leasingtagers side med direkte relevans for udnyttelsen eller ikke-udnyttelsen af en option (eksempelvis en beslutning om at forlænge leasingkontrakten vedrørende et komplementært aktiv eller at afhænde et alternativt aktiv eller et forretningsområde, indenfor hvilket brugsretsaktivet udnyttes).
I substansen faste leasingydelser (afsnit 27, litra a), afsnit 36, litra c), og afsnit 70, litra a))
B42
Leasingydelserne omfatter eventuelle i substansen faste leasingydelser. I substansen faste leasingydelser er ydelser, som formelt set er variable, men som i substansen er uundgåelige. I substansen faste leasingydelser forekommer f.eks., hvis:
a)
ydelserne er struktureret som variable leasingydelser, men ikke indeholder nogen reel variabilitet. Sådanne ydelser er knyttet til bestemmelser om variabilitet, som ikke har nogen reel økonomisk betydning. Eksempler på denne type betalinger er:
i)
ydelser, som kun skal erlægges, hvis et aktiv viser sig at kunne fungere i leasingperioden, eller hvis der indtræffer en begivenhed, som reelt ikke har nogen mulighed for ikke at indtræffe, eller
ii)
ydelser, som oprindelig er struktureret som variable leasingydelser knyttet til brugen af det underliggende aktiv, men hvor variabiliteten afvikles på et tidspunkt efter påbegyndelsesdatoen, således at ydelserne er faste i den resterende del af leasingperioden. Sådanne ydelser bliver i substansen faste, når variabiliteten afvikles
b)
leasingtager står over for flere mulige betalingsprofiler, men kun en af disse er realistisk. I så fald skal virksomheden anse den realistiske betalingsprofil for at være leasingydelser
c)
leasingtager står over for flere mulige realistiske betalingsprofiler, men skal vælge mindst én af disse. I så fald skal virksomheden anse den betalingsprofil, hvis sum (på et diskonteret grundlag) er lavest, for at være leasingydelser.
Leasingtagers engagement i forbindelse med det underliggende aktiv før påbegyndelsesdatoen
Leasingtagers omkostninger i forbindelse med opførelse eller udformning af det underliggende aktiv
B43
En virksomhed kan indgå en leasingkontrakt, før det underliggende aktiv er disponibelt til brug for leasingtager. I forbindelse med nogle leasingkontrakter kan det være nødvendigt at opføre det underliggende aktiv eller at give dette en ny udformning, inden leasingtager kan gøre brug af det. Afhængigt af kontraktvilkårene og -betingelserne kan leasingtager blive afkrævet betalinger vedrørende opførelsen eller udformningen af aktivet.
B44
Hvis leasingtager afholder omkostninger vedrørende opførelsen eller udformningen af et underliggende aktiv, skal leasingtager regnskabsmæssigt behandle disse i henhold til andre relevante standarder såsom IAS 16. Omkostninger vedrørende opførelsen eller udformningen af et underliggende aktiv omfatter ikke de ydelser, som leasingtager erlægger for brugsretten til det underliggende aktiv. Ydelser for brugsretten til et underliggende aktiv er leasingydelser, uanset hvornår disse erlægges.
Ejendomsretten til det underliggende aktiv
B45
Leasingtager kan opnå ejendomsretten til et underliggende aktiv, før denne ejendomsret overdrages til leasinggiver, og aktivet leases til leasingtager. Opnåelse af ejendomsretten er ikke i sig selv bestemmende for, hvorledes transaktionen regnskabsmæssigt skal behandles.
B46
Hvis leasingtager har (eller opnår) kontrol over det underliggende aktiv, før aktivet overdrages til leasinggiver, er transaktionen en sale and leaseback-transaktion, som regnskabsmæssigt behandles i henhold til afsnit 98-103.
B47
Hvis leasingtager imidlertid ikke opnår kontrol over det underliggende aktiv, før aktivet overdrages til leasinggiver, er transaktionen ikke en sale and leaseback-transaktion. Dette kan for eksempel være tilfældet, hvis en producent, en leasinggiver og en leasingtager indgår aftale om en transaktion, hvor leasinggiver køber et aktiv af producenten, som igen leases til leasingtager. Leasingtager kan opnå ejendomsretten til det underligende aktiv, før denne ret overdrages til leasinggiver. I så fald behandles transaktionen regnskabsmæssigt ikke som en sale and leaseback-transaktion, men som en leasingkontrakt, hvis leasingtager opnår ejendomsretten til det underliggende aktiv uden at opnå kontrol over dette, før det overdrages til leasinggiver.
Leasingtagers oplysninger (afsnit 59)
B48
Ved vurderingen af, om supplerende oplysninger om leasingaktiviteter er nødvendige for at leve op til oplysningsformålet i afsnit 51, skal leasingtager tage hensyn til:
a)
hvorvidt disse oplysninger er relevante for regnskabsbrugere. Leasingtager skal kun give de i afsnit 59 omhandlede supplerende oplysninger, hvis disse forventes at være relevante for regnskabsbrugere. Dette vil i denne forbindelse sandsynligvis være tilfældet, hvis de bidrager til regnskabsbrugernes forståelse af:
i)
den fleksibilitet, som leasingkontrakter giver. Leasingkontrakter kan give fleksibilitet, hvis leasingtager for eksempel kan reducere sin eksponering ved at udnytte opsigelsesoptioner eller forny leasingkontrakter på favorable vilkår og betingelser
ii)
begrænsninger i leasingkontrakter. Leasingkontrakter kan indeholde begrænsninger, eksempelvis gennem krav til leasingtager om at udarbejde bestemte regnskabsmæssige nøgletal
iii)
afgivne oplysningers følsomhed over for nøglevariabler. Afgivne oplysninger kan være følsomme over for bl.a. fremtidige variable leasingydelser
iv)
eksponering mod andre risici hidrørende fra leasingkontrakter
v)
afvigelser fra branchepraksis. Sådanne afvigelser kan f.eks. omfatte usædvanlige eller særlige kontraktvilkår og -betingelser, som påvirker leasingtagers portefølje af leasingkontrakter
b)
hvorvidt disse oplysninger fremgår af oplysningerne i det primære årsregnskab eller af noterne. Leasingtager behøver ikke at reproducere oplysninger, som allerede er præsenteret andetsteds i årsregnskabet.
B49
Supplerende oplysninger om variable leasingydelser, som afhængigt af omstændighederne kan være nødvendige for at leve op til oplysningsformålet i afsnit 51, kan omfatte oplysninger, som forbedrer regnskabsbrugernes muligheder for at vurdere bl.a.:
a)
leasingtagers motiver til at anvende variable leasingydelser samt udbredelsen af sådanne ydelser
b)
variable leasingydelsers relative størrelse sammenlignet med faste ydelser
c)
nøglevariabler, som variable leasingydelser afhænger af, samt hvorledes ydelserne forventes at variere som følge af ændringer i disse nøglevariabler, og
d)
andre driftsmæssige og finansielle virkninger af variable leasingydelser.
B50
Supplerende oplysninger om optioner på forlængelse eller opsigelse, som afhængigt af omstændighederne kan være nødvendige for at leve op til oplysningsformålet i afsnit 51, kan omfatte oplysninger, som forbedrer regnskabsbrugernes muligheder for at vurdere bl.a.:
a)
leasingtagers motiver til at anvende optioner på forlængelse eller opsigelse samt udbredelsen af sådanne optioner
b)
den relative størrelse af 
leasingydelser ved optionsudnyttelse
 sammenlignet med leasingydelser
c)
udbredelsen af udnyttelsen af optioner, som ikke indgår i målingen af leasingforpligtelserne, og
d)
andre driftsmæssige og finansielle virkninger af sådanne optioner.
B51
Supplerende oplysninger om restværdigarantier, som afhængigt af omstændighederne kan være nødvendige for at leve op til oplysningsformålet i afsnit 51, kan omfatte oplysninger, som forbedrer regnskabsbrugernes muligheder for at vurdere bl.a.:
a)
leasingtagers motiver til at stille restværdigarantier samt udbredelsen af sådanne garantier
b)
størrelsen af leasingtagers eksponering mod restværdirisiko
c)
arten af de underliggende aktiver, for hvilke disse garantier stilles, og
d)
andre driftsmæssige og finansielle virkninger af sådanne garantier.
B52
Supplerende oplysninger om sale and leaseback-transaktioner, som afhængigt af omstændighederne kan være nødvendige for at leve op til oplysningsformålet i afsnit 51, kan omfatte oplysninger, som forbedrer regnskabsbrugernes muligheder for at vurdere bl.a.:
a)
leasingtagers motiver til at indgå i sale and leaseback-transaktioner samt udbredelsen af sådanne transaktioner
b)
de vigtigste vilkår og betingelser i individuelle sale and leaseback-transaktioner
c)
betalinger, som ikke indgår i målingen af leasingforpligtelserne, og
d)
virkningen af pengestrømme fra sale and leaseback-transaktioner i regnskabsperioden.
Leasinggivers klassifikation af leasingkontrakter (afsnit 61-66)
B53
Leasinggivers klassifikation af leasingkontrakter i henhold til denne standard er baseret på det omfang, i hvilket risici og fordele forbundet med ejendomsretten til et underliggende aktiv overdrages ved leasingkontrakten. Risici omfatter muligheden for tab fra uudnyttet kapacitet eller teknologisk forældelse og afkastudsving som følge af ændringer i økonomiske forhold. Fordele kan repræsenteres af forventningen om lønsom drift over det underliggende aktivs økonomiske levetid samt om gevinst i form af værdiforøgelse eller realisation af restværdien.
B54
En leasingkontrakt kan indeholde vilkår og betingelser om at regulere leasingydelserne i forhold til bestemte ændringer, som finder sted mellem indgåelses- og påbegyndelsesdatoen (eksempelvis en ændring i leasinggivers omkostninger vedrørende det underliggende aktiv eller en ændring i dennes omkostninger ved finansiering af leasingkontrakten). Med henblik på klassificering af leasingkontrakten skal virkningen af sådanne ændringer i så fald anses for at have fundet sted på indgåelsesdatoen.
B55
Når en leasingkontrakt omfatter elementer af både grunde og bygninger, skal leasinggiver efter en separat vurdering særskilt klassificere det enkelte element som en finansiel eller en operationel leasingkontrakt i henhold til afsnit 62-66 og B53-B54. Ved vurderingen af, om det element, der vedrører grunden, skal klassificeres som en operationel eller en finansiel leasingkontrakt, er det vigtigt at tage i betragtning, at grunde normalt har en ubegrænset økonomisk levetid.
B56
Hvis det er nødvendigt for at foretage klassifikation og regnskabsmæssig behandling af en leasingkontrakt vedrørende grunde og bygninger, skal leasinggiver allokere leasingydelserne (herunder eventuelle forudbetalte engangsydelser) til henholdsvis grund- og bygningselementerne i forhold til den relative dagsværdi af lejemålsandelene i leasingkontraktens grundelement og bygningselement på indgåelsesdatoen. 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.
B57
For så vidt angår en leasingkontrakt vedrørende grunde og bygninger, hvor beløbet for grundelementet er uvæsentligt for leasingen, kan leasinggiver behandle grunde og bygninger som én enhed med henblik på klassifikation af leasingkontrakten og klassificere denne som en finansiel eller en operationel leasingkontrakt i henhold til afsnit 62-66 og B53-B54. Leasinggiver skal i så fald anse bygningernes økonomiske levetid for at være hele det underliggende aktivs økonomiske levetid.
Klassifikation af fremleasingkontrakter
B58
Ved klassifikationen af en fremleasingkontrakt skal den mellemliggende leasinggiver klassificere fremleasingkontrakten som en finansiel eller en operationel leasingkontrakt som følger:
a)
hvis den overordnede leasingkontrakt er en kort leasingkontrakt, som virksomheden som leasingtager regnskabsmæssigt har behandlet i henhold til afsnit 6, skal fremleasingkontrakten klassificeres som en operationel leasingkontrakt
b)
ellers skal fremleasingkontrakten klassificeres med henvisning til det brugsretsaktiv, som den overordnede leasingkontrakt giver anledning til, og ikke med henvisning til det underliggende aktiv (eksempelvis det materielle anlægsaktiv, som er leasingkontraktens genstand).
Appendiks C
Ikrafttrædelsestidspunkt og overgang
Dette appendiks er en integreret del af standarden og har samme gyldighed som de øvrige dele af standarden.
IKRAFTTRÆDELSESTIDSPUNKT
C1
Virksomheder skal anvende denne standard for regnskabsår, som begynder den 1. januar 2019 eller derefter. Det er tilladt at anvende den tidligere, hvis virksomheden anvender IFRS 15 
Omsætning fra kontrakter med kunder
 på eller før tidspunktet for førstegangsanvendelsen af denne standard. Hvis en virksomhed anvender denne standard tidligere, skal den oplyse herom.
C1A
Covid-19-relaterede lejenedslag
, udstedt i maj 2020, medførte tilføjelse af afsnit 46A, 46B, 60A, C20A og C20B. Leasingtagere skal anvende denne ændring på regnskabsår, som begynder den 1. juni 2020 eller derefter. Tidligere anvendelse er tilladt, også i årsregnskaber, som ikke er godkendt til udstedelse den 28. maj 2020.
C1B
Ved 
Rentebenchmarkreform — Fase 2
, som medførte ændring af IFRS 9, IAS 39, IFRS 7, IFRS 4 og IFRS 16, udstedt i august 2020, tilføjedes afsnit 104–106 og afsnit C20C–C20D. Virksomheder skal anvende disse ændringer på regnskabsår, som begynder den 1. januar 2021 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender disse ændringer på en tidligere regnskabsperiode, skal den oplyse herom.
C1C
Covid-19-relaterede lejenedslag, der strækker sig ud over den 30. juni 2021
                                 
, udstedt i marts 2021, medførte ændring af afsnit 46B og tilføjelse af afsnit C20BA-C20BC Leasingtagere skal anvende denne ændring på regnskabsår, som begynder den 1. april 2021 eller derefter. Tidligere anvendelse er tilladt, også i årsregnskaber, som ikke er godkendt til udstedelse den 31. marts 2021.
OVERGANG
C2
Med henblik på kravene i afsnit C1-C19 er tidspunktet for førstegangsanvendelsen begyndelsen af det regnskabsår, hvor virksomheden for første gang anvender denne standard.
Definition af en leasingkontrakt
C3
I praksis er en virksomhed ikke forpligtet til at revurdere, hvorvidt en kontrakt er eller indeholder en leasingkontrakt, på tidspunktet for førstegangsanvendelsen. I stedet kan virksomheden:
a)
anvende denne standard på kontrakter, som tidligere er blevet identificeret som leasingkontrakter i henhold til IAS 17 
Leasingkontrakter
 og IFRIC 4 
Vurdering af, om en aftale indeholder en leasingkontrakt
. Virksomheden skal anvende overgangskravene i afsnit C5-C18 på sådanne leasingkontrakter
b)
undlade at anvende denne standard på kontrakter, som ikke tidligere er blevet identificeret som indeholdende en leasingkontrakt i henhold til IAS 17 og IFRIC 4.
C4
Hvis en virksomhed vælger den i afsnit C3 omhandlede praksis, skal den oplyse herom og anvende denne praksis på alle sine kontrakter. Virksomheden skal som følge heraf kun anvende kravene i afsnit 9-11 på kontrakter, som er indgået (eller ændret) på eller efter tidspunktet for førstegangsanvendelsen.
Leasingtagere
C5
En leasingtager skal anvende denne standard på sine leasingkontrakter enten:
a)
med tilbagevirkende kraft på hver tidligere regnskabsperiode, der er præsenteret i henhold til IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
, eller
b)
med tilbagevirkende kraft, idet den samlede virkning af førstegangsanvendelsen af standarden indregnes på tidspunktet for førstegangsanvendelsen, jf. afsnit C7-C13.
C6
Leasingtager skal anvende valget i afsnit C5 konsekvent på alle de leasingkontrakter, hvor denne er leasingtager.
C7
Hvis leasingtager vælger at anvende denne standard i overensstemmelse med afsnit C5, litra b), skal denne ikke tilpasse sammenligningstal. Leasingtager skal i stedet indregne den samlede virkning af førstegangsanvendelsen af denne standard som en regulering primo i overført resultat (eller et andet element af egenkapitalen, alt efter hvad der er hensigtsmæssigt) på tidspunktet for førstegangsanvendelsen.
Leasingkontrakter, som tidligere er klassificeret som operationelle leasingkontrakter
C8
Hvis leasingtager vælger at anvende denne standard i overensstemmelse med afsnit C5, litra b), skal denne:
a)
indregne en leasingforpligtelse på tidspunktet for førstegangsanvendelsen for leasingkontrakter, som tidligere er klassificeret som operationelle leasingkontrakter i henhold til IAS 17. Leasingtager skal måle den pågældende leasingforpligtelse til nutidsværdien af de resterende leasingydelser diskonteret ved anvendelse af leasingtagers marginale lånerente på tidspunktet for førstegangsanvendelsen
b)
indregne et brugsretsaktiv på tidspunktet for førstegangsanvendelsen for leasingkontrakter, som tidligere er klassificeret som operationelle leasingkontrakter i henhold til IAS 17. leasingtager skal for den enkelte kontrakt vælge at måle dette brugsretsaktiv til enten:
i)
dets regnskabsmæssige værdi, som om standarden havde været anvendt siden påbegyndelsesdatoen, men diskonteret ved anvendelse af leasingtagers marginale lånerente på tidspunktet for førstegangsanvendelsen eller
ii)
et beløb svarende til leasingforpligtelsen reguleret for eventuelle forudbetalte eller skyldige leasingydelser vedrørende den pågældende leasingkontrakt, som er indregnet i balancen umiddelbart før tidspunktet for førstegangsanvendelsen
c)
anvende IAS 36 
Værdiforringelse af aktiver
 på brugsretsaktiver på tidspunktet for førstegangsanvendelsen, medmindre leasingtager anvender praksis i afsnit C10, litra b).
C9
Uanset kravene i afsnit C8 gælder det for leasingkontrakter, som tidligere er klassificeret som operationelle leasingkontrakter i henhold til IAS 17, at leasingtager:
a)
ikke er forpligtet til at foretage reguleringer for overgang for leasingkontrakter, hvor det underliggende aktiv har en lav værdi (jf. afsnit B3-B8), og som regnskabsmæssigt vil blive behandlet i henhold til afsnit 6. Leasingtager skal regnskabsmæssigt behandle sådanne leasingkontrakter i henhold til denne standard fra tidspunktet for førstegangsanvendelsen
b)
ikke er forpligtet til at foretage reguleringer for overgang for leasingkontrakter, som tidligere regnskabsmæssigt er blevet behandlet som investeringsejendomme ved anvendelse af dagsværdimodellen i IAS 40 
Investeringsejendomme
. Leasingtager skal regnskabsmæssigt behandle det brugsretsaktiv og den leasingforpligtelse, som sådanne leasingkontrakter giver anledning til, i henhold til IAS 40 og denne standard fra tidspunktet for førstegangsanvendelsen
c)
skal måle brugsretsaktivet til dagsværdi på tidspunktet for førstegangsanvendelsen for leasingkontrakter, som tidligere regnskabsmæssigt er blevet behandlet som operationelle leasingkontrakter i henhold til IAS 17, og som regnskabsmæssigt vil blive behandlet som investeringsejendomme ved anvendelse af dagsværdimodellen i IAS 40 fra tidspunktet for førstegangsanvendelsen. Leasingtager skal regnskabsmæssigt behandle det brugsretsaktiv og den leasingforpligtelse, som sådanne leasingkontrakter giver anledning til, i henhold til IAS 40 og denne standard fra tidspunktet for førstegangsanvendelsen.
C10
En leasingtager kan anvende en eller flere af de følgende praksisser, når denne standard anvendes med tilbagevirkende kraft i overensstemmelse med afsnit C5, litra b), på leasingkontrakter, som tidligere er klassificeret som operationelle leasingkontrakter i henhold til IAS 17. Leasingtager kan for den enkelte kontrakt vælge mellem følgende praksisser:
a)
leasingtager kan anvende en fælles diskonteringssats på en portefølje af leasingkontrakter med nogenlunde ensartede karakteristika (såsom leasingkontrakter med samme resterende leasingperiode for samme kategori af underliggende aktiver under lignende økonomiske rammer)
b)
leasingtager kan anvende sin vurdering af, hvorvidt leasingkontrakter er tabsgivende i henhold til IAS 37 
Hensatte forpligtelser, eventualforpligtelser og eventualaktiver
 umiddelbart før tidspunktet for førstegangsanvendelsen, som et alternativ til at foranstalte en gennemgang for værdiforringelse. Hvis leasingtager vælger denne praksis, skal denne regulere brugsretsaktivet på tidspunktet for førstegangsanvendelsen for en eventuel hensættelse til en tabsgivende kontrakt, som er indregnet i balancen umiddelbart før tidspunktet for førstegangsanvendelsen
c)
leasingtager kan vælge ikke at anvende kravene i afsnit C8 på leasingkontrakter, hvis leasingperiode udløber inden for 12 måneder fra tidspunktet for førstegangsanvendelsen. I så fald skal leasingtager:
i)
regnskabsmæssigt behandle de pågældende leasingkontrakter på samme måde som korte leasingkontrakter, jf. afsnit 6, og
ii)
medtage omkostningerne i forbindelse med disse leasingkontrakter i oplysningerne om omkostninger vedrørende korte leasingkontrakter i det regnskabsår, der omfatter tidspunktet for førstegangsanvendelsen
d)
leasingtager kan udelukke direkte startomkostninger fra målingen af brugsretsaktivet på tidspunktet for førstegangsanvendelsen
e)
leasingtager kan støtte sig til erfaringer, f.eks. i forbindelse med fastsættelsen af leasingperioden, såfremt kontrakten indeholder optioner på at forlænge eller opsige leasingkontrakten.
Leasingkontrakter, som tidligere er klassificeret som finansielle leasingkontrakter
C11
Hvis en leasingtager vælger at anvende denne standard i overensstemmelse med afsnit C5, litra b), på leasingkontrakter, som er klassificeret som finansielle leasingkontrakter i henhold til IAS 17, skal brugsretsaktivets og leasingforpligtelsens regnskabsmæssige værdi på tidspunktet for førstegangsanvendelsen være det leasede aktivs og leasingforpligtelsens regnskabsmæssige værdi umiddelbart før nævnte tidspunkt målt i henhold til IAS 17. For sådanne leasingkontrakter skal leasingtager regnskabsmæssigt behandle brugsretsaktivet og leasingforpligtelsen i henhold til denne standard fra tidspunktet for førstegangsanvendelsen.
Oplysninger
C12
Hvis en leasingtager vælger at anvende denne standard i overensstemmelse med afsnit C5, litra b), skal leasingtager fremlægge oplysninger om førstegangsanvendelse i henhold til afsnit 28 i IAS 8, bortset fra oplysningerne i afsnit 28, litra f), i IAS 8. I stedet for oplysningerne i afsnit 28, litra f), i IAS 8 skal leasingtager oplyse om:
a)
det vægtede gennemsnit for leasingtagers marginale lånerente anvendt på leasingforpligtelser indregnet i balancen på tidspunktet for førstegangsanvendelsen og
b)
i form af en redegørelse — eventuelle forskelle mellem:
i)
forpligtelser i henhold til operationelle leasingkontrakter, hvorom der er oplyst i henhold til IAS 17 ved afslutningen af det regnskabsår, der ligger umiddelbart forud for tidspunktet for førstegangsanvendelsen, diskonteret ved anvendelse af den marginale lånerente på tidspunktet for førstegangsanvendelsen, jf. afsnit C8, litra a), og
ii)
leasingforpligtelser indregnet i balancen på tidspunktet for førstegangsanvendelsen.
C13
Hvis en leasingtager anvender en eller flere af praksisserne i afsnit C10, skal denne oplyse herom.
Leasinggivere
C14
Med forbehold af afsnit C15 er leasinggiver ikke forpligtet til at foretage reguleringer for overgang for leasingkontrakter, hvor denne er leasinggiver, og skal regnskabsmæssigt behandle sådanne leasingkontrakter i henhold til denne standard fra tidspunktet for førstegangsanvendelsen.
C15
En mellemliggende leasinggiver skal:
a)
revurdere fremleasingkontrakter, som er klassificeret som operationelle leasingkontrakter i henhold til IAS 17, og som er gældende på tidspunktet for førstegangsanvendelsen, med henblik på at afgøre, hvorvidt den enkelte fremleasingkontrakt bør klassificeres som en operationel eller en finansiel leasingkontrakt i henhold til denne standard. Den mellemliggende leasinggiver skal foretage denne vurdering på tidspunktet for førstegangsanvendelsen på grundlag af de på dette tidspunkt resterende vilkår og betingelser for den overordnede leasingkontrakt og fremleasingkontrakten
b)
for fremleasingkontrakter, som er klassificeret som operationelle leasingkontrakter i henhold til IAS 17, men som i henhold til denne standard er finansielle leasingkontrakter — regnskabsmæssigt behandle fremleasingkontrakten som en ny finansiel leasingkontrakt indgået på tidspunktet for førstegangsanvendelsen.
Sale and leaseback-transaktioner før tidspunktet for førstegangsanvendelsen
C16
En virksomhed skal ikke revurdere sale and leaseback-transaktioner indgået før tidspunktet for førstegangsanvendelsen med henblik på at afgøre, hvorvidt overdragelsen af det underliggende aktiv opfylder kravene i IFRS 15 til regnskabsmæssigt at blive behandlet som et salg.
C17
Hvis en sale and leaseback-transaktion regnskabsmæssigt blev behandlet som et salg og en finansiel leasingkontrakt i henhold til IAS 17, skal sælger/leasingtager:
a)
regnskabsmæssigt behandle leaseback-transaktionen på samme måde, som denne behandler enhver anden finansiel leasingkontrakt, som er gældende på tidspunktet for førstegangsanvendelsen, og
b)
fortsat afskrive en eventuel gevinst ved salget over leasingperioden.
C18
Hvis en sale and leaseback-transaktion regnskabsmæssigt blev behandlet som et salg og en operationel leasingkontrakt i henhold til IAS 17, skal sælger/leasingtager:
a)
regnskabsmæssigt behandle leaseback-transaktionen på samme måde, som den behandler enhver anden operationel leasingkontrakt, som er gældende på tidspunktet for førstegangsanvendelsen, og
b)
regulere leaseback-brugsretsaktivet for udskudte gevinster eller tab som følge af ikke-markedsmæssige vilkår, som er indregnet i balancen umiddelbart før tidspunktet for førstegangsanvendelsen.
Tidligere indregnede beløb vedrørende virksomhedssammenslutninger
C19
Hvis en leasingtager tidligere har indregnet et aktiv eller en forpligtelse i henhold til IFRS 3 
Virksomhedssammenslutninger
 som følge af gunstige eller ugunstige vilkår for en operationel leasingkontrakt, som er overtaget som led i en virksomhedssammenslutning, skal leasingtager ophøre med at indregne det pågældende aktiv eller den pågældende forpligtelse og justere brugsretsaktivets regnskabsmæssige værdi med et tilsvarende beløb på tidspunktet for førstegangsanvendelsen.
Henvisninger til IFRS 9
C20
Hvis en virksomhed anvender denne standard, men endnu ikke anvender IFRS 9 
Finansielle instrumenter
, læses enhver henvisning i denne standard til IFRS 9 som en henvisning til IAS 39 
Finansielle instrumenter: Indregning og måling
Covid-19-relaterede lejenedslag for leasingtagere
C20A
Leasingtagere skal med tilbagevirkende kraft anvende 
Covid-19-relaterede lejenedslag
 (jf. afsnit C1A) og indregne den samlede virkning af førstegangsanvendelsen af denne ændring som en regulering primo i overført resultat (eller et andet element af egenkapitalen, alt efter hvad der er hensigtsmæssigt) ved begyndelsen af det regnskabsår, hvor leasingtageren for første gang anvender ændringen.
C20B
I den regnskabsperiode, hvor leasingtager for første gang anvender 
Covid-19-relaterede lejenedslag
, er leasingtager ikke forpligtet til at afgive de oplysninger, der kræves i henhold til afsnit 28, litra f), i IAS 8.
C20BA
Leasingtagere skal med tilbagevirkende kraft anvende 
Covid-19-relaterede lejenedslag, der strækker sig ud over den 30. juni 2021
                                    
 (jf. afsnit C1C) og indregne den samlede virkning af førstegangsanvendelsen af denne ændring som en regulering primo i overført resultat (eller et andet element af egenkapitalen, alt efter hvad der er hensigtsmæssigt) ved begyndelsen af det regnskabsår, hvor leasingtageren for første gang anvender ændringen.
C20BB
I den regnskabsperiode, hvor leasingtager for første gang anvender 
Covid-19-relaterede lejenedslag, der strækker sig ud over den 30. juni 2021
                                    
, er leasingtager ikke forpligtet til at afgive de oplysninger, der kræves i henhold til afsnit 28, litra f), i IAS 8.
C20BC
Ved anvendelsen af afsnit 2 i denne standard skal leasingtagere anvende den i afsnit 46A omhandlede praksis konsekvent på relevante kontrakter med lignende karakteristika, som er indgået under lignende omstændigheder, uanset om kontrakten blev omfattet af praksissen som følge af leasingtagers anvendelse af 
Covid-19-relaterede lejenedslag
 (jf. afsnit C1A) eller 
Covid-19-relaterede lejenedslag, der strækker sig ud over den 30. juni 2021
                                    
 (jf. afsnit C1C)
Rentebenchmarkreform — Fase 2
C20C
Virksomheder skal anvende disse ændringer med tilbagevirkende kraft i overensstemmelse med IAS 8, undtagen som anført i afsnit C20D.
C20D
En virksomhed er ikke forpligtet til at tilpasse tidligere regnskabsperioder for at afspejle anvendelsen af disse ændringer. Virksomheden må kun tilpasse tidligere regnskabsperioder, hvis det er muligt uden at efterrationalisere. Hvis en virksomhed ikke tilpasser tidligere regnskabsperioder, skal den indregne en eventuel forskel mellem den tidligere regnskabsmæssige værdi og den regnskabsmæssige værdi i begyndelsen af den årlige regnskabsperiode, der omfatter tidspunktet for førstegangsanvendelsen af disse ændringer, primo i overført resultat (eller et andet egenkapitalelement, alt efter hvad der er hensigtsmæssigt) i den årlige regnskabsperiode, der omfatter tidspunktet for førstegangsanvendelsen af disse ændringer.
OPHÆVELSE AF ANDRE STANDARDER
C21
Denne standard erstatter følgende standarder og fortolkningsbidrag:
a)
IAS 17 
Leasingkontrakter
b)
IFRIC 4 
Vurdering af, om en aftale indeholder en leasingkontrakt
c)
SIC-15 
Operationelle leasingkontrakter — Incitamenter
 og
d)
SIC-27 
Vurdering af indholdet af transaktioner, som har juridisk form af en leasingkontrakt
.
Appendiks D
Ændringer af andre standarder
I dette appendiks beskrives de ændringer af andre standarder, der følger af IASB's udarbejdelse af denne standard. Virksomheder skal anvende ændringerne på regnskabsår, som begynder den 1. januar 2019 eller derefter. Hvis en virksomhed anvender denne standard på et tidligere regnskabsår, skal den også anvende ændringerne på dette tidligere regnskabsår.
En virksomhed må ikke anvende IFRS 16, før den anvender IFRS 15
 Omsætning fra kontrakter med kunder 
(se afsnit C1)
.
For standarder, som var gældende den 1. januar 2016, præsenteres ændringerne i dette appendiks følgelig på grundlag af den tekst til de omhandlede standarder, som var gældende den 1. januar 2016 som ændret ved IFRS 15. Teksten til de omhandlede standarder i appendikset indeholder ingen andre ændringer, som ikke var gældende den 1. januar 2016.
For standarder, som ikke var gældende den 1. januar 2016, præsenteres ændringerne i dette appendiks på grundlag af teksten til første offentliggørelse af de omhandlede standarder som ændret ved IFRS 15. Teksten til de omhandlede standarder i appendikset indeholder ingen andre ændringer, som ikke var gældende den 1. januar 2016.
IFRS 17
Forsikringskontrakter
FORMÅL
1
IFRS 17 
Forsikringskontrakter
 fastlægger principperne for indregning, måling, præsentation og oplysning i forbindelse med de 
forsikringskontrakter
, der er omfattet af standarden. Formålet med IFRS 17 er at sikre, at en virksomhed afgiver relevante oplysninger, der på troværdig vis repræsenterer disse kontrakter. Disse oplysninger giver regnskabsbrugere et grundlag for at vurdere, hvilken virkning forsikringskontrakter har på en virksomheds finansielle stilling, indtjening og pengestrømme.
2
En virksomhed skal, når den anvender IFRS 17, tage hensyn til sine materielle rettigheder og forpligtelser, uanset om disse stammer fra en kontrakt, en lov eller en administrativ bestemmelse. En kontrakt er en aftale mellem to eller flere parter, ved hvilken der skabes rettigheder og forpligtelser, som kan håndhæves. Muligheden for håndhævelse af kontraktmæssige rettigheder og forpligtelser er et juridisk spørgsmål. Kontrakter kan være skriftlige, mundtlige eller følge af en virksomheds almindelige forretningspraksis. Kontraktvilkår omfatter alle vilkår i en kontakt, eksplicitte eller implicitte, men en virksomhed skal se bort fra vilkår, som ikke har et forretningsmæssigt indhold (dvs. ingen mærkbar virkning på aftalens økonomiske konsekvenser). Implicitte vilkår i en kontrakt omfatter dem, der pålægges ved love eller administrative bestemmelser. Praksis og procedurer i forbindelse med indgåelse af kontrakter med kunder varierer alt efter retsområde, branche og virksomhed. De kan desuden variere inden for en virksomhed (f.eks. kan de afhænge af kundegruppen eller arten af de aftalte varer eller serviceydelser).
ANVENDELSESOMRÅDE
3
En virksomhed skal anvende IFRS 17 på:
a)
de forsikringskontrakter, herunder 
genforsikringskontrakter
, som den udsteder
b)
de genforsikringskontrakter, som den indgår, og
c)
de 
investeringskontrakter med elementer af diskretionær deltagelse
, som den udsteder, forudsat at virksomheden også udsteder forsikringskontrakter.
4
Alle henvisninger i IFRS 17 til forsikringskontrakter gælder også for:
a)
indgåede genforsikringskontrakter, bortset fra
i)
henvisninger til udstedte forsikringskontrakter, og
ii)
som beskrevet i afsnit 60-70A
b)
investeringskontrakter med elementer af diskretionær deltagelse som fastsat i afsnit 3, litra c), bortset fra henvisningen til forsikringskontrakter i afsnit 3, litra c), og som beskrevet i afsnit 71.
5
Alle henvisninger i IFRS 17 til udstedte forsikringskontrakter gælder også for forsikringskontrakter, der er erhvervet af virksomheden gennem en overdragelse af forsikringskontrakter eller ved en virksomhedssammenslutning, ud over de indgåede genforsikringskontrakter.
6
I appendiks A defineres en forsikringskontrakt, og afsnit B2-B30 i appendiks B giver vejledning i forbindelse med definitionen på en forsikringskontrakt.
7
En virksomhed skal ikke anvende IFRS 17 på:
a)
garantier ydet af en producent, en forhandler eller en detailforhandler i forbindelse med salg af den pågældendes varer eller serviceydelser til en kunde (jf. IFRS 15 
Omsætning fra kontrakter med kunder
).
b)
arbejdsgiveres aktiver og forpligtelser i forbindelse med pensionsordninger (jf. IAS 19 
Personaleydelser
 og IFRS 2 
Aktiebaseret vederlæggelse
) og pensionsforpligtelser i henhold til definerede fratrædelsesordninger (jf. IAS 26 
Regnskabsmæssig behandling og præsentation af fratrædelsesordninger
)
c)
kontraktmæssige rettigheder eller kontraktmæssige forpligtelser, som er betinget af den fremtidige brug af - eller ret til at bruge - et ikke-finansielt aktiv (f.eks. visse licenser, royalties, variable og andre betingede leasingydelser og lignende poster: jf. IFRS 15, IAS 38 
Immaterielle aktiver
 og IFRS 16 
Leasingkontrakter
)
d)
restværdigarantier, som er ydet af en producent, forhandler eller detailhandler, og en leasingtagers restværdigarantier, når de er indbygget i en leasingkontrakt (jf. IFRS 15 og IFRS 16)
e)
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. Udstederen skal vælge at anvende enten IFRS 17 eller IAS 32 
Finansielle instrumenter: Præsentation
, IFRS 7 
Finansielle instrumenter: Oplysninger
 og IFRS 9 
Finansielle instrumenter
 på sådanne finansielle garantikontrakter. Udsteder kan foretage dette valg for hver enkelt kontrakt, men det foretagne valg for den enkelte kontrakt er uigenkaldeligt
f)
betinget vederlag, der skal betales eller modtages i en virksomhedssammenslutning (jf. IFRS 3 
Virksomhedssammenslutninger
)
g)
forsikringskontrakter, hvor virksomheden er 
forsikringstager
, medmindre sådanne kontrakter er indgåede genforsikringskontrakter (jf. afsnit 3, litra b))
h)
kreditkortkontrakter eller lignende kontrakter, hvorved der ydes kredit eller fastlægges betalingsordninger, som opfylder definitionen på en forsikringskontrakt, men kun hvis virksomheden ikke lader vurderingen af 
forsikringsrisikoen
 for den enkelte kunde afspejle sig ved prisfastsættelsen af kontrakten med den pågældende kunde (jf. IFRS 9 og andre gældende IFRS-standarder). Men hvis det kræves i IFRS 9, at en virksomhed udskiller et forsikringsdækningselement (jf. afsnit 2.1, litra e), nr. iv), i IFRS 9), som er indbygget i en sådan kontrakt, skal den anvende IFRS 17 på det pågældende element.
8
Nogle kontrakter opfylder definitionen på en forsikringskontrakt, men deres primære formål er levering af serviceydelser til en fast pris. En virksomhed kan vælge at anvende IFRS 15 i stedet for IFRS 17 på sådanne kontrakter, som den udsteder, men kun hvis bestemte betingelser er opfyldt. Virksomheden kan foretage dette valg for hver enkelt kontrakt, men det foretagne valg for den enkelte kontrakt er uigenkaldeligt. Betingelserne er:
a)
virksomheden lader ikke risikovurderingen af en enkelt kunde afspejle sig ved prisfastsættelsen af kontrakten med den pågældende kunde
b)
kontrakten yder erstatning til kunden ved at tilbyde serviceydelser, snarere end ved kontantudbetalinger til kunden, og
c)
den forsikringsrisiko, der overdrages ved kontrakten, opstår primært som følge af kundens brug af serviceydelserne snarere end som følge af usikkerheden vedrørende omkostningerne ved disse serviceydelser.
8A
Nogle kontrakter opfylder definitionen på en forsikringskontrakt, men begrænser erstatningen for 
de forsikrede begivenheder
 til det beløb, der ellers kræves for at indfri den forpligtelse for forsikringstager, der er opstået som følge af kontrakten (eksempelvis lån med afkald ved dødsfald). En virksomhed skal vælge, om den anvender IFRS 17 eller IFRS 9 på sådanne kontrakter, som den udsteder, medmindre sådanne kontrakter ved afsnit 7 er udelukket fra anvendelsesområdet for IFRS 17. Virksomheden skal foretage dette valg for hver enkelt 
portefølje af forsikringskontrakter
, og valget for den enkelte portefølje er uigenkaldeligt.
En kombination af forsikringskontrakter
9
En samling eller en række forsikringskontrakter med den samme eller en forbunden modpart kan opnå, eller være udformet med henblik på at opnå, en samlet økonomisk virkning. For at præsentere indholdet af sådanne kontrakter kan det være nødvendigt at behandle samlingen eller rækken af kontrakter som en helhed. For eksempel hvis rettigheder og forpligtelser i én kontrakt ikke gør andet end helt at annullere rettigheder eller forpligtelser i en anden kontrakt indgået samtidigt med samme modpart, er den kombinerede virkning heraf, at der ikke findes rettigheder eller forpligtelser.
Udskilning af elementer fra en forsikringskontrakt (afsnit B31-B35)
10
En forsikringskontrakt kan indeholde et eller flere elementer, der ville være omfattet af en anden standard, hvis de udgjorde separate kontrakter. For eksempel kan en forsikringskontrakt omfatte et 
investeringselement
 eller et serviceydelseselement ud over 
forsikringsrelaterede serviceydelser
 (eller begge dele). En virksomhed skal anvende afsnit 11-13 for at identificere og behandle kontraktelementerne regnskabsmæssigt.
11
En virksomhed skal:
a)
anvende IFRS 9 til at afgøre, hvorvidt der er tale om et indbygget afledt finansielt instrument, som skal udskilles, og i givet fald, hvordan dette afledte finansielle instrument behandles regnskabsmæssigt
b)
udskille et investeringselement fra en hovedforsikringskontrakt, hvis, og kun hvis, investeringselementet er særskilt (jf. afsnit B31–B32). Virksomheden skal anvende IFRS 9 til at behandle det udskilte investeringselement regnskabsmæssigt, medmindre det er en investeringskontrakt med elementer af diskretionær deltagelse, som er omfattet af IFRS 17 (jf. afsnit 3, litra c).
12
Efter anvendelse af afsnit 11 for at udskille eventuelle pengestrømme i forbindelse med indbyggede afledte finansielle instrumenter og adskilte investeringselementer skal en virksomhed udskille ethvert tilsagn fra hovedforsikringskontrakten om at overdrage bestemte varer eller ikke forsikringsrelaterede serviceydelser til en forsikringstager ved at anvende afsnit 7 i IFRS 15. Virksomheden skal behandle sådanne tilsagn regnskabsmæssigt ved at anvende IFRS 15. Ved anvendelse af afsnit 7 i IFRS 15 for at udskille tilsagnet anvender virksomheden afsnit B33-B35 i IFRS 17 og skal ved første indregning:
a)
anvende IFRS 15 til at fordele indgående pengestrømme mellem forsikringselementet og ethvert tilsagn om at levere bestemte varer eller ikke forsikringsrelaterede serviceydelser og
b)
fordele udgående pengestrømme mellem forsikringselementet og ethvert tilsagn om varer eller ikke forsikringsrelaterede serviceydelser, der er regnskabsmæssigt behandlet i henhold til IFRS 15, således at:
i)
udgående pengestrømme, som er direkte relateret til hvert enkelt element, henføres til dette og
ii)
resterende udgående pengestrømme henføres på et systematisk og rationelt grundlag, som afspejler de udgående pengestrømme, som virksomheden kunne forvente at opnå, hvis dette element var en særskilt kontrakt.
13
Efter anvendelse af afsnit 11-12 skal en virksomhed anvende IFRS 17 på alle resterende elementer af hovedforsikringskontrakten. Herefter skal alle henvisninger i IFRS 17 til indbyggede afledte finansielle instrumenter henvise til afledte finansielle instrumenter, der ikke er udskilt fra hovedforsikringskontrakten, og alle henvisninger til investeringselementer skal henvise til investeringselementer, som ikke er udskilt fra hovedforsikringskontrakten (undtagen henvisningerne i afsnit B31-B32).
SAMMENLÆGNINGSNIVEAU FOR FORSIKRINGSKONTRAKTER
14
En virksomhed skal identificere porteføljer af forsikringskontrakter. En portefølje omfatter kontrakter, der er underlagt samme risici, og som forvaltes sammen. Kontrakter inden for en produktgruppe kan forventes at have lignende risici og forventes dermed at være i samme portefølje, hvis de forvaltes sammen. Kontrakter inden for forskellige produktgrupper (f.eks. annuitetsforsikring med faste udbetalinger med engangspræmie sammenlignet med en tidsbegrænset livsforsikring) forventes ikke at have lignende risici og forventes således at være i forskellige porteføljer.
15
Afsnit 16-24 gælder for udstedte forsikringskontrakter. Kravene til sammenlægningsniveauet for indgåede genforsikringskontrakter er fastlagt i afsnit 61.
16
En virksomhed skal opdele en portefølje af udstedte forsikringskontrakter som minimum i:
a)
en gruppe af kontrakter, der er tabsgivende ved første indregning, hvis sådanne findes
b)
en gruppe af kontrakter, der ved første indregning ikke har nogen betydelig risiko for efterfølgende at blive tabsgivende, hvis sådanne findes og
c)
en gruppe af de resterende kontrakter i porteføljen, hvis sådanne findes.
17
Hvis en virksomhed har rimelige og dokumenterede oplysninger, der giver anledning til at konkludere, at en samling af kontrakter vil være i den samme gruppe ved anvendelse af afsnit 16, kan den måle samlingen af kontrakter for at fastsætte, om kontrakterne er tabsgivende (se afsnit 47) og vurdere samlingen af kontrakterne for at fastslå, om kontrakterne ikke har nogen betydelig risiko for efterfølgende at blive tabsgivende (jf. afsnit 19). Hvis virksomheden ikke ligger inde med rimelige og dokumenterede oplysninger, der giver anledning til at konkludere, at alle kontrakter i en samling vil være i den samme gruppe, fastlægger den, hvilken gruppe kontrakterne skal tilhøre ved at behandle de enkelte kontrakter.
18
For udstedte kontrakter, på hvilke en virksomhed anvender præmieallokeringsmetoden (jf. afsnit 53-59), antager virksomheden, at ingen kontrakter i porteføljen er tabsgivende ved første indregning, medmindre andet fremgår af kendsgerninger og omstændigheder. En virksomhed skal vurdere, hvorvidt kontrakter, der ikke er tabsgivende ved første indregning, ikke har nogen betydelig risiko for efterfølgende at blive tabsgivende, ved at vurdere sandsynligheden for ændringer i gældende kendsgerninger og omstændigheder.
19
For udstedte kontrakter, på hvilke en virksomhed ikke anvender præmieallokeringsmetoden (jf. afsnit 53-54), vurderer virksomheden, om de kontrakter, der ikke er tabsgivende ved første indregning, ikke har nogen betydelig risiko for at blive tabsgivende:
a)
ud fra sandsynligheden for ændringer i forudsætningerne, der, hvis de fandt sted, ville betyde, at kontrakterne ville blive tabsgivende.
b)
ved hjælp af oplysninger om skøn, der stammer fra virksomhedens interne rapportering. Deraf følger i forbindelse med vurderingen af, hvorvidt kontrakter, som ikke er tabsgivende ved første indregning, ikke har nogen betydelig risiko for at blive tabsgivende, at:
i)
en virksomhed ikke må se bort fra oplysninger fra den interne rapportering om virkningen af ændringer i forudsætningerne på forskellige kontrakter, for så vidt angår muligheden for, at de kan blive tabsgivende, men
ii)
en virksomhed er ikke forpligtet til at indsamle yderligere oplysninger ud over dem, der gives af virksomhedens interne rapportering om virkningen af ændringer i forudsætningerne på forskellige kontrakter.
20
Hvis kontrakterne inden for en portefølje ville blive fordelt på forskellige grupper ved anvendelse af afsnit 14-19, udelukkende fordi lovgivningen eller administrative bestemmelser udtrykkeligt begrænser virksomhedens praktiske mulighed for at fastsætte en anden pris eller ydelsesniveau for forsikringstagere med forskellige karakteristika, kan virksomheden medtage disse kontrakter i samme gruppe. En virksomhed må ikke anvende dette afsnit på tilsvarende vis over for andre poster.
21
Det er tilladt for virksomheden at underinddele de grupper, der er beskrevet i afsnit 16. Eksempelvis kan en virksomhed vælge at opdele porteføljerne i:
a)
flere grupper, som ikke er tabsgivende ved første indregning — hvis virksomhedens interne rapportering giver oplysninger, som skelner mellem:
i)
forskellige rentabilitetsniveauer eller
ii)
forskellige muligheder for, at kontrakter bliver tabsgivende efter første indregning, og
b)
mere end én gruppe af kontrakter, der er tabsgivende ved første indregning — hvis virksomhedens interne rapportering giver mere detaljerede oplysninger om, i hvilket omfang kontrakterne er tabsgivende.
22
En virksomhed skal ikke henføre kontrakter, der er udstedt med mere end et års mellemrum, til samme gruppe. For at opnå dette skal virksomheden om nødvendigt yderligere inddele grupperne i afsnit 16-21.
23
En 
gruppe af forsikringskontrakter
 skal omfatte én enkelt kontrakt, hvis dette er resultatet af anvendelsen af afsnit 14-22.
24
En virksomhed skal anvende kravene om indregning og måling i IFRS 17 på de grupper af kontrakter, der fastsættes ved anvendelse af afsnit 14-23. En virksomhed skal fastlægge grupperne ved første indregning og skal tilføje kontrakter til grupperne ved anvendelse af afsnit 28. Virksomheden skal ikke revurdere gruppernes sammensætning efterfølgende. Til måling af en gruppe af kontrakter, kan en virksomhed foretage skøn over 
opfyldelsespengestrømmene
 på et højere sammenlægningsniveau end for gruppen eller porteføljen, forudsat at virksomheden er i stand til at indarbejde de relevante opfyldelsespengestrømme i målingen af gruppen ved anvendelse af afsnit 32, litra a), afsnit 40, litra a), nr. i), og afsnit 40, litra b), ved at allokere sådanne skøn til grupper af kontrakter.
INDREGNING
25
En virksomhed skal indregne en gruppe af forsikringskontrakter, som den udsteder, fra det tidligste af følgende tidspunkter:
a)
ved begyndelsen af 
dækningsperioden
 for gruppen af kontrakter
b)
fra det tidspunkt, hvor den første betaling fra en forsikringstager i gruppen forfalder, og
c)
for en gruppe af tabsgivende kontrakter, når denne bliver tabsgivende.
26
Hvis der ikke er noget kontraktmæssigt forfaldstidspunkt, anses første betaling fra forsikringstageren for at være forfalden ved modtagelsen. En virksomhed skal fastsætte, om en mængde af kontrakter udgør en gruppe af tabsgivende kontrakter ved at anvende afsnit 16 inden det første af de tidspunkter, der er fastsat i afsnit 25, litra a) og b), hvis kendsgerninger og omstændigheder indikerer, at der findes en sådan gruppe.
27
[Ophævet]
28
Ved indregningen af en gruppe af forsikringskontrakter i en regnskabsperiode skal virksomheden kun medtage kontrakter, som enkeltvis opfylder et af de kriterier, der er anført i afsnit 25, og skal foretage skøn med hensyn til diskonteringssatserne på tidspunktet for første indregning (jf. afsnit B73) og de dækningsenheder, der er fremkommet i løbet af regnskabsperioden (jf. afsnit B119). En virksomhed kan medtage flere kontrakter i gruppen efter regnskabsperiodens afslutning, jf. dog afsnit 14-22. En virksomhed skal tilføje en kontrakt til gruppen i den regnskabsperiode, hvor den pågældende kontrakt opfylder et af de kriterier, der er anført i afsnit 25. Dette kan resultere i en ændring af fastsættelsen af diskonteringssatserne på tidspunktet for første indregning ved anvendelse af afsnit B73. En virksomhed skal anvende de genberegnede renter fra begyndelsen af den regnskabsperiode, hvor de nye kontrakter er føjet til gruppen.
Pengestrømme i forbindelse med erhvervelse af forsikringer (jf. afsnit B35A–B35D)
28A
En virksomhed skal ved hjælp af en systematisk og rationel metode fordele 
pengestrømme i forbindelse med erhvervelse af forsikringer
 på grupper af forsikringskontrakter ved anvendelse af B35A–B35B, medmindre den vælger at indregne disse som udgifter ved anvendelse af afsnit 59, litra a).
28B
En virksomhed, der ikke anvender afsnit 59, litra a), skal indregne pengestrømme i forbindelse med erhvervelse af forsikringer som aktiver (eller pengestrømme i forbindelse med erhvervelse af forsikringer, for hvilke en forpligtelse er indregnet ved anvendelse af en anden IFRS-standard), der er indbetalt før indregningen af den tilknyttede gruppe af forsikringskontrakter. En virksomhed skal indregne sådanne aktiver for hver enkelt tilknyttet gruppe af forsikringskontrakter.
28C
En virksomhed skal vælge at ophøre med at indregne et aktiv fremkommet ved pengestrømme i forbindelse med erhvervelse af forsikringer, når pengestrømmene i forbindelse med erhvervelsen af forsikringer er medtaget i målingen af den tilknyttede gruppe af forsikringskontrakter ved anvendelse af afsnit 38, litra c), nr. i), eller afsnit 55, litra a), nr. iii).
28D
Hvis afsnit 28 finder anvendelse, skal en virksomhed anvende afsnit 28B-28C i overensstemmelse med afsnit B35C.
28E
Ved regnskabsperiodens afslutning skal en virksomhed vurdere, om et aktiv fremkommet ved pengestrømme i forbindelse med erhvervelse af forsikringer kan genindvindes, hvis forhold og omstændigheder tyder på, at aktivet kan være værdiforringet (jf. afsnit B35D). Hvis en virksomhed konstaterer et tab ved værdiforringelse, skal virksomheden justere aktivets regnskabsmæssige værdi og indregne tabet som følge af værdiforringelsen i resultatet.
28F
En virksomhed skal i resultatet indregne en hel eller delvis tilbageførsel af et tab som følge af værdiforringelse, som tidligere er indregnet ved anvendelse af afsnit 28F, og øge aktivets regnskabsmæssige værdi, i det omfang de omstændigheder, der førte til værdiforringelsen, ikke længere eksisterer eller er forbedret.
MÅLING (AFSNIT B36–B119F)
29
En virksomhed skal anvende afsnit 30-52 på alle grupper af forsikringskontrakter, som er omfattet af IFRS 17, med følgende undtagelser:
a)
for grupper af forsikringskontrakter, der opfylder ét af de kriterier, der er anført i afsnit 53, kan en virksomhed forenkle målingen af gruppen ved at anvende præmieallokeringsmetoden i afsnit 55-59
b)
for grupper af indgåede genforsikringskontrakter skal virksomheden anvende afsnit 32-46, som fastlagt i afsnit 63-70A. Afsnit 45 (om 
forsikringskontrakter med elementer af direkte deltagelse
) og afsnit 47-52 (om tabsgivende kontrakter) gælder ikke for grupper af indgåede genforsikringskontrakter
c)
for grupper af investeringskontrakter med elementer af diskretionær deltagelse skal en virksomhed anvende afsnit 32-52 som ændret ved afsnit 71.
30
Ved anvendelsen af IAS 
21 Valutaomregning
 på en gruppe af forsikringskontrakter, der genererer pengestrømme i fremmed valuta, skal en virksomhed behandle den pågældende gruppe af kontrakter, herunder 
den kontraktmæssige servicemargen
, som en monetær post.
31
I årsregnskaberne for en virksomhed, som udsteder forsikringskontrakter, skal opfyldelsespengestrømmene ikke afspejle virksomhedens risiko for manglende opfyldelse (risikoen for manglende opfyldelse er defineret i IFRS 13 
Måling af dagsværdi
).
Måling ved første indregning (afsnit B36-B95)
32
Ved første indregning skal en virksomhed måle en gruppe af forsikringskontrakter ud fra det samlede beløb for:
a)
opfyldelsespengestrømmene, som omfatter:
i)
skøn over fremtidige pengestrømme (afsnit 33–35)
ii)
en justering, der skal afspejle den tidsmæssige værdi af penge og 
de finansielle risici
, der er forbundet med fremtidige pengestrømme, i det omfang de finansielle risici ikke er medtaget i skønnene over fremtidige pengestrømme (afsnit 36), og
iii)
en 
risikojustering for ikke-finansielle risici
 (afsnit 37)
b)
den kontraktmæssige servicemargen målt ved anvendelse af afsnit 38-39.
Skøn over fremtidige pengestrømme (afsnit B36-B71)
33
En virksomhed skal ved målingen af en gruppe af forsikringskontrakter medtage alle fremtidige pengestrømme inden for afgrænsningen af hver enkelt kontrakt i gruppen (jf. afsnit 34). Ved anvendelse af afsnit 24 kan en virksomhed foretage et skøn over fremtidige pengestrømme på et højere sammenlægningsniveau og derefter allokere de deraf følgende opfyldelsespengestrømme til individuelle grupper af kontrakter. Skøn over fremtidige pengestrømme skal:
a)
på en objektiv måde inkorporere alle rimelige og dokumenterede oplysninger, som er tilgængelige uden urimelig udgift eller indsats, om beløb, tidspunkt og usikkerhed forbundet med disse fremtidige pengestrømme (jf. afsnit B37-B41). Hertil skal virksomheden foretage et skøn over den forventede værdi (dvs. det sandsynlighedsvægtede gennemsnit) af hele spændet af mulige udfald
b)
afspejle virksomhedens synspunkt, forudsat at skøn over alle relevante markedsvariabler er i overensstemmelse med observerbare markedspriser for disse variabler (jf. afsnit B42-B53)
c)
være aktuelle – skønnene skal afspejle forholdene på målingstidspunktet, herunder forudsætninger om fremtiden på dette tidspunkt (jf. afsnit B54-B60)
d)
være eksplicitte – virksomheden foretager et skøn over justeringen for ikke-finansielle risici, der er adskilt fra de øvrige skøn (jf. afsnit B90). Desuden skal virksomheden foretage et skøn over pengestrømmene uafhængigt af justeringen for den tidsmæssige værdi af penge og de finansielle risici, medmindre den mest hensigtsmæssige måleteknik indebærer et samlet skøn (jf. afsnit B46).
34
Pengestrømme falder inden for afgrænsningen af en forsikringskontrakt, hvis de hidrører fra materielle rettigheder og forpligtelser, som eksisterer i den regnskabsperiode, i hvilken virksomheden kan tvinge forsikringstager til at betale præmier, eller i hvilken virksomheden har en materiel forpligtelse til at levere forsikringsrelaterede serviceydelser til forsikringstager (jf. afsnit B61-B71). En materiel forpligtelse til at levere forsikringsrelaterede serviceydelser ophører, når:
a)
virksomheden har praktisk mulighed for at revurdere risici for den pågældende forsikringstager og som følge heraf kan fastsætte en pris eller et ydelsesniveau, der fuldt ud afspejler disse risici, eller
b)
følgende kriterier begge er opfyldt:
i)
virksomheden har praktisk mulighed for at revurdere risici for porteføljen af de investeringskontrakter, som omfatter kontrakten, og kan som følge heraf fastsætte en pris eller et ydelsesniveau, der fuldt ud afspejler risici i denne portefølje, og
ii)
prisfastsættelsen af præmier indtil det tidspunkt, hvor risici revurderes, ikke tager hensyn til de risici, som vedrører perioder efter tidspunktet for revurderingen.
35
En virksomhed skal ikke indregne beløb som en forpligtelse eller et aktiv, som vedrører forventede præmier eller forventede krav om erstatninger uden for forsikringskontraktens afgrænsning. Disse beløb vedrører fremtidige forsikringskontrakter.
Diskonteringssatserne (afsnit B72-B85)
36
En virksomhed skal justere skønnene over fremtidige pengestrømme for at afspejle den tidsmæssige værdi af penge og de finansielle risici, der er forbundet med disse pengestrømme, for så vidt som de finansielle risici ikke er medtaget i skønnene over pengestrømme. De diskonteringssatser, der anvendes til skønnene over de fremtidige pengestrømme, som er beskrevet i afsnit 33, skal:
a)
afspejle den tidsmæssige værdi af pengene, karakteristika for pengestrømmene i forsikringskontrakterne samt kontrakternes likviditetsegenskaber
b)
være i overensstemmelse med observerbare aktuelle markedspriser (hvis sådanne findes) på finansielle instrumenter med pengestrømme, hvis karakteristika er i overensstemmelse med karakteristika for pengestrømmene i forsikringskontrakterne, f.eks. med hensyn til tidspunkt, valuta og likviditet, og
c)
ikke afspejle virkningen af faktorer, der påvirker sådanne observerbare markedspriser, men som ikke berører fremtidige pengestrømme i forsikringskontrakterne.
Risikojustering for ikke-finansielle risici (afsnit B86-B92)
37
En virksomhed skal justere skønnet over nutidsværdien af fremtidige pengestrømme for at afspejle den kompensation, som virksomheden kræver for at påtage sig usikkerheden med hensyn til beløb og tidspunkt for de pengestrømme, der opstår som følge af ikke-finansielle risici.
Den kontraktmæssige servicemargen
38
Den kontraktmæssige servicemargen er et element af aktivet eller forpligtelsen for gruppen af forsikringskontrakter og repræsenterer den ikke realiserede fortjeneste, som virksomheden vil indregne for levering af fremtidige forsikringsrelaterede serviceydelser. Medmindre afsnit 47 (om tabsgivende kontrakter) eller afsnit B123A (om forsikringsindtægter i forbindelse med afsnit 38, litra c), nr. ii), finder anvendelse, skal en virksomhed ved første indregning af en gruppe af forsikringskontrakter måle den kontraktmæssige servicemargen med et beløb, som hverken medfører indtægter eller udgifter fra:
a)
den første indregning af et beløb for opfyldelsespengestrømme, målt ved at anvende afsnit 32-37
b)
pengestrømme hidrørende fra kontrakter i gruppen på dette tidspunkt
c)
ophøret af indregning på tidspunktet for den første indregning af:
i)
ethvert aktiv fremkommet ved pengestrømme i forbindelse med erhvervelse af forsikringer ved anvendelse af afsnit 28C og
ii)
ethvert andet aktiv eller enhver anden forpligtelse, som tidligere er indregnet for pengestrømme i forbindelse med gruppen af kontrakter som specificeret i afsnit B66A.
39
For forsikringskontrakter, der er erhvervet ved en overdragelse af forsikringskontrakter eller en virksomhedssammenslutning, som er omfattet af IFRS 3, skal virksomheden anvende afsnit 38 i overensstemmelse med afsnit B93-B95F.
Efterfølgende måling
40
Den regnskabsmæssige værdi af en gruppe af forsikringskontrakter ved regnskabsperiodens afslutning er summen af:
a)
forpligtelsen vedrørende den resterende dækningsperiode
, som omfatter:
i)
opfyldelsespengestrømme i tilknytning til fremtidige serviceydelser, der er allokeret til gruppen på dette tidspunkt, målt ved at anvende afsnit 33-37 og B36-B92
ii)
den kontraktmæssige servicemargen for gruppen på dette tidspunkt, målt ved at anvende afsnit 43-46 og
b)
forpligtelsen vedrørende indtrufne skader
, som omfatter opfyldelsespengestrømme i tilknytning til tidligere serviceydelser, der er allokeret til gruppen på dette tidspunkt, målt ved anvendelse af afsnit 33-37 og B36-B92.
41
En virksomhed skal indregne indtægter og udgifter for følgende ændringer i den regnskabsmæssige værdi af forpligtelsen vedrørende den resterende dækningsperiode:
a)
forsikringsindtægter — til nedsættelse af forpligtelsen vedrørende den resterende dækningsperiode som følge af serviceydelser leveret i perioden, målt ved anvendelse af afsnit B120–B124
b)
udgifter til forsikringsservice — for tab på grupper af tabsgivende kontrakter og tilbageførsler af sådanne tab (jf. afsnit 47-52) og
c)
finansielle forsikringsindtægter eller -udgifter — for at afspejle virkningen af den tidsmæssige værdi af penge og virkningen af finansiel risiko som anført i afsnit 87.
42
En virksomhed skal indregne indtægter og udgifter for følgende ændringer i den regnskabsmæssige værdi af forpligtelsen vedrørende indtrufne skader:
a)
udgifter til forsikringsservice — for forøgelsen af forpligtelsen som følge af indtrufne skader og udgifter, der er påløbet i perioden, ekskl. investeringselementer
b)
udgifter til forsikringsservice — for eventuelle efterfølgende ændringer i opfyldelsespengestrømme i tilknytning til indtrufne skader og påløbne udgifter og
c)
finansielle forsikringsindtægter eller -udgifter — for at afspejle virkningen af den tidsmæssige værdi af penge og virkningen af finansiel risiko som anført i afsnit 87.
Den kontraktmæssige servicemargen (afsnit B96-B119B)
43
Den kontraktmæssige servicemargen ved regnskabsperiodens afslutning er fortjenesten i gruppen af forsikringskontrakter, som endnu ikke er indregnet i resultatet, fordi den vedrører den fremtidige serviceydelse, der skal leveres i henhold til kontrakterne i gruppen.
44
For 
forsikringskontrakter uden elementer af direkte deltagelse
 er den regnskabsmæssige værdi af den kontraktmæssige servicemargen for en gruppe af kontrakter ved regnskabsperiodens afslutning lig med den regnskabsmæssige værdi ved regnskabsperiodens begyndelse, justeret for:
a)
virkningen af alle nye kontrakter, der er tilføjet gruppen (se afsnit 28)
b)
renter, som påløber den regnskabsmæssige værdi af den kontraktmæssige servicemargen i løbet af regnskabsperioden, målt til diskonteringssatserne som anført i afsnit B72, litra b)
c)
ændringerne i opfyldelsespengestrømme i tilknytning til fremtidige serviceydelser som anført i afsnit B96-B100, medmindre:
i)
sådanne stigninger i opfyldelsespengestrømmene overstiger den regnskabsmæssige værdi af den kontraktmæssige servicemargen, hvilket giver anledning til et tab (jf. afsnit 48, litra a)), eller
ii)
sådanne fald i opfyldelsespengestrømmene allokeres til tabselementet for forpligtelsen vedrørende den resterende dækningsperiode ved anvendelse af afsnit 50, litra b)
d)
virkningen af eventuelle valutakursforskelle på den kontraktmæssige servicemargen og
e)
det beløb, der er indregnet som forsikringsindtægter på grund af overdragelsen af forsikringsrelaterede serviceydelser i perioden, og som er fastsat ved allokeringen af den kontraktmæssige servicemargen, der udestår ved regnskabsperiodens afslutning (før enhver allokering), over den aktuelle og den resterende dækningsperiode ved anvendelse af afsnit B119.
45
For forsikringskontrakter med elementer af direkte deltagelse (jf. afsnit B101-B118) er den regnskabsmæssige værdi af den kontraktmæssige servicemargen for en gruppe af kontrakter ved regnskabsperiodens afslutning lig med den regnskabsmæssige værdi ved regnskabsperiodens begyndelse, justeret for beløbene i underafsnit a)-e) nedenfor: En virksomhed behøver ikke at identificere disse justeringer særskilt. I stedet kan der fastsættes et samlet beløb for nogle eller for alle af disse justeringer. Justeringerne omfatter:
a)
virkningen af alle nye kontrakter, der er tilføjet gruppen (se afsnit 28)
b)
ændringen i beløbet for virksomhedens andel i dagsværdien af de 
underliggende poster
 (jf. afsnit B104, litra b), nr. i)), medmindre:
i)
afsnit B115 (om risikoreduktion) finder anvendelse
ii)
faldet i beløbet for virksomhedens andel i dagsværdien af de underliggende poster overstiger den regnskabsmæssige værdi af den kontraktmæssige servicemargen, hvilket giver anledning til et tab (jf. afsnit 48), eller
iii)
stigningen i beløbet for virksomhedens andel i dagsværdien af de underliggende poster betyder, at beløbet under nr. ii) tilbageføres
c)
ændringerne i opfyldelsespengestrømme i tilknytning til fremtidige serviceydelser som anført i afsnit B101-B118, medmindre:
i)
afsnit B115 (om risikoreduktion) finder anvendelse
ii)
sådanne stigninger i opfyldelsespengestrømmene overstiger den regnskabsmæssige værdi af den kontraktmæssige servicemargen, hvilket giver anledning til et tab (jf. afsnit 48), eller
iii)
sådanne fald i opfyldelsespengestrømmene allokeres til tabselementet for forpligtelsen vedrørende den resterende dækningsperiode ved anvendelse af afsnit 50, litra b)
d)
virkningen af eventuelle valutakursforskelle, som opstår i forbindelse med den kontraktmæssige servicemargen, og
e)
det beløb, der er indregnet som forsikringsindtægter på grund af overdragelsen af forsikringsrelaterede serviceydelser i perioden, og som er fastsat ved allokeringen af den kontraktmæssige servicemargen, der udestår ved regnskabsperiodens afslutning (før enhver allokering), over den aktuelle og den resterende dækningsperiode ved anvendelse af afsnit B119.
46
Nogle ændringer i den kontraktmæssige servicemargen udligner ændringer i opfyldelsespengestrømmene for forpligtelsen vedrørende den resterende dækningsperiode og medfører ingen ændring i den samlede regnskabsmæssige værdi af forpligtelsen vedrørende den resterende dækningsperiode. I det omfang ændringer i den kontraktmæssige servicemargen ikke udligner ændringer i opfyldelsespengestrømmene for forpligtelsen vedrørende den resterende dækningsperiode, skal en virksomhed indregne indtægter og udgifter i forbindelse med ændringerne ved at anvende afsnit 41.
Tabsgivende kontrakter
47
En forsikringskontrakt er tabsgivende på tidspunktet for første indregning, hvis de opfyldelsespengestrømme, som er allokeret til kontrakten, eventuelt tidligere indregnede pengestrømme i forbindelse med erhvervelse af forsikringer og eventuelle pengestrømme i henhold til kontrakten på tidspunktet for første indregning samlet set udgør en nettoudstrømning. Ved anvendelse af afsnit 16, litra a), skal en virksomhed gruppere sådanne kontrakter adskilt fra kontrakter, som ikke er tabsgivende. I det omfang afsnit 17 gælder, kan en virksomhed identificere gruppen af tabsgivende kontrakter ved at måle en samling af kontrakter frem for de enkelte kontrakter. En virksomhed skal indregne et tab i resultatet svarende til nettoudstrømningen for gruppen af tabsgivende kontrakter, hvilket medfører, at den regnskabsmæssige værdi af forpligtelsen for gruppen er lig med opfyldelsespengestrømmene, og den kontraktmæssige servicemargen for gruppen er nul.
48
En gruppe af forsikringskontrakter bliver tabsgivende (eller endnu mere tabsgivende) ved efterfølgende måling, hvis følgende beløb overstiger den regnskabsmæssige værdi af den kontraktmæssige servicemargen:
a)
ufordelagtige ændringer i forbindelse med fremtidige serviceydelser i de opfyldelsespengestrømme, som er allokeret til gruppen, og som hidrører fra ændringer i skøn over fremtidige pengestrømme og risikojusteringen for ikke-finansielle risici, og
b)
for en gruppe af forsikringskontrakter med elementer af direkte deltagelse, nedgangen i beløbet for virksomhedens andel i dagsværdien af de underliggende poster.
Ved anvendelse af afsnit 44, litra c), nr. i), afsnit 45, litra b), nr. ii), og afsnit 45, litra c), nr. ii), skal virksomheden indregne et tab i resultatet, der svarer til denne overskridelse.
49
En virksomhed skal fastslå (eller forøge) et tabselement i forpligtelsen vedrørende den resterende dækningsperiode for en tabsgivende gruppe og vise de tab, der er indregnet ved anvendelse af afsnit 47-48. Tabselementet bestemmer de beløb, der præsenteres i resultatet som tilbageførsel af tab på tabsgivende grupper, og som således er udelukket fra at indgå i fastsættelsen af forsikringsindtægter.
50
Når en virksomhed har indregnet et tab på en tabsgivende gruppe af forsikringskontrakter, skal den allokere:
a)
de efterfølgende ændringer i opfyldelsespengestrømmene for forpligtelsen vedrørende den resterende dækningsperiode, som anført i afsnit 51, på et systematisk grundlag på:
i)
tabselementet for forpligtelsen vedrørende den resterende dækningsperiode og
ii)
forpligtelsen vedrørende den resterende dækningsperiode, ekskl. tabselementet
b)
udelukkende på tabselementet, indtil dette element er reduceret til nul:
i)
ethvert efterfølgende fald i forbindelse med fremtidige serviceydelser i de opfyldelsespengestrømme, som er allokeret til gruppen, og som hidrører fra ændringer i skøn over fremtidige pengestrømme og risikojusteringen for ikke-finansielle risici, og
ii)
enhver efterfølgende stigning i beløbet for virksomhedens andel i dagsværdien af de underliggende poster.
Ved anvendelse af afsnit 44, litra c), nr. ii), afsnit 45, litra b), nr. iii), og afsnit 45, litra c), nr. iii), skal en virksomhed justere den kontraktmæssige servicemargen, men kun med det beløb, hvormed faldet overstiger det beløb, der blev allokeret til tabselementet.
51
De efterfølgende ændringer i opfyldelsespengestrømmene for forpligtelsen vedrørende den resterende dækningsperiode, der skal allokeres ved anvendelse af afsnit 50, litra a), er:
a)
skøn over nutidsværdien af fremtidige pengestrømme i forbindelse med krav om erstatninger og udgifter, der udgår af forpligtelsen vedrørende den resterende dækningsperiode på grund af påløbne udgifter til forsikringsservice
b)
ændringer i risikojusteringen for ikke-finansielle risici, der er indregnet i resultatet, som følge af at de udgår af risikoen, og
c)
finansielle forsikringsindtægter eller -udgifter.
52
Den systematiske allokering, der kræves i afsnit 50, litra a), skal resultere i, at de samlede beløb, der allokeres til tabselementet i henhold til afsnit 48-50, er lig nul ved udgangen af dækningsperioden for en gruppe af kontrakter.
Præmieallokeringsmetode
53
En virksomhed kan forenkle målingen af en gruppe af forsikringskontrakter ved at anvende præmieallokeringsmetoden i afsnit 55-59, hvis, og kun hvis, følgende gælder ved gruppens etablering:
a)
virksomheden forventer med rimelighed, at en sådan forenkling ville føre til en måling af forpligtelsen vedrørende den resterende dækningsperiode for gruppen, der ikke ville afvige væsentligt fra den, der ville være fremkommet ved anvendelse af kravene i afsnit 32-52, eller
b)
dækningsperioden for hver enkelt kontrakt i gruppen (herunder forsikringsrelaterede serviceydelser i forbindelse med alle præmier inden for kontraktens afgrænsning, der er fastsat på dette tidspunkt ved anvendelse af afsnit 34), er et år eller derunder.
54
Kriteriet i afsnit 53, litra a), er ikke er opfyldt, hvis en virksomhed ved gruppens etablering forventer betydelige udsving i opfyldelsespengestrømmene, som vil påvirke målingen af forpligtelsen vedrørende den resterende dækningsperiode i perioden, inden der indtræffer et krav om erstatning. Udsving i opfyldelsespengestrømmene tager til f.eks. med:
a)
omfanget af fremtidige pengestrømme i tilknytning til afledte finansielle instrumenter, som er indbygget i kontrakterne, og
b)
længden af dækningsperioden for gruppen af kontrakter.
55
Når en virksomhed anvender præmieallokeringsmetoden, skal den måle forpligtelsen vedrørende den resterende dækningsperiode som følger:
a)
ved første indregning er den regnskabsmæssige værdi af forpligtelsen:
i)
de præmier, der i givet fald er modtaget ved første indregning
ii)
med fradrag af eventuelle pengestrømme i forbindelse med erhvervelse af forsikringer på dette tidspunkt, medmindre virksomheden vælger at indregne betalingerne som en udgift ved anvendelse af afsnit 59, litra a), og
iii)
med tillæg eller fradrag af ethvert beløb hidrørende fra ophør af indregning på dette tidspunkt af:
1.
ethvert aktiv fremkommet ved pengestrømme i forbindelse med erhvervelse af forsikringer ved anvendelse af afsnit 28C og
2.
ethvert andet aktiv eller enhver anden forpligtelse, som tidligere er indregnet for pengestrømme i forbindelse med gruppen af kontrakter som specificeret i afsnit B66A.
b)
ved hvert efterfølgende regnskabsperiodes afslutning er den regnskabsmæssige værdi af forpligtelsen lig med den regnskabsmæssige værdi ved regnskabsperiodens begyndelse:
i)
med tillæg af de præmier, der er modtaget i perioden
ii)
med fradrag af pengestrømme i forbindelse med erhvervelse af forsikringer, medmindre virksomheden vælger at indregne betalingerne som en udgift ved anvendelse af afsnit 59, litra a)
iii)
med tillæg af beløb i tilknytning til amortisering af de pengestrømme i forbindelse med erhvervelse af forsikringer, der er indregnet som en udgift i regnskabsperioden, medmindre virksomheden vælger at indregne pengestrømmene i forbindelse med erhvervelse af forsikringer som en udgift ved anvendelse af afsnit 59, litra a)
iv)
med tillæg af enhver justering af et finansieringselement ved anvendelse af afsnit 56
v)
med fradrag af det beløb, der er indregnet som forsikringsindtægter for serviceydelser, der er leveret i denne periode (jf. afsnit B126), og
vi)
med fradrag af et ethvert investeringselement, der er udbetalt eller overført til forpligtelsen vedrørende indtrufne skader.
56
Hvis forsikringskontrakter i gruppen har et væsentligt finansieringselement, skal virksomheden justere den regnskabsmæssige værdi af forpligtelsen vedrørende den resterende dækningsperiode for at afspejle den tidsmæssige værdi af penge og virkningen af finansiel risiko ved at anvende diskonteringssatserne i afsnit 36, som fastsat ved første indregning. Det kræves ikke, at virksomheden justerer den regnskabsmæssige værdi af forpligtelsen vedrørende den resterende dækningsperiode for at afspejle den tidsmæssige værdi af penge og virkningen af finansiel risiko, hvis virksomheden ved første indregning forventer, at tidsrummet mellem levering af hver serviceydelse og den dertil knyttede præmieforfaldsdato højst er et år.
57
Hvis forhold og omstændigheder på noget tidspunkt i dækningsperioden indikerer, at en gruppe af forsikringskontrakter er tabsgivende, skal virksomheden beregne forskellen mellem:
a)
den regnskabsmæssige værdi af forpligtelsen vedrørende den resterende dækningsperiode, der er fastsat ved anvendelse af afsnit 55, og
b)
de opfyldelsespengestrømme, der vedrører den resterende dækningsperiode for gruppen, ved anvendelse af afsnit 33-37 og B36-B92. Men hvis virksomheden ved anvendelse af afsnit 59, litra b), ikke justerer forpligtelsen vedrørende indtrufne skader for den tidsmæssige værdi af penge og virkningen af finansiel risiko, skal den ikke medtage en sådan justering i opfyldelsespengestrømmene.
58
I det omfang opfyldelsespengestrømmene beskrevet i afsnit 57, litra b), overstiger den regnskabsmæssige værdi beskrevet i afsnit 57, litra a), skal virksomheden indregne et tab i resultatet og øge forpligtelsen vedrørende den resterende dækningsperiode.
59
I forbindelse med anvendelsen af præmieallokeringsmetoden gælder, at en virksomhed:
a)
kan vælge at indregne eventuelle pengestrømme i forbindelse med erhvervelse af forsikringer som udgifter, når den pådrager sig disse udgifter, forudsat at dækningsperioden for hver enkelt kontrakt i gruppen ved første indregning er højst et år.
b)
skal måle forpligtelsen vedrørende indtrufne skader for gruppen af forsikringskontrakter ved de opfyldelsespengestrømme, der vedrører indtrufne skader, ved at anvende afsnit 33-37 og B36-B92. Virksomheden er dog ikke forpligtet til at justere fremtidige pengestrømme for den tidsmæssige værdi af penge og virkningen af finansiel risiko, hvis disse pengestrømme kan forventes at være betalt eller modtaget inden for højst et år fra det tidspunkt, hvor der indtræffer krav om erstatning.
Indgåede genforsikringskontrakter
60
Kravene i IFRS 17 ændres for indgåede genforsikringskontrakter som fastsat i afsnit 61-70A.
61
En virksomhed skal opdele porteføljer af indgåede genforsikringskontrakter ved at anvende afsnit 14-24, bortset fra at henvisningerne til tabsgivende kontrakter i disse afsnit erstattes med en henvisning til kontrakter, som har en nettogevinst ved første indregning. For visse indgåede genforsikringskontrakter vil anvendelsen af afsnit 14-24 resultere i en gruppe, der omfatter én enkelt kontrakt.
Indregning
62
I stedet for at anvende afsnit 25 skal en virksomhed indregne en gruppe af indgåede genforsikringskontrakter fra det tidligste af følgende tidspunkter:
a)
begyndelsen af dækningsperioden for gruppen af indgåede genforsikringskontrakter og
b)
tidspunktet for virksomhedens indregning af en tabsgivende gruppe af underliggende forsikringskontrakter ved anvendelse af afsnit 25, litra c), hvis virksomheden senest på dette tidspunkt indgik den dertil knyttede indgåede genforsikringskontrakt i gruppen af indgåede genforsikringskontrakter.
62A
Uanset afsnit 62, litra a), skal en virksomhed udskyde indregning af en gruppe af indgåede genforsikringskontrakter, som giver forholdsvis dækning, indtil der er foretaget den første indregning for alle underliggende forsikringskontrakter, hvis dette tidspunkt er senere end begyndelsen af dækningsperioden for gruppen af indgåede genforsikringskontrakter.
Måling
63
Ved at anvende målingskravene i afsnit 32-36 på indgåede genforsikringskontrakter, for så vidt som de underliggende kontrakter også måles ved anvendelse af disse afsnit, skal virksomheden anvende ensartede forudsætninger til måling af skønnene over nutidsværdien af fremtidige pengestrømme for gruppen af indgåede genforsikringskontrakter, og skønnene over nutidsværdien af fremtidige pengestrømme for gruppen eller grupperne af underliggende forsikringskontrakter. Desuden skal virksomheden i skønnene over nutidsværdien af fremtidige pengestrømme for gruppen af indgåede genforsikringskontrakter medtage virkningen af enhver risiko for udsteders manglende opfyldelse af genforsikringskontrakten, herunder virkningen af sikkerhedsstillelse og tab som følge af tvister.
64
I stedet for at anvende afsnit 37 skal en virksomhed fastsætte risikojusteringen for ikke-finansielle risici således, at den svarer til det risikobeløb, der overdrages af indehaveren af gruppen af genforsikringskontrakter til udstederen af disse kontrakter.
65
Kravene i afsnit 38, der vedrører fastsættelse af den kontraktmæssige servicemargen ved første indregning, er ændret for at afspejle det forhold, at der for en gruppe af indgåede genforsikringskontrakter endnu ikke findes et optjent positivt resultat, men i stedet en nettoomkostning eller en nettogevinst ved køb af genforsikringen. Medmindre afsnit 65A finder anvendelse, indregner en virksomhed derfor ved første indregning enhver nettoomkostning eller nettogevinst ved køb af gruppen af indgåede genforsikringskontrakter som en kontraktmæssig servicemargen målt til et beløb svarende til summen af:
a)
opfyldelsespengestrømmene
b)
det beløb vedrørende aktiver eller forpligtelser, der tidligere er indregnet for pengestrømme i forbindelse med gruppen af indgåede genforsikringskontrakter, men hvor indregning ophører på dette tidspunkt
c)
enhver pengestrøm, der opstår på dette tidspunkt, og
d)
enhver indtægt, der er indregnet i resultatet ved anvendelse af afsnit 66A.
65A
Hvis nettoomkostningen ved køb af genforsikringsdækning vedrører begivenheder, der fandt sted før købet af gruppen af indgåede genforsikringskontrakter, skal virksomheden omgående indregne en sådan omkostning i resultatet som en omkostning uanset kravene i afsnit B5.
66
I stedet for at anvende afsnit 44 skal en virksomhed måle den kontraktmæssige servicemargen ved regnskabsperiodens afslutning for en gruppe af indgåede genforsikringskontrakter som den regnskabsmæssige værdi fastsat ved regnskabsperiodens begyndelse justeret for:
a)
virkningen af alle nye kontrakter, der er tilføjet gruppen (se afsnit 28)
b)
renter, som påløber den regnskabsmæssige værdi af den kontraktmæssige servicemargen, målt til de diskonteringssatser, som er anført i afsnit B72, litra b)
ba)
indtægter indregnet i resultatet i regnskabsperioden ved anvendelse af afsnit 66A
bb)
tilbageførsler af et tabselement, der genindvindes, og som er indregnet ved anvendelse af afsnit 66B (jf. afsnit B119F), i det omfang disse tilbageførsler ikke er ændringer i opfyldelsespengestrømmene for gruppen af indgåede genforsikringskontrakter
c)
ændringer i opfyldelsespengestrømmene, målt til de diskonteringssatser, som er anført i afsnit B72, litra c), i det omfang ændringen vedrører fremtidige serviceydelser, medmindre
i)
ændringen skyldes en ændring i de opfyldelsespengestrømme, der er allokeret til en gruppe af underliggende forsikringskontrakter, som ikke indebærer justering af den kontraktmæssige servicemargen for gruppen af underliggende forsikringskontrakter, eller
ii)
ændringen skyldes anvendelsen af afsnit 57-58 (om tabsgivende kontrakter), hvis virksomheden måler en gruppe af underliggende forsikringskontrakter ved anvendelse af præmieallokeringsmetoden
d)
virkningen af eventuelle valutakursforskelle, som opstår i forbindelse med den kontraktmæssige servicemargen, og
e)
det beløb, der er indregnet i resultatet som følge af serviceydelser, der er modtaget i perioden, og som er fastsat ved allokeringen af den kontraktmæssige servicemargen, der udestår ved regnskabsperiodens afslutning (før enhver allokering), over den aktuelle og den resterende dækningsperiode for gruppen af indgåede genforsikingskontrakter ved anvendelse af afsnit B119.
66A
En virksomhed skal justere den kontraktmæssige servicemargen for en gruppe af indgåede genforsikringskontrakter og indregne indtægter som følge heraf, når virksomheden indregner et tab ved første indregning for en tabsgivende gruppe af underliggende forsikringskontrakter eller ved tilføjelse af tabsgivende underliggende forsikringskontrakter til en gruppe (jf. afsnit B119C-B119E).
66B
En virksomhed skal fastslå (eller justere) et tabselement, der genindvindes, for aktivet vedrørende den resterende dækningsperiode for en gruppe af indgåede genforsikringskontrakter og vise de genindvundne tab, der er indregnet ved anvendelse af afsnit 66, litra c), nr. i)-ii), og afsnit 66A. Det tabselement, der genindvindes, bestemmer de beløb, der præsenteres i resultatet som tilbageførsler af tab, der genindvindes, fra indgåede genforsikringskontrakter og er således udelukket fra at indgå i allokeringen af de præmier, der indbetales til reassurandøren (jf. afsnit B119F).
67
Ændringer i opfyldelsespengestrømmene, som skyldes ændringer i risikoen for udsteders manglende opfyldelse af en indgået genforsikringskontrakt, vedrører ikke fremtidige serviceydelser og skal ikke indebære justering af den kontraktmæssige servicemargen.
68
Indgåede genforsikringskontrakter kan ikke være tabsgivende. Følgelig finder kravene i afsnit 47-52 ikke anvendelse.
Præmieallokeringsmetoden for indgåede genforsikringskontrakter
69
En virksomhed kan anvende præmieallokeringsmetoden, der er beskrevet i afsnit 55-56 og 59 (tilpasset de aspekter ved indgåede genforsikringskontrakter, som adskiller sig fra udstedte forsikringskontrakters, f.eks. generering af udgifter eller udgiftsnedbringelse frem for indtægter) for at forenkle målingen af en gruppe af indgåede genforsikringskontrakter, hvis følgende gælder ved gruppens etablering:
a)
virksomheden forventer med rimelighed, at den deraf følgende måling ikke afviger væsentligt fra resultatet, hvis man anvender kravene i afsnit 63-68, eller
b)
dækningsperioden for hver enkelt kontrakt i gruppen af indgåede genforsikringskontrakter (herunder forsikringsdækning i forbindelse med alle de præmier inden for kontraktens afgrænsning, der er fastsat på dette tidspunkt ved anvendelse af afsnit 34), er et år eller derunder.
70
En virksomhed kan i perioden, inden der indtræffer krav om erstatning, ikke opfylde betingelsen i afsnit 69, litra a), hvis den ved gruppens etablering forventer betydelige udsving i opfyldelsespengestrømmene, der vil påvirke målingen af aktivet vedrørende den resterende dækningsperiode. Udsving i opfyldelsespengestrømmene tager til f.eks. med:
a)
omfanget af fremtidige pengestrømme i tilknytning til afledte finansielle instrumenter, som er indbygget i kontrakterne, og
b)
længden af dækningsperioden for gruppen af indgåede genforsikringskontrakter.
70A
Hvis en virksomhed måler en gruppe af indgåede genforsikringskontrakter ved at anvende præmieallokeringsmetoden, skal virksomheden anvende afsnit 66A ved at justere den regnskabsmæssige værdi af aktivet vedrørende den resterende dækningsperiode i stedet for at justere den kontraktmæssige servicemargen.
Investeringskontrakter med elementer af diskretionær deltagelse
71
En investeringskontrakt med elementer af diskretionær deltagelse omfatter ikke en overdragelse af en væsentlig forsikringsrisiko. For så vidt angår investeringskontrakter med elementer af diskretionær deltagelse ændres kravene i IFRS 17 for forsikringskontrakter, som følger:
a)
tidspunktet for første indregning (jf. afsnit 25 og 28), er det tidspunkt, hvor virksomheden bliver part i kontrakten
b)
kontraktens afgrænsning (se afsnit 34) ændres, således at pengestrømme falder inden for kontraktens afgrænsning, hvis de hidrører fra en materiel forpligtelse for virksomheden til at overdrage likvide beholdninger på et nuværende eller et fremtidigt tidspunkt. Virksomheden har ingen materiel forpligtelse til at overdrage likvide beholdninger, hvis den har praktisk mulighed for at prisfastsætte et tilsagn om at overdrage de likvide beholdninger, som fuldt ud afspejler beløbet for de lovede likvide beholdninger og dermed forbundne risici.
c)
allokeringen af den kontraktmæssige servicemargen (jf. afsnit 44, litra e), og afsnit 45, litra e)), ændres, således at virksomheden skal indregne den kontraktmæssige servicemargen over løbetiden for gruppen af kontrakter på en systematisk måde, der afspejler overdragelsen af investeringstjenester i henhold til kontrakten.
ÆNDRING OG OPHØR AF INDREGNING
Ændring af en forsikringskontrakt
72
Hvis vilkårene i en forsikringskontrakt ændres, f.eks. ved en aftale mellem parterne i kontrakten eller ved en ændring i lovgivningen, skal en virksomhed ophøre med at indregne den oprindelige kontrakt og indregne den ændrede kontrakt som en ny kontrakt ved at anvende IFRS 17 eller andre relevante standarder, hvis — og kun hvis — bare én af betingelserne i litra a)-c) er opfyldt. Udøvelsen af en ret, som er medtaget i kontraktvilkårene, er ikke en ændring. Betingelserne for ovenstående er som følger:
a)
hvis de ændrede vilkår havde været medtaget ved kontraktens indgåelse:
i)
ville den ændrede kontrakt have været udelukket fra anvendelsesområdet for IFRS 17 ved anvendelse af afsnit 3-8A
ii)
ville en virksomhed have udskilt de forskellige elementer fra hovedforsikringskontrakten ved anvendelse af afsnit 10-13, hvilket ville have resulteret i en anden forsikringskontrakt, som havde været omfattet af IFRS 17
iii)
ville den ændrede kontrakt have haft en klart anderledes afgrænsning ved anvendelse af afsnit 34, eller
iv)
ville den ændrede kontrakt have været medtaget i en anden gruppe af kontrakter ved anvendelse af afsnit 14-24
b)
den oprindelige kontrakt opfyldte definitionen på en 
forsikringskontrakt med elementer af direkte deltagelse
, men den ændrede kontrakt opfylder ikke længere denne definition, eller omvendt, eller
c)
virksomheden anvendte præmieallokeringsmetoden i afsnit 53-59 eller afsnit 69-70 på den oprindelige kontrakt, men ændringerne indebærer, at kontrakten ikke længere opfylder kriterierne for denne metode i afsnit 53 eller afsnit 69.
73
Såfremt en kontraktændring ikke opfylder nogen af betingelserne i afsnit 72, skal virksomheden behandle ændringer i pengestrømme, der hidrører fra ændringen, som ændringer i skøn over opfyldelsespengestrømmene ved at anvende afsnit 40-52.
Ophør af indregning
74
En virksomhed skal udelukkende ophøre med at indregne en forsikringskontrakt, når:
a)
den ophører, dvs. når den i forsikringskontrakten anførte forpligtelse udløber, opfyldes eller annulleres, eller
b)
én af betingelserne i afsnit 72 er opfyldt.
75
Når en forsikringskontrakt ophører, er virksomheden ikke længere eksponeret mod risiko og er derfor ikke længere forpligtet til at overdrage økonomiske ressourcer til opfyldelse af forsikringskontrakten. Hvis en virksomhed eksempelvis køber genforsikring, skal den ophøre med at indregne de(n) underliggende forsikringskontrakt(er), men først når de(n) underliggende forsikringskontrakt(er) ophører.
76
En virksomhed ophører med at indregne en forsikringskontrakt tilhørende en gruppe af kontrakter ved at anvende følgende krav i IFRS 17:
a)
opfyldelsespengestrømme, der er allokeret til gruppen, justeres for at fjerne nutidsværdien af fremtidige pengestrømme og risikojusteringen for ikke-finansielle risici i relation til de rettigheder og forpligtelser, for hvilke indregningen i gruppen er ophørt, ved at anvende afsnit 40, litra a), nr. i), og 40, litra b)
b)
den kontraktmæssige servicemargen for gruppen justeres for ændringen i de opfyldelsespengestrømme, der er beskrevet i litra a), i det omfang det kræves i afsnit 44, litra c), og afsnit 45, litra c), medmindre afsnit 77 finder anvendelse, og
c)
antallet af dækningsenheder for de forventede resterende forsikringsrelaterede serviceydelser justeres for at afspejle de dækningsenheder, for hvilke indregningen i gruppen er ophørt, og beløbet for den kontraktmæssige servicemargen, der er indregnet i resultatet i perioden, baseres på det justerede tal ved at anvende afsnit B119.
77
Når en virksomhed ophører med at indregne en forsikringskontrakt, fordi den overdrager kontrakten til en tredjepart, eller ophører med at indregne en forsikringskontrakt og indregner en ny kontrakt ved at anvende afsnit 72, skal virksomheden i stedet for at anvende afsnit 76, litra b):
a)
justere den kontraktmæssige servicemargen for gruppen, i hvilken indregning af kontrakten er ophørt, i det omfang det kræves i afsnit 44, litra c), og afsnit 45, litra c), for forskellen mellem i) og enten, for kontrakter, der overdrages til en tredjepart, ii), eller, for kontrakter, hvor indregningen er ophørt ved anvendelse af afsnit 72, iii):
i)
ændringen i den regnskabsmæssige værdi af gruppen af forsikringskontrakter, der hidrører fra ophør af indregningen af kontrakten, ved anvendelse af afsnit 76, litra a)
ii)
den præmie, der opkræves af tredjeparten
iii)
den præmie, som virksomheden ville have opkrævet, hvis den havde indgået en kontrakt på tilsvarende vilkår som den nye kontrakt på tidspunktet for kontraktændringen med fradrag af en eventuel supplerende præmie for ændringen.
b)
måle den nye kontrakt, der indregnes ved anvendelse af afsnit 72, ud fra den antagelse, at virksomheden modtog præmien i litra a), nr. iii) på tidspunktet for ændringen.
PRÆSENTATION I BALANCEN
78
En virksomhed skal foretage separat præsentation i balancen af den regnskabsmæssige værdi af sådanne porteføljer af:
a)
udstedte forsikringskontrakter, som er aktiver
b)
udstedte forsikringskontrakter, som er forpligtelser
c)
indgåede genforsikringskontrakter, som er aktiver, og
d)
indgåede genforsikringskontrakter, som er forpligtelser.
79
En virksomhed skal medtage eventuelle aktiver fremkommet ved pengestrømme i forbindelse med erhvervelse af forsikringer, der er indregnet ved anvendelse af afsnit 28B, i den regnskabsmæssige værdi af de tilknyttede porteføljer af udstedte forsikringskontrakter, og eventuelle aktiver eller forpligtelser fremkommet ved pengestrømme, der er knyttet til porteføljer af indgåede genforsikringskontrakter (jf. afsnit 65, litra b)) i den regnskabsmæssige værdi af porteføljerne af indgåede genforsikringskontrakter.
INDREGNING OG PRÆSENTATION I OPGØRELSEN ELLER OPGØRELSERNE AF INDTJENING (AFSNIT B120-B136)
80
Ved anvendelse af afsnit 41 og 42 skal en virksomhed opdele de beløb, der er indregnet i resultatopgørelsen/-opgørelserne og anden totalindkomst (i det følgende benævnt "opgørelsen eller opgørelserne over indtjening"), i:
a)
et resultat af forsikringsservice (afsnit 83-86), som omfatter forsikringsindtægter og udgifter til forsikringsservice, og
b)
finansielle forsikringsindtægter eller -udgifter (afsnit 87-92).
81
En virksomhed er ikke forpligtet til at opdele ændringen i risikojusteringen for ikke-finansielle risici mellem resultatet af forsikringsservice og finansielle forsikringsindtægter eller -udgifter. Hvis en virksomhed ikke foretager en sådan opdeling, skal den medtage hele ændringen i risikojusteringen for ikke-finansielle risici som en del af resultatet af forsikringsservice.
82
En virksomhed skal præsentere indtægter eller udgifter fra indgåede genforsikringskontrakter adskilt fra indtægter eller udgifter fra udstedte forsikringskontrakter.
Resultatet af forsikringsservice
83
En virksomhed skal præsentere forsikringsindtægter, der hidrører fra grupper af udstedte forsikringskontrakter, i resultatet. Forsikringsindtægterne skal modsvare serviceydelserne fra gruppen af forsikringskontrakter og afspejle det vederlag, virksomheden forventer at være berettiget til som modydelse for disse serviceydelser. Afsnit B120-B127 præciserer, hvordan en virksomhed måler forsikringsindtægter.
84
En virksomhed skal i resultatet præsentere udgifter til forsikringsservice fra en gruppe af udstedte forsikringskontrakter, som omfatter indtrufne skader (ekskl. tilbagebetalinger af investeringselementer), andre påløbne udgifter til forsikringsservice og andre beløb, jf. afsnit 103, litra b).
85
Forsikringsindtægter og udgifter til forsikringsservice, der præsenteres i resultatet, omfatter ikke investeringselementer. En virksomhed skal ikke præsentere oplysninger om præmier i resultatet, hvis disse oplysninger ikke er forenelige med afsnit 83.
86
En virksomhed kan præsentere andre indtægter eller udgifter fra en gruppe af indgåede genforsikringskontrakter (jf. afsnit 60-70A) end finansielle forsikringsindtægter eller -udgifter som ét enkelt beløb, eller virksomheden kan foretage separat præsentation af de beløb, der genindvindes fra reassurandøren, og en allokering af indbetalte præmier, der tilsammen giver et nettobeløb svarende til dette enkelte beløb. Hvis en virksomhed foretager separat præsentation af de beløb, der genindvindes fra reassurandøren, og en allokering af indbetalte præmier, skal den:
a)
behandle pengestrømme i forbindelse med genforsikring, der er betinget af krav om erstatning i henhold til underliggende kontrakter, som en del af de krav om erstatning, der forventes godtgjort i henhold til den indgåede genforsikringskontrakt,
b)
behandle de beløb fra reassurandøren, som den forventer at modtage, og som ikke er betinget af krav om erstatning i henhold til de underliggende kontrakter (f.eks. visse former for gebyr til den cederende virksomhed) som en nedsættelse af de præmier, der skal betales til reassurandøren,
ba)
behandle indregnede beløb i forbindelse med genindvundne tab ved anvendelse af afsnit 66, litra c), nr. i)-ii) og 66A-66B som beløb, der er genindvundet fra reassurandøren, og
c)
ikke præsentere allokeringen af de indbetalte præmier som en indtægtsnedsættelse.
Finansielle forsikringsindtægter eller -udgifter (jf. afsnit B128-B136)
87
Finansielle forsikringsindtægter eller -udgifter omfatter ændringen i den regnskabsmæssige værdi af gruppen af forsikringskontrakter, der hidrører fra:
a)
virkningen af den tidsmæssige værdi af penge og ændringer i den tidsmæssige værdi af penge, og
b)
virkningen af finansiel risiko og ændringer i finansiel risiko, men
c)
ekskl. sådanne ændringer for grupperne af forsikringskontrakter med elementer af direkte deltagelse, der ville indebære justering af den kontraktmæssige servicemargen, men ikke gør det ved anvendelse af afsnit 45, litra b), nr. ii) eller nr. iii), eller afsnit 45, litra c), nr. ii), eller nr. iii). Disse indgår i udgifter til forsikringsservice.
87A
En virksomhed skal anvende:
a)
afsnit B117A på finansielle forsikringsindtægter eller -udgifter, der stammer fra anvendelsen af afsnit B115 (risikoreduktion), og
b)
afsnit 88 og 89 på alle andre finansielle forsikringsindtægter eller -udgifter.
88
Medmindre afsnit 89 finder anvendelse, skal en virksomhed, når den anvender afsnit 87A, litra b), foretage et valg af regnskabspraksis mellem:
a)
at medtage finansielle forsikringsindtægter eller -udgifter for perioden i resultatet, eller
b)
at opdele finansielle forsikringsindtægter eller -udgifter for perioden og medtage et beløb i resultatet, der fastsættes ved en systematisk allokering af de forventede samlede finansielle forsikringsindtægter eller -udgifter over løbetiden for gruppen af kontrakter, ved anvendelse af afsnit B130-B133.
89
For forsikringskontrakter med elementer af direkte deltagelse, for hvilke virksomheden besidder de underliggende poster, skal virksomheden, når den anvender afsnit 87A, litra b), foretage et valg af regnskabspraksis mellem:
a)
at medtage finansielle forsikringsindtægter eller -udgifter for perioden i resultatet, eller
b)
at opdele finansielle forsikringsindtægter eller -udgifter for perioden og medtage et beløb i resultatet, som fjerner regnskabsmæssig uoverensstemmelse i forbindelse med medtagelsen af indtægter eller udgifter for de underliggende poster, der besiddes, ved at anvende afsnit B134-B136.
90
Hvis en virksomhed vælger den regnskabspraksis, der er fastsat i afsnit 88, litra b), eller i afsnit 89, litra b), medtager den i anden totalindkomst forskellen mellem de finansielle forsikringsindtægter eller -udgifter målt på det grundlag, der er fastsat i disse afsnit, og de samlede finansielle forsikringsindtægter eller -udgifter for perioden.
91
Hvis en virksomhed overdrager en gruppe af forsikringskontrakter eller ophører med at indregne en forsikringskontrakt ved anvendelse af afsnit 77:
a)
skal den til resultatet som en omklassifikationsregulering (jf. IAS 1 
Præsentation af årsregnskaber
) omklassificere eventuelle udestående beløb for gruppen (eller kontrakten), som tidligere blev indregnet i anden totalindkomst, fordi virksomheden valgte den regnskabspraksis, der er fastsat i afsnit 88, litra b).
b)
skal den ikke omklassificere eventuelle udestående beløb for gruppen (eller kontrakten) i resultatet som en omklassifikationsregulering (jf. IAS 1), som tidligere blev indregnet i anden totalindkomst, fordi virksomheden valgte den regnskabspraksis, der er fastsat i afsnit 89, litra b).
92
I henhold til afsnit 30 skal virksomheden behandle en forsikringskontrakt som en monetær post i henhold til IAS 21 med henblik på at omregne poster i udenlandsk valuta til virksomhedens funktionelle valuta. En virksomhed medtager valutakursforskelle på ændringer i den regnskabsmæssige værdi af grupper af forsikringskontrakter i resultatopgørelsen, medmindre de vedrører ændringer i den regnskabsmæssige værdi af grupper af forsikringskontrakter, der er medtaget i anden totalindkomst ved anvendelse af afsnit 90, i hvilket tilfælde de medtages i anden totalindkomst.
OPLYSNINGER
93
Det er målet med oplysningskravene, at en virksomhed skal afgive oplysning i noterne, som sammen med oplysningerne i balancen, opgørelsen eller opgørelserne over indtjening og pengestrømsopgørelsen giver regnskabsbrugere et grundlag for at vurdere den virkning, som kontrakter, der er omfattet af IFRS 17, har på virksomhedens finansielle stilling, indtjening og pengestrømme. For at opfylde dette mål skal virksomheden afgive kvalitative og kvantitative oplysninger om:
a)
de beløb, der er indregnet i årsregnskabet for kontrakter, som er omfattet af IFRS 17 (jf. afsnit 97-116)
b)
de væsentlige vurderinger, og ændringer heri, som følger af anvendelsen af IFRS 17 (jf. afsnit 117-120), og
c)
karakteren og omfanget af risici hidrørende fra kontrakter, som er omfattet af IFRS 17 (jf. afsnit 121-132).
94
En virksomhed skal overveje, hvor detaljerede oplysninger der er nødvendige for at opfylde oplysningsmålsætningen, og hvor megen vægt der skal lægges på de enkelte krav. Hvis de afgivne oplysninger ved anvendelse af afsnit 97–132 er utilstrækkelige til at opfylde målet i afsnit 93, skal en virksomhed afgive de yderligere oplysninger, der kræves for at opfylde dette mål.
95
En virksomhed skal sammendrage eller opdele oplysninger, således at nyttige oplysninger ikke skjules enten gennem store mængder ubetydelige detaljer eller ved sammenlægning af forskelligartede poster.
96
Afsnit 29-31 i IAS 1 fastsætter krav om væsentlighed og sammendrag af oplysninger. Eksempler på grundlag for sammendrag, som kan være hensigtsmæssige for oplysninger, der fremlægges om forsikringskontrakter, er:
a)
kontrakttype (f.eks. vigtige produktgrupper)
b)
geografisk område (f.eks. land eller region) eller
c)
præsentationspligtigt segment, jf. IFRS 8 
Driftssegmenter
.
Redegørelse for indregnede beløb
97
Af de oplysninger, der kræves i henhold til afsnit 98-109A, finder kun kravene i afsnit 98-100, 102-103, 105-105B og 109A anvendelse på kontrakter, hvor præmieallokeringsmetoden har været anvendt. Hvis en virksomhed anvender præmieallokeringsmetoden, skal den også oplyse:
a)
hvilke kriterier i afsnit 53 og 69 den har opfyldt
b)
om den foretager en justering for den tidsmæssige værdi af penge og for virkningen af finansiel risiko ved at anvende afsnit 56, 57, litra b), og 59, litra b), og
c)
den metode, som den har valgt til indregning af pengestrømme i forbindelse med erhvervelse af forsikringer ved anvendelse af afsnit 59, litra a).
98
En virksomhed skal afgive oplysninger om afstemninger, der viser, hvordan den regnskabsmæssige nettoværdi af de kontrakter, som er omfattet af IFRS 17, har ændret sig i løbet af perioden som følge af pengestrømme og indtægter og udgifter, der er indregnet i opgørelsen eller opgørelserne over indtjening. Der skal afgives oplysninger om separate afstemninger for udstedte forsikringskontrakter og for indgåede genforsikringskontrakter. En virksomhed skal tilpasse kravene i afsnit 100-109 for at afspejle de aspekter ved indgåede genforsikringskontrakter, som adskiller sig fra udstedte forsikringskontrakter, f.eks. generering af udgifter eller udgiftsnedbringelse frem for indtægter.
99
En virksomhed skal afgive tilstrækkelige oplysninger i afstemningerne for at sætte regnskabsbrugere i stand til at identificere ændringer fra pengestrømme og beløb, som er indregnet i opgørelsen eller opgørelserne over indtjening. For at opfylde dette krav skal virksomheden:
a)
afgive oplysninger i tabelform om de afstemninger, der er anført i afsnit 100-105B, og
b)
for hver afstemning, fremlægge den regnskabsmæssige nettoværdi ved periodens begyndelse og afslutning, opdelt i en samlet oplysning for sådanne porteføljer af kontrakter, som er aktiver, og en samlet oplysning for porteføljer af kontrakter, som er forpligtelser, svarende til de beløb, der fremgår af balancen, ved anvendelse af afsnit 78.
100
En virksomhed skal afgive oplysninger om afstemninger mellem primo- og ultimobalancen separat for:
a)
nettoforpligtelser (eller aktiver) vedrørende den resterende dækning, ekskl. tabselementer
b)
tabselementer (jf. afsnit 47-52 og 57-58)
c)
forpligtelser vedrørende indtrufne skader. For så vidt angår forsikringskontrakter, på hvilke præmieallokeringsmetoden, jf. afsnit 53-59 eller 69-70A, er blevet anvendt, skal en virksomhed afgive oplysninger om separate afstemninger vedrørende:
i)
skønnene over nutidsværdien af fremtidige pengestrømme og
ii)
risikojusteringen for ikke-finansielle risici
101
For andre forsikringskontrakter end dem, som er omfattet af præmieallokeringsmetoden, jf. afsnit 53-59 eller 69-70A, skal en virksomhed også afgive oplysninger om afstemninger mellem primo- og ultimobalancen separat for:
a)
skønnene over nutidsværdien af fremtidige pengestrømme
b)
risikojusteringen for ikke-finansielle risici og
c)
den kontraktmæssige servicemargen
102
Formålet med afstemningerne i afsnit 100-101 er at afgive forskellige typer oplysninger om resultatet af forsikringsservice.
103
En virksomhed skal i de afstemninger, der kræves i henhold til afsnit 100, i givet fald separat oplyse om hvert af de følgende beløb med tilknytning til serviceydelser:
a)
forsikringsindtægter
b)
udgifter til forsikringsservice, der separat viser
i)
indtrufne skader (ekskl. investeringselementer) og andre påløbne udgifter til forsikringsservice
ii)
amortisering af pengestrømme i forbindelse med erhvervelse af forsikringer
iii)
ændringer, som vedrører tidligere serviceydelser, dvs. ændringer i opfyldelsespengestrømme for forpligtelsen vedrørende indtrufne skader, og
iv)
ændringer, der vedrører fremtidige serviceydelser, dvs. tab på tabsgivende grupper af kontrakter og tilbageførsler af sådanne tab.
c)
investeringskomponenter, der er udelukket fra at indgå i forsikringsindtægter og udgifter til forsikringsservice (kombineret med tilbagebetalinger af præmier, medmindre tilbagebetalingerne af præmierne præsenteres som en del af pengestrømmene i den periode, der er beskrevet i afsnit 105, litra a), nr. i)).
104
En virksomhed skal i de afstemninger, der kræves i henhold til afsnit 101, i givet fald separat oplyse om hvert af de følgende beløb med tilknytning til serviceydelser:
a)
ændringer, der vedrører en fremtidig serviceydelse, ved anvendelse af afsnit B96-B118, og som separat viser:
i)
ændringer i skøn, som indebærer justering af den kontraktmæssige servicemargen
ii)
ændringer i skøn, som ikke indebære justering af den kontraktmæssige servicemargen, dvs. tab på grupper af tabsgivende kontrakter og tilbageførsler af sådanne tab, og
iii)
virkningen af de kontrakter, der oprindeligt blev indregnet i perioden.
b)
ændringer, som vedrører aktuelle tjenester, dvs.:
i)
den kontraktmæssige servicemargen, der er indregnet i resultatet for at afspejle overdragelsen af serviceydelser
ii)
ændringen i risikojusteringen for ikke-finansielle risici, der ikke vedrører fremtidige eller tidligere serviceydelser, og
iii)
erfaringsbaserede justeringer
 (jf. afsnit B97, litra c), og B113, litra a)), med undtagelse af beløb i relation til risikojusteringen for ikke-finansielle risici i nr. ii)
c)
ændringer, som vedrører tidligere serviceydelser, dvs. ændringer i opfyldelsespengestrømme vedrørende indtrufne skader (jf. afsnit B97, litra b), og B113, litra a)).
105
For at gennemføre afstemningerne i afsnit 100-101 skal en virksomhed i givet fald også afgive separat oplysning om hvert af følgende beløb, der ikke har tilknytning til de eventuelle forsikringsrelaterede serviceydelser, som er leveret i perioden:
a)
pengestrømme i perioden, herunder:
i)
præmier, der er modtaget for udstedte forsikringskontrakter, (eller betalt for indgåede genforsikringskontrakter)
ii)
pengestrømme i forbindelse med erhvervelse af forsikringer og
iii)
indtrufne skader, der er betalt, og andre udgifter til forsikringsservice, der er betalt for udstedte forsikringskontrakter (eller genindvundet i henhold til indgåede genforsikringskontrakter), dog ikke pengestrømme i forbindelse med erhvervelse af forsikringer
b)
virkningen af ændringer i risikoen for udsteders manglende opfyldelse af de indgåede genforsikringskontrakter
c)
finansielle forsikringsindtægter eller -udgifter og
d)
eventuelle yderligere regnskabsposter, der måtte være nødvendige for at forstå ændringen i den regnskabsmæssige nettoværdi af forsikringskontrakterne.
105A
En virksomhed skal afgive oplysninger om en afstemning mellem primo- og ultimobalancen for aktiver fremkommet ved pengestrømme i forbindelse med erhvervelse af forsikringer, som er indregnet ved anvendelse af afsnit 28B. En virksomhed skal sammendrage oplysninger for afstemningen på et niveau, der er i overensstemmelse med niveauet for afstemning af forsikringskontrakter, ved anvendelse af afsnit 98.
105B
En virksomhed skal i den afstemning, der kræves i henhold til afsnit 105A, separat oplyse om ethvert tab ved værdiforringelse og tilbageførsler af tab ved værdiforringelse ved anvendelse af afsnit 28E-28F.
106
Med hensyn til andre udstedte forsikringskontrakter end dem, hvor præmieallokeringsmetoden, jf. afsnit 53-59, har været anvendt, skal en virksomhed fremlægge en analyse af de forsikringsindtægter, der er indregnet i perioden, og som omfatter:
a)
beløbene i forbindelse med ændringer i forpligtelsen vedrørende den resterende dækningsperiode som anført i afsnit B124, hvorved der gives separat oplysning om:
i)
udgifter til forsikringsservice påløbet i den periode, der er anført i afsnit B124, litra a)
ii)
ændringen i risikojusteringen for ikke-finansielle risici som anført i afsnit B124, litra b)
iii)
den kontraktmæssige servicemargen, der er indregnet i resultatet som følge af overdragelsen af serviceydelser i perioden, jf. afsnit B124, litra c), og
iv)
eventuelle andre beløb, f.eks. erfaringsbaserede justeringer for modtagne præmier ud over de præmier, der vedrører fremtidige serviceydelser, som specificeret i afsnit B124, litra d),
b)
allokeringen af den del af præmierne, der vedrører genindvinding af pengestrømme i forbindelse med erhvervelse af forsikringer (jf. afsnit B125).
107
Med hensyn til andre forsikringskontrakter end dem, som er omfattet af præmieallokeringsmetoden, jf. afsnit 53-59 eller 69-70A, skal en virksomhed i balancen oplyse virkningen separat for udstedte forsikringskontrakter og for indgåede genforsikringskontrakter, som er indregnet første gang i perioden, og deres virkning ved første indregning skal fremgå for:
a)
skønnene over nutidsværdien af fremtidige udgående pengestrømme, idet størrelsen af pengestrømmene i forbindelse med erhvervelse af forsikringer skal fremgå separat
b)
skønnene over nutidsværdien af fremtidige indgående pengestrømme
c)
risikojusteringen for ikke-finansielle risici og
d)
den kontraktmæssige servicemargen
108
I de oplysninger, der kræves i afsnit 107, skal en virksomhed afgive separat oplysning om beløb, der hidrører fra:
a)
kontrakter erhvervet fra andre virksomheder gennem overdragelser af forsikringskontrakter eller virksomhedssammenslutninger og
b)
grupper af kontrakter, der er tabsgivende.
109
Med hensyn til andre forsikringskontrakter end dem, hvor præmieallokeringsmetoden, jf. afsnit 53-59 eller 69-70A, har været anvendt, skal en virksomhed i passende tidsintervaller afgive oplysninger om, hvornår den forventer kvantitativt at indregne den kontraktmæssige servicemargen, der udestår ved regnskabsperiodens afslutning, i resultatet. Disse oplysninger afgives separat for udstedte forsikringskontrakter og for indgåede genforsikringskontrakter.
109A
En virksomhed skal afgive kvantitative oplysninger i passende tidsintervaller om, hvornår den forventer at ophøre med indregningen af et aktiv fremkommet ved pengestrømme i forbindelse med erhvervelse af forsikringer ved anvendelse af afsnit 28C.
Finansielle forsikringsindtægter eller -udgifter
110
En virksomhed skal oplyse om og redegøre for de samlede finansielle forsikringsindtægter eller -udgifter i regnskabsperioden. Den skal især redegøre for forholdet mellem finansielle forsikringsindtægter eller -udgifter og afkast på aktiver for at gøre det muligt for regnskabsbrugere at vurdere kilderne til de finansieringsindtægter eller -udgifter, der er indregnet i resultatet og i anden totalindkomst.
111
For kontrakter med elementer af direkte deltagelse skal virksomheden beskrive sammensætningen af de underliggende poster og oplyse disses dagsværdi.
112
For kontrakter med elementer af direkte deltagelse skal virksomheden, hvis den ved anvendelse af afsnit B115 vælger ikke at justere den kontraktmæssige servicemargen for visse ændringer i opfyldelsespengestrømmene, oplyse virkningen af dette valg på justeringen af den kontraktmæssige servicemargen i indeværende periode.
113
For kontrakter med elementer af direkte deltagelse skal en virksomhed, hvis den ved anvendelse af afsnit B135 ændrer grundlaget for opdeling af finansielle forsikringsindtægter eller -udgifter mellem resultatet og anden totalindkomst i den periode, hvor en sådan ændring i tilgangen fandt sted, oplyse:
a)
årsagen til, at virksomheden var nødt til at ændre grundlaget for opdeling
b)
eventuelle justeringer af de enkelte poster på årsregnskabet, som påvirkes, og
c)
den regnskabsmæssige værdi af den gruppe af forsikringskontrakter, på hvilken ændringen fandt anvendelse på tidspunktet for ændringen.
Overgangsbeløb
114
En virksomhed skal afgive oplysninger, der gør det muligt for regnskabsbrugere at identificere virkningen på den kontraktmæssige servicemargen og på forsikringsindtægterne i efterfølgende perioder af grupper af forsikringskontrakter, der er målt på overgangstidspunktet ved anvendelse af den ændrede retrospektive tilgang (jf. afsnit C6-C19A) eller tilgangen med dagsværdi (jf. afsnit C20-C24B). Følgelig skal en virksomhed oplyse om afstemningen af den kontraktmæssige servicemargen ved anvendelse af afsnit 101, litra c), og om forsikringsindtægter ved anvendelse af afsnit 103, litra a), separat for:
a)
forsikringskontrakter, der eksisterede på overgangstidspunktet, og for hvilke virksomheden har anvendt den ændrede retrospektive tilgang
b)
forsikringskontrakter, der eksisterede på overgangstidspunktet, og for hvilke virksomheden har anvendt tilgangen med dagsværdi, og
c)
alle andre forsikringskontrakter.
115
For alle perioder, for hvilke der afgives oplysninger ved anvendelse af afsnit 114, litra a), eller 114, litra b), skal en virksomhed redegøre for, hvordan den fastsatte målingen af forsikringskontrakter på overgangstidspunktet, for at give regnskabsbrugere mulighed for at forstå arten og betydningen af de metoder og vurderinger, der er anvendt til fastsættelse af overgangsbeløbene.
116
En virksomhed, der vælger at opdele finansielle forsikringsindtægter eller -udgifter mellem resultatet og anden totalindkomst anvender afsnit C18, litra b), C19, litra b), C24, litra b), og C24 litra c), for at fastsætte den kumulerede forskel mellem de finansielle forsikringsindtægter eller -udgifter, som ville være blevet indregnet i resultatet, og de samlede finansielle forsikringsindtægter eller -udgifter på overgangstidspunktet for grupperne af forsikringskontrakter, på hvilke opdelingen finder anvendelse. For alle perioder, hvor der fastsættes beløb ved anvendelse af disse afsnit, skal virksomheden afgive oplysninger om en afstemning mellem primo- og ultimobalancen af de kumulerede beløb, der indgår i anden totalindkomst vedrørende finansielle aktiver målt til dagsværdi gennem anden totalindkomst vedrørende grupperne af forsikringskontrakter. Afstemningen skal f.eks. omfatte gevinster eller tab, som er indregnet i anden totalindkomst i perioden, og gevinster eller tab, der tidligere blev indregnet i anden totalindkomst i tidligere perioder, og som er blevet omklassificeret i denne periode til resultatet.
Væsentlige vurderinger ved anvendelse af IFRS 17
117
En virksomhed skal afgive oplysninger om de væsentlige vurderinger og ændringer heri, som følger af anvendelsen af IFRS 17. Nærmere bestemt skal en virksomhed afgive oplysninger om det input, de forudsætninger og de estimationsmetoder, der blev anvendt, herunder:
a)
de metoder, der anvendes til måling af forsikringskontrakter, som er omfattet af IFRS 17, og de fremgangsmåder, der anvendes ved udarbejdelsen af skøn, der indgår som input til disse metoder. Medmindre dette i praksis ikke er muligt, skal virksomheden også fremlægge kvantitative oplysninger om dette input.
b)
eventuelle ændringer i de metoder, der er anvendt til måling af kontrakter, og i de fremgangsmåder, der anvendes ved udarbejdelsen af inputskøn, begrundelsen for den enkelte ændring og den berørte kontrakttype
c)
i det omfang, det ikke er omfattet af litra a), den metode, der er anvendt:
i)
til at sondre mellem ændringer i skøn over fremtidige pengestrømme, der hidrører fra udøvelsen af skøn, og andre ændringer i skøn over fremtidige pengestrømme for kontrakter uden elementer af direkte deltagelse (jf. afsnit B98)
ii)
til at fastsætte risikojusteringen for ikke-finansielle risici, herunder om ændringer i risikojusteringen for ikke-finansielle risici opdeles i et forsikringsserviceelement og et finansielt forsikringselement eller præsenteres i fuldstændig form i resultatet af forsikringsservice
iii)
til at fastsætte diskonteringssatser
iv)
til at fastsætte investeringselementer og
v)
til at fastsætte den relative vægtning af fordelene ved forsikringsdækning og investeringsafkastrelateret serviceydelse eller ved forsikringsdækning og investeringsrelateret serviceydelse (jf. afsnit B119-B119B).
118
Hvis en virksomhed ved anvendelse af afsnit 88, litra b), eller afsnit 89, litra b), vælger at opdele de finansielle forsikringsindtægter eller -udgifter i beløb præsenteret i resultatet og beløb præsenteret i anden totalindkomst, skal virksomheden fremlægge en redegørelse for, hvilke metoder der er anvendt til at fastsætte de finansielle forsikringsindtægter eller -udgifter, der er indregnet i resultatet.
119
En virksomhed skal oplyse det konfidensniveau, der er anvendt til at fastsætte risikojusteringen for ikke-finansielle risici. Såfremt virksomheden anvender en anden metode end konfidensniveaumetoden til at fastsætte risikojusteringen for ikke-finansielle risici, skal den fremlægge oplysning om, hvilken metode der er anvendt, og hvilket konfidensniveau der svarer til resultaterne af denne metode.
120
En virksomhed skal ved anvendelse af afsnit 36 afgive oplysninger om, hvilken rentekurve (eller udsnit af rentekurver) der er anvendt til diskontering af de pengestrømme, der ikke varierer som følge af afkastet på de underliggende poster. Når virksomheden præsenterer denne oplysning samlet for flere grupper af forsikringskontrakter, skal den afgive sådanne oplysninger i form af vægtede gennemsnit eller forholdsvist snævre udsnit.
Arten og omfanget af risici, der opstår som følge af kontrakter, der er omfattet af IFRS 17
121
En virksomhed skal afgive oplysninger, der gør det muligt for regnskabsbrugere at vurdere arten, beløbet, tidspunktet og usikkerheden forbundet med fremtidige pengestrømme, der hidrører fra kontrakter, som er omfattet af IFRS 17. Afsnit 122-132 indeholder krav til oplysninger, der normalt vil være nødvendige for at opfylde dette krav.
122
Disse oplysninger fokuserer på de forsikringsrelaterede og finansielle risici, der opstår som følge af forsikringskontrakter, og på den måde, hvorpå de er blevet håndteret. Finansielle risici omfatter typisk (men ikke kun) kreditrisiko, likviditetsrisiko og markedsrisiko.
123
Hvis oplysningerne om en virksomheds eksponering mod risici ved regnskabsperiodens afslutning ikke er repræsentative for dens eksponering mod risici i løbet af perioden, skal virksomheden oplyse dette såvel som årsagen til, at eksponeringen ved periodens afslutning ikke er repræsentativ, samt give yderligere oplysninger, der er repræsentative for dens risikoeksponering i løbet af perioden.
124
For hver type risiko hidrørende fra kontrakter, som er omfattet af IFRS 17, skal en virksomhed oplyse om:
a)
de risici, virksomheden er udsat for, og hvordan de opstår
b)
virksomhedens målsætninger, strategier og procedurer for risikostyring og de metoder, der anvendes til måling af risici, og
c)
alle ændringer i litra a) eller b) i forhold til det foregående regnskabsår.
125
For hver type risiko hidrørende fra kontrakter, som er omfattet af IFRS 17, skal en virksomhed oplyse om:
a)
sammenfattende kvantitative oplysninger om dens eksponering mod denne risiko ved regnskabsperiodens afslutning. Disse oplysninger baseres på de informationer, der gives internt til nøglepersoner i virksomhedens ledelse
b)
de oplysninger, der kræves i afsnit 127-132, såfremt de ikke er afgivet ved anvendelse af litra a) i dette afsnit.
126
En virksomhed skal afgive oplysninger om virkningen af de lovgivningsmæssige rammer, inden for hvilke den opererer, f.eks. minimumskapitalkrav eller påkrævede rentegarantier. Hvis en virksomhed anvender afsnit 20 til at fastsætte de grupper af forsikringskontrakter, på hvilke den anvender kravene om indregning og måling fra IFRS 17, skal den oplyse herom.
Alle typer risici — koncentrationer af risici
127
En virksomhed skal fremlægge oplysninger om koncentrationer af risici fra kontrakter, som er omfattet af IFRS 17, herunder en beskrivelse af, hvordan virksomheden bestemmer koncentrationerne, og en beskrivelse af de fælles karakteristika, der kendetegner den enkelte koncentration (f.eks. typen af forsikringsbegivenhed, branche, geografisk område eller valuta). Koncentrationer af finansiel risiko kan eksempelvis opstå som følge af rentegarantier, der træder i kraft på samme niveau for et stort antal kontrakter. Koncentrationer af finansiel risiko kan også opstå som følge af koncentrationer af ikke-finansiel risiko, hvis en virksomhed for eksempel yder produktansvarsbeskyttelse over for medicinalfirmaer og også har investeringer i disse virksomheder.
Forsikrings- og markedsrisiko - en følsomhedsanalyse
128
En virksomhed skal oplyse om følsomheder over for ændringer i de risikovariabler, der stammer fra kontrakter, der er omfattet af IFRS 17. For at opfylde dette krav skal virksomheden:
a)
fremlægge en følsomhedsanalyse, der viser, hvordan resultatet og egenkapitalen ville være blevet påvirket af ændringer i risikovariablerne, som var rimeligt sandsynlige ved regnskabsperiodens afslutning:
i)
for så vidt angår forsikringsrisiko — og som skal vise virkningen for de udstedte forsikringskontrakter før og efter risikoreduktion ved de indgåede genforsikringskontrakter, og
ii)
for så vidt angår hver type markedsrisiko — på en måde, der forklarer forholdet mellem følsomheder over for ændringer i risikovariablerne hidrørende fra forsikringskontrakter og i risikovariablerne hidrørende fra finansielle aktiver, som virksomheden besidder
b)
dels hvilke metoder og forudsætninger der er lagt til grund ved udarbejdelsen af følsomhedsanalysen, og
c)
ændringer fra den foregående periode i de metoder og forudsætninger, der er anvendt ved udarbejdelsen af følsomhedsanalyser, og årsagerne til sådanne ændringer.
129
Hvis en virksomhed udarbejder en følsomhedsanalyse, som viser, hvordan beløb, der adskiller sig fra dem, der er anført i afsnit 128, litra a), påvirkes af ændringer i risikovariablerne og anvender denne følsomhedsanalyse til at styre risici fra kontrakter, som er omfattet af IFRS 17, kan den anvende denne følsomhedsanalyse i stedet for analysen i afsnit 128, litra a). Virksomheden skal desuden oplyse:
a)
en redegørelse for den metode, der blev anvendt til udarbejdelsen af en sådan følsomhedsanalyse, og de vigtigste parametre og forudsætninger, der er lagt til grund for disse oplysninger, og
b)
en redegørelse for formålet med den anvendte metode og for eventuelle begrænsninger, der kan føre til de afgivne oplysninger.
Forsikringsrisiko — udvikling med hensyn til krav om erstatning
130
En virksomhed skal oplyse de faktiske krav om erstatning sammenlignet med tidligere skøn over den udiskonterede beløbsstørrelse for kravene om erstatning (dvs. udviklingen med hensyn til krav om erstatning). Oplysningerne om udviklingen med hensyn til krav om erstatning skal påbegyndes i den periode, hvor de(t) første væsentlige krav opstod, for hvilke(t) der stadig hersker usikkerhed om størrelse og betalingstidspunkt ved regnskabsperiodens afslutning, men der kræves ikke oplysninger for en periode forud for regnskabsperiodens afslutning, som er på mere end 10 år. Virksomheden er ikke forpligtet til at afgive oplysninger om udviklingen med hensyn til de krav om erstatning, for hvilke usikkerhed om størrelse og betalingstidspunkt typisk er afklaret inden for et år. En virksomhed skal afstemme oplysningerne om udviklingen i kravene om erstatning med den samlede regnskabsmæssige værdi af grupperne af forsikringskontrakter, og virksomheden afgiver oplysninger om afstemningen ved anvendelse af afsnit 100, litra c).
Kreditrisiko — øvrige oplysninger
131
Med hensyn til kreditrisiko fra kontrakter, som er omfattet af IFRS 17, skal en virksomhed oplyse:
a)
det beløb, der bedst udtrykker den maksimale eksponering mod kreditrisiko ved regnskabsperiodens afslutning, angivet separat for udstedte forsikringskontrakter og for indgåede genforsikringskontrakter, og
b)
oplysninger om kreditkvaliteten af de indgåede genforsikringskontrakter, som er aktiver.
Likviditetsrisiko — øvrige oplysninger
132
Med hensyn til likviditetsrisiko fra kontrakter, som er omfattet af IFRS 17, skal en virksomhed:
a)
give en beskrivelse af, hvordan den styrer likviditetsrisikoen
b)
for de porteføljer af udstedte forsikringskontrakter, som er forpligtelser, og for de porteføljer af indgåede genforsikringskontrakter, som er forpligtelser, angive separate løbetidsanalyser, der som et minimum skal vise nettopengestrømme for porteføljerne for hvert enkelt af de første fem år efter balancedagen og samlet ud over de første fem år. En virksomhed er ikke forpligtet til i disse analyser at medtage forpligtelser vedrørende den resterende dækningsperiode målt ved anvendelse af afsnit 55-59 og afsnit 69-70A. Analyserne kan være i form af:
i)
en analyse, baseret på skønnede tidspunkter, af de resterende kontraktmæssige udiskonterede nettopengestrømme eller
ii)
en analyse, baseret på skønnede tidspunkter, af skøn over nutidsværdien af fremtidige pengestrømme
c)
oplyse beløb, der skal betales på anfordring, og redegøre for forholdet mellem sådanne beløb og den regnskabsmæssige værdi af de tilknyttede porteføljer af kontrakter, hvis dette ikke er oplyst ved anvendelse af litra b) i dette afsnit.
Appendiks A
Definerede termer
Dette appendiks er en integreret del af IFRS 17 Forsikringskontrakter.
kontraktmæssig servicemargen
Et element af den regnskabsmæssige værdi af aktivet eller forpligtelsen for en 
gruppe af forsikringskontrakter
, som repræsenterer det endnu ikke optjente positive resultat, som virksomheden vil indregne, når denne leverer 
forsikringsrelaterede serviceydelser
 i henhold til 
forsikringskontrakterne
 i gruppen.
dækningsperiode
Den periode, i hvilken virksomheden leverer 
forsikringsrelaterede serviceydelser
. Denne periode omfatter de 
forsikringsrelaterede serviceydelser
, der har relation til alle præmier inden for afgrænsningen af 
forsikringskontrakten
.
erfaringsbaserede justeringer
En forskel mellem:
(a)
for så vidt angår modtagne præmier (og alle tilknyttede pengestrømme, som f.eks. 
pengestrømme i forbindelse med erhvervelse af forsikringer
 og afgifter på forsikringspræmier) — skøn ved begyndelsen af perioden over de forventede beløb i perioden og de faktiske pengestrømme i perioden, eller
(b)
for så vidt angår udgifter til forsikringsservice (ekskl. udgifter til erhvervelse af forsikringer) — skøn ved begyndelsen af perioden over de beløb, der forventes at påløbe i perioden, og de faktiske beløb, der er påløbet i perioden.
finansiel risiko
Risikoen for en eventuel fremtidig ændring i et eller flere af følgende elementer: en fastlagt rentesats, en pris for et finansielt instrument, en råvarepris, en valutakurs, et pris- eller renteindeks, en kreditvurdering eller et kreditindeks eller lignende variabler, hvor, såfremt der er tale om en ikke-finansiel variabel, variablen ikke gælder specifikt for en af parterne i kontrakten.
opfyldelsespengestrømme
Et eksplicit, upartisk og sandsynlighedsvægtet skøn (dvs. forventet værdi) af nutidsværdien af de fremtidige udgående pengestrømme med fradrag af nutidsværdien af de fremtidige indgående pengestrømme, som opstår ved virksomhedens opfyldelse af 
forsikringskontrakter
, herunder 
en risikojustering for ikke-finansielle risici
.
gruppe af forsikringskontrakter
En samling af 
forsikringskontrakter
, der hidrører fra opdelingen af en 
portefølje af forsikringskontrakter
 i, som minimum, kontrakter, der er udstedt inden for en periode på højst et år, og som ved første indregning:
(a)
er tabsgivende, hvis sådanne findes,
(b)
ikke har nogen betydelig mulighed for senere at blive tabsgivende, hvis sådanne findes, eller
(c)
hverken falder ind under litra a) eller b), hvis sådanne findes.
pengestrømme i forbindelse med erhvervelse af forsikringer
Pengestrømme, der hidrører fra omkostningerne ved salg, tegning og etablering af en 
gruppe af forsikringskontrakter
, (der er udstedt eller forventes udstedt), og som direkte kan henføres til den 
portefølje af forsikringskontrakter
, som gruppen tilhører. Sådanne pengestrømme omfatter pengestrømme, som ikke direkte kan henføres til individuelle kontrakter eller til 
grupper af forsikringskontrakter
 inden for porteføljen.
forsikringskontrakt
En kontrakt, hvor den ene part (udsteder) påtager sig en væsentlig 
forsikringsrisiko
 for den anden part (
forsikringstager
) ved at indvillige i at yde erstatning til 
forsikringstager
, hvis en bestemt usikker fremtidig begivenhed (den 
forsikrede begivenhed
) påvirker 
forsikringstageren
 negativt.
forsikringsrelaterede serviceydelser
Følgende serviceydelser, som en virksomhed leverer til en 
forsikringstager
 i henhold til en 
forsikringskontrakt
:
(a)
dækning for en 
forsikringsbegivenhed
 (forsikringsdækning)
(b)
for 
forsikringskontrakter uden elementer af direkte deltagelse
, etablering af et eventuelt investeringsafkast for forsikringstageren (investeringsafkastrelateret serviceydelse) samt
(c)
for 
forsikringskontrakter med elementer af direkte deltagelse
, forvaltning af underliggende poster på vegne af 
forsikringstageren
 (investeringsrelateret serviceydelse).
forsikringskontrakt med elementer af direkte deltagelse
En 
forsikringskontrakt
, for hvilken det gælder ved indgåelsen, at:
(a)
kontraktvilkårene fastsætter, at 
forsikringstager
 deltager i en andel af en klart identificeret pulje af 
underliggende poster
(b)
virksomheden forventer at betale 
forsikringstager
 et beløb svarende til en betydelig andel af dagsværdien af afkastet på de 
underliggende poster
, samt
(c)
virksomheden forventer, at en væsentlig del af enhver ændring i det beløb, der skal betales til 
forsikringstager
, vil variere med ændringen i dagsværdien af de 
underliggende poster
.
forsikringskontrakt uden elementer af direkte deltagelse
En 
forsikringskontrakt
, der ikke er en 
forsikringskontrakt med elementer af direkte deltagelse
.
forsikringsrisiko
Risiko, bortset fra 
finansiel risiko
, der er overdraget fra indehaveren af en kontrakt til udstederen.
forsikret begivenhed
En usikker fremtidig begivenhed, som er dækket af en 
forsikringskontrakt
, der medfører en 
forsikringsrisiko
.
investeringselement
De beløb, som en virksomhed i henhold til en 
forsikringskontrakt
 under alle omstændigheder skal tilbagebetale til en 
forsikringstager
, uanset om en 
forsikret begivenhed
 indtræffer.
investeringskontrakt med elementer af diskretionær deltagelse
Et finansielt instrument, som giver en specifik investor en kontraktmæssig ret til som et supplement til et beløb, der kan påvirkes diskretionært af udstederen, at modtage yderligere beløb:
(a)
som forventes at udgøre en væsentlig del af de samlede kontraktmæssige ydelser
(b)
hvor tidspunktet eller beløbet i henhold til kontrakten bestemmes af udsteder, og
(c)
som i henhold til kontrakten er baseret på:
(i)
afkastet på en bestemt pulje af kontrakter eller en bestemt type kontrakter
(ii)
realiserede og/eller ikke realiserede investeringsafkast på en bestemt pulje af aktiver, som udsteder besidder, eller
(iii)
resultatet i den virksomhed eller fond, som udsteder kontrakten.
forpligtelser vedrørende indtrufne skader
En virksomheds forpligtelse til:
(a)
at undersøge og honorere gyldige krav om erstatning for 
forsikrede begivenheder
, der allerede har fundet sted, herunder begivenheder, som har fundet sted, men for hvilke kravene ikke er blevet anmeldt, og andre påløbne forsikringsudgifter og
(b)
at betale beløb, som ikke er medtaget under a), og som vedrører:
(i)
forsikringsrelaterede serviceydelser
, der allerede har fundet sted, eller
(ii)
ethvert 
investeringselement
 eller andre beløb, som ikke er knyttet til leveringen af 
forsikringsrelaterede serviceydelser
, og som ikke er medtaget under 
forpligtelsen vedrørende den resterende dækningsperiode
.
forpligtelse vedrørende den resterende dækningsperiode
En virksomheds forpligtelse til:
(a)
at undersøge og honorere gyldige krav om erstatning i henhold til eksisterende 
forsikringskontrakter
 i forbindelse med 
forsikrede begivenheder
, der endnu ikke har fundet sted (dvs. den forpligtelse, der vedrører den del af forsikringsdækningen, der endnu er tilbage), samt
(b)
at betale beløb i henhold til eksisterende 
forsikringskontrakter
, som ikke er medtaget under a), og som vedrører:
(i)
forsikringsrelaterede serviceydelser
, der endnu ikke har fundet sted (dvs. de forpligtelser, der vedrører den fremtidige levering af 
forsikringsrelaterede serviceydelser
), eller
(ii)
ethvert 
investeringselement
 eller andre beløb, som ikke er knyttet til leveringen af 
forsikringsrelaterede serviceydelser
, og som ikke er blevet overført til 
forpligtelsen vedrørende indtrufne skader
.
forsikringstager
Den part, som har ret til erstatning i henhold til en 
forsikringskontrakt
, hvis en 
forsikret begivenhed
 indtræffer.
portefølje af forsikringskontrakter
Forsikringskontrakter
, der er underlagt samme risici, og som administreres samlet.
genforsikringskontrakt
En 
forsikringskontrakt
, som er udstedt af én virksomhed (reassurandør) for at yde erstatning til en anden virksomhed for krav om erstatning, der hidrører fra en eller flere 
forsikringskontrakter
 udstedt af denne anden virksomhed (underliggende kontrakter).
risikojustering for ikke-finansielle risici
Den kompensation, som en virksomhed kræver for at påtage sig usikkerheden med hensyn til beløb og tidspunkt for de pengestrømme, der opstår som følge af ikke-finansielle risici, når virksomheden opfylder 
forsikringskontrakter
.
underliggende poster
Poster, der fastlægger nogle af de beløb, der skal betales til en 
forsikringstager
. 
Underliggende poster
 kan omfatte alle slags poster, for eksempel en referenceportefølje af aktiver, virksomhedens nettoaktiver eller en bestemt undergruppe af virksomhedens nettoaktiver.
Appendiks B
Anvendelsesvejledning
Dette appendiks er en integreret del af IFRS 17 Forsikringskontrakter.
B1
Dette appendiks er en vejledning om følgende:
(a)
definitionen på en forsikringskontrakt (jf. afsnit B2-B30)
b)
udskillelsen af elementer fra forsikringskontrakter (jf. afsnit B31-B35)
ba)
ethvert aktiv fremkommet ved pengestrømme i forbindelse med erhvervelse af forsikringer (jf. afsnit B35A-B35D)
c)
måling (jf. afsnit B36-B119F)
d)
forsikringsindtægter (jf. afsnit B120-B127)
e)
finansielle forsikringsindtægter eller -udgifter (jf. afsnit B128-B136) og
f)
delårsregnskaber (jf. afsnit B137)
DEFINITIONEN PÅ EN FORSIKRINGSKONTRAKT (APPENDIKS A)
B2
Denne del indeholder en vejledning om definitionen på en forsikringskontrakt i Appendiks A. Den behandler følgende:
a)
usikker fremtidig begivenhed (jf. afsnit B3-B5)
b)
betaling i naturalier (jf. afsnit B6)
c)
sondring mellem forsikringsrisiko og andre risici (jf. afsnit B7-B16)
d)
væsentlig forsikringsrisiko (jf. afsnit B17-B23)
e)
ændringer i omfanget af forsikringsrisiko (jf. afsnit B24-B25) og
f)
eksempler på forsikringskontrakter (jf. afsnit B26-B30)
Usikker fremtidig begivenhed
B3
Usikkerhed (eller risiko) er essensen af en forsikringskontrakt. Som følge heraf er mindst et af følgende forhold usikkert ved en forsikringskontrakts indgåelse:
a)
sandsynligheden for, at en forsikret begivenhed indtræffer
b)
hvornår den forsikrede begivenhed vil indtræffe, eller
c)
hvor meget virksomheden skal betale, hvis den indtræffer.
B4
I nogle forsikringskontrakter er den forsikrede begivenhed opdagelsen af et tab i løbet af kontraktens løbetid, selv om dette tab 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, selv om det deraf følgende tab opdages efter kontraktperiodens udløb.
B5
Nogle forsikringskontrakter dækker begivenheder, der allerede har fundet sted, men hvis økonomiske virkning stadig er uvis. Et eksempel er en forsikringskontrakt, der yder forsikringsdækning mod en ugunstig udvikling af en begivenhed, som allerede har fundet sted. I sådanne kontrakter er den forsikrede begivenhed fastsættelsen af de samlede omkostninger i forbindelse med disse krav om erstatning.
Betaling i naturalier
B6
Visse forsikringskontrakter kræver eller tillader betaling i naturalier. I sådanne tilfælde skal virksomheden levere varer eller serviceydelser til forsikringstageren med henblik på at indfri virksomhedens forpligtelse til at yde erstatning til forsikringstageren for forsikrede begivenheder. Et eksempel herpå er, når virksomheden erstatter en stjålen genstand i stedet for at godtgøre forsikringstageren for det tabte beløb. Et andet eksempel herpå er, når en virksomhed anvender egne hospitaler og lægeligt personale til at yde lægelige serviceydelser, som er dækket af forsikringskontrakten. Sådanne kontrakter er forsikringskontrakter, selv om kravene om erstatning refunderes i naturalier. Serviceydelseskontrakter til fast pris, der opfylder de i afsnit 8 omhandlede betingelser, er også forsikringskontrakter, men ved at anvende afsnit 8 kan en virksomhed vælge at behandle dem regnskabsmæssigt enten ved at anvende IFRS 17 eller IFRS 15 
Omsætning fra kontrakter med kunder
.
Sondringen mellem forsikringsrisiko og andre risici
B7
I henhold til definitionen på en forsikringskontrakt skal en part påtage sig en væsentlig forsikringsrisiko fra en anden part. IFRS 17 definerer forsikringsrisiko som "risiko, bortset fra finansiel risiko, der er overdraget fra indehaveren af en kontrakt til udstederen". En kontrakt, der eksponerer udsteder mod en finansiel risiko uden en betydelig forsikringsrisiko, er ikke en forsikringskontrakt.
B8
Definitionen på finansiel risiko i Appendiks A henviser til finansielle og ikke-finansielle variabler. Eksempler på ikke-finansielle variabler, som ikke er specifikke for en part i kontrakten, omfatter et indeks over jordskælvstab i en bestemt region, eller et indeks over temperaturer i en bestemt by. Finansiel risiko udelader risici fra ikke-finansielle variabler, som er specifikke for en part i kontrakten, som f.eks. om der opstår eller ikke opstår en brand, som beskadiger eller ødelægger et af denne parts aktiver. Desuden er risikoen for ændringer i et ikke-finansielt aktivs dagsværdi ikke en finansiel risiko, hvis dagsværdien afspejler ændringer i markedspriserne for sådanne aktiver (dvs. en finansiel variabel) og tilstanden af et bestemt ikke-finansielt aktiv, som besiddes af en part i kontrakten (dvs. en ikke-finansiel variabel). Hvis en garanti for en bestemt bils restværdi, i hvilken forsikringstager har en forsikringsmæssig interesse, eksempelvis eksponerer garanten mod risikoen for ændringer i bilens fysiske tilstand, udgør denne risiko en forsikringsrisiko og ikke en finansiel risiko.
B9
Nogle kontrakter eksponerer udsteder mod en finansiel risiko i tilgift til en betydelig forsikringsrisiko. Mange livsforsikringskontrakter garanterer eksempelvis forsikringstagerne et minimumsafkast, hvilket skaber en finansiel risiko, og lover samtidig ydelser ved dødsfald, som kan overstige forsikringstagers kontoindestående markant, hvilket skaber en forsikringsrisiko i form af en dødelighedsrisiko. Sådanne kontrakter er forsikringskontrakter.
B10
I henhold til visse kontrakter udløser en forsikret begivenhed udbetaling af et beløb, som er knyttet til et prisindeks. Sådanne kontrakter er forsikringskontrakter, såfremt den udbetaling, der er betinget af den forsikrede begivenhed, kan være betydelig. Eksempelvis overdrages der ved en livsbetinget annuitetsforsikring, som er knyttet til et leveomkostningsindeks, en forsikringsrisiko, da udbetalingen udløses af en usikker fremtidig begivenhed — overlevelsen af den person, der har annuitetsforsikringen. Forbindelsen til prisindekset udgør et afledt finansielt instrument, men der overdrages også en forsikringsrisiko, fordi antallet af betalinger, som indekset finder anvendelse på, afhænger af den forsikredes overlevelse. Hvis den følgende overdragelse af forsikringsrisiko er væsentlig, opfylder det afledte finansielle instrument definitionen på en forsikringskontrakt og udskilles derfor ikke fra hovedkontrakten (jf. afsnit 11, litra a)).
B11
Forsikringsrisikoen er den risiko, som virksomheden påtager sig fra forsikringstager. Det betyder, at virksomheden skal påtage sig en risiko fra forsikringstageren, som forsikringstageren allerede var eksponeret mod. Enhver ny risiko, der opstår for virksomheden eller forsikringstageren som følge af kontrakten, er ikke forsikringsrisiko.
B12
Definitionen på en forsikringskontrakt henviser til en negativ påvirkning af forsikringstageren. Denne definition begrænser ikke virksomhedens betaling til et beløb, der svarer til den økonomiske virkning af den negative hændelse. Definitionen medtager eksempelvis forsikringsdækningen "nyt-for-gammelt", hvor udbetalingen til forsikringstageren tillader udskiftning af et beskadiget og gammelt aktiv med et nyt aktiv. Ligeledes indeholder definitionen ikke nogen begrænsning af udbetalingen i henhold til en livsforsikringskontrakt til det økonomiske tab, som den afdødes efterladte har lidt, og den udelukker heller ikke kontrakter, som indeholder udbetaling af forudbestemte beløb til opgørelse af det tab, som er forårsaget af dødsfaldet eller et uheld.
B13
Nogle kontrakter fordrer betaling, hvis en bestemt usikker fremtidig begivenhed indtræffer, men kræver ikke en negativ påvirkning af forsikringstageren som en forudsætning for udbetalingen. Denne type kontrakt er ikke en forsikringskontrakt, heller ikke hvis indehaveren bruger den til at reducere en underliggende risiko. Hvis indehaveren eksempelvis anvender et afledt finansielt instrument til at sikre en underliggende finansiel eller ikke-finansiel variabel, som er forbundet med pengestrømme fra et af virksomhedens aktiver, er det afledte finansielle instrument ikke en forsikringskontrakt, da udbetalingen ikke er betinget af, at indehaver påvirkes negativt af en reduktion i pengestrømmene fra aktivet. Definitionen på en forsikringskontrakt henviser til en usikker fremtidig begivenhed, hvis negative påvirkning af forsikringstager er en kontraktmæssig forudsætning for udbetaling En kontraktmæssig forudsætning kræver ikke, at virksomheden undersøger, om begivenheden faktisk forårsagede en negativ virkning, men den tillader virksomheden at afvise at foretage en udbetaling, hvis denne ikke er overbevist om, at begivenheden forårsagede en negativ virkning.
B14
Risiko i forbindelse med bortfald eller vedholdenhed (risikoen for at forsikringstager vil annullere kontrakten tidligere eller senere end forventet af udsteder ved prisfastsættelsen af kontrakten) er ikke en forsikringsrisiko, da det deraf følgende variable element i betalingen til forsikringstager ikke er betinget af en usikker fremtidig begivenhed, som påvirker forsikringstageren negativt. Ligeledes er en udgiftsrisiko (risikoen for uventede stigninger i de administrationsomkostninger, der er forbundet med kontraktens opfyldelse, frem for en stigning i de omkostninger, der er forbundet med de forsikrede begivenheder) ikke en forsikringsrisiko, da en uventet stigning i sådanne udgifter ikke påvirker forsikringstageren negativt.
B15
En kontrakt, der eksponerer udsteder mod en bortfaldsrisiko, en vedholdenhedsrisiko eller en udgiftsrisiko, er følgelig ikke en forsikringskontrakt, medmindre den også eksponerer virksomheden mod en væsentlig forsikringsrisiko. Hvis virksomheden imidlertid reducerer sine risici ved at anvende en yderligere kontrakt til at overdrage en del af den ikke-forsikringsmæssige risiko til en anden part, eksponerer den yderligere kontrakt denne anden part mod en forsikringsrisiko.
B16
En virksomhed kan kun påtage sig en væsentlig forsikringsrisiko fra forsikringstager, hvis virksomheden er adskilt fra forsikringstageren. I tilfælde af en gensidig virksomhed påtager denne sig risici fra hver enkelt forsikringstager og samler disse risici. Selv om forsikringstagerne påtager sig den samlede risiko i fællesskab, fordi de har restinteresser i virksomheden, er den gensidige virksomhed en særskilt enhed, der har påtaget sig den risiko.
Væsentlig forsikringsrisiko
B17
En kontrakt er kun en forsikringskontrakt, hvis den overdrager en væsentlig forsikringsrisiko. Afsnit B7-B16 omhandler forsikringsrisiko. Afsnit B18-B23 omhandler vurderingen af, om en forsikringsrisiko er væsentlig.
B18
Forsikringsrisikoen er udelukkende væsentlig, hvis og kun hvis en forsikret begivenhed kan forårsage, at udsteder skal betale yderligere væsentlige beløb i et hvilket som helst scenario, bortset fra scenarier, der ikke har noget forretningsmæssigt indhold (dvs. ingen mærkbar virkning på de økonomiske forhold ved transaktionen). Hvis en forsikret begivenhed kan medføre væsentlige yderligere beløb til udbetaling i et scenario med forretningsmæssigt indhold, vil forudsætningen i den foregående sætning kunne blive opfyldt, selv hvis den forsikrede begivenhed er ekstremt usandsynlig, eller hvis den forventede (dvs. sandsynlighedsvægtede) nutidsværdi af de betingede pengestrømme kun udgør en lille andel af den forventede nutidsværdi af alle tilbageværende pengestrømme i forbindelse med forsikringskontrakten.
B19
Desuden overdrages der en væsentlig forsikringsrisiko ved en kontrakt, men kun hvis der er et scenario med et forretningsmæssigt indhold, hvor udsteder har mulighed for et tab på grundlag af nutidsværdien. Selv hvis en genforsikringskontrakt imidlertid ikke eksponerer udsteder mod muligheden for et betydeligt tab, anses denne kontrakt for at overdrage en væsentlig forsikringsrisiko, hvis den til reassurandøren overdrager alle væsentlige forsikringsrisici vedrørende de genforsikrede dele af de underliggende forsikringskontrakter.
B20
De yderligere beløb, der er beskrevet i afsnit B18, er fastsat på grundlag af nutidsværdien. Hvis en forsikringskontrakt kræver betaling, når der indtræffer en begivenhed, hvis tidspunktet er usikkert, og hvis betalingen ikke er justeret for den tidsmæssige værdi af penge, kan der være scenarier, hvor betalingens nutidsværdi forøges, selv om dens nominelle værdi er fast. Et eksempel herpå er en forsikring, hvorunder der ydes en fast dødsfaldsydelse ved forsikringstagerens død, uden udløbstidspunkt for dækningen (ofte benævnt dødsfaldsforsikring for et fast beløb). Det er sikkert, at forsikringstageren dør, men tidspunktet for dødsfaldet er usikkert. Der kan foretages udbetalinger, når den enkelte forsikringstager dør tidligere end forventet. Da disse betalinger ikke er justeret for den tidsmæssige værdi af penge, kan der foreligge en væsentlig forsikringsrisiko, selv om der ikke er noget overordnet tab på porteføljen af kontrakter. Tilsvarende kan kontraktvilkår, som forsinker rettidig godtgørelse til forsikringstager, fjerne en væsentlig forsikringsrisiko. En virksomhed skal anvende de diskonteringssatser, der kræves i afsnit 36, til at fastsætte nutidsværdien af de yderligere beløb.
B21
De yderligere beløb, der er beskrevet i afsnit B18, henviser til nutidsværdien af de beløb, der overstiger de beløb, der ville komme til udbetaling, hvis der ikke var indtruffet en forsikret begivenhed (bortset fra scenarier uden forretningsmæssigt indhold). Disse ekstra beløb omfatter omkostninger ved behandling af krav om erstatning og vurderinger, men ikke:
a)
tabet af muligheden for at debitere forsikringstageren for fremtidige serviceydelser. Ved en livsforsikringskontrakt, der er tilknyttet investeringer, betyder forsikringstagerens død eksempelvis, at virksomheden ikke længere kan udføre kapitalforvaltning og opkræve honorar herfor. Dette økonomiske tab for virksomheden hidrører imidlertid ikke fra forsikringsrisikoen, ligesom en investeringsforeningsbestyrer ikke påtager sig en forsikringsrisiko i forbindelse med en klients mulige død. Derfor er det eventuelle tab af fremtidige kapitalforvaltningshonorarer ikke relevant for vurderingen af størrelsen af en forsikringsrisiko, der overdrages ved en kontrakt.
b)
et afkald ved død på vederlag, der skulle modtages, ved annullering eller tilbagekøb. Da kontrakten var årsag til, at disse vederlag fandtes, kompenseres forsikringstageren ved et afkald herpå ikke for en allerede eksisterende risiko. De er derfor ikke relevante for vurderingen af størrelsen af en 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 herpå er en aftale, der kræver, at udsteder betaler 1 mio. CU 
(
58
)
, hvis et aktiv får en fysisk skade, der forårsager et ubetydeligt økonomisk tab på 1 CU for indehaver. Ved denne kontrakt overdrager indehaver den ubetydelige risiko for at miste 1CU til udsteder. Samtidig skaber kontrakten en ikke-forsikringsmæssig risiko for, at udsteder skal betale 999 999 CU, hvis den bestemte begivenhed indtræffer. Da der ikke findes noget scenario, hvor en forsikret begivenhed forårsager et betydeligt tab for indehaveren af kontrakten, accepterer udsteder ikke en væsentlig forsikringsrisiko fra indehaver, og denne kontrakt er ikke en forsikringskontrakt.
d)
eventuel genindvinding af genforsikringer. Virksomheden foretager separat regnskabsmæssig behandling af disse.
B22
En virksomhed skal vurdere, om der er en væsentlig forsikringsrisiko for hver enkelt kontrakt. Forsikringsrisikoen kan derfor være væsentlig, selv om der kun er en minimal sandsynlighed for væsentlige tab for en portefølje eller en gruppe af kontrakter.
B23
Det følger af afsnit B18-B22, 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 yderligere ydelse ved dødsfald er ubetydelig (vurderet under henvisning til selve kontrakten frem for en hel portefølje af kontrakter). Som anført i afsnit B21, litra b), er afkald ved død af annullerings- eller tilbagekøbsvederlag ikke medtaget i denne vurdering, hvis dette afkald ikke kompenserer 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.
Ændringer i omfanget af forsikringsrisiko
B24
For nogle kontrakter sker overdragelsen af forsikringsrisiko til udstederen efter en vis periode. Et eksempel herpå er en kontrakt, der giver et bestemt investeringsafkast og omfatter en option på, at forsikringstageren kan anvende provenuet ved udløb til at købe en livsbetinget annuitetsforsikring til samme pris, som virksomheden opkræver af andre nye rentenydere på det tidspunkt, hvor forsikringstageren udnytter optionen. En sådan kontrakt overdrager først en forsikringsrisiko til udstederen, når optionen udnyttes, idet virksomheden stadig har mulighed for at prissætte annuitetsforsikringen, så den afspejler den forsikringsrisiko, der vil blive overdraget til virksomheden på det pågældende tidspunkt. De pengestrømme, som vil forekomme ved udnyttelsen af optionen, falder derfor uden for kontraktens afgrænsning, og før udnyttelsen er der ingen pengestrømme i forbindelse med forsikring inden for kontraktens afgrænsning. Men hvis kontrakten angiver annuitetsrenterne (eller et andet grundlag end markedspriserne for fastsættelse af annuitetsrenterne), overdrager kontrakten forsikringsrisikoen til udsteder, idet udstederen er eksponeret mod risikoen for, at annuitetsrenterne vil være ugunstige for udsteder, når forsikringstager udnytter optionen. I så fald ville de pengestrømme, der måtte opstå ved optionens udnyttelse, være inden for kontraktens afgrænsning.
B25
En kontrakt, der opfylder definitionen på en forsikringskontrakt, forbliver en forsikringskontrakt, indtil alle rettigheder og forpligtelser er bortfaldet (dvs. afsluttet, annulleret eller udløbet), medmindre indregningen af kontrakten er ophørt ved anvendelse af afsnit 74-77 som følge af en kontraktændring.
Eksempler på forsikringskontrakter
B26
Nedenstående er eksempler på kontrakter, som er forsikringskontrakter, hvis overdragelsen af forsikringsrisiko er væsentlig:
a)
forsikring mod tyveri eller tingsskade
b)
forsikring mod produktansvar, erhvervsansvar, civilretligt ansvar eller udgifter til retshjælp
c)
livsforsikring og forudbetalte begravelsesordninger (selv om 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 yder erstatning for den usikre fremtidige begivenhed — rentenyderens eller pensionistens overlevelse — og har til formål at opretholde et indkomstniveau for rentenyderen eller pensionisten, som ellers ville blive negativt påvirket af dennes overlevelse (arbejdsgiverforpligtelser, der opstår i forbindelse med pensionsordninger og pensionsforpligtelser i henhold til definerede fratrædelsesordninger, er ikke omfattet af IFRS 17 ved anvendelse af afsnit 7, litra b)),
e)
forsikring mod invaliditet og omkostninger ved lægehjælp
f)
kautionserklæringer og garantiforsikringer, opfyldelsesgarantier og tilbudsgarantier, dvs. aftaler, der kompenserer ejeren, hvis en anden part undlader at opfylde en kontraktmæssig forpligtelse, såsom en forpligtelse til at opføre en bygning
g)
produktgarantier. Produktgarantier, der udstedes af en anden part til gengæld for varer, der sælges af en producent, forhandler eller detailhandler, er omfattet af IFRS 17. Produktgarantier, som udstedes direkte af en producent, forhandler eller detailforhandler, er imidlertid ikke omfattet af IFRS 17 ved anvendelse af afsnit 7, litra a), og er i stedet omfattet af IFRS 15 eller IAS 37 
Hensatte forpligtelser, eventualforpligtelser og eventualaktiver
.
h)
adkomstforsikring (forsikring mod opdagelse af mangler ved adkomst til jord eller bygninger, som ikke var åbenbare, da forsikringskontrakten blev indgået). I dette tilfælde er den forsikrede begivenhed opdagelsen af en mangel på adkomst og ikke selve manglen
i)
rejseforsikring (kontanterstatning eller erstatning i naturalier til forsikringstagere for tab, som pådrages før og under rejser)
j)
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 en væsentlig forsikringsrisiko, eksempelvis hvis begivenheden er en ændring af en rentesats eller en valutakurs)
k)
forsikringsswaps og andre kontrakter, der kræver udbetaling afhængigt af ændringer i klimatiske, geologiske eller andre fysiske variabler, der er specifikke for en part i kontrakten,
B27
Nedenstående er eksempler, der ikke er forsikringskontrakter:
a)
investeringskontrakter, som har samme juridiske form som en forsikringskontrakt, men som ikke overdrager en væsentlig forsikringsrisiko til udsteder. Eksempelvis er livsforsikringskontrakter, hvor virksomheden ikke bærer nogen væsentlig dødeligheds- eller sygelighedsrisiko, ikke forsikringskontrakter; sådanne kontrakter er finansielle instrumenter eller serviceaftaler - jf. afsnit B28. Investeringskontrakter med elementer af diskretionær deltagelse opfylder ikke definitionen på en forsikringskontrakt, men de er omfattet af IFRS 17, forudsat at de er udstedt af en enhed, som også udsteder forsikringskontrakter, ved anvendelse af afsnit 3, litra c)
b)
kontrakter, som har samme juridiske form som forsikringer, men som tilbagefører hele den væsentlige forsikringsrisiko til forsikringstageren via uopsigelige mekanismer, som kan håndhæves, og som justerer forsikringstagerens fremtidige betalinger til udsteder som en direkte følge af forsikrede tab. For eksempel kan visse finansielle genforsikringskontrakter eller gruppekontrakter tilbageføre alle væsentlige forsikringsrisici til forsikringstagerne, sådanne kontrakter er normalt finansielle instrumenter eller serviceaftaler (jf. afsnit B28)
c)
selvforsikring (dvs. at man bærer en risiko, som kunne have været dækket forsikringsmæssigt). I disse situationer er der ingen forsikringskontrakt, da der ikke er en kontrakt med en anden part. Hvis en virksomhed udsteder en forsikringskontrakt til sin modervirksomhed, sin dattervirksomhed eller sin søstervirksomhed, er der følgelig ingen forsikringskontrakt i koncernregnskabet, da der ikke er indgået en kontrakt med en anden part. I forbindelse med de enkelte eller separate årsregnskaber for udstederen eller ejeren er der udstedt en forsikringskontrakt
d)
kontrakter (såsom spillekontrakter), som kræver udbetaling, hvis en bestemt usikker fremtidig begivenhed indtræffer, men hvor der ikke findes en kontraktmæssig betingelse for betaling, i henhold til hvilken begivenheden skal påvirke forsikringstageren negativt. Dette udelukker dog ikke kontrakter fra definitionen af en forsikringskontrakt, som specificerer en forudbestemt udbetaling for at opgøre et tab, der er forårsaget af en bestemt begivenhed, såsom et dødsfald eller en ulykke (jf. afsnit B12)
e)
afledte finansielle instrumenter, der eksponerer en part mod finansiel risiko, men ikke forsikringsrisiko, fordi de afledte finansielle instrumenter kræver, at parten udelukkende skal foretage (eller give dem ret til at modtage) udbetaling på grundlag af ændringer i en eller flere af følgende: en fastlagt rentesats, en pris for et finansielt instrument, en råvarepris, en valutakurs, et pris- eller renteindeks, en kreditvurdering eller et kreditindeks eller lignende variabler, hvor, såfremt der er tale om en ikke-finansiel variabel, variablen ikke gælder specifikt for en af parterne i kontrakten
f)
kreditrelaterede garantier, som kræver betaling, selv om indehaver ikke har lidt et tab ved, at debitor har undladt at foretage rettidig betaling; sådanne kontrakter behandles regnskabsmæssigt ved anvendelse af IFRS 9 
Finansielle instrumenter
 (jf. afsnit B29)
g)
kontrakter, som involverer betaling, der afhænger af klimatiske, geologiske eller andre fysiske variabler, som ikke er specifikke for en part i kontrakten (sædvanligvis benævnt "weather derivatives")
h)
kontrakter, som indeholder bestemmelser om reduceret betaling af hovedstol, rente eller begge dele, der afhænger af klimatiske, geologiske eller andre fysiske variabler, hvis virkning ikke er specifik for en part i kontrakten (sædvanligvis benævnt katastrofeobligationer).
B28
En virksomhed skal anvende andre relevante standarder, f.eks. IFRS 9 og IFRS 15, på de kontrakter, der er beskrevet i afsnit B27.
B29
De kreditrelaterede garantier og kreditforsikringskontrakter, der er omhandlet i afsnit B27, litra f), kan antage forskellige juridiske former, såsom en garanti, visse typer remburs, en kreditmisligholdelseskontrakt eller en forsikringskontrakt. Disse kontrakter er forsikringskontrakter, hvis de kræver, at udsteder betaler bestemte beløb som godtgørelse til indehaver for et tab, som denne pådrager sig som følge af en bestemt debitors undladelse af at foretage rettidig betaling til forsikringstager (jf. de oprindelige eller ændrede vilkår for et gældsinstrument). Imidlertid er sådanne forsikringskontrakter ikke omfattet af IFRS 17, medmindre udsteder tidligere udtrykkeligt har erklæret, at denne betragter kontrakterne som forsikringskontrakter og har anvendt en regnskabsmæssig behandling, der finder anvendelse på forsikringskontrakter (jf. afsnit 7, litra e)).
B30
Kreditrelaterede garantier og kreditforsikringskontrakter, som kræver betaling, selv hvis forsikringstageren ikke har lidt et tab, som følge af at debitor ikke har foretaget rettidig betaling, er ikke omfattet af IFRS 17, idet de ikke overdrager en væsentlig forsikringsrisiko. Sådanne kontrakter omfatter dem, der kræver betaling:
a)
uanset om modparten er i besiddelse af det underliggende gældsinstrument, eller
b)
ved en ændring i kreditvurderingen eller i kreditindekset, snarere end ved en bestemt debitors undladelse af at foretage rettidige betalinger.
UDSKILNING AF ELEMENTER FRA EN FORSIKRINGSKONTRAKT (AFSNIT 10-13)
Investeringselementer (afsnit 11, litra b))
B31
Afsnit 11, litra b), kræver, at en virksomhed udskiller et særskilt investeringselement fra hovedforsikringskontrakten. Et investeringselement er særskilt hvis, og kun hvis følgende betingelser begge er opfyldt:
a)
investeringselementet og forsikringselementet ikke er stærkt indbyrdes forbundne
b)
en kontrakt med tilsvarende vilkår sælges eller kunne sælges særskilt på samme marked eller i samme retsområde enten af virksomheder, som udsteder forsikringskontrakter, eller af andre parter. Virksomheden skal tage hensyn til alle oplysninger, som er rimeligt tilgængelige, når den foretager denne vurdering. Virksomheden er ikke forpligtet til at foretage en omfattende undersøgelse for at fastslå, om et investeringselement sælges særskilt.
B32
Et investeringselement og et forsikringselement er i høj grad indbyrdes forbundne, hvis, og kun hvis:
a)
virksomheden ikke er i stand til at måle et element uden at tage det andet i betragtning. Hvis værdien af ét element varierer alt efter værdien af det andet, skal virksomheden anvende IFRS 17 for at behandle det samlede investerings- og forsikringselement regnskabsmæssigt, eller
b)
forsikringstageren ikke er i stand til at drage fordel af et element, medmindre det andet også er til stede. Hvis ét kontraktelements bortfald eller udløb medfører det andets bortfald eller udløb, skal virksomheden anvende IFRS 17 til regnskabsmæssig behandling af det samlede investerings- og forsikringselement.
Tilsagn om overdragelse af særskilte varer eller serviceydelser, der ikke er forsikringsrelaterede (afsnit 12)
B33
Afsnit 12 kræver, at en virksomhed udskiller et tilsagn fra en forsikringskontrakt om at overdrage særskilte varer eller serviceydelser, som ikke er forsikringsrelaterede, til en forsikringstager. Med henblik på udskilning skal en virksomhed ikke tage hensyn til aktiviteter, som en virksomhed skal foretage for at opfylde en kontrakt, medmindre virksomheden overdrager en vare eller en serviceydelse, som ikke er en forsikringsrelateret serviceydelse, til forsikringstageren, i takt med at disse aktiviteter finder sted. For eksempel kan en virksomhed have behov for at udføre visse administrative opgaver for at udarbejde en kontrakt. Med udførelsen af sådanne opgaver overdrages der ingen serviceydelse til forsikringstageren, i takt med at disse opgaver udføres.
B34
En vare eller en serviceydelse, som ikke er en forsikringsrelateret serviceydelse, og som en forsikringstager har fået tilsagn om, er særskilt, hvis forsikringstageren kan drage fordel af varen eller serviceydelsen enten alene eller sammen med andre ressourcer, der er umiddelbart tilgængelige for forsikringstageren. Umiddelbart tilgængelige ressourcer er varer og serviceydelser, som sælges separat (af virksomheden eller en anden virksomhed), eller ressourcer, som forsikringstageren allerede har modtaget (fra virksomheden eller fra andre transaktioner eller begivenheder).
B35
En vare eller en serviceydelse, som ikke er en forsikringsrelateret serviceydelse, og som en forsikringstager har fået tilsagn om, er ikke særskilt, hvis:
a)
pengestrømmene og de risici, der er forbundet med varen eller serviceydelsen, i høj grad er indbyrdes forbundne med de pengestrømme og de risici, der er knyttet til investeringselementerne i kontrakten, og
b)
virksomheden leverer en væsentlig indsats med hensyn til at integrere varen eller den serviceydelse, som ikke er forsikringsrelateret, i forsikringselementerne.
PENGESTRØMME I FORBINDELSE MED ERHVERVELSE AF FORSIKRINGER (JF. AFSNIT 28A–28F)
B35A
Når en virksomhed anvender afsnit 28A, skal den ved hjælp af en systematisk og rationel metode fordele:
a)
pengestrømme i forbindelse med erhvervelse af forsikringer, som direkte kan henføres til en gruppe af forsikringskontrakter:
i)
til den pågældende gruppe og
ii)
til grupper, som omfatter forsikringskontrakter, der forventes at opstå som følge af fornyelser af forsikringskontrakter i den pågældende gruppe
b)
pengestrømme i forbindelse med erhvervelse af forsikringer, som direkte kan henføres til en portefølje af forsikringskontrakter ud over de under litra a) anførte, til grupper af kontrakter i porteføljen.
B35B
Ved regnskabsperiodens afslutning skal en virksomhed revidere de beløb, der er fordelt som anført i afsnit B35A, for at afspejle eventuelle ændringer i de forudsætninger, der fastlægger input til den anvendte fordelingsmetode. En virksomhed skal ikke ændre beløb, der fordeles til en gruppe af forsikringskontrakter, efter at alle kontrakterne er blevet tilføjet til gruppen (jf. afsnit B35C).
B35C
En virksomhed vil kunne tilføje forsikringskontrakter til en gruppe af forsikringskontrakter over mere end en regnskabsperiode (jf. afsnit 28) I sådanne tilfælde skal en virksomhed ophøre med indregning af den del af et aktiv fremkommet ved pengestrømme i forbindelse med erhvervelse af forsikringer, som vedrører de forsikringskontrakter, der er tilføjet gruppen i den pågældende periode, og fortsat indregne et aktiv fremkommet ved pengestrømme i forbindelse med erhvervelse af forsikringer, i det omfang aktivet vedrører de forsikringskontrakter, der forventes tilføjet til gruppen i en fremtidige regnskabsperiode.
B35D
For at anvende afsnit 28E:
a)
skal en virksomhed indregne et tab ved værdiforringelse i resultatet og nedbringe den regnskabsmæssige værdi af et aktiv fremkommet ved pengestrømme i forbindelse med erhvervelse af forsikringer, således at den regnskabsmæssige værdi af aktivet ikke overstiger nettobeløbet af den forventede indgående pengestrøm for den dertil knyttede gruppe af forsikringskontrakter, fastlagt ved anvendelse af afsnit 32, litra a).
b)
skal en virksomhed, når den fordeler pengestrømme i forbindelse med erhvervelse af forsikringer på grupper af forsikringskontrakter ved anvendelse af afsnit B35A, litra a), nr. ii), indregne et tab ved værdiforringelse i resultatet og nedbringe den regnskabsmæssige værdi af de dertil knyttede aktiver fremkommet ved pengestrømme i forbindelse med erhvervelse af forsikringer, i det omfang:
i)
virksomheden forventer, at disse pengestrømme i forbindelse med erhvervelse af forsikringer overstiger nettobeløbet af den indgående pengestrøm fra de forventede fornyelser, fastlagt ved anvendelse af afsnit 32, litra a), og
ii)
det overskydende beløb, der fremkommer ved anvendelse af litra b), nr. i), ikke altid er blevet indregnet som en værdiforringelse ved anvendelse af litra a).
MÅLING (AFSNIT 29-71)
skøn over fremtidige pengestrømme (afsnit 33-35)
B36
Denne del omhandler:
a)
objektiv anvendelse af alle rimelige og dokumenterede oplysninger, som er tilgængelige uden urimelig udgift eller indsats (jf. afsnit B37-B41)
b)
markedsvariabler og ikke-markedsmæssige variabler (jf. afsnit B42-B53)
c)
anvendelse af aktuelle skøn (jf. afsnit B54-B60) og
d)
pengestrømme inden for kontraktens afgrænsning (jf. afsnit B61-B71).
Objektiv anvendelse af alle rimelige og dokumenterede oplysninger, som er tilgængelige uden urimelig udgift eller indsats (afsnit 33, litra a))
B37
Formålet med skøn over fremtidige pengestrømme er at fastslå den forventede værdi eller det sandsynlighedsvægtede gennemsnit af samtlige mulige udfald under hensyntagen til alle rimelige og dokumenterede oplysninger, som er tilgængelige på balancedagen uden urimelig udgift eller indsats. Rimelige og dokumenterede oplysninger, som er tilgængelige på balancedagen uden urimelig udgift eller indsats omfatter oplysninger om tidligere begivenheder og aktuelle betingelser samt prognoser om fremtidige betingelser (jf. afsnit B41). Oplysninger fra en virksomheds egne informationssystemer anses for at være tilgængelige uden urimelig udgift eller indsats.
B38
Udgangspunktet for et skøn over pengestrømme er en række scenarier, som afspejler samtlige mulige udfald. Hvert scenario angiver den beløbsmæssige størrelse af og tidspunktet for pengestrømmene for et bestemt udfald samt den skønnede sandsynlighed for dette udfald. Pengestrømmene fra hvert scenario diskonteres og vægtes med den skønnede sandsynlighed for det pågældende udfald med henblik på at udlede en forventet nutidsværdi. Heraf følger, at formålet ikke er at udvikle et udfald, der er mest sandsynligt, eller et udfald, der er mere sandsynligt end ikkesandsynligt, for fremtidige pengestrømme.
B39
Når man tager samtlige mulige udfald i betragtning, er det formålet at indarbejde alle rimelige og dokumenterede oplysninger, som er tilgængelige uden urimelig udgift eller indsats på en objektiv måde, snarere end at identificere alle mulige senarier. I praksis er det unødvendigt at udvikle eksplicitte scenarier, hvis det heraf følgende skøn er i overensstemmelse med formålet med målingen om at inkludere alle rimelige og dokumenterede oplysninger, som er tilgængelige uden urimelig udgift eller indsats, når gennemsnittet fastsættes. Hvis en virksomhed eksempelvis skønner, at sandsynlighedsfordelingen af udfaldene stort set er i overensstemmelse med en sandsynlighedsfordeling, der i fuldt omfang kan beskrives med et lille antal parametre, vil det være tilstrækkeligt at foretage et skøn over det lille antal parametre. På tilsvarende vis kan en forholdsvis enkel model i nogle tilfælde give et svar inden for en acceptabel margen, uden at der er behov for mange detaljerede simuleringer. Men i nogle tilfælde kan pengestrømmene være afledt af komplekse underliggende faktorer og kan reagere på en ikke-lineær måde over for ændringer i de økonomiske forhold. Dette kan f.eks. være tilfældet, hvis pengestrømmene afspejler en række indbyrdes forbundne muligheder, som er implicitte eller eksplicitte. I sådanne tilfælde kan det være nødvendigt med mere sofistikerede stokastiske modeller for at opfylde formålet med målingen.
B40
De udviklede scenarier skal omfatte objektive skøn af sandsynligheden for katastrofale tab i forbindelse med eksisterende kontrakter. Disse scenarier udelukker eventuelle krav om erstatning i henhold til fremtidige kontrakter.
B41
En virksomhed skal foretage et skøn over sandsynligheden for og størrelsen af fremtidige betalinger i henhold til eksisterende kontrakter på grundlag af indhentede oplysninger, herunder:
a)
oplysninger om krav om erstatning, der allerede er anmeldt af forsikringstagerne
b)
andre oplysninger om kendte eller anslåede karakteristika ved forsikringskontrakter
c)
historiske data om virksomhedens egne erfaringer, om nødvendigt suppleret med historiske data fra andre kilder. Historiske data justeres for at afspejle aktuelle forhold, hvis f.eks.:
i)
karakteristika for den forsikrede befolkning adskiller sig (eller vil adskille sig f.eks. på grund af ugunstig udtagning) fra karakteristika for den befolkning, der har været anvendt som grundlag for de historiske data
ii)
der er tegn på, at tidligere udviklingstendenser ikke vil fortsætte, at der vil opstå nye tendenser eller at økonomiske, demografiske og andre ændringer kan påvirke de pengestrømme, der opstår som følge af de eksisterende forsikringskontrakter, eller
iii)
der har været ændringer f.eks. i tegningsprocedurer og for behandling af krav om erstatning, der kan påvirke relevansen af historiske data for forsikringskontrakter.
d)
eventuelle nuværende prisoplysninger vedrørende genforsikringskontrakter og andre finansielle instrumenter (hvis sådanne findes), der dækker lignende risici, f.eks. katastrofeobligationer og "weather derivatives", og de seneste markedspriser for overdragelser af forsikringskontrakter. Disse oplysninger skal tilpasses for at afspejle forskellene mellem de pengestrømme, der opstår som følge af de pågældende genforsikringskontrakter eller andre finansielle instrumenter, og de pengestrømme, der opstår som følge af virksomhedens opfyldelse af de underliggende kontrakter med forsikringstageren.
Markedsvariabler og ikke-markedsmæssige variabler
B42
I IFRS 17 findes der to former for variabler:
a)
markedsvariabler, — der kan observeres i eller udledes direkte fra markeder (f.eks. priser på børsnoterede værdipapirer og rentesatser), og
b)
ikke-markedsmæssige variabler — alle andre variabler (f.eks. hyppighed og omfanget af kravene om erstatning og dødelighed).
B43
Markedsvariabler vil normalt give anledning til en finansiel risiko (f.eks. observerbare markedsrenter), og ikke-markedsmæssige variabler vil normalt give anledning til ikke-finansiel risiko (f.eks. dødelighed). Det vil dog ikke altid være tilfældet: Der kan f.eks. være forudsætninger vedrørende finansielle risici, for hvilke der ikke kan observeres - eller direkte udledes - variabler på markederne (f.eks. rentesatser, som ikke kan observeres på markederne - eller direkte udledes deraf).
Markedsvariabler (afsnit 33(b))
B44
Skønnene over markedsvariabler skal være i overensstemmelse med observerbare markedspriser på målingstidspunktet. En virksomhed skal maksimere anvendelsen af observerbart input og må ikke erstatte observerbare markedsdata med sine egne skøn, bortset fra som anført i afsnit 79 i IFRS 13 
Måling af dagsværdi
. Hvis det er nødvendigt at udlede variabler (f.eks. fordi der ikke findes observerbare markedsvariabler), skal de jf. IFRS 13, være i størst mulig overensstemmelse med observerbare markedsvariabler.
B45
Markedspriser er udtryk for forskellige synspunkter om mulige udfald og afspejler også markedsdeltagernes risikopræferencer. Der er følgelig ikke tale om en entydig prognose for det fremtidige udfald. Hvis det faktiske udfald afviger fra den tidligere markedspris, er dette ikke ensbetydende med, at markedsprisen var "forkert".
B46
En vigtig anvendelse af markedsvariablerne er begrebet et replikerende aktiv eller en replikerende portefølje af aktiver. Et replikerende aktiv er et aktiv, hvis pengestrømme i alle scenarier svarer 
nøjagtigt
 til de kontraktmæssige pengestrømme for en gruppe af forsikringskontrakter, både med hensyn til beløb, tidspunkt og usikkerhed. I nogle tilfælde findes der et replikerende aktiv for nogle af de pengestrømme, som hidrører fra en gruppe af forsikringskontrakter. Dette aktivs dagsværdi afspejler både den forventede nutidsværdi af pengestrømmene fra aktivet og den risiko, der er forbundet med disse pengestrømme. Hvis der findes en replikerende portefølje af aktiver for nogle af de pengestrømme, som hidrører fra en gruppe af forsikringskontrakter, kan virksomheden anvende dagsværdien af disse aktiver til at måle de relevante opfyldelsespengestrømme i stedet for specifikt at foretage skøn over pengestrømme og diskonteringssats.
B47
IFRS 17 kræver ikke, at en virksomhed anvender en replikerende porteføljemetode. Hvis der findes et replikerende aktiv eller en replikerende portefølje for nogle af de pengestrømme, der hidrører fra forsikringskontrakter, og virksomheden vælger at anvende en anden metode, skal virksomheden imidlertid sikre sig, at en replikerende porteføljemetode sandsynligvis næppe vil føre til en væsentlig anderledes måling af disse pengestrømme.
B48
Metoder, ud over en replikerende porteføljemetode, såsom stokastiske modelleringsmetoder, kan være mere robuste eller lettere at gennemføre, hvis der er en væsentlig indbyrdes afhængighed mellem de pengestrømme, der varierer med afkastet på aktiver, og andre pengestrømme. Det er nødvendigt med dømmekraft for at vurdere, hvilken metode der bedst opfylder formålet med hensyn til overensstemmelse med observerbare markedsvariabler under givne omstændigheder. Navnlig skal den anvendte metode resultere i målingen af eventuelle optioner og garantier i forsikringskontrakterne, der er i overensstemmelse med observerbare markedspriser (hvis sådanne findes) for sådanne optioner og garantier.
Ikkemarkedsmæssige variabler
B49
Skønnene over ikke-markedsmæssige variabler skal afspejle alle rimelige og dokumenterede oplysninger, som er tilgængelige uden urimelig udgift eller indsats, både eksternt og internt.
B50
Eksterne ikkemarkedsrelaterede data (f.eks. nationale dødelighedsstatistikker) kan få mere eller mindre betydning end interne data (f.eks. internt udviklede dødelighedsstatistikker), afhængigt af omstændighederne. For eksempel skal en virksomhed, der udsteder livsforsikringskontrakter, ikke udelukkende henholde sig til nationale dødelighedsstatistikker, men skal tage hensyn til alle andre rimelige og dokumenterede interne og eksterne informationskilder, som er tilgængelige uden urimelig udgift eller indsats, når den udarbejder objektive skøn over sandsynligheder for dødelighedsscenarier for sine forsikringskontrakter. Ved udarbejdelsen af disse sandsynligheder skal virksomheden tillægge de mere pålidelige oplysninger mere vægt. For eksempel:
a)
interne dødelighedsstatistikker kan være mere pålidelige end nationale dødelighedsstatistikker, hvis de nationale data stammer fra en stor befolkningsgruppe, som ikke er repræsentativ for den forsikrede befolkning. Dette kan f.eks. være tilfældet, fordi de demografiske karakteristika for den forsikrede befolkning kan afvige væsentligt fra karakteristika for den nationale befolkning, hvilket betyder, at en virksomhed ville være nødt til at lægge mere vægt på interne data og mindre vægt på nationale statistikker
b)
omvendt hvis de interne statistikker stammer fra en lille befolkningsgruppe med karakteristika, der anses for at ligge tæt op ad karakteristika for den nationale befolkning, og de nationale statistikker er aktuelle, skal en virksomhed lægge større vægt på nationale statistikker.
B51
Skønnene over sandsynligheder for ikke-markedsmæssige variabler må ikke modsige observerbare markedsvariabler. For eksempel skal skønnene over sandsynligheder for fremtidige inflationsscenarier være i størst mulig overensstemmelse med de sandsynligheder, der kan udledes af markedsrenten.
B52
I nogle tilfælde kan en virksomhed konkludere, at markedsvariabler varierer uafhængigt af ikke-markedsmæssige variabler. Hvis dette er tilfældet, skal virksomheden behandle scenarier, som afspejler de forskellige udfald for ikke-markedsmæssige variabler, idet der i hvert enkelt scenario anvendes den samme observerede værdi af markedsvariablen.
B53
I andre tilfælde kan markedsvariablerne og ikke-markedsmæssige variabler være indbyrdes forbundne. F.eks. kan der være holdepunkter for korrelation mellem bortfald (en ikke-markedsmæssig variabel) og rentesatser (en markedsvariabel). På samme måde kan der være holdepunkter for korrelation mellem niveauet for erstatningskrav i forbindelse med hus- eller bilforsikring og den økonomiske cyklus og dermed rentesatser og udgifter. Virksomheden skal sikre, at sandsynlighederne for scenarierne og risikojusteringerne for ikke-finansielle risici, som vedrører markedsvariablerne, er i overensstemmelse med de observerede markedspriser, som afhænger af disse markedsvariabler.
Anvendelse af aktuelle skøn (afsnit 33, litra c))
B54
Når der foretages skøn over det enkelte pengestrømsscenario og dets sandsynlighed, skal en virksomhed anvende alle rimelige og dokumenterede oplysninger, som er tilgængelige uden urimelig udgift eller indsats. En virksomhed skal gennemgå de skøn, den foretog ved den foregående regnskabsperiodes afslutning, og ajourføre dem. I den forbindelse skal en virksomhed tage hensyn til, om:
a)
de ajourførte skøn pålideligt afspejler betingelserne ved regnskabsperiodens afslutning
b)
ændringerne i skønnene pålideligt afspejler ændringerne i betingelserne i løbet af regnskabsperioden. Et eksempel herpå er, hvis man antager, at skønnene lå i den ene ende af et fornuftigt interval ved regnskabsperiodens begyndelse. Ved uændrede betingelser vil det ikke give et troværdigt billede af, hvad der er sket i løbet af perioden, hvis man flytter skønnene til den anden ende af intervallet i slutningen af perioden. Hvis en virksomheds seneste skøn er forskellige fra dens tidligere skøn, men betingelserne er uændrede, skal den vurdere, om de nye sandsynligheder, der tildeles hvert scenario, er berettigede. I forbindelse med opdateringen af skønnene over disse sandsynligheder skal virksomheden både tage hensyn til dokumentation, der begrundede dens tidligere skøn, og til al ny tilgængelig dokumentation og tillægge den mere pålidelige dokumentation mere vægt.
B55
Den sandsynlighed, der tillægges hvert scenario, skal afspejle betingelserne ved regnskabsperiodens afslutning. Heraf følger ved anvendelse af IAS 10 
Begivenheder efter regnskabsårets afslutning
, at en begivenhed, der indtræffer efter regnskabsperiodens afslutning, og som afklarer en usikkerhed, der herskede ved regnskabsperiodens afslutning, ikke dokumenterer de betingelser, der var fremherskende på det pågældende tidspunkt. F.eks. kan der ved regnskabsperiodens afslutning være en 20 procents sandsynlighed for, at der vil komme en voldsom storm i løbet af de resterende seks måneder af en forsikringskontrakt. Efter regnskabsperiodens afslutning, men før årsregnskabet godkendes til offentliggørelse, indtræffer der en voldsom storm. Opfyldelsespengestrømmene i henhold til denne kontrakt må ikke afspejle den storm, som man ved efterrationalisering ved har fundet sted. I stedet omfatter de pengestrømme, der er medtaget i målingen, den sandsynlighed på 20 %, der fremgår ved regnskabsperiodens afslutning (med oplysning ved anvendelse af IAS 10 om, at der fandt en ikke-regulerende begivenhed sted efter regnskabsperiodens afslutning).
B56
Aktuelle skøn over forventede pengestrømme svarer ikke nødvendigvis til de seneste faktiske erfaringer. Lad os eksempelvis antage, at dødelighedserfaringerne i regnskabsperioden var 20 procent værre end de foregående dødelighedserfaringer og foregående forventninger hertil. En række faktorer kan have forårsaget den uventede ændring i erfaringerne, herunder:
a)
varige ændringer i dødeligheden
b)
ændringer i karakteristika for den forsikrede befolkning (f.eks. ændringer i tegning eller distribution eller det selektive bortfald af forsikringstagere, som er ved særdeles godt helbred)
c)
tilfældige udsving eller
d)
identificerbare ikke-tilbagevendende årsager.
B57
En virksomhed skal undersøge årsagerne til ændringen i erfaring og udarbejde nye skøn over pengestrømme og sandsynligheder i lyset af den seneste erfaring, tidligere erfaringer og andre oplysninger. Resultatet for eksemplet i afsnit B56 vil typisk være, at den forventede nutidsværdi af ydelser ved dødsfald ændrer sig, men ikke så meget som 20 procent. I eksemplet i afsnit B56 vil den skønnede sandsynlighed i forbindelse med scenarier med høj dødelighed stige, hvis dødeligheden fortsat er betydeligt højere end tidligere skøn af årsager, som forventes at vare ved.
B58
Skøn over ikke-markedsmæssige variabler skal indeholde oplysninger om det nuværende niveau af forsikrede begivenheder og oplysninger om tendenser. F.eks. er dødeligheden løbende faldet over lange perioder i mange lande. Fastsættelsen af opfyldelsespengestrømme afspejler de sandsynligheder, der vil blive tildelt hvert enkelt mulige udviklingsscenario, under hensyntagen til alle rimelige og dokumenterede oplysninger, som er tilgængelige uden urimelig udgift eller indsats.
B59
På tilsvarende vis skal fastsættelsen af opfyldelsespengestrømme afspejle aktuelle skøn over mulige fremtidige inflationsrater, hvis pengestrømme, der er tildelt en gruppe af forsikringskontrakter, er følsomme over for inflation. Da inflationen forventes at være korreleret med rentesatserne, skal målingen af opfyldelsespengestrømmene afspejle sandsynlighederne for de enkelte inflationsscenarier på en måde, der stemmer overens med sandsynlighederne for de markedsrenter, der anvendes ved skønnet over diskonteringssatsen (se afsnit B51).
B60
Når der udarbejdes skøn over pengestrømme, skal en virksomhed tage hensyn til aktuelle forventninger til fremtidige begivenheder, der vil kunne påvirke disse pengestrømme. Virksomheden skal udvikle scenarier for pengestrømme, som afspejler disse fremtidige begivenheder samt objektive skøn over sandsynligheden for hvert enkelt scenario. En virksomhed skal imidlertid ikke tage hensyn til de aktuelle forventninger til fremtidige lovgivningsændringer, der ville medføre ændring eller indfrielse af denne forpligtelse eller skabe nye forpligtelser i henhold til den gældende forsikringskontrakt, førend den ændrede lovgivning i al væsentlighed er vedtaget.
Pengestrømme inden for kontraktens afgrænsning (jf. afsnit 34)
B61
Skøn over pengestrømme i et scenario skal omfatte alle pengestrømme inden for afgrænsningen af en eksisterende kontrakt og ikke andre pengestrømme. En virksomhed skal anvende afsnit 2, når den fastsætter afgrænsningen for en eksisterende kontrakt.
B62
Mange forsikringskontrakter har bestemmelser, der gør det muligt for forsikringstagere at træffe foranstaltninger, der ændrer beløb, tidspunkt, art og usikkerhed i forbindelse med de beløb, de vil modtage. Disse bestemmelser omfatter optioner på fornyelse, tilbagekøbsoptioner, konverteringsoptioner, optioner på at ophøre med at betale præmier samtidig med fortsat mulighed for at modtage ydelser i henhold til kontrakterne. Målingen af en gruppe af forsikringskontrakter skal på grundlag af den forventede værdi afspejle virksomhedens aktuelle skøn over, hvordan forsikringstagerne i gruppen vil udnytte de eksisterende optioner, og risikojusteringen for ikke-finansielle risici skal afspejle virksomhedens aktuelle skøn over, hvordan forsikringstagernes faktiske adfærd kan afvige fra den forventede adfærd. Dette krav om at fastslå den forventede værdi finder anvendelse, uanset hvor mange kontrakter der findes i en gruppe; det gælder f.eks. også, hvis gruppen omfatter en enkelt kontrakt. Målingen af en gruppe af forsikringskontrakter må således ikke forudsætte en 100 procents sandsynlighed for, at forsikringstagerne vil:
a)
tilbagekøbe deres kontrakter, hvis der er en vis sandsynlighed for, at nogle forsikringstagere ikke vil, eller
b)
videreføre deres kontrakter, hvis der er en vis sandsynlighed for, at nogle forsikringstagere ikke vil.
B63
Hvis en udsteder af en forsikringskontrakt i henhold til kontrakten skal forny kontrakten eller på anden måde videreføre kontrakten, skal denne anvende afsnit 34 for at vurdere, om præmier og tilknyttede pengestrømme, der hidrører fra den fornyede kontrakt, er inden for den oprindelige kontrakts afgrænsning.
B64
Afsnit 34 henviser til en virksomheds praktiske mulighed for at fastsætte en pris på et tidspunkt i fremtiden (et fornyelsestidspunkt), der fuldt ud afspejler risiciene i kontrakten fra dette tidspunkt. En virksomhed har denne praktiske mulighed i fraværet af begrænsninger, der forhindrer den i at fastsætte den samme pris, som den ville fastsætte for en ny kontrakt med samme karakteristika som den eksisterende kontrakt udstedt på dette tidspunkt, eller hvis den kan ændre ydelserne, således at de er i overensstemmelse med den pris, den vil opkræve. På tilsvarende måde har en virksomhed denne praktiske mulighed for at fastsætte en pris, når den kan fastsætte en ny pris for en eksisterende kontrakt, således at prisen afspejler generelle ændringer i risiciene i en portefølje af forsikringskontrakter, selv om den pris, der fastsættes for hver enkelt forsikringstager, ikke afspejler ændringen i risikoen for den bestemte forsikringstager. Ved vurderingen af, hvorvidt virksomheden har praktisk mulighed for at fastsætte en pris, der fuldt ud afspejler risici i kontrakten eller porteføljen, skal den overveje alle de risici, som den ville overveje ved tegning af tilsvarende kontrakter på fornyelsestidspunktet for den resterende serviceydelse. Ved fastsættelsen af skøn over fremtidige pengestrømme ved regnskabsperiodens afslutning skal en virksomhed revurdere en forsikringskontrakts afgrænsning for at inkludere virkningen af ændringer i omstændighederne for virksomhedens materielle rettigheder og forpligtelser.
B65
Pengestrømme inden for afgrænsningen af en forsikringskontrakt er dem, der direkte vedrører opfyldelsen af kontrakten, herunder pengestrømme, i forbindelse med hvilke virksomheden har diskretionære beføjelser over beløb og tidspunkt. Pengestrømme inden for afgrænsningen omfatter:
a)
præmier (herunder præmiejusteringer og ratepræmier) fra en forsikringstager og eventuelle yderligere pengestrømme som følge af disse præmier
b)
betalinger til (eller på vegne af) en forsikringstager, herunder krav om erstatning, der allerede er blevet indberettet, men endnu ikke er betalt (dvs. anmeldte krav om erstatning), indtrufne skader i forbindelse med begivenheder, som har fundet sted, men hvor kravene om erstatning ikke er blevet anmeldt, og alle fremtidige krav om erstatning, hvor virksomheden har en materiel forpligtelse (jf. afsnit 34)
c)
betalinger til (eller på vegne af) en forsikringstager, som varierer afhængigt af afkast på de underliggende poster
d)
betalinger til (eller på vegne af) en forsikringstager hidrørende fra afledte finansielle instrumenter, f.eks. optioner og garantier indbygget i kontrakten, i det omfang disse optioner og garantier ikke er udskilt fra forsikringskontrakten (jvf. afsnit 11, litra a))
e)
allokeringer af pengestrømme i forbindelse med erhvervelse af forsikringer, som kan henføres til den portefølje, hvortil kontrakten hører
f)
omkostninger til behandling af krav om erstatning (dvs. de omkostninger, virksomheden pådrager sig i forbindelse med undersøgelse, behandling og indfrielse af krav om erstatning i henhold til eksisterende forsikringskontrakter, herunder omkostninger til juridisk bistand og til taksator samt interne omkostninger til undersøgelse af krav om erstatning og behandling af udbetalinger i den forbindelse)
g)
omkostninger, som virksomheden pådrager sig i forbindelse med kontraktmæssige ydelser i naturalier
h)
policeforvaltnings- og vedligeholdelsesomkostninger, f.eks. omkostninger ved fakturering af præmier og håndtering af policeændringer (f.eks. konverteringer og tilbageførsler). Sådanne omkostninger omfatter også tilbagevendende provisioner, der forventes at blive udbetalt til mellemmænd, hvis en bestemt forsikringstager fortsat betaler præmier inden for forsikringskontraktens afgrænsning
i)
transaktionsbaserede afgifter (som f.eks. afgifter på forsikringspræmier, moms og skatter og afgifter på varer og serviceydelser) og afgifter (som f.eks. afgifter vedrørende brandvæsen og vurderinger af garantifonde), der opstår direkte som følge af eksisterende forsikringskontrakter, eller som kan henføres til disse på en rimelig og ensartet måde
j)
betalinger fra forsikringsgiver, der handler som forvalter, for at opfylde skattemæssige forpligtelser, som forsikringstageren har pådraget sig, og dermed forbundne indtægter
k)
potentielle indgående pengestrømme i forbindelse med genindvinding (f.eks. realisering af den erstattede genstands restværdi og subrogation) af fremtidige krav om erstatning, der er omfattet af eksisterende forsikringskontrakter og, såfremt de ikke opfylder kriterierne for indregning som separate aktiver, potentielle indgående pengestrømme i forbindelse med genindvinding af tidligere krav om erstatning
ka)
omkostninger, som påløber for virksomheden:
i)
ved udførelsen af investeringsaktivitet, i det omfang virksomheden udfører den pågældende aktivitet for at øge fordelene for forsikringstagere ved forsikringsdækning. Investeringsaktiviteter øger fordelene ved forsikringsdækning, hvis virksomheden udfører disse aktiviteter med forventning om at skabe et investeringsafkast, som forsikringstagere vil drage fordel af, hvis der indtræffer en forsikret begivenhed
ii)
ved en investerings- eller afkastrelateret serviceydelse over for forsikringstagere i forsikringskontrakter uden elementer af direkte deltagelse (jf. afsnit B119B)
iii)
ved en investeringsrelateret serviceydelse over for forsikringstagere i forsikringskontrakter med elementer af direkte deltagelse
l)
en tildeling af faste og variable overheadomkostninger (såsom omkostninger ved regnskabsmæssig behandling, menneskelige ressourcer, informationsteknologi og støtte, afskrivning på bygninger, leje og vedligeholdelse samt forsyningstjenester), som kan henføres direkte til opfyldelsen af forsikringskontrakter. Sådanne overheadomkostninger allokeres til grupper af kontrakter ved hjælp af systematiske og rationelle metoder, der anvendes ensartet på alle omkostninger med samme karakteristika
m)
andre omkostninger, der i henhold til kontrakten udtrykkeligt skal dækkes af forsikringstager.
B66
Nedenstående pengestrømme skal ikke medtages ved vurderingen af de pengestrømme, der vil hidrøre fra virksomhedens opfyldelse af en eksisterende forsikringskontrakt:
a)
investeringsafkast. Investeringer indregnes, måles og præsenteres separat
b)
pengestrømme (ind- og udbetalinger), der opstår i henhold til indgåede genforsikringskontrakter. Indgåede genforsikringskontrakter indregnes, måles og præsenteres separat
c)
pengestrømme, der kan opstå i forbindelse med fremtidige forsikringskontrakter, dvs. pengestrømme uden for afgrænsningen af de eksisterende kontrakter (jf. afsnit 34-35)
d)
pengestrømme vedrørende omkostninger, der ikke direkte kan henføres til den portefølje af forsikringskontrakter, som indeholder kontrakten, såsom visse omkostninger ved produktudvikling og uddannelse. Disse omkostninger indregnes i resultatet, når de påløber
e)
pengestrømme, der opstår som følge af et unormalt højt niveau for lønomkostninger eller andre ressourcer, som anvendes til at opfylde kontrakten. Disse omkostninger indregnes i resultatet, når de påløber
f)
udbetalinger og indbetalinger af indkomstskat, som forsikringsgiver ikke betaler eller modtager som forvalter, eller som ikke udtrykkeligt skal dækkes af forsikringstager i henhold til kontrakten
g)
pengestrømme mellem de forskellige dele af den regnskabsaflæggende virksomhed, såsom midler fra forsikringstageren og fra aktionærerne, hvis disse pengestrømme ikke ændrer det beløb, som udbetales til forsikringstagerne
h)
pengestrømme i forbindelse med komponenter, der er udskilt fra forsikringskontrakten og regnskabsmæssigt behandlet ved hjælp af andre gældende standarder (jf. afsnit 10-13).
B66A
Inden indregningen af en gruppe af forsikringskontrakter kan en virksomhed være nødsaget til at indregne et aktiv eller en forpligtelse fremkommet ved pengestrømme knyttet til gruppen af forsikringskontrakter, som ikke er pengestrømme i forbindelse med erhvervelse af forsikringer, enten som følge af pengestrømmens opståen eller som følge af krav i en anden IFRS-standard. Pengestrømmene er knyttet til gruppen af forsikringskontrakter, hvis disse pengestrømme ville have været en del af opfyldelsespengestrømmene på tidspunktet for første indregning af gruppen, hvis de var blevet betalt eller modtaget efter det pågældende tidspunkt. For at anvende afsnit 38, litra c), nr. ii), skal en virksomhed ophøre med at indregne sådanne aktiver eller forpligtelser, i det omfang aktiverne eller forpligtelserne ikke ville blive indregnet separat i forhold til gruppen af forsikringskontrakter, hvis pengestrømmen eller anvendelsen af IFRS-standarden skete på tidspunktet for den første indregning af gruppen af forsikringskontrakter.
Kontrakter med pengestrømme, som påvirker eller påvirkes af pengestrømme til forsikringstagere i andre kontrakter
B67
Visse forsikringskontrakter påvirker pengestrømmene til forsikringstagere i andre kontrakter ved at kræve, at:
a)
forsikringstageren deler afkast på den samme nærmere angivne pulje af underliggende poster med forsikringstagere i andre kontrakter, og
b)
enten:
i)
at en reduktion i disses andel af afkastet på de underliggende poster overvæltes på forsikringstageren som følge af betalinger til forsikringstagere i andre kontrakter, der indgår i denne pulje, herunder betalinger i henhold til garantier over for forsikringstagere i disse andre kontrakter, eller
ii)
at en reduktion i disses andel af afkastet på de underliggende poster overvæltes på forsikringstagere i andre kontrakter som følge af betalinger til forsikringstageren, herunder betalinger i henhold til garantier over for forsikringstageren.
B68
Undertiden vil sådanne kontrakter påvirke pengestrømmene til forsikringstagere i kontrakter i andre grupper. Opfyldelsespengestrømmene fra hver gruppe afspejler, i hvilket omfang kontrakterne i gruppen medfører, at virksomheden påvirkes af forventede pengestrømme enten til forsikringstagere i denne gruppe eller til forsikringstagere i en anden gruppe. Det betyder således, at opfyldelsespengestrømmene for en gruppe:
a)
omfatter betalinger, der følger af vilkårene i eksisterende kontrakter, til forsikringstagere i kontrakter i andre grupper, uanset om disse betalinger forventes at ske til nuværende eller fremtidige forsikringstagere, og
b)
udelukker betalinger til forsikringstagere i gruppen, som ved at anvende litra a) er blevet inkluderet i en anden gruppes opfyldelsespengestrømme.
B69
Som eksempel kan nævnes, at såfremt betalinger til forsikringstagere i en gruppe reduceres fra en andel i afkastet på de underliggende poster på 350 CU til 250 CU som følge af betalinger af et garanteret beløb til forsikringstagere i en anden gruppe, vil opfyldelsespengestrømmene fra den første gruppe omfatte betalinger af 100 CU (dvs. det ville blive 350 CU), og opfyldelsespengestrømmene fra den anden gruppe vil udelukke 100 CU fra at indgå i det garanterede beløb.
B70
Der kan anvendes forskellige praktiske metoder til at fastsætte opfyldelsespengestrømmene i grupper af kontrakter, som påvirker eller påvirkes af pengestrømme til forsikringstagere i kontrakter i andre grupper. I nogle tilfælde kan en virksomhed måske kun identificere ændringen i de underliggende poster og den deraf følgende ændring i pengestrømmene på et højere aggregeringsniveau end grupperne. I sådanne tilfælde skal virksomheden allokere virkningen af ændringen i de underliggende poster til hver enkelt gruppe på et systematisk og rationelt grundlag.
B71
Efter at alle forsikringsrelaterede serviceydelser er blevet leveret til kontrakterne i en gruppe, kan opfyldelsespengestrømmene stadig omfatte betalinger, der forventes foretaget til de nuværende forsikringstagere i andre grupper eller til fremtidige forsikringstagere. En virksomhed er ikke forpligtet til at fortsætte med at allokere sådanne opfyldelsespengestrømme til særlige grupper, men kan i stedet indregne og måle en forpligtelse for sådanne opfyldelsespengestrømme fra alle grupper.
Diskonteringssatser (afsnit 36)
B72
En virksomhed skal anvende følgende diskonteringssatser ved anvendelse af IFRS 17:
a)
til måling af opfyldelsespengestrømmene — nuværende diskonteringssatser ved anvendelse af afsnit 36
b)
til fastsættelse af renten på den kontraktmæssige servicemargen ved at anvende afsnit 44, litra b), for forsikringskontrakter uden elementer af direkte deltagelse — diskonteringssatser fastsat på tidspunktet for første indregning af en gruppe af kontrakter ved anvendelse af afsnit 36 på nominelle pengestrømme, der ikke varierer på grundlag af afkastet på de underliggende poster
c)
til måling af ændringerne i den kontraktmæssige servicemargen ved anvendelse af afsnit B96, litra a)-b) og litra d), for forsikringskontrakter uden elementer af direkte deltagelse — diskonteringssatser ved anvendelse af afsnit 36 fastsat ved første indregning
d)
for grupper af kontrakter, som anvender præmieallokeringsmetoden, og som har et væsentligt finansieringselement, til justering af den regnskabsmæssige værdi af forpligtelsen vedrørende den resterende dækningsperiode ved anvendelse af afsnit 56 — diskonteringssatser ved anvendelse af afsnit 36 fastsat ved første indregning
e)
hvis en virksomhed vælger at opdele finansielle forsikringsindtægter eller -udgifter mellem resultatet og anden totalindkomst (se afsnit 88) til fastsættelse af beløbet for de finansielle forsikringsindtægter eller -udgifter, der er indregnet i resultatet:
i)
for grupper af forsikringskontrakter, for hvilke ændringer i de forudsætninger, der vedrører finansiel risiko, ikke har en væsentlig virkning på beløb udbetalt til forsikringstagere ved anvendelse af afsnit B131 — diskonteringssatser fastsat på tidspunktet for første indregning af en gruppe af kontrakter ved anvendelse af afsnit 36 på nominelle pengestrømme, der ikke varierer på grundlag af afkast på de underliggende poster
ii)
for grupper af forsikringskontrakter, for hvilke ændringer i de forudsætninger, der vedrører finansiel risiko, har en væsentlig virkning på beløb udbetalt til forsikringstagere ved anvendelse af afsnit B132, litra a), nr. i) — diskonteringssatser, der allokerer de resterende reviderede forventede finansielle indtægter eller udgifter over den resterende løbetid for gruppen af kontrakter ved en konstant rente, og
iii)
for grupper af kontrakter, som anvender præmieallokeringsmetoden ved anvendelse af afsnit 59, litra b) og afsnit B133 — diskonteringssatser fastsat på tidspunktet for den indtrufne skade ved anvendelse af afsnit 36 på nominelle pengestrømme, der ikke varierer på grundlag af afkastet på de underliggende poster.
B73
For at fastslå diskonteringssatserne på tidspunktet for første indregning af en gruppe af kontrakter, der er beskrevet i afsnit B72, litra b)-e), kan en virksomhed anvende de vægtede, gennemsnitlige diskonteringssatser over den periode, hvor kontrakterne i gruppen er udstedt, der ved anvendelse af afsnit 22 ikke kan overstige et år.
B74
Skønnene over diskonteringssatser skal stemme overens med andre skøn, der anvendes til at måle forsikringskontrakter, for at undgå dobbelt indregning eller undladelser, for eksempel:
a)
på pengestrømme, der ikke varierer med afkastet på de underliggende poster, anvendes diskonteringssatser, der ikke afspejler et sådant udsving
b)
pengestrømme, der varierer på grundlag af afkast på de underliggende poster:
i)
diskonteres med renter, der afspejler et sådant udsving, eller
ii)
der justeres for virkningen af dette udsving, og der diskonteres med en rente, der afspejler den foretagne justering.
c)
nominelle pengestrømme (dvs. dem, som omfatter inflationens virkning) diskonteres med renter, der omfatter inflationens virkning, og
d)
reelle pengestrømme (dvs. dem, som ikke omfatter inflationens virkning) diskonteres med renter, der ikke omfatter inflationens virkning.
B75
I henhold til afsnit B74, litra b), skal pengestrømme, der varierer på grundlag af afkastet på de underliggende poster, diskonteres med renter, der afspejler et sådant udsving, eller justeres for virkningen af dette udsving og diskonteres med en rente, der afspejler den foretagne justering. Udsvinget er en relevant faktor, uanset om det opstår som følge af kontraktvilkår, eller fordi virksomheden udøver diskretionære beføjelser, og uanset om virksomheden er indehaver af de underliggende poster.
B76
Pengestrømme, der varierer på grundlag af afkastet på de underliggende poster med variable afkast, men som er underlagt en garanti med hensyn til et minimumsafkast, varierer ikke udelukkende baseret på afkastet på de underliggende poster, selv når det garanterede beløb er lavere end det forventede afkast på de underliggende poster. Derfor skal en virksomhed justere den rente, der afspejler udsvinget i afkastene på de underliggende poster, for virkningen af garantien, selv når det garanterede beløb er lavere end det forventede afkast på de underliggende poster.
B77
IFRS 17 kræver ikke, at virksomheden opdeler skønnede pengestrømme i dem, der varierer på grundlag af afkastet på de underliggende poster, og dem, der ikke gør. Hvis en virksomhed ikke opdeler de skønnede pengestrømme på denne måde, skal virksomheden anvende passende diskonteringssatser for de skønnede pengestrømme som helhed, for eksempel ved at anvende stokastiske modelleringsmetoder eller risikoneutrale måleteknikker.
B78
Diskonteringssatserne skal kun indeholde relevante faktorer, dvs. faktorer, der opstår som følge af den tidsmæssige værdi af penge, karakteristika i forbindelse med pengestrømme og forsikringskontrakternes likviditetsegenskaber. Sådanne diskonteringssatser observeres måske ikke direkte på markedet. Når der ikke findes observerbare markedsrenter for et instrument med samme karakteristika, eller der findes observerbare markedsrenter for tilsvarende instrumenter, men de identificerer ikke særskilt de faktorer, der adskiller instrumentet fra forsikringskontrakterne, skal en virksomhed derfor foretage et skøn over de relevante renter. IFRS 17 kræver ikke en særlig skønsmetode til fastsættelse af diskonteringssatser. Ved at anvende en skønsmetode skal en virksomhed:
a)
maksimere anvendelsen af observerbart input (jf. afsnit B44) og afspejle alle rimelige og dokumenterede oplysninger om ikke-markedsmæssige variabler, som man kan få adgang til uden urimelig udgift eller indsats både internt og eksternt (jf. afsnit B49). Navnlig må de anvendte diskonteringssatser ikke være i modstrid med tilgængelige og relevante markedsdata, og anvendte ikke-markedsmæssige variabler må ikke være i modstrid med observerbare markedsvariabler
b)
afspejle de aktuelle markedsvilkår set fra en markedsdeltagers perspektiv
c)
udøve skøn ved vurderingen af omfanget af lighed mellem aspekter i de forsikringskontrakter, der måles, og de aspekter ved instrumentet, for hvilke der findes observerbare markedspriser, og justere disse priser for at afspejle forskellene mellem dem.
B79
For pengestrømme i forbindelse med forsikringskontrakter, som ikke varierer på grundlag af afkast på de underliggende poster, afspejler diskonteringssatsen rentekurven i den relevante valuta for instrumenter, der eksponerer indehaveren mod ingen eller ubetydelig kreditrisiko, justeret for at afspejle likviditetsegenskaberne for gruppen af forsikringskontrakter. Denne justering skal afspejle forskellen mellem likviditetsegenskaberne for gruppen af forsikringskontrakter og likviditetsegenskaberne for de aktiver, der er anvendt til at fastsætte rentekurven. Rentekurver afspejler aktiver, der handles på aktive markeder, som indehaver typisk kan sælge til enhver tid uden at pådrage sig betydelige omkostninger. I modsætning hertil kan virksomheden i henhold til visse forsikringskontrakter ikke tvinges til at foretage betalinger inden forekomsten af forsikrede begivenheder eller inden tidspunkter, der er angivet i kontrakterne.
B80
For pengestrømme i forbindelse med forsikringskontrakter, som ikke varierer på grundlag af afkast på de underliggende poster, kan en virksomhed følgelig fastsætte diskonteringssatser ved at justere en likvid risikofri rentekurve for at afspejle forskellene mellem likviditetsegenskaberne for de finansielle instrumenter, der ligger til grund for de rentesatser, der er observeret på markedet, og likviditetsegenskaberne for forsikringskontrakterne (en bottom-up-metode).
B81
Alternativt kan en virksomhed fastsætte passende diskonteringssatser for forsikringskontrakter baseret på en rentekurve, der afspejler de aktuelle markedsbaserede afkast, der er implicit givne i en måling af dagsværdien af en referenceportefølje af aktiver (en top-down-metode). En virksomhed skal tilpasse denne rentekurve for at fjerne faktorer, som ikke er relevante for forsikringskontrakterne, men er ikke forpligtet til at justere rentekurven for forskelle i likviditetsegenskaber mellem forsikringskontrakterne og referenceporteføljen.
B82
Ved udarbejdelse af skøn over rentekurven beskrevet i afsnit B81:
a)
skal en virksomhed, hvis der er observerbare markedspriser på aktive markeder for aktiver i referenceporteføljen, anvende disse priser (i overensstemmelse med afsnit 69 i IFRS 13)
b)
skal en virksomhed, hvis et marked ikke er aktivt, justere observerbare markedspriser for tilsvarende aktiver for at gøre dem sammenlignelige med markedspriser for de aktiver, der skal måles (i overensstemmelse med afsnit 83 i IFRS 13)
c)
skal en virksomhed anvende en skønsmetode, hvis der ikke findes et marked for aktiverne i referenceporteføljen. For sådanne aktiver skal en virksomhed (i overensstemmelse med afsnit 89 i IFRS 13):
i)
udarbejde ikkeobserverbart input ved hjælp af de bedste oplysninger, der foreligger under de givne omstændigheder. Et sådant input kan omfatte virksomhedens egne data, og i forbindelse med IFRS 17 kan virksomheden lægge større vægt på langsigtede skøn end på kortsigtede udsving og
ii)
justere disse data så de afspejler alle oplysninger om markedsdeltagernes forudsætninger, som er rimeligt tilgængelige.
B83
Når en virksomhed justerer rentekurven, skal den justere de markedsrenter, der er observeret i de seneste transaktioner med instrumenter med lignende karakteristika, for bevægelser i markedsfaktorer siden transaktionstidspunktet og skal justere observerede markedspriser for at afspejle graden af forskel mellem det instrument, der måles, og det instrument, for hvilket transaktionspriserne er observerbare. For pengestrømme i forbindelse med forsikringskontrakter, som ikke varierer på grundlag af afkastet af aktiverne i referenceporteføljen, omfatter sådanne justeringer:
a)
justering for forskelle mellem beløb, tidspunkt og usikkerhed vedrørende pengestrømme fra aktiver i porteføljen og beløb, tidspunkt og usikkerhed vedrørende pengestrømme fra forsikringskontrakterne, og
b)
udelukkelse af markedsrisikopræmier for kreditrisiko, som kun er relevante for aktiver i referenceporteføljen.
B84
I princippet bør der for pengestrømme i forbindelse med forsikringskontrakter, som ikke varierer på grundlag af afkastet på aktiverne i referenceporteføljen, være en enkelt illikvid risikofri rentekurve, som fjerner enhver usikkerhed om beløb og tidspunkt for pengestrømmene. I praksis kan top-down-metoden og bottom-up-metoden dog resultere i forskellige rentekurver selv i samme valuta. Dette skyldes de iboende begrænsninger, når der foretages skøn over de justeringer, der er foretaget efter hver metode, og den eventuelle mangel på en justering for forskellige likviditetsegenskaber i top-down-metoden. En virksomhed er ikke forpligtet til at afstemme den diskonteringssats, der er fastsat i henhold til den valgte metode, med den diskonteringssats, der ville være blevet fastsat i henhold til den anden metode.
B85
IFRS 17 specificerer ikke restriktioner for så vidt angår den referenceportefølje af aktiver, der kan bruges ved anvendelse af afsnit B81. Der kræves imidlertid færre justeringer for at fjerne de faktorer, som ikke er relevante for forsikringskontrakterne, når referenceporteføljen af aktiver har lignende karakteristika. For eksempel, hvis pengestrømme i forbindelse med forsikringskontrakter ikke varierer på grundlag af afkastet på de underliggende poster, ville det være nødvendigt med færre justeringer, hvis en virksomhed anvendte gældsinstrumenter som udgangspunkt frem for aktieinstrumenter. For gældsinstrumenter ville formålet være at fjerne virkningen af kreditrisikoen og andre faktorer, der ikke er relevante for forsikringskontrakterne, fra det samlede obligationsafkast. En måde at skønne virkningen af kreditrisikoen på er at anvende markedsprisen på et afledt kreditinstrument som referencepunkt.
Risikojustering for ikke-finansielle risici (afsnit 37)
B86
Risikojusteringen for ikke-finansielle risici vedrører risici fra forsikringskontrakter bortset fra finansiel risiko. Finansiel risiko er derimod medtaget i skøn over fremtidige pengestrømme eller den diskonteringssats, der er anvendt til justering af pengestrømmene. De risici, der er omfattet af risikojusteringen for ikke-finansielle risici, er forsikringsrisiko og andre ikke-finansielle risici, som f.eks. bortfaldsrisiko og udgiftsrisiko (jf. afsnit B14).
B87
Risikojusteringen for ikke-finansielle risici for forsikringskontrakter måler den kompensation, som virksomheden ville kræve, for at den skulle være indifferent mellem:
a)
at opfylde en forpligtelse, der har en række mulige udfald, der opstår som følge af ikke-finansielle risici, og
b)
at opfylde en forpligtelse, der vil skabe faste pengestrømme med samme forventede nutidsværdi som forsikringskontrakterne.
For eksempel måler risikojusteringen for ikke-finansielle risici den kompensation, som virksomheden ville kræve, for at den skulle være indifferent mellem at opfylde en forpligtelse, der — som følge af en ikke-finansiel risiko — har 50 procents sandsynlighed for at være på 90 CU og 50 procents sandsynlighed for at være på 110 CU, og en forpligtelse, der er fastsat til 100 CU. Som følge heraf formidler risikojusteringen for ikke-finansielle risici oplysninger til regnskabsbrugerne om det beløb, som virksomheden opkrævede for den usikkerhed, der som følge af ikke-finansielle risici opstår om beløb og tidspunkt for pengestrømmene.
B88
Eftersom risikojusteringen for ikke-finansielle risici afspejler den kompensation, som virksomheden vil kræve for at påtage sig ikke-finansielle risici, der hidrører fra det usikre beløb og tidspunkt for pengestrømmene, afspejler risikojusteringen for ikke-finansielle risici også:
a)
størrelsen af den diversificeringsfordel, som virksomheden medtager, når den fastsætter den kompensation, der kræves for at påtage sig denne risiko, og
b)
både positive og negative udfald på en måde, der afspejler virksomhedens grad af risikoaversion.
B89
Formålet med risikojusteringen for ikke-finansielle risici er at måle virkningen af usikkerheden på de pengestrømme, som hidrører fra forsikringskontrakter, ud over usikkerheden som følge af finansielle risici. Følgelig skal risikojusteringen for ikke-finansielle risici afspejle alle ikke-finansielle risici i tilknytning til forsikringskontrakterne. Den skal ikke afspejle risici, som ikke hidrører fra forsikringskontrakter, som f.eks. generelle operationelle risici.
B90
Risikojusteringen for ikke-finansielle risici, skal medtages i målingen på eksplicit vis. Risikojusteringen for ikke-finansielle risici er begrebsmæssigt forskellig fra skønnene over fremtidige pengestrømme og de diskonteringssatser, der justerer disse pengestrømme. Virksomheden skal ikke indregne risikojusteringen for ikke-finansielle risici dobbelt, ved f.eks. også implicit at medtage risikojusteringen for ikke-finansielle risici ved fastlæggelsen af skøn over fremtidige pengestrømme eller diskonteringssatser. De diskonteringssatser, der er oplyst i overensstemmelse med afsnit 120, må ikke omfatte implicitte justeringer for ikke-finansielle risici.
B91
IFRS 17 præciserer ikke den eller de skønsmetoder, der anvendes til at fastsætte risikojusteringen for ikke-finansielle risici. Med henblik på at afspejle den kompensation, virksomheden vil kræve for at påtage sig ikke-finansielle risici, skal risikojusteringen for ikke-finansielle risici imidlertid have følgende karakteristika:
a)
risici med lav hyppighed og meget alvorlige konsekvenser vil medføre højere risikojusteringer for ikke-finansielle risici end risici med høj hyppighed og ikke særligt alvorlige konsekvenser
b)
for sammenlignelige risici vil kontrakter med længere løbetid medføre højere risikojusteringer for ikke-finansielle risici end kontrakter med kortere løbetid
c)
risici med bredere sandsynlighedsfordeling vil medføre højere risikojusteringer for ikke-finansielle risici end risici med en smallere fordeling
d)
jo mindre kendskabet er til det nuværende skøn og dets udviklingstendens, jo højere bliver risikojusteringen for ikke-finansielle risici, og
e)
i det omfang nye erfaringer mindsker usikkerheden om beløb og tidspunkt for pengestrømmene, vil risikojusteringerne for ikke-finansielle risici falde, og omvendt.
B92
En virksomhed skal foretage en vurdering, når den fastsætter en passende skønsmetode for risikojusteringen for ikke-finansielle risici. Når den foretager denne vurdering, skal virksomheden også overveje, om metoden giver koncise og informative oplysninger, således at regnskabsbrugere kan benchmarke virksomhedens resultater i forhold til andre virksomheders resultater. I henhold til afsnit 119 skal en virksomhed, der anvender en anden metode end konfidensniveaumetoden til fastsættelse af risikojusteringen for ikke-finansielle risici, fremlægge oplysning om, hvilken metode der er anvendt, og hvilket konfidensniveau der svarer til resultaterne af denne metode.
Første indregning af overdragelser af forsikringskontrakter og virksomhedssammenslutninger (afsnit 39)
B93
Når en virksomhed erhverver udstedte forsikringskontrakter og indgåede genforsikringskontrakter i en overdragelse af forsikringskontrakter, som ikke medfører etablering af en virksomhed eller en virksomhedssammenslutning, der er omfattet af IFRS 3, skal virksomheden anvende afsnit 14-24 for at identificere grupperne af erhvervede kontrakter, som hvis den havde indgået kontrakterne på transaktionstidspunktet.
B94
En virksomhed skal anvende det vederlag, der er modtaget eller betalt for kontrakterne, som en indikator for de modtagne præmier. Det vederlag, der er modtaget eller betalt for kontrakterne, udelukker det vederlag, der er modtaget eller betalt for alle andre aktiver og forpligtelser, der er erhvervet i samme transaktion. I en virksomhedssammenslutning, der er omfattet af IFRS 3, er det vederlag, der er modtaget eller betalt, lig med dagsværdien af kontrakterne på dette tidspunkt. Ved fastsættelsen af denne dagsværdi må en virksomhed ikke anvende afsnit 47 i IFRS 13 (vedrørende efterspørgsel).
B95
Medmindre præmieallokeringsmetoden for forpligtelsen vedrørende den resterende dækningsperiode i afsnit 55-59 og 69-70A finder anvendelse, beregnes den kontraktmæssige servicemargen ved første indregning ved anvendelse af afsnit 38 for erhvervede udstedte forsikringskontrakter og ved anvendelse af afsnit 65 for erhvervede indgåede genforsikringskontrakter ved hjælp af det vederlag, der er modtaget eller betalt for kontrakterne, som en indikator for de præmier, der er modtaget eller betalt på tidspunktet for første indregning.
B95A
Hvis de erhvervede udstedte forsikringskontrakter er tabsgivende ved anvendelse af afsnit 47, indregner virksomheden det beløb, hvormed opfyldelsespengestrømmene overstiger det betalte eller modtagne vederlag, som goodwill eller gevinst fra et tilbudskøb for kontrakter, der er erhvervet ved en virksomhedssammenslutning omfattet af IFRS 3, eller som et tab i resultatet for kontrakter, der er erhvervet ved en overdragelse. Virksomheden skal fastsætte et tabselement for forpligtelsen vedrørende den resterende dækningsperiode for dette overskydende beløb og anvende afsnit 49-52 til at allokere efterfølgende ændringer i opfyldelsespengestrømme til dette tabselement.
B95B
For en gruppe af indgåede genforsikringskontrakter, for hvilke afsnit 66A-66B finder anvendelse, skal en virksomhed fastlægge det tabselement, der genindvindes, for aktivet vedrørende den resterende dækningsperiode på transaktionstidspunktet ved at multiplicere:
a)
tabselementet for forpligtelsen vedrørende den resterende dækningsperiode for de underliggende forsikringskontrakter på transaktionstidspunktet og
b)
den procentdel af krav om erstatning fra de underliggende forsikringskontrakter, som virksomheden på transaktionstidspunktet forventer at genindvinde fra gruppen af indgåede genforsikringskontrakter.
B95C
Virksomheden indregner det tabselement, der genindvindes, og som er fastlagt ved anvendelse af afsnit 95B, som goodwill eller gevinst fra et tilbudskøb for indgåede genforsikringskontrakter, der er erhvervet ved en virksomhedssammenslutning omfattet af IFRS 3, eller som indtægt i resultatet for kontrakter, der er erhvervet ved en overdragelse.
B95D
Ved anvendelse af afsnit 14-22 vil en virksomhed på transaktionstidspunktet i en gruppe af tabsgivende forsikringskontrakter kunne inkludere både tabsgivende forsikringskontrakter, der er omfattet af en gruppe af indgåede genforsikringskontrakter, og tabsgivende kontrakter, der ikke er omfattet af gruppen af indgåede genforsikringskontrakter. For at anvende afsnit B95B i sådanne tilfælde skal en virksomhed anvende et systematisk og rationelt fordelingsgrundlag for at fastlægge andelen af tabselementet for den gruppe af forsikringskontrakter, der vedrører de forsikringskontrakter, der er omfattet af gruppen af indgåede genforsikringskontrakter
Aktiv fremkommet ved pengestrømme i forbindelse med erhvervelse af forsikringer
B95E
Når en virksomhed erhverver udstedte forsikringskontrakter i en overdragelse af forsikringskontrakter, som ikke medfører etablering af en virksomhed eller en virksomhedssammenslutning, der er omfattet af IFRS 3, indregner virksomheden et aktiv fremkommet ved pengestrømme i forbindelse med erhvervelse af forsikringer til dagsværdien på transaktionstidspunktet for rettighederne til at opnå:
a)
fremtidige forsikringskontrakter, som er fornyelser af forsikringskontrakter, der er indregnet på transaktionstidspunktet, og
b)
fremtidige forsikringskontrakter, ud over de i litra a) anførte, efter transaktionstidspunktet uden igen at betale de pengestrømme i forbindelse med erhvervelse af forsikringer, som den overtagne virksomhed allerede har betalt, og som kan henføres direkte til den dertil knyttede portefølje af forsikringskontrakter.
B95F
På transaktionstidspunktet indgår beløbet for eventuelle aktiver fremkommet ved pengestrømme i forbindelse med erhvervelse af forsikringer ikke i målingen af den overtagne gruppe af forsikringskontrakter ved anvendelse af afsnit B93-B95A.
Ændringer i den regnskabsmæssige værdi af den kontraktmæssige servicemargen for forsikringskontrakter uden elementer af direkte deltagelse (afsnit 44)
B96
For forsikringskontrakter uden elementer af direkte deltagelse kræves der i afsnit 44, litra c), en justering af den kontraktmæssige servicemargen for en gruppe af forsikringskontrakter for ændringer i de opfyldelsespengestrømme, der vedrører fremtidige serviceydelser. Disse ændringer omfatter:
a)
erfaringsbaserede justeringer som følge af præmier, der er modtaget i den periode, der vedrører fremtidige serviceydelser, og tilknyttede pengestrømme såsom pengestrømme i forbindelse med erhvervelse af forsikringer og præmiebaserede afgifter, målt til diskonteringssatserne i afsnit B72, litra c)
b)
ændringer i skøn over nutidsværdien af fremtidige pengestrømme i forbindelse med forpligtelsen vedrørende den resterende dækningsperiode, bortset fra dem, der er beskrevet i afsnit B97, litra a), målt til diskonteringssatserne i afsnit B72, litra c)
c)
forskelle mellem investeringselementer, der forventes at skulle betales i regnskabsperioden, og de faktiske investeringselementer, som skal betales i regnskabsperioden. Disse forskelle fastlægges ved at sammenligne i) det faktiske investeringselement, som skal betales i regnskabsperioden, med ii) den betaling i regnskabsperioden, som var forventet ved periodens begyndelse plus eventuelle finansielle forsikringsindtægter eller -udgifter i forbindelse med denne forventede betaling, inden den skal betales
ca)
forskelle mellem eventuelle lån til en forsikringstager, der forventes at skulle betales i regnskabsperioden, og de faktiske lån til en forsikringstager, som skal betales i regnskabsperioden. Disse forskelle fastlægges ved at sammenligne i) det faktiske lån til en forsikringstager, som skal tilbagebetales i regnskabsperioden, med ii) den tilbagebetaling i regnskabsperioden, som var forventet ved periodens begyndelse, plus eventuelle finansielle forsikringsindtægter eller -udgifter i forbindelse med den forventede tilbagebetaling, inden den skal tilbagebetales
d)
ændringen i risikojusteringen for ikke-finansielle risici, der vedrører fremtidige serviceydelser. En virksomhed er ikke forpligtet til at opdele ændringen i risikojusteringen for ikke-finansielle risici mellem i) en ændring vedrørende ikke-finansielle risici og ii) virkningen af den tidsmæssige værdi af penge og ændringer i den tidsmæssige værdi af penge. Hvis en virksomhed foretager en sådan opdeling, justerer virksomheden den kontraktmæssige servicemargen for ændringen vedrørende ikke-finansielle risici, målt til diskonteringssatserne i afsnit B72, litra c).
B97
En virksomhed skal ikke justere den kontraktmæssige servicemargen for en gruppe af forsikringskontrakter uden elementer af direkte deltagelse i forbindelse med følgende ændringer i opfyldelsespengestrømmene, da de ikke vedrører fremtidige serviceydelser:
a)
virkningen af den tidsmæssige værdi af penge og ændringer i den tidsmæssige værdi af penge og virkningen af finansiel risiko og ændringer i finansiel risiko. Disse virkninger omfatter:
i)
den eventuelle virkning på de skønnede fremtidige pengestrømme
ii)
virkningen, hvis den er opdelt, på risikojusteringen for ikke-finansielle risici og
iii)
virkningen af en ændring i diskonteringssatsen
b)
ændringer i skøn over opfyldelsespengestrømme i forbindelse med forpligtelsen vedrørende indtrufne skader
c)
erfaringsbaserede justeringer, bortset fra dem, der er beskrevet i afsnit B96, litra a).
B98
Vilkårene i nogle forsikringskontrakter uden elementer af direkte deltagelse giver en virksomhed diskretionære beføjelser over pengestrømme, der skal betales til forsikringstagere. En ændring i de diskretionært fastsatte pengestrømme betragtes som vedrørende fremtidige serviceydelser og indebærer således justering af den kontraktmæssige servicemargen. For at fastslå, hvordan man identificerer en ændring i de diskretionært fastsatte pengestrømme, skal en virksomhed ved indgåelsen af kontrakten angive, på hvilket grundlag den forventer at fastsætte sin forpligtelse i henhold til kontrakten, for eksempel baseret på en fast rente eller på afkast, som varierer på grundlag af specifikke afkast på aktiver.
B99
En virksomhed skal anvende denne angivelse til at sondre mellem virkningen af ændringer i de forudsætninger, der vedrører finansiel risiko i tilknytning til denne forpligtelse (som ikke indebærer justering af den kontraktmæssige servicemargen), og virkningen af diskretionært fastsatte ændringer til denne forpligtelse (som indebærer justering af den kontraktmæssige servicemargen).
B100
Hvis en virksomhed ved indgåelsen af kontrakten ikke kan specificere, hvad den anser for sin forpligtelse i henhold til kontrakten, og hvad den anser for at være diskretionært, skal den betragte sin forpligtelse som det implicitte afkast i skønnet over opfyldelsespengestrømmene ved kontraktens indgåelse, ajourført for at afspejle aktuelle forudsætninger, der vedrører finansiel risiko.
Ændringer i den regnskabsmæssige værdi af den kontraktmæssige servicemargen for forsikringskontrakter med elementer af direkte deltagelse (afsnit 45)
B101
Forsikringskontrakter med elementer af direkte deltagelse er forsikringskontrakter, som i væsentlig grad er investeringsrelaterede serviceydelseskontrakter, i henhold til hvilke en virksomhed giver tilsagn om et investeringsafkast, der er baseret på de underliggende poster. De defineres derfor som forsikringskontrakter, for hvilke
a)
kontraktvilkårene fastsætter, at forsikringstager skal deltage i en andel af en klart identificeret pulje af underliggende poster (jf. afsnit B105-B106)
b)
virksomheden forventer at betale forsikringstager et beløb svarende til en betydelig andel af dagsværdien af afkastet på de underliggende poster (jf. afsnit B107), og
c)
virksomheden forventer, at en betydelig andel af enhver ændring i de beløb, der skal betales til forsikringstager, vil variere med ændringen i dagsværdien af de underliggende poster (jf. afsnit B107).
B102
En virksomhed skal vurdere, hvorvidt betingelserne i afsnit B101 er opfyldt ved hjælp af forventningerne ved kontraktens indgåelse og må ikke revurdere betingelserne efterfølgende, medmindre kontrakten ændres ved anvendelse af afsnit 72.
B103
I det omfang forsikringskontrakter i en gruppe påvirker pengestrømmene til forsikringstagere i kontrakter i andre grupper (jf. afsnit B67-B71), skal en virksomhed vurdere, om betingelserne i afsnit B101 er opfyldt ved hjælp af de pengestrømme, som virksomheden forventer at betale til forsikringstagerne, og som er fastsat ved anvendelse af afsnit B68-B70.
B104
Betingelserne i afsnit B101 sikrer, at forsikringskontrakter med elementer af direkte deltagelse er kontrakter, i henhold til hvilke virksomhedens forpligtelse til forsikringstageren er forskellen mellem:
a)
forpligtelsen til at betale forsikringstageren et beløb svarende til dagsværdien af de underliggende poster og
b)
et variabelt gebyr (jf. afsnit B110-B118), som virksomheden vil fratrække litra a) til gengæld for fremtidige serviceydelser, der følger af forsikringskontrakten, bestående af:
i)
beløbet for virksomhedens andel af dagsværdien af de underliggende poster minus
ii)
opfyldelsespengestrømme, der ikke varierer på grundlag af afkastet på de underliggende poster.
B105
Den andel, der er omhandlet i afsnit B101, litra a), udelukker ikke eksistensen af virksomhedens diskretionære beføjelser med hensyn til at variere de beløb, der er udbetalt til forsikringstageren. Forbindelsen til de underliggende poster skal dog kunne håndhæves (jf. afsnit 2).
B106
Puljen af underliggende poster omhandlet i afsnit B101, litra a), kan omfatte alle poster, for eksempel en referenceportefølje af aktiver, virksomhedens nettoaktiver eller en bestemt del af virksomhedens nettoaktiver, så længe de er klart defineret i kontrakten. En virksomhed behøver ikke være i besiddelse af den identificerede pulje af underliggende poster. Imidlertid er der ikke tale om en klart identificeret pulje af underliggende poster, hvis:
a)
en virksomhed kan ændre de underliggende poster, som fastsætter størrelsen af virksomhedens forpligtelse med tilbagevirkende kraft, eller
b)
der ikke er identificeret nogen underliggende poster, selv om forsikringstageren kunne få et afkast, der generelt afspejler virksomhedens samlede resultater og forventninger eller resultaterne og forventningerne i forbindelse med en undergruppe af aktiver, som virksomheden besidder. Et eksempel på et sådant afkast er en krediteringsrentesats eller udbyttebetaling, der er fastsat ved udgangen af den periode, som den vedrører. I dette tilfælde afspejler forpligtelsen over for forsikringstageren den krediteringsrentesats eller de udbyttebeløb, som virksomheden har fastsat, og afspejler ikke identificerede underliggende poster.
B107
Afsnit B101, litra b), kræver, at virksomheden forventer, at en betydelig andel af dagsværdien af afkastet på de underliggende poster vil blive udbetalt til forsikringstager, og afsnit B101, litra c), kræver, at virksomheden forventer, at en betydelig andel af enhver ændring i de beløb, der skal betales til forsikringstager, vil variere med ændringen i dagsværdien af de underliggende poster. En virksomhed skal:
a)
fortolke begrebet "betydelig" i begge afsnit set i lyset af målet med forsikringskontrakter med elementer af direkte deltagelse, der er kontrakter, i henhold til hvilke virksomheden udfører investeringsrelaterede serviceydelser og kompenseres for disse ved et gebyr, der fastsættes på grundlag af de underliggende poster, og
b)
vurdere udsvinget i beløbene i afsnit B101, litra b) og litra c):
i)
over forsikringskontraktens løbetid og
ii)
på grundlag af en sandsynlighedsvægtet gennemsnitlig nutidsværdi og ikke på grundlag af bedste eller værste udfald (jf. afsnit B37-B38).
B108
Hvis virksomheden forventer at skulle betale en betydelig andel af dagsværdien af afkastet på de underliggende poster, forudsat at der gives garanti for et minimumsafkast, vil der f.eks. være tilfælde, hvor:
a)
de pengestrømme, som virksomheden forventer at skulle betale til forsikringstageren, varierer med ændringerne i dagsværdien af de underliggende poster, da det garanterede afkast og andre pengestrømme, som ikke varierer på grundlag af afkastet på de underliggende poster, ikke overstiger dagsværdien af afkastet på de underliggende poster, og
b)
de pengestrømme, som virksomheden forventer at skulle betale til forsikringstageren, ikke varierer med ændringerne i dagsværdien af de underliggende poster, da det garanterede afkast og andre pengestrømme, som ikke varierer på grundlag af afkastet på de underliggende poster, overstiger dagsværdien af afkastet på de underliggende poster.
Virksomhedens vurdering af udsvinget i afsnit B101, litra c), for dette eksempel vil afspejle et sandsynlighedsvægtet gennemsnit af nutidsværdien for alle disse scenarier.
B109
Udstedte genforsikringskontrakter og indgåede genforsikringskontrakter kan ikke være forsikringskontrakter med elementer af direkte deltagelse i forbindelse med IFRS 17.
B110
For forsikringskontrakter med elementer af direkte deltagelse justeres den kontraktmæssige servicemargen for at afspejle den variable karakter af gebyret. Derfor behandles ændringer i de beløb, der er fastsat i afsnit B104, som fastsat i afsnit B111-B114.
B111
Ændringer i forpligtelsen til at betale forsikringstageren et beløb, der svarer til dagsværdien af de underliggende poster (afsnit B104, litra a)), vedrører ikke fremtidige serviceydelser og indebærer ikke justering af den kontraktmæssige servicemargen.
B112
Beløbsmæssige ændringer i virksomhedens andel af dagsværdien af de underliggende poster (afsnit B104, litra b), nr. i)) vedrører fremtidige serviceydelser og indebærer justering af den kontraktmæssige servicemargen ved anvendelse af afsnit 45, litra b).
B113
Ændringer i opfyldelsespengestrømme, der ikke varierer på grundlag af afkastet på de underliggende poster (afsnit B104, litra b), nr. ii)), omfatter:
a)
ændringer i opfyldelsespengestrømme, bortset fra dem, der er anført i litra b). En virksomhed skal anvende afsnit B96-B97 i overensstemmelse med forsikringskontrakter uden elementer af direkte deltagelse for at fastsætte, i hvilket omfang de vedrører fremtidige serviceydelser, og ved anvendelse af afsnit 45, litra c), justere den kontraktmæssige servicemargen. Alle justeringer, måles ved hjælp af aktuelle diskonteringssatser
b)
ændringen i virkningen af den tidsmæssige værdi af penge og den finansielle risiko, som ikke hidrører fra underliggende poster, som f.eks. virkningen af finansielle garantier. Disse ændringer vedrører fremtidige serviceydelser og indebærer ved anvendelse af afsnit 45, litra c), justering af den kontraktmæssige servicemargen, medmindre afsnit B115 finder anvendelse.
B114
En virksomhed behøver ikke identificere justeringerne af den kontraktmæssige servicemargen, der kræves i afsnit B112 og B113, enkeltvis. I stedet kan der fastsættes et samlet beløb for nogle eller for alle justeringerne.
Risikoreduktion
B115
I det omfang en virksomhed opfylder betingelserne i afsnit B116, kan den vælge ikke at indregne en ændring i den kontraktmæssige servicemargen for at afspejle nogle eller alle ændringer i virkningen af den tidsmæssige værdi af penge og virkningen af finansiel risiko på:
a)
beløbet for virksomhedens andel af de underliggende poster (jf. afsnit B112), hvis virksomheden reducerer virkningen af finansiel risiko på det pågældende beløb ved at anvende afledte finansielle instrumenter eller indgåede genforsikringskontrakter og
b)
de opfyldelsespengestrømme, der er beskrevet i afsnit B113, litra b), hvis virksomheden reducerer virkningen af den finansielle risiko på disse opfyldelsespengestrømme ved at anvende afledte finansielle instrumenter, ikke-afledte finansielle instrumenter målt til dagsværdi gennem resultatet eller indgåede genforsikringskontrakter.
B116
En virksomhed skal for at anvende afsnit B115 have et tidligere dokumenteret mål for risikostyring og en tidligere dokumenteret strategi for reduktion af finansiel risiko som beskrevet i afsnit B115. Ved anvendelse af dette mål og denne strategi:
a)
sker der en økonomisk udligning mellem forsikringskontrakter og det afledte finansielle instrument, det ikke-afledte finansielle instrument målt til dagsværdi gennem resultatet eller indgåede genforsikringskontrakter (dvs. værdierne af forsikringskontrakterne og de risikoreducerende foranstaltninger bevæger sig generelt i modsatrettede retninger, da de reagerer på samme måde over for ændringer i den risiko, der reduceres). En virksomhed skal ikke tage hensyn til regnskabsmæssige målingsforskelle i vurderingen af den økonomiske udligning
b)
dominerer kreditrisikoen ikke den økonomiske udligning.
B117
Virksomheden skal fastsætte opfyldelsespengestrømmene i en gruppe, hvorpå afsnit B115 finder anvendelse på en ensartet måde i hver regnskabsperiode.
B117A
Hvis virksomheden reducerer virkningen af finansiel risiko ved at anvende afledte finansielle instrumenter eller ikke-afledte finansielle instrumenter målt til dagsværdi gennem resultatet, skal den medtage de finansielle forsikringsindtægter eller -udgifter for regnskabsperioden, som stammer fra anvendelsen af afsnit B115, i resultatet. Hvis virksomheden reducerer virkningen af finansiel risiko ved at anvende indgåede genforsikringskontrakter, skal den anvende den samme regnskabspraksis ved præsentation af de finansielle forsikringsindtægter eller -udgifter, som stammer fra anvendelsen af afsnit B115, som virksomheden anvender for indgåede genforsikringskontrakter ved anvendelse af afsnit 88 og 90.
B118
Hvis bare én af betingelserne i afsnit B116 ikke længere er opfyldt, skal en virksomhed ophøre med at anvende afsnit B115 fra dette tidspunkt. En virksomhed foretager ikke justeringer for ændringer, som tidligere er indregnet i resultatet.
Indregning af den kontraktmæssige servicemargen i resultatet
B119
Der indregnes et beløb for den kontraktmæssige servicemargen for en gruppe af forsikringskontrakter i resultatet i hver regnskabsperiode for at afspejle de forsikringsrelaterede serviceydelser, der leveres i henhold til gruppen af forsikringskontrakter i denne periode (jf. afsnit 44, litra e), afsnit 45, litra e), og afsnit 66, litra e)). Beløbet fastsættes på grundlag af:
a)
en identifikation af dækningsenhederne i gruppen. Antallet af dækningsenheder i en gruppe er mængden af forsikringsrelaterede serviceydelser leveret i henhold til kontrakterne i gruppen, fastsat ved for hver kontrakt at tage hensyn til mængden af ydelser i henhold til en kontrakt og til den forventede dækningsperiode
b)
en ligelig allokering af den kontraktmæssige servicemargen ved udgangen af regnskabsperioden (før indregning af eventuelle beløb i resultatet for at afspejle de forsikringsrelaterede serviceydelser, der leveres i perioden), på de enkelte dækningsenheder, der er leveret i den aktuelle regnskabsperiode, og som forventes leveret i fremtiden
c)
indregning i resultatet af det beløb, der er allokeret til leverede dækningsenheder i den pågældende periode.
B119A
For at anvende afsnit B119 ophører perioden for en investeringsafkastrelateret serviceydelse eller investeringsrelateret serviceydelse på eller før det tidspunkt, hvor alle skyldige beløb til nuværende forsikringstagere i forbindelse med disse serviceydelser er blevet betalt uden at tage hensyn til betalinger til fremtidige forsikringstagere, som indgår i opfyldelsespengestrømmene ved anvendelse af afsnit B68.
B119B
Forsikringskontrakter uden elementer af direkte deltagelse kan levere en investeringsafkastrelateret serviceydelse, men kun hvis
a)
der findes et investeringselement, eller forsikringstager har ret til at trække beløbet tilbage
b)
virksomheden forventer, at investeringselementet eller det beløb, som forsikringstager har en ret til at trække tilbage, indeholder et investeringsafkast (et investeringsafkast kan være under nul f.eks. i et miljø med negative investeringsafkast), og
c)
virksomheden forventer at udøve investeringsaktivitet med henblik på at generere et sådant investeringsafkast.
Indgåede genforsikringskontrakter — indregning af genindvinding af tab på underliggende forsikringskontrakter (afsnit 66A-66B)
B119C
Afsnit 66A finder anvendelse, men kun hvis den indgåede genforsikringskontrakt indgås inden eller samtidig med indregningen af de tabsgivende underliggende forsikringskontrakter.
B119D
For at anvende afsnit 66A skal en virksomhed fastsætte justeringen af den kontraktmæssige servicemargen for en gruppe af indgåede genforsikringskontrakter og de deraf følgende indtægter ved at multiplicere:
a)
det tab, der er indregnet for de underliggende forsikringskontrakter, og
b)
den procentdel af kravene om erstatning fra de underliggende forsikringskontrakter, som virksomheden forventer at genindvinde fra gruppen af indgåede genforsikringskontrakter.
B119E
Ved anvendelse af afsnit 14-22 vil en virksomhed i en gruppe af tabsgivende forsikringskontrakter kunne inkludere både tabsgivende forsikringskontrakter, der er omfattet af en gruppe af indgåede genforsikringskontrakter, og tabsgivende kontrakter, der ikke er omfattet af gruppen af indgåede genforsikringskontrakter. For at anvende afsnit B66, litra c), nr. i)-ii), og 66A i sådanne tilfælde skal en virksomhed anvende en systematisk og rationel fordelingsmetode med henblik på at fastlægge andelen af tabet, der er indregnet for gruppen af forsikringskontrakter, som vedrører de forsikringskontrakter, der er omfattet af gruppen af indgåede genforsikringskontrakter
B119F
Efter at en virksomhed har fastlagt et tabselement, der genindvindes, ved anvendelse af afsnit 66B, justerer virksomheden det tabselement, der genindvindes, for at afspejle ændringer i tabselementet for en tabsgivende gruppe af underliggende forsikringskontrakter (jf. afsnit 50-52). Den regnskabsmæssige værdi af det tabselement, der genindvindes, må ikke overstige den andel af den regnskabsmæssige værdi af tabselementet for den tabsgivende gruppe af underliggende forsikringskontrakter, som virksomheden forventer at genindvinde fra gruppen af indgåede genforsikringskontrakter.
FORSIKRINGSINDTÆGTER (AFSNIT 83 OG 85)
B120
De samlede forsikringsindtægter for en gruppe af forsikringskontrakter er vederlaget for kontrakterne, dvs. præmiebeløbet betalt til virksomheden:
a)
justeret for virkningen af finansieringen og
b)
ekskl. eventuelle investeringselementer.
B121
I henhold til afsnit 83 kræves det, at beløbet for forsikringsindtægter, der er indregnet i en periode, skal afspejle overdragelsen af tilsagn om serviceydelser med et beløb, som afspejler det vederlag, virksomheden forventer at være berettiget til som modydelse for disse serviceydelser. Det samlede vederlag for en gruppe af kontrakter omfatter følgende beløb:
a)
beløb i tilknytning til levering af serviceydelser, der omfatter:
i)
udgifter til forsikringsservice, eksklusive beløb i relation til risikojusteringen for ikke-finansielle risici, der er medtaget under nr. ii), og ethvert beløb afsat til tabselementet for forpligtelsen vedrørende den resterende dækningsperiode,
ia)
beløb i relation til indkomstskat, som udtrykkeligt skal dækkes af forsikringstager
ii)
risikojusteringen for ikke-finansielle risici, ekskl. beløb afsat til tabselementet for forpligtelsen vedrørende den resterende dækningsperiode, og
iii)
den kontraktmæssige servicemargen
b)
beløb i tilknytning til pengestrømme i forbindelse med erhvervelse af forsikringer.
B122
Forsikringsindtægter for en periode i forbindelse med de beløb, der er beskrevet i afsnit B121, litra a), fastsættes som beskrevet i afsnit B123-B124. Forsikringsindtægter for en periode i forbindelse med de beløb, der er beskrevet i afsnit B121, litra b), fastsættes som beskrevet i afsnit B125.
B123
Ved anvendelsen af IFRS 15 skal en virksomhed, når den leverer serviceydelser, ophøre med at indregne leveringsforpligtelsen for disse serviceydelser og indregne omsætningen. På samme måde skal virksomheden ved anvendelse af IFRS 17, når den leverer serviceydelser i en periode, reducere forpligtelsen vedrørende den resterende dækningsperiode for de leverede serviceydelser og indregne forsikringsindtægter. Denne reduktion af forpligtelsen vedrørende den resterende dækningsperiode, som giver anledning til forsikringsindtægter, udelukker ændringer i forpligtelsen, som ikke vedrører serviceydelser, der forventes at blive omfattet af det vederlag, som virksomheden modtager. Disse ændringer er:
a)
ændringer, der ikke vedrører serviceydelser leveret i perioden, for eksempel:
i)
ændringer som følge af indgående pengestrømme fra modtagne præmier
ii)
ændringer, der vedrører investeringselementer i regnskabsåret,
iia)
ændringer som følge af pengestrømme fra lån til forsikringstagere
iii)
ændringer, der vedrører transaktionsbaserede afgifter, opkrævet på vegne af tredjepart (såsom afgifter på forsikringspræmier, moms og skatter og afgifter på varer og serviceydelser) (se afsnit B65, litra i))
iv)
finansielle forsikringsindtægter eller -udgifter
v)
pengestrømme i forbindelse med erhvervelse af forsikringer (jf. afsnit B125) og
vi)
ophør af indregning af forpligtelser, der er overdraget til en tredjepart
b)
ændringer, der vedrører serviceydelser, men for hvilke virksomheden ikke forventer vederlag, dvs. stigninger og fald i tabselementet for forpligtelsen vedrørende den resterende dækningsperiode (jf. afsnit 47-52).
B123A
I det omfang en virksomhed ophører med indregningen af et aktiv fremkommet ved pengestrømme, der ikke vedrører erhvervelse af forsikringer, på tidspunktet for den oprindelige indregning af en gruppe af forsikringskontrakter (jf. afsnit 38, litra c), nr. ii), og B66A), skal den indregne forsikringsindtægter og -udgifter svarende til det beløb, for hvilket indregningen er ophørt, på det pågældende tidspunkt.
B124
Forsikringsindtægter for regnskabsperioden kan følgelig også analyseres som summen af de ændringer i forpligtelsen vedrørende den resterende dækningsperiode i perioden, der vedrører serviceydelser, for hvilke virksomheden forventer at modtage vederlag. Disse ændringer er:
a)
udgifter til forsikringsservice, der er påløbet i regnskabsperioden (målt ved beløb, der forventes i begyndelsen af perioden), ekskl.:
i)
beløb allokeret til tabselementet for forpligtelsen vedrørende den resterende dækningsperiode ved anvendelse af afsnit 51, litra a)
ii)
tilbagebetalinger af investeringselementer
iii)
beløb, der vedrører transaktionsbaserede afgifter opkrævet på vegne af tredjepart (såsom afgifter på forsikringspræmier, moms og skatter og afgifter på varer og serviceydelser) (se afsnit B65, litra i)),
iv)
udgifter i forbindelse med erhvervelse af forsikringer (jf. afsnit B125) og
v)
beløbet i relation til risikojusteringen for ikke-finansielle risici, (jf. litra b))
b)
ændringen i risikojusteringen for ikke-finansielle risici, ekskl.:
i)
ændringer, der indgår i finansielle forsikringsindtægter eller -udgifter, ved anvendelse af afsnit 87
ii)
ændringer, der indebærer justering af den kontraktmæssige servicemargen, fordi de vedrører fremtidige serviceydelser, ved anvendelse af afsnit 44, litra c), og afsnit 45, litra c), og
iii)
beløb allokeret til tabselementet for forpligtelsen vedrørende den resterende dækningsperiode ved anvendelse af afsnit 51, litra b)
c)
beløbet for den kontraktmæssige servicemargen, der er indregnet i resultatet i regnskabsperioden ved anvendelsen af afsnit 44, litra e), og afsnit 45, litra e)
d)
eventuelle andre beløb, f.eks. erfaringsbaserede justeringer for modtagne præmier ud over de præmier, der vedrører fremtidige serviceydelser (jf. afsnit B96, litra a)).
B125
En virksomhed skal fastsætte forsikringsindtægter i tilknytning til pengestrømme i forbindelse med erhvervelse af forsikringer ved at allokere den del af præmierne, der vedrører genindvinding af disse pengestrømme, til den enkelte regnskabsperiode på en systematisk måde på grundlag af tidsforløbet. En virksomhed skal indregne det samme beløb som udgifter til forsikringsservice.
B126
Når en virksomhed anvender præmieallokeringsmetoden i afsnit 55-58, er forsikringsindtægter for perioden det beløb, der forventes indbetalt som præmier (ekskl. investeringselementet og hvis relevant justeret, så det afspejler den tidsmæssige værdi af penge og virkningen af de finansielle risici ved anvendelse af afsnit 56), og som fordeles på perioden. Virksomheden skal fordele de forventede præmieindtægter på hver enkelt periode med forsikringsrelaterede serviceydelser:
a)
på grundlag af tidsforløbet, men
b)
hvis det forventede mønster for frigivelse af risiko i dækningsperioden adskiller sig væsentligt fra tidsforløbet, så på grundlag af det forventede tidspunkt for påløbne udgifter til forsikringsservice.
B127
En virksomhed skal ændre fordelingsgrundlaget mellem afsnit B126, litra a), og B126, litra b), hvis det er nødvendigt, og hvis kendsgerninger og omstændigheder ændrer sig.
FINANSIELLE FORSIKRINGSINDTÆGTER ELLER -UDGIFTER (AFSNIT 87-92)
B128
I henhold til afsnit 87 kræves det, at virksomheden inkluderer virkningen af den tidsmæssige værdi af penge og virkningen af finansiel risiko i de finansielle forsikringsindtægter eller -udgifter, såvel som ændringer heraf. I IFRS 17 forstås ved:
a)
forudsætninger om inflation baseret på et pris- eller renteindeks eller på priser på aktiver med inflationsjusterede afkast forudsætninger, der vedrører finansiel risiko,
b)
forudsætninger om inflation baseret på en virksomheds forventning om bestemte prisændringer ikke forudsætninger, som vedrører finansiel risiko, og
c)
ændringer i målingen af en gruppe af forsikringskontrakter som følge af ændringer i værdien af de underliggende poster (eksklusive tilføjelser og tilbagetrækninger) ændringer, der følger af virkningen af den tidsmæssige værdi af penge og virkningen af finansiel risiko, såvel som ændringer heraf.
B129
Afsnit 88-89 kræver, at en virksomhed skal foretage et valg af regnskabspraksis med hensyn til at opdele de finansielle forsikringsindtægter eller -udgifter for perioden mellem resultatet og anden totalindkomst. En virksomhed skal anvende sit valg af regnskabspraksis på porteføljen af forsikringskontrakter. I vurderingen af, hvilken regnskabspraksis der er hensigtsmæssig for en portefølje af forsikringskontrakter ved anvendelse af afsnit 13 i IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
, skal virksomheden for hver portefølje tage hensyn til aktiver, som den besidder, og til, hvordan den behandler disse aktiver regnskabsmæssigt.
B130
Hvis afsnit 88, litra b), finder anvendelse, skal en virksomhed i resultatet medtage et beløb, der fastsættes ved en systematisk allokering af de forventede samlede finansielle indtægter eller udgifter over løbetiden for gruppen af forsikringskontrakter. I denne forbindelse er en systematisk allokering en allokering af de samlede forventede finansielle indtægter eller udgifter af en gruppe af forsikringskontrakter over løbetiden for gruppen, som:
a)
er baseret på kontrakternes karakteristika, uden henvisning til faktorer, der ikke påvirker de pengestrømme, der forventes at opstå i henhold til kontrakterne. For eksempel må allokeringen af finansielle indtægter eller udgifter ikke være baseret på forventede indregnede afkast på aktiver, hvis de forventede indregnede afkast ikke påvirker pengestrømmene fra kontrakterne i gruppen
b)
fører til beløb, der er indregnet i anden totalindkomst over løbetiden for gruppen af kontrakter, og som beløber sig til nul. Det kumulative beløb, der er indregnet i anden totalindkomst på ethvert tidspunkt, er forskellen mellem den regnskabsmæssige værdi af gruppen af kontrakter, og det beløb, som den pågældende gruppe ville blive målt til ved anvendelse af den systematiske allokering.
B131
For grupper af forsikringskontrakter, for hvilke ændringer i de forudsætninger, der vedrører finansiel risiko, ikke har en væsentlig virkning på beløb udbetalt til forsikringstageren, fastsættes den systematiske allokering ved hjælp af diskonteringssatserne i afsnit B72, litra e), nr. i).
B132
For grupper af forsikringskontrakter, for hvilke ændringer i de forudsætninger, der vedrører finansiel risiko, har en væsentlig virkning på beløb udbetalt til forsikringstagere:
a)
kan der fastsættes en systematisk allokering for de finansielle indtægter eller udgifter, der hidrører fra skøn over fremtidige pengestrømme, på en af følgende måder:
i)
ved at anvende en rente, som allokerer de resterende reviderede finansielle indtægter eller udgifter, der forventes over restløbetiden for gruppen af kontrakter, ved en konstant rente, eller
ii)
for kontrakter, som anvender en krediteringsrentesats til fastsættelse af skyldige beløb til forsikringstagere — ved at anvende en allokering baseret på de beløb, der er indregnet som indtægt i perioden, og som forventes indregnet som indtægt i fremtidige perioder
b)
fastsættes der en systematisk allokering for finansielle indtægter eller udgifter hidrørende fra risikojusteringen for ikke-finansielle risici, hvis disse er separat opdelt fra andre ændringer i risikojusteringen for ikke-finansielle risici ved anvendelse af afsnit 81, ved hjælp af en allokering, der er i overensstemmelse med den, der er anvendt ved allokeringen for finansielle indtægter eller udgifter hidrørende fra fremtidige pengestrømme
c)
fastsættes der en systematisk allokering for finansielle indtægter eller udgifter hidrørende fra den kontraktmæssige servicemargen:
i)
for forsikringskontrakter, som ikke har elementer af direkte deltagelse, ved hjælp af diskonteringssatserne i afsnit B72, litra b), og
ii)
for forsikringskontrakter, som har elementer af direkte deltagelse, ved hjælp af en allokering, der er i overensstemmelse med den, der er anvendt ved allokeringen for finansielle indtægter eller udgifter hidrørende fra fremtidige pengestrømme
B133
Ved anvendelse af præmieallokeringsmetoden på forsikringskontrakter beskrevet i afsnit 53-59 kan en virksomhed være forpligtet til eller kan vælge at diskontere forpligtelsen for indtrufne skader. I sådanne tilfælde kan den vælge at opdele finansielle forsikringsindtægter eller -udgifter ved at anvende afsnit 88, litra b). Hvis virksomheden træffer dette valg, skal den fastsætte de finansielle forsikringsindtægter eller -udgifter i resultatet ved at anvende diskonteringssatsen i afsnit B72, litra e), nr. iii).
B134
Afsnit 89 finder anvendelse, hvis en virksomhed er i besiddelse af de underliggende poster for forsikringskontrakter med elementer af direkte deltagelse, enten fordi den har valgt det, eller fordi den er forpligtet hertil. Hvis en virksomhed vælger at opdele finansielle forsikringsindtægter eller -udgifter ved at anvende afsnit 89, litra b), skal den i resultatet medtage indtægter eller udgifter, som præcis svarer til de indtægter eller udgifter, der er medtaget i resultatet for de underliggende poster, således at forskellen mellem disse to separate poster bliver nul.
B135
En virksomhed kan være berettiget til at vælge regnskabspraksis i afsnit 89 i nogle regnskabsperioder, men ikke i andre, såfremt der er sket en ændring med hensyn til, om den er i besiddelse eller ej af de underliggende poster. Hvis en sådan ændring indtræffer, ændrer valgmuligheden med hensyn til regnskabspraksis sig for virksomheden fra det, der er anført i afsnit 88, til det, der er anført i afsnit 89, eller omvendt. Derfor kan en virksomhed ændre sin regnskabspraksis fra det, der er anført i afsnit 88, litra b), til det, der er anført i afsnit 89, litra b). Ved en sådan ændring skal virksomheden:
a)
medregne det akkumulerede beløb på tidspunktet for ændringen, som tidligere var medtaget i anden totalindkomst, som en omklassifikationsregulering i resultatet i den regnskabsperiode, hvor ændringen fandt sted, og i fremtidige regnskabsperioder, som følger:
i)
hvis virksomheden tidligere anvendte afsnit 88, litra b) — skal den i resultatet medtage det akkumulerede beløb, der før ændringen blev medregnet i anden totalindkomst, som om virksomheden fortsatte fremgangsmåden i afsnit 88, litra b), baseret på de forudsætninger, der var gældende umiddelbart før ændringen, og
ii)
hvis virksomheden tidligere anvendte afsnit 89, litra b) — skal den i resultatet medtage det akkumulerede beløb, der før ændringen blev medregnet i anden totalindkomst, som om virksomheden fortsatte fremgangsmåden i afsnit 89, litra b), baseret på de forudsætninger, der var gældende umiddelbart før ændringen.
b)
ikke tilpasse sammenlignelige oplysninger fra tidligere perioder.
B136
Ved anvendelse af afsnit B135, litra a), må en virksomhed ikke genberegne det akkumulerede beløb, der tidligere blev medregnet i anden totalindkomst, som om den nye opdeling altid havde været anvendt, og de forudsætninger, der anvendes til omklassifikationen i fremtidige regnskabsperioder, må ikke opdateres efter tidspunktet for ændringen.
VIRKNINGEN AF REGNSKABSMÆSSIGE SKØN FRA DELÅRSREGNSKABER
B137
Hvis en virksomhed udarbejder delårsregnskaber ved anvendelse af IAS 34 
Præsentation af delårsregnskaber
, skal virksomheden træffe et valg med hensyn til regnskabspraksis om, hvorvidt den regnskabsmæssige behandling af skøn fra tidligere delårsregnskaber skal ændres, når IFRS 17 anvendes på efterfølgende delårsregnskaber og på regnskabsåret. Virksomheden anvender valget af regnskabspraksis på alle grupper af forsikringskontrakter, som den udsteder, og på alle grupper af forsikringskontrakter, den indgår.
Appendiks C
Ikrafttrædelsestidspunkt og overgang
Dette appendiks er en integreret del af IFRS 17 Forsikringskontrakter.
IKRAFTTRÆDELSESTIDSPUNKT
C1
En virksomhed skal anvende IFRS 17 på regnskabsår, som begynder den 1. januar 2023 eller derefter. Hvis en virksomhed anvender IFRS 17 tidligere, skal den oplyse herom. Anvendelse før tiden er tilladt for virksomheder, som anvender IFRS 9 
Finansielle instrumenter
 på eller før tidspunktet for førstegangsanvendelsen af IFRS 17.
C2
For så vidt angår overgangsbestemmelserne i afsnit C1 og C3-C33 gælder følgende:
a)
tidspunktet for førstegangsanvendelse er begyndelsen af det regnskabsår, hvor en virksomhed for første gang anvender IFRS 17, og
b)
overgangstidspunktet er begyndelsen af det regnskabsår, der ligger umiddelbart forud for tidspunktet for førstegangsanvendelsen.
C2A
Ved 
førstegangsanvendelse af IFRS 17 og IFRS 9 — Sammenligningstal
, udstedt i december 2021, tilføjedes afsnit C28A-C28E og C33A. Virksomheder, der vælger at anvende afsnit C28A-C28E og C33A, skal anvende dem ved førstegangsanvendelsen af IFRS 17.
OVERGANG
C3
En virksomhed skal anvende IFRS 17 med tilbagevirkende kraft, medmindre det er praktisk umuligt, eller afsnit C5A finder anvendelse, med følgende undtagelser:
a)
en virksomhed behøver ikke at præsentere de kvantitative oplysninger, som kræves i afsnit 28, litra f), i IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
, og
b)
en virksomhed må ikke anvende muligheden i afsnit B115 på regnskabsperioder før overgangstidspunktet. En virksomhed må anvende muligheden i afsnit B115 fremadrettet på eller efter overgangstidspunktet, men kun hvis virksomheden klassificerer risikoreducerende forhold på eller før det tidspunkt, hvor den anvender muligheden.
C4
For at anvende IFRS 17 med tilbagevirkende kraft, skal en virksomhed på overgangstidspunktet:
a)
identificere, indregne og måle hver gruppe af forsikringskontrakter, som om IFRS 17 altid havde fundet anvendelse
aa)
identificere, indregne og måle ethvert aktiv fremkommet ved pengestrømme i forbindelse med erhvervelse af forsikringer, som om IFRS 17 altid havde fundet anvendelse (bortset fra at en virksomhed ikke er forpligtet til at anvende vurderingen af muligheden for genindvinding i afsnit 28E inden overgangstidspunktet)
b)
ophøre med at indregne eventuelle aktuelle saldi, som ikke ville have eksisteret, hvis IFRS 17 altid havde fundet anvendelse, og
c)
indregne en eventuel deraf følgende nettoforskel i egenkapitalen.
C5
Hvis, og kun hvis det er praktisk umuligt for en virksomhed at anvende afsnit C3 på en gruppe af forsikringskontrakter, skal en virksomhed anvende følgende tilgange i stedet for at anvende afsnit C4, litra a):
a)
den ændrede retrospektive tilgang i afsnit C6-C19A, med forbehold af afsnit C6, litra a), eller
b)
tilgangen med dagsværdi i afsnit C20-C24B.
C5A
Uanset afsnit C5 kan en virksomhed vælge at anvende tilgangen med dagsværdi i afsnit C20-C24B for en gruppe af forsikringskontrakter med elementer af direkte deltagelse, for hvilke den vil kunne anvende IFRS 17 med tilbagevirkende kraft, men kun hvis
a)
virksomheden vælger at anvende muligheden for risikoreduktion i afsnit B115 på gruppen af forsikringskontrakter fremadrettet fra overgangstidspunktet, og
b)
virksomheden har anvendt afledte finansielle instrumenter, ikke-afledte finansielle instrumenter målt til dagsværdi gennem resultatet eller indgåede genforsikringskontrakter for at reducere de finansielle risici, der hidrører fra gruppen af udstedte forsikringskontrakter, jf. afsnit B115, inden overgangstidspunktet.
C5B
Men hvis det er praktisk umuligt for en virksomhed at anvende afsnit C4, litra aa), på at aktiv fremkommet ved pengestrømme i forbindelse med erhvervelse af forsikringer, anvender virksomheden følgende fremgangsmetoder for at måle aktivet fremkommet ved pengestrømme i forbindelse med erhvervelse af forsikringer:
a)
den ændrede retrospektive tilgang i afsnit C14B-C14D og C17A, med forbehold af afsnit C6, litra a), eller
b)
tilgangen med dagsværdi i afsnit C24A-C24B.
Ændret retrospektiv tilgang
C6
Formålet med den ændrede retrospektive tilgang er at komme så tæt som muligt på den retrospektive anvendelse ved at gøre brug af rimelige og dokumenterede oplysninger, som er tilgængelige uden urimelig udgift eller indsats. I overensstemmelse hermed skal en virksomhed, når den anvender denne tilgang,:
a)
gøre brug af rimelige og dokumenterede oplysninger. Hvis virksomheden ikke kan indhente de rimelige og dokumenterede oplysninger, der er nødvendige for at anvende den ændrede retrospektive tilgang, skal den anvende tilgangen med dagsværdi.
b)
maksimere anvendelsen af de oplysninger, som ville være blevet brugt til at anvende en fuldstændig retrospektiv tilgang, men behøver kun anvende de oplysninger, som virksomheden kan få adgang til uden urimelig udgift eller indsats.
C7
Afsnit C9-C19A fastsætter tilladte ændringer til den retrospektive anvendelse på følgende områder:
a)
vurderinger af forsikringskontrakter eller grupper af forsikringskontrakter, som ville være blevet foretaget på tidspunktet for indgåelsen eller ved første indregning
b)
beløb i tilknytning til den kontraktmæssige servicemargen eller tabselementet for forsikringskontrakter uden elementer af direkte deltagelse
c)
beløb i tilknytning til den kontraktmæssige servicemargen eller tabselementet for forsikringskontrakter med elementer af direkte deltagelse og
d)
finansielle forsikringsindtægter eller -udgifter.
C8
For at opfylde formålet med den ændrede retrospektive tilgang er det kun tilladt for en virksomhed at anvende de enkelte ændringer i afsnit C9-C19A, i det omfang virksomheden ikke har adgang til rimelige og dokumenterede oplysninger til anvendelse af en retrospektiv tilgang.
Vurderinger ved indgåelse eller ved første indregning
C9
Såfremt det er tilladt i afsnit C8, skal en virksomhed fastsætte følgende ud fra de foreliggende oplysninger på overgangstidspunktet:
a)
hvordan grupper af forsikringskontrakter identificeres, ved anvendelse af afsnit 14-24
b)
hvorvidt en forsikringskontrakt opfylder definitionen på en forsikringskontrakt med elementer af direkte deltagelse, ved anvendelse af afsnit B101-B109,
c)
hvordan diskretionært fastsatte pengestrømme for forsikringskontrakter uden elementer af direkte deltagelse identificeres, ved anvendelse af afsnit B98-B100, og
d)
hvorvidt en investeringskontrakt opfylder definitionen på en investeringskontrakt med elementer af diskretionær deltagelse, som er omfattet af IFRS 17, ved anvendelse af afsnit 71.
C9A
Såfremt det er tilladt i afsnit C8, klassificerer en virksomhed som en forpligtelse vedrørende indtrufne skader en sådan forpligtelse vedrørende afregning af skader, der indtraf inden erhvervelsen af en forsikringskontakt i en overdragelse af forsikringskontrakter, som ikke medfører etablering af en virksomhed eller en virksomhedssammenslutning som omfattet af IFRS 3.
C10
Såfremt det er tilladt i afsnit C8, må en virksomhed ikke anvende afsnit 22 til at inddele grupper, så der til disse ikke henføres kontrakter udstedt med mere end et års mellemrum.
Fastsættelse af den kontraktmæssige servicemargen eller tabselementet for grupper af forsikringskontrakter uden elementer af direkte deltagelse
C11
Såfremt det er tilladt i afsnit C8, skal en virksomhed for kontrakter uden elementer af direkte deltagelse fastsætte den kontraktmæssige servicemargen eller tabselementet for forpligtelsen vedrørende den resterende dækningsperiode (jf. afsnit 49-52) på overgangstidspunktet ved anvendelse af afsnit C12-C16C.
C12
Såfremt det er tilladt i afsnit C8, skal en virksomhed foretage et skøn over fremtidige pengestrømme på tidspunktet for første indregning af en gruppe af forsikringskontrakter svarende til beløbet for de fremtidige pengestrømme på overgangstidspunktet (eller tidligere, hvis de fremtidige pengestrømme på det tidligere tidspunkt kan fastsættes med tilbagevirkende kraft ved anvendelse af afsnit C4, litra a), justeret for de pengestrømme, som vides at have fundet sted mellem tidspunktet for første indregning af en gruppe af forsikringskontrakter og overgangstidspunktet (eller et tidligere tidspunkt). De pengestrømme, der vides at have fundet sted, omfatter pengestrømme fra kontrakter, der ophørte med at eksistere før overgangstidspunktet.
C13
Såfremt det er tilladt i afsnit C8, skal en virksomhed fastsætte de diskonteringssatser, der var gældende på tidspunktet for første indregning af en gruppe af forsikringskontrakter (eller senere):
a)
ved brug af en observerbar rentekurve, som i mindst tre år umiddelbart før overgangstidspunktet nærmer sig den rentekurve, der blev diskretionært fastsat ved anvendelse af afsnit 36 og B72-B85, hvis der foreligger en sådan observerbar rentekurve
b)
hvis den observerbare rentekurve i litra a) ikke findes, fastsættes de diskonteringssatser, der var gældende på tidspunktet for første indregning (eller senere), skønsmæssigt ved at fastsætte et gennemsnitligt spænd mellem en observerbar rentekurve og den rentekurve, der blev skønsmæssigt fastsat ved anvendelse af afsnit 36 og B72-B85, og ved at anvende dette spænd på den observerbare rentekurve. Dette spænd skal være et gennemsnit for mindst tre år umiddelbart før overgangstidspunktet.
C14
Såfremt det er tilladt i afsnit C8, skal en virksomhed fastsætte risikojusteringen for ikke-finansielle risici på tidspunktet for første indregning af en gruppe af forsikringskontrakter (eller senere) ved at tilpasse risikojusteringen for ikke-finansielle risici på overgangstidspunktet med den forventede frigivelse af risiko før overgangstidspunktet. Den forventede frigivelse af risiko fastsættes ved henvisning til frigivelsen af risiko for lignende forsikringskontrakter, som virksomheden udsteder på overgangstidspunktet.
C14A
Ved anvendelse af afsnit B137 kan en virksomhed vælge ikke at ændre de regnskabsmæssige skøn fra tidligere delårsregnskaber. Såfremt det er tilladt i afsnit C8, fastlægger en virksomhed den kontraktmæssige servicemargen eller tabselementet på overgangstidspunktet, som om virksomheden ikke havde udarbejdet delårsregnskaber inden overgangstidspunktet.
C14B
Såfremt det er tilladt i afsnit C8, anvender en virksomhed den samme systematiske og rationelle metode, som virksomheden forventer at anvende efter overgangstidspunktet, når den anvender afsnit 28A til at fordele pengestrømme i forbindelse med erhvervelse af forsikringer (eller for hvilke en forpligtelse er blevet indregnet ved anvendelse af en anden IFRS-standard), der indbetales inden overgangstidspunktet (med fradrag af beløb vedrørende forsikringskontrakter, der er ophørt med at eksistere inden overgangstidspunktet), på:
a)
grupper af forsikringskontrakter, der indregnes på overgangstidspunktet, og
b)
grupper af forsikringskontrakter, der forventes indregnet efter overgangstidspunktet.
C14C
Pengestrømme i forbindelse med erhvervelse af forsikringer, der indbetales inden overgangstidspunktet, og som fordeles på en gruppe af forsikringskontrakter, der indregnes på overgangstidspunktet, justerer den kontraktmæssige servicemargen for den pågældende gruppe, i det omfang de forsikringskontrakter, der forventes at være i gruppen, er blevet indregnet på det pågældende tidspunkt (jf. afsnit 28C og B35C). Andre pengestrømme i forbindelse med erhvervelse af forsikringer, der indbetales inden overgangstidspunktet, herunder dem, som er fordelt på en gruppe af forsikringskontrakter, der forventes indregnet efter overgangstidspunktet, indregnes som et aktiv ved anvendelse af afsnit 28B.
C14D
Hvis en virksomhed ikke har rimelige og dokumenterede oplysninger til at anvende afsnit C14B, fastsætter virksomheden følgende beløb på overgangstidspunktet til nul:
a)
justeringen af den kontraktmæssige servicemargen for en gruppe af forsikringskontrakter, der indregnes på overgangstidspunktet og ethvert aktiv fremkommet ved pengestrømme i forbindelse med erhvervelse af forsikringer i tilknytning til den pågældende gruppe og
b)
aktivet fremkommet ved pengestrømme i forbindelse med erhvervelse af forsikringer for grupper af forsikringskontrakter, der forventes indregnet efter overgangstidspunktet.
C15
Hvis anvendelsen af afsnit C12-C14D resulterer i en kontraktmæssig servicemargen på tidspunktet for første indregning, skal virksomheden for at fastsætte den kontraktmæssige servicemargen på overgangstidspunktet:
a)
hvis virksomheden anvender afsnit C13 til skønsmæssigt at fastsætte de diskonteringssatser, der gælder ved første indregning, anvende disse rentesatser til at beregne renten af den kontraktmæssige servicemargen, og
b)
såfremt det er tilladt i afsnit C8, fastsætte beløbet for den kontraktmæssige servicemargen, der indregnes i resultatet som følge af overdragelsen af serviceydelser inden overgangstidspunktet, ved at sammenligne de resterende dækningsenheder på dette tidspunkt med dækningsenhederne i henhold til gruppen af kontrakter før overgangstidspunktet (se afsnit B119).
C16
Hvis anvendelsen af afsnit C12-C14 resulterer i et tabselement for forpligtelsen vedrørende den resterende dækningsperiode på tidspunktet for første indregning, skal en virksomhed fastsætte eventuelle beløb, der allokeres til tabselementet før overgangstidspunktet, ved anvendelse af afsnit C12-C14 og ved hjælp af et systematisk allokeringsgrundlag.
C16A
For en gruppe af indgåede genforsikringskontrakter, der giver dækning for en tabsgivende gruppe af forsikringskontrakter, og som blev indgået før eller samtidig med forsikringskontrakternes udstedelse, skal en virksomhed fastlægge det tabselement, der genindvindes, for aktivet vedrørende den resterende dækningsperiode på overgangstidspunktet (jf. afsnit 66A–66B). Såfremt det er tilladt i afsnit C8, skal en virksomhed fastsætte det tabselement, der genindvindes, ved at multiplicere:
a)
tabselementet for forpligtelsen vedrørende den resterende dækningsperiode for de underliggende forsikringskontrakter på overgangstidspunktet (jf. afsnit C16 og C20) og
b)
procentdelen af kravene om erstatning fra de underliggende forsikringskontrakter, som virksomheden forventer at genindvinde fra gruppen af indgåede genforsikringskontrakter.
C16B
Ved anvendelse af afsnit 14-22 vil en virksomhed på overgangstidspunktet i en gruppe af tabsgivende forsikringskontrakter kunne inkludere både tabsgivende forsikringskontrakter, der er omfattet af en gruppe af indgåede genforsikringskontrakter, og tabsgivende kontrakter, der ikke er omfattet af gruppen af indgåede genforsikringskontrakter. For at anvende afsnit C16A i sådanne tilfælde skal en virksomhed anvende et systematisk og rationelt fordelingsgrundlag for at fastlægge andelen af tabselementet for den gruppe af forsikringskontrakter, der vedrører de forsikringskontrakter, der er omfattet af gruppen af indgåede genforsikringskontrakter.
C16C
Hvis en virksomhed ikke har rimelige og dokumenterede oplysninger til at kunne anvende afsnit C16A, skal den ikke identificere et tabselement, der genindvindes, for gruppen af indgåede genforsikringskontrakter.
Fastsættelse af den kontraktmæssige servicemargen eller tabselementet for grupper af forsikringskontrakter med elementer af direkte deltagelse
C17
Såfremt det er tilladt i afsnit C8, skal en virksomhed, for kontrakter med elementer af direkte deltagelse, fastsætte den kontraktmæssige servicemargen eller tabselementet for forpligtelsen vedrørende den resterende dækningsperiode på overgangstidspunktet:
a)
som den samlede dagsværdi af de underliggende poster på dette tidspunkt med fradrag af
b)
som opfyldelsespengestrømmene på dette tidspunkt med tillæg eller fradrag af
c)
som en justering for
i)
beløb, der opkræves af virksomheden hos forsikringstagerne (inkl. beløb, der er fratrukket de underliggende poster) før dette tidspunkt
ii)
beløb, der er betalt før dette tidspunkt, og som ikke har varieret med de underliggende poster
iii)
ændringen i risikojusteringen for ikke-finansielle risici forårsaget af frigivelsen af risiko før dette tidspunkt. Virksomheden skal fastsætte dette beløb diskretionært ved henvisning til frigivelsen af risiko for lignende forsikringskontrakter, som virksomheden udsteder på overgangstidspunktet.
iv)
pengestrømme i forbindelse med erhvervelse af forsikringer (eller for hvilke en forpligtelse er blevet indregnet ved at anvende en anden IFRS-standard), der indbetales inden overgangstidspunktet, og som er allokeret til gruppen (jf. afsnit C17A).
d)
hvis litra a)-c) resulterer i en kontraktmæssig servicemargen—fratrækkes den kontraktmæssige servicemargen, der vedrører serviceydelser leveret før dette tidspunkt. Den samlede værdi for litra a)-c) er en indikator for den samlede kontraktmæssige servicemargen for alle serviceydelser, der skal leveres i henhold til kontrakterne i gruppen, dvs. før indregning i resultatet af eventuelle beløb vedrørende leverede serviceydelser. Virksomheden skal diskretionært fastsætte beløb indregnet i resultatet vedrørende leverede serviceydelser ved at sammenligne de resterende dækningsenheder på overgangstidspunktet med dækningsenhederne i henhold til gruppen af kontrakter før overgangstidspunktet, eller
e)
hvis a)-c) resulterer i et tabselement—justeres tabselementet til nul, og forpligtelsen vedrørende den resterende dækningsperiode, ekskl. tabselementet øges med samme beløb.
C17A
Såfremt det er tilladt i afsnit C8, skal en virksomhed anvende afsnit C14B–C14D til indregning af et aktiv fremkommet ved pengestrømme i forbindelse med erhvervelse af forsikringer og enhver justering af den kontraktmæssige servicemargen for en gruppe af forsikringskontrakter med elementer af direkte deltagelse fremkommet ved pengestrømme i forbindelse med erhvervelse af forsikringer (jf. afsnit C17, litra c), nr. iv).
Finansielle forsikringsindtægter eller -udgifter
C18
For grupper af forsikringskontrakter, som ved anvendelse af afsnit C10 omfatter kontrakter, der er udstedt med mere end et års mellemrum:
a)
er det tilladt for en virksomhed at fastsætte de diskonteringssatser på tidspunktet for første indregning af en gruppe, der er anført i afsnit B72, litra b)-litra e), nr. ii), og de diskonteringssatser på tidspunktet for den indtrufne skade, der er anført i afsnit B72, litra e), nr. iii), på overgangstidspunktet i stedet for på tidspunktet for første indregning eller for den indtrufne skade.
b)
hvis en virksomhed vælger at opdele finansielle forsikringsindtægter eller -udgifter i beløb, som er medtaget i resultatet, og beløb, der er medtaget i anden totalindkomst, ved anvendelse af afsnit 88, litra b), eller afsnit 89, litra b), skal virksomheden for at anvende afsnit 91, litra a), i fremtidige perioder fastsætte det kumulative beløb for de finansielle forsikringsindtægter eller -udgifter, der er indregnet i anden totalindkomst, på overgangstidspunktet. Det er tilladt virksomheden at fastsætte dette kumulative beløb enten ved anvendelse af afsnit C19, litra b), eller:
i)
som nul, medmindre nr. ii) finder anvendelse, og
ii)
for forsikringskontrakter med elementer af direkte deltagelse, for hvilke afsnit B134 gælder, som svarende til det kumulative beløb, der er indregnet i anden totalindkomst vedrørende de underliggende poster.
C19
For grupper af forsikringskontrakter, som ikke omfatter kontrakter, der er udstedt med mere end et års mellemrum:
a)
hvis en virksomhed anvender afsnit C13 til at fastslå de diskonteringssatser skønsmæssigt, som var gældende ved første indregning (eller senere), skal den også fastsætte de diskonteringssatser, der er anført i afsnit B72, litra b)-litra e), ved anvendelse af afsnit C13, og
b)
hvis en virksomhed vælger at opdele finansielle forsikringsindtægter eller -udgifter i beløb, som er medtaget i resultatet, og beløb, der er medtaget i anden totalindkomst, ved anvendelse af afsnit 88, litra b), eller afsnit 89, litra b), skal virksomheden for at anvende afsnit 91, litra a), i fremtidige perioder fastsætte det kumulative beløb for de finansielle forsikringsindtægter eller -udgifter, der er indregnet i anden totalindkomst, på overgangstidspunktet. Virksomheden skal fastsætte dette kumulative beløb:
i)
for forsikringskontrakter, for hvilke en virksomhed vil anvende metoderne med systematisk allokering, der er beskrevet i afsnit B131 — hvis virksomheden anvender afsnit C13 til skønsmæssigt at fastsætte diskonteringssatserne ved første indregning — ved at anvende de diskonteringssatser, der var gældende på tidspunktet for første indregning, også ved anvendelse af afsnit C13
ii)
for forsikringskontrakter, for hvilke en virksomhed vil anvende metoderne med systematisk allokering, der er beskrevet i afsnit B132 — på det grundlag, at de forudsætninger, der vedrører finansiel risiko, og som var gældende på tidspunktet for første indregning, også gælder på overgangstidspunktet, dvs. som nul,
iii)
for forsikringskontrakter, for hvilke en virksomhed vil anvende metoderne med systematisk allokering, der er beskrevet i afsnit B133 — hvis virksomheden anvender afsnit C13 til skønsmæssigt at fastsætte diskonteringssatserne ved første indregning (eller senere) — ved at anvende de diskonteringssatser, der var gældende på det tidspunkt, hvor skaden indtraf, også ved anvendelse af afsnit C13, og
iv)
for forsikringskontrakter med elementer af direkte deltagelse, for hvilke afsnit B134 er gældende — som svarende til det kumulative beløb, der er indregnet i anden totalindkomst for de underliggende poster.
C19A
Ved anvendelse af afsnit B137 kan en virksomhed vælge ikke at ændre de regnskabsmæssige skøn fra tidligere delårsregnskaber. I det omfang, det er tilladt i afsnit C8, fastlægger en virksomhed beløbene for de finansielle forsikringsindtægter eller -udgifter på overgangstidspunktet, som om virksomheden ikke havde udarbejdet delårsregnskaber inden overgangstidspunktet.
Tilgangen med dagsværdi
C20
For at anvende tilgangen med dagsværdi, skal en virksomhed fastsætte den kontraktmæssige servicemargen eller tabselementet for forpligtelsen vedrørende den resterende dækningsperiode på overgangstidspunktet som forskellen mellem dagsværdien af en gruppe af forsikringskontrakter på det tidspunkt, og opfyldelsespengestrømmene målt på dette tidspunkt. Ved fastsættelsen af denne dagsværdi må en virksomhed ikke anvende afsnit 47 i IFRS 13 
Måling af dagsværdi
 (i forbindelse med efterspørgselsforhold).
C20A
For en gruppe af indgåede genforsikringskontrakter, for hvilke afsnit 66A-66B finder anvendelse (uden at det er nødvendigt at opfylde betingelsen i afsnit B119C), skal en virksomhed fastlægge det tabselement, der genindvindes, for aktivet vedrørende den resterende dækningsperiode på overgangstidspunktet ved at multiplicere:
a)
tabselementet for forpligtelsen vedrørende den resterende dækningsperiode for de underliggende forsikringskontrakter på overgangstidspunktet (jf. afsnit C16 og C20) og
b)
procentdelen af kravene om erstatning fra de underliggende forsikringskontrakter, som virksomheden forventer at genindvinde fra gruppen af indgåede genforsikringskontrakter.
C20B
Ved anvendelse af afsnit 14-22 vil en virksomhed på overgangstidspunktet i en gruppe af tabsgivende forsikringskontrakter kunne inkludere både tabsgivende forsikringskontrakter, der er omfattet af en gruppe af indgåede genforsikringskontrakter, og tabsgivende kontrakter, der ikke er omfattet af gruppen af indgåede genforsikringskontrakter. For at anvende afsnit C20A i sådanne tilfælde skal en virksomhed anvende et systematisk og rationelt fordelingsgrundlag for at fastlægge andelen af tabselementet for den gruppe af forsikringskontrakter, der vedrører de forsikringskontrakter, der er omfattet af gruppen af indgåede genforsikringskontrakter.
C21
Ved anvendelse af tilgangen med dagsværdi kan en virksomhed anvende afsnit C22 for at fastlægge:
a)
hvordan grupper af forsikringskontrakter identificeres, ved anvendelse af afsnit 14-24
b)
hvorvidt en forsikringskontrakt opfylder definitionen på en forsikringskontrakt med elementer af direkte deltagelse, ved anvendelse af afsnit B101-B109,
c)
hvordan diskretionært fastsatte pengestrømme for forsikringskontrakter uden elementer af direkte deltagelse identificeres, ved anvendelse af afsnit B98-B100, og
d)
hvorvidt en investeringskontrakt opfylder definitionen på en investeringskontrakt med elementer af diskretionær deltagelse, som er omfattet af IFRS 17, ved anvendelse af afsnit 71.
C22
En virksomhed kan vælge at afgøre spørgsmålene i afsnit C21 ved at anvende:
a)
rimelige og dokumenterede oplysninger om det, som virksomheden ville have fastlagt i betragtning af kontraktens vilkår og markedsvilkårene på tidspunktet for indgåelsen eller ved første indregning, alt efter hvad der er relevant, eller
b)
rimelige og dokumenterede oplysninger, der forelå på overgangstidspunktet.
C22A
Ved anvendelse af tilgangen med dagsværdi kan en virksomhed vælge at klassificere som en forpligtelse vedrørende indtrufne skader en forpligtelse vedrørende afregning af skader, der indtraf inden erhvervelsen af en forsikringskontakt i en overdragelse af forsikringskontrakter, som ikke medfører etablering af en virksomhed eller en virksomhedssammenslutning, der er omfattet af IFRS 3.
C23
Ved anvendelse af tilgangen med dagsværdi er en virksomhed ikke forpligtet til at anvende afsnit 22 og kan til en gruppe af kontrakter henføre kontrakter, der er udstedt med mere end et års mellemrum. En virksomhed må kun inddele grupper, så der til disse alene henføres kontrakter udstedt inden for et år (eller mindre), hvis den har rimelige og dokumenterede oplysninger til at kunne foretage en sådan inddeling. Uanset om en virksomhed anvender afsnit 22, har den lov til at fastsætte de diskonteringssatser på tidspunktet for første indregning af en gruppe, der er anført i afsnit B72, litra b)-litra e), nr. ii), og de diskonteringssatser på tidspunktet for den indtrufne skade, der er anført i afsnit B72, litra e), nr. iii), på overgangstidspunktet i stedet for på tidspunktet for første indregning eller indtrufne skade.
C24
Ved anvendelse af tilgangen med dagsværdi er det, hvis virksomheden vælger at opdele finansielle forsikringsindtægter eller -udgifter mellem resultatet og anden totalindkomst, tilladt at fastsætte det kumulerede beløb for finansielle forsikringsindtægter eller -udgifter, der er indregnet i anden totalindkomst på overgangstidspunktet:
a)
med tilbagevirkende kraft — men kun, hvis den har adgang til rimelige og dokumenterede oplysninger til at gøre dette, eller
b)
som nul — medmindre litra c) finder anvendelse, og
c)
for forsikringskontrakter med elementer af direkte deltagelse, for hvilke afsnit B134 er gældende, — som svarende til det kumulative beløb, der er indregnet i anden totalindkomst for de underliggende poster.
Aktiv fremkommet ved pengestrømme i forbindelse med erhvervelse af forsikringer
C24A
Ved anvendelse af tilgangen med dagsværdi på et aktiv fremkommet ved pengestrømme i forbindelse med erhvervelse af forsikringer (jf. afsnit C5B, litra b)) skal en virksomhed på overgangstidspunktet fastlægge et aktiv fremkommet ved pengestrømme i forbindelse med erhvervelse af forsikringer med et beløb svarende til de pengestrømme i forbindelse med erhvervelse af forsikringer, som ville opstå for virksomheden, for rettighederne til at opnå:
a)
genindvundne pengestrømme i forbindelse med erhvervelse af forsikringer fra præmier på forsikringskontrakter, der er udstedt før overgangstidspunktet, men som ikke er indregnet på overgangstidspunktet,
b)
fremtidige forsikringskontrakter, som er fornyelser af forsikringskontrakter, der er indregnet på transaktionstidspunktet, og forsikringskontrakter beskrevet under litra a), og
c)
fremtidige forsikringskontrakter, ud over de i litra b) anførte, efter overgangstidspunktet uden igen at betale de pengestrømme i forbindelse med erhvervelse af forsikringer, som virksomheden allerede har indbetalt, og som kan direkte henføres til den dertil knyttede portefølje af forsikringskontrakter.
C24B
På overgangstidspunktet skal virksomheden udelukke beløbet for ethvert aktiv fremkommet ved pengestrømme i forbindelse med erhvervelse af forsikringer fra målingen af enhver gruppe af forsikringskontrakter.
Sammenligningstal
C25
Uanset henvisningerne til det regnskabsår, der ligger umiddelbart forud for tidspunktet for førstegangsanvendelsen i afsnit C2, litra b), kan en virksomhed også forelægge justerede sammenlignelige oplysninger ved anvendelse af IFRS 17 for tidligere forelagte regnskabsperioder, men er ikke forpligtet hertil. Hvis en virksomhed alligevel forelægger justerede sammenlignelige oplysninger for tidligere regnskabsperioder, læses henvisningen til "begyndelsen af det regnskabsår, der ligger umiddelbart forud for tidspunktet for førstegangsanvendelsen" i afsnit C2, litra b) som "begyndelsen af den tidligste regnskabsperiode, for hvilken justerede sammenlignelige oplysninger forelægges".
C26
En virksomhed ikke er forpligtet til at fremlægge de oplysninger, der er anført i afsnit 93-132 for ethvert forelagt regnskabsår før begyndelsen af det regnskabsår, der ligger umiddelbart forud for tidspunktet for førstegangsanvendelsen.
C27
Hvis en virksomhed forelægger ikke-justerede sammenlignelige oplysninger og oplysninger for tidligere regnskabsår, skal den klart udpege de oplysninger, der ikke er blevet justeret, oplyse, at de er udarbejdet på et andet grundlag og redegøre for dette grundlag.
C28
En virksomhed er ikke forpligtet til at fremlægge hidtil ikke-offentliggjorte oplysninger om udviklingen med hensyn til krav om erstatning, som er indtruffet tidligere end fem år før afslutningen af det regnskabsår, hvor den første gang anvender IFRS 17. Hvis en virksomhed imidlertid ikke fremlægger sådanne oplysninger, skal den oplyse herom.
Virksomheder, der for første gang samtidigt anvender IFRS 17 og IFRS 9
C28A
En virksomhed, der for første gang samtidigt anvender IFRS 17 og IFRS 9, kan anvende afsnit C28B-C28E (overlappende klassifikation) med henblik på at præsentere sammenligningstal for et finansielt aktiv, hvis sammenligningstallene for det pågældende finansielle aktiv ikke er blevet tilpasset for IFRS 9. Sammenligningstal for et finansielt aktiv vil ikke blive tilpasset for IFRS 9, hvis virksomheden enten vælger ikke at tilpasse tidligere regnskabsperioder (jf. afsnit 7.2.15 i IFRS 9), eller virksomheden tilpasser tidligere perioder, men der er sket ophør af indregning for det finansielle aktiv i disse tidligere perioder (jf. afsnit 7.2.1 i IFRS 9).
C28B
En virksomhed, der anvender den overlappende klassifikation på et finansielt aktiv, skal præsentere sammenligningstal, som om kravene til klassifikation og måling i IFRS 9 var blevet anvendt på det pågældende finansielle aktiv. Virksomheden skal anvende rimelige og dokumenterede oplysninger, der er tilgængelige på overgangstidspunktet (jf. afsnit C2, litra b)), til at vurdere, hvordan virksomheden forventer, at det finansielle aktiv vil blive klassificeret og målt ved førstegangsanvendelsen af IFRS 9 (f.eks. kan en virksomhed anvende foreløbige vurderinger, der er foretaget som forberedelse til førstegangsanvendelsen af IFRS 9).
C28C
Ved anvendelsen af den overlappende klassifikation på et finansielt aktiv er en virksomhed ikke forpligtet til at anvende kravene til værdiforringelse i afsnit 5.5 i IFRS 9. Hvis det finansielle aktiv på grundlag af den klassifikation, der er fastsat ved anvendelse af afsnit C28B, ville være omfattet af kravene til værdiforringelse i afsnit 5.5 i IFRS 9, men virksomheden ikke anvender disse krav ved anvendelsen af den overlappende klassifikation, skal virksomheden fortsat præsentere ethvert beløb, der er indregnet i relation til værdiforringelse i den foregående regnskabsperiode i overensstemmelse med IAS 39 
Finansielle instrumenter: Indregning og måling
 I modsat fald skal sådanne beløb tilbageføres.
C28D
Enhver forskel mellem den tidligere regnskabsmæssige værdi af et finansielt aktiv og den regnskabsmæssige værdi på overgangstidspunktet, som følger af anvendelsen af afsnit C28B-C28C, skal indregnes i overført resultat primo (eller andre egenkapitalelementer, alt efter hvad der er relevant) på overgangstidspunktet.
C28E
En virksomhed, der anvender afsnit C28B-C28D, skal:
a)
give kvalitative oplysninger, som gør brugere af årsregnskaber i stand til at forstå:
i)
i hvilket omfang den overlappende klassifikation er blevet anvendt (eksempelvis om den er blevet anvendt på alle finansielle aktiver, for hvilke indregning er ophørt i sammenligningsperioden)
ii)
hvorvidt og i hvilket omfang kravene til værdiforringelse i afsnit 5.5 i IFRS 9 er blevet anvendt (jf. afsnit C28C)
b)
kun anvende disse afsnit på sammenligningstal for regnskabsperioder mellem overgangstidspunktet for IFRS 17 og tidspunktet for førstegangsanvendelsen af IFRS 17 (jf. afsnit C2 og C25) og
c)
anvende overgangskravene i IFRS 9 på tidspunktet for førstegangsanvendelsen af IFRS 9 (jf. afsnit 7.2 i IFRS 9).
Omklassifikation af finansielle aktiver
C29
På tidspunktet for førstegangsanvendelsen af IFRS 17 gælder for en virksomhed, der har anvendt IFRS 9 på regnskabsår før førstegangsanvendelsen af IFRS 17, at:
a)
den kan foretage en fornyet vurdering af, hvorvidt et finansielt aktiv, der opfylder kriterierne, opfylder betingelsen i afsnit 4.1.2, litra a), eller afsnit 4.1.2A, litra a), i IFRS 9. Et finansielt aktiv opfylder kun kriterierne, hvis det finansielle aktiv ikke besiddes i forbindelse med en aktivitet, der ikke har relation til kontrakter, der er omfattet af IFRS 17. Eksempler på finansielle aktiver, som ikke opfylder kriterierne for den fornyede vurdering, er finansielle aktiver, der besiddes i relation til bankvirksomhed, eller finansielle aktiver i fonde i relation til investeringskontrakter, der falder uden for IFRS 17
b)
den skal tilbagekalde sin tidligere klassifikation af et finansielt aktiv som målt til dagsværdi gennem resultatet, hvis betingelsen i afsnit 4.1.5 i IFRS 9 ikke længere er opfyldt som følge af anvendelsen af IFRS 17
c)
den kan klassificere et finansielt aktiv som målt til dagsværdi gennem resultatet, hvis betingelsen i afsnit 4.1.5 i IFRS 9 er opfyldt
d)
den kan klassificere en investering i et egenkapitalinstrument som målt til dagsværdi gennem anden totalindkomst ved anvendelsen af afsnit 5.7.5 i IFRS 9
e)
den kan tilbagekalde sin tidligere klassifikation af en investering i et egenkapitalinstrument som målt til dagsværdi gennem anden totalindkomst ved anvendelsen af afsnit 5.7.5 i IFRS 9.
C30
En virksomhed skal anvende afsnit C29 på grundlag af de forhold og omstændigheder, der er gældende på tidspunktet for førstegangsanvendelsen af IFRS 17. En virksomhed skal anvende disse klassifikationer med tilbagevirkende kraft. I den forbindelse skal virksomheden anvende de relevante overgangsbestemmelser i IFRS 9. Tidspunktet for førstegangsanvendelsen til dette formål anses for at være tidspunktet for førstegangsanvendelsen af IFRS 17.
C31
En virksomhed, som anvender afsnit C29, er ikke forpligtet til at tilpasse tidligere regnskabsår for at afspejle sådanne ændringer i klassifikationer. Virksomheden må kun tilpasse tidligere regnskabsperioder, hvis det er muligt uden at efterrationalisere. Hvis en virksomhed tilpasser tidligere regnskabsår, skal de tilpassede regnskaber afspejle alle krav i IFRS 9 for de berørte finansielle aktiver. Hvis en virksomhed ikke tilpasser tidligere regnskabsår, skal den i det overførte resultat primo (eller et andet egenkapitalelement, alt efter hvad der er hensigtsmæssigt) på tidspunktet for førstegangsanvendelsen, indregne en eventuel forskel mellem:
a)
den tidligere regnskabsmæssige værdi af sådanne finansielle aktiver og
b)
den regnskabsmæssige værdi af sådanne finansielle aktiver på tidspunktet for førstegangsanvendelsen.
C32
Hvis en virksomhed anvender afsnit C29, skal den i det pågældende regnskabsår for disse finansielle aktiver for hver enkelt klasse give oplysning om:
a)
hvis afsnit C29, litra a), finder anvendelse — dens grundlag for fastsættelse af finansielle aktiver, der opfylder kriterierne,
b)
hvis afsnit C29, litra a)-e), finder anvendelse:
i)
målingskategori og regnskabsmæssige værdi af de berørte finansielle aktiver fastsat umiddelbart før tidspunktet for førstegangsanvendelsen af IFRS 17 og
ii)
den nye målingskategori og den regnskabsmæssige værdi for de berørte finansielle aktiver fastsat ved anvendelse af afsnit C29.
c)
hvis afsnit C29, litra b), finder anvendelse —den regnskabsmæssige værdi af de finansielle aktiver i balancen, som tidligere blev klassificeret som målt til dagsværdi gennem resultatet ved anvendelse af afsnit 4.1.5 i IFRS 9, og som ikke længere er klassificeret som sådan.
C33
Hvis en virksomhed anvender afsnit C29, skal den i det pågældende regnskabsår afgive kvalitative oplysninger, som gør det muligt for regnskabsbrugere at forstå:
a)
hvordan den anvendte afsnit C29 på finansielle aktiver, hvis klassifikation er blevet ændret siden førstegangsanvendelsen af IFRS 17
b)
årsagerne til klassifikation eller ophør af klassifikation af finansielle aktiver målt til dagsværdi gennem resultatet ved anvendelse af afsnit 4.1.5 i IFRS 9, og
c)
hvorfor virksomheden kom frem til andre konklusioner i den nye vurdering ved anvendelse af afsnit 4.1.2, litra a), eller 4.1.2A, litra a), i IFRS 9.
C33A
For et finansielt aktiv, for hvilket indregningen er ophørt mellem overgangstidspunktet og tidspunktet for førstegangsanvendelsen af IFRS 17, kan en virksomhed anvende afsnit C28B-C28E (overlappende klassifikation) med henblik på at præsentere sammenligningstal, som om afsnit C29 var blevet anvendt på det pågældende aktiv. En sådan virksomhed skal tilpasse kravene i afsnit C28B-C28E, således at den overlappende klassifikation er baseret på, hvordan virksomheden forventer, at det finansielle aktiv ville blive klassificeret ved anvendelse af afsnit C29 på tidspunktet for førstegangsanvendelsen af IFRS 17.
OPHÆVELSE AF ANDRE IFRS-STANDARDER
C34
IFRS 17 erstatter IFRS 4 
Forsikringskontrakter
 som ændret i 2020.
IFRIC-FORTOLKNINGSBIDRAG 1
Ændringer i eksisterende forpligtelser i forbindelse med at tage anlæg ud af drift, retablering og tilsvarende forpligtelser
HENVISNINGER
—
IFRS 16 
Leasingkontrakter
—
IAS 1 
Præsentation af årsregnskaber
 (ajourført i 2007)
—
IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
—
IAS 16 
Materielle anlægsaktiver
 (ajourført i 2003)
—
IAS 23 
Låneomkostninger
—
IAS 36 
Værdiforringelse af aktiver
 (ajourført i 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, retablering eller tilsvarende forpligtelser, der både:
a)
indregnes som en del af kostprisen for et materielt anlægsaktiv i overensstemmelse med IAS 16 eller som en del af kostprisen for et brugsretsaktiv i overensstemmelse med IFRS 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, retablering 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, retablering 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 i anden totalindkomst og øge reserven for opskrivninger i egenkapitalens med den undtagelse, at det skal indregnes i resultatet i det omfang, det udligner en nedskrivning 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 i anden totalindkomst og reducere reserven for opskrivninger i egenkapitalen, i det omfang der for det pågældende aktiv er en kreditbalance i reserven for opskrivninger
b)
og 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)
er en ændring i forpligtelsen 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 ved regnskabsårets afslutning. Sådanne omvurderinger skal tages i betragtning ved opgørelsen af de beløb, der skal indregnes i resultatet eller i anden totalindkomst i henhold til litra a). Hvis det er nødvendigt at foretage en omvurdering, skal alle aktiver i samme kategori omvurderes
d)
kræves det i IAS 1, at hvert indkomst- eller udgiftselement af anden totalindkomst oplyses i totalindkomstopgørelsen. I forbindelse med opfyldelsen af dette krav skal ændringen i reserven for opskrivninger, der hidrører fra en ændring i forpligtelsen, identificeres separat og oplyses som sådan.
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. Aktivering i henhold til IAS 23 er ikke tilladt.
IKRAFTTRÆDELSESTIDSPUNKT
9
Virksomheder skal anvende dette fortolkningsbidrag på årsregnskaber, som begynder den 1. september 2004 eller derefter. Der tilskyndes til tidligere anvendelse. Hvis en virksomhed anvender dette fortolkningsbidrag på regnskabsperioder, som begynder før den 1. september 2004, skal den oplyse herom.
9A
IAS 1 (ajourført i 2007) ændrede den terminologi, der anvendes i IFRS-standarderne. Desuden medførte den ændring af afsnit 6. En virksomhed skal anvende disse ændringer på regnskabsår, som begynder den 1. januar 2009 eller derefter. Hvis en virksomhed anvender IAS 1 (ajourført 2007) på en tidligere regnskabsperiode, skal ændringerne anvendes på denne tidligere regnskabsperiode.
9B
IFRS 16, udstedt i januar 2016, medførte ændring af afsnit 2. Virksomheder skal anvende denne ændring ved anvendelse af IFRS 16.
OVERGANG
10
Ændringer i regnskabspraksis skal regnskabsmæssigt behandles i overensstemmelse med kravene i IAS 8 
Regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
 
(
59
)
.
IFRIC-FORTOLKNINGSBIDRAG 2
Andele i andelsvirksomheder og lignende instrumenter
HENVISNINGER
—
IFRS 9 
Finansielle instrumenter:
—
IFRS 13 
Måling af dagsværdi
)
—
IAS 32 
Finansielle instrumenter: Oplysning og præsentation
, ajourført i oktober 2003 
(
60
)
.
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 ejeren 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 ejeren 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 ejeren 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, eller andelene har alle de kendetegn og opfylder de betingelser, der er anført i afsnit 16A og 16B eller afsnit 16C og 16D i IAS 32. 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 forbuddet mod indløsning, er forpligtelser, medmindre virksomheden har ubetinget ret til at nægte indløsning som beskrevet i afsnit 7, eller andelene har alle de kendetegn og opfylder de betingelser, der er anført i afsnit 16A og 16B eller i afsnit 16C og 16D i IAS 32. I nogle tilfælde kan antallet af andele eller den beløbsmæssige størrelse af indskudskapitalen, som er underlagt et indløsningsforbud, variere løbende. En sådan ændring i indløsningsforbuddet 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 ejere af egenkapitalinstrumenter direkte på egenkapitalen. 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 i 2003). Virksomheder skal anvende dette fortolkningsbidrag på årsregnskaber, som begynder den 1. januar 2005 eller derefter. Hvis en virksomhed anvender dette fortolkningsbidrag for regnskabsår, som begynder før den 1. januar 2005, skal den give oplysning om dette. Fortolkningsbidraget skal anvendes med tilbagevirkende kraft.
14A
Virksomhederne skal anvende ændringerne i afsnit 6, 9, A1 og A12 på regnskabsår, der begynder den 1. januar 2009 eller derefter. Hvis en virksomhed anvender 
Indløselige finansielle instrumenter og forpligtelser, der opstår ved likvidation
 (ændringer til IAS 32 og IAS 1), der udkom i februar 2008, på et tidligere regnskabsår, skal ændringerne i afsnit 6, 9, A1 og A12 anvendes på dette tidligere regnskabsår.
15
[Ophævet]
16
IFRS 13, der er udstedt i maj 2011, medførte ændring af afsnit A8. Virksomheder skal anvende denne ændring ved anvendelse af IFRS 13.
17
Det årlige forbedringsprojekt for perioden 2009-2011
, udstedt i maj 2012, medførte ændring af afsnit 11. Virksomheder skal anvende den ændring med tilbagevirkende kraft i overensstemmelse med IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
 for regnskabsperioder, der begynder den 1. januar 2013 eller derefter. Hvis en virksomhed anvender denne ændring af IAS 32 som led i 
Det årlige forbedringsprojekt for perioden 2009-2011
 (udstedt i maj 2012) for et tidligere regnskabsår, skal ændringen i afsnit 11 anvendes for dette tidligere regnskabsår.
18
[Ophævet]
19
IFRS 9, der blev udstedt i juli 2014, medførte ændring af afsnit A8 og A10 samt ophævelse af afsnit 15 og 18. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 9.
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, og at det finansielle instrument ikke har alle de kendetegn eller opfylder de betingelser, der er anført i afsnit 16A og 16B eller i afsnit 16C og 16D i IAS 32.
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. I afsnit AG26 i IAS 32 angives:
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 ejere 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. I afsnit AG25 i IAS 32 angives:
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 ejerens valg, en finansiel forpligtelse, idet udstederen er forpligtet til at overdrage finansielle aktiver til ejeren 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.
 [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 forbuddet 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 i overensstemmelse med afsnit 47 i IFRS 13: "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 højst 50000 andele a 20 CU. I overensstemmelse hermed klassificerer andelsvirksomheden den 1. januar 20X3 et beløb på 1000000 CU, hvilket er det højeste beløb, der kan kræves betalt på anfordring i henhold til indløsningsbestemmelserne, som finansielle forpligtelser, opgjort i overensstemmelse med afsnit 47 i IFRS 13. Virksomheden overfører derfor den 1. januar 20X3 et beløb på 200000 CU fra egenkapitalen til finansielle forpligtelser, hvilket efterlader 2000000 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 1000000 CU. Ved regnskabsårets afslutning er indskudskapitalen på 900 000 CU.
Klassifikation
A12
I dette tilfælde ville 750000 CU blive klassificeret som egenkapital og 150000 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, medmindre dette instrument i overensstemmelse med afsnit 16A og 16B eller afsnit 16C og 16D klassificeres som et egenkapitalinstrument. Det finansielle instrument anses for en finansiel forpligtelse, selv om 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. 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, medmindre dette instrument i overensstemmelse med afsnit 16A og 16B eller afsnit 16C og 16D klassificeres som et egenkapitalinstrument.
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 ved regnskabsårets afslutning at indløse nogen andele, med mindre virksomhedens likvide beholdninger og kortfristede investeringer overstiger et specificeret beløb. Virkningen af disse likviditetskrav ved regnskabsårets afslutning 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 ejeren 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 5
Rettigheder til kapitalandele hidrørende fra fonde til dækning af omkostninger forbundet med afvikling, retablering og miljøgenopretning
HENVISNINGER
—
IFRS 9 
Finansielle instrumenter:
—
IFRS 10 
Koncernregnskaber
—
IFRS 11 
Fælles ordninger
—
IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
—
IAS 28 
Investeringer i associerede virksomheder og joint ventures
—
IAS 37 
Hensatte forpligtelser, eventualforpligtelser og eventualaktiver
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 et areal, 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 IFRS 9, og som ikke falder inden for dette fortolkningsbidrags anvendelsesområde.
PROBLEMSTILLINGER
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, selv om fonden ikke betaler.
8
Indskyderen skal vurdere, om den har bestemmende indflydelse, fælles bestemmende indflydelse eller betydelig indflydelse på fonden under henvisning til IFRS 10, IFRS 11 og IAS 28. 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 eller fælles bestemmende indflydelse eller betydelig 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 85, litra c), i IAS 37 krævede oplysninger.
IKRAFTTRÆDELSESTIDSPUNKT
14
Virksomheder skal anvende dette fortolkningsbidrag på årsregnskaber, som begynder den 1. januar 2006 eller derefter. Der tilskyndes til tidligere anvendelse. Hvis en virksomhed anvender dette fortolkningsbidrag for regnskabsår, som begynder før den 1. januar 2006, skal den give oplysning om dette.
14A
[Ophævet]
14B
IFRS 10 og IFRS 11, der blev udstedt i maj 2011, vedrørte ændringer af afsnit 8 og 9. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 10 og IFRS 11.
14C
[Ophævet]
14D
IFRS 9, der blev udstedt i juli 2014, medførte ændring af afsnit 5 samt ophævelse af afsnit 14A og 14C. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 9.
OVERGANG
15
Ændringer i regnskabspraksis skal regnskabsmæssigt behandles i overensstemmelse med kravene i IAS 8.
IFRIC-FORTOLKNINGSBIDRAG 6
Forpligtelser opstået som følge af deltagelse på et særskilt marked — Affald af elektrisk og 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 affald fra andre kilder end private husholdninger. 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. Disse eksempler 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 14, litra a), i IAS 37 ved indregning af en hensættelse til omkostninger vedrørende affaldshåndtering:
—
fremstilling eller salg af historiske husholdningsapparater?
—
deltagelse på markedet i måleperioden?
—
påløbne omkostninger under udførelse af affaldshåndtering?
KONSENSUS
9
Markedsdeltagelse i måleperioden er den forpligtende begivenhed efter afsnit 14, litra a), 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 på årsregnskaber, som begynder den 1. december 2005 eller derefter. Der tilskyndes til tidligere anvendelse. Hvis en virksomhed anvender dette fortolkningsbidrag på regnskabsperioder, som begynder før den 1. december 2005, skal den oplyse herom.
OVERGANG
11
Ændringer i regnskabspraksis skal regnskabsmæssigt behandles 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 
(
61
)
, 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.
PROBLEMSTILLINGER
2
I fortolkningsbidraget bliver der taget stilling til følgende spørgsmål:
a)
Hvordan forstås kravet "…skal angives i den ved regnskabsårets afslutning 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 regnskabsårets afslutning. 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 regnskabsårets afslutning.
4
Ved regnskabsårets afslutning 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 omvurdering 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 omvurderes i overensstemmelse med punkt a), tilpasses for ændringen i måleenheden fra datoen for åbningsbalancen for regnskabsåret indtil det pågældende regnskabsårs afslutning.
Virksomheden skal anvende fremgangsmåden i litra a) og b) ved tilpasning 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 tilpasset sit årsregnskab, bliver alle tilsvarende tal i årsregnskabet for et efterfølgende regnskabsår, herunder udskudte skatteposter, kun tilpasset ved at anvende ændringen i måleenheden for dette efterfølgende regnskabsår for de tilpassede regnskaber for det foregående regnskabsår.
IKRAFTTRÆDELSESTIDSPUNKT
6
Virksomheder skal anvende dette fortolkningsbidrag på årsregnskaber, som begynder den 1. marts 2006 eller derefter. Der tilskyndes til tidligere anvendelse. Hvis en virksomhed anvender dette fortolkningsbidrag på regnskaber for regnskabsår, som begynder før den 1. marts 2006, skal den give oplysning om dette.
IFRIC-FORTOLKNINGSBIDRAG 10
Præsentation af delårsregnskaber og værdiforringelse
HENVISNINGER
—
IFRS 9 
Finansielle instrumenter:
—
IAS 34 
Præsentation af delårsregnskaber
—
IAS 36 
Værdiforringelse af aktiver
BAGGRUND
1
En virksomhed skal ved hver regnskabsperiodes afslutning vurdere, om der er sket en værdiforringelse af goodwill, og, om nødvendigt, indregne et tab ved værdiforringelse i overensstemmelse med IAS 36. Ved en efterfølgende regnskabsperiodes afslutning 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 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, at: "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
[Ophævet]
6
[Ophævet]
7
Fortolkningsbidraget omhandler følgende problemstilling:
Bør en virksomhed tilbageføre tab ved værdiforringelse, der er indregnet i en delårsperiode, i relation til goodwill, 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 ved en efterfølgende regnskabsperiodes afslutning?
KONSENSUS
8
En virksomhed må ikke tilbageføre et tab ved værdiforringelse, der er indregnet i en foregående delårsperiode, for så vidt angår goodwill.
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 den 1. november 2006 eller derefter. Der tilskyndes til tidligere anvendelse. Hvis en virksomhed anvender dette fortolkningsbidrag på regnskabsperioder, som begynder før den 1. november 2006, skal den oplyse herom. 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.
11
[Ophævet]
12
[Ophævet]
13
[Ophævet]
14
IFRS 9, der er udstedt i juli 2014, medførte ændring af afsnit 1, 2, 7 og 8 samt ophævelse af afsnit 5, 6 og 11-13. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 9.
IFRIC-FORTOLKNINGSBIDRAG 12
Koncessionsaftaler
HENVISNINGER
—
Begrebsramme for udarbejdelse og præsentation af årsregnskaber
(
62
)
—
IFRS 1 
Førstegangsanvendelse af IFRS
—
IFRS 7 
Finansielle instrumenter: Oplysninger
—
IFRS 9 
Finansielle instrumenter:
—
IFRS 15 
Omsætning fra kontrakter med kunder
—
IFRS 16 
Leasingkontrakter
—
IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
—
IAS 16 
Materielle anlægsaktiver
—
IAS 20 
Regnskabsmæssig behandling af offentlige tilskud og oplysning om andre former for offentlig støtte
—
IAS 23 
Låneomkostninger
—
IAS 32 
Finansielle instrumenter: Præsentation
—
IAS 36 
Værdiforringelse af aktiver
—
IAS 37 
Hensatte forpligtelser, eventualforpligtelser og eventualaktiver
—
IAS 38 
Immaterielle aktiver
—
SIC-29 
Koncessionsaftaler
: 
Oplysninger
(
63
)
BAGGRUND
1
I mange lande er infrastruktur til offentlige tjenesteydelser såsom veje, broer, tunneller, fængsler, hospitaler, lufthavne, vanddistributionsanlæg, energiforsyning og telekommunikationsnet traditionelt blevet bygget, drevet og vedligeholdt af den offentlige sektor og finansieret gennem offentlige bevillinger.
2
I nogle lande har regeringerne indført koncessionskontrakter for at få den private sektor til at deltage i udvikling, finansiering, drift og vedligeholdelse af denne infrastruktur. Infrastrukturen findes måske allerede eller bliver anlagt i løbet af koncessionsaftalens løbetid. En aftale i dette fortolkningsbidrags forstand omfatter typisk en enhed fra den private sektor (en operatør), der anlægger den infrastruktur, som skal bruges til at levere den offentlige tjenesteydelse, eller opgraderer den (f.eks. ved at øge dens kapacitet) og driver og vedligeholder den pågældende infrastruktur i en bestemt periode. Operatøren betales for sine tjenesteydelser i aftalens løbetid. Aftalen reguleres af en kontrakt, hvori der er fastsat resultatnormer, mekanismer til prisjustering og aftaler med henblik på afgørelse af tvistemål ved voldgift. En sådan aftale beskrives ofte som en koncessionsaftale om anlæg og drift med senere overdragelse ("build-operate-transfer"), om istandsættelse og drift med senere overdragelse ("rehabilitate-operate-transfer" eller som en offentlig-privat koncessionsaftale ("public-to-private").
3
Et karakteristisk træk ved disse koncessionsaftaler er, at den forpligtelse, operatøren påtager sig, har karakter af offentlig service. Ifølge de grundlæggende retsprincipper skal offentligheden have leveret tjenesteydelser i forbindelse med infrastruktur, uanset hvem der driver tjenesterne. Operatøren er i henhold til koncessionsaftalen kontraktligt bundet til at levere serviceydelserne til offentligheden på vegne af det offentlige organ. Andre fælles træk er:
a)
den part, der bevilger koncessionsaftalen (koncessionsgiver), er et offentligt organ, herunder et statsligt organ, eller et privat organ, der har fået uddelegeret ansvaret for tjenesten,
b)
operatøren er ansvarlig for i det mindste en del af forvaltningen af infrastrukturen og hertil knyttede tjenesteydelser og optræder ikke blot som repræsentant for koncessionsgiveren,
c)
i kontrakten fastsættes de første priser, operatøren skal opkræve, og reglerne for prisrevisioner i løbet af koncessionsaftalens løbetid,
d)
ved udløbet af aftaleperioden er operatøren forpligtet til at overdrage infrastrukturen til koncessionsgiver i en nærmere bestemt stand uden yderligere vederlag eller mod et mindre vederlag, uanset hvem af parterne der oprindelig finansierede den.
ANVENDELSESOMRÅDE
4
Dette fortolkningsbidrag indeholder vejledning i, hvordan operatørerne regnskabsmæssigt skal behandle offentlige-private koncessionsaftaler.
5
Dette fortolkningsbidrag gælder for offentlige-private koncessionsaftaler, såfremt:
a)
koncessionsgiver kontrollerer eller regulerer, hvilke tjenesteydelser operatøren skal levere med infrastrukturen, hvem de skal leveres til og til hvilken pris, og
b)
koncessionsgiver kontrollerer - gennem ejerskab, egentlig ret eller andet - enhver betydelig resterende kapitalandel i infrastrukturen ved aftalens udløb.
6
Infrastruktur, der bruges i en offentlig-privat koncessionsaftale i hele infrastrukturens økonomiske levetid (aktivernes fulde levetid), falder indenfor dette fortolkningsbidrags anvendelsesområde, hvis betingelserne i afsnit 5, litra a), er opfyldt. Afsnit AG1–AG8 indeholder vejledning i, hvordan det afgøres, om og i hvilken grad offentlige-private koncessionsaftaler falder inden for dette fortolkningsbidrags anvendelsesområde.
7
Dette fortolkningsbidrag gælder både for:
a)
infrastruktur, som operatøren anlægger eller erhverver fra en tredjepart ifølge koncessionsaftalen, og
b)
eksisterende infrastruktur, som operatøren får adgang til af koncessionsgiver ifølge koncessionsaftalen.
8
Dette fortolkningsbidrag specificerer ikke den regnskabsmæssige behandling af infrastruktur, som operatøren ejede, og som blev indregnet som materielle anlægsaktiver, før denne indgik koncessionsaftalen. IFRS-kravene om ophør af indregning (fastlagt i IAS 16) gælder for denne type infrastruktur.
9
Dette fortolkningsbidrag indeholder ikke oplysninger om koncessionsgivernes regnskabsmæssige behandling.
PROBLEMSTILLINGER
10
I dette fortolkningsbidrag fastlægges de generelle principper for indregning og måling af forpligtelser og hertil knyttede rettigheder i koncessionsaftaler. Krav om offentliggørelse af oplysninger om koncessionsaftaler findes i SIC-29. De problemstillinger, der behandles i dette fortolkningsbidrag, er:
a)
behandling af operatørens rettigheder over infrastrukturen
b)
indregning og måling af aftalevederlag
c)
anlægs- eller opgraderingstjenester
d)
driftstjenester
e)
låneomkostninger
f)
efterfølgende regnskabsmæssig behandling af et finansielt aktiv og et immaterielt aktiv og
g)
elementer, som koncessionsgiver stiller til rådighed for operatøren.
KONSENSUS
Behandling af operatørens rettigheder over infrastrukturen
11
Infrastruktur inden for dette fortolkningsbidrags anvendelsesområde skal ikke indregnes som operatørens materielle anlægsaktiver, fordi koncessionskontrakten ikke giver operatøren ret til at kontrollere brugen af offentlig serviceinfrastruktur. Operatøren har adgang til at drive infrastrukturen for at yde offentlig service på koncessionsgiverens vegne på de i kontrakten fastsatte betingelser.
Indregning og måling af aftalevederlag
12
I henhold til kontrakter inden for dette fortolkningsbidrags anvendelsesområde fungerer operatøren som serviceyder. Operatøren anlægger eller opgraderer infrastruktur (anlægs- eller opgraderingstjenester), der skal bruges til at yde en offentlig tjeneste og driver og vedligeholder den pågældende infrastruktur (driftstjenester) i en bestemt periode.
13
Operatøren skal indregne og måle omsætningen i overensstemmelse med IFRS 15 for de tjenesteydelser, denne leverer. Den efterfølgende regnskabsmæssige behandling afgøres af vederlagets art. Der redegøres nærmere for den efterfølgende regnskabsmæssige behandling af vederlag modtaget som et finansielt aktiv og som et immaterielt aktiv i nedenstående afsnit 23–26.
Anlægs- eller opgraderingstjenester
14
Operatøren skal regnskabsmæssigt behandle anlægs- eller opgraderingstjenester i overensstemmelse med IFRS 15.
Vederlag fra koncessionsgiver til operatør
15
Hvis operatøren leverer anlægs- eller opgraderingstjenester, skal det af operatøren modtagne eller tilgodehavende vederlag indregnes i overensstemmelse med IFRS 15. Vederlaget indebærer ret til:
a)
et finansielt aktiv eller
b)
et immaterielt aktiv.
16
Operatøren skal indregne et finansielt aktiv, såfremt der hertil er knyttet en ubetinget kontraktlig ret til at modtage kontanter eller et andet finansielt aktiv fra koncessionsgiver eller efter dennes anvisning for anlægstjenester; koncessionsgiver har kun en lille, om overhovedet nogen, mulighed for at undgå at betale, fordi aftalen normalt kan gennemtvinges. Operatøren har en ubetinget ret til at modtage et kontant beløb, hvis koncessionsgiver kontraktligt garanterer at betale operatøren a) beløb, der enten er faste eller kan opgøres, eller b) en eventuel forskel mellem beløb modtaget af brugere af den offentlige tjeneste og beløb, der er faste eller kan opgøres, selv om betalingen er afhængig af, om operatøren sikrer, at infrastrukturen opfylder specificerede kvalitets- eller effektivitetskrav.
17
Operatøren skal indregne et immaterielt aktiv, såfremt denne modtager en ret (en licens) til at opkræve betaling fra brugere af den offentlige tjeneste. En ret til at opkræve betaling fra brugere af den offentlige tjeneste er ikke en ubetinget ret til at modtage et kontant beløb, fordi beløbene er afhængige af, i hvilket omfang offentligheden bruger tjenesten.
18
Hvis operatøren får anlægstjenesterne betalt delvis i et finansielt aktiv og delvis i et immaterielt aktiv, er det nødvendigt regnskabsmæssigt at behandle hvert element af operatørens vederlag separat. Det modtagne eller tilgodehavende vederlag for begge elementer skal indregnes første gang i overensstemmelse med IFRS 15.
19
Arten af det vederlag, koncessionsgiver giver operatøren, skal afgøres under henvisning til kontraktbetingelserne og en relevant kontraktret, når en sådan findes. Den efterfølgende regnskabsmæssige behandling afgøres af vederlagets art, jf. afsnit 23–26. Begge typer vederlag klassificeres dog som et kontraktligt aktiv i anlægs- eller opgraderingsperioden i overensstemmelse med IFRS 15.
Driftstjenester
20
Operatøren skal regnskabsmæssigt behandle driftstjenester i overensstemmelse med IFRS 15.
Kontraktlige forpligtelser til at genoprette infrastruktur til et bestemt driftseffektivitetsniveau
21
Operatøren kan have kontraktlige forpligtelser, der skal opfyldes som betingelse for sin licens a) til at vedligeholde infrastrukturen til et bestemt driftseffektivitetsniveau eller b) til at genoprette infrastrukturen til en bestemt stand, før den overdrages til koncessionsgiver ved udløbet af koncessionsaftalen. Disse kontraktlige forpligtelser til at vedligeholde eller genoprette infrastrukturen, med undtagelse af et eventuelt opgraderingselement (jf. afsnit 14), skal indregnes og måles i overensstemmelse med IAS 37, dvs. ved bedste skøn over de omkostninger, der ville være nødvendige til at indfri den nuværende forpligtelse på balancedatoen.
Låneomkostninger afholdt af operatøren
22
I overensstemmelse med IAS 23 skal låneomkostninger i forbindelse med aftalen indregnes som en udgift i den periode, de afholdes, medmindre operatøren har en kontraktlig ret til at modtage et immaterielt aktiv (en ret til at opkræve betaling fra brugere af den offentlige tjeneste). I så fald skal låneomkostninger i tilknytning til aftalen aktiveres i løbet af aftalens anlægsfase i overensstemmelse med standarden.
Finansielt aktiv
23
IAS 32 og IFRS 7 og 9 gælder for det finansielle aktiv, der er indregnet i henhold til afsnit 16 og 18.
24
Det skyldige beløb fra koncessionsgiver eller efter dennes anvisning behandles regnskabsmæssigt i overensstemmelse med IFRS 9 som målt til:
a)
amortiseret kostpris,
b)
dagsværdi gennem anden totalindkomst eller
c)
dagsværdi gennem resultatet.
25
Hvis tilgodehavendet hos koncessionsgiver regnskabsmæssigt måles til amortiseret kostpris eller dagsværdi gennem anden totalindkomst, skal renter beregnet under anvendelse af den effektive rentemetode i henhold til IFRS 9 indregnes i resultatet.
Immaterielt aktiv
26
IAS 38 gælder for det immaterielle aktiv, der indregnes i overensstemmelse med afsnit 17 og 18. Afsnit 45-47 i IAS 38 giver vejledning i at måle immaterielle aktiver, der er erhvervet til gengæld for et eller flere ikke-monetære aktiver eller en kombination af monetære og ikke-monetære aktiver.
Elementer, som koncessionsgiver stiller til rådighed for operatøren
27
I overensstemmelse med afsnit 11 skal infrastrukturelementer, hvortil operatøren får adgang af koncessionsgiver ifølge koncessionsaftalen, ikke indregnes som operatørens materielle anlægsaktiver. Koncessionsgiver kan også stille andre elementer til rådighed for operatøren, som operatøren kan beholde eller behandle efter ønske. Hvis sådanne aktiver udgør en del af det vederlag, som koncessionsgiver skal betale for tjenesteydelserne, er de ikke offentlige tilskud som defineret i IAS 20. I stedet behandles de regnskabsmæssigt som en del af transaktionsprisen som defineret i IFRS 15.
IKRAFTTRÆDELSESTIDSPUNKT
28
Virksomheder skal anvende dette fortolkningsbidrag på årsregnskaber, som begynder den 1. januar 2008 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender dette fortolkningsbidrag for regnskabsår, som begynder før den 1. januar 2008, skal den give oplysning herom.
28D
IFRS 15 
Omsætning fra kontrakter med kunder
, udstedt i maj 2014, medførte ændring af afsnittet med referencer og afsnit 13–15, 18–20 og 27. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 15.
28E
IFRS 9, der blev udstedt i juli 2014, medførte en ændring af afsnit 23-25 samt ophævelse af afsnit 28A-28C. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 9.
28F
IFRS 16, udstedt i januar 2016, medførte ændring af afsnit AG8. Virksomheder skal anvende denne ændring ved anvendelse af IFRS 16.
OVERGANG
29
Med forbehold af afsnit 30 behandles ændringer i anvendt regnskabspraksis i overensstemmelse med IAS 8, dvs. med tilbagevirkende kraft.
30
Hvis det for en bestemt koncessionsaftale ikke er praktisk muligt for en operatør at anvende dette fortolkningsbidrag med tilbagevirkende kraft ved begyndelsen af det tidligst præsenterede regnskabsår, skal denne:
a)
indregne finansielle aktiver og immaterielle aktiver, der eksisterede ved begyndelsen af det tidligst præsenterede regnskabsår
b)
bruge disse finansielle og immaterielle aktivers tidligere regnskabsmæssige værdier (uanset hvordan de tidligere blev klassificeret) som deres regnskabsmæssige værdier pr. den dato, og
c)
teste finansielle og immaterielle aktiver, der indregnes på den dato, for værdiforringelse, medmindre det ikke er praktisk muligt, idet beløbene i så fald testes for værdiforringelse pr. begyndelse af det løbende regnskabsår.
Appendiks A
Anvendelsesvejledning
Dette appendiks er en integreret del af standarden.
ANVENDELSESOMRÅDE (afsnit 5)
AG1
Det fremgår af afsnit 5 i dette fortolkningsbidrag, at infrastruktur er omfattet af dette fortolkningsbidrags anvendelsesområde, når følgende betingelser er opfyldt:
a)
koncessionsgiver kontrollerer eller regulerer, hvilke tjenesteydelser operatøren skal levere med infrastrukturen, hvem de skal leveres til og til hvilken pris, og
b)
koncessionsgiver kontrollerer - gennem ejerskab, egentlig ret eller andet - enhver betydelig resterende kapitalandel i infrastrukturen ved aftalens udløb.
AG2
Den kontrol eller regulering, der omtales i betingelse a), kunne ske ved kontrakt eller på anden vis (som f.eks. gennem en myndighed) og omfatter omstændigheder, hvor koncessionsgiver køber det samlede output, samt omstændigheder hvor hele eller dele af outputtet købes af andre brugere. Ved anvendelse af denne betingelse skal koncessionsgiver og eventuelle nærtstående parter betragtes samlet. Hvis koncessionsgiver er et offentligt organ, skal den offentlige sektor som helhed sammen med eventuelle myndigheder, der handler i det offentliges interesse, betragtes som nærtstående i forhold til koncessionsgiver ifølge dette fortolkningsbidrag.
AG3
Ifølge betingelse a) behøver koncessionsgiver ikke have fuldstændig kontrol over prisen. Det er tilstrækkeligt, at prisen reguleres af koncessionsgiver, ved kontrakt eller af en myndighed, f.eks. ved en takstloftordning. Betingelsen skal dog være gældende for aftalens indhold. Der skal ses bort fra uvæsentlige elementer, såsom et loft, der kun gælder i sjældne tilfælde. Hvis en kontrakt omvendt f.eks. betyder, at operatøren frit kan fastsætte priserne, men eventuel overskydende fortjeneste går til koncessionsgiver, lægges der loft over operatørens udbytte, og priselementet i kontroltesten er opfyldt.
AG4
Ifølge betingelse b) skal koncessionsgivers kontrol over en eventuel betydelig resterende kapitalandel både begrænse operatørens praktiske mulighed for at sælge eller pantsætte infrastrukturen og give koncessionsgiver en fortsat brugsret i hele aftaleperioden. Den resterende kapitalandel i infrastrukturen er den anslåede aktuelle værdi af infrastrukturen, som om den allerede havde den alder og stand, der forventes ved udløbet af aftaleperioden.
AG5
Der skal skelnes mellem kontrol og ledelse. Hvis koncessionsgiver både bibeholder den grad af kontrol, der beskrives i afsnit 5, litra a), og en eventuel betydelig resterende kapitalandel i infrastrukturen, forvalter operatøren kun infrastrukturen på koncessionsgivers vegne — selv om denne i mange tilfælde kan have vide ledelsesmæssige skønsbeføjelser.
AG6
Betingelse a) og b) til sammen angiver, hvornår infrastrukturen, inklusive eventuelt nødvendige udskiftninger (jf. afsnit 21), kontrolleres af koncessionsgiver i hele dens økonomiske levetid. Hvis operatøren f.eks. skal udskifte en del af et infrastrukturelement i løbet af aftaleperioden (f.eks. den øverste belægning på en vej eller taget på en bygning), skal infrastrukturelementet betragtes som et hele. Således opfyldes betingelse b) for hele infrastrukturen, herunder den del, der er udskiftet, hvis koncessionsgiver kontrollerer en eventuelt betydelig resterende kapitalandel i den endelige udskiftning af den pågældende del.
AG7
Undertiden er brugen af infrastrukturen delvis reguleret på den i afsnit 5, litra a), beskrevne måde og delvis ureguleret. Disse aftaler kan imidlertid have mange forskellige former:
a)
enhver infrastruktur, der fysisk kan adskilles og drives uafhængigt og opfylder definitionen på en pengestrømsfrembringende enhed som defineret i IAS 36, skal analyseres separat, hvis den i fuldt omfang bruges til uregulerede formål. Dette kunne f.eks. gælde for en privat fløj af et sygehus, hvor den resterende del af sygehuset bruges af koncessionsgiver til behandling af offentlige patienter,
b)
når rent accessoriske aktiviteter (såsom en butik i et sygehus) er uregulerede, skal der foretages kontroltest, som om disse tjenester ikke var der, for i tilfælde, hvor koncessionsgiver kontrollerer tjenesteydelserne på den måde, der beskrives i afsnit 5, forringer tilstedeværelsen af accessoriske aktiviteter ikke koncessionsgivers kontrol med infrastrukturen.
AG8
Operatøren kan have ret til at bruge infrastruktur, der kan adskilles som beskrevet i afsnit AG7, litra a), eller faciliteter, der bruges til at levere accessoriske uregulerede tjenester som beskrevet i afsnit AG7, litra b). I begge tilfælde kan der i realiteten være et lejemål fra koncessionsgiver til operatør; i så fald skal det regnskabsmæssigt behandles i overensstemmelse med IFRS 16.
IFRIC-FORTOLKNINGSBIDRAG 14
IAS 19 — Begrænsning på et ydelsesbaseret pensionsaktiv, minimumskrav til afdækning og disses indbyrdes samspil
HENVISNINGER
—
IAS 1 
Præsentation af årsregnskaber
—
IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
—
IAS 19 
Personaleydelser
(som ændret i 2011)
—
IAS 37 
Hensatte forpligtelser, eventualforpligtelser og eventualaktiver
BAGGRUND
1
Afsnit 64 i IAS 19 begrænser måling af et ydelsesbaseret nettopensionsaktiv til det laveste af overskuddet i den ydelsesbaserede pensionsordning og aktivets loft. Afsnit 8 i IAS 19 fastsætter aktivets loft som "nutidsværdien af eventuelle økonomiske fordele i form af tilbagebetalinger fra pensionsordningen eller reduktioner i fremtidige bidrag til pensionsordningen". Er der opstået spørgsmål om, hvornår tilbagebetalinger fra pensionsordningen eller reduktioner i fremtidige bidrag bør betragtes som værende til rådighed, især når der er et mindstekapitalkrav.
2
En lang række lande stiller minimumskrav til afdækning for at understøtte sikkerheden af den lovede pensionsydelse til medlemmerne i en pensionsordning. Sådanne krav angiver normalt et minimumsbeløb eller bidragsniveau, der skal indbetales til en pensionsordning i en bestemt periode. Derfor kan et minimumskrav til afdækning begrænse en virksomheds mulighed for at nedsætte fremtidige bidrag.
3
Yderligere kan begrænsningen på målingen af et ydelsesbaseret pensionsaktiv bevirke, at et minimumskrav til afdækning bliver belastende. Normalt vil et krav om at foretage indbetalinger til en pensionsordning ikke påvirke målingen af det ydelsesbaserede pensionsaktiv eller den ydelsesbaserede pensionsforpligtelse. Dette skyldes, at når bidragene først er betalt, vil de indgå som aktiver tilknyttet pensionsordningen, således at den yderligere nettoforpligtelse vil være lig nul. Et minimumskrav til afdækning kan imidlertid medføre en forpligtelse, hvis de krævede bidrag ikke er tilgængelige for virksomheden, når de er betalt.
3A
I november 2009 ændrede International Accounting Standards Board (IASB) IFRIC 14 for a rette op på en utilsigtet virkning, der var opstået som følge af behandlingen af forudbetalinger af fremtidige bidrag i nogle tilfælde, når der findes minimumskrav til afdækning.
ANVENDELSESOMRÅDE
4
Dette fortolkningsbidrag finder anvendelse på alle ydelsesbaserede pensionsydelser og andre langsigtede ydelsesbaserede personaleydelser.
5
I dette fortolkningsbidrag henviser minimumskrav til afdækning til ethvert krav om afdækning af en ydelsesbaseret pensionsordning eller andre langsigtede ydelsesbaserede ordninger.
PROBLEMSTILLINGER
6
De problemstillinger, der behandles i dette fortolkningsbidrag, er:
a)
hvornår tilbagebetalinger fra pensionsordningen eller reduktioner i fremtidige bidrag skal betragtes som tilgængelige i overensstemmelse med definitionen af aktivets loft i afsnit 8 i IAS 19.
b)
hvordan et minimumskrav til afdækning kan påvirke muligheden for nedsættelser af fremtidige bidrag.
c)
hvornår et minimumskrav til afdækning kan medføre en forpligtelse.
KONSENSUS
Mulighed for tilbagebetaling eller nedsættelse af fremtidige bidrag
7
En virksomhed skal vurdere, om en tilbagebetaling eller nedsættelse af fremtidige bidrag er tilgængelig i overensstemmelse med ordningens vilkår og eventuelle lovmæssige krav, der gælder i ordningens jurisdiktion.
8
En økonomisk fordel i form af en tilbagebetaling eller en nedsættelse af fremtidige bidrag er tilgængelig, hvis virksomheden kan realisere den på et tidspunkt i løbet af ordningens løbetid, eller når ordningens forpligtelser indfris. Særligt gælder det, at en sådan økonomisk fordel kan være tilgængelig, selv hvis den ikke er umiddelbart mulig at realisere ved regnskabsårets afslutning.
9
Den tilgængelige økonomiske fordel er ikke afhængig af virksomhedens planlagte anvendelse af overdækningen. En virksomhed skal opgøre den maksimale økonomiske fordel, der er tilgængelig fra tilbagebetalinger, nedsættelser af fremtidige bidrag eller en kombination af disse. En virksomhed skal ikke indregne økonomiske fordele fra en kombination af tilbagebetalinger og nedsættelser af fremtidige bidrag baseret på en forventning om, at de udelukker hinanden.
10
I overensstemmelse med IAS 1 skal virksomheden give oplysning om primære kilder til skønsmæssig usikkerhed i forbindelse med regnskabsårets afslutning, som indebærer en betydelig risiko for at forårsage en væsentlig regulering af den regnskabsmæssige værdi af nettoaktiver eller nettoforpligtelser indregnet i opgørelsen. Dette kan omfatte oplysning om eventuelle begrænsninger på de aktuelle muligheder for at realisere overdækningen eller oplysning om grundlaget for opgørelsen af den tilgængelige økonomiske fordel.
Den økonomiske fordel, der er tilgængelig som en tilbagebetaling
Retten til tilbagebetaling
11
En tilbagebetaling er kun tilgængelig for en virksomhed, hvis virksomheden har en ubetinget ret til en tilbagebetaling:
a)
i løbet af ordningens løbetid, uden at det forudsættes, at ordningens forpligtelser skal indfris for at opnå tilbagebetalingen (f.eks. kan virksomheden i visse jurisdiktioner oppebære en ret til en tilbagebetaling i løbet af ordningens løbetid, uanset om ordningens forpligtelser indfris), eller
b)
under forudsætning af gradvis indfrielse af ordningens forpligtelser over tid, indtil alle medlemmerne er udtrådt af ordningen, eller
c)
under forudsætning af fuld indfrielse af ordningens forpligtelser ved en enkelt begivenhed (dvs. ved afvikling af ordningen).
Der kan foreligge en ubetinget ret til en tilbagebetaling, uanset omfanget af ordningens afdækning ved regnskabsårets afslutning.
12
Hvis virksomhedens ret til en tilbagebetaling af overdækning afhænger af, om der indtræffer eller ikke indtræffer en eller flere usikre fremtidige begivenheder, som ikke er helt under virksomhedens kontrol, har virksomheden ikke en ubetinget ret og skal ikke indregne et aktiv.
Måling af den økonomiske fordel
13
En virksomhed skal måle den økonomiske fordel, der er tilgængelig som en tilbagebetaling som det beløb af overdækningen ved regnskabsårets afslutning (som er dagsværdien af ordningens aktiver med fradrag af nutidsværdien af den ydelsesbaserede pensionsforpligtelse), som virksomheden har en ret til at modtage som tilbagebetaling, med fradrag af eventuelle tilknyttede omkostninger. Hvis en tilbagebetaling eksempelvis er beskattet med andet end indkomstskat, skal virksomheden måle tilbagebetalingsbeløbet før skat.
14
Ved måling af en tilgængelig tilbagebetaling, når ordningen afvikles (afsnit 11, litra c)), skal virksomheden medtage de omkostninger, som ordningen ifalder i forbindelse med indfrielse af ordningens forpligtelser samt selve tilbagebetalingen. Eksempelvis skal en virksomhed fratrække honorarer for faglig assistance, hvis disse afholdes af ordningen og ikke af virksomheden, samt omkostninger til eventuelle forsikringspræmier, der er nødvendige for at sikre forpligtelsen ved afviklingen.
15
Hvis tilbagebetalingen opgøres til at udgøre hele eller en del af overdækningen snarere end et fast beløb, skal virksomheden ikke foretage regulering for den tidsmæssige værdi af penge, selv ikke hvis tilbagebetalingen kun kan realiseres på et fremtidigt tidspunkt.
Den økonomiske fordel, der er tilgængelig som bidragsnedsættelse
16
Hvis der ikke foreligger minimumskrav til afdækning af bidrag for fremtidige ydelser, udgør den økonomiske fordel, der er tilgængelig som en nedsættelse af fremtidige bidrag de fremtidige pensionsomkostninger for virksomheden i hvert regnskabsår i det korteste tidsrum af ordningens forventede løbetid og virksomhedens forventede levetid. I virksomhedens fremtidige pensionsomkostninger indgår ikke de omkostninger, der skal afholdes af medarbejdere.
17
En virksomhed skal opgøre de fremtidige pensionsomkostninger på baggrund af forudsætninger, der er i overensstemmelse med de forudsætninger, som er lagt til grund ved opgørelsen af den ydelsesbaserede pensionsforpligtelse, og som er i overensstemmelse med situationen ved regnskabsårets afslutning, jf. IAS 19. Derfor skal virksomheden antage, at der ikke sker nogen ændringer af ydelserne under en ordning i fremtiden, før ordningen ændres, og forudsætte en stabil arbejdskraft i fremtiden, medmindre virksomheden reducerer antallet af ansatte, som er omfattet af ordningen. I sidstnævnte tilfælde skal forudsætningen om den fremtidige arbejdsstyrke tage højde for nedskæringen.
Virkningen af et minimumskrav til afdækning på den økonomiske fordel, der er tilgængelig som en nedsættelse af fremtidige bidrag
18
En virksomhed skal analysere eventuelle minimumskrav til afdækning på et givet tidspunkt vedrørende bidrag, der kræves for at dække a) eventuel eksisterende underdækning for tidligere ydelser i henhold til minimumskravene til afdækning og b) fremtidige ydelser.
19
Bidrag til at dække eventuel eksisterende underdækning i forhold til minimumskravene, for så vidt angår ydelser, der allerede er modtaget, påvirker ikke fremtidige bidrag for fremtidige ydelser. De kan medføre en forpligtelse i overensstemmelse med afsnit 23-26.
20
Hvis der foreligger et minimumskrav til afdækning af bidrag for fremtidige ydelser, udgør den økonomiske fordel, der er tilgængelig som en nedsættelse af fremtidige bidrag summen af:
a)
ethvert beløb, der mindsker det fremtidige minimumskrav til afdækning af bidrag for fremtidige ydelser, fordi virksomheden har foretaget en forudbetaling (dvs. har betalt beløbet, før den var forpligtet til at gøre det), og
b)
de anslåede fremtidige pensionsomkostninger i hvert regnskabsår i overensstemmelse med afsnit 16 og 17 med fradrag af de anslåede minimumskrav til afdækning af bidrag for fremtidige ydelser i disse regnskabsår, hvis der ikke har fundet nogen forudbetaling sted som omhandlet i litra a).
21
En virksomhed skal anslå det fremtidige minimumskrav til afdækning af bidrag for fremtidige ydelser under hensyntagen til virkningen af eventuel eksisterende overdækning beregnet i henhold til minimumskravene til afdækning, men uden at tage hensyn til den forudbetaling, der er nævnt i afsnit 20, litra a). En virksomhed skal lægge sådanne forudsætninger til grund, der er forenelige med minimumskravene til afdækning og, for så vidt angår forhold, der ikke er specificeret i disse krav, forudsætninger, der er i overensstemmelse med de forudsætninger, som er lagt til grund ved opgørelsen af den ydelsesbaserede pensionsforpligtelse, og som er i overensstemmelse med situationen ved regnskabsårets afslutning som fastlagt i IAS 19. Beregningen skal medtage eventuelle ændringer, der kan forventes som følge af virksomhedens betaling af minimumsbidragene på forfaldstidspunktet. Beregningen omfatter dog ikke virkningen af forventede ændringer i vilkårene for minimumskravene til afdækning, der ikke i al væsentlighed er vedtaget eller kontraktmæssigt aftalt ved regnskabsårets afslutning.
22
Når en virksomhed beregner det beløb, der er nævnt i afsnit 20, litra b), og hvis det fremtidige minimumskrav til afdækning af bidrag for fremtidige ydelser overstiger de fremtidige pensionsomkostninger i henhold til IAS 19 i et givet regnskabsår, reducerer dette overskydende beløb den beløbsmæssige størrelse af den økonomiske fordel, der er tilgængelig som en nedsættelse af fremtidige bidrag. Det beløb, der nævnt i afsnit 20, litra b), kan imidlertid aldrig være mindre end nul.
Hvornår et minimumskrav til afdækning kan medføre en forpligtelse
23
Hvis en virksomhed i henhold til et minimumskrav til afdækning er underlagt en forpligtelse om at betale bidrag til dækning af en eksisterende underdækning i forhold til minimumskravene til afdækning vedrørende ydelser, der allerede er modtaget, skal virksomheden vurdere, om de forfaldne bidrag vil være tilgængelige som en tilbagebetaling af fremtidige bidrag, efter de er indbetalt i ordningen.
24
I det omfang de bidrag, der skal betales, ikke vil være tilgængelige efter indbetaling til ordningen, skal virksomheden indregne en forpligtelse, hvis forpligtelsen opstår. Forpligtelsen skal formindske det ydelsesbaserede nettopensionsaktiv eller øge den ydelsesbaserede pensionsforpligtelse, således at ingen gevinster eller tab forventes at blive resultatet af anvendelsen af afsnit 64 i IAS 19, når bidragene er betalt.
IKRAFTTRÆDELSESTIDSPUNKT
27
Virksomheder skal anvende dette fortolkningsbidrag på årsregnskaber, som begynder den 1. januar 2008 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt.
27A
IAS 1 (ajourført i 2007) ændrede den terminologi, der anvendes i IFRS-standarderne. Desuden medførte den ændring af afsnit 26. Virksomheder skal anvende disse ændringer på regnskabsår, som begynder den 1. januar 2009 eller derefter. Hvis en virksomhed anvender IAS 1 (ajourført 2007) på en tidligere regnskabsperiode, skal ændringerne anvendes på denne tidligere regnskabsperiode.
27B
Forudbetalinger af et minimumskrav til afdækning
 medførte tilføjelse af afsnit 3A og ændring af afsnit 16–18 og 20–22. En virksomhed skal anvende disse ændringer på regnskabsår, som begynder den 1. januar 2011 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender ændringerne for et tidligere regnskabsår, skal den give oplysning om dette.
27C
IAS 19 (som ændret i 2011) medførte ændring af afsnit 1, 6, 17 og 24 samt ophævelse af afsnit 25 og 26. Virksomheden skal anvende disse ændringer, når den anvender IAS 19 (som ændret i 2011).
OVERGANG
28
Virksomheden skal anvende dette fortolkningsbidrag fra begyndelsen af den første regnskabsperiode, der præsenteres i det første årsregnskab, som fortolkningsbidraget finder anvendelse på. Virksomheden skal indregne eventuelle indledende reguleringer af det overførte resultat, som følger af anvendelsen af dette fortolkningsbidrag, ved den pågældende regnskabsperiodes begyndelse.
29
En virksomhed skal anvende ændringerne i afsnit 3A, 16–18 og 20–22 fra begyndelsen af den første sammenligningsperiode, der præsenteres i det første årsregnskab, hvor virksomheden anvender dette fortolkningsbidrag. Hvis virksomheden tidligere har anvendt dette fortolkningsbidrag, før den anvender ændringerne, skal den indregne den regulering af det overførte resultat, som følger af anvendelsen af ændringerne, ved begyndelsen af den tidligste sammenligningsperiode, som præsenteres.
IFRIC-FORTOLKNINGSBIDRAG 16
Sikring af nettoinvesteringer i en udenlandsk virksomhed
HENVISNINGER
—
IFRS 9 
Finansielle instrumenter:
—
IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
—
IAS 21 
Valutaomregning
BAGGRUND
1
Mange regnskabsaflæggende virksomheder har investeringer i udenlandske virksomheder (som defineret i IAS 21, afsnit 8). Disse udenlandske virksomheder kan være dattervirksomheder, associerede virksomheder, joint ventures eller filialer. IAS 21 kræver, at virksomheden som funktionel valuta for hver af sine udenlandske virksomheder skal vælge den valuta, som benyttes inden for den enkelte virksomheds primære økonomiske rammer. Ved omregning af en udenlandsk virksomheds resultat og finansielle stilling til præsentationsvalutaen skal virksomheden indregne valutakursforskelle i anden totalindkomst, indtil virksomheden afhænder den udenlandske virksomhed.
2
Afdækning af valutarisiko hidrørende fra en nettoinvestering i en udenlandsk virksomhed behandles kun som regnskabsmæssig sikring, når den udenlandske virksomheds nettoaktiver er medtaget i årsregnskabet 
(
64
)
. Den post, som sikres mod en valutarisiko hidrørende fra nettoinvesteringen i en udenlandsk virksomhed, kan være nettoaktiver til en værdi, der svarer til eller er mindre end den regnskabsmæssige værdi af den udenlandske virksomheds nettoaktiver.
3
IFRS 9 foreskriver klassifikation af en sikret post og et sikringsinstrument, der begge opfylder kriterierne for regnskabsmæssig sikring i et sikringsforhold. Hvis der i forbindelse med sikring af en nettoinvestering er et klassificeret sikringsforhold, skal gevinster eller tab vedrørende sikringsinstrumentet, som vurderes at være en effektiv sikring af nettoinvesteringen, indregnes i anden totalindkomst og medtages i valutakursforskelle hidrørende fra omregningen af den udenlandske virksomheds resultater og finansielle stilling.
4
En virksomhed, der har mange udenlandske virksomheder, kan være udsat for en række valutarisici. Dette fortolkningsbidrag giver vejledning om identifikation af de valutarisici, som opfylder kriterierne for en afdækket risiko i forbindelse med sikring af en nettoinvestering i en udenlandsk virksomhed.
5
IFRS 9 tillader, at en virksomhed klassificerer et afledt eller et ikke-afledt finansielt instrument (eller en kombination af afledte og ikke-afledte finansielle instrumenter) som sikringsinstrumenter til afdækning af valutarisiko. Dette fortolkningsbidrag giver vejledning om, hvor i en koncern sikringsinstrumenter, som udgør sikring af en nettoinvestering i en udenlandsk virksomhed, kan placeres for at opfylde kriterierne for regnskabsmæssig sikring.
6
IAS 21 og IFRS 9 kræver, at akkumulerede beløb, som er indregnet i anden totalindkomst vedrørende både valutakursforskelle hidrørende fra omregning af den udenlandske virksomheds resultat og finansielle stilling samt gevinsten eller tabet vedrørende sikringsinstrumentet, som vurderes at være en effektiv sikring af nettoinvesteringen, skal omklassificeres fra egenkapitalen til resultatet som en omklassifikationsregulering, når modervirksomheden afhænder den udenlandske virksomhed. Dette fortolkningsbidrag giver vejledning i, hvordan en virksomhed skal fastsætte størrelserne af de beløb, som skal omklassificeres fra egenkapitalen til resultatet, både med hensyn til sikringsinstrumentet og den sikrede post.
ANVENDELSESOMRÅDE
7
Dette fortolkningsbidrag vedrører virksomheder, der afdækker valutarisikoen hidrørende fra en nettoinvestering i udenlandske virksomheder, og som ønsker at opfylde kriterierne for regnskabsmæssig sikring i overensstemmelse med IFRS 9. For nemheds skyld benævner dette fortolkningsbidrag sådanne virksomheder modervirksomheder, og årsregnskaber, hvori udenlandske virksomheders nettoaktiver indgår, benævnes koncernregnskaber. Alle henvisninger til en modervirksomhed omfatter også virksomheder, som har en nettoinvestering i udenlandske virksomheder, uanset om disse er joint ventures, associerede virksomheder eller filialer.
8
Dette fortolkningsbidrag finder kun anvendelse på sikring af nettoinvesteringer i udenlandske virksomheder og skal ikke anvendes analogt på andre former for regnskabsmæssig sikring.
PROBLEMSTILLINGER
9
Investeringer i udenlandske virksomheder kan være placeret direkte i en modervirksomhed eller indirekte i dennes dattervirksomhed eller dattervirksomheder. De problemstillinger, der behandles i dette fortolkningsbidrag, er:
a)
arten af den afdækkede risiko og den beløbsmæssige størrelse af den sikrede post, for hvilke et sikringsforhold kan klassificeres:
i)
om modervirksomheden som afdækket risiko kun kan klassificere de valutakursforskelle, der opstår som følge af en forskel mellem modervirksomhedens og den udenlandske virksomheds funktionelle valuta, eller om den også som sådan kan klassificere valutakursforskelle, der opstår som følge af en forskel mellem præsentationsvalutaen i modervirksomhedens koncernregnskab og den udenlandske virksomheds funktionelle valuta
ii)
om den afdækkede risiko, når modervirksomheden ejer den udenlandske virksomhed indirekte, kun kan omfatte valutakursforskelle, der opstår som følge af en forskel mellem den udenlandske virksomheds og dens umiddelbare modervirksomheds funktionelle valuta, eller om den afdækkede risiko også kan omfatte valutakursforskelle, der opstår mellem den udenlandske virksomheds og en eventuel mellemliggende eller den øverste modervirksomheds funktionelle valuta (dvs. om det påvirker den øverste modervirksomheds økonomiske risiko, at nettoinvesteringen i den udenlandske virksomhed er ejet gennem en mellemliggende modervirksomhed).
b)
hvor i koncernen, sikringsinstrumentet kan placeres:
i)
om der kun kan fastslås et sikringsforhold, der opfylder kriterierne for regnskabsmæssig sikring, hvis virksomheden, der sikrer sin nettoinvestering, er part i sikringsinstrumentet, eller sikringsinstrumentet kan placeres i en hvilken som helst virksomhed i koncernen, uanset denne virksomheds funktionelle valuta
ii)
om sikringsinstrumentets art (afledt eller ikke-afledt) eller konsolideringsmetoden påvirker vurderingen af sikringens effektivitet.
c)
hvilke beløb der skal omklassificeres fra egenkapitalen til resultatet som omklassifikationsreguleringer ved afhændelse af den udenlandske virksomhed:
i)
hvilke beløb fra modervirksomhedens valutaomregningsreserve der skal omklassificeres fra egenkapitalen til resultatet i modervirksomhedens koncernregnskab vedrørende sikringsinstrumentet og vedrørende den udenlandske virksomhed, når en udenlandsk virksomhed, som har været sikret, afhændes
ii)
om konsolideringsmetoden har indflydelse på fastsættelsen af, hvilke beløb der skal omklassificeres fra egenkapitalen til resultatet.
KONSENSUS
Arten af den afdækkede risiko og den beløbsmæssige størrelse af den sikrede post, for hvilke et sikringsforhold kan klassificeres
10
Regnskabsmæssig sikring finder kun anvendelse på valutakursforskelle, der opstår mellem den udenlandske virksomheds funktionelle valuta og modervirksomhedens funktionelle valuta.
11
Ved afdækning af valutarisici hidrørende fra en nettoinvestering i en udenlandsk virksomhed kan den sikrede post være nettoaktiver til en værdi, der svarer til eller er mindre end den regnskabsmæssige værdi af den udenlandske virksomheds nettoaktiver i modervirksomhedens koncernregnskab. Den regnskabsmæssige værdi af nettoaktiverne i en udenlandsk virksomhed, som kan klassificeres som den sikrede post i modervirksomhedens koncernregnskab, afhænger af, om en modervirksomhed for den udenlandske virksomhed, der befinder sig på et lavere niveau, har anvendt regnskabsmæssig sikring på alle eller en del af denne udenlandske virksomheds nettoaktiver, og om denne regnskabsmæssige behandling er bibeholdt i modervirksomhedens koncernregnskab.
12
Den afdækkede risiko kan klassificeres som valutarisikoen hidrørende fra forskellen mellem den udenlandske virksomheds funktionelle valuta og den funktionelle valuta for denne udenlandske virksomheds modervirksomhed (enten den umiddelbare, en mellemliggende eller den øverste modervirksomhed). Det har ikke indflydelse på arten af den øverste modervirksomheds økonomiske risiko hidrørende fra valutarisikoen, at nettoinvesteringen ejes gennem en mellemliggende modervirksomhed.
13
En valutarisiko hidrørende fra en nettoinvestering i en udenlandsk virksomhed kan kun opfylde kriterierne for regnskabsmæssig sikring én gang i koncernregnskabet. Hvis de samme nettoaktiver i en udenlandsk virksomhed sikres af mere end én modervirksomhed i en koncern (eksempelvis både af en direkte og en indirekte modervirksomhed) mod samme risiko, vil kun ét sikringsforhold derfor opfylde kriterierne for regnskabsmæssig sikring i den øverste modervirksomheds koncernregnskab. Et sikringsforhold klassificeret af en modervirksomhed i dennes koncernregnskab skal ikke nødvendigvis bibeholdes af en anden modervirksomhed på et højere niveau. Hvis sikringsforholdet ikke bibeholdes af modervirksomheden, der befinder sig på et højere niveau, skal den regnskabsmæssige sikring i modervirksomheden på et lavere niveau dog tilbageføres, før den højere liggende modervirksomheds regnskabsmæssige sikring indregnes.
Hvor sikringsinstrumentet kan placeres
14
Et afledt eller et ikke-afledt instrument (eller en kombination af afledte og ikke-afledte instrumenter) kan klassificeres som et sikringsinstrument ved sikring af en nettoinvestering i en udenlandsk virksomhed. Dette eller disse sikringsinstrumenter kan være placeret i en hvilken som helst virksomhed eller virksomheder i koncernen, så længe kravene til klassifikation, dokumentation og effektivitet i IFRS 9, afsnit 6.4.1, vedrørende sikring af nettoinvesteringer er opfyldt. I særdeleshed skal koncernens sikringsstrategi nøje dokumenteres, da der kan forekomme forskellige klassifikationer på forskellige niveauer i koncernen.
15
Med henblik på vurdering af effektiviteten beregnes ændringen i værdien af sikringsinstrumentet for valutarisikoen i forhold til den funktionelle valuta i den modervirksomhed, på baggrund af hvis funktionelle valuta den afdækkede risiko måles, i overensstemmelse med dokumentationen for regnskabsmæssig sikring. I mangel af regnskabsmæssig sikring kan den samlede værdiændring indregnes i resultatet, i anden totalindkomst eller i begge, afhængig af hvor sikringsinstrumentet er placeret. Vurderingen af effektivitet påvirkes ikke af, om ændringen i sikringsinstrumentets værdi indregnes i resultatet eller i anden totalindkomst. Den samlede effektive del af ændringen indregnes ved anvendelse af regnskabsmæssig sikring under anden totalindkomst. Vurderingen af effektiviteten påvirkes hverken af, om sikringsinstrumentet er et afledt eller et ikke-afledt instrument, eller af konsolideringsmetoden.
Afhændelse af en sikret udenlandsk virksomhed
16
Det beløb, der ved afhændelse af en hidtil sikret udenlandsk virksomhed skal omklassificeres til resultatet som en omklassifikationsregulering fra valutaomregningsreserven i modervirksomhedens koncernregnskab vedrørende sikringsinstrumentet, er det beløb, som kræves identificeret i IFRS 9, afsnit 6.5.14. Dette beløb er de akkumulerede gevinster eller tab på sikringsinstrumentet, som vurderedes til at udgøre en effektiv sikring.
17
Det beløb, der skal omklassificeres til resultatet fra valutaomregningsreserven i modervirksomhedens koncernregnskab vedrørende nettoinvesteringen i den udenlandske virksomhed i overensstemmelse med IAS 21, afsnit 48, er det beløb, som er indregnet i modervirksomhedens valutaomregningsreserve vedrørende den pågældende udenlandske virksomhed. I den øverste modervirksomheds koncernregnskab påvirkes det samlede nettobeløb indregnet i valutaomregningsreserven for alle udenlandske virksomheder ikke af konsolideringsmetoden. Men hvorvidt den øverste modervirksomhed anvender den direkte eller den trinvise konsolideringsmetode 
(
65
)
, kan have indflydelse på, hvor stort et beløb der indregnes i dennes valutaomregningsreserve vedrørende den enkelte udenlandske virksomhed. Anvendes den trinvise konsolideringsmetode, kan det betyde, at det beløb, der omklassificeres til resultatet, ikke svarer til det beløb, der er anvendt til at vurdere sikringens effektivitet. Denne forskel kan elimineres ved for den udenlandske virksomhed at vurdere, hvad beløbet havde været, hvis den direkte konsolideringsmetode havde været anvendt. Denne regulering er ikke et krav i henhold til IAS 21. Der er dog tale om et valg af regnskabspraksis, som skal anvendes ensartet for alle nettoinvesteringer.
IKRAFTTRÆDELSESTIDSPUNKT
18
Virksomheder skal anvende dette fortolkningsbidrag på årsregnskaber, som begynder den 1. oktober 2008 eller derefter. Virksomheder skal anvende ændringen til afsnit 14 foretaget i 
Forbedringer af IFRS-standarder
 udstedt i april 2009 for regnskabsår, som begynder 1. juli 2009 eller derefter. Det er tilladt at anvende begge ændringer før dette tidspunkt. Hvis en virksomhed anvender dette fortolkningsbidrag for regnskabsår, som begynder før den 1. oktober 2008, eller ændringen til afsnit 14 før den 1. juli 2009, skal den give oplysning om dette.
18B
IFRS 9, der blev udstedt i juli 2014, medførte ændring af afsnit 3, 5-7, 14, 16, AG1 og AG8 samt ophævelse af afsnit 18A. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 9.
OVERGANG
19
IAS 8 angiver, hvordan en virksomhed skal anvende en ændring i regnskabspraksis, som hidrører fra førstegangsanvendelsen af et fortolkningsbidrag. Det kræves ikke, at virksomheder overholder disse krav ved førstegangsanvendelsen af fortolkningsbidraget. Hvis en virksomhed har klassificeret et sikringsinstrument som sikring af en nettoinvestering, men sikringen ikke opfylder kriterierne for regnskabsmæssig sikring i dette fortolkningsbidrag, skal virksomheden anvende IAS 39 til at bringe denne regnskabsmæssige sikring til ophør fremadrettet.
Appendiks
Anvendelsesvejledning
Dette appendiks er en integreret del af standarden.
AG1
Dette appendiks illustrerer anvendelsen af fortolkningsbidraget ved hjælp af den nedenfor illustrerede virksomhedsstruktur. De beskrevne sikringsforholds effektivitet ville i alle tilfælde blive testet i overensstemmelse med IFRS 9, selv om dette ikke beskrives i appendikset. Modervirksomheden, som er koncernens øverste modervirksomhed, præsenterer koncernregnskabet i sin funktionelle valuta, som er euro (EUR). Alle dattervirksomhederne er helejede. Modervirksomhedens nettoinvestering på GBP 500 mio. i dattervirksomhed B (funktionel valuta: GBP) omfatter et beløb på 159 mio. GBP, svarende til dattervirksomhed B's nettoinvestering på 300 mio. USD i dattervirksomhed C (funktionel valuta: USD). Med andre ord udgør dattervirksomhed B's nettoaktiver, foruden investeringen i dattervirksomhed C, 341 mio. GBP.
Arten af den afdækkede risiko, for hvilken et sikringsforhold kan klassificeres (afsnit 10-13)
AG2
Modervirksomheden kan sikre sin nettoinvestering i henholdsvis dattervirksomhed A, B og C mod valutarisikoen mellem deres respektive funktionelle valutaer (JPY, GBP og USD) og EUR. Derudover kan modervirksomheden afdække valutarisikoen mellem USD og GBP, som er de funktionelle valutaer for henholdsvis dattervirksomhed B og dattervirksomhed C. I sit koncernregnskab kan dattervirksomhed B sikre sin nettoinvestering i dattervirksomhed C mod valutarisikoen mellem de to virksomheders funktionelle valutaer, USD og GBP. I nedenstående eksempler er den klassificerede risiko spotkursrisikoen, fordi sikringsinstrumenterne ikke er afledte instrumenter. Hvis sikringsinstrumenterne havde været terminskontrakter, kunne modervirksomheden have klassificeret terminskursrisikoen.
Beløbsmæssig størrelse af den sikrede post, for hvilken et sikringsforhold kan klassificeres (afsnit 10-13)
AG3
Modervirksomheden ønsker at afdække valutarisikoen hidrørende fra sin nettoinvestering i dattervirksomhed C. Det forudsættes, at dattervirksomhed A har et eksternt lån på USD 300 mio. Dattervirksomhed A’s nettoaktiver ved regnskabsårets begyndelse udgør JPY 400 000 mio. inklusive provenuet fra det eksterne lån på USD 300 mio.
AG4
Den sikrede post kan være nettoaktiver, hvis beløbsmæssige størrelse svarer til eller er mindre end den regnskabsmæssige værdi af modervirksomhedens nettoinvestering i dattervirksomhed C (USD 300 mio.) i koncernregnskabet. I sit koncernregnskab kan modervirksomheden klassificere det eksterne lån i dattervirksomhed A på USD 300 mio. som afdækning af EUR/USD-spotkursrisikoen i forbindelse med nettoinvesteringen i dattervirksomhed C’s nettoaktiver på USD 300 mio. I dette tilfælde medtages både valutakursforskellen mellem EUR og USD i forbindelse med det eksterne lån på USD 300 mio. i dattervirksomhed A og valutakursforskellen mellem EUR og USD i forbindelse med nettoinvesteringen på USD 300 mio. i dattervirksomhed C i valutaomregningsreserven i modervirksomhedens koncernregnskab efter anvendelse af regnskabsmæssig sikring.
AG5
Uden regnskabsmæssig sikring ville den samlede valutakursforskel mellem USD og EUR på det eksterne lån på USD 300 mio. i dattervirksomhed A skulle indregnes i modervirksomhedens koncernregnskab som følger:
—
ændringen i spotkursen mellem USD og JPY, omregnet til EUR, indregnes i resultatet, og
—
ændringen i spotkursen mellem JPY og EUR indregnes i anden totalindkomst.
I stedet for klassifikationen i afsnit AG4, kan modervirksomheden i koncernregnskabet klassificere det eksterne lån i dattervirksomhed A på USD 300 mio. som en afdækning af GBP/USD-spotkursrisikoen mellem dattervirksomhed C og dattervirksomhed B. I så fald vil den samlede valutakursforskel mellem USD og EUR på det eksterne lån på USD 300 mio. i dattervirksomhed A i stedet skulle indregnes i modervirksomhedens koncernregnskab som følger:
—
ændringen i spotkursen mellem GBP og USD indregnes i valutaomregningsreserven vedrørende dattervirksomhed C
—
ændringen i spotkursen mellem USD og JPY, omregnet til EUR, indregnes i resultatet, og
—
ændringen i spotkursen mellem JPY og EUR indregnes i anden totalindkomst.
AG6
Modervirksomheden kan ikke klassificere det eksterne lån i dattervirksomhed A på USD 300 mio. som en afdækning af både EUR/USD-spotkursrisikoen og GBP/USD-spotkursrisikoen i koncernregnskabet. Et enkelt sikringsinstrument kan kun afdække den samme klassificerede risiko én gang. Dattervirksomhed B kan ikke anvende regnskabsmæssig sikring i sit koncernregnskab, fordi sikringsinstrumentet er placeret uden for den koncern, som omfatter dattervirksomhed B og dattervirksomhed C.
Hvor i en koncern kan sikringsinstrumentet placeres (afsnit 14 og 15):
AG7
Som anført i afsnit AG5 ville den samlede værdiændring vedrørende valutarisikoen på det eksterne lån på USD 300 mio. i dattervirksomhed A uden anvendelse af regnskabsmæssig sikring blive indregnet både i resultatet (USD/JPY-spotkursrisikoen) og i anden totalindkomst (EUR/JPY-spotkursrisikoen) i modervirksomhedens koncernregnskab. Begge beløb medtages for at vurdere effektiviteten af den i afsnit AG4 klassificerede sikring, fordi værdiændringen af både sikringsinstrumentet og den sikrede post beregnes på baggrund af modervirksomhedens funktionelle valuta, EUR, over for den funktionelle valuta, USD, i dattervirksomhed C i overensstemmelse med dokumentationen for sikringen. Konsolideringsmetoden (dvs. den direkte eller den trinvise metode) har ingen indflydelse på vurderingen af sikringens effektivitet.
Beløb, som omklassificeres til resultatet ved afhændelse af en udenlandsk virksomhed (afsnit 16 og 17)
AG8
Når dattervirksomhed C afhændes, skal følgende beløb omklassificeres til resultatet i modervirksomhedens koncernregnskab fra valutaomregningsreserven:
a)
vedrørende det eksterne lån på USD 300 mio. i dattervirksomhed A: Det beløb, som IFRS 9 kræver identificeret, dvs. den samlede værdiændring vedrørende valutarisiko, som er indregnet i anden totalindkomst som den effektive del af sikringen, og
b)
vedrørende nettoinvesteringen på USD 300 mio. i dattervirksomhed C: Beløbet afhænger af virksomhedens konsolideringsmetode. Hvis modervirksomheden anvender den direkte metode, bestemmes dattervirksomhed C’s valutaomregningsreserve direkte af valutakursen mellem EUR og USD. Anvender modervirksomheden den trinvise metode, vil valutaomregningsreserven vedrørende dattervirksomhed C blive bestemt af dattervirksomhed B’s valutaomregningsreserve, som afspejler valutakursen mellem GBP og USD, omregnet til modervirksomhedens funktionelle valuta ved anvendelse af EUR/GBP valutakursen. Hvis modervirksomheden har anvendt den trinvise konsolideringsmetode i tidligere regnskabsår, betyder det hverken, at den skal eller ikke må bestemme det beløb, der skal omklassificeres fra valutaomregningsreserven, når modervirksomheden afhænder dattervirksomhed C, som det beløb, den ville have indregnet, hvis den altid havde anvendt den direkte metode, afhængig af dens regnskabspraksis.
Sikring af mere end én udenlandsk virksomhed (afsnit 11, 13 og 15)
AG9
Følgende eksempler viser, at i modervirksomhedens koncernregnskab er den risiko, som kan afdækkes, altid risikoen mellem modervirksomhedens funktionelle valuta (EUR) og dattervirksomhed B’s og C’s funktionelle valutaer. Uanset hvordan sikringen klassificeres, udgør de største beløb, som kan udgøre effektiv sikring, og som skal indregnes i valutaomregningsreserven i modervirksomhedens koncernregnskab, når begge udenlandske virksomheder er sikret, USD 300 mio. for EUR/USD-risikoen og GBP 341 mio. for EUR/GBP-risikoen Andre værdiændringer hidrørende fra valutakursændringer indregnes i modervirksomhedens koncernresultat. Modervirksomheden kan naturligvis vælge kun at klassificere USD 300 mio. til ændringer i spotkursen mellem USD og GBP eller kun at klassificere GBP 500 mio. til ændringer i spotkursen mellem GBP og EUR.
Både sikringsinstrumenter i USD og GBP er placeret i modervirksomheden
AG10
Modervirksomheden kan have et ønske om at afdække valutarisikoen hidrørende fra nettoinvesteringen i både dattervirksomhed B og dattervirksomhed C. Det forudsættes, at modervirksomheden besidder anvendelige sikringsinstrumenter i USD og GBP, som den kan klassificere som sikring af nettoinvesteringen i henholdsvis dattervirksomhed B og dattervirksomhed C. De klassifikationer, modervirksomheden kan foretage i koncernregnskabet, omfatter (men er ikke begrænset til) følgende:
a)
Et sikringsinstrument på USD 300 mio. klassificeret som sikring af nettoinvesteringen på USD 300 mio. i dattervirksomhed C, hvor risikoen er spotkursrisikoen (EUR/USD) mellem modervirksomheden og dattervirksomhed C, og et sikringsinstrument på op til GBP 341 mio. klassificeret som sikring af GBP 341 mio. af nettoinvesteringen i dattervirksomhed B, hvor risikoen er spotkursrisikoen (EUR/GBP) mellem modervirksomheden og dattervirksomhed B.
b)
Et sikringsinstrument på USD 300 mio. klassificeret som sikring af nettoinvesteringen på USD 300 mio. i dattervirksomhed C, hvor risikoen er spotkursrisikoen (GBP/USD) mellem dattervirksomhed B og dattervirksomhed C, og et sikringsinstrument på op til GBP 500 mio. klassificeret som sikring af GBP 500 mio. af nettoinvesteringen i dattervirksomhed B, hvor risikoen er spotkursrisikoen (EUR/GBP) mellem modervirksomheden og dattervirksomhed B.
AG11
EUR/USD-risikoen hidrørende fra modervirksomhedens nettoinvestering i dattervirksomhed C er en anden end EUR/GBP-risikoen hidrørende fra modervirksomhedens nettoinvestering i dattervirksomhed B. Men i det i afsnit AG10 litra a) beskrevne tilfælde har modervirksomheden ved at klassificere sit sikringsinstrument i USD allerede fuldt afdækket EUR/USD-risikoen hidrørende fra nettoinvesteringen i dattervirksomhed C. Hvis modervirksomheden også klassificerede et sikringsinstrument i GBP, den har indgået, som en sikring af nettoinvesteringen på GBP 500 mio. i dattervirksomhed B, ville GBP 159 mio. af denne nettoinvestering, svarende til nettoinvesteringen i USD i dattervirksomhed C, være sikret to gange mod GBP/EUR-risikoen i modervirksomhedens koncernregnskab.
AG12
I det i afsnit AG10, litra b), beskrevne tilfælde vil kun den del af værdiændringen af modervirksomhedens sikringsinstrument på USD 300 mio., som vedrører GBP/USD, blive indregnet i modervirksomhedens valutaomregningsreserve for dattervirksomhed C, hvis modervirksomheden klassificerer den afdækkede risiko som spotkursrisikoen (GBP/USD) mellem dattervirksomhed B og dattervirksomhed C. Resten af ændringen (svarende til ændringen i GBP/EUR af GBP 159 mio.) indregnes i modervirksomhedens koncernresultat, som i afsnit AG5. Fordi klassifikationen af USD/GBP-risikoen mellem dattervirksomhed B og C ikke omfatter GBP/EUR-risikoen, kan modervirksomheden også klassificere op til GBP 500 mio. af sin nettoinvestering i dattervirksomhed B, hvor risikoen er spotkursrisikoen (GBP/EUR) mellem modervirksomheden og dattervirksomhed B.
Sikringsinstrumentet i USD er placeret i dattervirksomhed B
AG13
Det forudsættes, at dattervirksomhed B har et eksternt lån på USD 300 mio., og at provenuet herfra er overført til modervirksomheden gennem et koncerninternt lån i GBP. Da både aktiver og forpligtelser er forøget med GBP 159 mio., er dattervirksomhed B’s nettoaktiver uændrede. Dattervirksomhed B kan i sit koncernregnskab klassificere det eksterne lån som en afdækning af GBP/USD-risikoen hidrørende fra nettoinvesteringen i dattervirksomhed C. Modervirksomheden kan bibeholde dattervirksomhed B’s klassifikation af dette sikringsinstrument som sikring af sin nettoinvestering på USD 300 mio. i dattervirksomhed C mod GBP/USD-risikoen (jf. afsnit 13), og modervirksomheden kan klassificere sit sikringsinstrument i GBP som sikring af hele sin nettoinvestering på GBP 500 mio. i dattervirksomhed B. Den første sikring, som er klassificeret af dattervirksomhed B, vil skulle vurderes på baggrund af dattervirksomhed B’s funktionelle valuta (GBP), og den anden sikring, som er klassificeret af modervirksomheden, vil skulle vurderes på baggrund af modervirksomhedens funktionelle valuta (EUR). I dette tilfælde er det kun GBP/USD-risikoen hidrørende fra modervirksomhedens nettoinvestering i dattervirksomhed C, der er afdækket ved hjælp af sikringsinstrumentet i USD i modervirksomhedens koncernregnskab, og ikke hele EUR/USD-risikoen. Derfor kan hele EUR/GBP-risikoen hidrørende fra modervirksomhedens nettoinvestering på GBP 500 mio. i dattervirksomhed B afdækkes i modervirksomhedens koncernregnskab.
AG14
Den regnskabsmæssige behandling af modervirksomhedens skyldige lån på GBP 159 mio. til dattervirksomhed B skal dog også tages i betragtning. Hvis modervirksomhedens skyldige lån ikke anses som en del af nettoinvesteringen i dattervirksomhed B, fordi det ikke opfylder betingelserne i IAS 21, afsnit 15, skal valutakursforskellen mellem GBP og EUR ved omregning heraf indregnes i modervirksomhedens koncernresultat. Hvis det skyldige lån på GBP 159 mio. til dattervirksomhed B anses som en del af modervirksomhedens nettoinvestering, vil denne nettoinvestering kun udgøre GBP 341 mio., og det beløb, som modervirksomheden kan klassificere som den post, der er sikret mod GBP/EUR-risikoen, vil dermed blive reduceret fra GBP 500 mio. til GBP 341 mio.
AG15
Hvis modervirksomheden tilbagefører det af dattervirksomhed B klassificerede sikringsforhold, kan modervirksomheden klassificere dattervirksomhed B’s eksterne lån på USD 300 mio. som sikring af sin nettoinvestering på USD 300 mio. i dattervirksomhed C mod EUR/USD-risikoen og klassificere sit eget sikringsinstrument i GBP som sikring af op til GBP 341 mio. af nettoinvesteringen i dattervirksomhed B. I så fald vil effektiviteten af begge sikringer blive beregnet på baggrund af modervirksomhedens funktionelle valuta (euro). Dermed skal både USD/GBP-ændringen i værdien af dattervirksomhed B’s eksterne lån og GBP/EUR-ændringen i værdien af modervirksomhedens skyldige lån til dattervirksomhed B (svarende til den samlede USD/EUR-ændring) indregnes i valutaomregningsreserven i modervirksomhedens koncernregnskab. Da modervirksomheden allerede fuldt ud har afdækket EUR/USD-risikoen hidrørende fra sin nettoinvestering i dattervirksomhed C, kan den kun sikre op til GBP 341 mio. mod EUR/GBP-risikoen hidrørende fra nettoinvesteringen i dattervirksomhed B.
IFRIC-FORTOLKNINGSBIDRAG 17
Udlodninger af ikke-kontante aktiver til ejerne
HENVISNINGER
—
IFRS 3 
Virksomhedssammenslutninger
 (ajourført i 2008)
—
IFRS 5 
Anlægsaktiver, som besiddes med henblik på salg og ophørte aktiviteter
—
IFRS 7 
Finansielle instrumenter: Oplysninger
—
IFRS 10 
Koncernregnskaber
—
IFRS 13 
Måling af dagsværdi
)
—
IAS 1 
Præsentation af årsregnskaber
 (ajourført i 2007)
—
IAS 10 
Begivenheder efter regnskabsårets afslutning
BAGGRUND
1
Undertiden udlodder en virksomhed aktiver, som ikke er i form af likvide beholdninger (ikke-kontante aktiver), som udbytte til ejerne 
(
66
)
 i deres egenskab af ejere. I disse situationer kan virksomheder også give ejerne mulighed for at vælge at modtage enten ikke-kontante aktiver eller et alternativ i form af et kontant beløb. IFRIC har fået anmodninger om vejledning i, hvordan virksomheder regnskabsmæssigt skal behandle sådanne udlodninger.
2
IFRS-standarderne giver ikke vejledning i, hvordan en virksomhed skal måle udlodninger til ejerne (sædvanligvis benævnt udbytte). IAS 1 kræver, at virksomheden præsenterer oplysninger om udbytte, der er indregnet som udlodninger til ejerne, enten i egenkapitalopgørelsen eller i noterne til årsregnskabet.
ANVENDELSESOMRÅDE
3
Dette fortolkningsbidrag finder anvendelse på følgende typer af ikke-gensidige udlodninger af aktiver fra en virksomhed til dennes ejere i deres egenskab af ejere:
a)
udlodninger af ikke-kontante aktiver (eksempelvis materielle anlægsaktiver, virksomheder som defineret i IFRS 3, ejerandele i en anden virksomhed eller afståelsesgrupper som defineret i IFRS 5), og
b)
udlodninger, som giver ejerne mulighed for at vælge at modtage enten ikke-kontante aktiver eller et alternativ i form af et kontant beløb.
4
Dette fortolkningsbidrag finder kun anvendelse på udlodninger, hvor alle ejere af samme kategori af egenkapitalinstrumenter behandles på lige fod.
5
Dette fortolkningsbidrag finder ikke anvendelse på udlodning af et ikke-kontant aktiv, som er underlagt bestemmende indflydelse af den eller de samme øverste parter både før og efter udlodningen. Denne undtagelse gælder for det separate årsregnskab og koncernregnskabet for den virksomhed, som foretager udlodningen.
6
I overensstemmelse med afsnit 5 finder dette fortolkningsbidrag ikke anvendelse, når det ikke-kontante aktiv er underlagt bestemmende indflydelse af den eller de samme øverste parter både før og efter udlodningen. IFRS 3, afsnit B2, angiver, at "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 beslutningermed henblik på at opnå fordele fra dens aktiviteter." For at en udlodning skal falde uden for dette fortolkningsbidrags anvendelsesområde på grundlag af, at de samme øverste parter har bestemmende indflydelse over aktivet både før og efter udlodningen, skal en gruppe af individuelle aktionærer, som modtager udlodningen, således som følge af en kontraktlig aftale have denne øverste fælles beføjelse over den virksomhed, som foretager udlodningen.
7
I overensstemmelse med afsnit 5 finder dette fortolkningsbidrag ikke anvendelse, når en virksomhed udlodder nogle af sine ejerandele i en dattervirksomhed, men bibeholder den bestemmende indflydelse på dattervirksomheden. En virksomhed, som foretager en udlodning, der resulterer i, at virksomheden indregner en minoritetsinteresse i sin dattervirksomhed, skal regnskabsmæssigt behandle udlodningen i overensstemmelse med IFRS 10.
8
Dette fortolkningsbidrag omhandler udelukkende den regnskabsmæssige behandling for en virksomhed, som foretager en udlodning af et ikke-kontant aktiv. Det omhandler ikke, hvordan aktionærer, der modtager en sådan udlodning, regnskabsmæssigt skal behandle denne.
PROBLEMSTILLINGER
9
Når en virksomhed foretager en udlodning og har en forpligtelse til at udlodde de pågældende aktiver til ejerne, skal virksomheden indregne en forpligtelse for det skyldige udbytte. Fortolkningsbidraget omhandler således følgende problemstillinger:
a)
Hvornår skal virksomheden indregne det skyldige udbytte?
b)
Hvordan skal virksomheden måle det skyldige udbytte?
c)
Hvordan skal virksomheden ved afregningen af det skyldige udbytte regnskabsmæssigt behandle en eventuel forskel mellem den regnskabsmæssige værdi af de udloddede aktiver og den regnskabsmæssige værdi af det skyldige udbytte?
KONSENSUS
Hvornår skyldigt udbytte skal indregnes
10
Forpligtelsen til at betale udbytte skal indregnes, når udbyttet er behørigt godkendt og ikke længere er underlagt virksomhedens skøn, hvilket vil sige det tidspunkt:
a)
når uddelingen af udbyttet, eksempelvis af direktionen eller bestyrelsen, godkendes af de rette ansvarlige, eksempelvis aktionærerne, hvis en sådan godkendelse er påkrævet i den pågældende jurisdiktion, eller
b)
når udbyttet uddeles, eksempelvis af direktionen eller bestyrelsen, hvis yderligere godkendelse ikke er påkrævet i den pågældende jurisdiktion.
Måling af skyldigt udbytte
11
En virksomhed skal måle en forpligtelse til at udlodde ikke-kontante aktiver som udbytte til ejerne til dagsværdien af de aktiver, som skal udloddes.
12
Hvis en virksomhed giver ejerne et valg mellem at modtage enten et ikke-kontant aktiv eller et alternativ i form af et kontant beløb, skal virksomheden foretage et skøn over det skyldige udbytte ved at vurdere dagsværdien af hvert alternativ samt sandsynligheden for, at ejerne vil vælge det enkelte alternativ.
13
Ved udgangen af hvert regnskabsår og på afregningstidspunktet skal virksomheden gennemgå og regulere den regnskabsmæssige værdi af det skyldige udbytte, idet eventuelle ændringer i den regnskabsmæssige værdi af det skyldige udbytte indregnes på egenkapitalen som reguleringer til den beløbsmæssige størrelse af udlodningen.
Regnskabsmæssig behandling af en eventuel forskel mellem den regnskabsmæssige værdi af de udloddede aktiver og den regnskabsmæssige værdi af det skyldige udbytte, når en virksomhed afregner det skyldige udbytte
14
Virksomheden skal ved afregningen af det skyldige udbytte indregne en eventuel forskel mellem den regnskabsmæssige værdi af de udloddede aktiver og den regnskabsmæssige værdi af det skyldige udbytte i resultatet.
Præsentation og oplysning
15
En virksomhed skal præsentere den i afsnit 14 omtalte forskel som en separat post i resultatopgørelsen.
16
En virksomhed skal afgive følgende oplysninger, hvor det er relevant:
a)
den regnskabsmæssige værdi af det skyldige udbytte ved regnskabsårets begyndelse og afslutning og
b)
forøgelsen eller reduktionen af den regnskabsmæssige værdi i regnskabsåret i overensstemmelse med afsnit 13 som følge af en ændring i dagsværdien af de aktiver, der skal udloddes.
17
Hvis en virksomhed efter regnskabsårets afslutning, men før det tidspunkt, hvor årsregnskabet godkendes til offentliggørelse, uddeler udbytte ved udlodning af et ikke-kontant aktiv, skal virksomheden oplyse:
a)
arten af det aktiv, der skal udloddes
b)
den regnskabsmæssige værdi af det aktiv, der skal udloddes, ved regnskabsårets afslutning, og
c)
dagsværdien af det aktiv, der skal udloddes, ved regnskabsårets afslutning, hvis denne afviger fra den regnskabsmæssige værdi, samt de i IFRS 13, afsnit 93, litra b), d), g) og i), samt afsnit 99, krævede oplysninger om den anvendte metode ved opgørelsen af denne dagsværdi.
IKRAFTTRÆDELSESTIDSPUNKT
18
Virksomheder skal anvende dette fortolkningsbidrag fremadrettet for regnskabsår, som begynder den 1. juli 2009 eller derefter. Det er ikke tilladt at anvende fortolkningsbidraget med tilbagevirkende kraft. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender dette fortolkningsbidrag for regnskabsår, som begynder før den 1. juli 2009, skal den give oplysning om dette og ligeledes anvende IFRS 3 (ajourført i 2008), IAS 27 (ændret i maj 2008) og IFRS 5 (ændret i medfør af dette fortolkningsbidrag).
19
IFRS 10, der er udstedt i maj 2011, medførte ændring af afsnit 7. Virksomheder skal anvende denne ændring ved anvendelse af IFRS 10.
20
IFRS 13, der er udstedt i maj 2011, medførte ændring af afsnit 17. Virksomheder skal anvende denne ændring ved anvendelse af IFRS 13.
IFRIC-FORTOLKNINGSBIDRAG 19
Opfyldelse af finansielle forpligtelser med egenkapitalinstrumenter
HENVISNINGER
—
Begrebsramme for udarbejdelse og præsentation af årsregnskaber
(
67
)
—
IFRS 2 
Aktiebaseret vederlæggelse
—
IFRS 3 
Virksomhedssammenslutninger
—
IFRS 9 
Finansielle instrumenter:
—
IFRS 13 
Måling af dagsværdi
)
—
IAS 1 
Præsentation af årsregnskaber
—
IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
—
IAS 32 
Finansielle instrumenter: Præsentation
BAGGRUND
1
En debitor og en kreditor kan genforhandle vilkårene knyttet til en finansiel forpligtelse med det resultat, at debitor opfylder forpligtelsen helt eller delvist ved at udstede egenkapitalinstrumenter til kreditor. Disse transaktioner benævnes undertiden "konvertering af gæld til egenkapital". IFRIC har modtaget anmodninger om vejledning i den regnskabsmæssige behandling af sådanne transaktioner.
ANVENDELSESOMRÅDE
2
Fortolkningen omhandler den regnskabsmæssige behandling hos en virksomhed, når vilkårene knyttet til en finansiel forpligtelse genforhandles med det resultat, at virksomheden udsteder egenkapitalinstrumenter til en af sine kreditorer for at opfylde forpligtelsen helt eller delvist. Den omhandler ikke den regnskabsmæssige behandling hos kreditor.
3
En virksomhed må ikke anvende denne fortolkning på transaktioner, når
a)
kreditoren også er en direkte eller indirekte aktionær og handler i sin egenskab af en eksisterende direkte eller indirekte aktionær
b)
kreditoren og virksomheden kontrolleres af samme part eller parter før og efter transaktionen, og indholdet af transaktionen omfatter en udlodning af egenkapital fra eller en tilførsel af egenkapital til virksomheden
c)
opfyldelsen af den finansielle forpligtelse gennem emission af ordinære aktier er i overensstemmelse med de oprindelige vilkår knyttet til den finansielle forpligtelse.
PROBLEMSTILLINGER
4
Dette fortolkningsbidrag omhandler følgende problemstillinger:
a)
Kan egenkapitalinstrumenter, der udstedes af en virksomhed i forbindelse med hel eller delvis opfyldelse af en finansiel forpligtelse, betragtes som "det betalte beløb herfor", jf. afsnit 3.3.3 i IFRS 9?
b)
Hvordan skal en virksomhed i første omgang måle værdien af egenkapitalinstrumenter, der udstedes for at opfylde en sådan finansiel forpligtelse?
c)
Hvordan skal en virksomhed regnskabsmæssigt behandle en eventuel forskel mellem den regnskabsmæssige værdi af den opfyldte finansielle forpligtelse og det beløb, egenkapitalinstrumenterne første gang blev målt til?
KONSENSUS
5
Udstedelse af en virksomheds egenkapitalinstrumenter til en kreditor med henblik på hel eller delvis opfyldelse af en finansiel forpligtelse udgør det betalte beløb herfor, jf. afsnit 3.3.3 i IFRS 9. En virksomhed skal først fjerne en finansiel forpligtelse (eller en del af en finansiel forpligtelse) fra sin balance, når den er opfyldt, jf. afsnit 3.3.1 i IFRS 9.
6
I forbindelse med førstegangsindregningen af egenkapitalinstrumenter, der udstedes til en kreditor med henblik på hel eller delvis opfyldelse af en finansiel forpligtelse, skal en virksomhed måle egenkapitalforpligtelserne til dagsværdi, medmindre dagsværdien ikke kan måles pålideligt.
7
Hvis dagsværdien af de udstedte egenkapitalinstrumenter ikke kan måles pålideligt, skal deres dagsværdi måles til dagsværdien af den opfyldte finansielle forpligtelse. Ved måling af dagsværdien af en opfyldt finansiel forpligtelse, der omfatter et anfordringselement (f.eks. et anfordringstilgodehavende), finder afsnit 47 i IFRS 13 ikke anvendelse.
8
Hvis kun en del af den finansielle forpligtelse er opfyldt, skal virksomheden vurdere, om en del af det betalte beløb vedrører en ændring af vilkårene for den resterende forpligtelse. Hvis en del af det betalte beløb rent faktisk vedrører en ændring af vilkårene for den resterende forpligtelse, skal virksomheden fordele dagsværdien af det betalte beløb mellem den del af forpligtelsen, der er opfyldt, og den resterende forpligtelse. I forbindelse med denne fordeling skal virksomheden tage hensyn til alle relevante kendsgerninger og omstændigheder, der har forbindelse til transaktionen.
9
En eventuel forskel mellem den regnskabsmæssige værdi af den opfyldte finansielle forpligtelse (eller en del af en finansiel forpligtelse) og det betalte beløb herfor skal indregnes i resultatet, jf. afsnit 3.3.3 i IFRS 9. De udstedte egenkapitalinstrumenter skal førstegangsindregnes og måles på det tidspunkt, hvor den finansielle forpligtelse (eller en del heraf) opfyldes.
10
Hvis kun en del af den finansielle forpligtelse er opfyldt, fordeles det betalte beløb i overensstemmelse med afsnit 8. Det betalte beløb, der fordeles til den resterende forpligtelse, skal indgå i vurderingen af, om vilkårene for den resterende forpligtelse er blevet væsentligt ændret. Hvis den resterende forpligtelse er blevet væsentligt ændret, skal virksomheden regnskabsmæssigt behandle ændringen som ophør af den oprindelige forpligtelse, og der skal indregnes en ny forpligtelse, jf. afsnit 3.3.2 i IFRS 9.
11
En virksomhed skal give oplysninger om en gevinst eller et tab, der er indregnet i henhold til afsnit 9 og 10, som en særskilt resultatpost eller i noterne, jf. afsnit 9 og 10.
IKRAFTTRÆDELSESTIDSPUNKT OG OVERGANG
12
Virksomheder skal anvende dette fortolkningsbidrag på årsregnskaber, som begynder den 1. juli 2010 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender dette fortolkningsbidrag på et årsregnskab, der begynder før den 1. juli 2010, skal den give oplysning herom.
13
En virksomhed skal anvende en ændring i regnskabspraksis i henhold til IAS 8 fra begyndelsen af det første sammenlignelige regnskabsår.
14
[Ophævet]
15
IFRS 13, der er udstedt i maj 2011, medførte ændring af afsnit 7. Virksomheder skal anvende denne ændring ved anvendelse af IFRS 13.
16
[Ophævet]
17
IFRS 9, der er udstedt i juli 2014, medførte ændring af afsnit 4, 5, 7, 9 og 10 samt ophævelse af afsnit 14 og 16. Virksomheder skal anvende disse ændringer ved anvendelse af IFRS 9.
IFRIC-FORTOLKNINGSBIDRAG 20
Strippingomkostninger i produktionsfasen i åbne miner
HENVISNINGER
—
Begrebsramme for årsregnskaber
(
68
)
—
IAS 1 
Præsentation af årsregnskaber
—
IAS 2 
Varebeholdninger
—
IAS 16 
Materielle anlægsaktiver
—
IAS 38 
Immaterielle aktiver
BAGGRUND
1
I forbindelse med minedrift i åbne brud kan det være nødvendigt for virksomheder at fjerne mineaffald ("overjord") for at få adgang til mineralmalmforekomster. Denne fjernelse af affald kaldes for "stripping".
2
I mineudviklingsfasen (dvs. før produktionen indledes) aktiveres strippingomkostningerne normalt som en del af de afskrivningsberettigede udgifter til anlæg, udvikling og bygning af minen. Disse aktiverede omkostninger afskrives eller amortiseres på systematisk vis, normalt ved hjælp af produktionsintensitetsmetoden, når produktionen indledes.
3
Et mineselskab kan fortsætte med at fjerne overjord og pådrage sig strippingomkostninger i minens produktionsfase.
4
Det materiale, der fjernes ved stripping i produktionsfasen, består ikke nødvendigvis af 100 % affald. Der vil ofte være tale om en kombination af malm og affald. Malmindholdet i affaldet kan variere mellem en uøkonomisk lav procentdel til en rentabel høj procentdel. Fjernelse af materiale med at lavt malmindhold i forhold til affaldsindholdet kan levere en vis mængde brugbart materiale, der kan benyttes til opbygning af varebeholdninger. Denne fjernelse kan også give adgang til dybereliggende materiale med et højere malmindhold i forhold til affaldsindholdet. Stripping kan derfor medføre to fordele for virksomheden: brugbar malm, der kan benyttes til opbygning af varebeholdninger, og forbedret adgang til yderligere mængder materiale, der kan udvindes i fremtiden.
5
I dette fortolkningsbidrag angives det, hvornår og hvordan der kræves en særskilt regnskabsmæssig behandling af disse to fordele, der følger af stripping, og hvordan disse fordele skal vurderes både indledningsvist og efterfølgende.
ANVENDELSESOMRÅDE
6
Dette fortolkningsbidrag finder anvendelse på omkostninger forbundet med fjernelse af affald i produktionsfasen i åbne mindebrud ("strippingomkostninger i produktionsfasen").
PROBLEMSTILLINGER
7
Dette fortolkningsbidrag omhandler følgende problemstillinger:
a)
indregning af strippingomkostninger i produktionsfasen som et aktiv
b)
indledende vurdering af strippingaktivet og
c)
efterfølgende vurdering af strippingaktivet.
KONSENSUS
Indregning af strippingomkostninger i produktionsfasen som et aktiv
8
Hvis fordelen ved stripping realiseres i form af opbygning af varebeholdninger, skal virksomheden regnskabsmæssigt behandle omkostningerne forbundet med denne strippingaktivitet i overensstemmelse med principperne i IAS 2 
Varebeholdninger
. Hvis fordelen består i forbedret adgang til malmen, skal virksomheden indregne disse omkostninger som et anlægsaktiv, hvis kriterierne i afsnit 9 nedenfor er opfyldt. I dette fortolkningsbidrag kaldes anlægsaktivet "strippingaktivet".
9
En virksomhed skal indregne et strippingaktiv, hvis og kun hvis alle følgende betingelser er opfyldt:
a)
det er sandsynligt, at den fremtidige økonomiske fordel (forbedret adgang til malmforekomsten) forbundet med stripping vil tilgå virksomheden
b)
virksomheden kan identificere den del af forekomsten, hvortil adgangen er blevet forbedret og
c)
omkostningerne forbundet med stripping vedrørende denne del kan vurderes på pålidelig vis.
10
Strippingaktivet skal regnskabsmæssigt behandles som et supplement til eller som en forbedring af et eksisterende aktiv. Med andre ord vil strippingaktivet regnskabsmæssigt blive behandlet som en 
del
 af et eksisterede aktiv.
11
Strippingaktivet klassificeres som et materielt eller immaterielt anlægsaktiv på samme måde som det eksisterende aktiv. Det betyder med andre ord, at det eksisterende aktivs karakter vil være afgørende for, om virksomheden skal klassificere strippingaktivet som et materielt eller et immaterielt anlægsaktiv.
Indledende vurdering af strippingaktivet
12
Virksomheden skal indledningsvist vurdere strippingaktivet til kostpris, som består af summen af de direkte omkostninger forbundet med den stripping, der forbedrer adgangen til den identificerede del af malmforekomsten, plus en allokering af direkte henførbare fællesomkostninger. Visse andre aktiviteter, som ikke er nødvendige for, at strippingen i produktionsfasen kan fortsætte som planlagt, kan finde sted på samme tidspunkt som strippingen i produktionsfasen. Omkostningerne forbundet med disse andre aktiviteter skal ikke indregnes i omkostningerne forbundet med strippingaktivet.
13
Når omkostningerne forbundet med strippingaktivet og det opbyggede varelager ikke kan identificeres særskilt, skal virksomheden fordele strippingomkostningerne i produktionsfasen mellem det opbyggede varelager og strippingaktivet ved at anvende et fordelingsgrundlag, der bygger på en relevant produktionsmåling. Denne produktionsmåling skal beregnes for den identificerede del af malmforekomsten og benyttes som et benchmark for identificeringen af det omfang, i hvilket den supplerende aktivitet med henblik på at skabe en fremtidig fordel har fundet sted. Eksempler herpå er:
a)
omkostningerne forbundet med det opbyggede varelager sammenlignet med de forventede omkostninger
b)
mængden af ekstraheret affald sammenlignet med den forventede mængde for en given mængde produceret malm og
c)
mineralindholdet i den ekstraherede malm sammenlignet med det mineralindhold, der forventes ekstraheret, for en given mængde produceret malm.
Efterfølgende vurdering af strippingaktivet
14
Efter den første indregning skal strippingaktivet indregnes enten til kostpris eller til det omvurderede beløb minus afskrivning eller amortisering og minus værditab på samme måde som det eksisterende aktiv, som det udgør en del af.
15
Strippingaktivet afskrives eller amortiseres på et systematisk grundlag over den forventede nyttige levetid for den identificerede del af malmforekomsten, der bliver tilgængelig som følge af strippingen. Produktionsintensitetsmetoden anvendes, medmindre en anden metode er mere retvisende.
16
Den forventede nyttige levetid for den identificerede del af malmforekomsten, der benyttes til afskrivning eller amortisering af strippingaktivet, vil afvige fra den forventede nyttige levetid, der benyttes til afskrivning eller amortisering af selve minen og de relaterede aktiver i minens levetid. Undtagelsen herfra er de begrænsede omstændigheder, hvor strippingen giver forbedret adgang til hele den resterende malmforekomst. Dette kan eksempelvis indtræffe mod slutningen af minens nyttige levetid, når den identificerede del udgør den endelige del af den malmforekomst, der skal ekstraheres.
Appendiks A
Ikrafttrædelsestidspunkt og overgang
Dette tillæg er en integreret del af fortolkningsbidraget og har samme gyldighed som de øvrige dele af fortolkningsbidraget.
A1
Virksomheder skal anvende dette fortolkningsbidrag på årsregnskaber, som begynder den 1. januar 2013 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender dette fortolkningsbidrag på en tidligere regnskabsperiode, skal den oplyse herom.
A2
En virksomhed skal anvende dette fortolkningsbidrag på strippingomkostninger i produktionsfasen, der opstår ved eller efter begyndelsen af det tidligst præsenterede regnskabsår.
A3
Ved begyndelsen af det tidligst præsenterede regnskabsår skal enhver tidligere indregnet aktivsaldo, der er opstået som følge af stripping i produktionsfasen ("foregående strippingaktiv"), omklassificeres som en del af et eksisterende aktiv, som strippingen har relation til, i det omfang der stadig findes en identificerbar del af malmforekomsten, som det foregående strippingaktiv kan relateres til. Sådanne saldi afskrives eller amortiseres over den resterende forventede levetid for den identificerede del af den malmforekomst, som hver saldo for det foregående strippingaktiv relaterer til.
A4
Hvis der ikke findes en identificerbar del af malmforekomsten, som det foregående strippingaktiv kan relateres til, indregnes det i det overførte resultat ved begyndelsen af det tidligst præsenterede regnskabsår.
IFRIC-FORTOLKNINGSBIDRAG 21
Afgifter
HENVISNINGER
—
IAS 1 Præsentation af årsregnskaber
—
IAS 8 Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
—
IAS 12 Indkomstskatter
—
IAS 20 Regnskabsmæssig behandling af offentlige tilskud og oplysning om andre former for offentlig støtte
—
IAS 24 Oplysning om nærtstående parter
—
IAS 34 Præsentation af delårsregnskaber
—
IAS 37 Hensatte forpligtelser, eventualforpligtelser og eventualaktiver
—
IFRIC 6 Forpligtelser opstået som følge af deltagelse på et særskilt marked — Affald af elektrisk og elektronisk udstyr
BAGGRUND
1.
Offentlige myndigheder kan opkræve en afgift af en virksomhed. International Financial Reporting Interpretations Committee har modtaget anmodninger om vejledning i den regnskabsmæssige behandling af afgifter i årsregnskaberne for den virksomhed, der skal betale afgiften. Spørgsmålet vedrører, hvornår man skal indregne en forpligtelse til at betale en afgift, som behandles regnskabsmæssigt i overensstemmelse med IAS 37 
Hensatte forpligtelser, eventualforpligtelser og eventualaktiver
.
ANVENDELSESOMRÅDE
2.
Dette fortolkningsbidrag omhandler den regnskabsmæssige behandling af en forpligtelse til at betale en afgift, hvis denne forpligtelse ligger inden for anvendelsesområdet for IAS 37. Det omhandler også den regnskabsmæssige behandling af en forpligtelse til at betale en afgift, når tidspunktet og beløbet er bestemt.
3.
Dette fortolkningsbidrag omhandler ikke den regnskabsmæssige behandling af de omkostninger, der følger af at indregne en forpligtelse til at betale en afgift. Virksomhederne bør anvende andre standarder, når de skal afgøre, om indregning af en forpligtelse til at betale en afgift medfører, at der opstår et aktiv eller en omkostning.
4.
I forbindelse med dette fortolkningsbidrag er en afgift en udgående strøm af ressourcer med økonomiske fordele, som offentlige myndigheder opkræver af virksomheder i henhold til lovgivningen (dvs. love og/eller bestemmelser), undtagen:
a)
sådanne strømme af ressourcer, som er omfattet af andre standarder (f.eks. indkomstskat, som er omfattet af anvendelsesområdet for IAS 12 
Indkomstskatter
), og
b)
bøder eller andre sanktioner, der er pålagt for overtrædelser af lovgivningen.
"Offentlige myndigheder" omfatter offentlige myndigheder, offentlige institutioner og tilsvarende lokale, nationale eller internationale myndigheder.
5.
En betaling foretaget af en virksomhed i forbindelse med anskaffelse af et aktiv eller levering af tjenester ifølge en kontrakt med en offentlig myndighed er ikke omfattet af definitionen af en afgift.
6.
Det kræves ikke, at virksomheder anvender dette fortolkningsbidrag på forpligtelser, som udspringer af emissionshandelsordninger.
PROBLEMSTILLINGER
7.
For at præcisere den regnskabsmæssige behandling af en forpligtelse til at betale en afgift omhandler dette fortolkningsbidrag følgende emner:
a)
Hvad er den forpligtende begivenhed, der medfører indregning af en forpligtelse til at betale en afgift?
b)
Medfører økonomisk afhængighed af fortsat at kunne drive forretning i et fremtidigt regnskabsår en faktisk forpligtelse til at betale en afgift, der vil blive udløst af at drive forretning i det pågældende fremtidige regnskabsår?
c)
Indebærer going concern-princippet, at virksomheden har en aktuel forpligtelse til at betale en afgift, der vil blive udløst af at drive forretning i et fremtidigt regnskabsår?
d)
Opstår indregningen af en forpligtelse til at betale en afgift på et bestemt tidspunkt, eller opstår den under visse omstændigheder gradvist over tid?
e)
Hvad er den forpligtende begivenhed, der medfører indregning af en forpligtelse til at betale en afgift, der udløses, hvis en minimumsgrænse nås?
f)
Er principperne for indregning af en forpligtelse til at betale en afgift de samme i henholdsvis årsregnskabet og delårsregnskabet?
KONSENSUS
8.
Den forpligtende begivenhed, der medfører en forpligtelse til at betale en afgift, er den aktivitet, der udløser betaling af afgiften som fastlagt i lovgivningen. Hvis, for eksempel, den aktivitet, der udløser betalingen af afgiften, er generering af indtægter i indeværende regnskabsår, og beregningen af den pågældende afgift er baseret på de indtægter, som blev genereret i et tidligere regnskabsår, er den forpligtende begivenhed for den pågældende afgift generering af indtægter i det indeværende regnskabsår. Generering af indtægter i det foregående regnskabsår er nødvendigt, men ikke tilstrækkeligt, for at skabe en aktuel forpligtelse.
9.
En virksomhed har ikke en faktisk forpligtelse til at betale en afgift, der vil blive udløst af at drive forretning i et fremtidigt regnskabsår, som følge af at virksomheden økonomisk set er tvunget til at fortsætte med at drive forretning i det fremtidige regnskabsår.
10.
Udarbejdelse af årsregnskaber under going concern-princippet indebærer ikke, at virksomheden har en aktuel forpligtelse til at betale en afgift, der vil blive udløst af at drive forretning i et fremtidigt regnskabsår.
11.
Forpligtelsen til at betale afgift indregnes gradvist, hvis den forpligtende begivenhed indtræffer over en periode (dvs. hvis aktiviteten, der udløser betaling af afgiften som fastlagt i lovgivningen, finder sted over en periode). Hvis f.eks. den forpligtende begivenhed er generering af indtægter over en periode, indregnes den tilsvarende forpligtelse, når virksomheden genererer disse indtægter.
12.
Hvis en forpligtelse til at betale en afgift udløses, når en vis minimumsgrænse er nået, skal den regnskabsmæssige behandling af den forpligtelse, der opstår, være i overensstemmelse med de principper, der er fastsat i punkt 8-14 i dette fortolkningsbidrag (navnlig punkt 8 og 11). Hvis f.eks. den forpligtende begivenhed er, at en minimumsaktivitetsgrænse nås (f.eks. et minimum af indtægter, omsætning eller produktion), indregnes den tilsvarende forpligtelse, når denne minimumsaktivitetsgrænse er nået.
13.
Virksomheder skal anvende de samme indregningsprincipper i delårsregnskabet, som de anvender i årsregnskabet. I delårsregnskabet skal en forpligtelse til at betale en afgift som følge heraf:
a)
ikke indregnes, hvis der ikke er nogen aktuel forpligtelse til at betale afgiften ved udløbet af den pågældende delårsregnskabsperiode, og
b)
indregnes, hvis der er en aktuel forpligtelse til at betale afgiften ved udløbet af den pågældende delårsregnskabsperiode.
14.
En virksomhed skal indregne et aktiv, hvis den har forudbetalt en afgift, men endnu ikke har en aktuel forpligtelse til at betale denne afgift.
Appendiks A
Ikrafttrædelsestidspunkt og overgang
Dette tillæg er en integreret del af fortolkningsbidraget og har samme gyldighed som de øvrige dele af fortolkningsbidraget.
A1
Virksomheder skal anvende dette fortolkningsbidrag på årsregnskaber, som begynder den 1. januar 2014 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender dette fortolkningsbidrag på en tidligere regnskabsperiode, skal den oplyse herom.
A2
Der skal redegøres for ændringer i regnskabspraksis, som hidrører fra den første anvendelse af dette fortolkningsbidrag, med tilbagevirkende kraft i overensstemmelse med IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
.
IFRIC-FORTOLKNINGSBIDRAG 22
Transaktioner i fremmed valuta og forudbetaling
HENVISNINGER
—
Begrebsrammen for årsregnskaber
(
69
)
—
IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
—
IAS 21 
Valutaomregning
BAGGRUND
1.
I henhold til afsnit 21 i IAS 21 
Valutaomregning
 skal en virksomhed på tidspunktet for første indregning i den funktionelle valuta registrere en transaktion i fremmed valuta ved omregning af beløbet i fremmed valuta til den på transaktionstidspunktet gældende spotkurs (valutakursen) mellem den funktionelle valuta og den fremmede valuta. I henhold til afsnit 22 i IAS 21 er transaktionsdagen den dag, hvor transaktionen for første gang opfylder kriterierne for indregning i overensstemmelse med IFRS-standarderne (standarderne).
2.
Når en virksomhed afholder eller modtager betaling forud i en fremmed valuta, indregner den normalt et ikkemonetært aktiv eller en ikkemonetær forpligtelse 
(
70
)
 før indregningen af det tilknyttede aktiv, den tilknyttede omkostning eller den tilknyttede indtægt. Det tilknyttede aktiv, den tilknyttede omkostning eller den tilknyttede indtægt (eller en del heraf) er det beløb, som indregnes i henhold til relevante standarder, og som medfører ophør af indregning af det ikkemonetære aktiv eller den ikkemonetære forpligtelse hidrørende fra forudbetalingen.
3.
International Financial Reporting Interpretations Committee modtog oprindelig et spørgsmål om, hvordan "transaktionsdagen" skulle bestemmes i henhold til afsnit 21-22 i IAS 21 i forbindelse med indregningen af omsætning. Spørgsmålet vedrørte mere specifikt situationer, hvor en virksomhed indregner en ikkemonetær forpligtelse hidrørende fra modtagelsen af forudbetaling, før den indregner den tilknyttede omsætning. I forbindelse med diskussionen af problemstillingen bemærkede International Financial Reporting Interpretations Committee, at modtagelse eller afholdelse af betaling forud i en fremmed valuta ikke er begrænset til omsætningstransaktioner. International Financial Reporting Interpretations Committee har derfor besluttet at præcisere transaktionsdagen med henblik på fastsættelse af den valutakurs, der skal anvendes ved første indregning af det tilknyttede aktiv, den tilknyttede omkostning eller den tilknyttede indtægt, når en virksomhed har modtaget eller afholdt betaling forud i en fremmed valuta.
ANVENDELSESOMRÅDE
4.
Dette fortolkningsbidrag finder anvendelse på en transaktion i fremmed valuta (eller en del heraf), når en virksomhed indregner et ikkemonetært aktiv eller en ikkemonetær forpligtelse hidrørende fra afholdelse eller modtagelse af forudbetaling, før den indregner det tilknyttede aktiv, den tilknyttede omkostning eller den tilknyttede indtægt (eller en del heraf).
5.
Dette fortolkningsbidrag finder ikke anvendelse, når en virksomhed ved første indregning måler det tilknyttede aktiv, den tilknyttede omkostning eller den tilknyttede indtægt:
a)
til dagsværdi eller
b)
til dagsværdien af den betaling, der er afholdt eller modtaget på et andet tidspunkt end tidspunktet for første indregning af det ikkemonetære aktiv eller den ikkemonetære forpligtelse hidrørende fra forudbetaling (eksempelvis målingen af goodwill i henhold til IFRS 3 
Virksomhedssammenslutninger
).
6.
En virksomhed er ikke forpligtet til at anvende dette fortolkningsbidrag på:
a)
indkomstskatter eller
b)
forsikringskontrakter (herunder genforsikringskontrakter), som udstedes af virksomheden, eller genforsikringskontrakter, som besiddes af virksomheden.
PROBLEMSTILLING
7.
Dette fortolkningsbidrag omhandler bestemmelse af transaktionsdagen med henblik på fastsættelse af den valutakurs, der skal anvendes ved første indregning af det tilknyttede aktiv, den tilknyttede omkostning eller den tilknyttede indtægt (eller en del heraf) i forbindelse med ophør af indregning af et ikkemonetært aktiv eller en ikkemonetær forpligtelse hidrørende fra afholdelse eller modtagelse af forudbetaling i en fremmed valuta.
KONSENSUS
8.
Ved anvendelse af afsnit 21-22 i IAS 21 er transaktionsdagen med henblik på fastsættelse af den valutakurs, der skal anvendes ved første indregning af det tilknyttede aktiv, den tilknyttede omkostning eller den tilknyttede indtægt (eller en del heraf), den dag, hvor virksomheden første gang indregner det ikkemonetære aktiv eller den ikkemonetære forpligtelse hidrørende fra afholdelse eller modtagelse af forudbetaling.
9.
Hvis der er tale om gentagen afholdelse eller modtagelse af forudbetaling, fastsætter virksomheden en transaktionsdag for hver afholdelse eller modtagelse af forudbetaling.
Appendiks A
Ikrafttrædelsestidspunkt og overgang
Dette appendiks er en integreret del af IFRIC 22 og har samme gyldighed som de øvrige dele af IFRIC 22.
IKRAFTTRÆDELSESTIDSPUNKT
A1
Virksomheder skal anvende dette fortolkningsbidrag for regnskabsår, som begynder den 1. januar 2018 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender dette fortolkningsbidrag på en tidligere regnskabsperiode, skal den oplyse herom.
OVERGANG
A2
Ved førstegangsanvendelse skal en virksomhed anvende dette fortolkningsbidrag enten:
a)
med tilbagevirkende kraft ved anvendelse af IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
 eller
b)
fremadrettet på alle aktiver, omkostninger og indtægter omfattet af fortolkningsbidraget, som indregnes første gang på følgende tidspunkt eller senere:
i)
ved begyndelsen af det regnskabsår, hvor virksomheden første gang anvender fortolkningsbidraget, eller
ii)
ved begyndelsen af et tidligere regnskabsår, som præsenteres til sammenligningsformål i årsregnskabet for det regnskabsår, hvor virksomheden første gang anvender fortolkningsbidraget.
A3
En virksomhed, som anvender afsnit A2, litra b), anvender ved førstegangsanvendelsen fortolkningsbidraget på aktiver, omkostninger og indtægter, som indregnes første gang ved begyndelsen af det regnskabsår, der er omhandlet i afsnit A2, litra b), nr. i) eller ii), hvor virksomheden har indregnet ikkemonetære aktiver eller ikkemonetære forpligtelser hidrørende fra forudbetaling vedrørende tidligere år, eller senere.
Appendiks B
Ændringen i dette appendiks finder anvendelse på regnskabsår, der begynder den 1. januar 2018 eller derefter. Hvis en virksomhed anvender dette fortolkningsbidrag på et tidligere regnskabsår, skal denne ændring anvendes på dette tidligere regnskabsår.
IFRIC-FORTOLKNINGSBIDRAG 23
Usikkerhed om Behandlingerne af Indkomstskat
HENVISNINGER
—
IAS 1 
Præsentation af årsregnskaber
—
IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
—
IAS 10 
Begivenheder efter regnskabsårets afslutning
—
IAS 12 
Indkomstskatter
BAGGRUND
1.
IAS 12 
Indkomstskatter
 specificerer krav til aktuelle og udskudte skatteaktiver og -forpligtelser. En virksomhed anvender kravene i IAS 12 på grundlag af den gældende skattelovgivning.
2.
Det kan være uklart, hvordan skattelovgivningen finder anvendelse på en bestemt transaktion eller omstændighed. Der kan være usikkerhed om accepten af en bestemt skattemæssig behandling i henhold til skattelovgivningen, før den relevante skattemyndighed eller en domstol træffer afgørelse på et fremtidigt tidspunkt. Følgelig kan en tvist eller skattemyndighedens undersøgelse af en bestemt skattemæssig behandling påvirke en virksomheds regnskabsmæssige behandling af aktuelle eller udskudte skatteaktiver eller -forpligtelser.
3.
I dette fortolkningsbidrag:
a)
henviser "skattemæssige behandlinger" til de behandlinger, der anvendes af en virksomhed, eller som den planlægger at anvende i forbindelse med indberetning af indkomstskat
b)
henviser "skattemyndighed" til det organ eller de organer, der afgør, om skattemæssige behandlinger er acceptable i henhold til skattelovgivningen. Dette kunne omfatte en domstol
c)
er en "usikker skattemæssig behandling" en skattemæssig behandling, for hvilken der hersker usikkerhed om, hvorvidt den pågældende skattemyndighed vil acceptere den skattemæssige behandling i henhold til skattelovgivningen. For eksempel er en virksomheds beslutning om ikke at indberette nogen indkomstskat i en skattejurisdiktion, eller om ikke at medtage bestemte indtægter i den skattepligtige indkomst, en usikker skattemæssig behandling, hvis accepten heraf er usikker i henhold til skattelovgivningen.
ANVENDELSESOMRÅDE
4.
I dette fortolkningsbidrag præciseres det, hvordan indregnings- og målingskravene i IAS 12 skal anvendes, når der er usikkerhed om behandlingerne af indkomstskat. I sådanne tilfælde skal en virksomhed indregne og måle sine aktuelle eller udskudte skatteaktiver eller -forpligtelser under anvendelse af kravene i IAS 12 på grundlag af skattepligtig indkomst (skattemæssigt underskud), skattegrundlag, uudnyttede skattemæssige underskud, uudnyttede skattefordele og skattesatser, der er opgjort under anvendelse af dette fortolkningsbidrag.
PROBLEMSTILLINGER
5.
Når der hersker usikkerhed om behandlingerne af indkomstskat, omhandler dette fortolkningsbidrag:
a)
hvorvidt en virksomhed vurderer usikre skattemæssige behandlinger særskilt
b)
en virksomheds antagelser om skattemyndighedernes undersøgelse af skattemæssige behandlinger
c)
hvordan en virksomhed opgør skattepligtig indkomst (skattemæssigt underskud), skattegrundlag, uudnyttede skattemæssige underskud, uudnyttede skattefordele og skattesatser, og
d)
hvordan en virksomhed vurderer ændringer i forhold og omstændigheder.
KONSENSUS
Hvorvidt en virksomhed vurderer usikre skattemæssige behandlinger særskilt
6.
En virksomhed skal afgøre, om den vil vurdere hver enkelt usikker skattemæssige behandling særskilt eller sammen med en eller flere andre usikre skattemæssige behandlinger, alt afhængigt af hvilken tilgang der giver den bedste afklaring af usikkerheden. Når virksomheden afgør, hvilken tilgang der giver den bedste løsning på usikkerheden, kan den f.eks. overveje, a) hvordan den forbereder sin indberetning af indkomstskat og støtter den skattemæssige behandling, eller b) hvordan virksomheden forventer, at skattemyndigheden vil foretage sin undersøgelse og løse spørgsmål, som måtte opstå i forbindelse med undersøgelsen.
7.
Hvis en virksomhed ved anvendelsen af afsnit 6 vurderer flere usikre skattemæssige behandlinger sammen, skal den læse henvisningerne til en "usikker skattemæssig behandling" i dette fortolkningsbidrag som henvisninger til gruppen af usikre skattemæssige behandlinger set under ét.
Skattemyndighedernes undersøgelse
8.
Ved vurderingen af, hvorvidt og hvordan en usikker skattemæssig behandling påvirker opgørelsen af skattepligtig indkomst (skattemæssigt underskud), skattegrundlag, uudnyttede skattemæssige underskud, uudnyttede skattefordele og skattesatser, skal virksomheden antage, at en skattemyndighed vil undersøge de beløb, den har ret til at undersøge, og har fuldt kendskab til alle relevante oplysninger, når den foretager disse undersøgelser.
Opgørelse af skattepligtig indkomst (skattemæssigt underskud), skattegrundlag, uudnyttede skattemæssige underskud, uudnyttede skattefordele og skattesatser
9.
En virksomhed skal overveje, om det er sandsynligt, at en skattemyndighed vil acceptere en usikker skattemæssig behandling.
10.
Hvis en virksomhed konkluderer, at det er sandsynligt, at skattemyndigheden vil acceptere en usikker skattemæssig behandling, skal den opgøre skattepligtig indkomst (skattemæssigt underskud), skattegrundlag, uudnyttede skattemæssige underskud, uudnyttede skattefordele og skattesatser i overensstemmelse med den skattemæssige behandling, der anvendes eller planlægges anvendt i indberetningen af indkomstskat.
11.
Hvis en virksomhed konkluderer, at det ikke er sandsynligt, at skattemyndigheden vil acceptere en usikker skattemæssig behandling, skal den lade virkningerne af usikkerheden være afspejlet ved opgørelsen af skattepligtig indkomst (skattemæssigt underskud), skattegrundlag, uudnyttede skattemæssige underskud, uudnyttede skattefordele og skattesatser, der er forbundet hermed. En virksomhed skal lade virkningerne af usikkerheden for hver enkelt usikker skattemæssig behandling være afspejlet gennem anvendelse af en af følgende metoder, afhængigt af hvilken metode der forventes at give den bedste løsning på usikkerheden:
a)
Det mest sandsynlige beløb — det mest sandsynlige beløb inden for et interval af mulige resultater. Det mest sandsynlige beløb kan måske bedre på forhånd give den bedste løsning på usikkerheden, hvis de mulige resultater er binære eller er koncentreret på én værdi.
b)
Den forventede værdi — summen af de sandsynlighedsvægtede beløb inden for et interval af mulige resultater. Den forventede værdi kan måske bedre på forhånd give den bedste løsning på usikkerheden, hvis der er et interval af mulige resultater, som hverken er binære eller koncentreret på én værdi.
12.
Hvis en usikker skattemæssig behandling påvirker aktuel og udskudt skat (f.eks. hvis den påvirker både den skattepligtige indkomst, der anvendes til opgørelse af den aktuelle skat, og det skattegrundlag, der anvendes til at opgøre udskudt skat), skal en virksomhed foretage konsekvente vurderinger og skøn for både aktuel og udskudt skat.
Ændringer i forhold og omstændigheder
13.
En virksomhed skal revurdere en vurdering eller et skøn, der kræves i henhold til dette fortolkningsbidrag, hvis de forhold og omstændigheder, som vurderingen eller skønnet er baseret på, ændres, eller hvis der foreligger nye oplysninger, der har virkninger for vurderingen eller skønnet. Eksempelvis kan en ændring i forholdene og omstændighederne ændre en virksomheds konklusioner om accepten af en skattemæssig behandling eller virksomhedens skøn over virkningerne af usikkerheden, eller begge dele. Afsnit A1–A3 indeholder en vejledning om ændringer i forhold og omstændigheder.
14.
En virksomhed skal lade virkningerne af ændringer i forhold og omstændigheder eller nye oplysninger være afspejlet som en ændring i det regnskabsmæssige skøn i henhold til IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
. En virksomhed skal anvende IAS 10 
Begivenheder efter regnskabsårets afslutning
 for at afgøre, om en ændring, som opstår efter rapporteringsperioden, er en begivenhed, der udløser en justering eller ej.
Appendiks A
Anvendelsesvejledning
Dette appendiks er en integreret del af IFRIC 23 og har samme gyldighed som de øvrige dele af IFRIC 23.
ÆNDRINGER I FORHOLD OG OMSTÆNDIGHEDER (AFSNIT 13)
A1
Ved anvendelse af afsnit 13 i dette fortolkningsbidrag skal en virksomhed vurdere relevansen og virkningerne af en ændring i forhold og omstændigheder eller nye oplysninger inden for rammerne af den gældende skattelovgivning. Eksempelvis kan en bestemt begivenhed resultere i en revurdering af en vurdering eller et skøn foretaget for en bestemt skattemæssig behandling blandt flere, hvis disse skattemæssige behandlinger er underlagt forskellige skattelovgivninger.
A2
Eksemplerne på ændringer i forhold og omstændigheder eller nye oplysninger, der, alt afhængigt af forholdene, kan resultere i en revurdering af en vurdering eller et skøn, der kræves i henhold til dette fortolkningsbidrag, omfatter, men er ikke begrænset til, følgende:
a)
undersøgelser eller handlinger foretaget af en skattemyndighed. For eksempel:
i)
skattemyndighedens enighed eller uenighed med den skattemæssige behandling eller en tilsvarende behandling, der anvendes af virksomheden
ii)
oplysninger om, at skattemyndighederne har været enige eller uenige i en tilsvarende skattemæssig behandling anvendt af en anden virksomhed og
iii)
oplysninger om det beløb, der er modtaget eller betalt i forbindelse med en tilsvarende skattemæssig behandling
b)
ændringer i regler fastsat af en skattemyndighed
c)
udløbet af en skattemyndigheds ret til at undersøge eller genundersøge en skattemæssig behandling.
A3
En skattemyndigheds enighed eller uenighed med en skattemæssig behandling udgør, isoleret betragtet, sandsynligvis ikke en ændring af forhold og omstændigheder eller nye oplysninger, der har virkninger for de vurderinger og skøn, der kræves i henhold til dette fortolkningsbidrag.
OPLYSNINGER
A4
Hvis der hersker usikkerhed om behandlingerne af indkomstskat, skal virksomheden afgøre, om den vil oplyse om:
a)
afgørelser vedrørende opgørelse af skattepligtig indkomst (skattemæssigt underskud), skattegrundlag, uudnyttede skattemæssige underskud, uudnyttede skattefordele og skattesatser under anvendelse af afsnit 122 i IAS 1 
Præsentation af årsregnskaber
 og
b)
oplysninger om antagelser og skøn, der er foretaget ved opgørelsen af skattepligtig indkomst (skattemæssigt underskud), skattegrundlag, uudnyttede skattemæssige underskud, uudnyttede skattefordele og skattesatser under anvendelse af afsnit 125-129 i IAS 1.
A5
Hvis en virksomhed konkluderer, at det er sandsynligt, at en skattemyndighed vil acceptere en usikker skattemæssig behandling, skal virksomheden afgøre, om den vil oplyse om de potentielle virkninger af usikkerheden som en skatterelateret reserve under anvendelse af afsnit 88 i IAS 12.
Appendiks B
Ikrafttrædelsestidspunkt og overgang
Dette appendiks er en integreret del af IFRIC 23 og har samme gyldighed som de øvrige dele af IFRIC 23.
IKRAFTTRÆDELSESTIDSPUNKT
B1
Virksomheder skal anvende dette fortolkningsbidrag for regnskabsår, som begynder den 1. januar 2019 eller derefter. Det er tilladt at anvende ændringen før dette tidspunkt. Hvis en virksomhed anvender dette fortolkningsbidrag på en tidligere regnskabsperiode, skal den oplyse herom.
OVERGANG
B2
Ved førstegangsanvendelse skal en virksomhed anvende dette fortolkningsbidrag enten:
a)
med tilbagevirkende kraft under anvendelse af IAS 8, hvis det er muligt uden at efterrationalisere, eller
b)
med tilbagevirkende kraft, idet den samlede virkning af førstegangsanvendelsen af fortolkningsbidraget indregnes på tidspunktet for førstegangsanvendelsen. Hvis virksomheden vælger denne overgangsstrategi, skal den ikke tilpasse sammenligningstal. Virksomheden skal i stedet indregne den samlede virkning af førstegangsanvendelsen af dette fortolkningsbidrag som en regulering primo i overført resultat (eller et andet element af egenkapitalen, alt efter hvad der er hensigtsmæssigt). Tidspunktet for førstegangsanvendelsen er begyndelsen af det regnskabsår, hvor virksomheden for første gang anvender dette fortolkningsbidrag.
SIC-FORTOLKNINGSBIDRAG 7
Indførelse af euroen
HENVISNINGER
—
IAS 1 
Præsentation af årsregnskaber
 (ajourført i 2007)
—
IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
—
IAS 10 
Begivenheder efter regnskabsårets afslutning
—
IAS 21 
Valutaomregning
 (ajourført i 2003)
—
IAS 27 
Koncernregnskaber og separate årsregnskaber
 (ændret i 2008)
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 regnskabsårets afslutningkurs. 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, der er indregnet i anden totalindkomst, skal akkumuleres i egenkapitalen og udelukkende omklassificeres fra egenkapitalen til resultatet ved hel eller delvis 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 den 1. juni 1998. Ændringer i regnskabspraksis skal regnskabsmæssigt behandles i overensstemmelse med bestemmelserne i IAS 8.
IAS 1 (ajourført i 2007) ændrede den terminologi, der anvendes i IFRS-standarderne. Desuden medførte den ændring af afsnit 4. En virksomhed skal anvende disse ændringer på regnskabsår, som begynder den 1. januar 2009 eller derefter. Hvis en virksomhed anvender IAS 1 (ajourført 2007) på en tidligere regnskabsperiode, skal ændringerne anvendes på denne tidligere regnskabsperiode.
IAS 27 (ændret i 2008) medførte ændring af afsnit 4, litra b). Virksomheder skal anvende denne ændring på regnskabsår, som begynder den 1. juli 2009 eller derefter. Hvis en virksomhed anvender IAS 27 (ajourført 2008) på en tidligere regnskabsperiode, skal ændringen anvendes på denne tidligere regnskabsperiode.
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 den 1. august 1998. 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 1 
Præsentation af årsregnskaber
 (ajourført i 2007)
—
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 uden for resultatet. Konsekvensen for aktuelle og udskudte skatter af en ændring i den skattemæssige stilling skal medtages i årets resultat, medmindre disse konsekvenser vedrører transaktioner og begivenheder, som i det samme eller et andet regnskabsår medfører en direkte indregning i den indregnede egenkapital eller i beløb indregnet i anden totalindkomst. Skattemæssige konsekvenser, som vedrører ændringer i den indregnede egenkapital i det samme eller et andet regnskabsår (og som ikke medtages i årets resultat), skal indregnes direkte på egenkapitalen. Skattemæssige konsekvenser, som vedrører beløb, der er indregnet i anden totalindkomst, skal indregnes i anden totalindkomst.
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.
IAS 1 (ajourført i 2007) ændrede den terminologi, der anvendes i IFRS-standarderne. Desuden medførte den ændring af afsnit 4. Virksomheder skal anvende disse ændringer på regnskabsår, som begynder den 1. januar 2009 eller derefter. Hvis en virksomhed anvender IAS 1 (ajourført 2007) på en tidligere regnskabsperiode, skal ændringerne anvendes på denne tidligere regnskabsperiode.
SIC-FORTOLKNINGSBIDRAG 29
Koncessionsaftaler: Oplysninger
HENVISNINGER
—
IFRS 16 
Leasingkontrakter
—
IAS 1 
Præsentation af årsregnskaber
 (ajourført i 2007)
—
IAS 16 
Materielle anlægsaktiver
 (ajourført i 2003)
—
IAS 37 
Hensatte forpligtelser, eventualforpligtelser og eventualaktiver
—
IAS 38 
Immaterielle aktiver
 (ajourført i 2004)
—
IFRIC 12 
Koncessionsaftaler
PROBLEMSTILLING
1
En virksomhed (operatøren), 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 operatøren 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 operatøren:
c)
forpligter sig til i koncessionsperioden at levere tjenesteydelser i overensstemmelse med bestemte vilkår, 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 operatøren 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 operatørens og koncessionsgiverens 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, IFRS 16 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. Operatøren 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, og
e)
hvordan koncessionsaftalen er blevet klassificeret.
6A
En operatør skal oplyse omsætning og resultat, der er indregnet i regnskabsåret ved udveksling af anlægstjenester for et finansielt aktiv eller et immaterielt aktiv.
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 den 31. december 2001.
Virksomhederne skal anvende ændringen i afsnit 6, litra e), og 6A på regnskabsår, der begynder den 1. januar 2008 eller derefter. Hvis en virksomhed anvender IFRIC 12 på en tidligere regnskabsperiode, skal ændringen anvendes på denne tidligere regnskabsperiode.
IFRS 16, udstedt i januar 2016, medførte ændring af afsnit 5. Virksomheder skal anvende denne ændring ved anvendelse af IFRS 16.
SIC-FORTOLKNINGSBIDRAG 32
Immaterielt aktiv — Omkostninger ved udvikling af websider
HENVISNINGER
—
IFRS 3 
Virksomhedssammenslutninger
—
IFRS 15 
Omsætning fra kontrakter med kunder
—
IFRS 16 
Leasingkontrakter
—
IAS 1 
Præsentation af årsregnskaber
 (ajourført i 2007)
—
IAS 2 
Varebeholdninger
 (ajourført i 2003)
—
IAS 16 
Materielle anlægsaktiver
 (ajourført i 2003)
—
IAS 36 
Værdiforringelse af aktiver
 (ajourført i 2004)
—
IAS 38 
Immaterielle aktiver
 (ajourført i 2004)
PROBLEMSTILLING
1
En virksomhed kan afholde interne omkostninger ved udviklingen og driften af en webside til interne eller eksterne brugere. En webside, som er udviklet til eksterne brugere, kan have forskellige formål så som at fremme og markedsføre virksomhedens egne 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 internetforbindelser) 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, afsnit 88 og 
Begrebsrammen for årsregnskaber
, når tjenesteydelserne 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 IFRS 15) eller leasingkontrakter vedrørende immaterielle aktiver, som regnskabsmæssigt behandles i overensstemmelse med IFRS 16. Dette fortolkningsbidrag finder derfor ikke anvendelse på omkostninger ved udviklingen eller driften af websider (eller webside-software), som besiddes med henblik på videresalg til en anden virksomhed, eller som regnskabsmæssigt behandles i overensstemmelse med IFRS 16.
KONSENSUS
7
En virksomheds webside, som er udviklet af virksomheden og anvendes af interne eller eksterne brugere, er et internt oparbejdet immaterielt aktiv, der er underlagt bestemmelserne i IAS 38.
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, afsnit 21, om indregning og første måling opfylder bestemmelserne i IAS 38, afsnit 57. Især kan virksomheden opfylde kravet i IAS 38, afsnit 57, litra d), om dokumentation af, at websiden vil kunne frembringe sandsynlige fremtidige økonomiske fordele, hvis websiden eksempelvis frembringer omsætning, herunder direkte omsætning som følge af muligheden for ordreafgivelse via websiden. Virksomheden kan ikke dokumentere, at en webside, som udelukkende eller hovedsagelig er udviklet til at fremme og markedsføre virksomhedens egne 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 (eksemplet til dette fortolkningsbidrag indeholder yderligere vejledning). For eksempel:
a)
planlægningsfasen er af samme art som forskningsfasen i IAS 38, afsnit 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, afsnit 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 produktion af indhold (bortset fra indhold med henblik på at fremme og markedsføre virksomhedens egne 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, afsnit 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, afsnit 69, litra c), når de afholdes, forudsat at indholdet udvikles for at fremme og markedsføre virksomhedens egne 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 egne 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, afsnit 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, afsnit 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 dens 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, når dette fortolkningsbidrag træder i kraft. Når en webside allerede eksisterer, og omkostningerne ved dens 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 været korrekt opgjort.
IAS 1 (ajourført i 2007) ændrede den terminologi, der anvendes i IFRS-standarderne. Desuden medførte den ændring af afsnit 5. Virksomheder skal anvende disse ændringer på regnskabsår, som begynder den 1. januar 2009 eller derefter. Hvis en virksomhed anvender IAS 1 (ajourført 2007) på en tidligere regnskabsperiode, skal ændringerne anvendes på denne tidligere regnskabsperiode.
IFRS 15 
Omsætning fra kontrakter med kunder
, udstedt i maj 2014, medførte ændring af afsnittet med henvisninger og afsnit 6. Virksomheder skal anvende denne ændring ved anvendelse af IFRS 15.
IFRS 16, udstedt i januar 2016, medførte ændring af afsnit 6. Virksomheder skal anvende denne ændring ved anvendelse af IFRS 16.
Ændringer af henvisningerne til begrebsrammen i IFRS-standarderne
, udstedt i 2018, medførte ændring af afsnit 5. Virksomheder skal anvende denne ændring for regnskabsår, som begynder den 1. januar 2020 eller derefter. Tidligere anvendelse er tilladt, hvis en virksomhed samtidigt også anvender alle andre ændringer, der foretages ved 
Ændringerne af henvisningerne til begrebsrammen i IFRS-standarderne
. En virksomhed skal anvende ændringen til SIC-32 med tilbagevirkende kraft i overensstemmelse med IAS 8 
Anvendt regnskabspraksis, ændringer i regnskabsmæssige skøn og fejl
. Hvis en virksomhed imidlertid fastslår, at anvendelse med tilbagevirkende kraft ville være praktisk umuligt eller ville indebære en urimelig udgift eller indsats, skal den anvende ændringen til SIC 32 ved at henvise til afsnit 23-28, 50-53 og 54F i IAS 8.
(
1
)
  Definitionen af IFRS-standarderne blev ændret efter de navneændringer, der blev indført ved de reviderede vedtægter for IFRS Foundation i 2010.
(
2
)
  I september 2007 ændrede IASB den engelske titel på IAS 7 fra 
Cash Flow Statements (Opgørelser over pengestrømme.)
 til 
Statement of Cash Flows (Pengestrømsopgørelsen)
 som følge af revisionen af IAS 1 
Præsentation af årsregnskaber
 i 2007.
(
3
)
  Definitionen af IFRS-standarderne blev ændret efter de navneændringer, der blev indført ved de reviderede 
Vedtægter for IFRS Foundation
 i 2010.
(
4
)
  Afsnit 54G redegør for, hvordan dette krav ændres i forbindelse med lovpligtige kontosaldi.
(
5
)
  Der henvises til IASC's 
Begrebsramme for udarbejdelse og præsentation af årsregnskaber
, der er vedtaget af bestyrelsen i 2001.
[Redaktionel note: Et uddrag af IASC's 
Begrebsramme for udarbejdelse og præsentation af årsregnskaber
, vedtaget af bestyrelsen i 2001, findes i IAS 8 på siden med "Supporting Implementation" på webstedet for IFRS Foundation, under "Supporting Implementation by IFRS Standard".]
(
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 at der anvendes 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.
(
6
)
  Afsnit 91 henviser til "årsregnskaber" (annual financial statements) i tråd med mere specifik sprogbrug for ikrafttrædelsestidspunkter, der blev vedtaget i 1998. Afsnit 89 henviser til årsregnskaber ("financial statements").
(
7
)
  En anvendelig forsikringspolice er ikke nødvendigvis en forsikringskontrakt som defineret i IFRS 17 
Forsikringskontrakter
.
(
8
)
  I denne standard angives pengebeløb i valutaenheder (currency units (CU)).
(
9
)
  I forbindelse med 
Forbedringer af IFRS-standarder
, der blev udstedt i maj 2008, bragte bestyrelsen terminologien i denne standard i overensstemmelse med de øvrige IFRS-standarder som følger:
a)
"den skattepligtige indkomst" blev ændret til "det skattepligtige overskud eller skattemæssige underskud"
b)
"indregnes som indtægt/omkostning" blev ændret til "indregnes i resultatet"
c)
"indregnes direkte på egenkapitalen" blev ændret til "indregnes uden for resultatet", og
d)
"regulering af et regnskabsmæssigt skøn" blev ændret til "ændring i et regnskabsmæssigt skøn".
(
10
)
  Jf. også SIC-10 
Offentlig støtte — Ingen konkret forbindelse til driftsaktiviteter
.
(
11
)
  Jf. også SIC-7 
Indførelse af euroen.
(
12
)
  I IAS 37 
Hensatte forpligtelser, eventualforpligtelser og eventualaktiver
 defineres en kontrakt til senere opfyldelse som en kontrakt, under hvilken ingen af parterne har opfyldt deres forpligtelser, eller begge parter delvist og i samme omfang har opfyldt deres forpligtelser.
(
13
)
  I forbindelse med 
Forbedringer af IFRS-standarder
, der blev udstedt i maj 2008, bragte bestyrelsen terminologien i IAS 29 i overensstemmelse med de øvrige IFRS-standarder som følger: a) "markedsværdi" blev ændret til "dagsværdi", og b) "driftsresultat" og "nettoindtægter" blev ændret til "resultat".
(
14
)
  I denne standard angives pengebeløb i valutaenheder ("currency units" (CU)).
(
15
)
  IASB overførte i august 2005 alle bestemmelser om oplysning om finansielle instrumenter til IFRS 7 
Finansielle instrumenter
: 
Oplysninger
.
(
16
)
  I denne vejledning angives pengebeløb i valutaenheder ("currency units" (CU)).
(
17
)
  Dette gælder for de fleste, men ikke alle afledte finansielle instrumenter. I visse kombinerede valuta- og renteswaps udveksles hovedstolen eksempelvis ved stiftelsen (og udveksles igen ved udløb).
(
18
)
  I denne vejledning angives pengebeløb i valutaenheder ("currency units" (CU)).
(
19
)
  IASC (International Accounting Standards Committee) er blevet erstattet af IASB (International Accounting Standards Board), som påbegyndte sit arbejde i 2001.
(
20
)
  Dette afsnit blev ændret ved 
Forbedringer af IFRS-standarder
, udstedt i maj 2008, med henblik på at klarlægge anvendelsesområdet for IAS 34.
(
21
)
  Når der er tale om et immaterielt aktiv, benyttes almindeligvis udtrykket "amortisering" i stedet for "afskrivning". De to udtryk har samme betydning.
(
22
)
  Når et aktiv opfylder kriterierne for klassificering som besiddelse med henblik på salg (eller bliver medtaget i en afståelsesgruppe, der klassificeres som besiddelse med henblik på salg), 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
.
(
3
)
  I denne standard angives pengebeløb i valutaenheder ("currency units" (CU)).
(
23
)
  Definitionen af en forpligtelse i denne standard blev ikke revideret efter revisionen af definitionen af en forpligtelse i 
Begrebsrammen for årsregnskaber
, der blev udstedt i 2018.
(
24
)
  Fortolkningen af "sandsynligt" i denne standard som "sandsynligheden for, at begivenheden vil indtræffe, er større end sandsynligheden for, at den ikke vil opstå" finder ikke nødvendigvis anvendelse i andre standarder.
(
25
)
  Definitionen af et aktiv i denne standard blev ikke revideret efter revisionen af definitionen af et aktiv i 
Begrebsrammen for årsregnskaber
, der blev udstedt i 2018.
(
4
)
  I denne standard er monetære beløb angivet i "valutaenheder" (CU)".
(
26
)
  Rapporten "Reforming Major Interest Rate Benchmarks" findes på http://www.fsb.org/wp-content/uploads/r_140722.pdf.
(
27
)
  Der gælder samme væsentlighedsprincip i denne forbindelse som det, der finder anvendelse i IFRS-standarderne.
(
28
)
  Jf. afsnit 77 og AG94.
(
29
)
  Jf. afsnit 75.
(
30
)
  Der gælder samme væsentlighedsprincip i denne forbindelse som det, der finder anvendelse i IFRS-standarderne.
(
31
)
  Definitionen af IFRS-standarderne blev ændret efter de navneændringer, der blev indført ved de reviderede vedtægter for IFRS Foundation i 2010.
(
32
)
  Sådanne ændringer omfatter omklassificeringer fra eller til immaterielle aktiver, hvis goodwill ikke blev indregnet som et aktiv i henhold til de tidligere almindeligt anerkendte regnskabsprincipper. Dette opstår, hvis virksomheden i overensstemmelse med de tidligere regnskabsprincipper a) fratrak goodwill direkte fra egenkapitalen eller b) ikke behandlede virksomhedssammenslutningen som en overtagelse.
(
33
)
  Titlen på IAS 32 blev ændret i 2005.
(
34
)
  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.
(
35
)
  Alle henvisninger til ansatte i resten af denne IFRS omfatter også andre, der leverer tilsvarende tjenesteydelser.
(
36
)
  Alle henvisninger til kontanter i afsnit 35-43 omfatter også andre aktiver i virksomheden.
(
37
)
  The 
Begrebsrammen for årsregnskaber
, der er udstedt i 2018, definerer en forpligtelse som en aktuel forpligtelse for virksomheden til at overføre en økonomisk ressource som følge af tidligere begivenheder.
(
38
)
  I dette appendiks angives pengebeløb i valutaenheder ("currency units" (CU)).
(
39
)
  En "koncern" defineres i appendiks A i IFRS 10 
Koncernregnskaber
 som "en modervirksomhed og alle dens dattervirksomheder" set i forhold til den regnskabsaflæggende virksomheds øverste modervirksomhed.
(
40
)
  I afsnit B56–B62 henviser udtrykket "tildeling af aktiebaseret vederlæggelse" til optjente eller ikke-optjente tildelinger af aktiebaserede betalingstransaktioner.
(
41
)
  For så vidt angår aktiver, der er klassificeret efter likviditet, er anlægsaktiver aktiver, som omfatter beløb, der forventes genindvundet mere end 12 måneder efter regnskabsårets afslutning. Afsnit 3 finder anvendelse på klassifikationen af sådanne aktiver.
(
42
)
  Men når pengestrømme fra et aktiv eller en gruppe af aktiver forventes hovedsageligt at stamme fra salg snarere end fortsat anvendelse, bliver de mindre afhængige af pengestrømme fra andre aktiver, og en afståelsesgruppe, som var en del af en pengestrømsfrembringende enhed, bliver til en separat pengestrømsfrembringende enhed.
(
43
)
  Bortset fra afsnit 18 og 19, der kræver, at de pågældende aktiver måles i overensstemmelse med andre relevante standarder.
(
44
)
  Udlodningsomkostninger er omkostninger direkte knyttet til udlodningen, eksklusive finansieringsomkostninger og skatteomkostninger.
(
45
)
  Hvis anlægsaktivet er en del af en pengestrømsfrembringende enhed, er dets genindvindingsværdi den regnskabsmæssige værdi, der ville være blevet indregnet efter allokering af enhver værdiforringelse i forbindelse med den pågældende pengestrømsfrembringende enhed i overensstemmelse med IAS 36.
(
46
)
  Medmindre aktivet er et materielt anlægsaktiv eller et immaterielt aktiv, som er blevet omvurderet i overensstemmelse med IAS 16 eller IAS 38 inden klassificeringen som besiddelse med henblik på salg, i hvilket tilfælde reguleringen skal behandles som en stigning eller et fald som følge af omvurdering.
(
47
)
  Afsnit 44G blev tilføjet som en følge af 
Begrænset undtagelse fra kravet i IFRS 7 om førstegangsanvenderes præsentation af sammenligningstal
 (ændring til IFRS 1), der blev udstedt i januar 2010. IASB ændrede afsnit 44G for at tydeliggøre sine konklusioner og den planlagte overgang for 
Forbedring af oplysninger om finansielle instrumenter
 (ændringer til IFRS 7).
(
48
)
  For så vidt angår aktiver, der er klassificeret efter likviditet, er anlægsaktiver aktiver, som omfatter beløb, der forventes genindvundet mere end 12 måneder efter regnskabsårets afslutning.
(
49
)
  For så vidt angår aktiver, der er klassificeret efter likviditet, er anlægsaktiver aktiver, som omfatter beløb, der forventes genindvundet mere end 12 måneder efter regnskabsårets afslutning.
(
50
)
  I overensstemmelse med afsnit 7.2.21 kan en virksomhed i sin regnskabspraksis vælge at anvende kravene til regnskabsmæssig sikring i IAS 39 i stedet for kravene i denne standards kapitel 6. Hvis en virksomhed har valgt dette, er henvisningerne i denne standard til bestemte krav til regnskabsmæssig sikring i kapitel 6 ikke relevante. I stedet anvender virksomheden de relevante krav til regnskabsmæssig sikring i IAS 39.
(
51
)
  Rapporten "Reforming Major Interest Rate Benchmarks" findes på http://www.fsb.org/wp-content/uploads/r_140722.pdf.
(
52
)
  Dette udtryk (som defineret i IFRS 7) bruges i kravene til at beskrive virkningen af ændringer i kreditrisikoen på forpligtelser, der indregnes til dagsværdi gennem resultatet (jf. afsnit 5.7.7).
(
53
)
  IFRS 3 tager stilling til erhvervelse af kontrakter med indbyggede afledte finansielle instrumenter i en virksomhedssammenslutning.
(
54
)
  I denne standard er monetære beløb angivet i "valutaenheder" (CU) og "udenlandske valutaenheder" (FC).
(
55
)
  I afsnit C7 i IFRS 10 
Koncernregnskaber
 fastlægges følgende: "Hvis en virksomhed anvender denne standard, men endnu ikke anvender IFRS 9, læses enhver henvisning i denne standard til IFRS 9 som en henvisning til IAS 39 
Finansielle instrumenter
: 
Indregning og måling
."
(
56
)
  Hvis en virksomhed anvender disse ændringer, men endnu ikke anvender IFRS 9, læses henvisninger til IFRS 9 i disse ændringer som henvisninger til IAS 39 
Finansielle instrumenter: Indregning og måling
(
57
)
  I denne IFRS angives pengebeløb i "valutaenheder" (CU).
(
58
)
  CU betegner valutaenhed.
(
59
)
  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 denne standard på det pågældende tidligere regnskabsår.
(
60
)
  I august 2005 blev IAS 32 ændret til IAS 32 
Finansielle instrumenter: Præsentation
. I februar 2008 ændrede IASB IAS 32 ved at kræve, at instrumenter klassificeres som egenkapital, hvis disse instrumenter har alle de kendetegn og opfylder de betingelser, der er anført i afsnit 16A og 16B eller i afsnit 16C og 16D i IAS 32.
(
61
)
  Konstateringen af hyperinflation baseres på virksomhedens vurdering af kriterierne i afsnit 3 i IAS 29.
(
62
)
  Der henvises til IASC's 
Begrebsramme for udarbejdelse og præsentation af årsregnskaber
, der blev vedtaget af bestyrelsen i 2001, og som trådte i kraft efter udarbejdelsen af fortolkningsbidraget.
(
63
)
  Titlen på SIC-29, var tidligere
Oplysninger—Koncessionsaftaler
, blev ændret ved IFRIC 12.
(
64
)
  Dette vil gælde koncernregnskaber, årsregnskaber, hvor investeringer, som f.eks. associerede virksomheder eller joint ventures, behandles regnskabsmæssigt ved anvendelse af den indre værdis metode, og årsregnskaber, der omfatter en filial eller et driftsfællesskab, som fastlagt i IFRS 11 
Fælles ordninger
.
(
65
)
  Den direkte metode er den konsolideringsmetode, hvor den udenlandske virksomheds årsregnskab omregnes direkte til den øverste modervirksomheds funktionelle valuta. Den trinvise metode er den konsolideringsmetode, hvor den udenlandske virksomheds årsregnskab først omregnes til en eller flere eventuelle mellemliggende modervirksomheders funktionelle valuta og derefter til den øverste modervirksomheds funktionelle valuta (eller præsentationsvaluta, hvis den er en anden).
(
66
)
  I IAS 1, afsnit 7, defineres ejere som indehavere af instrumenter, der klassificeres som egenkapital.
(
67
)
  Der henvises til IASC's 
Begrebsramme for udarbejdelse og præsentation af årsregnskaber
, der blev vedtaget af bestyrelsen i 2001, og som trådte i kraft efter udarbejdelsen af fortolkningsbidraget.
(
68
)
  Der henvises til 
Begrebsrammen for årsregnskaber
, der er udstedt i 2010, og som trådte i kraft efter udarbejdelsen af fortolkningsbidraget.
(
69
)
  Der henvises til 
Begrebsrammen for årsregnskaber
, der er udstedt i 2010, og som trådte i kraft efter udarbejdelsen af fortolkningsbidraget.
(
70
)
  I henhold til afsnit 106 i IFRS 15 
Omsætning fra kontrakter med kunder
 skal en virksomhed eksempelvis, hvis en kunde betaler vederlag eller en virksomhed har et ubetinget krav på vederlag (dvs. et tilgodehavende), før virksomheden overdrager en vare eller en tjenesteydelse til kunden, præsentere kontrakten som en kontraktlig forpligtelse, når betalingen er foretaget eller forfalden (alt efter hvad der indtræder først).

Summary:
Internationale regnskabsstandarder (IFRS) vedtaget af Den Europæiske Union
RESUMÉ AF:
Forordning (EU) 2023/1803 om vedtagelse af visse internationale regnskabsstandarder i overensstemmelse med forordning (EF) 
nr. 1606/2002
HVAD ER FORMÅLET MED FORORDNINGEN?
Den fastsætter alle de internationale regnskabsstandarder og dertil knyttede fortolkninger udstedt af International Accounting Standards Board, som 
Europa-Kommissionen
 havde vedtaget pr. 
8. september 2022
.
HOVEDPUNKTER
Børsnoterede selskaber i EU skal udarbejde deres koncernregnskaber for hvert regnskabsår i overensstemmelse med internationale regnskabsstandarder (artikel 4 i forordning (EF) 
nr. 
1606/2002
) (se 
resumé
).
Forordningen
:
konsoliderer i bilaget de 60 internationale regnskabsstandarder og dertil knyttede fortolkninger, som EU havde vedtaget til og med den 
8. september 2022
ophæver forordning (EF) 
nr. 
1126/2008
 med virkning fra den 
16. oktober 2023
.
HVORNÅR GÆLDER FORORDNINGEN FRA?
Den trådte i kraft den 
16. oktober 2023
.
BAGGRUND
For yderligere oplysninger henvises til:
Regnskabsaflæggelse
 (Europa-Kommissionen).
HOVEDDOKUMENT
Kommissionens forordning (EU) 
2023/1803
 af 
13. september 2023
 om vedtagelse af visse internationale regnskabsstandarder i overensstemmelse med Europa-Parlamentets og Rådets forordning (EF) 
nr. 1606/2002
 (EUT L 237 af 
26.9.2023
, 
s. 1-992
).
Efterfølgende ændringer til forordning (EU) 2023/1803 er blevet 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 (EUT L 243 af 
11.9.2002
, 
s. 1-4
).
Se den 
konsoliderede udgave
.
Kommissionens forordning (EU) 
2023/2468
 af 
8. november 2023
 om ændring af forordning (EU) 2023/1803 for så vidt angår IAS 12 (EUT L, 2023/2468, 
9.11.2023
).
Kommissionens forordning (EU) 
2023/2579
 af 
20. november 2023
 om ændring af forordning (EU) 2023/1803 for så vidt angår IAS 16 (EUT L, 2023/2579, 
21.11.2023
).
Kommissionens forordning (EU) 
2023/2822
 af 
19. december 2023
 om ændring af forordning (EU) 2023/1803 for så vidt angår IAS 1 (EUT L, 2023/2822 af 
20.12.2023
).
seneste ajourføring 
15.12.2023