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2015年ACCAP2考试:Hedging详解

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1HedgingInstruments

Allderivatives（exceptwrittenoptions,becauthewriterhasacceptedriskrather

thanreducingrisk）maybedesignatedasahedginginstrument.

Non-derivativefinancialinstruments（ncurrencyloans）maybedesignated

asahedginginstrumentonlytohedgeaforeigncurrencyrisk.

2HedgedItems

Ahedgeditemcanbe:

arecognidastorliability;

anunrecognidfirmcommitment;or

ahighlyprobableforecasttransaction.

Thehedgeditemcanbe:

asingleast,liability,firmcommitmentorforecasttransaction;or

agroupofasts,liabilities,firmcommitmentsorforecasttransactionswithsimilarrisk

characteristics.

3HedgeAccounting

3.1HedgingRelationships

Therearethreetypesofhedgingrelationships:

luehedge:ahedgeoftheexposuretochangesinthefairvalueofa

recognidast（orliabilityoranidentifiedportionofsuchanastorliability）which:

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isattributabletoaparticularrisk;and

willaffectreportedprofitorloss.

owhedge:ahedgeoftheexposuretovariabilityincashflowswhich:

isattributabletoaparticularriskassociatedwitharecognidastorliability（e.g.

allorsomefutureinterestpaymentsonvariableratedebt）orahighlyprobableforecast

transaction（cipatedpurchaorsale）；and

willaffectreportedprofitorloss.

fanetinvestmentinaforeignoperationasdefinedinIAS21.

3.2ConditionsforHedgeAccounting

Ahedgingrelationshipqualifiesforhedgeaccountingif,andonlyif,allofthefollowing

conditionsaremet:

Attheinceptionofthehedgethereisdetailedformaldocumentationofthehedging

relationshipandtheentity'sriskmanagementobjectiveandstrategyforundertakingthe

hedge.

Thehedgeixpectedtobehighlyeffective（between80%and125%）inhedging

theriskandthiffectivenesscanbereliablymeasured.

Forcashflowhedges,aforecasttransaction（whichisthesubjectofthehedge）must:

behighlyprobable;and

prentanexposuretovariationsincashflowswhichcouldultimatelyaffectreported

profitorloss.

Thehedgewasassdonanongoingbasisanddeterminedactuallytohavebeen

highlyeffectivethroughoutthefinancialreportingperiod.

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