By Graeme Tosen
Graeme Tosen, the executive for technical accounting at HBOS Treasury prone in London, has written a step by step consultant to knowing and enforcing the hugely technical accounting ideas of the overseas monetary Reporting criteria (IFRS) that observe to derivatives and based finance.
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Additional info for A Practical Guide to IFRS for Derivatives and Structured Finance
This category is a special exception to the standard and is discussed in more detail later in this chapter under the heading ‘Fair value hedge accounting for a portfolio of interest rate risk’. • A portion of risk, as long as this is clearly documented at inception. It is therefore acceptable to only hedge account for 15 per cent of the value of an asset. • Non-financial items in entirety or for foreign currency risk only. • Firm commitments for acquiring a business – although only for foreign currency risk.
B) The hedge is expected to be highly effective […] 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. e. 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 […].
It is also important to note that net positions cannot be hedge accounted for (again, there is a way around this). • Portfolio hedges of interest rate risk only. This category is a special exception to the standard and is discussed in more detail later in this chapter under the heading ‘Fair value hedge accounting for a portfolio of interest rate risk’. • A portion of risk, as long as this is clearly documented at inception. It is therefore acceptable to only hedge account for 15 per cent of the value of an asset.