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instrument to which the option is linked. A currency swap that requires an |
initial exchange of different currencies of equal fair values meets the |
definition because it has a zero initial net investment. |
A regular way purchase or sale gives rise to a fixed price commitment between |
trade date and settlement date that meets the definition of a derivative. |
However, because of the short duration of the commitment it is not |
recognised as a derivative financial instrument. Instead, this Standard |
provides for special accounting for such regular way contracts (see paragraphs |
3.1.2 and B3.1.3–B3.1.6). |
The definition of a derivative refers to non -financial variables that are not |
specific to a party to the contract. These include an index of earthquake losses |
in a particular region and an index of temperatures in a particular city. |
Non- financial variables specific to a party to the contract include the |
occurrence or non -occurrence of a fire that damages or destroys an asset of a |
party to the contract. A change in the fair value of a non -financial asset is |
specific to the owner if the fair value reflects not only changes in market |
prices for such assets (a financial variable) but also the condition of the |
specific non -financial asset held (a non -financial variable). For example, if a |
guarantee of the residual value of a specific car exposes the guarantor to the |
risk of changes in the car’s physical condition, the change in that residual |
value is specific to the owner of the car. |
Financial assets and liabilities held for trading |
Trading generally reflects active and frequent buying and selling, and |
financial instruments held for trading generally are used with the objective of |
generating a profit from short-term fluctuations in price or dealer’s margin.BA.2 |
BA.3 |
BA.4 |
BA.5 |
BA.6IFRS 9 |
© IFRS Foundation A539 |
Financial liabilities held for trading include: |
(a) derivative liabilities that are not accounted for as hedging instruments; |
(b) obligations to deliver financial assets borrowed by a short seller (ie an |
entity that sells financial assets it has borrowed and does not yet own); |
(c) financial liabilities that are incurred with an intention to repurchase |
them in the near term (eg a quoted debt instrument that the issuer |
may buy back in the near term depending on changes in its fair value); |
and |
(d) financial liabilities that are part of a portfolio of identified financial |
instruments that are managed together and for which there is |
evidence of a recent pattern of short-term profit-taking. |
The fact that a liability is used to fund trading activities does not in itself |
make that liability one that is held for trading.BA.7 |
BA.8IFRS 9 |
A540 © IFRS Foundation |
Appendix C |
Amendments to other Standards |
This appendix describes the amendments to other Standards that the IASB made when it finalised |
IFRS 9 (2014). An entity shall apply the amendments for annual periods beginning on or after |
1 January 2018. If an entity applies IFRS 9 for an earlier period, these amendments shall be applied |
for that earlier period. |
* * * * * |
The amendments contained in this appendix when this Standard was issued in 2014 have been |
incorporated into the text of the relevant Standards included in this volume.IFRS 9 |
© IFRS Foundation A541 |
Approval by the Board of IFRS 9 issued in November 2009 |
International Financial Reporting Standard 9 Financial Instruments was approved for issue |
by thirteen of the fifteen members of the International Accounting Standards Board. |
Mr Leisenring and Ms McConnell dissented from the issue of the Standard. Their |
dissenting opinions are set out after the Basis for Conclusions. |
Sir David Tweedie Chairman |
Stephen Cooper |
Philippe Danjou |
Jan Engström |
Patrick Finnegan |
Robert P Garnett |
Gilbert Gélard |
Amaro Luiz de Oliveira Gomes |
Prabhakar Kalavacherla |
James J Leisenring |
Patricia McConnell |
Warren J McGregor |
John T Smith |
Tatsumi Yamada |
Wei-Guo ZhangIFRS 9 |
A542 © IFRS Foundation |
Approval by the Board of the requirements added to IFRS 9 in |
October 2010 |
The requirements added to International Financial Reporting Standard 9 Financial |
Instruments in October 2010 were approved for issue by fourteen of the fifteen members of |
the International Accounting Standards Board (IASB). Mr Scott abstained in view of his |
recent appointment to the IASB. |
Sir David Tweedie Chairman |
Stephen Cooper |
Philippe Danjou |
Jan Engström |
Patrick Finnegan |
Amaro Luiz de Oliveira Gomes |
Prabhakar Kalavacherla |
Elke König |
Patricia McConnell |
Warren J McGregor |
Paul Pacter |
Darrel Scott |
John T Smith |
Tatsumi Yamada |
Wei-Guo ZhangIFRS 9 |
© IFRS Foundation A543 |
Approval by the Board of Mandatory Effective Date of IFRS 9 and |
Transition Disclosures (Amendments to IFRS 9 (2009), IFRS 9 |
Subsets and Splits