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Commission Regulation
(EC) No 2237/2004 of 29 December 2004 amended
by
Regulation (EC) No 2237/2004
and
Regulation (EC) No 1864/2005
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Compound financial
instruments with multiple embedded derivatives
(d) If an entity has
issued an instrument that contains both a liability
and an equity component (see paragraph 28) and the
instrument
has multiple embedded derivative features whose values
are interdependent (such as a callable convertible debt
instrument), it shall disclose the existence of those
features and the effective interest rate on the
liability component (excluding any embedded
derivatives that are accounted for separately).
Financial assets and
financial liabilities at fair value through profit or loss
(see also paragraph AG40)
(e)
(e) An entity
shall disclose the carrying amounts of:
(i) financial
assets that are classified as held for trading;
(ii) financial
liabilities that are classified as held for trading; L
299/54 EN Official Journal of the European Union
16.11.2005
(iii)
financial assets that, upon initial recognition, were
designated by the entity as financial assets at fair
value through profit or loss (ie those that are not
financial assets classified as held for trading);
(iv) financial
liabilities that, upon initial recognition, were
designated by the entity as financial liabilities at
fair value through profit or loss (ie those that are not
financial liabilities classified as held fortrading).
(f) An entity
shall disclose separately net gains or net losses on
financial assets or financial liabilities designated by the
entity as at fair value through profit or loss.
(g) If the entity
has designated a loan or receivable (or group of loans or
receivables) as at fair value through profit or loss, it
shall disclose:
(i) the
maximum exposure to credit risk (see paragraph 76(a)) at
the reporting date of the loan or receivable (or group
of loans or receivables);
(ii) the
amount by which any related credit derivative or similar
instrument mitigates that maximum exposure to credit
risk;
(iii) the
amount of change during the period and cumulatively in
the fair value of the loan or receivable (or group of
loans or receivables) that is attributable to changes in
credit risk determined either 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
using an alternative method that more faithfully
represents the amount of change in its fair value that
is attributable to changes in credit risk;
(iv) the
amount of the change in the fair value of any related
credit derivative or similar instrument that has
occurred during the period and cumulatively since the
loan or receivable was designated.
(h) If the entity
has designated a financial liability as at fair value
through profit or loss, it shall disclose:
(i) the amount
of change during the period and cumulatively in the fair
value of the financial liability that is attributable to
changes in credit risk determined either 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 paragraph AG40); or using an alternative
method that more faithfully represents the amount of
change in its fair value that is attributable to changes
in credit risk;
(ii) the
difference between the carrying amount of the financial
liability and the amount the entity would be
contractually required to pay at maturity to the holder
of the obligation.
(i) The entity
shall disclose:
(i) the
methods used to comply with the requirement in (g)(iii)
and (h)(i);
(ii) if the
entity considers that the disclosure it has given to
comply with the requirements in (g)(iii) or (h)(i) does
not faithfully represent the change in the fair value of
the financial asset or financial liability attributable
to changes in credit risk, the reasons for reaching this
conclusion and the factors the entity believes to be
relevant.
Reclassification
(j) If the entity
has reclassified a financial asset as one measured
at cost or amortised cost rather than at fair value
(see
IAS 39, paragraph 54), it shall disclose the reason for
that reclassification.
Income statement and
equity
(k) An entity shall
disclose material items of income, expense and
gains and losses resulting from financial assets and
financial
liabilities, whether included in profit or loss or as a
separate component of equity. For this purpose, the
disclosure shall include at least the following items:
(i) total interest
income and total interest expense (calculated
using the effective interest method) for financial
assets and financial liabilities that are not at
fair
value through profit or loss;
(ii) for
available-for-sale financial assets, the amount of
any
gain or loss recognised directly in equity during
the
period and the amount that was removed from equity
and recognised in profit or loss for the period;
and
(iii) the amount of
interest income accrued on impaired financial
assets, in accordance with IAS 39, paragraph
AG93.
Impairment
(l) An entity shall
disclose the nature and amount of any impairment
loss recognised in profit or loss for a financial
asset,
separately for each significant class of financial asset
(paragraph 55 provides guidance for determining classes
of financial assets).
Defaults and
breaches
(m) With respect to
any defaults of principal, interest, sinking fund
or redemption provisions during the period on loans
payable
recognised as at the balance sheet date, and any
other
breaches during the period of loan agreements when
those
breaches can permit the lender to demand repayment
(except
for breaches that are remedied, or in response to
which
the terms of the loan are renegotiated, on or before the
balance sheet date), an entity shall disclose:
(i) details of
those breaches;
(ii) the amount
recognised as at the balance sheet date in respect
of the loans payable on which the breaches occurred;
and
(iii) with respect
to amounts disclosed under (ii), whether the
default has been remedied or the terms of the loans
payable
renegotiated before the date the financial statements
were authorised for issue.
95. For the purpose
of disclosing information on breaches of loan agreements in
accordance with paragraph 94(j), loans payable include issued
debt instruments and financial liabilities other than
short-term trade payables on normal credit terms. When such a
breach occurred during the period, and the breach has not been
remedied or the terms of the loan payable have not been
renegotiated by the balance sheet date, the effect of the
breach on the classification of the liability as current or
non-current is determined under IAS 1.
Effective Date
96. An entity shall
apply this Standard for annual periods beginning on or
after 1 January 2005. Earlier application is permitted. An
entity shall not apply this Standard for annual
periods beginning before 1 January 2005 unless
it also applies IAS 39 (issued December 2003).
If an entity applies this Standard for a period beginning
before 1 January 2005, it shall disclose that fact.
97. This Standard
shall be applied retrospectively.
Withdrawal of Other
Pronouncements
98. This Standard
supersedes IAS 32 Financial Instruments: Disclosure and
Presentation revised in 2000.
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.
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