Document ID: chunk:federal_register_of_legislation:F2023C00399:body:0:p5
Version: federal_register_of_legislation:F2023C00399
Segment Type: other
Provision Reference: 
Character Range: 11521–14517

Aus1.6 [Repealed]

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 AASB 10 Consolidated Financial Statements, AASB 127 Separate Financial Statements or AASB 128 Investments in Associates and Joint Ventures. However, in some cases, AASB 10, AASB 127 or AASB 128 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 AASB 132 Financial Instruments: Presentation.
(b) rights and obligations under leases to which AASB 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 AASB 119 Employee Benefits applies.
(d) financial instruments issued by the entity that meet the definition of an equity instrument in AASB 132 (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 AASB 132. 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 AASB 17 Insurance Contracts, or an investment contract with discretionary participation features within the scope of AASB 17. However, this Standard applies to:
               (i)                     derivatives that are embedded in contracts within the scope of AASB 17, if the derivatives are not themselves contracts within the scope of AASB 17.
               (ii) investment components that are separated from contracts within the scope of AASB 17, if AASB 17 requires such separation, unless the separated investment component is an investment contract with discretionary participation features within the scope of AASB 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