IFRS Taxonomy January Proposed Interim Release XBRL/2014/1. IFRS 9 Financial Instruments (Hedge Accounting)

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1 January 2014 Proposed Interim Release XBRL/2014/1 IFRS Taxonomy 2013 IFRS 9 Financial Instruments (Hedge Accounting) Comments to be received by 14 February 2014

2 Proposed Interim Release IFRS Taxonomy 2013 IFRS 9 Financial Instruments (Hedge Accounting) Comments to be received by 14 February 2014

3 Proposed Interim Release XBRL/2014/1 IFRS Taxonomy 2013 IFRS 9 Financial Instruments (Hedge Accounting) is published by the IFRS Foundation for comment only. Comments on the Proposed Interim Release need to be received by 14 February 2014 and should be submitted in writing to the address below or electronically via our website using the Comment on a proposal page. All responses will be put on the public record and posted on our website unless the respondent requests confidentiality. Requests for confidentiality will not normally be granted unless supported by good reason, such as commercial confidence. Disclaimer: the IASB, the IFRS Foundation, the authors and the publishers do not accept responsibility for any loss caused by acting or refraining from acting in reliance on the material in this publication, whether such loss is caused by negligence or otherwise. International Financial Reporting Standards (including International Accounting Standards and SIC and IFRIC Interpretations), Exposure Drafts and other IASB and/or IFRS Foundation publications are copyright of the IFRS Foundation. Copyright 2014 IFRS Foundation All rights reserved. Copies of the Proposed Interim Release may only be made for the purpose of preparing comments to be submitted to the IASB provided that such copies are for personal or intra-organisational use only and are not sold or disseminated; and each copy acknowledges the IFRS Foundation s copyright and sets out the IASB s address in full. Except as permitted above no part of this publication may be translated, reprinted, reproduced or used in any form either in whole or in part or by any electronic, mechanical or other means, now known or hereafter invented, including photocopying and recording, or in any information storage and retrieval system, without prior permission in writing from the IFRS Foundation. The approved text of International Financial Reporting Standards and other IASB publications is that published by the IASB in the English language. Copies may be obtained from the IFRS Foundation. Please address publications and copyright matters to: IFRS Foundation Publications Department 1st Floor, 30 Cannon Street, London EC4M 6XH, United Kingdom Tel: +44 (0) Fax: +44 (0) publications@ifrs.org Web: The IFRS Foundation logo/the IASB logo/the IFRS for SMEs logo/ Hexagon Device, IFRS Foundation, eifrs, IASB, IFRS for SMEs, IAS, IASs, IFRIC, IFRS, IFRSs, SIC, International Accounting Standards and International Financial Reporting Standards are Trade Marks of the IFRS Foundation. The IFRS Foundation is a not-for-profit corporation under the General Corporation Law of the State of Delaware, USA and operates in England and Wales as an overseas company (Company number: FC023235) with its principal office as above.

4 IFRS TAXONOMY 2013 IFRS 9 FINANCIAL INSTRUMENTS (HEDGE ACCOUNTING) CONTENTS from page INTRODUCTION 5 Overview of amendments 5 Documentation labels 6 XBRL properties 6 Taxonomy version 6 Next steps 6 INVITATION TO COMMENT 7 Introduction 7 Questions for respondents 7 Deadline 8 How to comment 8 DOCUMENT OVERVIEW 9 Purpose of this section 9 Disclaimer 9 Document formatting 9 Key to tables 10 IFRS 7 DISCLOSURES RELATING TO GENERAL HEDGE ACCOUNTING 12 INTRODUCTION 12 New tables 12 Other amendments and additions 12 DISCLOSURE OF THE RISK MANAGEMENT STRATEGY RELATED TO HEDGE ACCOUNTING 13 Description new table 13 Details 13 Example 14 DISCLOSURE INFORMATION ABOUT TERMS AND CONDITIONS OF HEDGING INSTRUMENTS AND HOW THEY AFFECT FUTURE CASH FLOWS 14 Description new table 14 Details 15 Example 16 DISCLOSURE OF DETAILED INFORMATION ABOUT HEDGING INSTRUMENTS 16 Description new table 16 Details 17 Example 18 DISCLOSURE OF DETAILED INFORMATION ABOUT HEDGED ITEMS 18 Description new table 18 Details 19 Example 20 DISCLOSURE OF INFORMATION ABOUT AMOUNTS THAT AFFECTED STATEMENT OF COMPREHENSIVE INCOME AS A RESULT OF HEDGE ACCOUNTING 20 Description new table 20 Details 21 3 IFRS Foundation

5 PROPOSED INTERIM RELEASE JANUARY 2014 Example 22 DISCLOSURE OF INFORMATION ABOUT CREDIT EXPOSURES DESIGNATED AS MEASURED AT FAIR VALUE THROUGH PROFIT OR LOSS 23 Description new table 23 Details 23 Example 24 Label change 25 ADDITIONAL TEXT AND TEXT BLOCK ITEMS 26 Description 26 Details 26 ANALYSIS OF OTHER COMPREHENSIVE INCOME BY ITEM 27 Description amended table 27 Details 28 Example 30 IAS 1 ADDITIONAL DISCLOSURES RELATING TO HEDGE ACCOUNTING 30 Introduction 30 Amendments 31 STATEMENT OF COMPREHENSIVE INCOME, OCI COMPONENTS PRESENTED NET OF TAX 31 Description 31 Details 32 STATEMENT OF COMPREHENSIVE INCOME, OCI COMPONENTS PRESENTED BEFORE TAX 33 Description 33 Details 33 NOTES SUBCLASSIFICATIONS OF ASSETS, LIABILITIES AND EQUITIES 35 Description 35 Details 36 STATEMENT OF CHANGES IN EQUITY 36 Description 36 Details 37 STATEMENT OF COMPREHENSIVE INCOME, PROFIT OR LOSS 38 Description 38 Details 38 EFFECTIVE AND EXPIRY DATES 38 Introduction 38 Details expiring items 39 OTHER UPDATES 40 Introduction 40 Details 40 IFRS Foundation 4

6 IFRS TAXONOMY 2013 IFRS 9 FINANCIAL INSTRUMENTS (HEDGE ACCOUNTING) Introduction Overview of amendments 1 This Proposed Interim Release incorporates the proposed amendments to the IFRS Taxonomy 2013 as a result of IFRS 9 Financial Instruments (Hedge Accounting and amendments to IFRS 9, IFRS 7 and IAS 39), issued in November The publication made the following changes to IFRS 9 Financial Instruments: (a) (b) added a new chapter on hedge accounting along with improvements to the disclosures about hedge accounting and risk management. These amendments are referred to in this Proposed Interim Release as new or amended IFRSs relating to general hedge accounting ; improved the reporting of change in the fair value of an entity s own debt so that it is more readily available; and (c) removed the mandatory effective date of IFRS 9. 2 This Proposed Interim Release includes proposals for amendments to the IFRS Taxonomy 2013 to reflect new or amended IFRSs relating to general hedge accounting as well as the amendments to remove the mandatory effective date. The amendments to IFRS 9 regarding the reporting of changes in fair value of an entity s own debt did not affect existing disclosure requirements and therefore have not been addressed in this Proposed Interim Release. 3 This Proposed Interim Release package also contains amendments and updates from the Industry Common Practice project, which are detailed in a Proposed Interim Release document: IFRS Taxonomy 2013 Common Practice (telecommunications and real estate activities). 4 The proposed changes to the IFRS Taxonomy are: Change Disclosures required by IFRS 7 Financial Instruments: Disclosures Additional disclosures required by IAS 1 Presentation of Financial Statements Effective and expiry dates Other updates Overview of change Addition of new tables, line items, dimensions and changes to the existing table Analysis of other comprehensive income. Changes to existing IFRS Taxonomy tables to reflect additional IAS 1 disclosures relating to IFRS 9 (2013). Because of the new expiry conditions for IFRS 9 (2013) a number of items have amended existing expiry and effective date information. IFRS Taxonomy improvements as a result of our ongoing review process. 5 IFRS Foundation

7 PROPOSED INTERIM RELEASE JANUARY 2014 Documentation labels 5 The September 2013 Proposed Interim Release IFRS Taxonomy 2013 Documentation, architecture and IFRS updates introduced documentation labels (also called definitions) for the items in the IFRS Taxonomy. These documentation labels are designed to provide additional transparency and clarity to users of the IFRS Taxonomy. 6 Documentation labels have not been included within this document, but are available as an additional (but not mandatory) linkbase. They are also available as a separate Microsoft Excel spreadsheet included within the IFRS Taxonomy files. XBRL properties 7 This document does not provide the full list of XBRL properties for the line items and members listed. If you require further information on the XBRL properties applied to an element or table, please see the IFRS Taxonomy files and associated documentation. Taxonomy version 8 The IFRS Taxonomy files for this release are based on those from the Proposed Interim Release IFRS Taxonomy 2013 Documentation, architecture and IFRS updates. Next steps 9 We are in the process of analysing the comments from the September 2013 Proposed Interim Release. The final version of the September release and all remaining Proposed Interim Releases during 2013 and early 2014 (including this one) will be collated into the annual IFRS Taxonomy IFRS Foundation 6

8 IFRS TAXONOMY 2013 IFRS 9 FINANCIAL INSTRUMENTS (HEDGE ACCOUNTING) Invitation to Comment Introduction 10 The IASB Staff invites comments on these proposals, particularly on the questions set out below. Comments are most helpful if they: (a) (b) (c) (d) comment on the questions as stated; indicate the specific IFRS Taxonomy item, table or group of items to which they relate; contain a clear rationale; and include any alternative that the IASB Staff should consider, if applicable. Comments on the IFRS Taxonomy as a whole are also welcome, but the IASB reserves the right to include any IFRS Taxonomy amendments as a result of such comments received only in a subsequent release. Questions for respondents 11 The following are a list of questions that we would like you to answer. Question 1 Completeness of disclosure requirements Do the proposed IFRS Taxonomy changes adequately reflect all disclosure requirements, Illustrative Examples and Implementation Guidance that are set out in IFRS 9 Financial Instruments (Hedge Accounting and amendments to IFRS 9, IFRS 7 and IAS 39)? If not, what changes would you make and why? Question 2 Appropriate level of detail (a) Are all disclosure requirements from IFRS 9 Financial Instruments (Hedge Accounting and amendments to IFRS 9, IFRS 7 and IAS 39) reflected with the appropriate level of detail? If not, please specify which IFRS Taxonomy elements, including line items, members and text blocks, you recommend to add, merge or delete and why? (b) The IFRS Taxonomy includes elements that reflect disclosures that entities use in practice when applying IFRS. The IASB Staff undertakes yearly empirical reviews of IFRS financial statements to identify such elements. Because IFRS 9 (2013) has not yet been applied, this Proposed Interim Release does not include any common practice. Are there disclosures or elements that you anticipate entities will commonly use in relation to the IFRS 9 Financial Instruments (Hedge Accounting and amendments to IFRS 9, IFRS 7 and IAS 39) that have not yet been covered? 7 IFRS Foundation

9 PROPOSED INTERIM RELEASE JANUARY 2014 Question 3 Appropriate use of labels Do the labels of elements accurately reflect the meaning of the IFRS Taxonomy elements? If not, please specify what changes you would make. Question 4 Appropriate use of the XBRL dimensional data model When being represented in XBRL, disclosures can be modelled using either a dimensional (ie a table) or flat structure. (a) (b) (c) Do you agree that we have used appropriate tables to describe specific disclosure requirements? Do the tables have the appropriate scope are there any that should be combined or split? Do tables use the appropriate number of axes, members and line items? Question 5 Appropriate use of definitions Do you agree with the level of detail and scope of the documentation labels? If not, what would you propose to include or exclude to improve the documentation labels? Deadline 12 Comments should be submitted in writing so as to be received no later than 14 February How to comment 13 Comments should be submitted using one of the following methods. Electronically (our preferred method) Postal Visit the Comment on a proposal page, which can be found at: go.ifrs.org/comment comments can be sent to: commentletters@ifrs.org IFRS Foundation 30 Cannon Street London EC4M 6XH United Kingdom IFRS Foundation 8

10 IFRS TAXONOMY 2013 IFRS 9 FINANCIAL INSTRUMENTS (HEDGE ACCOUNTING) Document Overview Purpose of this section 14 The purpose of this section is to describe how this document has been put together and what some of the component parts mean. Disclaimer 15 The IFRS Taxonomy data model for some disclosures uses a dimensional or multiple-axis structure. A number of defined dimensions or properties are provided, which can be applied to a reported figure to refine its context. Such data models are visualised using a table within this document. It does not imply that entities need to structure such disclosures in a table within their financial statements unless specifically required by IFRS. Line items and dimensions can be applied to any disclosure format used by an entity. 16 The examples given do not provide any interpretation on the correct use of combinations of line items, axes and members from an accounting or financial reporting perspective. They are illustrative only. Document formatting 17 The information on the updates to the IFRS Taxonomy has been presented in a standard format and you will find all or most of the following items within each update section. Document item Description Details Description A description of why the change or amendment has been made and how it has been implemented into the IFRS Taxonomy. A complete list of the IFRS Taxonomy updates relevant to this section and example. Full XBRL properties can be found in the IFRS Taxonomy files and associated documentation. Indents are used to show where an element is used as a breakdown of another element. For example, it could be a sub-total or provide the ability to add more detailed information. Example Notes A simplified view of how the changes are implemented into the IFRS Taxonomy. Any further information, notes or disclaimers are covered within this item. 9 IFRS Foundation

11 PROPOSED INTERIM RELEASE JANUARY 2014 Key to tables Detail table Reference type (disclosure, example) New line item label Element type Actual reference Line items for disclosure of risk management strategy related to hedge accounting ET ER Reference Explanation of risk management strategy related to hedge accounting TB D IFRS 7.22A Description of hedging instruments used to hedge risk exposures and how they are used T D IFRS 7.22B (a) Description of forecast transactions for which hedge accounting had been used in previous period but which are no longer expected to occur ([existing item]) Existing item label (italics) Indented label indicating taxonomy relationship Key Element types (ET) Element references (ER) Notation Definition Notation Definition M Monetary D Disclosure T Text CP Common practice TB Text block E Example DEC P NA ES Decimal Percentage Not applicable Entity-specific IFRS Foundation 10

12 IFRS TAXONOMY 2013 IFRS 9 FINANCIAL INSTRUMENTS (HEDGE ACCOUNTING) Example table Maturity (A) Line items for disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows Axis name Not later than one year (M) Later than one year (M) Aggregate (DM) Types of risk (A) and Hedging instruments (A) Nominal amount of hedging instruments Oil price risk (ESM) and Forward contract (M) V V V Line item label Applied axis members Reported values The example tables do not represent disclosure formats or examples. The values should be read in the context of the combined line item labels and members. The highlighted value in the table above would be read as: The reported value for: Nominal amount of hedging instruments (line item) for the Type of risk (axis) Oil price risk (entity specific member), the Hedging instrument (axis) Forward contract (member) with a Maturity (axis) or Not later than one year (member). Key Axis and Members Reported value type Notation Definition Notation Definition A Axis T Text CF Cash flow V Value (numeric) DM Default member V(t) Value (total) ESM Entity-specific member VBP Value at beginning of period FO Foreign operations VEP Value at end of period FV Fair value NA Not applicable M NI Member Net investments 11 IFRS Foundation

13 PROPOSED INTERIM RELEASE JANUARY 2014 IFRS 7 Disclosures Relating to General Hedge Accounting Introduction 18 This section provides details on the changes and additions that have been introduced to the IFRS Taxonomy following changes in IFRS 7 as a result of the new accounting requirements in IFRS 9 (2013). These changes can be grouped into two types: (a) (b) new tables; and other amendments and additions. New tables 19 The following new tables have been introduced to the IFRS Taxonomy as a result of the changes to IFRS 7. Please refer to the relevant pages in this document for details on the additions. see page Disclosure of risk management strategy related to hedge accounting 13 Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows 14 Disclosure of detailed information about hedging instruments 16 Disclosure of detailed information about hedged items 18 Disclosure of information about amounts that affected statement of comprehensive income (a) as a result of hedge accounting 20 Disclosure of information about credit exposures designated as measured at fair value through profit or loss 23 (a) See paragraphs 10 10A of IAS 1. Other amendments and additions 20 The following amendments and additions have been made to existing sections within the IFRS Taxonomy that relate to IFRS 7. Please refer to the relevant pages in this document for details on the amendments. see page Additional text and text block items 26 Analysis of other comprehensive income by item 27 IFRS Foundation 12

14 IFRS TAXONOMY 2013 IFRS 9 FINANCIAL INSTRUMENTS (HEDGE ACCOUNTING) Disclosure of risk management strategy related to hedge accounting Description new table 21 The IFRS 7 disclosure requirement relating to explanations about an entity s risk management strategy for each category of risk has been modelled in the IFRS Taxonomy using a dimensional structure, resulting in a new table being created. 1 This table has been created using: (a) (b) the axis Types of risk that already existed within the IFRS Taxonomy. No changes have been made to the members available within this axis as they are still appropriate. line items have been added for the disclosure of risk management strategy relating to general hedge accounting. Details Line items for disclosure of risk management strategy related to hedge accounting ET ER Reference Explanation of risk management strategy related to hedge accounting Description of hedging instruments used to hedge risk exposures and how they are used Description of how entity determines economic relationship between hedged item and hedging instrument for purpose of assessing hedge effectiveness Description of how entity establishes hedge ratio and what sources of hedge ineffectiveness are Information about how entity determined risk component designated as hedged item Information about how designated risk component relates to hedged item in its entirety Information about ultimate risk management strategy in relation to hedging relationships that entity frequently resets TB D IFRS 7.22A T D IFRS 7.22B(a) T D IFRS 7.22B(b) T D IFRS 7.22B(c) TB D IFRS 7.22C(a) TB D IFRS 7.22C(b) T D IFRS 7.23C(b)(i) continued... 1 See paragraphs 22A 22C of IFRS IFRS Foundation

15 PROPOSED INTERIM RELEASE JANUARY continued Line items for disclosure of risk management strategy related to hedge accounting ET ER Reference Description of how entity reflects its risk management strategy by using hedge accounting and designating hedging relationships that it frequently resets Indication of how frequently hedging relationships are discontinued and restarted Description of fact and reason why volumes of hedging relationships to which exemption in IFRS 7.23C applies are unrepresentative of normal volumes T D IFRS 7.23C(b)(ii) T D IFRS 7.23C(b)(iii) T D IFRS 7.24D Example 22 Please refer to the disclaimer within the document overview when using this example. Types of risk (A) Line items for disclosure of risk management strategy related to hedge accounting Oil risk (ESM) Gas risk (ESM) Currency risk (M) Description of hedging instruments used to hedge risk exposures and how they are used T T T Disclosure information about terms and conditions of hedging instruments and how they affect future cash flows Description new table 23 The new requirements in paragraphs 23A 23F of IFRS 7 relating to the amount, timing and uncertainty of future cash flows have been modelled using a dimensional structure, resulting in a new table being created. IFRS Foundation 14

16 IFRS TAXONOMY 2013 IFRS 9 FINANCIAL INSTRUMENTS (HEDGE ACCOUNTING) 24 This table has been created using: (a) three axes: (i) (ii) (iii) the existing IFRS Taxonomy axis Maturity is used to reflect the timing of future cash flows. This axis does not need to be used when the information provided relates to the total, ie aggregate time band. the Types of risk axis, which already existed within the IFRS Taxonomy. a new IFRS Taxonomy axis Hedging instruments is included to permit entities to provide the disclosures by hedging instruments and types of risks. (b) a list of line items added for disclosures that relate to the amount, timing and uncertainty of future cash flows relating to general hedge accounting. Details Line items Line items for disclosure of Information about terms and conditions of hedging instruments and how they affect future cash flows ET ER Reference Nominal amount of hedging instrument DEC D IFRS 7.23B(a) IFRS 7.24A(d) Average price of hedging instrument DEC D IFRS 7.23B(b) Average rate of hedging instrument P D IFRS 7.23B(b) Description of sources of hedge ineffectiveness expected to affect hedging relationship Description of sources of hedge ineffectiveness that emerged in hedging relationship Explanation of hedge ineffectiveness resulting from sources that emerged in hedging relationship T D IFRS 7.23D T D IFRS 7.23E T D IFRS 7.23E Axis and members 25 The following table shows the new axis and members for representing hedging instruments. 15 IFRS Foundation

17 PROPOSED INTERIM RELEASE JANUARY 2014 Component ER Reference Hedging instruments (A) D IFRS 7 23A IFRS 7.24A Hedging instruments (DM) D IFRS 7.23A IFRS 7.24A Entity-specific members (ESM) NA NA 26 No specific IFRS Taxonomy members have been specified for the axis Hedging instruments, but members of other IFRS Taxonomy dimensions (such as forward contracts) can be used or entities can specify their own members. 27 The default member is used for the total, ie all hedging instruments. Example 28 Please refer to the disclaimer within the document overview when using this example. Maturity (A) Line items for disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows Not later than one year (M) Later than one year (M) Aggregate (DM) Nominal amount of hedging instruments Types of risk (A), and Hedging instruments (A) Oil price risk (ESM) and Forward contract (M) V V V Description of sources of hedge ineffectiveness expected to affect hedging relationship Types of risk (A) Oil price risk (ESM) T Disclosure of detailed information about hedging instruments Description new table 29 The new requirements in paragraph 24A of IFRS 7 describing the disclosures that an entity shall provide about hedging instruments have been modelled in the IFRS Taxonomy using a dimensional data model, resulting in a new table being created. 30 This table has been created using: (a) three axes: IFRS Foundation 16

18 IFRS TAXONOMY 2013 IFRS 9 FINANCIAL INSTRUMENTS (HEDGE ACCOUNTING) (i) (ii) (iii) the Types of risk axis, which already existed within the IFRS Taxonomy. the Types of hedges axis, which already existed within the IFRS Taxonomy. a new IFRS Taxonomy axis Hedging instruments is included to permit entities to provide the disclosures by hedging instruments and types of risks. (b) a list of line items added for disclosures that related to detailed information on hedging instruments. Details Line items Line items for disclosure of detailed information about hedging instruments ET ER Reference Hedging instruments, assets (a) M D IFRS 7.24A(a) Hedging instruments, liabilities (a) M D IFRS 7.24A(a) Description of line item in statement of financial position that includes hedging instrument (b) Gain (loss) on change in fair value of hedging instrument used as basis for recognising hedge ineffectiveness T D IFRS 7.24A(b) M D IFRS 7.24A(c) Nominal amount of hedging instrument DEC D IFRS 7.23B(a) IFRS 7.24A(d) (a) The line items hedging instruments, assets and hedging instruments, liabilities should be used to reflect the carrying amounts of the hedging instruments. (b) The element type of this line is modeled as text. This gives the entity the flexibility to provide either a textual description or alternatively an element identifier. Axis and members 31 The following table shows the new hedging instruments axis and members. Component ER Reference Hedging instruments (A) D IFRS 7.23A IFRS 7.24A Hedging instruments (DM) D IFRS 7.23A IFRS 7.24A Entity specific members (ESM) NA NA 32 No specific IFRS Taxonomy members have been specified for the axis Hedging instruments, but members of other IFRS Taxonomy dimensions (such as forward contracts) can be used or entities can specify their own members. 17 IFRS Foundation

19 PROPOSED INTERIM RELEASE JANUARY The default member is used for the total, ie all hedging instruments. Example 34 Please refer to the disclaimer within the document overview when using this example. Types of hedges (A) Line items for disclosure of detailed information about hedging instruments FV hedge (M) CF hedge (M) Hedges of NI in FO (M) Hedging instruments, assets Types of risk (A) and Hedging instruments (A) Oil price risk (ESM) and Forward contract (M) V V V Description of line item in statement of financial position that includes hedging instrument Types of risk (A) and Hedging instruments (A) Oil price risk (ESM) and Forward contract (M) T T T Disclosure of detailed information about hedged items Description new table 35 The new requirements in paragraph 24B of IFRS 7 relating to the disclosures that an entity shall provide about hedged items have been modelled in the IFRS Taxonomy using a dimensional structure, resulting in a new table with multiple axes. 36 This table has been created using: (a) three axes: (i) (ii) (iii) the Types of risk axis, which already existed within the IFRS Taxonomy; the Types of hedges axis, which already existed within the IFRS Taxonomy; and a new IFRS Taxonomy axis Hedged items is included to permit entities to provide the disclosures by hedged item and types of risks. (b) a list of line items added for disclosures that related to detailed information on hedged items. IFRS Foundation 18

20 IFRS TAXONOMY 2013 IFRS 9 FINANCIAL INSTRUMENTS (HEDGE ACCOUNTING) Details Line items Line items for disclosure of detailed information about hedged items ET ER Reference Hedged item, assets (a) M D IFRS 7.24B(a)(i) Hedged item, liabilities (a) M D IFRS 7.24B(a)(i) Accumulated fair value hedge adjustment on hedged item included in carrying amount, assets Accumulated fair value hedge adjustment on hedged item included in carrying amount, liabilities M D IFRS 7.24B(a)(ii) M D IFRS 7.24B(a)(ii) Description of line item in statement of T D IFRS 7.24B(a)(iii) financial position that includes hedged item (b) Gains (loss) on change in fair value of hedged item used as basis for recognising hedge ineffectiveness Accumulated fair value hedge adjustment remaining in statement of financial position for hedged item that ceased to be adjusted for hedging gains and losses, assets Accumulated fair value hedge adjustment remaining in statement of financial position for hedged item that ceased to be adjusted for hedging gains and losses, liabilities Reserve of cash flow hedges, continuing hedges Reserve of exchange differences on translation, continuing hedges Reserve of cash flow hedges, hedging relationships for which hedge accounting is no longer applied Reserve of exchange differences on translation, hedging relationships for which hedge accounting is no longer applied M D IFRS 7.24B(a)(iv) IFRS 7.24B(b)(i) M D IFRS 7.24B(a)(v) M D IFRS 7.24B(a)(v) M D IFRS 7.24B(b)(ii) M D IFRS 7.24B(b)(ii) M D IFRS 7.24B(b)(iii) M D IFRS 7.24B(b)(iii) (a) Used to reflect the carrying amount of the hedged item. (b) The element type of this line is modeled as text. This gives the entity the flexibility to provide either a textual description or alternatively an element identifier. 19 IFRS Foundation

21 PROPOSED INTERIM RELEASE JANUARY 2014 Axis and members 37 The following table shows the new hedged items axis and members. Component ER Reference Hedged items (A) D IFRS 7.24B Hedged items (DM) D IFRS 7.24B Entity-specific members (ESM) NA NA 38 No specific IFRS Taxonomy members have been specified for the axis Hedged items, but members of other IFRS Taxonomy dimensions can be used or entities can specify their own members. 39 The default member is used for the total, ie all hedged items. Example 40 Please refer to the disclaimer within the document overview when using this example. Types of hedges (A) Line items for disclosure of detailed information about hedged items FV hedge (M) CF hedge (M) Hedges of NI in FO (M) Hedged items, assets Types of risk (A) and Hedged items Interest rate risk (ESM) and Portfolio of loans in Euros (ESM) V NA NA Description of line item in statement of financial position that includes hedged item Types of risk (A) and Hedged items Interest rate risk (ESM) and Portfolio of loans in Euros (ESM) T NA NA Disclosure of information about amounts that affected statement of comprehensive income as a result of hedge accounting Description new table 41 The new requirements in paragraph 24C of IFRS 7 relating to the amounts that affect the statement of comprehensive income have been modelled in the IFRS Taxonomy resulting in a new taxonomy table with multiple axes. IFRS Foundation 20

22 IFRS TAXONOMY 2013 IFRS 9 FINANCIAL INSTRUMENTS (HEDGE ACCOUNTING) 42 This table has been created using: (a) two axes: (i) (ii) the Types of risk axis, which already existed within the IFRS Taxonomy; and the Types of hedges axis, which already existed within the IFRS Taxonomy. (b) a list of line items has been added for the disclosure of information about amounts that affected the statement of comprehensive income as result of hedge accounting. Details Line item Line items for disclosure of information about amounts that affected statement of comprehensive income as a result of hedge accounting ET ER Reference Gain (loss) on hedge ineffectiveness M D IFRS 7.24C(a)(i) Gain (loss) on hedge ineffectiveness recognised in profit or loss Gain (loss) on hedge ineffectiveness recognised in other comprehensive income Description of line item in statement of comprehensive income that includes recognized hedge ineffectiveness (a) Gains (losses) on cash flow hedges, net of tax [existing item] Gains (losses) on hedges of net investments in foreign operations, net of tax [existing item] Reclassification adjustments on cash flow hedges, net of tax [existing item] Reclassification adjustments on cash flow hedges for which hedged future cash flows are no longer expected to occur, net of tax Reclassification adjustments on cash flow hedges for which hedged item affected profit or loss, net of tax M D IFRS 7.24C(a)(i) IFRS 7.24C(b)(ii) M D IFRS 7.24C(a)(i) T D IFRS 7.24C(a)(ii) IFRS 7.24C(b)(iii) M D IFRS 7.24C(b)(i) IFRS 7.24E(a) M D IFRS 7.24C(b)(i) IFRS 7.24E(a) M D IFRS 7.24C(b)(iv) IFRS 7.24E(a) M D IFRS 7.24C(b)(iv) IFRS 7.24E(a) M D IFRS 7.24C(b)(iv) IFRS 7.24E(a) continued IFRS Foundation

23 PROPOSED INTERIM RELEASE JANUARY continued Line items for disclosure of information about amounts that affected statement of comprehensive income as a result of hedge accounting ET ER Reference Reclassification adjustments on hedges of net investments in foreign operations, net of tax [existing item] Description of line item in statement of comprehensive income that includes reclassification adjustment (a) Hedging gains (losses) for hedge of group of items with offsetting risk positions M D IFRS 7.24C(b)(iv) IFRS 7.24E(a) T D IFRS 7.24C(b)(v) M D IFRS IFRS 7.24C(b)(vi) (a) The element type of this line is modeled as text. This gives the entity the flexibility to provide either a textual description or alternatively an element identifier. Example 43 Please refer to the disclaimer within the document overview when using this example. Types of hedges (A) Line items for disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting FV hedge (M) CF hedge (M) Hedges of NI in FO (M) Types of risk (A) Gain (loss) on hedge ineffectiveness Currency risk (M) V V V Description of line item(s) in statement of comprehensive income that includes recognised hedge effectiveness Types of risk (A) Currency risk (M) T T T Types of risk (A) Gains (losses) on cash flow hedges, net of tax Oil commodity price risk (ESM) NA V NA IFRS Foundation 22

24 IFRS TAXONOMY 2013 IFRS 9 FINANCIAL INSTRUMENTS (HEDGE ACCOUNTING) Disclosure of information about credit exposures designated as measured at fair value through profit or loss Description new table 44 The new requirements in paragraph 24G of IFRS 7 relating to the disclosure of information about credit exposures have been modelled in the IFRS Taxonomy using a dimensional structure resulting in a new IFRS Taxonomy table. 45 This table has been created using: (a) (b) a new IFRS Taxonomy axis Financial instruments measured at fair value through profit or loss because credit derivative is used to manage credit risk is added to allow reporting by instrument; and a list of line items added for disclosures related to credit exposures designated as measured at fair value through profit or loss. 46 Some line items in the table represent reconciliation movements. This Proposed Interim Release includes a line item for the total reconciliation movement. It is expected that entities may add their own line items if they are required. 47 These changes also resulted in changes to the labels for some existing IFRS Taxonomy items. Details Line items Line items for disclosure of information about credit exposures designated as measured at fair value through profit or loss ET ER Reference Credit derivative, nominal amount M D IFRS 7.24G(a) Increase (decrease) in credit derivative, nominal amount M D IFRS 7.24G(a) Credit derivative, fair value M D IFRS 7.24G(a) Increase (decrease) in credit derivative, fair value Gain (loss) on designation of financial instrument as measured at fair value through profit or loss because credit derivative is used to manage credit risk Fair value of financial instrument on discontinuation of measurement at fair value through profit or loss because credit derivative is used to manage credit risk, assets M D IFRS 7.24G(a) M D IFRS 7.24G(b) M D IFRS 7.24G(c) continued IFRS Foundation

25 PROPOSED INTERIM RELEASE JANUARY continued Line items for disclosure of information about credit exposures designated as measured at fair value through profit or loss ET ER Reference Fair value of financial instrument on discontinuation of measurement at fair value through profit or loss because credit derivative is used to manage credit risk, liabilities Nominal or principal amount of financial instrument on discontinuation of measurement at fair value through profit or loss because credit derivative is used to manage credit risk M D IFRS 7.24G(c) M D IFRS 7.24G(c) Axis and members 48 The following table shows the new axis and members for Financial instruments measured at fair value through profit or loss because credit derivative is used to manage credit risk. Component ER Reference Financial instruments measured at fair value through profit or loss because credit derivative is used to manage credit risk (A) Financial instruments measured at fair value through profit or loss because credit derivative is used to manage credit risk (DM) D IFRS 7.24G D IFRS 7.24G Entity-specific members (ESM) NA NA 49 The default member is used for the total, ie all financial instruments measured at fair value through profit or loss because credit derivative is used to manage credit risk. Example 50 Please refer to the disclaimer within the document overview when using this example. IFRS Foundation 24

26 IFRS TAXONOMY 2013 IFRS 9 FINANCIAL INSTRUMENTS (HEDGE ACCOUNTING) 51 This example is of the nominal value reconciliation, not the fair value reconciliation. Financial instruments measured at fair value through profi t or loss because credit derivative is used to manage credit risk (A) Disclosure of information about credit exposures designated as measured at FV through profi t or loss (line items) FI measured at FV through P or L because credit derivative is used to manage credit risk (DM) ESM 1 ESM 2 Credit derivative, nominal amount VBP VBP VBP Entity-specific reconciliation line item 1 V V V Entity-specific reconciliation line item 2 V V V Increase (decrease) in credit derivative, nominal amount V(t) V(t) V(t) Credit derivative, nominal amount VEP VEP VEP Label change Updated labels Financial assets at fair value through profit or loss, designated upon initial recognition or subsequently Current financial assets at fair value through profit or loss, designated upon initial recognition or subsequently Non-current financial assets at fair value through profit or loss, designated upon initial recognition or subsequently Financial assets at fair value through profit or loss, designated upon initial recognition or subsequently, category [member] Gains (losses) on financial assets at fair value through profit or loss, designated upon initial recognition or subsequently Financial liabilities at fair value through profit or loss, designated upon initial recognition or subsequently Current financial liabilities at fair value through profit or loss, designated upon initial recognition or subsequently continued IFRS Foundation

27 PROPOSED INTERIM RELEASE JANUARY continued Updated labels Non-current financial liabilities at fair value through profit or loss, designated upon initial recognition or subsequently Financial liabilities at fair value through profit or loss, designated upon initial recognition or subsequently, category [member] Gains (losses) on financial liabilities at fair value through profit or loss, designated upon initial recognition or subsequently Additional text and text block items Description 52 Text blocks allow users to more efficiently identify and process information. Within the IFRS Taxonomy, all tables have an associated text block item. Text blocks may also be used for disclosures in which formatted text content (including HTML formatting) may be used. The following are the additional text blocks, and other text items outside of the tables, added to the IFRS Taxonomy 2013 as a result of the new disclosures in IFRS 7 that relates to IFRS 9 (2013). Details 53 The following table provides a detailed list of additional text blocks. Additional Text Blocks ET ER Reference Disclosure of general hedge accounting (a) TB D IFRS 7 Hedge Accounting Disclosure of risk management strategy related to hedge accounting Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows Disclosure of detailed information about hedging instruments Disclosure of detailed information about hedged items Disclosure of information about amounts that affected statement of comprehensive income as a result of hedge accounting TB D IFRS 7.22A TB D IFRS 7.23A TB D IFRS 7.24A TB D IFRS 7.24B TB D IFRS 7.24C continued... IFRS Foundation 26

28 IFRS TAXONOMY 2013 IFRS 9 FINANCIAL INSTRUMENTS (HEDGE ACCOUNTING)...continued Additional Text Blocks ET ER Reference Disclosure of information about credit exposures designated as measured at fair value through profit or loss TB D IFRS 7.24G (a) The text block Disclosure of general hedge accounting is the text block that can be used to block tag all disclosures an entity provides about general hedge accounting. Other elements have been added to block tag specific to disclosures about general hedge accounting. Additional Text Items ET ER Reference Description of cross-reference to disclosures about hedge accounting presented outside financial statements Description of forecast transactions for which hedge accounting had been used in previous period but which are no longer expected to occur T D IFRS 7.21B T D IFRS 7.23F Analysis of other comprehensive income by item Description amended table 54 Paragraphs 24E 24F of IFRS 7 specify additional components of other comprehensive income that need to be disclosed as a result of IFRS 9 (2013) and further state that this information needs to be disclosed by risk category. 55 A table for the analysis of other comprehensive income already exists within the IFRS Taxonomy The changes made by paragraphs 24E 24F are: (a) (b) (c) addition of the existing axis Types of risk to this table; addition of new members to the existing axis Components of equity ; and addition of new line items. 57 The addition of the axis Types of risk does not imply that entities must present this information within the primary financial statements. Members of the axis can be applied when disaggregation of information required in paragraph 24E is provided in the notes to the financial statements. 58 The changes described in this section are reflected as an amendment to an existing table within the IFRS Taxonomy. In this section you will only find 2 See Section [861000] Notes Analysis of other comprehensive income by item of the IFRS Taxonomy Illustrated (ITI). 27 IFRS Foundation

29 PROPOSED INTERIM RELEASE JANUARY 2014 details on those items that have been amended as well as details on existing items that relate to IFRS 9 (2013). For full details on this table refer to the IFRS Taxonomy and associated documentation. Details Line items Line items for disclosure of information about amounts that affected statement of comprehensive income as a result of hedge accounting ET ER Reference Other comprehensive income, net of tax, cash flow hedges [existing item] Gains (losses) on cash flow hedges, net of tax [existing item] Reclassification adjustments on cash flow hedges, net of tax [existing item] Reclassification adjustments on cash flow hedges for which hedged future cash flows are no longer expected to occur, net of tax Reclassification adjustments on cash flow hedges for which hedged item affected profit or loss, net of tax Reclassification adjustments on cash flow hedges for which reserve of cash flow hedges will not be recovered in one or more future periods, net of tax Other comprehensive income, net of tax, hedges of net investments in foreign operations [existing item] Gains (losses) on hedges of net investments in foreign operations, net of tax [existing item] Reclassification adjustments on hedges of net investments in foreign operations, net of tax [existing item] Other comprehensive income, net of tax, gains (losses) on hedging instruments that hedge investments in equity instruments M D Exists M D Exists IFRS 7.24C(b)(i) IFRS 7.24E(a) M D Exists IFRS 7.24C(b)(iv) IFRS 7.24E(a) M D IFRS 7.24C(b)(iv) IFRS 7.24E(a) M D IFRS 7.24C(b)(iv) IFRS 7.24E(a) M D IFRS 7.24E(a) M D Exists M D Exists IFRS 7.24C(b)(i) IFRS 7.24E(a) M D Exists IFRS 7.24C(b)(iv) IFRS 7.24E(a) M D IAS 1.7 IAS 1.91(a) continued... IFRS Foundation 28

30 IFRS TAXONOMY 2013 IFRS 9 FINANCIAL INSTRUMENTS (HEDGE ACCOUNTING)...continued Line items for disclosure of information about amounts that affected statement of comprehensive income as a result of hedge accounting ET ER Reference Other comprehensive income, net of tax, changes in value of time value of options Other comprehensive income, net of tax, change in value of time value of options that hedge transaction related hedged items Other comprehensive income, net of tax, change in value of time value of options that hedge time period related hedged items Other comprehensive income, net of tax, change in value of forward elements of forward contracts Other comprehensive income, net of tax, change in value of forward elements of forward contracts that hedge transaction related hedged items Other comprehensive income, net of tax, change in value of forward elements of forward contracts that hedge time period related hedged items Other comprehensive income, net of tax, change in value of foreign currency basis spreads Other comprehensive income, net of tax, change in value of foreign currency basis spreads that hedge transaction related hedged items Other comprehensive income, net of tax, change in value of foreign currency basis spreads that hedge time-period related hedged items M D IAS 1.7 IAS 1.91(a) M D IFRS 7.24E(b) M D IFRS 7.24E(b) M D IAS 1.7 IAS 1.91(a) M D IFRS 7.24E(c) M D IFRS 7.24E(c) M D IAS 1.7 IAS 1.91 (a) M D IFRS 7.24E (c) M D IFRS 7.24E (c) Axis and members 59 The following show the amendments to the components of equity axis and members. 29 IFRS Foundation

31 PROPOSED INTERIM RELEASE JANUARY 2014 Components of equity (axis) ER Reference Reserve of change in value of forward elements of forward contracts (member) Reserve of change in value of time value of options (member) Reserve of change in value of foreign currency basis spreads (member) Reserve of gains and losses on hedging instruments that hedge investments in equity instruments (member) E IAS E IAS E IAS E IAS Example 60 Please refer to the disclaimer within the document overview when using this example. Components of equity (A) Equity attributable to owners of parent (M) Line items for disclosure of analysis of other comprehensive income Reserves of cash fl ow (M) Reserves of exchange differences on translation (M) Reserve of change in value of forward elements of forward contracts Types of risk (A) Risk (DM = all risks) V NA NA Currency risk (ESM) V NA NA Gains (losses) on cash fl ow hedges, net of tax Oil price risk (ESM) V NA NA IAS 1 Additional disclosures relating to hedge accounting Introduction 61 Some of the new requirements in IFRS 9 (2013) amended existing disclosure requirements from IAS 1 Presentation of Financial Statements, which resulted in new items and members being added to the existing IFRS Taxonomy data models. IFRS Foundation 30

32 IFRS TAXONOMY 2013 IFRS 9 FINANCIAL INSTRUMENTS (HEDGE ACCOUNTING) 62 The changes are: (a) (b) (c) (d) (e) new line items in the statement of comprehensive income, other comprehensive income (OCI) components presented net of tax; new line items in the statement of comprehensive income, OCI components presented before tax; new line items in the subclassifications of assets, liabilities and equities; new members added to the components of equity axis within the statement of changes in equity and also new line items; and one new line item in the statement of comprehensive income, profit or loss (nature & function). Amendments 63 The following amendments have been made, based on updates to IAS 1 related to IFRS 9 (2013). Refer to the relevant pages in this document for details on the changes. see page Statement of comprehensive income, OCI components presented net of tax Statement of comprehensive income, OCI components presented before tax Notes Subclassifications of assets, liabilities and equities 35 Statement of changes in equity 36 Statement of comprehensive income, profit or loss 38 Statement of comprehensive income, OCI components presented net of tax Description 64 The IFRS Taxonomy model for Statement of comprehensive income, OCI components presented net of tax is non-dimensional, ie no dimensions or properties are defined for use within those disclosures. Components of OCI are divided into two groups: those that will be reclassified and those that will not be reclassified to profit or loss. 65 The existing data model already includes line items relating to Cash flow hedges and Hedges of investment in foreign operations among others. Additional line items have been added to reflect the amendments to IAS See Section [410000] Statement of comprehensive income, OCI components presented net of tax of the ITI. 31 IFRS Foundation

33 PROPOSED INTERIM RELEASE JANUARY 2014 Details Line items Line items for disclosure of information about statement of comprehensive income, OCI components net of tax ET ER Grouping parent Reference Other comprehensive income, net of tax, change in value of time value of options Gains (losses) on change in value of time value of options, net of tax Reclassification adjustments on change in value of time value of options, net of tax Other comprehensive income, net of tax, change in value of forward elements of forward contracts Gains (losses) on change in value of forward elements of forward contracts, net of tax Reclassification adjustments on change in value of forward elements of forward contracts, net of tax Other comprehensive income, net of tax, change in value of foreign currency basis spreads Gains (losses) on change in value of foreign currency basis spreads, net of tax Reclassification adjustments on change in value of foreign currency basis spreads, net of tax Other comprehensive income, net of tax, gains (losses) on hedging instruments that hedge investments in equity instruments M D OCI IAS 1.7 IAS 1.91(a) M D OCI IAS 1.91(a) M D OCI IAS 1.92 M D OCI IAS 1.7 IAS 1.91(a) M D OCI IAS 1.91(a) M D OCI IAS 1.92 M D OCI IAS 1.7 IAS 1.91(a) M D OCI IAS 1.91(a) M D OCI IAS 1.92 M D OCINOT IAS 1.7 IAS 1.91(a) IFRS Foundation 32

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