3861 financial instrumentsdisclosure and presentation.docx

3861 financial instrumentsdisclosure and presentation.docx

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3861financialinstrumentsdisclosureandpresentation

SPECIFICITEMS

SECTION3861

financialinstruments—disclosureandpresentation

TABLEOFCONTENTS

Paragraph

Purposeandscope

.01-.06

Definitions

.07-.09

Presentation

.10-.35

Liabilitiesandequity

.10-.23

Interest,dividends,lossesandgains

.24-.26

Offsettingofafinancialassetandafinancialliability

.27-.35

Disclosure

.36-.86

Format,locationandclassesoffinancialinstruments

.38-.40

Riskmanagementpoliciesandhedgingactivities

.41-.42

Termsandconditionsandaccountingpolicies

.43-.48

Interestraterisk

.49-.57

Creditrisk

.58-.68

Fairvalue

.69-.77

Impairmentnotrecognizedinnetincome

.78-.79

Carryingamounts

.80

Presentation

.81

Income,expense,gainsandlosses

.82

Financialliabilitiesdesignatedasheldfortrading

.83-.84

Reclassification

.85

Otherdisclosures

.86

Differentialreporting

.87-.91

Transitionalprovisions

.92-.94

Illustrativeexamples

PurposeandScope

PURPOSEANDSCOPE

.01   ThepurposeofthisSectionistoenhancefinancialstatementusers'understandingofthesignificanceoffinancialinstrumentstoanentity'sfinancialposition,performanceandcashflows.

.02   ThisSectionestablishesstandardsforpresentationoffinancialinstrumentsandnon-financialderivatives,andidentifiestheinformationthatshouldbedisclosedaboutthem.Thepresentationparagraphsdealwiththeclassificationoffinancialinstruments,fromtheperspectiveoftheissuer,betweenliabilitiesandequity,theclassificationofrelatedinterest,dividends,lossesandgains,andthecircumstancesinwhichfinancialassetsandfinancialliabilitiesareoffset.Thedisclosureparagraphsdealwithinformationaboutfactorsthataffecttheamount,timingandcertaintyofanentity'sfuturecashflowsrelatingtofinancialinstruments.ThisSectionalsodealswithdisclosureofinformationaboutthenatureandextentofanentity'suseoffinancialinstruments,thebusinesspurposestheyserve,therisksassociatedwiththemandmanagement'spoliciesforcontrollingthoserisks.FINANCIALINSTRUMENTS—RECOGNITIONANDMEASUREMENT,Section3855,providesstandardsforrecognizingandmeasuringfinancialassets,financialliabilitiesandnon-financialderivatives.HEDGES,Section3865,providesstandardsforhedgeaccounting.

.02A   ThisSectionappliestothoseentitiesandfinancialinstrumentsthatarenotsubjecttoFINANCIALINSTRUMENTS—DISCLOSURES,Section3862（seeScope,andEffectivedateandtransition）,andFINANCIALINSTRUMENTS—PRESENTATION,Section3863（seePurposeandscope,andEffectivedateandtransition）.

.03   Subjecttoparagraph3861.02A,thisSectionappliestoalltypesoffinancialinstrumentsexceptthefollowing:

（a）   Interestsinsubsidiaries,entitiessubjecttosignificantinfluence,andjointventuresthatareaccountedforinaccordancewithSUBSIDIARIES,Section1590,INVESTMENTS,Section3051,andINTERESTSINJOINTVENTURES,Section3055.However,thisSectionappliestoderivativeswithanunderlyingthatisbasedonsuchaninterest.

（b）   Contractsandobligationsforstock-basedcompensationtoemployeesandotherstock-basedpaymentstonon-employeesthatareaccountedforinaccordancewithSTOCK-BASEDCOMPENSATIONANDOTHERSTOCK-BASEDPAYMENTS,Section3870,exceptforcontractswithinthescopeofthisSectioninaccordancewithparagraph3861.06.

（c）   Employers'rightsandobligationsforemployeefuturebenefitsandrelatedplanassetsthatareaccountedforinaccordancewithEMPLOYEEFUTUREBENEFITS,Section3461.

（d）   Pensionobligationsofdefinedbenefitpensionplans,whicharedealtwithinPENSIONPLANS,Section4100.

.04   ThisSectionappliestorecognizedandunrecognizedfinancialinstruments.RecognizedfinancialinstrumentsincludeequityinstrumentsissuedbytheentityandfinancialassetsandfinancialliabilitiesthatarewithinthescopeofFINANCIALINSTRUMENTS—RECOGNITIONANDMEASUREMENT,Section3855.Unrecognizedfinancialinstrumentsincludesomefinancialinstrumentsthat,althoughoutsidethescopeofSection3855,arewithinthescopeofthisSection（suchassomeloancommitments）.

.05   OtherSectionsspecifictoparticulartypesoffinancialinstrumentscontainadditionalpresentationanddisclosurerequirements.Forexample,LEASES,Section3065,andPENSIONPLANS,Section4100,incorporatespecificdisclosurerequirementsrelatingtocapital,directfinancingandsales-typeleasesandpensionplaninvestments.Inaddition,somerequirementsofotherSections,particularlyINCOMESTATEMENT,Section1520,andCOMPREHENSIVEINCOME,Section1530,applytofinancialinstruments.

.06   ThisSectionalsoappliestocontractstobuyorsellanon-financialitemthatarewithinthescopeofFINANCIALINSTRUMENTS—RECOGNITIONANDMEASUREMENT,Section3855（seeparagraphs3855.14-.18）.

Definitions

DEFINITIONS

.07   ThetermsdefinedinFINANCIALINSTRUMENTS—RECOGNITIONANDMEASUREMENT,Section3855,areusedinthisSectionwiththemeaningsspecifiedinSection3855.

.08   Thecostincurredbyanentitytopurchasearighttoreacquireitsownequityinstrumentsfromanotherpartyisadeductionfromitsequity,notafinancialasset.

.09   Thenon-controllinginterestthatmayariseonanentity'sbalancesheetfromconsolidatingasubsidiaryisnotafinancialliabilityoranequityinstrumentoftheentity.Inconsolidatedfinancialstatements,anentitypresentstheinterestsofotherpartiesintheequityandincomeofitssubsidiariesinaccordancewithNON-CONTROLLINGINTERESTS,Section1602. Accordingly,afinancialinstrumentclassifiedasanequityinstrumentbyasubsidiaryiseliminatedonconsolidationwhenheldbytheparent,orpresentedbytheparentintheconsolidatedbalancesheetasanon-controllinginterestseparatefromtheequityofitsownshareholders.Afinancialinstrumentclassifiedasafinancialliabilitybyasubsidiaryremainsaliabilityintheparent'sconsolidatedbalancesheetunlesseliminatedonconsolidationasanintercompanybalance.Theaccountingtreatmentbytheparentonconsolidationdoesnotaffectthebasisofpresentationbythesubsidiaryinitsfinancialstatements.

Presentation

PRESENTATION

Liabilitiesandequity

Liabilitiesandequity

.10   ¨Theissuerofafinancialinstrumentshouldclassifytheinstrument,oritscomponentparts,asaliabilityorasequityinaccordancewiththesubstanceofthecontractualarrangementoninitialrecognitionandthedefinitionsofafinancialliabilityandanequityinstrument.[JAN.1996]

.11   Thesubstanceofafinancialinstrument,ratherthanitslegalform,governsitsclassificationontheissuer'sbalancesheet.Whilesubstanceandlegalformarecommonlyconsistent,thisisnotalwaysthecase.Forexample,somefinancialinstrumentstakethelegalformofequitybutareliabilitiesinsubstance,andothersmaycombinefeaturesassociatedwithequityinstrumentsandfeaturesassociatedwithfinancialliabilities.Theclassificationofaninstrumentismadeonthebasisofanassessmentofitssubstancewhenitisfirstrecognized.Suchaclassificationisnotcircumventedbynon-substantiveorminimalfeaturesincludedinthefinancialinstrument.Anynon-substantiveorminimalfeatureisdisregardedinapplyingtheclassificationprovisionsofthisSection.Judgment,basedonconsiderationofallofthetermsofaninstrumentandotherrelevantfactsandcircumstances,isnecessarytodistinguishsubstantive,non-minimalfeaturesfromnon-substantiveorminimalfeatures.Theclassificationmadeatinceptioncontinuesateachsubsequentreportingdateuntilthefinancialinstrumentisremovedfromtheentity'sbalancesheet.

.12   Thecriticalfeatureindifferentiatingafinancialliabilityfromanequityinstrumentistheexistenceofacontractualobligationofonepartytothefinancialinstrument（theissuer）eithertodelivercashoranotherfinancialassettotheotherparty（theholder）ortoexchangeanotherfinancialinstrumentwiththeholderunderconditionsthatarepotentiallyunfavourabletotheissuer.Whensuchacontractualobligationexists,thatinstrumentmeetsthedefinitionofafinancialliabilityregardlessofthemannerinwhichthecontractualobligationwillbesettled.Arestrictionontheabilityoftheissuertosatisfyanobligation,suchaslackofaccesstoforeigncurrencyortheneedtoobtainapprovalforpaymentfromaregulatoryauthority,doesnotnegatetheissuer'sobligationortheholder'srightundertheinstrument.

.13   Anentitymayhaveacontractualobligationofafixedamountoranamountthatfluctuatesinpartorinfullinresponsetochangesinavariableotherthanthemarketpriceoftheentity'sownequityinstruments,buttheentitymust,orcan,settletheobligationbydeliveryofitsownequityinstruments（thenumberofwhichdependsontheamountoftheobligation）.Suchanobligationisafinancialliabilityoftheentity.Whenthenumberofanentity'sownsharesorotherequityinstrumentsrequiredtosettletheobligationvarieswithchangesintheirfairvalue,sothatthetotalfairvalueoftheequityinstrumentstobedeliveredisbasedsolelyorpredominantlyontheamountofthecontractualobligation,thecounterpartydoesnotholdaresidualinterestintheentityuntilithasreceivedtheequityinstruments.Theentitymayhavetodelivermoreorfewerofitsownequityinstrumentsthanwouldhavebeenthecaseatthedateofenteringintothecontractualarrangement.Suchanobligationisafinancialliabilityoftheentityeventhoughtheentitymustorcansettlebydeliveringitsownequityinstruments.Thesefinancialliabilitiesaretreatedasmonetaryitems.