In 2017 my Website was migrated to
the clouds and reduced in size.
Hence some links below are broken.
One thing to try if a “www” link is broken is to substitute “faculty” for “www”
For example a broken link
http://faculty.trinity.edu/rjensen/Pictures.htm
can be changed to corrected link
http://faculty.trinity.edu/rjensen/Pictures.htm
However in some cases files had to be removed to reduce the size of my Website
Contact me at rjensen@trinity.edu if
you really need to file that is missing
Accounting
Flow Chart for IAS 39
Bob Jensen at Trinity University
Flow Chart on Deciding to When and How to Book Derivatives
Flow Chart and illustrations for Cash Flow Hedging
Flowchart and Illustrations for Fair Value Hedging
Flowchart and Illustrations for Foreign Exchange (FX) Hedging
Flow Chart for FAS 133 Accounting ---
http://faculty.trinity.edu/rjensen/acct5341/speakers/133flow.htm
Flow Chart on Deciding to When and How to Book Derivatives Under IAS 39
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Is there a contract with (1) an underlying and (2) a notional amount, a payment provision, or both under IAS 39 Paragraph 9? |
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Does the contract require no initial net investment or an initial net investment smaller than other types of contracts that have a similar response to changes in market factors under IAS 39 Paragraph 9? The IASB considered allowing hedge accounting when non-derivative financial instruments are used to hedge other financial instruments, but reasons for rejecting this alternative are described in IAS 39 Paragraph BC145. Non-derivative financial instruments are not scoped into IAS 39 as hedging contracts if they cannot be defined as derivative financial instruments. |
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Does the contract fall under any one of the Paragraph 2 exemptions in
IAS 39? This Standard shall be
applied by all entities to all types of financial instruments except: (a) those interests in subsidiaries, associates and joint
ventures that are accounted for under IAS 27 Consolidated and Separate
Financial Statements, IAS 28 Investments in Associates or IAS 31 Interests
in Joint Ventures. However, entities shall apply this Standard to an
interest in a subsidiary, associate or joint venture that according to IAS
27, IAS 28 or IAS 31 is accounted for under this Standard. Entities shall
also apply this Standard to derivatives
on an interest in a subsidiary, associate or joint venture unless the
derivative meets the definition of an equity instrument of the entity in IAS
32. (b) rights and obligations under leases to which IAS 17 Leases
applies. However: (i) lease receivables recognised by a lessor are subject to
the derecognition and impairment provisions of this Standard (see paragraphs
15–37, 58, 59, 63–65 and Appendix A Paragraphs AG36–AG52 and AG84–AG93); (ii) finance lease payables recognised
by a lessee are subject to the derecognition provisions of this Standard (see
Paragraphs 39–42 and Appendix A Paragraphs AG57–AG63); and (iii) derivatives that are embedded in
leases are subject to the embedded derivatives provisions of this Standard
(see Paragraphs 10–13 and Appendix A Paragraphs AG27–AG33). (c) employers' rights and obligations
under employee benefit plans, to which IAS 19 Employee Benefits
applies. (d) financial
instruments issued by the entity that meet the definition of an equity
instrument in IAS 32 (including options and warrants). However, the holder of such equity
instruments shall apply this Standard to those instruments, unless they meet
the exception in (a) above. (e) rights
and obligations arising under (i) an insurance contract as defined in IFRS 4 Insurance
Contracts, other than an issuer's rights and obligations arising under an
insurance contract that meets the definition of a financial guarantee
contract in Paragraph 9, or (ii) a contract that is within the scope of IFRS
4 because it contains a discretionary participation feature. However, this
Standard applies to a derivative that is embedded in a contract within the
scope of IFRS 4 if the derivative is not itself a contract within the scope
of IFRS 4 (see Paragraphs 10–13 and Appendix A Paragraphs AG27–AG33 of this
Standard). Moreover, if an issuer of financial guarantee contracts has
previously asserted explicitly that it regards such contracts as insurance
contracts and has used accounting applicable to insurance contracts, the
issuer may elect to apply either this Standard or IFRS 4 to such financial
guarantee contracts (see Paragraphs AG4 and AG4A). The issuer may make that
election contract by contract, but the election for each contract is
irrevocable. (f) contracts
for contingent consideration in a business combination (see IFRS 3 Business
Combinations). This exemption applies only to the acquirer. (g) contracts
between an acquirer and a vendor in a business combination to buy or sell an
acquiree at a future date. (h) loan
commitments other than those loan commitments described in Paragraph 4. An
issuer of loan commitments shall apply IAS 37 Provisions, Contingent
Liabilities and Contingent Assets to loan commitments that are not within
the scope of this Standard. However, all loan commitments are subject to the
derecognition provisions of this Standard (see Paragraphs 15–42 and Appendix
A Paragraphs AG36–AG63). (i) financial
instruments, contracts and obligations under share-based payment transactions
to which IFRS 2 Share-based Payment applies, except for contracts
within the scope of Paragraphs 5–7 of this Standard, to which this Standard
applies. (j) rights
to payments to reimburse the entity for expenditure it is required to make to
settle a liability that it recognises as a provision in accordance with IAS
37, or for which, in an earlier period, it recognised a provision in
accordance with IAS 37. |
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Is the contract a” regular-way” security trade
scoped out in scoped out of Paragraph 10 of FAS 133 and Paragraph AG12 of IAS
39This exclusion applies only to contracts that require delivery of
securities readily convertible to cash where the contract requires delivery
of the securities within the customary period of time after the trade
date. This excludes most contracts to purchase or sell publicly traded
equity securities in the which, customarily, are settled in three business
days on stock exchanges. |
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Is the contract an insurance contract which the firm
designates as insurance for accounting purposes under IFRS 4? IAS 39 offers
somewhat more discretion than FAS 133 in the |
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Is the contract a
financial guarantee? Paragraph IN6 of IAS
39 states the following: The scope of the
Standard includes financial guarantee contracts issued. However, if an issuer
of financial guarantee contracts has previously asserted explicitly that it
regards such contracts as insurance contracts and has used accounting
applicable to insurance contracts, the issuer may elect to apply either this
Standard or IFRS 4 Insurance Contracts to such financial guarantee
contracts. Under this Standard, a financial guarantee contract is initially
recognised at fair value and is subsequently measured at the higher of (a)
the amount determined in accordance with IAS 37 and (b) the amount initially
recognised less, when appropriate, cumulative amortisation recognised in
accordance with IAS 18. Different
requirements apply for the subsequent measurement of financial guarantee
contracts that prevent derecognition of financial assets or result in
continuing involvement. Financial guarantee contracts held are not within the
scope of the Standard.[1]
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Does the existence of this contract serve as an impediment to recognizing a related contract as a sale? IAS 39 is silent on this, but the reasoning under FAS 133 seems to encompass IAS 39. For instance, a call option enabling a transferor to repurchase transferred assets -- an impediment to sales accounting under FAS 125 -- is not subject to FAS 133, since the related assets are already recognized in the financial statements and to separately record the derivative would be to count the same thing twice. The same reasoning extrapolates to IAS 39. |
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Are the contracted interest payments indexed to the reporting entity's own equity stock? See FAS 133 Paragraph 61 (h) and the example given in FAS Paragraph 185. Also see IAS 39 Paragraph 24(d). |
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Is the contract issued by the reporting entity as part of a stock-based compensation arrangement? Such compensation is subject to IFRS 2 and possibly impacted by IAS 19. |
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Is the contract a loan
commitment meeting a Paragraph 4 condition in IAS 39? (a) loan commitments that the entity designates as financial liabilities at fair value
through profit or loss. An entity that has a past practice of selling the
assets resulting from its loan commitments shortly after origination shall
apply this Standard to all its loan commitments in the same class. (b) loan commitments that can be settled net in cash or by
delivering or issuing another financial instrument. These loan commitments
are derivatives. A loan commitment is not regarded as settled net merely
because the loan is paid out in instalments (for example, a mortgage
construction loan that is paid out in instalments in line with the progress
of construction). (c) commitments
to provide a loan at a below-market interest rate. Paragraph 47(d) specifies
the subsequent measurement of liabilities arising from these loan
commitments. |
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Is the contract a
normal purchase/sale as detailed in Over the years both the IASB and the FASB
receive lobbying and legal pressures from different sources in different
ways. This will be discussed in greater detail later on in the portfolio. An
example arises with respect to what FAS 133 termed Normal Purchases and
Normal Sales (NPNS) that are contracts technically meeting the FAS 133
definitions of derivatives but are excluded from the scope of FAS 133 in
Paragraphs 8, 58, 271, and 272. A portion of Paragraph 8 of FAS 133 reads as
follows: Normal purchases and
normal sales. Normal purchases and normal sales are contracts with no net
settlement provision and no market mechanism to facilitate net settlement (as
described in Paragraphs 9(a) and 9(b)). They provide for the purchase or sale
of something other than a financial instrument or derivative instrument that
will be delivered in quantities expected to be used or sold by the reporting
entity over a reasonable period in the normal course of business. In Paragraph BC221 of IAS 39 the IASB elected to
simply follow the FAS 133 rules for NPNS exclusions of normal purchases and
normal sales. Presumably this includes electric power industry bookouts as
amended in FAS 138 in the |
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Apply IAS
39 |
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Flow Chart on Deciding to When and How to Book Derivatives
Flow Chart and illustrations for Cash Flow Hedging
Flowchart and Illustrations for Fair Value Hedging
Flowchart and Illustrations for Foreign Exchange (FX) Hedging
Flow Chart for FAS 133 Accounting --- http://faculty.trinity.edu/rjensen/acct5341/speakers/133flow.htm
When a derivative hedge contract meets the criteria for hedge accounting of cash flow risk in a hedged item, then hedge accounting permits the change in value of the derivative to be offset by a debit or credit to an equity account rather than current earnings to the extent the hedge is effective. This prevents current earnings to fluctuate wildly due to unrealized changes value of the derivative prior to settlement of the derivative. However, if the hedge is deemed highly ineffective such as when the Delta ration falls outside the 80% to 125% range described in Paragraph BC136 of IAS 39, then hedge accounting is not allowed and the entire change in value of the hedging derivative is charged to current earnings.
We added the following journal entry flow chart for cash flow hedges scoped into FAS 133 and IAS 39. Assume that the derivative instrument change in fair value increases CU100 and the question is what to credit. In the case of a cash flow hedge, assume that the derivative is effective by CU90 in intrinsic value. The other CU10 is attributed to ineffectiveness of the cash flow hedge and/or changes in time value of the derivative instrument. In the table below, AFS stands for "Available-for-Sale" and HTM stands for "Held-to-Maturity" under FAS 115 definitions. Definitions can also be found in IAS 39 Paragraphs AG14-AG25.
The acronym OCI depicts Other Comprehensive Income or Accumulated OCI under FAS 130. For these and other definitions such as intrinsic value and time value, see the glossary at http://faculty.trinity.edu/rjensen/acct5341/speakers/133glosf.htm
The IASB did not define an equity account comparable to the OCI defined in
FAS 130 to be used in the
The Delta ratio is the absolute value of the ratio of the change in the derivative hedge value divided by the change in the amount being hedged. A popular rule of thumb under dollar offset hedge effectiveness testing is that when Delta ratio is expressed as a percentage, hedge accounting is allowed when Delta falls between 80% and 125%. When Delta falls outside this range, hedge accounting is not permitted. Look up the term "Ineffectiveness" at http://faculty.trinity.edu/rjensen/acct5341/speakers/133glosf.htm
Paragraph BC136 of IAS 39 reads as follows:
Qualification for
hedge accounting is based on expectations of future effectiveness (prospective)
and evaluation of actual effectiveness (retrospective). In the original IAS 39,
the prospective test was expressed as 'almost fully offset', whereas the
retrospective test was 'within a range of 80–125 per cent'. The Board
considered whether to amend IAS 39 to permit the prospective effectiveness to
be within the range of 80–125 per cent rather than 'almost fully offset'. The
Board noted that an undesirable consequence of such an amendment could be that
entities would deliberately underhedge a hedged item in a cash flow hedge so as
to reduce recognised ineffectiveness. Therefore, the Board initially decided to
retain the guidance in the original IAS 39.
Explanatory video files are available at http://www.cs.trinity.edu/~rjensen/video/acct5341/fas133/WindowsMedia/
Various outcomes in the guide below are illustrated at http://faculty.trinity.edu/rjensen/acct5341/class06a.htm
Warning: The flow charts below all assume the CU10 amount is all
attributed to ineffectiveness, which in turn implicitly assumes that hedge
effectiveness testing is based upon full value (intrinsic plus time value)
changes in the hedging derivative. If
effectiveness testing is based upon only intrinsic value, the CU10 must combine
both ineffectiveness and changes in time value of the derivative.
You can read more about intrinsic value versus full value hedging at
http://faculty.trinity.edu/rjensen/caseans/IntrinsicValue.htm
To simplify the flow chart it is
assumed that there are no internal hedge contracts between entities that are
combined in consolidated financial statements as discussed beginning in
Paragraph BC165 of IAS 39. This flow chart also excludes macro portfolio hedging
that is discussed beginning in Paragraph 173 of IAS 39.
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Cash Flow Hedge Journal Entry Guide. |
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Is the derivative instrument deemed a speculation or otherwise not eligible for any special hedge accounting treatment? Changes in value of all derivative speculations and ineligible hedges are charged to current earnings. . |
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Does the designated hedged item have fair
value risk and no cash flow risk? The IASB considered simplifying IAS 39 by
allowing fair value hedging for cash flow risk, but reasons for rejecting
this idea are discussed in IAS 39 Paragraph BC148 |
YES See if the hedge qualifies for hedge accounting as a fair value hedge. If not, all changes in value of the derivative hedging contract are charged to current earnings. |
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Is the derivative instrument deemed a
partial hedge of a hedged item where the designated portion has cash flows)
greater than the cash flows of the entire hedged item? This is not common,
but it was serious enough for the IASB to amend IAS 39 as described in
Paragraph BS135A. |
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Is the hedge of a portion of loan servicing rights where the interest rate risk portion of loan servicing rights is designated as the hedged item. The IASB considered this alternative and rejected it in Paragraph BC141. There can of course be a hedge of these loan servicing rights, but hedge accounting is not allowed. |
YES |
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Is the hedged item carried at historical cost (or lower-of-cost or
market) such as inventory or an HTM security carried at amortized cost?
Note Paragraphs 54-56 for AFS reclassifications in FAS 133. |
YES The above entry is correct as long as Delta is within the 80%-125% range. Otherwise the entire CU100 is charged against current earnings due to severe ineffectiveness of the hedge. |
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Is the derivative a cash
flow hedge of a hedged item that is an unbooked forecasted transaction
such as a forecasted inventory purchase, forecasted investment, or forecasted
borrowing under forecasted transaction rules in FAS 133 Paragraphs
29-35? |
YES The above entry is correct as long as Delta
is within the 80%-125% range. Otherwise the entire CU100 is charged
against current earnings due to severe ineffectiveness of the hedge. |
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Is the derivative a cash flow hedge of a booked or unbooked hedged item that will eventually be carried at fair market value with the changes and value going to current earnings such as in the case of precious metal inventory carried on the books or a securities investment classified as a trading investment under FAS 115 or IAS 32 rules? Especially note Paragraph 405 and Paragraph 29(d) of FAS 133. . |
YES |
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Flow Chart on Deciding to When and How to Book Derivatives
Flow Chart and illustrations for Cash Flow Hedging
Flowchart and Illustrations for Fair Value Hedging
Flowchart and Illustrations for Foreign Exchange (FX) Hedging
Flow Chart for FAS 133 Accounting --- http://faculty.trinity.edu/rjensen/acct5341/speakers/133flow.htm
Cash flow hedges are used for hedged items having cash flow risk such as financial instruments that will be transacted in the future at unknown spot rates. Fair value hedges are used for hedged items having no cash flow risk, thereby having value risk in that items purchase or sold at contracted (forward) prices may cause hedged items to differ in value from the contracted prices. For example, purchase contract to buy one million units of jet fuel at a forward price of CU5 per unit may has value risk if the eventual spot price at the time of the purchase differs from the contracted price of CU5 per unit.
Below is a flow chart for fair value hedges scoped into FAS 133 and IAS 39. Assume that the derivative instrument change in fair value increases CU100 and the question is what to credit. In the case of a cash flow hedge, assume that the derivative is effective by CU90 in intrinsic value. The other CU10 is attributed to ineffectiveness of the fair value hedge and/or changes in time value of the derivative instrument. In the table below, AFS stands for "Available-for-Sale" and HTM stands for "Held-to-Maturity" under FAS 115 definitions. The acronym OCI depicts Other Comprehensive Income or Accumulated OCI under FAS 130. For these and other definitions such as intrinsic value and time value, see the glossary at http://faculty.trinity.edu/rjensen/acct5341/speakers/133glosf.htm
The Delta ratio is the absolute value of the ratio of the change in the derivative hedge value divided by the change in the amount being hedged. A popular rule of thumb is that when Delta is expressed as a percentage, hedge accounting is allowed when Delta falls between 80% and 125%. When Delta falls outside this range, hedge accounting is not permitted. Look up the term "Ineffectiveness" at http://faculty.trinity.edu/rjensen/acct5341/speakers/133glosf.htm
Explanatory video files are available at http://www.cs.trinity.edu/~rjensen/video/acct5341/fas133/WindowsMedia/
Various outcomes in the guide below are illustrated at http://faculty.trinity.edu/rjensen/acct5341/class06a.htm
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Fair Value Hedge Journal Entry Guide |
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Is the derivative instrument deemed a speculation or otherwise not eligible for any special hedge accounting treatment? Changes in value of all derivative speculations and ineligible hedges are charged to current earnings. |
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Does the designated hedged
item have fair value risk and no cash flow risk? The IASB considered
simplifying IAS 39 by allowing cash flow hedging for fair value risk, but
reasons for rejecting this idea are discussed in IAS 39 Paragraph BC152 |
See
if the hedge qualifies for hedge accounting as a cash flow hedge. If not, all
changes in value of the derivative hedging contract are charged to current
earnings. |
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Is the derivative
instrument deemed a partial hedge of a hedged item where the designated
portion has fair value greater than the fair value of the entire hedged item?
This is not common, but it was serious enough for the IASB to amend IAS 39 as
described in Paragraph BS135A. |
YES |
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Is the derivative a fair value hedge of a hedged item currently carried at historical cost (or lower-of-cost or market) such as inventory or an HTM security carried at amortized cost? See Example 2 beginning in Paragraph 111 of Appendix B of FAS 133. Also see Appendix A Examples 1-5 beginning in Paragraph 73.
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YES The above entry is correct as long as Delta is within the 80%-125% range. Otherwise the entire CU100 is charged against current earnings due to severe ineffectiveness of the hedge. |
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Is the derivative a fair
value hedge of a hedged item that is an unbooked firm commitment such
as future inventory purchase, future investment, or future borrowing under
forecasted transaction rules in FAS 133 Paragraphs 20-27, Paragraph 4,
Paragraph 370, and Paragraph 442? The FASB invented an account called
"Firm Commitment" for fair value hedges of unbooked hedged items such
as purchase commitments. It can have a debit or a credit
balance. Also see See Example 4.13 beginning on Page 126 of KPMG's Derivatives
and Hedging Handbook --- |
YES The above entry is correct as long as Delta is within the 80%-125% range. Otherwise the entire CU100 is charged against current earnings due to severe ineffectiveness of the hedge. |
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Is the derivative a fair value hedge of a hedged item currently carried at fair market value with gains and losses going to current earnings such as in the case of precious metal inventory carried on the books or a securities investment classified as a trading investment under FAS 115 or IAS 32 rules? See Paragraphs 23 and 405 of FAS 133. |
YES |
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Is the derivative a fair value hedge of a hedged item currently carried at fair market value with gains and losses going to OCI such as an AFS investment or liability under FAS 115 rules? See Paragraphs 405 and 23 of FAS 133.
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YES |
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Flow Chart on Deciding to When and How to Book Derivatives
Flow Chart and illustrations for Cash Flow Hedging
Flowchart and Illustrations for Fair Value Hedging
Flowchart and Illustrations for Foreign Exchange (FX) Hedging
Flow Chart for FAS 133 Accounting --- http://faculty.trinity.edu/rjensen/acct5341/speakers/133flow.htm
The following journal entry flow chart depicts foreign currency (FX) hedges scoped into FAS 133 and IAS 39. Assume that the derivative instrument change in fair value increases CU100 and the question is what to credit. In the case of a cash flow hedge, assume that the derivative is effective by CU90 in intrinsic value. The other CU10 is attributed to ineffectiveness of the FX hedge and/or changes in time value of the derivative instrument. In the table below, AFS stands for "Available-for-Sale" and HTM stands for "Held-to-Maturity" under FAS 115 definitions. The acronym OCI depicts Other Comprehensive Income or Accumulated OCI under FAS 130. For these and other definitions such as intrinsic value and time value, see the glossary at http://faculty.trinity.edu/rjensen/acct5341/speakers/133glosf.htm
The Delta ratio is the absolute value of the ratio of the change in the derivative hedge value divided by the change in the amount being hedged. A popular rule of thumb is that when Delta is expressed as a percentage, hedge accounting is allowed when Delta falls between 80% and 125%. When Delta falls outside this range, hedge accounting is not permitted. Look up the term "Ineffectiveness" at http://faculty.trinity.edu/rjensen/acct5341/speakers/133glosf.htm
Explanatory video files are available at http://www.cs.trinity.edu/~rjensen/video/acct5341/fas133/WindowsMedia/
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Foreign Currency FX Hedge Journal Entry Guide |
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Is the derivative instrument deemed a FX speculation or otherwise not eligible for any special hedge accounting treatment? Changes in value of all derivative speculations and ineligible hedges are charged to current earnings. See Paragraph 405 of FAS 133. |
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Is the derivative a fair value FX hedge of a hedged item that is an unbooked firm commitment in one currency that has FX risk in another currency such as future inventory purchase at a contracted price in Euros that has FX risk if paid/received in U.S. dollars. Note that FAS 138 amended FAS 133 restrictions on cross currency hedges that hedge fair value and FX simultaneously. The FASB invented an account called "Firm Commitment" for fair value hedges of unbooked hedged items such as purchase commitments. See FAS 133 Paragraphs 37-39? Note Example 3 beginning in Paragraph 121
of FAS 133.
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YES The above entry is correct as long as Delta is within the 80%-125% range. Otherwise the entire CU100 is charged against current earnings due to severe ineffectiveness of the hedge. |
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Is the derivative a FX hedge of a hedged item currently carried at fair market value with gains and losses going to current earnings such as in the case of precious metal inventory carried on the books at fair value in Euros or a securities investment classified as a trading investment under FAS 115 or IAS 32 rules? Any change in the value of the FX hedge goes to current earnings.
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YES |
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Is the derivative a FX hedge of a hedged item currently carried at fair market value with gains and losses going to OCI such as an AFS investment or liability under FAS 115 rules? See Paragraphs 37-39 of FAS 133.
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YES A
credit is not made to OCI or the hedged itembecause this is not a hedge the
hedged item itself. It is only an FX hedge of an item carried at fair value. |
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Is the derivative a FX hedge of a forecasted transaction in another currency.? If so, the accounting is similar to accounting for cash flow hedges in general with the exception of net investments in foreign operations under FAS 52. See FAS 133 Paragraphs 40-41? Note that FAS 138 amended FAS 133 restrictions on cross currency hedges that hedge foreign currency and cash flow risk simultaneously. Note Example 10 beginning in Paragraph 165 of FAS 133. Download 133ex10a.xls from http://www.cs.trinity.edu/~rjensen/
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YES The above entry is correct as long as Delta
is within the 80%-125% range. Otherwise the entire CU100 is charged
against current earnings due to severe ineffectiveness of the hedge. |
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Flow Chart on Deciding to When and How to Book Derivatives
Flow Chart and illustrations for Cash Flow Hedging
Flowchart and Illustrations for Fair Value Hedging
Flowchart and Illustrations for Foreign Exchange (FX) Hedging
Flow Chart for FAS 133 Accounting --- http://faculty.trinity.edu/rjensen/acct5341/speakers/133flow.htm
Bob Jensen's tutorials are at http://faculty.trinity.edu/rjensen/caseans/000index.htm
Differences between FAS 133 and IAS 39 ---
http://faculty.trinity.edu/rjensen/caseans/canada.htm
Intrinsic Value Versus Full Value Hedge Accounting ---
http://faculty.trinity.edu/rjensen/caseans/IntrinsicValue.htm
Bob Jensen’s Home Page
http://faculty.trinity.edu/rjensen/