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Thread: 32 Accounting Standard AS 32 – Financial Instruments: Disclosures AS 32

  1. #11
    AAS
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    Default Compound financial instruments with multiple embedded derivatives of Accounting Standard (AS) 32 Financial Instruments Disclosures

    Compound financial instruments with multiple embedded derivatives of Accounting Standard (AS) 32 Financial Instruments Disclosures


    17. If an entity has issued an instrument that contains both a liability and an equity component (see paragraph 58 of AS 31) and the instrument has multiple embedded derivatives whose values are interdependent (such as a callable convertible debt instrument), it should disclose the existence of those features.

  2. #12
    AAS
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    Default Defaults and breaches of Accounting Standard (AS) 32 Financial Instruments Disclosures

    Defaults and breaches of Accounting Standard (AS) 32 Financial Instruments Disclosures


    18. For loans payable recognised at the reporting date, an entity should disclose:


    (a) details of any defaults during the period of principal, interest, sinking fund, or redemption terms of those loans payable;

    (b) the carrying amount of the loans payable in default at the reporting date; and

    (c) whether the default was remedied, or the terms of the loans payable were renegotiated, before the financial statements were authorised for issue.


    19. If, during the period, there were breaches of loan agreement terms other than those described in paragraph 18, an entity should disclose the same information as required by paragraph 18 if those breaches permitted the lender to demand accelerated repayment (unless the breaches were remedied, or the terms of the loan were renegotiated, on or before the reporting date).

  3. #13
    AAS
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    Default Statement of profit and loss and equity Items of income, expense, gains or losses

    Statement of profit and loss and equity Items of income, expense, gains or losses


    20. An entity should disclose the following items of income, expense, gains or losses either on the face of the financial statements or in the notes:

    (a) net gains or net losses on:

    (i) financial assets or financial liabilities at fair value through profit or loss, showing separately those on financial assets or financial liabilities designated as such upon initial recognition, and those on financial assets or financial liabilities that are classified as held for trading in accordance with AS 30;


    (ii) available-for-sale financial assets, showing separately the amount of gain or loss recognised directly in equity during the period and the amount removed from equity and recognised in the statement of profit and loss for the period;


    (iii) held-to-maturity investments;

    (iv) loans and receivables; and

    (v) financial liabilities measured at amortised cost.

    (b) total interest income and total interest expense (calculated using the effective interest method) for financial assets or financial liabilities that are not at fair value through profit or loss;

    (c) fee income and expense (other than amounts included in determining the effective interest rate) arising from:

    (i) financial assets or financial liabilities that are not at fair value through profit or loss; and

    (ii) trust and other fiduciary activities that result in the holding or investing of assets on behalf of individuals, trusts, retirement benefit plans, and other institutions;


    (d) interest income on impaired financial assets accrued in accordance with paragraph A113 of AS 30; and

    (e) the amount of any impairment loss for each class of financial asset.

  4. #14
    AAS
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    Default Other disclosures of Accounting policies Accounting Standard (AS 32) – Financial Instruments: Disclosures

    Other disclosures of Accounting policies


    21. In accordance with AS 1, Presentation of Financial Statements7, an entity discloses, in the summary of significant accounting policies, the measurement basis (or bases) used in preparing the financial statements and the other accounting policies used that are relevant to an understanding of the financial statements.


    Hedge accounting

    22. An entity should disclose the following separately for each type of hedge described in AS 30 (i.e. fair value hedges, cash flow hedges, and hedges of net investments in foreign operations):

    (a) a description of each type of hedge;

    (b) a description of the financial instruments designated as hedging instruments and their fair values at the reporting date; and

    (c) the nature of the risks being hedged.


    23. For cash flow hedges, an entity should disclose:

    (a) the periods when the cash flows are expected to occur and when they are expected to affect profit or loss;

    (b) a description of any forecast transaction for which hedge accounting had previously been used, but which is no longer expected to occur;

    (c) the amount that was recognised in the appropriate equity account (Hedging Reserve Account) during the period;

    (d) the amount that was removed from the appropriate equity account (Hedging Reserve Account) and included in the statement of profit and loss for the period, showing the amount included in each line item in the statement; and

    (e) the amount that was removed from appropriate equity account (Hedging Reserve Account) during the period and included in the initial cost or other carrying amount of a non-financial asset or non-financial liability whose acquisition or incurrence was a hedged highly probable forecast transaction.

    24. An entity should disclose separately:

    (a) in fair value hedges, gains or losses:
    (i) on the hedging instrument; and
    (ii) on the hedged item attributable to the hedged risk.

    (b) the ineffectiveness recognised in the statement of profit and loss that arises from cash flow hedges; and

    (c) the ineffectiveness recognised in the statement of profit and loss that arises from hedges of net investments in foreign operations.

    Fair value

    25. Except as set out in paragraph 29, for each class of financial assets and financial liabilities (see paragraph 6), an entity should 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 should group financial assets and financial liabilities into classes, but should offset them only to the extent that their carrying amounts are offset in the balance sheet.

    27. An entity should disclose:

    (a) the methods and, when a valuation technique is used, the assumptions applied in determining fair values of each class of financial assets or financial liabilities. For example, if applicable, an entity discloses information about the assumptions relating to prepayment rates, rates of estimated credit losses, and interest rates or discount rates.


    (b) whether fair values are determined, in whole or in part, directly by reference to published price quotations in an active market or are estimated using a valuation technique (see paragraphs A90 –A99 of AS 30).


    (c) whether the fair values recognised or disclosed in the financial statements are determined in whole or in part using a valuation technique based on assumptions that are not supported by prices from observable current market transactions in the same instrument (i.e. without modification or repackaging) and not based on available observable market data. For fair values that are
    recognised in the financial statements, if changing one or more of those assumptions to reasonably possible alternative assumptions would change fair value significantly, the entity should state this fact and disclose the effect of those changes. For this purpose, significance should be judged with respect to profit or loss, and total assets or total liabilities, or, when changes in fair value are recognised in equity, total equity.


    (d) if (c) applies, the total amount of the change in fair value estimated using such a valuation technique that was recognised in the statement of profit and loss during the period.


    28. If the market for a financial instrument is not active, an entity establishes its fair value using a valuation technique (see paragraphs A93-A99 of AS 30). Nevertheless, the best evidence of fair value at initial recognition is the transaction price (i.e. the fair value of the consideration given or received), unless conditions described in paragraph A95 of AS 30 are met. It follows that there could be a difference between the fair value at initial recognition and the amount that would be determined at that date using the valuation technique. If such a difference exists, an entity should disclose, by class of financial instrument:


    (a) its accounting policy for recognising that difference in the statement of profit and loss to reflect a change in factors (including time) that market participants would consider in setting a price (see paragraph A96 of AS 30); and


    (b) the aggregate difference yet to be recognised in the statement of profit and loss at the beginning and end of the period and a reconciliation of changes in the balance of this difference.

    29. Disclosures of fair value are not required:

    (a) when the carrying amount is a reasonable approximation of fair value, for example, for financial instruments such as short-term trade receivables and payables;


    (b) for an investment in equity instruments that do not have a quoted market price in an active market, or derivatives linked to such equity instruments, that is measured at cost in accordance with AS 30 because its fair value cannot be measured reliably; or


    (c) for a contract containing a discretionary participation feature (as described in the Accounting Standard on Insurance Contracts8) if the fair value of that feature cannot be measured reliably.


    30. In the cases described in paragraph 29(b) and (c), an entity should disclose information to help users of the financial statements make their own judgments about the extent of possible differences between the carrying amount of those financial assets or financial liabilities and their fair value, including:


    (a) the fact that fair value information has not been disclosed for these instruments because their fair value cannot be measured reliably;

    (b) a description of the financial instruments, their carrying amount, and an explanation of why fair value cannot be measured reliably;

    (c) information about the market for the instruments;

    (d) information about whether and how the entity intends to dispose of the financial instruments; and

    (e) if financial instruments whose fair value previously could not be reliably measured are derecognised, that fact, their carrying amount at the time of derecognition, and the amount of gain or loss recognised.

  5. #15
    AAS
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    Default Nature and extent of risks arising from financial instruments

    Nature and extent of risks arising from financial instruments


    31. An entity should disclose information that enables users of its financial statements to evaluate the nature and extent of risks arising from financial instruments to which the entity is exposed at the reporting date.

    32. The disclosures required by paragraphs 33–42 focus on the risks that arise from financial instruments and how they have been managed. These risks typically include, but are not limited to, credit risk, liquidity risk and market risk.

  6. #16
    AAS
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    Default Qualitative disclosures Accounting Standard (AS 32) – Financial Instruments: Disclosures

    Qualitative disclosures Accounting Standard (AS 32) – Financial Instruments: Disclosures


    33. For each type of risk arising from financial instruments, an entity should 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.

  7. #17
    Accounting Standards
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    Default Quantitative disclosures Accounting Standard (AS 32) – Financial Instruments: Disclosures

    Quantitative disclosures Accounting Standard (AS 32) – Financial Instruments: Disclosures


    34. For each type of risk arising from financial instruments, an entity should disclose:

    (a) summary quantitative data about its exposure to that risk at the reporting date. This disclosure should be based on the information provided internally to key management personnel of the entity (as defined in AS 18 Related Party Disclosures), for example the entity’s board of directors or chief executive officer.


    (b) the disclosures required by paragraphs 36–42, to the extent not provided in

    (a), unless the risk is not material (see AS 1 (Revised)9 for a discussion of materiality).

    (c) Concentrations of risk if not apparent from (a) and (b).


    35. If the quantitative data disclosed as at the reporting date are unrepresentative of an entity’s exposure to risk during the period, an entity should provide further information that is representative.

  8. #18
    Accounting Standards
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    Default Credit risk Accounting Standard (AS 32) – Financial Instruments: Disclosures

    Credit risk Accounting Standard (AS 32) – Financial Instruments: Disclosures


    36. An entity should disclose by class of financial instrument:

    (a) the amount that best represents its maximum exposure to credit risk at the reporting date without taking account of any collateral held or other credit enhancements (eg netting agreements that do not qualify for offset in accordance with AS 31);


    (b) in respect of the amount disclosed in (a), a description of collateral held as security and other credit enhancement;

    (c) information about the credit quality of financial assets that are neither past due nor impaired; and

    (d) the carrying amount of financial assets that would otherwise be past due or impaired whose terms have been renegotiated.


    Financial assets that are either past due or impaired


    37. An entity should disclose by class of financial asset:

    (a) an analysis of the age of financial assets that are past due as at the reporting date but not impaired;

    (b) an analysis of financial assets that are individually determined to be impaired as at the reporting date, including the factors the entity considered in determining that they are impaired; and

    (c) for the amounts disclosed in (a) and (b), a description of collateral held by the entity as security and other credit enhancements and, unless impracticable, an estimate of their fair value.


    Collateral and other credit enhancements obtained


    38. When an entity obtains financial or non-financial assets during the period by taking possession of collateral it holds as security or calling on other credit enhancements (eg guarantees), and such assets meet the recognition criteria in other Standards, an entity should disclose:

    (a) the nature and carrying amount of the assets obtained; and

    (b) when the assets are not readily convertible into cash, its policies for disposing of such assets or for using them in its operations.

    Liquidity risk


    39. An entity should disclose:

    (a) a maturity analysis for financial liabilities that shows the remaining contractual maturities; and

    (b) a description of how it manages the liquidity risk inherent in (a).

    Market risk

    Sensitivity analysis

    40. Unless an entity complies with paragraph 41, it should disclose:

    (a) a sensitivity analysis for each type of market risk to which the entity is exposed at the reporting date, showing how profit or loss and equity would have been affected by changes in the relevant risk variable that were reasonably possible at that date;


    (b) the methods and assumptions used in preparing the sensitivity analysis; and

    (c) changes from the previous period in the methods and assumptions used, and the reasons for such changes.


    41. If an entity prepares a sensitivity analysis, such as value-at-risk, that reflects interdependencies between risk variables (eg 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 should also disclose:

    (a) an explanation of the method used in preparing such a sensitivity analysis, and of the main parameters and assumptions underlying the data provided; and

    (b) an explanation of the objective of the method used and of limitations that may result in the information not fully reflecting the fair value of the assets and liabilities involved.


    Other market risk disclosures


    42. When the sensitivity analyses disclosed in accordance with paragraph 40 or 41 are unrepresentative of a risk inherent in a financial instrument (for example because the year-end exposure does not reflect the exposure during the year), the entity should disclose that fact and the reason it believes the sensitivity analyses are unrepresentative.

  9. #19
    Accounting Standards
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    Default Appendix A of Defined terms Accounting Standard (AS 32) – Financial Instruments: Disclosures

    Appendix A of Defined terms Accounting Standard (AS 32) – Financial Instruments: Disclosures



    This appendix is an integral part of AS 32, Financial Instruments: Disclosures.

    credit risk

    The risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation.

    currency risk

    The risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates.

    interest rate risk


    The risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates.


    liquidity risk

    The risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities.

    loans payable


    Loans payable are financial liabilities, other than short-term trade payables on normal credit terms.

    market risk

    The risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: currency risk, interest rate risk and other price risk.


    other price risk

    The risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices (other than those arising from interest rate risk or currency risk), whether those changes are caused by factors specific to the individual financial instrument or its issuer, or factors affecting all similar financial instruments traded in the market.

    past due

    A financial asset is past due when a counterparty has failed to make a payment when contractually due.

    The following terms are defined in paragraph 8 of AS 30, Financial Instruments:

    Recognition and Measurement, or paragraph 7 of AS 31, Financial Instruments:

    Presentation, and are used in this Standard with the meaning specified in AS 30 and AS 31.


     amortised cost of a financial asset or financial liability
     available-for-sale financial assets
     derecognition
     derivative
     effective interest method
     equity instrument
     fair value
     financial asset
     financial instrument
     financial liability
     financial asset or financial liability at fair value through profit or loss
     financial guarantee contract
     financial asset or financial liability held for trading
     forecast transaction
     hedging instrument
     held-to-maturity investments
     loans and receivables
     regular way purchase or sale

  10. #20
    Accounting Standards
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    Default Appendix B of Accounting Standard (AS 32) – Financial Instruments: Disclosures

    Appendix B

    Application guidance

    This appendix is an integral part of AS 32, Financial Instruments: Disclosures 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 AS 30 (which determine how financial instruments are measured and where changes in fair value are recognised).


    B2 In determining classes of financial instrument, an entity should, 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 AS.


    B3 An entity decides, in the light of its circumstances, how much detail it provides to satisfy the requirements of this AS, 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 should not obscure important information by including it among a large amount of insignificant detail. Similarly, an entity should not disclose information that is so aggregated that it obscures important differences between individual transactions or associated risks.


    Significance of financial instruments for financial position and performance


    Financial liabilities at fair value through profit or loss (paragraphs 10 and 11)

    B4 If an entity designates a financial liability as at fair value through profit or loss, paragraph 10(a) requires it to disclose the amount of change in the fair value of the financial liability that is attributable to changes in the liability’s credit risk. Paragraph 10(a)(i) permits an entity to determine this amount as the amount of change in the liability’s fair value that is not attributable to changes in market conditions that give rise to market risk. If the only relevant changes in market conditions for a liability are changes in an observed (benchmark) interest rate, this amount can be estimated as
    follows:

    (a) First, the entity computes the liability’s internal rate of return at the start of the period using the observed market price of the liability and the liability’s contractual cash flows at the start of the period. It deducts from this rate of return the observed (benchmark) interest rate at the start of the period, to arrive at an instrument-specific component of the internal rate of return.

    (b) Next, the entity calculates the present value of the cash flows associated with the liability using the liability’s contractual cash flows at the end of the period and a discount rate equal to the sum of (i) the observed (benchmark) interest rate at the end of the period and (ii) the instrument-specific component of the internal rate of return as determined in (a).


    (c) The difference between the observed market price of the liability at the end of the period and the amount determined in (b) is the change in fair value that is not attributable to changes in the observed (benchmark) interest rate. This is the amount to be disclosed.


    This example assumes that changes in fair value arising from factors other than changes in the instrument’s credit risk or changes in interest rates are not significant. If the instrument in the example contains an embedded derivative, the change in fair value of the embedded derivative is excluded in determining the amount to be disclosed in accordance with paragraph 10(a).


    Other disclosure – accounting policies (paragraph 21)

    B5 Paragraph 21 requires disclosure of the measurement basis (or bases) used in preparing the financial statements and the other accounting policies used that are relevant to an understanding of the financial statements. For financial instruments, such disclosure may include:

    (a) for financial assets or financial liabilities designated as at fair value through profit or loss:

    (i) the nature of the financial assets or financial liabilities the entity has designated as at fair value through profit or loss;

    (ii) the criteria for so designating such financial assets or financial liabilities on initial recognition; and

    (iii) how the entity has satisfied the conditions in paragraphs 8, 11 or


    12 of AS 30 for such designation. For instruments designated in accordance with paragraph 8.2 (b)(i) of the definition of a financial asset or financial liability at fair value through profit or loss in AS
    30, that disclosure includes a narrative description of the circumstances underlying the measurement or recognition inconsistency that would otherwise arise. For instruments designated in accordance with paragraph 8.2 (b)(ii) of the definition of a financial asset or financial liability at fair value through profit or loss in AS 30, that disclosure includes a narrative description of how designation at fair value through profit or loss is consistent with the entity’s documented risk management or investment strategy.


    (b) the criteria for designating financial assets as available for sale.

    (c) whether regular way purchases and sales of financial assets are accounted for at trade date or at settlement date (see paragraph 38 of AS 30).

    (d) when an allowance account is used to reduce the carrying amount of financial assets impaired by credit losses:

    (i) the criteria for determining when the carrying amount of impaired financial assets is reduced directly (or, in the case of a reversal of a write-down, increased directly) and when the allowance account is used; and

    (ii) the criteria for writing off amounts charged to the allowance account against the carrying amount of impaired financial assets (see paragraph 16).


    (e) how net gains or net losses on each category of financial instrument are determined (see paragraph 20(a)), for example, whether the net gains or net losses on items at fair value through profit or loss include interest or dividend income.


    (f) the criteria the entity uses to determine that there is objective evidence that an impairment loss has occurred (see paragraph 20(e)).

    (g) when the terms of financial assets that would otherwise be past due or impaired have been renegotiated, the accounting policy for financial assets that are the subject of renegotiated terms (see paragraph 36(d)).

    AS 1 (Revised)10, also requires entities to disclose, in the summary of significant accounting policies or other notes, the judgments, 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 should 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 should disclose information using the method or methods that provide the most relevant and reliable information. AS 5, Accounting Policies, Changes in Accounting Estimates and Errors,11 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 should include:
    (a) a description of how management determines concentrations;

    (b) a description of the shared characteristic that identifies each concentration (eg counterparty, geographical area, currency or market); and

    (c) the amount of the risk exposure associated with all financial instruments sharing that characteristic.


    Maximum credit risk exposure (paragraph 36(a))

    B9 Paragraph 36(a) requires disclosure of the amount that best represents the entity’s maximum exposure to credit risk. For a financial asset, this is typically the gross carrying amount, net of:


    (a) any amounts offset in accordance with AS 31; and(b) any impairment losses recognised in accordance with AS 30.


    B10 Activities that give rise to credit risk and the associated maximum exposure to credit risk include, but are not limited to:

    (a) granting loans and receivables to customers and placing deposits with other entities. In these cases, the maximum exposure to credit risk is the carrying amount of the related financial assets.


    (b) entering into derivative contracts, eg foreign exchange contracts, interest rate swaps and credit derivatives. When the resulting asset is measured at fair value, the maximum exposure to credit risk at the reporting date will equal the carrying amount.

    (c) granting financial guarantees. In this case, the maximum exposure to credit risk is the maximum amount the entity could have to pay if the guarantee is called on, which may be significantly greater than the amount recognised as a liability.

    (d) making a loan commitment that is irrevocable over the life of the facility or is revocable only in response to a material adverse change. If the issuer cannot settle the loan commitment net in cash or another financial instrument, the maximum credit exposure is the full amount of the commitment. This is because it is uncertain whether the amount of any undrawn portion may be drawn upon in the future. This may be significantly greater than the amount recognised as a liability.


    Contractual maturity analysis (paragraph 39(a))

    B11 In preparing the contractual maturity analysis for financial liabilities required by paragraph 39(a), an entity uses its judgement to determine an appropriate number of time bands. For example, an entity might determine that the following time bands are appropriate:

    (a) not later than one month;
    (b) later than one month and not later than three months;
    (c) later than three months and not later than one year; and
    (d) later than one year and not later than five years.


    B12 When a counterparty has a choice of when an amount is paid, the liability is included on the basis of the earliest date on which the entity can be required to pay. For example, financial liabilities that an entity can be required to repay on demand (eg demand deposits) are included in the earliest time band.

    B13 When an entity is committed to make amounts available in instalments, each instalment is allocated to the earliest period in which the entity can be required to pay. For example, an undrawn loan commitment is included in the time band containing the earliest date it can be drawn down.

    B14 The amounts disclosed in the maturity analysis are the contractual undiscounted cash flows, for example:

    (a) gross finance lease obligations (before deducting finance charges);
    (b) prices specified in forward agreements to purchase financial assets for cash;
    (c) net amounts for pay-floating/receive-fixed interest rate swaps for which net cash flows are exchanged;
    (d) contractual amounts to be exchanged in a derivative financial instrument (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 balance sheet because the balance sheet amount is based on discounted cash flows.

    B15 If appropriate, an entity should disclose the analysis of derivative financial instruments separately from that of non-derivative financial instruments in the contractual maturity analysis for financial liabilities required by paragraph 39(a). For example, it would be appropriate to distinguish cash flows from derivative financial instruments and non-derivative financial instruments if the cash flows arising from the derivative financial instruments are settled gross. This is because the gross cash outflow may be accompanied by a related inflow.


    B16 When the amount payable is not fixed, the amount disclosed is determined by reference to the conditions existing at the reporting date. For example, when the amount payable varies with changes in an index, the amount disclosed may be based on the level of the index at the reporting date.

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